Bloomberg Media is changing the name of TicToc, its social video news network, to QuickTake by Bloomberg as the company prepares to launch a full streaming news channel in 2020.
Along with the name change, QuickTake will merge with Bloomberg's existing digital video operations and add a team of producers and editors to its newsroom.
"With a combined editorial video studio and greater resources, QuickTake by Bloomberg will continue to innovate the way news is delivered to cover the modern social news cycle at the pace of global news today," said Justin B. Smith, CEO of Bloomberg Media, in a statement. "Streaming video is a key priority for Bloomberg Media's growth strategy as we see bright opportunity in the OTT space, especially in the world of news."
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TicToc first launched in 2017 on Twitter. Since that time the service has grown to more than 90 million monthly views across platforms with 46% of its audience coming from outside the U.S, according to the company. The service has seen a 79% increase in audience size in the last year, with a primarily younger demographic.
QuickTake will combine TicToc’s shorter content with Bloomberg's digital video operations – which currently produces five- to ten-minute, longer-form stories.
"We think TicToc fits well with Bloomberg QuickTake. Both brands deliver smart, concise context to explain the news," said Bloomberg Editor-in-Chief John Micklethwait in a statement. "We also think our newly aligned QuickTake digital video studio will be a powerful asset in a world where the number of platforms for high-quality video is multiplying."