1 00:00:02,240 --> 00:00:05,560 Speaker 1: From the heart of where innovation, money and power collive 2 00:00:06,360 --> 00:00:10,880 Speaker 1: in Silicon Valley and beyond. This is Bloomberg Technology with 3 00:00:10,920 --> 00:00:27,400 Speaker 1: Emily Jay. I'm Emily Jack in San Francisco, and this 4 00:00:27,440 --> 00:00:29,920 Speaker 1: is Bloomberg Technology. Coming up in the next hour. A 5 00:00:30,040 --> 00:00:34,080 Speaker 1: David versus Goliath struggle continues between Amazon and its workers. 6 00:00:34,280 --> 00:00:37,640 Speaker 1: The retail giant just defeated a push to unionize a 7 00:00:37,760 --> 00:00:41,000 Speaker 1: second New York warehouse, just weeks after the union one 8 00:00:41,320 --> 00:00:44,680 Speaker 1: at another warehouse across the street. We will have all 9 00:00:44,680 --> 00:00:48,960 Speaker 1: the details, Plus Warren Buffett discloses a massive sake in 10 00:00:49,120 --> 00:00:52,479 Speaker 1: act Division in a merger arbitrage play. Does the deal 11 00:00:52,520 --> 00:00:55,560 Speaker 1: with Microsoft go through? We'll have a wide ranging conversation 12 00:00:55,600 --> 00:00:59,880 Speaker 1: with former Nintendo CEO Reggie m about the rapidly evolving 13 00:01:00,040 --> 00:01:05,279 Speaker 1: gaming landscape and media stocks Light, Netflix, Spotify and met 14 00:01:05,120 --> 00:01:07,840 Speaker 1: It all down more than fift so far this year. 15 00:01:08,040 --> 00:01:11,360 Speaker 1: What's a good business and media right now? We'll ast Light, Sheds, 16 00:01:11,760 --> 00:01:14,480 Speaker 1: Rich Greenfield, all of that in a moment before let's 17 00:01:14,480 --> 00:01:16,600 Speaker 1: turned out to another part of the Amazon narrative, with 18 00:01:16,640 --> 00:01:20,160 Speaker 1: workers at a facility in New York having voted not 19 00:01:20,600 --> 00:01:23,240 Speaker 1: to join an upstart union. This just weeks after the 20 00:01:23,240 --> 00:01:26,360 Speaker 1: group one a historic victory at a warehouse right across 21 00:01:26,360 --> 00:01:29,800 Speaker 1: the street. Bloomberg Spencer Soper, who covers Amazon Forest joins 22 00:01:29,880 --> 00:01:33,280 Speaker 1: us now Spencer, given that the union just one across 23 00:01:33,280 --> 00:01:38,160 Speaker 1: the street, what happened here? Yeah, that's a great question, 24 00:01:38,360 --> 00:01:43,160 Speaker 1: And you know, it's tough to really make big sweeping 25 00:01:43,200 --> 00:01:45,680 Speaker 1: conclusions out of this. You know, the question was is 26 00:01:45,760 --> 00:01:47,760 Speaker 1: the is the union going to build on the momentum 27 00:01:47,800 --> 00:01:50,280 Speaker 1: from the last vote or or supper setback? And we 28 00:01:50,360 --> 00:01:52,760 Speaker 1: just see that they suffered a setback. Precisely what that 29 00:01:52,800 --> 00:01:55,720 Speaker 1: means for their overall drive and overall momentum, we we 30 00:01:56,080 --> 00:01:59,720 Speaker 1: just we just don't know. And um, these things take 31 00:02:00,520 --> 00:02:05,120 Speaker 1: months to finally unraveled because they're generally contested, uh and 32 00:02:05,200 --> 00:02:08,200 Speaker 1: the n l RB process is extremely slow. So we've 33 00:02:08,240 --> 00:02:11,760 Speaker 1: still got a union vote that was denied twice in 34 00:02:11,880 --> 00:02:14,560 Speaker 1: Bessemer that's still being litigated. And then we've got the 35 00:02:14,680 --> 00:02:17,799 Speaker 1: union vote that was approved at this other facility recently 36 00:02:17,880 --> 00:02:20,120 Speaker 1: that that Amazon is contesting. So we're just gonna have 37 00:02:20,160 --> 00:02:22,919 Speaker 1: a lot of I think a lot more of these 38 00:02:23,320 --> 00:02:26,880 Speaker 1: as as we look forward, And truly, not every warehouse 39 00:02:26,960 --> 00:02:29,560 Speaker 1: is the same. Could it be that conditions are simply 40 00:02:29,600 --> 00:02:35,600 Speaker 1: different in different warehouses. UM, it could be this was uh, 41 00:02:35,639 --> 00:02:38,639 Speaker 1: I think more of a sort center, whereas the initial 42 00:02:38,639 --> 00:02:41,080 Speaker 1: one was one of these bigger fulfillment centers. And also, 43 00:02:41,160 --> 00:02:43,639 Speaker 1: let's just I think that maybe people have this false 44 00:02:43,720 --> 00:02:47,400 Speaker 1: notion that UM, it's big community of people. You know, 45 00:02:47,440 --> 00:02:50,200 Speaker 1: people go to these facilities are specific places they work, 46 00:02:50,280 --> 00:02:52,960 Speaker 1: they clock in, they clock out, they go home. There's 47 00:02:52,960 --> 00:02:58,040 Speaker 1: not necessarily some big community that that congregates UM. And 48 00:02:58,080 --> 00:03:01,840 Speaker 1: that's that's really up for the union now to to uh, 49 00:03:01,919 --> 00:03:04,480 Speaker 1: to make that happen, to to increase that kind of 50 00:03:04,520 --> 00:03:07,639 Speaker 1: solidarity among among the workers and the and the big 51 00:03:07,680 --> 00:03:10,600 Speaker 1: thing against them is UM, a lot of people just 52 00:03:10,680 --> 00:03:14,040 Speaker 1: don't can be fairly apathetic, you know, maybe they don't 53 00:03:14,120 --> 00:03:15,880 Speaker 1: want to have this job for very long and don't 54 00:03:15,880 --> 00:03:19,600 Speaker 1: see them see it being worth um trying to to unionize, 55 00:03:19,600 --> 00:03:21,280 Speaker 1: and then they just question if they gotta pay dues, 56 00:03:21,320 --> 00:03:23,360 Speaker 1: what are they getting? What are they getting in exchange 57 00:03:23,400 --> 00:03:26,560 Speaker 1: for paying dudes? Well, one person who's not ampathetic is 58 00:03:26,639 --> 00:03:30,320 Speaker 1: Chris Smalls, who was really critical in that initial union 59 00:03:30,400 --> 00:03:34,000 Speaker 1: victory at the warehouse across the street. Amazon is trying 60 00:03:34,040 --> 00:03:37,040 Speaker 1: to overturn that one. Right now, what is the status 61 00:03:37,080 --> 00:03:40,760 Speaker 1: of that. Yeah, so there's going to be hearing later 62 00:03:40,800 --> 00:03:44,640 Speaker 1: in the month. Amazon lobbed concerns that, um, you know, 63 00:03:44,760 --> 00:03:46,880 Speaker 1: people were allowed to get too close to the voting 64 00:03:46,880 --> 00:03:48,560 Speaker 1: when it when it occurred, and even the media was 65 00:03:48,560 --> 00:03:51,040 Speaker 1: allowed to get too close to the voting when it occurred. Um, 66 00:03:51,080 --> 00:03:53,080 Speaker 1: there's all these various things. Is supposed to be a 67 00:03:53,160 --> 00:03:56,960 Speaker 1: pristine process where the workers are allowed to voice their 68 00:03:57,000 --> 00:04:00,360 Speaker 1: thoughts without any fear of reprisal or intimidation, that kind 69 00:04:00,360 --> 00:04:02,480 Speaker 1: of thing. And so so Amazon is trying to throw 70 00:04:02,520 --> 00:04:05,400 Speaker 1: some allegations that that this was not a pristine process. 71 00:04:05,720 --> 00:04:07,800 Speaker 1: So we'll see where that. We'll see where that goes. 72 00:04:09,200 --> 00:04:12,000 Speaker 1: All right, you will keep us updated. Spencer Soaper, thank 73 00:04:12,040 --> 00:04:23,760 Speaker 1: you so much. Chairs of Activision. Blizzard jumped in US 74 00:04:23,800 --> 00:04:27,280 Speaker 1: trading after warm Buffetts, Berkshire Hathaway raised its steake in 75 00:04:27,320 --> 00:04:29,720 Speaker 1: the video GameMaker. Berkshire now once about nine and a 76 00:04:29,760 --> 00:04:32,800 Speaker 1: half percent of Activision stock. That is up considerably from 77 00:04:32,800 --> 00:04:35,560 Speaker 1: the less than two percent steak the company held at 78 00:04:35,600 --> 00:04:37,960 Speaker 1: the end of last year. Buffett betting on the merger 79 00:04:38,000 --> 00:04:41,560 Speaker 1: between Activision and Microsoft, that still has plenty of hurdles 80 00:04:41,600 --> 00:04:43,760 Speaker 1: to clear. And my next guest knows a sing or 81 00:04:43,839 --> 00:04:46,160 Speaker 1: two about the world of gaming. I'm joined now by 82 00:04:46,160 --> 00:04:49,720 Speaker 1: Reggie vs M, a former president and CEO of Nintendo, 83 00:04:49,800 --> 00:04:52,280 Speaker 1: who is also out with a new book, Disrupting the 84 00:04:52,279 --> 00:04:55,400 Speaker 1: Game From the Bronx to the Top of Nintendo. Reggie, 85 00:04:55,400 --> 00:04:58,320 Speaker 1: great to have you back here on the show. Um, So, 86 00:04:58,440 --> 00:05:01,520 Speaker 1: your book chronicles the rise of Nintendo and how you 87 00:05:01,600 --> 00:05:05,080 Speaker 1: navigated a lot of different disruptive forces. I'm so curious 88 00:05:05,080 --> 00:05:07,719 Speaker 1: now looking back and it's been almost twenty years since 89 00:05:07,720 --> 00:05:09,960 Speaker 1: you joined the company. What do you don't know now 90 00:05:10,000 --> 00:05:13,600 Speaker 1: that could help some of the folks navigating the drama 91 00:05:13,720 --> 00:05:17,760 Speaker 1: in the gaming industry today. Well, first, Emily, thanks for 92 00:05:17,839 --> 00:05:22,200 Speaker 1: having me. You know that the gaming industry constantly undergoes 93 00:05:22,240 --> 00:05:25,880 Speaker 1: so much change. There's always new technology, there's always new 94 00:05:25,920 --> 00:05:27,880 Speaker 1: forms of gaming. I mean, if you if you think 95 00:05:27,920 --> 00:05:31,400 Speaker 1: about a game like Fortnite, it didn't exist five years ago. 96 00:05:31,480 --> 00:05:34,440 Speaker 1: So there's always something new, something coming around the corner. 97 00:05:35,600 --> 00:05:38,719 Speaker 1: As as I continue to be engaged with the gaming industry, 98 00:05:39,160 --> 00:05:43,120 Speaker 1: you're constantly thinking about what's next. Where are the new 99 00:05:43,160 --> 00:05:46,160 Speaker 1: technologies going to take you and how do you continue 100 00:05:46,240 --> 00:05:49,119 Speaker 1: growing the business moving forward? You know, you talk about 101 00:05:49,160 --> 00:05:53,239 Speaker 1: the activision Microsoft potential merger. You know, I do believe 102 00:05:53,279 --> 00:05:56,240 Speaker 1: there's going to continue to be consolidation in the overall 103 00:05:56,320 --> 00:05:59,480 Speaker 1: gaming industry space. But I also believe it's going to 104 00:05:59,600 --> 00:06:03,840 Speaker 1: give eies to new smaller studios that are going to 105 00:06:03,880 --> 00:06:07,080 Speaker 1: be even more aggressive and bringing new types of content 106 00:06:07,440 --> 00:06:10,640 Speaker 1: out to the marketplace. So the bigger going to continue 107 00:06:10,640 --> 00:06:13,599 Speaker 1: getting bigger, but they're going to be really innovative smaller 108 00:06:13,640 --> 00:06:16,440 Speaker 1: players coming into the market as well. So let's talk 109 00:06:16,440 --> 00:06:18,599 Speaker 1: about Activision for a moment. What do you make of 110 00:06:18,680 --> 00:06:22,200 Speaker 1: Warren Buffett's stake here, because a number of investors don't 111 00:06:22,200 --> 00:06:24,039 Speaker 1: seem to think this deal is actually going to happen, 112 00:06:24,240 --> 00:06:27,240 Speaker 1: do you. I do think the deal is going to happen. 113 00:06:27,520 --> 00:06:31,239 Speaker 1: When you look at the overall combined entity, it makes 114 00:06:31,320 --> 00:06:36,240 Speaker 1: the new combined business one of the top three gaming businesses, 115 00:06:36,240 --> 00:06:39,320 Speaker 1: but not the number one industry that that position is 116 00:06:39,320 --> 00:06:42,200 Speaker 1: still held I believe by Apple, with Sony not too 117 00:06:42,200 --> 00:06:45,359 Speaker 1: far behind. So it's not a situation where the merger 118 00:06:45,440 --> 00:06:48,279 Speaker 1: is going to create the new biggest player on the block. 119 00:06:49,040 --> 00:06:51,200 Speaker 1: And as I said earlier, I think they're going to 120 00:06:51,279 --> 00:06:55,600 Speaker 1: be other types of mergers, other entities that are going 121 00:06:55,640 --> 00:06:59,000 Speaker 1: to continue growing within the overall space. So I do 122 00:06:59,080 --> 00:07:02,560 Speaker 1: think it passes all of the anti trust hurdles. But 123 00:07:02,800 --> 00:07:05,960 Speaker 1: as you said, this has a long way to play out. Now, 124 00:07:06,080 --> 00:07:08,560 Speaker 1: you recently told me that you're a big believer in 125 00:07:08,600 --> 00:07:12,520 Speaker 1: blockchain technology. You see that as a big opportunity in 126 00:07:12,560 --> 00:07:14,840 Speaker 1: the gaming world. Can you walk this out a little further? 127 00:07:14,960 --> 00:07:20,280 Speaker 1: How you see this benefiting players and the developer ecosystem. 128 00:07:20,320 --> 00:07:23,760 Speaker 1: What I believe blockchain technology can do is that it 129 00:07:24,120 --> 00:07:28,400 Speaker 1: can create a ed ability for new types of different 130 00:07:28,400 --> 00:07:32,120 Speaker 1: games to be created, games where you're actually playing to 131 00:07:32,320 --> 00:07:35,480 Speaker 1: own a piece of content. I also believe that the 132 00:07:35,520 --> 00:07:40,320 Speaker 1: blockchain will enable developers to potentially create new types of 133 00:07:40,360 --> 00:07:44,520 Speaker 1: different games. Just as augmented reality gave rise to games 134 00:07:44,600 --> 00:07:48,400 Speaker 1: like Pokemon Go, I believe this fundamental technology can give 135 00:07:48,520 --> 00:07:52,600 Speaker 1: rise to new and different types of games. Now what 136 00:07:52,720 --> 00:07:55,440 Speaker 1: has to happen, though, is that fundamentally the games need 137 00:07:55,480 --> 00:07:58,280 Speaker 1: to be fun, they need to be worth playing. Technology 138 00:07:58,360 --> 00:08:02,080 Speaker 1: by itself doesn't necessary create new forms of content, but 139 00:08:02,200 --> 00:08:05,520 Speaker 1: it enables new and different types of play to come 140 00:08:05,520 --> 00:08:07,840 Speaker 1: to bear. So that's what I believe is going to happen. 141 00:08:07,840 --> 00:08:10,560 Speaker 1: When you look at blockchain as a technology and what 142 00:08:10,680 --> 00:08:14,880 Speaker 1: it could do for game could that, though, eliminate intermediaries 143 00:08:14,880 --> 00:08:19,320 Speaker 1: one day, like big gaming studios. I don't think it 144 00:08:19,680 --> 00:08:23,120 Speaker 1: eliminates the big gaming studio, but I do think it 145 00:08:23,280 --> 00:08:28,560 Speaker 1: changes the payment mechanism, It changes maybe how retailers can 146 00:08:28,640 --> 00:08:31,880 Speaker 1: participate in this industry. I think that's where there's a 147 00:08:31,880 --> 00:08:36,480 Speaker 1: bigger risk for great game creators, great development studios. As 148 00:08:36,559 --> 00:08:40,520 Speaker 1: long as they're developing novel content that speaks to the consumer, 149 00:08:40,720 --> 00:08:42,880 Speaker 1: I think they're going to be fine. I'd be more 150 00:08:42,880 --> 00:08:45,679 Speaker 1: concerned if I was a retailer in this space and 151 00:08:45,720 --> 00:08:49,760 Speaker 1: what that looks like five years, ten years from now now. Nintendo, 152 00:08:49,880 --> 00:08:54,880 Speaker 1: for example, has traditionally avoided giving players control of game 153 00:08:55,000 --> 00:08:59,880 Speaker 1: data in game items. Do you see something like that changing? You? Know? So, 154 00:09:00,520 --> 00:09:03,960 Speaker 1: I would say that Nintendo has evolved to do much 155 00:09:04,000 --> 00:09:07,840 Speaker 1: more downloadable types of content, much more digital content. There 156 00:09:07,840 --> 00:09:12,079 Speaker 1: really is no gaming company out there today that truly 157 00:09:12,320 --> 00:09:15,920 Speaker 1: lets its players own all of the content. Once a 158 00:09:16,000 --> 00:09:21,120 Speaker 1: game potentially comes off of a developers uh systems, all 159 00:09:21,160 --> 00:09:24,959 Speaker 1: of the mechanisms where they're updating the games. Once that happens, 160 00:09:25,040 --> 00:09:29,280 Speaker 1: then the players always at risk for potentially losing their content, 161 00:09:29,400 --> 00:09:33,000 Speaker 1: losing what they've spent potentially years building which is why 162 00:09:33,120 --> 00:09:36,720 Speaker 1: I think blockchain can change that dynamic so that when 163 00:09:36,760 --> 00:09:40,080 Speaker 1: I create something, I truly can own it forever, which 164 00:09:40,080 --> 00:09:42,480 Speaker 1: I think is very very appealing to it to a 165 00:09:42,480 --> 00:09:47,400 Speaker 1: gamer today. Speaking of new technology on the horizon, I 166 00:09:47,480 --> 00:09:50,280 Speaker 1: recently interviewed you at south By Southwest and you had 167 00:09:50,360 --> 00:09:55,480 Speaker 1: some very controversial remarks about meta and Mark Zuckerberg's vision 168 00:09:55,640 --> 00:09:58,640 Speaker 1: for the metaverse. I want to replay a portion of 169 00:09:58,679 --> 00:10:02,160 Speaker 1: what you had to say. Then take a listen. I'm 170 00:10:02,200 --> 00:10:05,080 Speaker 1: not a buyer of that idea. I don't think that 171 00:10:05,840 --> 00:10:10,960 Speaker 1: their current definition is going to be successful. Why do 172 00:10:11,040 --> 00:10:14,440 Speaker 1: I say that. I say that because, first, you know, 173 00:10:14,520 --> 00:10:16,720 Speaker 1: and I don't know if anyone from Facebook is here, 174 00:10:16,880 --> 00:10:22,480 Speaker 1: but you you have to admit that Facebook itself is 175 00:10:22,520 --> 00:10:28,080 Speaker 1: not an innovative company. Facebook is not an innovative company. 176 00:10:28,120 --> 00:10:30,800 Speaker 1: You can see my face there. Uh in response to 177 00:10:31,400 --> 00:10:35,160 Speaker 1: um that remark, I'm curious what reaction you've had to 178 00:10:35,320 --> 00:10:40,000 Speaker 1: that assessment since well, so let me just finish the thought, right, So, 179 00:10:40,400 --> 00:10:43,960 Speaker 1: what I said was that Facebook has been a fast forward, right. 180 00:10:43,960 --> 00:10:48,760 Speaker 1: They've typically taken other initiatives and pushed them forward. They've 181 00:10:48,760 --> 00:10:50,920 Speaker 1: been an acquire You look at some of the things 182 00:10:50,920 --> 00:10:54,240 Speaker 1: that they're doing. For example, with Instagram, they acquired that business. 183 00:10:54,720 --> 00:11:00,760 Speaker 1: The only piece of of completely new tech or completely 184 00:11:00,800 --> 00:11:03,680 Speaker 1: no idea that they did was the very first social network. 185 00:11:03,800 --> 00:11:06,400 Speaker 1: So that's where I was coming from when I said 186 00:11:06,440 --> 00:11:11,600 Speaker 1: that today Meta I wouldn't qualify as an innovative company. 187 00:11:11,679 --> 00:11:14,160 Speaker 1: What I found shocking was the amount of people who 188 00:11:14,160 --> 00:11:17,920 Speaker 1: agreed with that statement and with the statement overall that 189 00:11:18,000 --> 00:11:21,400 Speaker 1: the other reasons why I believe their vision of the metaverse, 190 00:11:21,600 --> 00:11:23,560 Speaker 1: the fact that they don't partner very well, the fact 191 00:11:23,600 --> 00:11:25,920 Speaker 1: that they don't have a lot of credibility or have 192 00:11:26,000 --> 00:11:30,840 Speaker 1: suffered credibility issues with the consumer. These all affect the 193 00:11:30,880 --> 00:11:35,520 Speaker 1: concept of the metaverse, where ideally you have one overall environment, 194 00:11:35,559 --> 00:11:39,080 Speaker 1: it's digital in nature, there's a common currency. All of 195 00:11:39,120 --> 00:11:42,720 Speaker 1: these things are fundamental to at least my vision of 196 00:11:42,720 --> 00:11:45,560 Speaker 1: the metaverse. And this is where I see that Meta 197 00:11:45,600 --> 00:11:48,840 Speaker 1: as a company has some issues. So I wonder if 198 00:11:48,880 --> 00:11:51,560 Speaker 1: there are any metaverse companies that you like. You know, 199 00:11:51,600 --> 00:11:53,680 Speaker 1: it's been interesting some folks are saying, you know, more 200 00:11:53,720 --> 00:11:57,079 Speaker 1: traditional quote unquote gaming companies like Nintendo. The stock is 201 00:11:57,120 --> 00:12:00,280 Speaker 1: lagging because investors are focusing on other company these that 202 00:12:00,320 --> 00:12:03,199 Speaker 1: are promoting their visions of the metaverse, whether it is 203 00:12:03,280 --> 00:12:06,560 Speaker 1: Roadblocks or in Vidio meta shares. To be fair, I've 204 00:12:06,559 --> 00:12:09,000 Speaker 1: really suffered. What do you think of that assessment and 205 00:12:09,080 --> 00:12:12,880 Speaker 1: the pace of innovation at some of these other companies, 206 00:12:12,880 --> 00:12:16,920 Speaker 1: including Nintendo, which you know isn't trumpeting its vision for 207 00:12:16,960 --> 00:12:20,040 Speaker 1: the metaverse. Yeah, so I think there's a number of 208 00:12:20,040 --> 00:12:24,160 Speaker 1: different things. I do think companies like Epic, who are 209 00:12:24,280 --> 00:12:27,560 Speaker 1: the parent company for Fortnite, are doing some very interesting 210 00:12:27,679 --> 00:12:33,480 Speaker 1: things with that platform and introducing avatars and having events 211 00:12:33,559 --> 00:12:38,400 Speaker 1: within its space, which is very meta like. I also 212 00:12:38,520 --> 00:12:42,400 Speaker 1: believe that Roadblocks has the potential to really push on 213 00:12:42,520 --> 00:12:46,080 Speaker 1: this area quite aggressively. I think the market is down 214 00:12:46,360 --> 00:12:51,920 Speaker 1: on Nintendo in part because while the Nintendo Switch continues 215 00:12:52,000 --> 00:12:56,000 Speaker 1: doing exceptionally well, they've already announced that their software sales 216 00:12:56,000 --> 00:12:57,880 Speaker 1: are going to be down in the current fiscal. They're 217 00:12:57,920 --> 00:12:59,760 Speaker 1: hinting that they're going to be some challenges in the 218 00:12:59,840 --> 00:13:02,800 Speaker 1: next fiscal. I think that's why investors are reacting to 219 00:13:02,880 --> 00:13:06,480 Speaker 1: that particular stock in terms of where they see it 220 00:13:06,520 --> 00:13:09,600 Speaker 1: going over the next twelve or eighteen months. In terms 221 00:13:09,640 --> 00:13:12,280 Speaker 1: of other companies that I think are doing some really 222 00:13:12,360 --> 00:13:15,640 Speaker 1: interesting things. You know, as I said with you on stage. 223 00:13:15,679 --> 00:13:18,040 Speaker 1: I think there are a number of smaller companies, privately 224 00:13:18,080 --> 00:13:21,240 Speaker 1: held companies that are doing very interesting things in this 225 00:13:21,400 --> 00:13:23,960 Speaker 1: space that will come to light over the lex number 226 00:13:24,000 --> 00:13:28,360 Speaker 1: of months. Any advice for the Nintendo leadership today? You know, 227 00:13:28,920 --> 00:13:31,240 Speaker 1: I am still on very good terms with all of 228 00:13:31,280 --> 00:13:35,280 Speaker 1: my my peers and my friends over at Nintendo. Whatever 229 00:13:35,280 --> 00:13:37,760 Speaker 1: they call me for advice, which isn't too often. I've 230 00:13:37,760 --> 00:13:40,280 Speaker 1: been away from that business three years now. I give 231 00:13:40,320 --> 00:13:44,360 Speaker 1: them lots of my opinion. But look, the Nintendo Switch 232 00:13:44,640 --> 00:13:47,840 Speaker 1: is on the verge of becoming the best selling Nintendo 233 00:13:47,920 --> 00:13:51,120 Speaker 1: system of all time, So that speaks a lot to 234 00:13:51,440 --> 00:13:53,880 Speaker 1: all of the momentum they have today on that business 235 00:13:54,280 --> 00:13:56,959 Speaker 1: and all of the wonderful content they're created. So last 236 00:13:57,000 --> 00:13:58,840 Speaker 1: good question, I want to ask you about Netflix, because 237 00:13:58,880 --> 00:14:02,440 Speaker 1: since we talked, we saw Netflix Blue subscribers for the 238 00:14:02,440 --> 00:14:04,800 Speaker 1: first time in a decade. A lot of folks concerned 239 00:14:04,800 --> 00:14:07,920 Speaker 1: about the future of the streaming business. Has streaming hit 240 00:14:07,960 --> 00:14:11,440 Speaker 1: its peak? I actually don't believe that streaming has hit 241 00:14:11,480 --> 00:14:13,760 Speaker 1: its peak. I think there's a number of different factors 242 00:14:13,800 --> 00:14:17,880 Speaker 1: going on. Specifically two uh Netflix, There's a lot of 243 00:14:17,920 --> 00:14:21,040 Speaker 1: new players in the streaming space. I do think they 244 00:14:21,040 --> 00:14:23,960 Speaker 1: need to take another look at their overall strategy for 245 00:14:24,040 --> 00:14:27,400 Speaker 1: how they air their content. I personally believe that binging 246 00:14:27,440 --> 00:14:30,800 Speaker 1: maybe has become a little passe. You look at what 247 00:14:31,040 --> 00:14:34,480 Speaker 1: HBO and other players are doing as they come back 248 00:14:34,520 --> 00:14:37,520 Speaker 1: to having appointment TV and having a piece of content 249 00:14:37,960 --> 00:14:40,920 Speaker 1: airing on a regular day on a regular schedule. I 250 00:14:41,000 --> 00:14:42,600 Speaker 1: think those are some of the things that they may 251 00:14:42,680 --> 00:14:47,960 Speaker 1: need to look at versus a complete overhaul of their programming. Interesting. 252 00:14:48,320 --> 00:14:51,960 Speaker 1: Reggie Fees may uh interesting advice for the Netflix team. 253 00:14:52,040 --> 00:14:54,080 Speaker 1: Appreciate you as always taking the time to join us. 254 00:14:54,120 --> 00:14:56,880 Speaker 1: Author of a new book, Disrupting the Game from the 255 00:14:56,920 --> 00:15:02,040 Speaker 1: Bronx to the Top of Nintendo available coming up. Could 256 00:15:02,440 --> 00:15:05,960 Speaker 1: cyber threats be the greatest threat we face? We're gonna 257 00:15:05,960 --> 00:15:08,920 Speaker 1: have more on what the war in Ukraine is teaching 258 00:15:09,000 --> 00:15:22,880 Speaker 1: us about cybersecurity next. This is Bloomberg as the War 259 00:15:22,920 --> 00:15:25,920 Speaker 1: in Ukraine reaches on a recent report from Microsoft says 260 00:15:25,960 --> 00:15:30,000 Speaker 1: Russia has carried out hundreds of cyber operations, including destructive attacks, 261 00:15:30,040 --> 00:15:34,360 Speaker 1: against Ukraine throughout its invasion. This an effort to degrade 262 00:15:34,560 --> 00:15:37,920 Speaker 1: Ukraine's government and military and to undermine the public's trust 263 00:15:38,000 --> 00:15:40,440 Speaker 1: in those institutions. Want to talk about what it all 264 00:15:40,480 --> 00:15:43,040 Speaker 1: means for the future of cybersecurity abroad and here at 265 00:15:43,040 --> 00:15:44,880 Speaker 1: home with Camille Stewart. She is the Global head of 266 00:15:44,920 --> 00:15:48,040 Speaker 1: Product Security Strategy at Google. Camille, great to have you 267 00:15:48,120 --> 00:15:52,000 Speaker 1: with us. I'm so curious what Google has seen in 268 00:15:52,240 --> 00:15:54,920 Speaker 1: in in light of the war in Ukraine. Have you 269 00:15:55,000 --> 00:15:59,920 Speaker 1: seen a big uptick in cyber attacks? Yes. We are 270 00:16:00,000 --> 00:16:05,600 Speaker 1: are focused on elevating information to help the folks on 271 00:16:05,640 --> 00:16:09,760 Speaker 1: the ground in Ukraine understand what threats are headed their way. UM. 272 00:16:09,800 --> 00:16:13,200 Speaker 1: We have provided a lot of support in Poland as well, 273 00:16:13,920 --> 00:16:18,600 Speaker 1: and are leveraging Android bones to provide some of those 274 00:16:18,880 --> 00:16:22,160 Speaker 1: air rapid alerts that folks need to stay safe. So 275 00:16:22,160 --> 00:16:24,120 Speaker 1: we've seen a lot of activity across a number of 276 00:16:24,160 --> 00:16:27,360 Speaker 1: different vectors and are providing support in any way that 277 00:16:27,400 --> 00:16:33,880 Speaker 1: we can. So how specifically have attacks ramped up? So 278 00:16:34,320 --> 00:16:39,560 Speaker 1: most attacks are locally targeted, and we're seeing UM some 279 00:16:39,640 --> 00:16:45,640 Speaker 1: activity around UM misinformation and disinformation around UM the the 280 00:16:45,640 --> 00:16:49,160 Speaker 1: war in the campaign UM, access to information has been 281 00:16:49,200 --> 00:16:52,520 Speaker 1: limited and those things are causing some churn. We've seen 282 00:16:52,640 --> 00:16:56,600 Speaker 1: a little bit of activity targeting UM Ukraine infrastructure, but 283 00:16:56,840 --> 00:17:00,880 Speaker 1: not as much as anyone had predicted before when they started. 284 00:17:01,000 --> 00:17:05,840 Speaker 1: But we're definitely seeing some activity now. John Cocho from 285 00:17:05,880 --> 00:17:09,360 Speaker 1: the Department of Homeland Security recently had this to say, 286 00:17:09,400 --> 00:17:10,960 Speaker 1: And I know you also worked at the Department of 287 00:17:11,000 --> 00:17:13,720 Speaker 1: Homeland Security under President Obama, So I want you to 288 00:17:13,720 --> 00:17:17,119 Speaker 1: take a quick listen. You know, five years ago, the 289 00:17:17,359 --> 00:17:22,200 Speaker 1: biggest threat to our country was isis inspired massive acts 290 00:17:22,200 --> 00:17:24,679 Speaker 1: of violence here that's no longer the case. The biggest 291 00:17:24,720 --> 00:17:27,320 Speaker 1: threat to our country I from homeland security standpoint, and 292 00:17:27,359 --> 00:17:31,400 Speaker 1: really national security of cyber actors attacking us. And at 293 00:17:31,400 --> 00:17:36,080 Speaker 1: Homeland Security, that's what we're doing seven Representative John Cocho 294 00:17:36,160 --> 00:17:39,320 Speaker 1: there of New York, would you agree with that assessment. 295 00:17:40,720 --> 00:17:43,280 Speaker 1: It is definitely one of the greatest. I mean, it 296 00:17:43,359 --> 00:17:46,760 Speaker 1: has risen in public consciousness because we are seeing attacks 297 00:17:46,880 --> 00:17:51,560 Speaker 1: like solar winds and on colonial pipeline, and so I 298 00:17:51,560 --> 00:17:54,280 Speaker 1: think the pervasiveness and the public consciousness is a really 299 00:17:54,320 --> 00:17:57,400 Speaker 1: helpful thing as we moved forward. But we're definitely seeing 300 00:17:57,880 --> 00:18:01,520 Speaker 1: um an increased focus on that media love attack. Our 301 00:18:01,560 --> 00:18:06,480 Speaker 1: business is prepared, they are working on. It depends on 302 00:18:06,480 --> 00:18:09,080 Speaker 1: the size of the organization, it depends on their investment 303 00:18:09,119 --> 00:18:12,560 Speaker 1: in security. But there has been a really strong effort 304 00:18:12,920 --> 00:18:16,520 Speaker 1: through the US government to collaborate with private sector, and 305 00:18:16,560 --> 00:18:20,639 Speaker 1: that public private cooperation has facilitated a lot of investment 306 00:18:21,160 --> 00:18:25,960 Speaker 1: and DHS through sis UH, as mentioned by Congressman, UM 307 00:18:26,000 --> 00:18:30,800 Speaker 1: does a lot of support for organizations throughout the UM 308 00:18:30,920 --> 00:18:34,159 Speaker 1: the private sector, and there are you know, this number 309 00:18:34,200 --> 00:18:37,520 Speaker 1: to me is still so striking. Six hundred thousand open 310 00:18:38,040 --> 00:18:41,600 Speaker 1: cybersecurity jobs. Is that part of the reason we may 311 00:18:41,640 --> 00:18:46,200 Speaker 1: be seeing an uptick and attacks. I wouldn't say that 312 00:18:46,200 --> 00:18:49,679 Speaker 1: that is the reason, but we definitely need more people 313 00:18:50,040 --> 00:18:53,280 Speaker 1: to combat the threat, a lot of smart people with 314 00:18:53,359 --> 00:18:56,119 Speaker 1: a number of different backgrounds. I'm glad you brought up 315 00:18:56,119 --> 00:18:59,600 Speaker 1: that statistic because I think people here about cybersecurity jobs 316 00:18:59,600 --> 00:19:02,800 Speaker 1: and think they need to be an engineer or very technical, 317 00:19:02,880 --> 00:19:05,600 Speaker 1: but there are a number of jobs that would require 318 00:19:05,720 --> 00:19:09,080 Speaker 1: folks of a variety of backgrounds, from legal backgrounds to 319 00:19:09,400 --> 00:19:14,720 Speaker 1: training and marketing. All right, Camille Stewart, Global head of 320 00:19:14,720 --> 00:19:17,520 Speaker 1: Product Security Strategy at Google. Camille, thanks for giving us 321 00:19:17,960 --> 00:19:29,680 Speaker 1: your view on the cyber landscape. Welcome back to Bloomberg Technology. 322 00:19:29,680 --> 00:19:32,120 Speaker 1: I Emily Chang in San Francisco. The Milk and Institute 323 00:19:32,160 --> 00:19:36,080 Speaker 1: Global conferences underway this week, and bloombergs Eric Schatzker caught 324 00:19:36,119 --> 00:19:39,080 Speaker 1: up with Citadel CEO Ken Griffin to talk about everything 325 00:19:39,160 --> 00:19:42,520 Speaker 1: from inflation to the war on Ukraine. Part of that 326 00:19:42,560 --> 00:19:45,400 Speaker 1: conversation and what he had to say about crypto right now, 327 00:19:45,480 --> 00:19:49,119 Speaker 1: take a listen. So it's it's pretty simple. All my 328 00:19:49,160 --> 00:19:51,600 Speaker 1: colleagues who are younger than I am probably think I'm 329 00:19:51,600 --> 00:19:56,679 Speaker 1: a dinosaur in this issue. They're big believers. They believe 330 00:19:56,720 --> 00:19:59,560 Speaker 1: that cryptocurrency has an important role in the global economy 331 00:20:00,040 --> 00:20:02,480 Speaker 1: as a means of facilitating payment in a web three 332 00:20:02,480 --> 00:20:06,240 Speaker 1: world three world. I have to give that due consideration. 333 00:20:06,280 --> 00:20:10,119 Speaker 1: These are really sharp people. I have to live with 334 00:20:10,160 --> 00:20:12,600 Speaker 1: the reality that that an asset's worth of people perceive 335 00:20:12,640 --> 00:20:16,119 Speaker 1: it to be worth. So I may be skeptical about cryptocurrency. 336 00:20:16,160 --> 00:20:19,639 Speaker 1: What's the value bitcoin or ethereum? I also collect American 337 00:20:19,720 --> 00:20:23,439 Speaker 1: abstract art. Why is a painting worth ten million dollars? 338 00:20:23,480 --> 00:20:27,119 Speaker 1: It's oil on a canvas. So value is in the 339 00:20:27,160 --> 00:20:30,440 Speaker 1: eyes of the holder. It's nigh's the market. One of 340 00:20:30,440 --> 00:20:32,679 Speaker 1: the things that we do with Seal securities is we 341 00:20:32,840 --> 00:20:36,879 Speaker 1: help people create the portfolios that they think create the 342 00:20:36,920 --> 00:20:40,879 Speaker 1: greatest value for them. And as such, given the institutional 343 00:20:41,119 --> 00:20:44,520 Speaker 1: increase and interest in cryptocurrency, I think it's reasonable to 344 00:20:44,560 --> 00:20:47,679 Speaker 1: expect to see us be more involved in the crypto space, 345 00:20:48,280 --> 00:20:52,760 Speaker 1: providing liquidity institutional and potentially retail investors. How soon is 346 00:20:52,800 --> 00:20:55,560 Speaker 1: it difficult to build a market making business in crypto 347 00:20:55,600 --> 00:21:00,080 Speaker 1: from scratch. It's difficult to build to the level of 348 00:21:00,240 --> 00:21:03,479 Speaker 1: rigor that we would want to build too. Things like 349 00:21:03,960 --> 00:21:06,520 Speaker 1: ensuring that we're not a party to a transaction with 350 00:21:06,640 --> 00:21:11,040 Speaker 1: North Korea are really important to us. They might not 351 00:21:11,119 --> 00:21:13,680 Speaker 1: be to our competitors, but I'm not going to help 352 00:21:13,840 --> 00:21:19,280 Speaker 1: fund the North Koreans with their various ventures by by 353 00:21:19,320 --> 00:21:23,200 Speaker 1: mistakenly buying their cryptocurrency. So we're going to run our 354 00:21:23,240 --> 00:21:26,760 Speaker 1: business too. I believe a very high standard of of 355 00:21:26,880 --> 00:21:29,359 Speaker 1: k y C and a m L in the interest 356 00:21:29,440 --> 00:21:31,640 Speaker 1: of making sure that we are in the markets as 357 00:21:31,640 --> 00:21:35,320 Speaker 1: a constructive participant in this space and really bring the 358 00:21:35,359 --> 00:21:38,240 Speaker 1: best practices that we see here in North America into 359 00:21:38,280 --> 00:21:40,840 Speaker 1: the market. Would you describe that business the one you 360 00:21:40,960 --> 00:21:44,600 Speaker 1: envision as a market making business akin to what you 361 00:21:44,640 --> 00:21:47,640 Speaker 1: do in equities or more of an exchange I would 362 00:21:47,640 --> 00:21:50,480 Speaker 1: say it's it's it's probably a combination to choose what 363 00:21:50,520 --> 00:21:53,720 Speaker 1: will end up in So obviously, we as a market 364 00:21:53,720 --> 00:21:57,280 Speaker 1: maker commit our capital's principle, and then we believe exchange 365 00:21:57,320 --> 00:22:00,879 Speaker 1: technology is very important helping to bring buyers and sellers together. 366 00:22:01,840 --> 00:22:06,560 Speaker 1: Do you feel any sense of regret for not diving 367 00:22:06,600 --> 00:22:11,040 Speaker 1: in sooner, because, as you well know, there are examples 368 00:22:11,080 --> 00:22:16,000 Speaker 1: of firms. I'll mention Binance because it's the biggest that 369 00:22:16,760 --> 00:22:23,240 Speaker 1: have become among among in revenue terms and valuation terms, 370 00:22:23,240 --> 00:22:29,439 Speaker 1: among the biggest in the world. Well, I'm gonna I'm 371 00:22:29,440 --> 00:22:32,600 Speaker 1: gonna answer this in a way that's very personal to me. Look, 372 00:22:32,720 --> 00:22:35,159 Speaker 1: I wish I owned a whole lot of Amazon fifteen 373 00:22:35,240 --> 00:22:38,159 Speaker 1: or twenty years ago, and I wish I owned a 374 00:22:38,160 --> 00:22:41,439 Speaker 1: whole lot of or Apple twenty years ago and just 375 00:22:41,520 --> 00:22:44,920 Speaker 1: kept it for like twenty years. I'd say one difference 376 00:22:44,960 --> 00:22:49,720 Speaker 1: between those investments and having built a cryptocurrency firm over 377 00:22:49,760 --> 00:22:52,240 Speaker 1: that period of time is I'd actually feel really proud 378 00:22:52,280 --> 00:22:54,960 Speaker 1: of what Amazon has done for the US consumer. I 379 00:22:55,040 --> 00:22:56,920 Speaker 1: feel really proud of what Apple has done for the 380 00:22:57,040 --> 00:22:59,240 Speaker 1: U S consumer. You know, we both walked in here. 381 00:22:59,240 --> 00:23:02,040 Speaker 1: I was checking my iPhone. It's just completely changed our lives. 382 00:23:02,280 --> 00:23:06,240 Speaker 1: Amazon has completely changed the ability for somebody to purchase goods, 383 00:23:06,280 --> 00:23:09,760 Speaker 1: for small retailer to offer their products on a giant, 384 00:23:09,840 --> 00:23:14,040 Speaker 1: vast virtual marketplace. These are businesses that have really clearly 385 00:23:14,160 --> 00:23:17,879 Speaker 1: changed the world for the better. I'm still looking for 386 00:23:17,960 --> 00:23:20,000 Speaker 1: that story as to how crypto has made the world 387 00:23:20,040 --> 00:23:22,280 Speaker 1: so much better. I give you the story as to 388 00:23:22,359 --> 00:23:26,800 Speaker 1: how bitcoin consumes as much power as a small country. 389 00:23:27,000 --> 00:23:29,240 Speaker 1: You know, a world that's fixated on carbon footprints. It's 390 00:23:29,240 --> 00:23:32,000 Speaker 1: remarkable to me that we applaud the emergence of a 391 00:23:32,400 --> 00:23:37,359 Speaker 1: cryptocurrency which has a CEO two footprint of like a 392 00:23:37,480 --> 00:23:42,000 Speaker 1: significant smaller, small, mid sized country. A couple of quick 393 00:23:42,080 --> 00:23:45,919 Speaker 1: questions for you on politics before we finish, Um, you 394 00:23:45,960 --> 00:23:52,280 Speaker 1: are among the most significant UH funders of political campaigns 395 00:23:52,280 --> 00:23:57,119 Speaker 1: in this election cycle. Um. One important thing has just 396 00:23:57,320 --> 00:24:01,119 Speaker 1: changed or is about to change. Elon is going to 397 00:24:01,200 --> 00:24:05,840 Speaker 1: own Twitter. How is that going to change this election 398 00:24:05,920 --> 00:24:09,920 Speaker 1: cycle and those that follow? I think the most important 399 00:24:10,200 --> 00:24:14,679 Speaker 1: part of Elon Musk owning Twitter is about free speech, 400 00:24:17,240 --> 00:24:23,480 Speaker 1: hands down the most important part. The social media networks 401 00:24:23,520 --> 00:24:27,240 Speaker 1: are so focused on curating what all of us see 402 00:24:27,240 --> 00:24:30,639 Speaker 1: and read every day, they've really eroded free speech. As 403 00:24:30,680 --> 00:24:33,679 Speaker 1: you and I knew growing up, and I know Ellen 404 00:24:33,880 --> 00:24:37,800 Speaker 1: is just deeply committed to the idea of freedom of expression. Now, 405 00:24:38,080 --> 00:24:42,080 Speaker 1: free speech doesn't necessarily mean good ideas, to be clear, 406 00:24:42,520 --> 00:24:45,440 Speaker 1: but to have a robust debate around ideas is how 407 00:24:45,440 --> 00:24:49,800 Speaker 1: we actually come to reason conclusions and showing both sides 408 00:24:49,840 --> 00:24:52,760 Speaker 1: of a story is important. You know, the Hunter Biden 409 00:24:52,880 --> 00:24:56,199 Speaker 1: laptop just disappearing in the abyss of the cover up 410 00:24:56,240 --> 00:24:58,840 Speaker 1: of large social media companies and many of the news 411 00:24:58,880 --> 00:25:03,040 Speaker 1: franchises is a really terrifying story. Would have changed the election? 412 00:25:03,760 --> 00:25:07,080 Speaker 1: Probably not, but your American voter has been entitled to 413 00:25:07,080 --> 00:25:11,359 Speaker 1: know about this information. Absolutely, Like, if we want our 414 00:25:11,400 --> 00:25:14,760 Speaker 1: democracy to work, we need people who have the time 415 00:25:15,520 --> 00:25:19,159 Speaker 1: and the ability to access the relevant information on candidates. 416 00:25:19,600 --> 00:25:21,760 Speaker 1: It made a change our view on a candidate, but 417 00:25:21,800 --> 00:25:25,439 Speaker 1: we should have the ability to make an informed, in 418 00:25:25,480 --> 00:25:31,120 Speaker 1: reason decision. Citadel CEO Ken Griffin there at the Milk 419 00:25:31,200 --> 00:25:34,399 Speaker 1: and Institute Bloomber will we bring you more coverage from 420 00:25:34,480 --> 00:25:37,240 Speaker 1: the global conference throughout this week's Stay tuned to Bloomberg 421 00:25:37,240 --> 00:25:40,560 Speaker 1: Television right here. And speaking of media companies, they are 422 00:25:40,600 --> 00:25:44,359 Speaker 1: now struggling as concerns over what role online media will 423 00:25:44,400 --> 00:25:48,520 Speaker 1: play in the future. Tech companies lost nearly two trillion 424 00:25:48,560 --> 00:25:51,080 Speaker 1: dollars in market value during the month of April alone. 425 00:25:51,560 --> 00:25:53,880 Speaker 1: Why now and how long will it last. I'm joined 426 00:25:53,920 --> 00:25:57,320 Speaker 1: now by lfshead Partners Rich Greenfield to get his perspective. So, 427 00:25:57,320 --> 00:26:02,520 Speaker 1: when you look at media companies in particular Netflix, Spotify, Meta, 428 00:26:02,760 --> 00:26:07,360 Speaker 1: Rich all down more so far this year? How long 429 00:26:07,400 --> 00:26:10,840 Speaker 1: does this keep up? Look? This is pretty ugly, and 430 00:26:10,880 --> 00:26:14,639 Speaker 1: I think part of the challenges we're in sort of 431 00:26:14,880 --> 00:26:19,639 Speaker 1: unchartered territory Emily, Like, we don't short, we know what 432 00:26:19,680 --> 00:26:23,879 Speaker 1: a recession looks like. We know what global or geopolitical 433 00:26:24,440 --> 00:26:28,320 Speaker 1: unrest looks like over in Eastern Europe and Russia, et cetera. 434 00:26:28,920 --> 00:26:31,600 Speaker 1: What we don't know is sort of the the unlock 435 00:26:31,880 --> 00:26:35,439 Speaker 1: effect of the pandemic. And what I mean by that is, 436 00:26:36,080 --> 00:26:40,199 Speaker 1: you know, has consumer behavior really fundamentally changed? You know, 437 00:26:40,240 --> 00:26:43,320 Speaker 1: you're looking at sort of a surgeon vacation travel, right 438 00:26:43,320 --> 00:26:46,080 Speaker 1: People want to be out of their houses. You know, Look, 439 00:26:46,119 --> 00:26:48,120 Speaker 1: try to book a trip to Disney World right now. 440 00:26:48,200 --> 00:26:51,680 Speaker 1: It is complete and utter insanity trying to get into 441 00:26:51,680 --> 00:26:55,960 Speaker 1: Disney World, even without European travel. So what's really happened 442 00:26:56,000 --> 00:26:59,360 Speaker 1: to streaming? Has there been a fundamental change in sort 443 00:26:59,400 --> 00:27:02,360 Speaker 1: of the future of streaming television or the shift from 444 00:27:02,359 --> 00:27:05,439 Speaker 1: linear television to streaming television, or do we just shoot 445 00:27:05,560 --> 00:27:08,520 Speaker 1: two years too far up the curve too fast, and 446 00:27:08,520 --> 00:27:12,120 Speaker 1: it's gonna take time for consumers to actually catch up 447 00:27:12,160 --> 00:27:15,240 Speaker 1: now and for it's just the business and evaluations to 448 00:27:15,320 --> 00:27:17,960 Speaker 1: sort of catch up. And that's what we're struggling with, 449 00:27:18,000 --> 00:27:20,840 Speaker 1: what everyone investor wise is struggling with. Like we used 450 00:27:20,880 --> 00:27:23,080 Speaker 1: to talk about there being seven hundred, eight hundred, maybe 451 00:27:23,119 --> 00:27:25,639 Speaker 1: even a billion of homes that would do streaming television, 452 00:27:25,760 --> 00:27:28,040 Speaker 1: whether you're talking about Netflix or Disney, like, that was 453 00:27:28,080 --> 00:27:31,440 Speaker 1: the total addressable market we call TAM that everyone was 454 00:27:31,480 --> 00:27:35,399 Speaker 1: excited about. Has it changed? Like is it much lower now? 455 00:27:35,840 --> 00:27:38,359 Speaker 1: Is the time to get there longer? Or pricing gonna 456 00:27:38,400 --> 00:27:40,640 Speaker 1: have to be you know lower to get there. Those 457 00:27:40,680 --> 00:27:42,880 Speaker 1: are the things everyone is grappling with. Like, I don't 458 00:27:42,880 --> 00:27:46,520 Speaker 1: think we've fundamentally changed, but I do think the combination 459 00:27:46,600 --> 00:27:52,479 Speaker 1: of pandemic unlock, geopolitical inflation, maybe a recession in Europe, 460 00:27:52,600 --> 00:27:55,280 Speaker 1: maybe fears of recession in the US, like all of 461 00:27:55,320 --> 00:27:57,280 Speaker 1: that is you know, look at the price of eggs, 462 00:27:57,320 --> 00:28:00,119 Speaker 1: like right, like, there are a lot of things going 463 00:28:00,160 --> 00:28:04,200 Speaker 1: on right now, and nobody right like, there is nobody 464 00:28:04,280 --> 00:28:08,240 Speaker 1: right now that understands what the other side of a 465 00:28:08,320 --> 00:28:10,760 Speaker 1: pan two year pandemic looks like because we've never lived 466 00:28:10,760 --> 00:28:14,040 Speaker 1: through this in the markets we have today with that effect, 467 00:28:14,040 --> 00:28:16,800 Speaker 1: and so this is just new and virgin territory from 468 00:28:16,840 --> 00:28:19,560 Speaker 1: an analytical standpoint, and it's making it very hard not 469 00:28:19,640 --> 00:28:24,080 Speaker 1: just for us. These companies can't predict their business. So 470 00:28:24,520 --> 00:28:28,359 Speaker 1: you recently said advertising is falling apart, the cable bundle 471 00:28:28,520 --> 00:28:32,200 Speaker 1: is falling apart, streaming has slowed. Is there a good 472 00:28:32,280 --> 00:28:37,720 Speaker 1: media business to be in right now? It is, well, 473 00:28:38,480 --> 00:28:40,840 Speaker 1: the obvious one, right I mean, there's two businesses that 474 00:28:40,880 --> 00:28:44,680 Speaker 1: are obviously big beneficiaries right now. One is, you know, 475 00:28:44,720 --> 00:28:48,280 Speaker 1: my partner Brandon Ross covers the entire live entertainment space. 476 00:28:48,360 --> 00:28:51,719 Speaker 1: I mean Live Nation is on fire. They're like, it 477 00:28:51,800 --> 00:28:54,960 Speaker 1: is just an insane how good that businesses? Tickets go 478 00:28:55,040 --> 00:28:57,160 Speaker 1: on sale and they're sold out two seconds later. So 479 00:28:57,680 --> 00:29:00,920 Speaker 1: live entertainment is clearly a benefit a sary right now. 480 00:29:01,000 --> 00:29:05,320 Speaker 1: You see it across that category. The other one, you know, 481 00:29:05,320 --> 00:29:08,000 Speaker 1: and you're you're showing Netflix on the screen in terms 482 00:29:08,040 --> 00:29:11,600 Speaker 1: of sort of what content is available. The business that's 483 00:29:11,640 --> 00:29:16,000 Speaker 1: also benefiting from this explosion of streaming services is content creation. 484 00:29:16,040 --> 00:29:19,560 Speaker 1: And if you're in the business of making content, that 485 00:29:19,640 --> 00:29:23,800 Speaker 1: business has gotten far, far better because there's incredible demand 486 00:29:24,240 --> 00:29:27,560 Speaker 1: from all of these services. So production studios have been 487 00:29:27,600 --> 00:29:30,840 Speaker 1: big beneficiaries. The problem is there's not a lot of 488 00:29:30,880 --> 00:29:35,080 Speaker 1: pure play production studios to actually invest in. Like Sony 489 00:29:35,200 --> 00:29:37,360 Speaker 1: is not a streamer, right, Sony doesn't have a streamer. 490 00:29:37,400 --> 00:29:39,880 Speaker 1: They have a lot of other businesses. But Sony's production 491 00:29:40,000 --> 00:29:43,640 Speaker 1: business has been incredible in terms of what they've created 492 00:29:43,680 --> 00:29:46,040 Speaker 1: over the course of the past year. The problem is 493 00:29:46,080 --> 00:29:48,320 Speaker 1: there's just not a lot of ways to play that. Obviously, 494 00:29:48,480 --> 00:29:50,600 Speaker 1: in live entertainment, you can own Live Nation. That's been 495 00:29:50,640 --> 00:29:53,440 Speaker 1: a great stop. What are you expecting to see when 496 00:29:53,480 --> 00:29:55,640 Speaker 1: we see Disney's results? I mean you mentioned that theme 497 00:29:55,880 --> 00:29:58,480 Speaker 1: parks are booming, and so if you're a business like 498 00:29:58,520 --> 00:30:01,320 Speaker 1: Disney and you have a streaming arm but also a 499 00:30:01,360 --> 00:30:06,200 Speaker 1: theme park arm, are you well insulated or not? You 500 00:30:06,240 --> 00:30:08,800 Speaker 1: would have thought they'd be well insulated. The stock obviously, 501 00:30:09,240 --> 00:30:11,320 Speaker 1: I mean the stock peaked what a hundred and ninety 502 00:30:11,360 --> 00:30:14,280 Speaker 1: and is sitting at a hundred and twelve ish. I 503 00:30:14,280 --> 00:30:16,560 Speaker 1: don't know where it closed today, but like it has 504 00:30:16,840 --> 00:30:19,520 Speaker 1: been beat up. I mean, Disney has been trading down 505 00:30:19,600 --> 00:30:23,080 Speaker 1: every single day, and I think part of it it's 506 00:30:23,080 --> 00:30:26,360 Speaker 1: really twofold one. I think global economic fear, right, so 507 00:30:26,680 --> 00:30:28,520 Speaker 1: fear of not so much. How good the theme parks 508 00:30:28,560 --> 00:30:31,080 Speaker 1: are right now, But what happens if we go into 509 00:30:31,120 --> 00:30:33,920 Speaker 1: more of a global recession is certainly of fear. And 510 00:30:33,920 --> 00:30:36,160 Speaker 1: then the other piece of it, right is you know, 511 00:30:36,320 --> 00:30:39,440 Speaker 1: the hope or the reason to own Disney. For for 512 00:30:39,840 --> 00:30:43,200 Speaker 1: multiple years, the reason to own did Disney was, hey, 513 00:30:43,240 --> 00:30:45,960 Speaker 1: this is a company with a Netflix inside, right, Like 514 00:30:46,200 --> 00:30:49,280 Speaker 1: they're the only company coming out of the Fox acquisition. 515 00:30:49,680 --> 00:30:53,640 Speaker 1: This is the only company that can really rival Netflix 516 00:30:53,680 --> 00:30:56,000 Speaker 1: and create a Netflix. Well, the problem is, as you 517 00:30:56,040 --> 00:30:58,800 Speaker 1: just showed on the screen, Netflix is valuation has been 518 00:30:58,880 --> 00:31:02,959 Speaker 1: eviscerated with it. So what is the implied value of 519 00:31:03,000 --> 00:31:07,400 Speaker 1: this Netflix inside of Disney? It's obviously far less and 520 00:31:07,400 --> 00:31:10,680 Speaker 1: and look emily the other piece of this is both 521 00:31:10,800 --> 00:31:14,320 Speaker 1: Netflix and Disney in the past three months sort of 522 00:31:14,360 --> 00:31:17,320 Speaker 1: out of nowhere, have come out and told you, in 523 00:31:17,440 --> 00:31:19,800 Speaker 1: order to grow our businesses, we now think we have 524 00:31:19,920 --> 00:31:24,040 Speaker 1: to incorporate advertising. That was something I mean, Disney was 525 00:31:24,080 --> 00:31:26,640 Speaker 1: on record saying just a year ago, we don't want 526 00:31:26,640 --> 00:31:29,640 Speaker 1: to put advertising in Disney. Plus now they're gonna start 527 00:31:29,680 --> 00:31:32,920 Speaker 1: doing it later this year. Netflix had been pretty much 528 00:31:32,960 --> 00:31:35,840 Speaker 1: religion was never going to do advertising, and now all 529 00:31:35,880 --> 00:31:37,880 Speaker 1: of a sudden, Retastings is talking about how in the 530 00:31:37,920 --> 00:31:41,520 Speaker 1: next couple of years they're open to incorporating advertising and 531 00:31:41,520 --> 00:31:44,400 Speaker 1: think it could be additive. And so, you know, do 532 00:31:44,480 --> 00:31:49,520 Speaker 1: you believe that advertising in this content is helpful? It's 533 00:31:49,560 --> 00:31:52,360 Speaker 1: it's sort of a red flag for investors of why 534 00:31:52,360 --> 00:31:55,160 Speaker 1: are these companies all of a sudden who didn't feel 535 00:31:55,160 --> 00:31:58,160 Speaker 1: like they needed advertising, whose prices are so much cheaper 536 00:31:58,160 --> 00:32:00,600 Speaker 1: than the cable bundle, while all of a sudden are 537 00:32:00,600 --> 00:32:03,440 Speaker 1: they're resorting to advertising. You know, I don't think I 538 00:32:03,480 --> 00:32:05,280 Speaker 1: don't hear a whole lot of consumers go, I know 539 00:32:05,320 --> 00:32:07,680 Speaker 1: every consumer wants lower prices. I don't hear a whole 540 00:32:07,680 --> 00:32:10,760 Speaker 1: lot of consumers saying, God, I really would like advertising 541 00:32:10,800 --> 00:32:14,360 Speaker 1: inside of my media content. Well, here's something that consumers 542 00:32:14,400 --> 00:32:16,160 Speaker 1: most of them do want, and that is sports. Do 543 00:32:16,200 --> 00:32:18,080 Speaker 1: you think I mean in Disney of course has ESPN, 544 00:32:18,120 --> 00:32:21,320 Speaker 1: but could sports? We're seeing Apple and Amazon betting on sports. 545 00:32:21,320 --> 00:32:24,080 Speaker 1: Could sports be the answer? Quickly, I've only got about 546 00:32:24,080 --> 00:32:27,400 Speaker 1: thirty seconds left. I think sports can be an answer 547 00:32:27,440 --> 00:32:30,520 Speaker 1: as a as an add on sports, as a dedicated 548 00:32:30,560 --> 00:32:33,040 Speaker 1: streaming service. It's very hard to make the math work. 549 00:32:33,040 --> 00:32:35,520 Speaker 1: I mean, Amazon's made the most robust move with Thursday 550 00:32:35,600 --> 00:32:38,480 Speaker 1: night Football. Let's see I think that we're gonna basically, 551 00:32:38,600 --> 00:32:41,920 Speaker 1: I'm gonna say stay tuned. Amazon needs to show that 552 00:32:41,960 --> 00:32:44,760 Speaker 1: they can generate a massive audience for Thursday night Football, 553 00:32:45,000 --> 00:32:47,560 Speaker 1: where the billion dollars they spend is going to look 554 00:32:47,600 --> 00:32:50,680 Speaker 1: like a very bad investment for streaming. This is the 555 00:32:50,680 --> 00:32:54,000 Speaker 1: biggest investment ever made in streaming sports. Let's revisit this 556 00:32:54,080 --> 00:32:56,320 Speaker 1: when we see what the numbers look like in terms 557 00:32:56,360 --> 00:33:01,000 Speaker 1: of viewership. Come the fall, Rich Greenfield Chud Partners. Always 558 00:33:01,000 --> 00:33:02,520 Speaker 1: good to have you, Rich, Thanks for making chat for 559 00:33:02,520 --> 00:33:06,440 Speaker 1: Rest today. Coming up, he says he's stepping down as 560 00:33:06,520 --> 00:33:09,720 Speaker 1: interim CEO of Twitter. That's a joke, of course, but 561 00:33:09,760 --> 00:33:12,040 Speaker 1: Twitter didn't find it too funny. We'll have more on 562 00:33:12,160 --> 00:33:28,640 Speaker 1: that next. This is Bloomberg time for our Crypto report. 563 00:33:28,680 --> 00:33:31,680 Speaker 1: Now we want to take another look at Twitter, this 564 00:33:31,800 --> 00:33:35,240 Speaker 1: time from a slightly different angle. Last week, crypto executive 565 00:33:35,280 --> 00:33:38,040 Speaker 1: Stanni Kolichov tweeted to the masses that he had been 566 00:33:38,120 --> 00:33:42,880 Speaker 1: named Twitter's interim CEO. That was a false claim, of course, 567 00:33:42,960 --> 00:33:45,520 Speaker 1: or maybe just a joke. Shortly after his account was 568 00:33:45,560 --> 00:33:48,440 Speaker 1: suspended by the social media giant. In less than twenty 569 00:33:48,440 --> 00:33:51,880 Speaker 1: four hours later, Twitter reversed that suspension. Well, he's back 570 00:33:51,880 --> 00:33:57,200 Speaker 1: now talking more about his faux appointment and more. Stanni Kolichov, 571 00:33:57,240 --> 00:34:00,640 Speaker 1: founder and CEO of the Open Source Market Protocol. They 572 00:34:00,680 --> 00:34:05,560 Speaker 1: with me, Now, okay, so Stannie, what exactly happened there? UM, 573 00:34:05,600 --> 00:34:08,640 Speaker 1: you tweet that you're the interim CEO, you're quickly banned 574 00:34:08,760 --> 00:34:13,000 Speaker 1: then reinstated twenty four hours later. Yeah, I mean it 575 00:34:13,120 --> 00:34:17,040 Speaker 1: was definitely everything happened but quickly. So essentially I made 576 00:34:17,040 --> 00:34:20,040 Speaker 1: a kind of like a tweet that's supposed to be 577 00:34:20,120 --> 00:34:25,080 Speaker 1: a joke about essentially becoming a interim CEO of Twitter, UM, 578 00:34:25,080 --> 00:34:28,880 Speaker 1: followed by the lot of kind of news about the 579 00:34:28,880 --> 00:34:33,520 Speaker 1: Elon Musk acquiring UM Twitter and making it private, and 580 00:34:34,080 --> 00:34:36,720 Speaker 1: I'm known in the vectory space for for BA, ticket 581 00:34:36,719 --> 00:34:40,400 Speaker 1: building a piece and flights social media, the Lens protocol, 582 00:34:40,880 --> 00:34:44,799 Speaker 1: and essentially UM. I continued the joke with actually laying 583 00:34:44,840 --> 00:34:48,759 Speaker 1: down a road map for Twitter for ninety days, essentially 584 00:34:49,800 --> 00:34:53,200 Speaker 1: shipping the edit button that Twitter has been working for 585 00:34:53,200 --> 00:34:57,280 Speaker 1: for quite a while, and and also making Twitter more open, 586 00:34:58,160 --> 00:35:01,800 Speaker 1: opening up the algorithms and making them open source. And 587 00:35:01,800 --> 00:35:05,320 Speaker 1: and even creating kind of like a more decentil Twitter 588 00:35:05,400 --> 00:35:08,520 Speaker 1: as well. And then what happened is that UM I 589 00:35:08,640 --> 00:35:13,440 Speaker 1: got suspended UM and at some point UM there was 590 00:35:13,520 --> 00:35:16,839 Speaker 1: this kind of like a hashtag free stunic movement then 591 00:35:17,400 --> 00:35:21,040 Speaker 1: started to pick up UM in the vectory community and 592 00:35:21,320 --> 00:35:23,520 Speaker 1: I was able to get back in, but for a 593 00:35:23,560 --> 00:35:26,480 Speaker 1: period of time I I lost my followers in and 594 00:35:26,560 --> 00:35:30,000 Speaker 1: also the nexus my BM So that was an interesting experience. 595 00:35:30,480 --> 00:35:34,759 Speaker 1: So Twitter hasn't responded to this situation directly, but it 596 00:35:34,800 --> 00:35:37,680 Speaker 1: certainly seems like they took your tweet seriously and then 597 00:35:37,800 --> 00:35:40,000 Speaker 1: decided maybe they shouldn't have taken it so seriously. But 598 00:35:40,080 --> 00:35:43,280 Speaker 1: it does raise a debate about what's real and fake 599 00:35:43,840 --> 00:35:48,160 Speaker 1: UH and free uh in the in the world of speech. 600 00:35:48,200 --> 00:35:51,840 Speaker 1: What do you think the learning is here? Yeah, definitely 601 00:35:51,880 --> 00:35:55,680 Speaker 1: the timing is quite interesting, the regarding uh the freedom 602 00:35:55,680 --> 00:35:58,719 Speaker 1: of speech, especially because Twitter itself and many of this 603 00:35:59,160 --> 00:36:03,960 Speaker 1: bigger social media platforms day they kind of artists, uh 604 00:36:04,000 --> 00:36:08,839 Speaker 1: the digital phone halls where where everyone can comment and 605 00:36:08,880 --> 00:36:12,320 Speaker 1: talk about and and you have your audiences and essentially 606 00:36:13,160 --> 00:36:15,160 Speaker 1: UM in my case, for example, when I got the 607 00:36:15,200 --> 00:36:19,799 Speaker 1: band UM that Twitter was my only public facing platform, 608 00:36:20,000 --> 00:36:22,560 Speaker 1: So where I have my followers and my audience and 609 00:36:22,560 --> 00:36:25,920 Speaker 1: and my communication channel with with my audience. And I 610 00:36:25,920 --> 00:36:28,920 Speaker 1: think the challenging part here is that when you have 611 00:36:29,120 --> 00:36:33,799 Speaker 1: a platform and the motivation that isn't open, uh, it's 612 00:36:33,880 --> 00:36:36,839 Speaker 1: it's very kind of like a hard to create competition 613 00:36:36,960 --> 00:36:40,600 Speaker 1: in terms of the algorithm that are used, um, showing 614 00:36:40,640 --> 00:36:44,840 Speaker 1: the content or motivating the content, or even understanding the 615 00:36:44,880 --> 00:36:49,400 Speaker 1: reasons behind the different kinds of suspensions and bands. And 616 00:36:49,440 --> 00:36:55,319 Speaker 1: I think, like from the victory crypto perspective, what's fascinating 617 00:36:55,440 --> 00:36:59,200 Speaker 1: is that there's a movement about the essentralizing many of 618 00:36:59,600 --> 00:37:03,480 Speaker 1: imports and parts of the infrastructure, and that might be 619 00:37:03,520 --> 00:37:06,239 Speaker 1: financial infrastructure that it has been happening with this in 620 00:37:06,320 --> 00:37:10,000 Speaker 1: choice finance, but now also with the social media, because 621 00:37:10,280 --> 00:37:14,080 Speaker 1: social media as an infrastructure is very valuable and maybe 622 00:37:14,120 --> 00:37:16,080 Speaker 1: there's kind of like a thinking behind of it that 623 00:37:16,520 --> 00:37:20,399 Speaker 1: it's so valuable that it shouldn't be completely owned by 624 00:37:21,239 --> 00:37:25,360 Speaker 1: the few or or let's say, uh even like private heights, 625 00:37:25,400 --> 00:37:28,200 Speaker 1: but actually everything should be open and anyone can and 626 00:37:28,600 --> 00:37:32,000 Speaker 1: customize and build algorithms and let the users choose which 627 00:37:32,040 --> 00:37:35,080 Speaker 1: of these algorithms are most vorable and and affair to 628 00:37:35,160 --> 00:37:39,120 Speaker 1: them but you know, one of our Bloomberg opinion column 629 00:37:39,160 --> 00:37:42,440 Speaker 1: this makes this point today that open sourcing the algorithm 630 00:37:42,600 --> 00:37:46,840 Speaker 1: would open up average users to a lot more unwanted content. 631 00:37:46,880 --> 00:37:49,560 Speaker 1: I mean, is open sourcing the algorithm as Elon Musk 632 00:37:49,600 --> 00:37:53,680 Speaker 1: seems to want to do, really the right move. I 633 00:37:53,719 --> 00:37:56,279 Speaker 1: think it's all about giving choices to the user. So 634 00:37:56,320 --> 00:37:59,680 Speaker 1: for example, what we're doing at lants protocol, we're simply 635 00:37:59,719 --> 00:38:04,200 Speaker 1: create blockchain these social graph where you can create a 636 00:38:04,239 --> 00:38:07,719 Speaker 1: profile and and then you have your follower relationships on chain. 637 00:38:07,840 --> 00:38:11,120 Speaker 1: So for example, if something like this happens where you 638 00:38:11,160 --> 00:38:13,319 Speaker 1: get banned in the one application, you can go to 639 00:38:13,320 --> 00:38:17,000 Speaker 1: another application and log in with your accounts and you 640 00:38:17,040 --> 00:38:23,600 Speaker 1: have your followings for example. Recently, actually Bloomberg reported that 641 00:38:23,920 --> 00:38:30,120 Speaker 1: Facebook discontinued the podcasting services in their platform, meaning that 642 00:38:30,200 --> 00:38:33,239 Speaker 1: all of this uh podcaster that has been building their 643 00:38:33,280 --> 00:38:36,880 Speaker 1: audience on Facebook, they pretty much lost the audience and 644 00:38:37,200 --> 00:38:41,760 Speaker 1: the hard work what what what was putting into that relationships. 645 00:38:42,080 --> 00:38:46,279 Speaker 1: So essentially, by opening up the social graph, any application 646 00:38:46,360 --> 00:38:51,440 Speaker 1: developer new entrepreneur who figures out interacting new way with 647 00:38:51,480 --> 00:38:54,280 Speaker 1: the content can create a new application. Since the barriers 648 00:38:54,320 --> 00:39:00,200 Speaker 1: slow and and basically creates more usability that way, and 649 00:39:00,239 --> 00:39:03,200 Speaker 1: the users can then choose what they want to use. 650 00:39:04,000 --> 00:39:06,520 Speaker 1: Quick pick pitch Stanni of thirty seconds. What do you 651 00:39:06,560 --> 00:39:09,920 Speaker 1: think the is better about the lens protocol and this 652 00:39:10,000 --> 00:39:15,160 Speaker 1: Web three alternative than Twitter today? I think essentially less 653 00:39:15,160 --> 00:39:19,480 Speaker 1: protocol is about giving opportunities for anyone to build new 654 00:39:19,560 --> 00:39:21,759 Speaker 1: ways to interact with the content, but also for the 655 00:39:21,880 --> 00:39:25,480 Speaker 1: users to simply create the profile. Ones have their following 656 00:39:25,520 --> 00:39:29,760 Speaker 1: relationships on the box chain and essentially no any single 657 00:39:29,880 --> 00:39:33,000 Speaker 1: platform can take that away from you. So what it 658 00:39:33,040 --> 00:39:37,400 Speaker 1: means that first time ever all the platforms like Twitter, Facebook, 659 00:39:37,440 --> 00:39:41,120 Speaker 1: they actually need to compete on the algorithms they are 660 00:39:41,160 --> 00:39:44,040 Speaker 1: providing you and you as a user, you're not locked 661 00:39:44,040 --> 00:39:47,160 Speaker 1: into the platform itself. And this is definitely like a 662 00:39:47,160 --> 00:39:52,360 Speaker 1: new dynamic al right, Stanni Kolschov of a founder and CEO, 663 00:39:52,840 --> 00:39:55,279 Speaker 1: not the interim CEO of Twitter. To be clear, that 664 00:39:55,320 --> 00:40:06,239 Speaker 1: was a joke, Stanni, thank you for joining us. The 665 00:40:06,280 --> 00:40:09,399 Speaker 1: European Union has hit Apple with a formal antitrust suit 666 00:40:09,480 --> 00:40:13,120 Speaker 1: over iPhone payments. The complaint alleges that Apple abuses its 667 00:40:13,160 --> 00:40:16,320 Speaker 1: dominance over mobile wallets on its devices via its Apple 668 00:40:16,320 --> 00:40:19,960 Speaker 1: Pay service. The company could face hefty fines. Apple says 669 00:40:20,000 --> 00:40:23,840 Speaker 1: it's contactless pay system helps consumers. A story will continue 670 00:40:23,880 --> 00:40:26,440 Speaker 1: to follow, and that does it for the sedition of 671 00:40:26,719 --> 00:40:30,520 Speaker 1: Bloomberg Technology. We are back Tuesday with more earnings including 672 00:40:30,560 --> 00:40:34,160 Speaker 1: air b D and Lift. Don't forget to check out 673 00:40:34,160 --> 00:40:37,600 Speaker 1: our new podcast, find it wherever you get your podcast. 674 00:40:37,960 --> 00:40:40,640 Speaker 1: I'm Emily Changing in San Francisco. This is Bloomberg