Our team recently sat down with Bloomberg Media’s Michael Shane to discuss his new role as Global Head of Digital Innovation, and his take on the direction of the digital ecosystem.
As the new Global Head of Digital Innovation, what are some of your key priorities right now?
My day to day as Global Head of Digital Innovation is organized around five pillars: experimenting with and prototyping new products, internal tools and technology, partnerships, ad innovation, and new revenue streams and business lines. Everything I do fits into one or more of those areas. A typical month might include a hackathon with the product team, user testing and research with the design/UX group, new product development with sales and ad ops, evaluating a potential outside partner, or a rapid prototyping sprint on a new product idea.
We just launched the new Bloomberg Technology, and we’ve got some exciting product launches in next couple of months that have been in development for a while. My short term focus is doing everything I can to help us finish the year with tremendous momentum.
Can you talk about Bloomberg Media’s increased investment in digital video?
We have always invested in digital video and we are the leader in global business video, but over the last year or so we have achieved a focus — editorially and commercially — that is really exciting. We recently brought on some new team members in Hong Kong, which will allow us to really circle the globe with our stories. I believe our digital video team is producing the best work they ever have, from animations and news to live programming and international series, and 2017 is going to be a very fun year. We’re poised to tell new stories across every platform on which we operate.
Before you joined Bloomberg in 2014, you worked at Vox Media, where you were Director of Operations of The Verge. What about Bloomberg inspired you to make the move from Vox?
Working at Vox Media and The Verge for three meteoric years was an amazing privilege. I really cut my teeth with the team there, and it was a priceless learning experience. I decided to come to Bloomberg for a few reasons. First, I wanted to gain more international experience, editorially and commercially. The opportunity to learn about and experience new cultures and new editorial, business, and product environments was very exciting. I also knew that Bloomberg would offer opportunities to build uniquely powerful products given the company’s history, pedigree, and editorial focus. Finally, I felt that Bloomberg was a place where I could continue to grow personally and professionally. A company with 35 years of history and a startup offer two different professional curricula, and I was ready for my next challenge. That said, my time at Vox Media absolutely prepared me for success here. I think everyone should spend a few years at a startup if they can.
How has the digital landscape changed since you joined Bloomberg?
When I think about the last two years, two things come to mind. First, the emergence of technologies like virtual and augmented reality and machine learning. They’re all still nascent, especially in the media world, but they are all incredibly exciting to me. V/AR and AI/ML will transform business and entertainment — I just think it’s going to take a while. Secondly, the simmering, complicated relationship between platforms and publishers has really come to the fore as each side grapples with the impacts of its business and business model. No one knows exactly how this will play out in the long run, but it’s clear to me that no platform, regardless of how big or innovative it may seem, can justify abdicating responsibility for your audience and their experience.
What do you look for when you are building your team?
While I don’t directly manage a team, my colleagues and I are always looking for an entrepreneurial spirit. To be clear that does not necessarily have anything to do with money, depending on the role. Being entrepreneurial means being agile, creative, energetic, humble, curious, empathetic, and fun to be around. The 21st century media business is made for polymaths.