NEW YORK (TheStreet) -- Bloomberg LP, the financial services company owned by billionaire Michael Bloomberg, is becoming an even bigger part of global demand for market data and analysis, according to Burton-Taylor International Consulting LLC, an industry research monitor.
Bloomberg and Thomson Reuters (TRI) - Get Report remained the market share leaders, but the gap between the two widened even as global spending for financial market data and news in 2014 jumped 4.1%, to $26.49 billion, its largest increase since 2011. As of the end of last year, Bloomberg's share of the global market was 31.99% followed by Thomson Reuters at 25.88%.
In 2013, Bloomberg LP and Thomson Reuters had held market shares of 31.71% and 26.93%, respectively.
Bloomberg's boosted position comes at a time its news operation has undergone a leadership overhaul: In December, Matt Winkler, who had been with the company for 25 years, stepped down as editor-in-chief to be replaced by John Micklethwait, a former Economist editor. Micklethwait's hiring prompted the exit of senior executive editor Laurie Hays, formerly an editor at News Corporation's (NWS) - Get Report The Wall Street Journal, who had been considered front-runner for Bloomberg's top news job.
In a memo to staff, CEO Mike Bloomberg wrote that, "John [Micklethwait] will work closely with Justin Smith, CEO of the Bloomberg Media Group, who will continue to report directly to me on all business and strategy matters across Bloomberg's diverse media properties. I've never been more optimistic about Bloomberg's future. ... I've loved being back."
Also last year, Bloomberg hired Joe Weisenthal, a former Business Insider editor, as managing editor for markets and finance coverage at Bloomberg.com. Additionally, Joshua Topolsky, co-founder and former editor-in-chief of technology Web site The Verge, joined Bloomberg as editor of Bloomberg Digital and chief digital content officer of Bloomberg Media. Josh Tyrangiel, editor of Bloomberg Businessweek, has been given additional duties and now oversees all editorial content at Bloomberg Media.
Amid all the leadership restructuring and changes taking place, Bloomberg maintains its market share in the financial services industry as a top provider of information for investors and Wall Street readers. The company recently executed yet another relaunch of its Web site with a bold new headline, Bloomberg Business.
This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.