In a move that will affect many corporations and their banks, Bloomberg is raising the cost of subscriptions to its financial data Terminal by about 9%, citing rising expenses for labor, materials and “escalating competition for talent,” according to a letter from the company to clients dated Aug. 25. - The increase will bring the total cost to $2,500 a month or $30,000 a year for a single Terminal. Multiple Terminal subscriptions will cost $2,215 a month or $26,580 annually. Bloomberg subscriptions are for two years.
- “Starting January 1, 2023, Bloomberg Terminal subscriptions will see a price increase of 9.65% for locations with multiple licenses (8.46% for single subscriptions),” Bloomberg’s letter states.
- “The price increase in nominal terms will be $195 per month per subscription. This is consistent with Bloomberg’s historical practice and links our price increase to global inflation,” it adds.
- A Bloomberg spokesperson confirmed the price increase but declined to comment on feedback from clients or to provide data on past price increases.
No big surprise. One NeuGroup member said the increase was not surprising “given the current state of global inflation.” He noted that “pricing is determined by the install date; if a contract is signed on 12/15/22 but the Terminal itself is not installed until 1/15/23, then this license will be billed at the 2023 rate.”
- The member said his company does not expect to make any changes immediately in response to the price hike. “Like most companies, we periodically review our service providers and consider pricing together with other service and quality factors,” he said. “We would conduct any service provider reviews as the contract expiration approaches.”
