The Evolution of Financial News Networks
In the past few decades, financial news networks have become an integral part in the daily lives of investors. From CNBC to Bloomberg, Fox Business, and CNN Money, these established networks disseminate financial news and market updates to millions of viewers across the globe every day.
Where it all began
In the early 1980s, the financial world was undergoing significant changes, with the advent of the personal computer and the deregulation of the securities markets. The cable television industry, which was experiencing growth, was quick to capitalize on the popularity of Wall Street and financial news.
In 1980, the Financial News Network (FNN), the first-ever financial news channel, was launched in the United States. David Oakley, the founder of FNN, wanted to provide investors with real-time access to financial news and analysis that they could use to make informed decisions. Though FNN struggled initially and was ultimately bought out by CNBC, it set the stage for the rise of financial news networks in the decades to come.
CNBC Takes Over
In 1989, CNBC launched a 24-hour network, which rivaled FNN due to its extensive coverage of financial news. The network grew rapidly and became a favorite of Wall Street investors who appreciated the network's comprehensive reporting and content. After six years of fierce competition, FNN eventually sold to CNBC.
In the early 1990s, CNBC emerged as the market leader in financial news. CNBC leveraged its partnership with Dow Jones & Company to offer extensive coverage of business and financial news. CNBC quickly became the preferred source for traders and institutional investors, who relied on the network to stay informed of market-moving news and events.
As financial news networks continued to grow and evolve, their coverage expanded, leading to the creation of specialized programming aimed at different market segments. For example, CNBC's "Squawk Box" program became immensely popular by offering a mix of financial news, political commentary, and interviews with industry experts.
More Choices Evolve
By the mid-1990s, Fox News entered the financial news arena along with CNN and established their own financial news networks, while in 1996, Bloomberg Television launched to serve professional investors with a fast-paced platform and more comprehensive financial coverage.
The history of financial news networks highlights how the financial world has evolved over the last few decades and underscores the indispensability of these networks in providing investors with timely, reliable, and accurate information. From the humble beginnings of FNN to the emergence of CNBC and beyond, financial news networks have adapted to changing times to remain relevant to investors, financial professionals, and everyday people, and their role in shaping public perception and influencing investment decisions continues to grow.
Today, financial news networks hold a critical position in news media, and they now include sophisticated technologies, top-notch journalists, real-time market data, live-streaming, and other innovative means of delivering financial news to viewers.