Wednesday, September 17, 2014 12.12PM / Research
Financial Information Services Providers and the New Media
Aside the regular print media and television stations that provide news, business information and also report general events, there are a lot of specialized firms that provide solely financial, business and economic information and news across various niches in Nigeria and beyond.
Key areas of coverage among these specialized firms include capital and money market activities, economic and business information, business research, finance & allied services. Also worthy of note is the online presence of these firms and their use of new media channels in promoting their services. Some of these information service providers are solely online businesses for example Bloomberg, Proshare, BudgIT, etc.
In addition, a number of these financial information providers are subscription based platforms while others are not. Some of which include Financial Times, The Economist, Proshare Nigeria, Bloomberg, Business Times, etc who charge a fee for their services. However, the aforementioned firms provide some free services for non-subscribers.
The importance of the information provided to users have also made financial information providers become so relevant and value oriented in a way that different stakeholders now rely on them for the services they render. Individuals, investors, investment banking firms, stockbrokers etc are some key users that rely heavily on this information and as such patronize financial information service providers.
However, the focus of this article is to examine the traffic and online presence of these firms on key social media platforms. A cursory review of the major players in that line of business shows that social media tools are very key in reaching a wider range of users. Moreso, some of the financial information platforms are only based online which makes social media a veritable tool in promoting their services.
On global ranking, the top 5 leading firms are Bloomberg, The Economist, Financial Times, Business Day and Business Times ranking 374, 1,062, 1,297, 22,837 and 64,671 in that order. Business Day happens to be the only Nigerian firm making the top notch in this category.
An x-ray of the twitter followership of the firms also reveals the top 5 firms with highest number of followers as follows: The Economist, Bloomberg, Financial Times, BudgIT and Proshare garnering 5.84M, 1.7M, 1.33M, 15,146 and 7,295 followers respectively. Again, only two Nigerian firms make the top 5- BudgIT and Proshare.
On the number of Facebook likes, BudgIT was the only Nigerian company and the lowest ranking of the companies in the top 5 category. The first four companies are The Economist, Financial Times, Bloomberg and Economic Confidential.
In all, Proshare, Business Day and BudgIT are the only Nigerian companies that made the top 5 in at least one of the three different categories. This is not unconnected with the quality, timely and relevant information they provide in their respective areas of focus. Recall also that Proshare won the CFI Award as the ‘Best Capital Market Services & Solutions Team’ 2014, Zenith Bank being the only Nigerian company to be so recognized by CFI before now. In the same vein, BudgIT received 2012 Future Awards for Best Use of Innovation while Business Day has also received numerous recognitions.
As the financial services continue to evolve in Nigeria, financial information providers will continue to gain relevance and recognition while embracing social media tools in spreading their gospel.
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