Two online financial news services are set to compete for ad
revenue with FT.com when they launch within weeks of each other.
First off the blocks is a web version of weekly paper Financial News,
eFinancialNews.com, which goes live next month.
Also launching is BreakingViews.com, founded by Hugo Dixon, former head
of the Financial Times’ Lex column. Its writers will include Jonathan
Ford, another member of the Lex team.
Financial News was launched in 1996 by a group of former City editors,
with backing from investors including Future Network’s founder and
chairman Chris Anderson. However, it struggled until it was re-financed
by current chairman Angus MacDonald, who also sold subscriptions and ad
space on the title for a year and a half.
The paper now has 7,000 subscribers and ’a high readership per copy,’
according to MacDonald. Now he wants to get on the net.
By launching a website aimed initially at the fund management sector,
but later branching out into investment banking and securities,
MacDonald intends to attract 65,000 subscribers - each one paying pounds
57 a year. The site will also generate revenue from advertising,
The print product’s ad sales team of seven, headed by former Asiamoney
publisher George Ball, will also sell space on the online product.
MacDonald denied that the site was competing with FT.com and other
financial services like TheStreet.co.uk. ’The Financial Times is a
global newspaper, while we are a trade title,’ he pointed out.
’TheStreet is a retail product for people choosing stocks.’ There is
even talk of a potential tie-up between eFinancialNews and
BreakingViews.com ambitiously intends to establish itself as Europe’s
’leading online financial information brand’. Aimed at investors,
financial professionals and corporate executives, it will provide
commentary on the day’s big financial stories.
It is currently recruiting managers and journalists. Dixon said it would
look for corporate sales executives in the ’second wave’ of its
’We won’t be looking for straightforward ad sales people - we need
people who can operate across several different dimensions,’ he said.