As a result of the deal, Cheddar will broadcast its daily coverage of tech, media, and business news from the trading floor of the New York Stock Exchange (NYSE).
Twitter’s chief financial officer Anthony Noto announced the partnership live on Cheddar’s news segment following the NYSE opening bell. “Twitter is the fastest way to find out what’s happening in the world, and to engage in the live conversation about it,” said Noto. “Partnering with Cheddar will give people on Twitter another way to watch and discuss the day’s top stories as they unfold live all on one platform.”
Twitter, which already boasts live-streams courtesy of Bloomberg, has clearly identified financial news as a major talking point on its platform. The new deal, however, should help Twitter target a younger crowd than that associated with the likes of Bloomberg and CNBC.
Excited to partner with Twitter on live video @anthonynoto pic.twitter.com/rVS8rtAEhX
— Cheddar (@cheddar) September 12, 2016
Cheddar brands itself as the business news network for millennials — meaning it’s more accessible for those not accustomed to finance, and tends to include chatter on what’s trending. The latter should also make it a good fit for Twitter, which is increasingly positioning itself as a trending news platform. Cheddar’s founder Jon Steinberg previously served as the president and COO of BuzzFeed, a publication that knows a thing or two about live video and millennials.
Cheddar’s content is primarily available online through its website on a premium basis. A monthly subscription to its on-demand service costs $6.99 per month.
“Twitter is live,” said Steinberg. “We are thrilled and proud to make it the exclusive free to access platform for our new hour of closing bell coverage. ‘Finance Twitter’ is giant, and we are excited to be its digital-first closing bell network.”
Having started using Facebook Live upon launch in May, expanding to Twitter seems like a natural extension of Cheddar’s brand. Just last week, the service revealed it had secured $10 million in funding from investors Comcast Ventures and Ribbit Capital — Cheddar also counts Lightspeed Venture Partners among its backers.
“We’ll use this capital to become a full-fledged live, linear cable network — except not on cable, but rather leading social and OTT services,” Steinberg stated at the time. The company claimed the funds would be used to increase its amount of programming, and to set up a new studio space in the Los Angeles area.
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