Reuters changes direction, pushes Insiders outside

Reuters Insider, an online interactive financial video service dubbed “YouTube for traders” when it was launched in May 2010, was aimed at 500,000 financial subscribers paying up to $2,000 a month to receive a stream of 3,000 online news clips a week. Clients could access it on desktops, BlackBerries, iPhones and iPads, live or on-demand.

Reuters built TV studios in Hong Kong, London and New York to produce original content for the new service. It was part of a $1 billion technology investment in a project called New Era, New Tools, which was designed to address challenges faced by the financial services community. Insider followed the launch of Elektron, a high speed data distribution network, and was to be fully integrated into Eikon, a new information desktop that aimed to create a common platform for all of the group’s financial products.

Stephen Adler, editor-in-chief, said on Tuesday Reuters Insider would now broaden its reach to include non-financial audiences while reducing the number of video programmes targeted solely at financial clients.

“The new approach, with more emphasis on high impact than high volume, will necessarily result in the reduction and redeployment of Reuters Insider Editorial staff,” he announced in an internal message obtained by The Baron.

“As most of you know, Reuters Insider was launched last year with the goal of bringing exclusive multimedia programming to our financial clients. We introduced innovative technology, built a video team for original content, and invited financial institutions to create their own video channels as well. The response from institutions was strong, with more than 300 participating. Meanwhile, our team of talented journalists and analysts has done important work,” Adler said.

“We have since learned that Reuters Insider’s exclusive focus on the financial world has limited our ability to provide high-value video to our professional, agency, and consumer audiences. With our new strategy, we will continue to provide a platform for institutional customers while pursuing our plans to integrate Reuters Insider into Eikon. But we will also be able to cover topics of interest to our many other audiences.

“We have ambitious plans for our video and multimedia programming, and deploying our resources in new and creative ways will help us provide more value to our customers across the company’s businesses. Those video professionals who remain with us will have an exciting task ahead. To those who are leaving, I extend my thanks for your many contributions and wish you the best in future endeavors.” ■