WEBVTT - 5 things you never knew about private jets

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<v Speaker 1>Hello and welcome. Flying on private jets used to be

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<v Speaker 1>just for the rich and famous. But the sector became

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<v Speaker 1>one of aviation's growth spots during the pandemic and this

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<v Speaker 1>trend looks set to continue. I'm Jonathan Perez from the

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<v Speaker 1>money mine team and we're talking about the five things

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<v Speaker 1>you didn't know about chartering a private jet.

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<v Speaker 1>Joining me today is Ian moore, the chief commercial officer

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<v Speaker 1>of Vista Jet, the world's largest operator of business jets.

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<v Speaker 1>I Ian, thanks for joining us. Thank

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<v Speaker 2>you, Jonathan. Thanks for having me

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<v Speaker 1>on. Maybe we could start by telling us a little

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<v Speaker 1>bit about vista Jet about the company and especially your

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<v Speaker 1>presence in Asia and in particular, Singapore

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<v Speaker 2>were really the first and only true global business aviation company.

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<v Speaker 2>We entered into the Asian market with the acquisition of

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<v Speaker 2>sky jet from Bombardier in 2008. We have a unique

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<v Speaker 2>and innovative business model. We basically replicate aircraft ownership the

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<v Speaker 2>advantages that you don't have to buy into an aircraft,

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<v Speaker 2>it's an asset light model. You just buy the hours

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<v Speaker 2>you need from us and get to use those hours

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<v Speaker 2>wherever you are around the world.

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<v Speaker 1>Now tell us a bit about how it works because

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<v Speaker 1>do you have to be part of a club? Do

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<v Speaker 1>you have to commit to a certain amount of hours

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<v Speaker 1>a year? That kind of thing.

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<v Speaker 2>We have multiple ways to enjoy our fleet. We started

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<v Speaker 2>the VJ 25 level, which is a 25 hour commitment

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<v Speaker 2>over a multiyear period. So you have three years, 25

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<v Speaker 2>hours per year and then we really enter into our

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<v Speaker 2>program which is our flagship product and that starts at

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<v Speaker 2>50 hours per year and that's a truly global offering.

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<v Speaker 2>So you make one phone call and aircraft will pick

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<v Speaker 2>you up, you only pay for the hours you're in

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<v Speaker 2>the aircraft. So for example, if you're flying from Singapore

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<v Speaker 2>Hong kong, you'd only

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<v Speaker 2>be charged for Singapore Hong kong, not for any return

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<v Speaker 2>travel or waiting time or pilots, hotels. You're only paying

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<v Speaker 2>for the hours you're in the aircraft. So it's a

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<v Speaker 2>very efficient and very transparent way to fly the efficiencies

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<v Speaker 2>of being able to interchange between different aircraft types, larger

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<v Speaker 2>aircraft for longer fly smaller aircraft for shorter flights. All

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<v Speaker 2>creates an element of financial efficiency and operational efficiency to

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<v Speaker 2>pass the benefits on to our clients.

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<v Speaker 1>Now, you know, when you're talking about private jets immediately,

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<v Speaker 1>you think of billionaires, you think of Elon musk or

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<v Speaker 1>Jeff Bezos, but you know, what are some of the

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<v Speaker 1>misconceptions that the general public has about chartering a private jet?

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<v Speaker 2>Do you have to buy full aircraft to fly privately?

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<v Speaker 2>That's a myth. Now there are multiple options to be

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<v Speaker 2>able to enjoy to fly a consistent fleet. So you

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<v Speaker 2>don't have to spend, say for example, the 75 million

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<v Speaker 2>cost to buy a global 7500 to get a consistent

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<v Speaker 2>flying experience with vista. You only have to pay for

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<v Speaker 2>the hours you need. So it's a very easy and

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<v Speaker 2>simple way to enter the market. And that's probably one

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<v Speaker 2>misconception that you need to buy the entire aircraft for

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<v Speaker 2>a multi-year period to have access.

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<v Speaker 2>The second one is probably the extravagance of flying privately.

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<v Speaker 2>What we've seen in north America and europe and I

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<v Speaker 2>think that's moving across to the Middle East and Asia

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<v Speaker 2>as well is that the private jet is less about

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<v Speaker 2>the caviar and the strawberries, it's more about being an

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<v Speaker 2>efficient business tool really being your own office in the sky.

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<v Speaker 2>The ability to be able to fly to multiple cities

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<v Speaker 2>in one day which is borderline impossible particularly now with

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<v Speaker 2>the commercial routes

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<v Speaker 2>means that you can be either more efficient with your

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<v Speaker 2>c suite flying around the world or you can spend

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<v Speaker 2>that extra day or extra 24 36 hours with your

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<v Speaker 2>family members when you're on a leisure trip as well.

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<v Speaker 2>So really what private jets give you less of an

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<v Speaker 2>extravagant lifestyle and more about something that you can't really value.

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<v Speaker 2>And that's getting some time and that's really what's been

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<v Speaker 2>seen both in the business world but also in the

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<v Speaker 2>leisure world as well.

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<v Speaker 2>The other one is the private jets their size and

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<v Speaker 2>I think large aircraft is perceived as being safer. That's

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<v Speaker 2>probably one of the big misconceptions particularly people are entering

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<v Speaker 2>into the aviation world for the first time in the

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<v Speaker 2>private aviation world

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<v Speaker 2>They see a smaller aircraft which is generally the entry

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<v Speaker 2>point for private jets and make some direct relationship to

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<v Speaker 2>the safety of the aircraft, which just isn't true. The

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<v Speaker 2>ultimate thing about private jets is really that the safety

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<v Speaker 2>standards of their, when you're flying in a commercial environment,

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<v Speaker 2>the safety stands is exactly the same. If it's a

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<v Speaker 2>787 or a citation. XLs for example,

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<v Speaker 2>the other thing I think is the safety that comes

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<v Speaker 2>with being able to pick who you fly with, which

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<v Speaker 2>obviously with Covid has been a big driver for our

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<v Speaker 2>business model over the last two or three years

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<v Speaker 1>now and in fact maybe you could share with us,

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<v Speaker 1>you know how you guys have grown, especially in the

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<v Speaker 1>last two years during the pandemic and what you've kind

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<v Speaker 1>of seen as some of the trends in this space.

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<v Speaker 2>Sure, well, first of all, some numbers, if we look

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<v Speaker 2>at the Asia Pacific region were still up, the bigger

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<v Speaker 2>trend for us is the real growth of Southeast Asia

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<v Speaker 2>in Singapore. So we're up 46% of the region from

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<v Speaker 2>2019 in the first three quarters of this year and

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<v Speaker 2>we're up 40% in Singapore alone,

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<v Speaker 2>there's been growth in the region, but a majority of

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<v Speaker 2>that double digit growth has come from the Southeast market.

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<v Speaker 2>What's been driving that first of all, private jets have

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<v Speaker 2>had a chance to really showcase themselves over the last

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<v Speaker 2>three years with the pandemic. A lot of commercial routes

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<v Speaker 2>rather shut down just weren't financially viable for commercial

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<v Speaker 2>operations. So that gave the private jet industry in particular

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<v Speaker 2>an easy transparent business model like vista a real chance

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<v Speaker 2>to shine over that period and you can see that

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<v Speaker 2>growth coming through even on a pre covid level you're

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<v Speaker 2>looking at 40 to 45% increase in the region. So

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<v Speaker 2>that's been one of the trends,

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<v Speaker 2>a lot more of people flying now in a combination

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<v Speaker 2>of business and leisure. I think that's what we're seeing

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<v Speaker 2>more and more now individuals are buying and going to locations,

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<v Speaker 2>taking their families with them. Also what we're seeing now

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<v Speaker 2>is less volume of trips but more meaningful flights when

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<v Speaker 2>they do them. So for example, we may be in

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<v Speaker 2>the past pre covid people would fly regularly back and

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<v Speaker 2>forth between say Singapore and Hong kong but only stay

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<v Speaker 2>one or two nights now, they may be flying one

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<v Speaker 2>time a month but staying

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<v Speaker 2>7 to 10 days. So that's been some of the

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<v Speaker 2>trends we're seeing. Even pre Covid, we felt that our

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<v Speaker 2>business model as simple and transparent way of flying was

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<v Speaker 2>already resonating with a growing number of customers in the

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<v Speaker 2>asian region. When you've looked at other asset light business

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<v Speaker 2>models in different regions, different industries like transportation or hotels

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<v Speaker 2>for example. So we've seen that trend really accelerate through

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<v Speaker 2>the Covid period and I think that's really been the

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<v Speaker 2>backbone to drive the numbers. I just spoke about earlier

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<v Speaker 1>and the other interesting bit is like as you mentioned,

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<v Speaker 1>it's not just a high net worth individuals flying. It's

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<v Speaker 1>more and more companies, more and more business travelers, maybe

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<v Speaker 1>you could share with us a bit about why businesses

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<v Speaker 1>are choosing private jets as an option. And is this

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<v Speaker 1>going to be a direct competition to the business class

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<v Speaker 1>and the first class cabins in the commercial jet? I'm

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<v Speaker 1>not

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<v Speaker 2>sure if I see it as necessarily competition is complimentary.

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<v Speaker 2>A lot of the routes that we're doing now,

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<v Speaker 2>the commercial operations, scheduled airlines were doing before us, maybe

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<v Speaker 2>we're on the edge of financial viability for the companies

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<v Speaker 2>and that's the reason why those roots haven't come back.

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<v Speaker 2>That didn't make financial sense. So we can complement that

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<v Speaker 2>by ensuring that customers and business, particularly business executives or

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<v Speaker 2>parts of the board for example are able to go

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<v Speaker 2>see either their customers or their manufacturing plants or

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<v Speaker 2>satellite offices. They're able to go see them where they

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<v Speaker 2>wouldn't be able to do without relying on the commercial markets.

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<v Speaker 2>That's what we're seeing more and more and again, a

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<v Speaker 2>lot of the world now is going through significant geopolitical changes.

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<v Speaker 2>You can see, we obviously have a war in europe,

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<v Speaker 2>you have inflation going through the world. So now is

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<v Speaker 2>the time to be in front of both your staff

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<v Speaker 2>as well as your customers. The commercial travel just doesn't

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<v Speaker 2>make that economically and really time

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<v Speaker 2>efficient

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<v Speaker 1>and in a way because of the nature of the

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<v Speaker 1>plane itself, it's smaller. So you have a situation where

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<v Speaker 1>it's almost like bespoke travel. You can travel to smaller

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<v Speaker 1>locations that cannot take a jumbo jet, that kind of thing.

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<v Speaker 1>Is that also why the businesses are finding a lot

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<v Speaker 1>more appealing? Yeah,

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<v Speaker 2>definitely. You get to go when you want, where you

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<v Speaker 2>want and with whom you want, right. And that provides

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<v Speaker 2>extra flexibility, not just from the size of aircraft or

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<v Speaker 2>whatever it may be, but it's

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<v Speaker 2>scheduled airline takes a risk, right. They need to know

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<v Speaker 2>that they're going to fly this route with this payload

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<v Speaker 2>this regularly to make it financially viable and it just

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<v Speaker 2>hasn't been that consistent demand from the broader public to

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<v Speaker 2>fly those routes. So where it makes financial sense for

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<v Speaker 2>a corporation to send their executives to a location, private

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<v Speaker 2>jets of there to service that support. So getting back

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<v Speaker 2>to the question earlier about is a competition. It's really

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<v Speaker 2>complementary

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<v Speaker 2>people who want to fly first or business to locations

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<v Speaker 2>and they have the time and they are okay going

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<v Speaker 2>through the main airport, there's a service for them, but

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<v Speaker 2>really getting to those hard to reach locations. That's a

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<v Speaker 2>big advantage of flying privately. You get to go there,

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<v Speaker 2>do your business and be able to leave quickly and

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<v Speaker 2>potentially go to another

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<v Speaker 2>Far reaching destination and do two of them in a day.

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<v Speaker 2>We just couldn't do that commercially even in 2019. So

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<v Speaker 2>really where the industry had a real chance to put

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<v Speaker 2>its best foot forward and showcase what it can do

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<v Speaker 2>and it's done extremely well doing that over the last

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<v Speaker 2>three years and we're really proud of both the company,

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<v Speaker 2>but also the industry as a whole.

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<v Speaker 1>So private jets did really well during the pandemic when

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<v Speaker 1>the commercial aviation sector completely shut down.

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<v Speaker 1>It's not just billionaires that are flying on private jets.

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<v Speaker 1>The charter model is making private aviation an option for

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<v Speaker 1>businesses to

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<v Speaker 1>a big part of the appeal is that private jets

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<v Speaker 1>can apply routes not served by commercial aviation and that

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<v Speaker 1>saves time and ultimately money.

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<v Speaker 1>Now Ian tell us a bit about this new trend

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<v Speaker 1>called pleasure, where clients are sort of mixing business and

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<v Speaker 1>pleasure into one charter and how your jets are able

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<v Speaker 1>to accommodate that because of the features and so on.

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<v Speaker 1>Yeah, I think that

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<v Speaker 2>the pleasure really took off during covid, a lot of

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<v Speaker 2>people weren't going into offices. So we get asked a

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<v Speaker 2>lot do you do a more leisure or business and frankly,

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<v Speaker 2>the type of clientele that we have, always combining the

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<v Speaker 2>two regardless of where they are maybe to the charge

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<v Speaker 2>of their family members, but that's what they,

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<v Speaker 2>the advantage is you get to go away with your

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<v Speaker 2>parents and spend time with them in exotic locations. The

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<v Speaker 2>downside is they may be on their phone or maybe

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<v Speaker 2>doing business while they're there and having a private jet

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<v Speaker 2>that enables you to get to a destination and get

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<v Speaker 2>back from a destination is incredibly important. For example, you

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<v Speaker 2>may decide to send

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<v Speaker 2>the family to a one location, but you need to

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<v Speaker 2>get to certain business opportunities whilst you out in that region.

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<v Speaker 2>You know, the ability to call upon a private jet

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<v Speaker 2>to do that and be back to your family potentially

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<v Speaker 2>buy dinner creates a real opportunity for you to combine

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<v Speaker 2>that business and leisure opportunity.

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<v Speaker 2>The other thing is obviously connectivity when you're in the air,

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<v Speaker 2>do you have access to your colleagues, to your customer base,

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<v Speaker 2>to the markets for example? And we've invested heavily in

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<v Speaker 2>our wifi to ensure that our customers wherever they are

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<v Speaker 2>around the world are still connected

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<v Speaker 2>doing there 456 hour flights. They want to make sure

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<v Speaker 2>that they're in charge and that's what our cabin experience

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<v Speaker 2>can do for them. So yeah, pleasure has been something

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<v Speaker 2>that's continued since Covid. We're seeing more and more that

0:11:14.760 --> 0:11:17.429
<v Speaker 2>we'll see more of it. Now. Private jets are perfectly

0:11:17.429 --> 0:11:18.949
<v Speaker 2>placed for that pleasure trend.

0:11:18.960 --> 0:11:21.520
<v Speaker 1>What are some of the secret perks of hiring a

0:11:21.520 --> 0:11:24.130
<v Speaker 1>private jet that most people don't think about? You know,

0:11:24.290 --> 0:11:28.200
<v Speaker 1>I'm thinking along the lines of clearing immigration quickly, maybe

0:11:28.200 --> 0:11:31.309
<v Speaker 1>traveling with your pet, maybe even smoking on an aircraft.

0:11:31.309 --> 0:11:32.939
<v Speaker 1>I mean some of the secrets you can share with

0:11:32.940 --> 0:11:33.340
<v Speaker 1>us

0:11:33.800 --> 0:11:36.000
<v Speaker 2>all of the above you just mentioned. Well I think

0:11:36.000 --> 0:11:40.300
<v Speaker 2>the ability to go to a very easy, simple security

0:11:40.300 --> 0:11:43.160
<v Speaker 2>clearance system. So you can go through either a different

0:11:43.170 --> 0:11:47.210
<v Speaker 2>airport or a different entrance into a major airport. For example,

0:11:47.210 --> 0:11:48.740
<v Speaker 2>you can save a huge amount of timing.

0:11:49.075 --> 0:11:51.434
<v Speaker 2>This is your aircraft to take off at your time.

0:11:51.434 --> 0:11:54.335
<v Speaker 2>So you're never really running late, which is a big advantage.

0:11:54.335 --> 0:11:58.074
<v Speaker 2>I fly commercially a lot, constantly harassing my taxi driver

0:11:58.075 --> 0:12:00.275
<v Speaker 2>to get me there quicker so I can make my flight.

0:12:00.275 --> 0:12:03.850
<v Speaker 2>So again, being in complete control when you take off,

0:12:04.309 --> 0:12:07.970
<v Speaker 2>being able to fly with whom you want to fly with,

0:12:07.970 --> 0:12:09.660
<v Speaker 2>I think is an important element to. A lot of

0:12:09.660 --> 0:12:11.850
<v Speaker 2>people ask whether or not the price changes on the

0:12:11.850 --> 0:12:14.570
<v Speaker 2>number of passengers that come on board. It doesn't, you're

0:12:14.570 --> 0:12:17.439
<v Speaker 2>in complete control. It's your aircraft to fly with whom

0:12:17.440 --> 0:12:20.050
<v Speaker 2>you want to. I think the ability to fly with

0:12:20.050 --> 0:12:22.170
<v Speaker 2>pets has been a big driver for our business over

0:12:22.170 --> 0:12:25.179
<v Speaker 2>the last decade. We have a vista pets program based

0:12:25.179 --> 0:12:27.220
<v Speaker 2>around our four legged travels.

0:12:27.380 --> 0:12:31.430
<v Speaker 2>So our customers often will use a private jet for the,

0:12:31.440 --> 0:12:34.640
<v Speaker 2>the experience to be able to take their beloved pets

0:12:34.640 --> 0:12:36.489
<v Speaker 2>wherever they are around the world and a lot of

0:12:36.490 --> 0:12:38.360
<v Speaker 2>them take them on holiday with them or they have

0:12:38.360 --> 0:12:41.360
<v Speaker 2>multiple family homes and they'll take them to those destinations.

0:12:41.360 --> 0:12:43.290
<v Speaker 2>So that's a big one. I think also to being

0:12:43.290 --> 0:12:47.610
<v Speaker 2>able to combine your favorite restaurants and private dining experience

0:12:47.610 --> 0:12:49.800
<v Speaker 2>on the ground and take that into a private jet.

0:12:49.800 --> 0:12:50.120
<v Speaker 2>I think

0:12:50.145 --> 0:12:53.415
<v Speaker 2>that's one of the things often operator organize your food

0:12:53.415 --> 0:12:55.485
<v Speaker 2>for you, but we go one step further and ask

0:12:55.485 --> 0:12:57.975
<v Speaker 2>you where your favorite restaurant is or we can suggest

0:12:57.975 --> 0:13:00.395
<v Speaker 2>to you partners we have in the locations you're going

0:13:00.395 --> 0:13:03.515
<v Speaker 2>to and really taylor and experience to the way you

0:13:03.515 --> 0:13:06.705
<v Speaker 2>want to eat. And again it's not all caviar and champagne.

0:13:06.705 --> 0:13:09.555
<v Speaker 2>A lot of people have very specific diets and they

0:13:09.554 --> 0:13:12.314
<v Speaker 2>would like to have that continued when they're flying privately

0:13:12.315 --> 0:13:12.910
<v Speaker 2>as well.

0:13:13.050 --> 0:13:15.300
<v Speaker 1>So quite a lot of perks there and for those

0:13:15.300 --> 0:13:18.469
<v Speaker 1>listeners who are wondering what it costs. Private jet charter

0:13:18.470 --> 0:13:23.120
<v Speaker 1>flight prices start from $15,000. Now that's per hour now

0:13:23.120 --> 0:13:25.960
<v Speaker 1>last question would be travelers come back in a big way.

0:13:26.010 --> 0:13:30.000
<v Speaker 1>What is your forecast and your outlook for private jet travel. Yeah,

0:13:30.000 --> 0:13:30.300
<v Speaker 1>I think

0:13:30.300 --> 0:13:33.980
<v Speaker 2>we're very excited about the asian region. Obviously there's been

0:13:33.990 --> 0:13:36.910
<v Speaker 2>a lot more conservative approach to opening up the region

0:13:36.910 --> 0:13:37.420
<v Speaker 2>compared to

0:13:37.480 --> 0:13:40.460
<v Speaker 2>say for example, our north american or european friends. So

0:13:40.470 --> 0:13:43.640
<v Speaker 2>that's coming across as being a real business opportunity when

0:13:43.640 --> 0:13:47.780
<v Speaker 2>you consider just how much asian businesses influence the world

0:13:47.780 --> 0:13:51.530
<v Speaker 2>over the last decade. The ability for markets to open

0:13:51.530 --> 0:13:54.770
<v Speaker 2>up for executives to go to their satellite offices, whether

0:13:54.770 --> 0:13:59.309
<v Speaker 2>that's traveling to Asia or Asian companies traveling from Asia.

0:13:59.320 --> 0:14:01.900
<v Speaker 2>I think that's the area where most excited.

0:14:02.290 --> 0:14:06.689
<v Speaker 2>The covid lockdowns had an impact on travel and trade

0:14:06.700 --> 0:14:10.400
<v Speaker 2>and we're looking forward to reversing that in 2023 the

0:14:10.400 --> 0:14:15.179
<v Speaker 2>asian region is probably my biggest driver for growth in 2023.

0:14:15.190 --> 0:14:18.140
<v Speaker 1>Alright Ian moore thank you so much for your time

0:14:18.140 --> 0:14:20.440
<v Speaker 1>and for joining us. Thanks Jonathan have a great day.

0:14:20.450 --> 0:14:23.780
<v Speaker 1>So to recap private aviation really took off during the

0:14:23.780 --> 0:14:27.750
<v Speaker 1>pandemic when commercial aviation shut down and this change in

0:14:27.750 --> 0:14:31.000
<v Speaker 1>how people fly looks set to continue post pandemic.

0:14:31.340 --> 0:14:33.550
<v Speaker 1>You don't need to own a private jet to fly

0:14:33.550 --> 0:14:37.040
<v Speaker 1>in one subscription models have expanded the access to private

0:14:37.040 --> 0:14:37.870
<v Speaker 1>aviation

0:14:38.450 --> 0:14:40.710
<v Speaker 1>in a private jet you can go where you want

0:14:40.720 --> 0:14:43.240
<v Speaker 1>when you want and that makes it an attractive option

0:14:43.240 --> 0:14:45.650
<v Speaker 1>for businesses since time is money.

0:14:46.330 --> 0:14:49.280
<v Speaker 1>It's also an increasingly popular option for high net worth

0:14:49.280 --> 0:14:53.050
<v Speaker 1>clients as they're able to combine business and leisure travel.

0:14:53.660 --> 0:14:56.930
<v Speaker 1>So ultimately it might be less about extravagance and more

0:14:56.930 --> 0:15:00.140
<v Speaker 1>about efficiency and travel. And Asia looks set to be

0:15:00.140 --> 0:15:02.920
<v Speaker 1>the big growth driver in this sector going forward

0:15:03.610 --> 0:15:06.330
<v Speaker 1>and that's the five things you never knew about chartering

0:15:06.330 --> 0:15:07.170
<v Speaker 1>a private jet

0:15:07.690 --> 0:15:10.180
<v Speaker 1>catch money, mine on C. N. A. And online at

0:15:10.180 --> 0:15:13.290
<v Speaker 1>me watch sienna dot Asia and Youtube