The thing you miss is the ecosystem tie and just how many users could get by with only the base functionality. i.e. Paying $25k for an IM system for a PA or so

The thing you miss is the ecosystem tie and just how many users could get by with only the base functionality. i.e. Paying $25k for an IM system for a PA or some basic trade management functionality for a middle office analyst is ludicrous. But you're also not going to force the trader bringing in millions to run 5 different systems when he knows Bloomberg can do it all and your competitor would give it to him.