1 00:00:02,200 --> 00:00:05,520 Speaker 1: From the heart of where innovation, money and power Colli 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 --> 00:00:27,200 Speaker 1: Emily Jay. I'm Emily checking in San Francisco and this 4 00:00:27,360 --> 00:00:30,520 Speaker 1: is Bloomberg Technology. Coming up in the next hour, robin 5 00:00:30,560 --> 00:00:33,240 Speaker 1: Hood is launching an index of the top stocks traded 6 00:00:33,320 --> 00:00:36,879 Speaker 1: on its platform. Will that drive more retail investors to it? 7 00:00:36,920 --> 00:00:40,520 Speaker 1: We're gonna ask a top robin Hood Exact plus send 8 00:00:40,560 --> 00:00:43,400 Speaker 1: me a champion. Andre Iguadoala talks to us about what 9 00:00:43,479 --> 00:00:46,720 Speaker 1: he's taking from the court to venture capital, my conversation 10 00:00:46,720 --> 00:00:49,680 Speaker 1: with the basketball star about everything from diversity in tech 11 00:00:50,000 --> 00:00:53,519 Speaker 1: to n f T s and sports betting. And we 12 00:00:53,600 --> 00:00:57,000 Speaker 1: all know about board apes, but what about moon birds. 13 00:00:57,120 --> 00:00:59,360 Speaker 1: That one new to you. We are talking to proof collectives. 14 00:00:59,440 --> 00:01:03,400 Speaker 1: Kevin rows about the future of n f T. All 15 00:01:03,440 --> 00:01:05,720 Speaker 1: of that in a moment, But first, robin Hood announcing 16 00:01:05,720 --> 00:01:09,080 Speaker 1: a new index. This will offer a snapshot, a monthly 17 00:01:09,160 --> 00:01:12,520 Speaker 1: snapshot at the top one stocks it's users are holding 18 00:01:12,560 --> 00:01:17,160 Speaker 1: with the most quote unquote conviction. The company says customer conviction, 19 00:01:17,280 --> 00:01:21,160 Speaker 1: and a stock will be measured by how highly concentrated 20 00:01:21,240 --> 00:01:24,760 Speaker 1: it is across portfolios. Robin Hood, head of investment strategy. 21 00:01:24,800 --> 00:01:27,360 Speaker 1: Stephanie Guild joins us. Now, so talk to us about 22 00:01:27,360 --> 00:01:31,640 Speaker 1: the methodology behind this, Stephanie and the end goal. Yeah, 23 00:01:31,760 --> 00:01:33,600 Speaker 1: I think you know, we've brought in a whole new 24 00:01:33,640 --> 00:01:36,400 Speaker 1: generation investors or we helped do that, right over twenty 25 00:01:36,440 --> 00:01:40,840 Speaker 1: million investors, and with it came a narrative that wasn't fair. Um. 26 00:01:40,880 --> 00:01:42,880 Speaker 1: You know, we're not just our investors are not just 27 00:01:43,000 --> 00:01:45,560 Speaker 1: Meme stock holders, and so when we look through the data, 28 00:01:45,600 --> 00:01:47,640 Speaker 1: we saw that there was actually a lot of really 29 00:01:47,680 --> 00:01:51,440 Speaker 1: interesting themes and they are holding onto investing in things 30 00:01:51,440 --> 00:01:54,280 Speaker 1: that are things that you and I might invest in 31 00:01:54,320 --> 00:01:56,840 Speaker 1: for the long term. UM. And so we wanted to 32 00:01:56,880 --> 00:01:59,360 Speaker 1: bring that narrative and be able to show it to 33 00:01:59,680 --> 00:02:02,560 Speaker 1: not only the world, but also give information to our 34 00:02:02,600 --> 00:02:07,280 Speaker 1: customers about it. So some of the top stocks are 35 00:02:07,600 --> 00:02:10,880 Speaker 1: some of the things that we think of as quote 36 00:02:10,919 --> 00:02:16,359 Speaker 1: unquote meme stocks. What do you think has been unfair 37 00:02:16,880 --> 00:02:20,399 Speaker 1: about the discussion about what's traded on Robin Hood's platform. Why? 38 00:02:20,520 --> 00:02:22,760 Speaker 1: I think when you also look at the other ones, right, 39 00:02:22,800 --> 00:02:26,919 Speaker 1: You've got Amazon, Apple, Um, Google has been at the top. 40 00:02:27,360 --> 00:02:29,880 Speaker 1: There's a lot of companies that are in our daily lives, 41 00:02:29,960 --> 00:02:33,000 Speaker 1: and that's no different than generations of investors have been 42 00:02:33,040 --> 00:02:35,600 Speaker 1: investing in, right, like the things that you know and 43 00:02:35,720 --> 00:02:38,240 Speaker 1: use every day. UM. I think the other thing is 44 00:02:38,240 --> 00:02:40,880 Speaker 1: that you you when you look through a lot of 45 00:02:40,880 --> 00:02:43,200 Speaker 1: the data below the top ten, what you do see is, 46 00:02:43,560 --> 00:02:47,799 Speaker 1: for example, a theme of investing in electric vehicles. And 47 00:02:47,880 --> 00:02:51,120 Speaker 1: if this year has not shown you anything about the 48 00:02:51,160 --> 00:02:54,800 Speaker 1: importance of adopting electric vehicles over time, I don't know 49 00:02:54,840 --> 00:02:59,960 Speaker 1: what what could How do you expect investors to use 50 00:03:00,000 --> 00:03:03,160 Speaker 1: the data from this index? I think for them it's 51 00:03:03,200 --> 00:03:05,440 Speaker 1: just a way to say, like what our investors or 52 00:03:05,520 --> 00:03:09,000 Speaker 1: customers or people like me investing in? What are you know? 53 00:03:09,040 --> 00:03:12,440 Speaker 1: How are they positioned relative to me? UM? And right 54 00:03:12,480 --> 00:03:14,080 Speaker 1: now it's just going to be a snapshot on a 55 00:03:14,120 --> 00:03:16,040 Speaker 1: monthly basis, But there may be other ways that we 56 00:03:16,080 --> 00:03:19,080 Speaker 1: can offer it to our customers to help inform them 57 00:03:19,120 --> 00:03:21,680 Speaker 1: in the future. Right. That was my next question. I mean, 58 00:03:21,680 --> 00:03:25,919 Speaker 1: could we see it, you know, weekly, daily, hourly UM 59 00:03:26,120 --> 00:03:28,679 Speaker 1: list of the top ten or top one. I don't 60 00:03:28,720 --> 00:03:30,840 Speaker 1: know if it's going to be updated that often, but 61 00:03:30,919 --> 00:03:33,160 Speaker 1: I think we could in the future potentially bring it 62 00:03:33,200 --> 00:03:36,840 Speaker 1: in app, for example, and share it with our customers. UM. 63 00:03:36,960 --> 00:03:39,480 Speaker 1: If you own that particular stock you'll see maybe perhaps 64 00:03:39,480 --> 00:03:41,720 Speaker 1: with the waiting of that stock is in our own 65 00:03:41,720 --> 00:03:44,680 Speaker 1: index UM, and maybe even compare your performance to it. 66 00:03:46,240 --> 00:03:48,640 Speaker 1: You mentioned electric cars. Talk to us about some of 67 00:03:48,680 --> 00:03:51,760 Speaker 1: the other early data that you're seeing. What are you 68 00:03:51,880 --> 00:03:56,320 Speaker 1: learning about investors from this data? I think other things 69 00:03:56,320 --> 00:03:58,280 Speaker 1: I've seen over time, especially when we look back at 70 00:03:58,280 --> 00:03:59,800 Speaker 1: the history of the index. It goes back to about 71 00:03:59,840 --> 00:04:03,440 Speaker 1: j in your UM, is that our customers have been 72 00:04:03,600 --> 00:04:07,720 Speaker 1: relatively good at timing some of the more tactical things 73 00:04:07,760 --> 00:04:10,040 Speaker 1: that have been out in the market. For example, in uh, 74 00:04:10,160 --> 00:04:13,320 Speaker 1: you know, in COVID, they were investing in UM the 75 00:04:13,320 --> 00:04:17,760 Speaker 1: pelotons for example, and the zooms UM that has dissipated 76 00:04:17,839 --> 00:04:20,919 Speaker 1: quite a bit. They were investing in mortgage companies, you know, 77 00:04:21,000 --> 00:04:24,440 Speaker 1: when when interest rates were super low and uh, you know, 78 00:04:24,440 --> 00:04:26,359 Speaker 1: the housing boom was happening. They were investing in the 79 00:04:26,440 --> 00:04:29,600 Speaker 1: likes of Rocket and Wells Fargo. UM. A lot of 80 00:04:29,640 --> 00:04:32,120 Speaker 1: that stuff has dissipated in the index. And what they're 81 00:04:32,160 --> 00:04:35,359 Speaker 1: investing in is, i'd say, stuff that's sort of longer 82 00:04:35,520 --> 00:04:38,000 Speaker 1: term for the future. UM. A lot of for example, 83 00:04:38,080 --> 00:04:42,120 Speaker 1: financial services companies are not necessarily you know, all the 84 00:04:42,520 --> 00:04:44,200 Speaker 1: banks that have been around forever. It's a lot of 85 00:04:44,279 --> 00:04:46,800 Speaker 1: some of the new um you know, new ways that 86 00:04:46,839 --> 00:04:49,520 Speaker 1: we might see finance evolve. And that's because our our 87 00:04:49,560 --> 00:04:52,200 Speaker 1: customers are you know, thirty two years old on average 88 00:04:52,320 --> 00:04:54,520 Speaker 1: um and so they have time and and why not 89 00:04:54,800 --> 00:04:56,880 Speaker 1: invest in things that you know longer term can help 90 00:04:56,880 --> 00:05:00,760 Speaker 1: build wealth. So why introduce this out at a time 91 00:05:00,839 --> 00:05:04,440 Speaker 1: of a lot of uncertainty in the market going into 92 00:05:05,000 --> 00:05:09,760 Speaker 1: an economic downturn and you know, obviously a lot of 93 00:05:09,880 --> 00:05:13,279 Speaker 1: questions about how the platform is used. I think where 94 00:05:13,360 --> 00:05:15,800 Speaker 1: we wanted to do it because one, as I said before, 95 00:05:15,880 --> 00:05:19,080 Speaker 1: like the narrative has been unfair, and our investors aren't 96 00:05:19,160 --> 00:05:22,440 Speaker 1: just making you know, crazy yolo decisions. A lot of 97 00:05:22,480 --> 00:05:27,120 Speaker 1: them have learned from this recent downturn and are turning 98 00:05:27,120 --> 00:05:29,479 Speaker 1: our eye toward how how can I build long term 99 00:05:29,480 --> 00:05:33,080 Speaker 1: wealth for myself? And our platform, you know, really helps 100 00:05:33,120 --> 00:05:35,640 Speaker 1: you get started with that, and we want to grow 101 00:05:35,720 --> 00:05:39,680 Speaker 1: with our customers, and having this information available to us 102 00:05:39,680 --> 00:05:41,720 Speaker 1: and being able to track it can also help us 103 00:05:41,839 --> 00:05:44,440 Speaker 1: understand our customers better and give them what they need 104 00:05:44,480 --> 00:05:48,919 Speaker 1: over time. All right, Stephanie Guild, Robin Hood's head of 105 00:05:49,040 --> 00:05:53,479 Speaker 1: investment Strategy, will continue to track those now that they're out. 106 00:05:53,560 --> 00:05:58,560 Speaker 1: Thank you for joining us to come up how venture 107 00:05:58,600 --> 00:06:03,320 Speaker 1: capitalists are changing their strategy amid a market downturn. That's next, 108 00:06:03,600 --> 00:06:18,839 Speaker 1: This is bloomerk. The economic downturn is slashing startup valuations, 109 00:06:18,920 --> 00:06:20,720 Speaker 1: leading to smaller I p o s or no our 110 00:06:20,880 --> 00:06:23,080 Speaker 1: i p o s in some cases, and less venture 111 00:06:23,080 --> 00:06:26,799 Speaker 1: capital activity. How long does it last? Amber? About Charia 112 00:06:27,080 --> 00:06:30,920 Speaker 1: of Maverick Ventures, managing director joining us now, Amber, how 113 00:06:30,960 --> 00:06:32,760 Speaker 1: long do you think it lasts? I've heard two to 114 00:06:32,839 --> 00:06:37,080 Speaker 1: three years for this downturn. Well, great to have, Great 115 00:06:37,080 --> 00:06:39,880 Speaker 1: to be on the show, Emily, thanks for having me. Um. Yeah, 116 00:06:39,880 --> 00:06:41,440 Speaker 1: I wish I had that crystal ball in terms of 117 00:06:41,480 --> 00:06:43,720 Speaker 1: how long it will last, but we're certainly in the 118 00:06:43,760 --> 00:06:46,320 Speaker 1: middle of it now. I think that the catalysts have been, 119 00:06:46,520 --> 00:06:49,279 Speaker 1: you know, the raising of the interest rates. I think 120 00:06:49,400 --> 00:06:51,359 Speaker 1: part of the bubble being popped that we were in 121 00:06:51,480 --> 00:06:54,280 Speaker 1: last year. But I think it's also presents an opportunity 122 00:06:54,320 --> 00:06:57,040 Speaker 1: for a lot of startups um particularly ones that have 123 00:06:57,040 --> 00:06:59,640 Speaker 1: have good balance sheets, ones that actually have great unit 124 00:06:59,680 --> 00:07:01,680 Speaker 1: econom mix. And I think that's where a lot of 125 00:07:01,720 --> 00:07:04,479 Speaker 1: folks are focusing now. Is you know, are there real 126 00:07:04,560 --> 00:07:08,599 Speaker 1: fundamentals that are crving business progress, and that's where I 127 00:07:08,640 --> 00:07:11,280 Speaker 1: think the attention has shifted away from high grow, high 128 00:07:11,280 --> 00:07:14,360 Speaker 1: burn and other things that we're really being funded. Last year, 129 00:07:15,920 --> 00:07:19,760 Speaker 1: so I've heard massive layoffs coming. Valuation right down to 130 00:07:19,840 --> 00:07:22,840 Speaker 1: what we've seen so far. Isn't the least of it, 131 00:07:22,920 --> 00:07:27,160 Speaker 1: would you agree? I think it's started. I think in 132 00:07:27,400 --> 00:07:29,720 Speaker 1: the beginning of the year there's a big wait and 133 00:07:29,760 --> 00:07:32,200 Speaker 1: see attitude, you know, would this be a temporary blit 134 00:07:32,600 --> 00:07:35,520 Speaker 1: with the with with the market's not back really fast. 135 00:07:35,760 --> 00:07:37,480 Speaker 1: I think in the second half of the year, particularly 136 00:07:37,560 --> 00:07:40,960 Speaker 1: post summer, I think reality is setting in. I think 137 00:07:41,000 --> 00:07:43,640 Speaker 1: we have seen many startups take down their burn rate, 138 00:07:44,000 --> 00:07:47,880 Speaker 1: both in terms of layoffs, contractors, the real estate costs, 139 00:07:47,920 --> 00:07:51,000 Speaker 1: things of that sort. I think secondly, we've seen a 140 00:07:51,000 --> 00:07:53,840 Speaker 1: lot of companies shot up their balance sheets. Uh. And 141 00:07:54,200 --> 00:07:56,680 Speaker 1: while they do that, they're they're saying, hey, you know, 142 00:07:56,760 --> 00:08:00,640 Speaker 1: the the path towards profitability is now much more important 143 00:08:00,680 --> 00:08:03,360 Speaker 1: than the path towards hired growth. I think the and 144 00:08:03,400 --> 00:08:06,520 Speaker 1: then third thing when you mentioned valuations, I think I 145 00:08:06,560 --> 00:08:10,280 Speaker 1: think there's a reality setting in that oftentimes for maybe 146 00:08:10,280 --> 00:08:13,680 Speaker 1: not the top companies, but for the average startup. Uh. 147 00:08:13,720 --> 00:08:15,640 Speaker 1: You know, there there's a reality check on the market, 148 00:08:15,920 --> 00:08:17,600 Speaker 1: and I think what we're seeing there is for a 149 00:08:17,640 --> 00:08:21,760 Speaker 1: lot of a lot of companies that are good companies 150 00:08:21,760 --> 00:08:25,200 Speaker 1: with good unit economics and good fundamentals, they're saying, hey, 151 00:08:25,240 --> 00:08:27,520 Speaker 1: we want to raise a more modest amount of money 152 00:08:27,640 --> 00:08:30,840 Speaker 1: at a more modest valuation valuation than last year, and 153 00:08:30,880 --> 00:08:33,600 Speaker 1: that that that's a great path. But for companies that 154 00:08:33,960 --> 00:08:36,760 Speaker 1: need money, need capital, I think that's where you're starting 155 00:08:36,760 --> 00:08:41,480 Speaker 1: to see evaluation declines, structure for deals and things of 156 00:08:41,559 --> 00:08:45,120 Speaker 1: that sort. Is there a lot of dry powder just 157 00:08:45,160 --> 00:08:47,280 Speaker 1: sitting on the sidelines because of all these funds that 158 00:08:47,360 --> 00:08:50,200 Speaker 1: raise so much money and now don't have as many 159 00:08:50,240 --> 00:08:55,000 Speaker 1: places to deploy it, and our vcs waiting for evaluations 160 00:08:55,040 --> 00:08:59,600 Speaker 1: to fall further before getting in there is a lot 161 00:08:59,640 --> 00:09:02,080 Speaker 1: of drive. I think that's when when when you talked 162 00:09:02,080 --> 00:09:04,520 Speaker 1: a lot of investors in the private equity space and 163 00:09:04,520 --> 00:09:07,200 Speaker 1: in the venture capital space, a lot of folks who 164 00:09:07,200 --> 00:09:10,000 Speaker 1: are very fortunate and raised in the last few years, 165 00:09:10,160 --> 00:09:13,040 Speaker 1: the pace of capital deployment has slowed down. I think 166 00:09:13,080 --> 00:09:15,199 Speaker 1: there's two things that are happening um right now, and 167 00:09:15,440 --> 00:09:18,520 Speaker 1: I'll bifurcate the early stage market and the growth equity markets. 168 00:09:18,920 --> 00:09:24,720 Speaker 1: In the early stage market. I think business there has continued, um, 169 00:09:24,800 --> 00:09:28,959 Speaker 1: you know, as as expected. Um, there's great innovation happening 170 00:09:29,400 --> 00:09:32,640 Speaker 1: out of a lot of scientific labs, out of a 171 00:09:32,640 --> 00:09:36,600 Speaker 1: lot of engineers who are leaving, you know, leaving other startups, 172 00:09:36,679 --> 00:09:39,760 Speaker 1: leaving you know, the big corporations who have their ideas, 173 00:09:39,840 --> 00:09:42,160 Speaker 1: and that just continues at the normal pace. UM. And 174 00:09:42,160 --> 00:09:44,319 Speaker 1: there's lots of research saying that in these moments of 175 00:09:44,360 --> 00:09:47,559 Speaker 1: economic downturn are the time that more resilient companies are 176 00:09:47,559 --> 00:09:51,080 Speaker 1: being built. And so that that's why one thing we've seen, 177 00:09:51,400 --> 00:09:53,000 Speaker 1: I think, on the other hand, on for for more 178 00:09:53,000 --> 00:09:55,160 Speaker 1: of the kind of the growth equity you know, growth 179 00:09:55,280 --> 00:09:58,480 Speaker 1: growth stage companies. UM. You know, I think you are 180 00:09:58,520 --> 00:10:01,400 Speaker 1: seeing um, you know, you're seeing the pay slow down there. 181 00:10:01,400 --> 00:10:04,160 Speaker 1: I think people want to see better fundamentals and unit 182 00:10:04,160 --> 00:10:08,800 Speaker 1: economics than than they saw before they hedge fun. Tiger 183 00:10:08,840 --> 00:10:11,959 Speaker 1: Global was such a big player in in Silicon Valley 184 00:10:12,000 --> 00:10:15,520 Speaker 1: over the last few years. It's also been blamed for 185 00:10:15,640 --> 00:10:19,400 Speaker 1: inflating a lot of these valuations because they had a 186 00:10:19,440 --> 00:10:21,440 Speaker 1: lot of money to deploy. What do you make of 187 00:10:21,440 --> 00:10:26,959 Speaker 1: that criticism, Well, I think, um, you know, it's more 188 00:10:27,000 --> 00:10:28,719 Speaker 1: and more broadly speaking, I think there was a lot 189 00:10:28,720 --> 00:10:31,400 Speaker 1: of money in the ecosystem last year, whether it's from 190 00:10:31,480 --> 00:10:35,040 Speaker 1: folks like Tiger or soft Bank or others. UM and 191 00:10:35,080 --> 00:10:37,080 Speaker 1: what what they what they did was, you know, they 192 00:10:37,160 --> 00:10:41,600 Speaker 1: played a very important role in financing these companies. UM. 193 00:10:41,720 --> 00:10:43,480 Speaker 1: Now what remains to be seen is, you know, the 194 00:10:43,600 --> 00:10:45,280 Speaker 1: role that they will that they will play and other 195 00:10:45,320 --> 00:10:48,000 Speaker 1: growth equity players will play in terms of now getting 196 00:10:48,040 --> 00:10:51,000 Speaker 1: these companies on a path towards profitability, on a path 197 00:10:51,080 --> 00:10:53,480 Speaker 1: towards and I p O maybe not and maybe not 198 00:10:53,520 --> 00:10:57,520 Speaker 1: in two but in future years UM and how they 199 00:10:57,520 --> 00:11:01,360 Speaker 1: adjust their their mindset, how they had us to support 200 00:11:01,440 --> 00:11:03,400 Speaker 1: that they're giving their portfolio company. I think it's gonna 201 00:11:03,400 --> 00:11:05,400 Speaker 1: be very telling actually in the coming years. And so 202 00:11:05,760 --> 00:11:08,120 Speaker 1: we look forward to working with them and other investors 203 00:11:08,320 --> 00:11:10,960 Speaker 1: in that realm to see, you know, how you build 204 00:11:11,040 --> 00:11:15,680 Speaker 1: long term sustainable businesses. That that's the main goal. Gary 205 00:11:15,760 --> 00:11:19,360 Speaker 1: tan uh formally of Initialized, who's been a guest on 206 00:11:19,400 --> 00:11:22,679 Speaker 1: this show many times. Uh Is has been tapped to 207 00:11:22,760 --> 00:11:26,440 Speaker 1: run y Combinator, and you know, of course there's been 208 00:11:26,480 --> 00:11:30,079 Speaker 1: many Y combinator startups born in a downturn, like Airbnb, 209 00:11:30,840 --> 00:11:33,720 Speaker 1: like Stripe. What do you think the future is of 210 00:11:34,160 --> 00:11:40,240 Speaker 1: a accelerator like y Combinator in a down market when 211 00:11:40,320 --> 00:11:45,040 Speaker 1: there are other accelerators out there now, many other accelerators 212 00:11:45,040 --> 00:11:49,040 Speaker 1: trying to do the same thing. It's um. You know, 213 00:11:49,080 --> 00:11:51,559 Speaker 1: the last two days have been the y Comminator demo days, 214 00:11:51,600 --> 00:11:54,480 Speaker 1: so we've been you know, knee deep in looking at 215 00:11:54,480 --> 00:11:56,880 Speaker 1: all the companies in there. Uh. You know, we've had 216 00:11:56,880 --> 00:11:59,480 Speaker 1: a very strong relationship with y Commonator before. We think 217 00:11:59,480 --> 00:12:03,239 Speaker 1: it's one of the round rules of global innovation. UM. 218 00:12:03,240 --> 00:12:06,560 Speaker 1: Every every six months there's you know, hundreds of companies 219 00:12:06,600 --> 00:12:09,080 Speaker 1: that present, and you you just have this feeling that 220 00:12:09,120 --> 00:12:12,000 Speaker 1: there's within that you know, within that realm, there's a 221 00:12:12,000 --> 00:12:14,000 Speaker 1: couple of bills that are going to be these enduring, 222 00:12:14,080 --> 00:12:17,480 Speaker 1: industry defining companies. UM. One of the things that we've 223 00:12:17,520 --> 00:12:21,440 Speaker 1: noticed in this Y Combinator UM, you know, batch from 224 00:12:21,440 --> 00:12:25,120 Speaker 1: from from this the last couple of days, you can 225 00:12:25,120 --> 00:12:27,640 Speaker 1: notice certain macro trends and I think this kind of 226 00:12:27,679 --> 00:12:30,760 Speaker 1: this discuss your question. One thing that we've gotten very 227 00:12:30,760 --> 00:12:35,400 Speaker 1: excited about is the increase use of artificial intelligence in 228 00:12:35,559 --> 00:12:38,680 Speaker 1: companies that are that are in Y Combinator, and I 229 00:12:38,679 --> 00:12:40,720 Speaker 1: think that's at one of the forefronts of trends in 230 00:12:40,720 --> 00:12:43,000 Speaker 1: in the coming decade. And if you just we ran 231 00:12:43,080 --> 00:12:45,920 Speaker 1: the mats earlier today about you know, what percentage of 232 00:12:46,000 --> 00:12:49,880 Speaker 1: companies are using artificial intelligence to build UM in this 233 00:12:50,000 --> 00:12:53,120 Speaker 1: y Combinator batch in between AI and machine learning. It's 234 00:12:53,120 --> 00:12:55,199 Speaker 1: almost a quarter of companies are doing this. And if 235 00:12:55,200 --> 00:12:59,520 Speaker 1: you compare this to even to Batchets two years ago, UM, 236 00:12:59,559 --> 00:13:03,680 Speaker 1: that's a growth of um of companies doing that. And 237 00:13:03,760 --> 00:13:05,960 Speaker 1: the only time we've seen that before is you know, 238 00:13:06,040 --> 00:13:08,720 Speaker 1: eight to ten years ago when you started seeing cloud 239 00:13:08,800 --> 00:13:11,360 Speaker 1: companies and start US being built on the cloud and 240 00:13:11,400 --> 00:13:14,520 Speaker 1: he started the growth of cloud computing US and and 241 00:13:14,640 --> 00:13:18,240 Speaker 1: Google and Microsoft. And so when when you come to 242 00:13:18,240 --> 00:13:21,720 Speaker 1: think about why combinator, uh, you started seeing these macro 243 00:13:21,880 --> 00:13:24,760 Speaker 1: trends as all, and I think that's that's really what 244 00:13:24,760 --> 00:13:29,920 Speaker 1: we're seeing there, all right, Uh, interesting stuff, Amber about 245 00:13:29,920 --> 00:13:33,760 Speaker 1: a Charia Maverick Ventures managing director, uh and bar thank 246 00:13:33,800 --> 00:13:39,640 Speaker 1: you for joining us as we're entering a potentially lengthy 247 00:13:39,679 --> 00:13:43,120 Speaker 1: economic downturn. I caught up with NBA champion and Mastery 248 00:13:43,200 --> 00:13:46,080 Speaker 1: Ventures general partner Andre Gudala about where he's placing his 249 00:13:46,160 --> 00:13:50,280 Speaker 1: bets and how the macro environment is impacting his strategy. 250 00:13:50,280 --> 00:13:53,160 Speaker 1: To pick a listen for me personally, UM, you know, 251 00:13:53,240 --> 00:13:56,680 Speaker 1: earlier stage, which is where I'm investing, uh, you know 252 00:13:56,679 --> 00:14:01,000 Speaker 1: about uh my time and resources. Um, they have been 253 00:14:01,000 --> 00:14:02,640 Speaker 1: affected as much. So if you look at you know, 254 00:14:02,720 --> 00:14:06,160 Speaker 1: PRECC series A, UM, they haven't been effected as much. 255 00:14:06,320 --> 00:14:09,800 Speaker 1: Whereas the growth stage has been some uncertainty. UM, you've 256 00:14:09,800 --> 00:14:12,640 Speaker 1: seen a lot of down grounds coming out as of late, 257 00:14:12,960 --> 00:14:15,920 Speaker 1: and I think those have been affected more than any 258 00:14:15,920 --> 00:14:17,520 Speaker 1: of the sector. So whore I'm at. The deals are 259 00:14:17,520 --> 00:14:20,680 Speaker 1: still pretty hot. Everyone's trying to get in you know, UM, 260 00:14:20,800 --> 00:14:23,240 Speaker 1: you're placing your beds earlier. There's bigger returns, but there's 261 00:14:23,280 --> 00:14:27,280 Speaker 1: also more risk. So for me, still full of throttle 262 00:14:27,400 --> 00:14:33,640 Speaker 1: and still chasing the earlier deals. Now, Master, I know 263 00:14:34,040 --> 00:14:37,640 Speaker 1: you say you want to ensure diversity when it comes 264 00:14:37,680 --> 00:14:42,000 Speaker 1: to investing, to governance, to talent. What does that look 265 00:14:42,040 --> 00:14:43,440 Speaker 1: like to you? And how do you think you can 266 00:14:43,480 --> 00:14:48,640 Speaker 1: personally influence it given your success as an athlete. I 267 00:14:48,760 --> 00:14:52,240 Speaker 1: just thinking holding you know, companies like the aggregators, um, 268 00:14:52,280 --> 00:14:57,840 Speaker 1: you know, making sure that they're doing their uh duty 269 00:14:58,120 --> 00:15:01,640 Speaker 1: into helping build the pipe line or or just looking 270 00:15:01,680 --> 00:15:04,000 Speaker 1: for the right talent. So what we've been able to 271 00:15:04,000 --> 00:15:09,240 Speaker 1: do is identify a black founded UH talent search firm 272 00:15:09,640 --> 00:15:12,360 Speaker 1: and using that firm to make sure that we're able 273 00:15:12,400 --> 00:15:15,720 Speaker 1: to you know, build the right pipelines from you know HBC, 274 00:15:15,920 --> 00:15:21,920 Speaker 1: use higher education UM institutions UM with a you know, 275 00:15:21,960 --> 00:15:24,880 Speaker 1: with the talent and making sure that these companies are 276 00:15:25,360 --> 00:15:28,880 Speaker 1: building the right culture. UM is one thing to you know, 277 00:15:29,320 --> 00:15:32,000 Speaker 1: hire minorities, but it's another thing to make sure those 278 00:15:32,000 --> 00:15:35,680 Speaker 1: minorities are having success within that culture. So you know, 279 00:15:35,720 --> 00:15:37,520 Speaker 1: you've got to build the right culture so they can 280 00:15:37,520 --> 00:15:40,360 Speaker 1: have success once they work there. We found that that's 281 00:15:40,360 --> 00:15:43,480 Speaker 1: been an issue as well. So UM holding these companies 282 00:15:43,480 --> 00:15:47,360 Speaker 1: accountable is one thing. And you know, building out UM 283 00:15:47,440 --> 00:15:51,080 Speaker 1: you know projections or building out you know, colors to 284 00:15:51,160 --> 00:15:52,760 Speaker 1: make sure that you know, this is what it should 285 00:15:52,760 --> 00:15:55,360 Speaker 1: look like. You know, this is a percentage of UH 286 00:15:55,520 --> 00:15:58,920 Speaker 1: minorities that you should have within your companies throughout building 287 00:15:58,920 --> 00:16:01,480 Speaker 1: your companies as we're invest earlier and seeing them through 288 00:16:01,520 --> 00:16:05,160 Speaker 1: and through. I recently spoke to Serena Williams about her 289 00:16:05,200 --> 00:16:08,680 Speaker 1: for a into venture capital investing, and she she said 290 00:16:08,680 --> 00:16:10,240 Speaker 1: that a lot of people look at her and think, 291 00:16:10,360 --> 00:16:12,040 Speaker 1: you know, I'm just doing this as a hobby, but 292 00:16:12,160 --> 00:16:16,160 Speaker 1: really it's a passion and when it comes to you know, 293 00:16:16,200 --> 00:16:18,120 Speaker 1: what she can bring to the table from the court, 294 00:16:18,200 --> 00:16:20,600 Speaker 1: she said, I like winning and I know how to win. 295 00:16:21,280 --> 00:16:24,520 Speaker 1: What do you think you bring from the court to investing. 296 00:16:24,720 --> 00:16:29,000 Speaker 1: That's unique that traditional Silicon Valley venture capitalists don't have 297 00:16:30,800 --> 00:16:35,520 Speaker 1: well winning in in there similarities in terms of winning, 298 00:16:36,000 --> 00:16:42,840 Speaker 1: um as the percentage of humans with within the sport 299 00:16:43,000 --> 00:16:45,720 Speaker 1: or with this just in competing, and I think athletes 300 00:16:45,760 --> 00:16:50,920 Speaker 1: and venture capital investors, you know, this is really hard 301 00:16:50,960 --> 00:16:54,000 Speaker 1: to win and it's only a small percent that win 302 00:16:54,120 --> 00:16:57,280 Speaker 1: at a high clip. In Serena fits right into that. 303 00:16:57,680 --> 00:16:59,600 Speaker 1: I feel like I've been fortunate enough to be around 304 00:16:59,600 --> 00:17:01,840 Speaker 1: step area, so I fit into it as well. And 305 00:17:02,120 --> 00:17:05,480 Speaker 1: for me, it's just identifying. For me, it's identifying talent, 306 00:17:06,119 --> 00:17:09,080 Speaker 1: identifying how to make the best use of that talent. 307 00:17:09,200 --> 00:17:11,600 Speaker 1: You know, I've been in situations where I've been, you know, 308 00:17:11,680 --> 00:17:14,560 Speaker 1: the focal point of the organization. I've also been in 309 00:17:14,560 --> 00:17:16,360 Speaker 1: a situation where I've been a six man and we've 310 00:17:16,359 --> 00:17:19,600 Speaker 1: had success, and so understand how the ego works. Um 311 00:17:19,800 --> 00:17:22,480 Speaker 1: what I've learned throughout my journey and tech is, you know, 312 00:17:22,560 --> 00:17:24,120 Speaker 1: the eagle is big in tech, is the same way. 313 00:17:24,119 --> 00:17:26,600 Speaker 1: It's big in sports, and you know, you've got some 314 00:17:26,680 --> 00:17:29,879 Speaker 1: of the brightest UM founders, and you've got some of 315 00:17:29,920 --> 00:17:33,880 Speaker 1: the brightest vcs, and there's battles and you know, the 316 00:17:33,880 --> 00:17:36,720 Speaker 1: stakeholders with with the founders in terms of the direction 317 00:17:36,760 --> 00:17:39,160 Speaker 1: of the company and just being able to make sure 318 00:17:39,200 --> 00:17:41,160 Speaker 1: that you know, all the eagles are you know, throwing 319 00:17:41,160 --> 00:17:43,160 Speaker 1: out the window and we're all on the same page, 320 00:17:43,200 --> 00:17:46,520 Speaker 1: and how do we build a company efficiently, responsibly, um, 321 00:17:46,560 --> 00:17:49,080 Speaker 1: you know, with the with the consumer uh in mind 322 00:17:49,160 --> 00:17:52,600 Speaker 1: as well. You're also the co host of a podcast 323 00:17:52,640 --> 00:17:57,320 Speaker 1: called Point Forward, where you're interviewing top athletes, musicians, entrepreneurs. 324 00:17:57,359 --> 00:17:59,320 Speaker 1: You've been making some waves. I believe Joe lake Up 325 00:17:59,359 --> 00:18:02,439 Speaker 1: said gotten a little trouble with something he said on 326 00:18:02,480 --> 00:18:05,679 Speaker 1: your podcast. UM, I'm curious what trends you're seeing in 327 00:18:05,680 --> 00:18:09,560 Speaker 1: the media landscape given this new ability for people like 328 00:18:09,640 --> 00:18:14,119 Speaker 1: yourself to just go straight to their audiences directly. Well, 329 00:18:14,160 --> 00:18:16,320 Speaker 1: I think sports says you can see with some of 330 00:18:16,359 --> 00:18:20,240 Speaker 1: these um, you know, some of the TV deals and 331 00:18:20,359 --> 00:18:24,800 Speaker 1: the rights um to you know, whether it's NFL, NBA, UM, 332 00:18:24,840 --> 00:18:26,160 Speaker 1: and then you just look at the deal the Big 333 00:18:26,160 --> 00:18:30,280 Speaker 1: Tent did was astronomical you know, a great deal done 334 00:18:30,280 --> 00:18:34,000 Speaker 1: by Kevin Warner. Kevin Warren over at UH who runs 335 00:18:34,000 --> 00:18:37,200 Speaker 1: the Big tent Um, and you started to seeing these 336 00:18:37,240 --> 00:18:41,600 Speaker 1: sports has become actual media companies with you know, live 337 00:18:41,680 --> 00:18:44,840 Speaker 1: sports being you can you know, you can pretty much 338 00:18:44,880 --> 00:18:47,480 Speaker 1: gauge what's your viewership is going to be in how 339 00:18:47,480 --> 00:18:51,960 Speaker 1: many eyeballs advertisers can come across. And I feel like 340 00:18:52,880 --> 00:18:57,640 Speaker 1: UM athletes are starting to understand their influence and being 341 00:18:57,680 --> 00:19:00,679 Speaker 1: able to leverage their brands as well. And you know, 342 00:19:00,800 --> 00:19:03,800 Speaker 1: understanding that there there's not just the financial side, but 343 00:19:03,840 --> 00:19:07,200 Speaker 1: also the branding side of you're going straight to the consumer, 344 00:19:07,280 --> 00:19:09,480 Speaker 1: which is what streaming is. And you've been able to 345 00:19:09,520 --> 00:19:11,879 Speaker 1: talk to your fan base and UM, whether it's you're 346 00:19:11,920 --> 00:19:14,879 Speaker 1: trying to monetize it or just build that base of 347 00:19:14,880 --> 00:19:16,960 Speaker 1: of of fans. And you know, that's what we talked 348 00:19:16,960 --> 00:19:18,800 Speaker 1: about Web three, That's what we talked about n f 349 00:19:18,880 --> 00:19:21,439 Speaker 1: T S and you know, the director consumer part of 350 00:19:21,560 --> 00:19:33,680 Speaker 1: the business coming into media and sports as well. Amazon's 351 00:19:33,760 --> 00:19:37,760 Speaker 1: Prime Video will have exclusive streaming rights starting September fifteenth 352 00:19:37,800 --> 00:19:41,639 Speaker 1: for Thursday Night Football, kicking off an eleven year, thirteen 353 00:19:41,720 --> 00:19:45,680 Speaker 1: billion dollar deal that could forever alter the television landscape. 354 00:19:45,680 --> 00:19:48,760 Speaker 1: This is the first time a streaming service has had 355 00:19:48,800 --> 00:19:51,320 Speaker 1: exclusive rights to NFL games in the United States, and 356 00:19:51,359 --> 00:19:55,040 Speaker 1: a big challenge two major networks that have dominated sports 357 00:19:55,040 --> 00:19:58,080 Speaker 1: for generations. Here to discuss this, bloombergs Luca Shaw, who 358 00:19:58,080 --> 00:20:02,480 Speaker 1: wrote about this for blue Berg's Big Take. So, lucas, 359 00:20:02,480 --> 00:20:04,720 Speaker 1: this is a huge deal. If you want to watch 360 00:20:04,720 --> 00:20:07,520 Speaker 1: Thursday night football, you're gonna have to go onto Amazon 361 00:20:07,560 --> 00:20:10,720 Speaker 1: Prime Video. How many viewers is this going to drive 362 00:20:11,119 --> 00:20:15,080 Speaker 1: for Prime and is the bet going to be worth it? Well? 363 00:20:15,160 --> 00:20:18,920 Speaker 1: Amazon is estimating that in the first year it will 364 00:20:18,960 --> 00:20:22,680 Speaker 1: probably attract about twelve million viewers a week. That's below 365 00:20:22,920 --> 00:20:26,040 Speaker 1: what the typical third to night broadcast has has attracted, 366 00:20:26,080 --> 00:20:27,920 Speaker 1: but much higher than I think the number of people 367 00:20:28,000 --> 00:20:30,760 Speaker 1: using Amazon on your on your average Thursday. I mean, 368 00:20:30,760 --> 00:20:32,439 Speaker 1: the thing to remember for them is this is a 369 00:20:32,560 --> 00:20:35,520 Speaker 1: very long term that it's useful. It's you know, they 370 00:20:35,760 --> 00:20:38,960 Speaker 1: see football both as a benefit for their Prime members. 371 00:20:38,960 --> 00:20:41,840 Speaker 1: It's the big reason they're spending billions of dollars on entertainment, 372 00:20:41,840 --> 00:20:43,880 Speaker 1: and it becomes very hard for us to see if 373 00:20:43,880 --> 00:20:46,680 Speaker 1: that number really pencils out. But it also could provide 374 00:20:46,680 --> 00:20:49,159 Speaker 1: a huge boost their advertising business, which has been one 375 00:20:49,160 --> 00:20:51,280 Speaker 1: of the fastest growing sectors of the company. And you know, 376 00:20:51,280 --> 00:20:54,679 Speaker 1: football is the hottest property on television. A thirteen billion 377 00:20:54,680 --> 00:20:58,199 Speaker 1: dollar deal for eleven games a season, is it Is 378 00:20:58,200 --> 00:21:01,440 Speaker 1: it worth it? Well, am On is paying less than 379 00:21:01,600 --> 00:21:03,960 Speaker 1: other broadcasters pay for football. I mean, that's the thing 380 00:21:04,000 --> 00:21:06,640 Speaker 1: to remember here is that the price of sports rights 381 00:21:06,640 --> 00:21:10,320 Speaker 1: has gotten absolutely ludicrous over the past several years. Uh, 382 00:21:10,359 --> 00:21:12,960 Speaker 1: you know, it's I find it really hard to answer 383 00:21:13,000 --> 00:21:15,080 Speaker 1: that is it worth a question with Amazon, just because 384 00:21:15,119 --> 00:21:17,800 Speaker 1: it feels like they're playing a different game than most 385 00:21:17,840 --> 00:21:20,280 Speaker 1: of these other companies. You know, I think when a 386 00:21:20,359 --> 00:21:25,080 Speaker 1: CBS paramount by football rates, the bet is that they're 387 00:21:25,480 --> 00:21:28,639 Speaker 1: that show itself will probably lose money for them, but 388 00:21:28,720 --> 00:21:32,680 Speaker 1: it brings so many people into CBS that it makes 389 00:21:32,720 --> 00:21:35,520 Speaker 1: money for them overall. And without football, they would be 390 00:21:35,560 --> 00:21:38,119 Speaker 1: far less valuable to the cable operators that need to 391 00:21:38,160 --> 00:21:41,040 Speaker 1: carry the channel. It's not a perfect comparison, but it's 392 00:21:41,040 --> 00:21:42,960 Speaker 1: a little bit similar to Amazon, where they're spending a 393 00:21:43,000 --> 00:21:46,400 Speaker 1: lot of money to bring people into their ecosystem. The 394 00:21:46,480 --> 00:21:49,520 Speaker 1: problem is that if you want to watch any of 395 00:21:49,560 --> 00:21:52,600 Speaker 1: these games on a streaming platform, it is kind of confusing. 396 00:21:52,640 --> 00:21:55,679 Speaker 1: For example, I like baseball on Friday nights. I have 397 00:21:55,720 --> 00:21:57,879 Speaker 1: to go to Apple, but only on Friday nights, not 398 00:21:57,920 --> 00:22:01,840 Speaker 1: on any other night. How does that infusion smooth out 399 00:22:02,320 --> 00:22:04,200 Speaker 1: over the longer term when you have all of these 400 00:22:04,240 --> 00:22:07,240 Speaker 1: different networks and then all of these different streaming platforms 401 00:22:07,240 --> 00:22:12,000 Speaker 1: getting just smaller pieces of a much larger pie. Well, 402 00:22:12,000 --> 00:22:13,680 Speaker 1: first of all, I can't believe this is the first 403 00:22:13,680 --> 00:22:16,320 Speaker 1: time I'm hearing that you're a baseball fan, because I'm 404 00:22:16,359 --> 00:22:19,520 Speaker 1: a huge fan. So it's just good information to have. 405 00:22:20,040 --> 00:22:22,920 Speaker 1: But baseball is a lot more complicated than the Is 406 00:22:22,960 --> 00:22:26,080 Speaker 1: it against me? I wouldn't other than the fact that 407 00:22:26,119 --> 00:22:28,439 Speaker 1: you're probably a giant stand and that is bad for me. 408 00:22:28,600 --> 00:22:33,879 Speaker 1: So I'm a fan Lucas and Oakland A's fan. I 409 00:22:33,920 --> 00:22:37,560 Speaker 1: like the Giants when the A's aren't playing them. M 410 00:22:39,600 --> 00:22:42,040 Speaker 1: football is a little bit, you see, than baseball. Baseball 411 00:22:42,600 --> 00:22:44,480 Speaker 1: is on regional sports networks, just on a bunch of 412 00:22:44,520 --> 00:22:47,720 Speaker 1: different networks. You know, Thursday night football is only going 413 00:22:47,800 --> 00:22:50,960 Speaker 1: to be on Amazon. There's a little bit of you know, confusion, 414 00:22:50,960 --> 00:22:52,520 Speaker 1: and that if you're in a bar, you'll be watching 415 00:22:52,520 --> 00:22:55,280 Speaker 1: direct TV, but nobody's paying attention to how they're getting it. 416 00:22:55,320 --> 00:22:57,280 Speaker 1: If you're in the market of the team playing. You 417 00:22:57,320 --> 00:22:59,399 Speaker 1: may be able to watch it on local TV, but 418 00:22:59,520 --> 00:23:01,720 Speaker 1: you're right there. This requires a lot of marketing on 419 00:23:01,800 --> 00:23:04,159 Speaker 1: Amazon's part. You know, they're not used to spending a 420 00:23:04,160 --> 00:23:06,760 Speaker 1: ton of money to market their entertainment shows. They figured 421 00:23:06,760 --> 00:23:09,160 Speaker 1: that people who are sort of coming to Amazon anyways 422 00:23:09,200 --> 00:23:11,600 Speaker 1: will watch the things that they have to offer. Because 423 00:23:11,600 --> 00:23:13,719 Speaker 1: of how much money they've spent both on football and 424 00:23:13,800 --> 00:23:15,439 Speaker 1: on their new Lord of the Ring show, they're starting 425 00:23:15,480 --> 00:23:18,400 Speaker 1: to market in a way that they really happened before. 426 00:23:18,680 --> 00:23:20,520 Speaker 1: And the nice thing about it is this will be 427 00:23:20,520 --> 00:23:23,720 Speaker 1: one of the first times where we get weekly viewership numbers. 428 00:23:23,840 --> 00:23:25,440 Speaker 1: I think the first time actually where we get weekly 429 00:23:25,520 --> 00:23:27,800 Speaker 1: viewership numbers from Amazon. So we'll be able to see 430 00:23:27,800 --> 00:23:31,000 Speaker 1: real time each week how the viewership is and whether 431 00:23:31,040 --> 00:23:33,360 Speaker 1: it's able to attract an audience that's comparable to TV. 432 00:23:33,520 --> 00:23:35,200 Speaker 1: And that's what the NFL is gonna on to know. 433 00:23:35,359 --> 00:23:37,600 Speaker 1: Right They're making a big bet here. The NFL has 434 00:23:37,640 --> 00:23:40,400 Speaker 1: only been available on linear networks for the most part 435 00:23:40,920 --> 00:23:43,480 Speaker 1: for its history, and they've now given one of their 436 00:23:43,480 --> 00:23:46,560 Speaker 1: flagship programs to a streaming service. It's the first time 437 00:23:46,600 --> 00:23:48,360 Speaker 1: they've done that. It's really the first time a major 438 00:23:48,440 --> 00:23:51,000 Speaker 1: sports league in the US has done it, uh, and 439 00:23:51,040 --> 00:23:53,480 Speaker 1: it is a big test of where we see the 440 00:23:53,520 --> 00:23:56,719 Speaker 1: future of media going. All right, Bloomberg's Lukasha. You can 441 00:23:56,800 --> 00:24:01,160 Speaker 1: check out Lucas's big take in Bloomberg Business Week. Obviously 442 00:24:01,240 --> 00:24:03,119 Speaker 1: a lot of evolving and moving parts here. I do 443 00:24:03,160 --> 00:24:04,960 Speaker 1: want to get to some breaking news that is crossing 444 00:24:05,280 --> 00:24:09,639 Speaker 1: the terminal now. Advisors for Elon Musk have apparently written 445 00:24:09,640 --> 00:24:13,399 Speaker 1: to Twitter about a separate basis to end that deal, that, 446 00:24:13,480 --> 00:24:16,720 Speaker 1: of course, forty four billion dollar buyout deal that Musk 447 00:24:16,840 --> 00:24:20,800 Speaker 1: is trying to walk away from. Uh, Musk saying and 448 00:24:20,920 --> 00:24:23,760 Speaker 1: his advisor saying, they became aware of facts that they 449 00:24:23,840 --> 00:24:28,159 Speaker 1: believe serve as a basis for terminating that deal. This 450 00:24:28,200 --> 00:24:31,600 Speaker 1: is coming in an amended thirteen D filing. We're going 451 00:24:31,600 --> 00:24:34,800 Speaker 1: to continue to follow these headlines. They're just crossing the 452 00:24:34,920 --> 00:24:41,600 Speaker 1: terminal now, but either way, an additional attempt for Elon 453 00:24:41,680 --> 00:24:46,760 Speaker 1: Musk to get out of buying Twitter. Continuing our conversation 454 00:24:46,760 --> 00:24:48,520 Speaker 1: on streaming now, I want to bring in George Pine, 455 00:24:48,560 --> 00:24:52,200 Speaker 1: founder and CEO of Bruin Capital. Bruin has the rights 456 00:24:52,240 --> 00:24:55,919 Speaker 1: to run NFL game Pass worldwide for the league. So 457 00:24:56,080 --> 00:24:58,080 Speaker 1: if you want to watch the Super Bowl in Hong Kong, 458 00:24:58,119 --> 00:25:02,159 Speaker 1: London or Brazil. It's through game pass. So, George, I 459 00:25:02,160 --> 00:25:05,400 Speaker 1: know you were listening to our conversation with Lucas earlier. 460 00:25:05,920 --> 00:25:09,280 Speaker 1: Some people are calling this, uh, you know, move towards 461 00:25:09,280 --> 00:25:13,320 Speaker 1: more streaming platforms having more sports rights and inflection point, 462 00:25:13,440 --> 00:25:16,479 Speaker 1: like an inflection point in broadcast history. Do you think 463 00:25:16,520 --> 00:25:20,040 Speaker 1: it's fair to say that at this point or too soon? Emily? 464 00:25:20,080 --> 00:25:22,040 Speaker 1: Thanks for having me. I think it's a little too 465 00:25:22,040 --> 00:25:24,320 Speaker 1: soon to say that. I'd say they're around the hoop 466 00:25:24,400 --> 00:25:27,080 Speaker 1: per se, but I don't think it's an inflection point. 467 00:25:27,119 --> 00:25:29,920 Speaker 1: I think you're seeing more activity. I mean Apple with 468 00:25:29,960 --> 00:25:33,679 Speaker 1: the NFL, plus Amazon with the Thursday Night Football, Apple 469 00:25:33,760 --> 00:25:37,560 Speaker 1: with Major League Soccer, but still they're they're kind of 470 00:25:37,640 --> 00:25:41,159 Speaker 1: not the major moves. No one's in unseeding Fox or 471 00:25:41,200 --> 00:25:44,960 Speaker 1: CBS or the NBA or the NFL. So I they're 472 00:25:44,960 --> 00:25:47,399 Speaker 1: around the hoop in a way they haven't been before, 473 00:25:47,800 --> 00:25:52,360 Speaker 1: but I wouldn't quite say it's an inflection point. Okay, 474 00:25:52,440 --> 00:25:56,840 Speaker 1: So how long do you think then that this land 475 00:25:56,880 --> 00:25:59,600 Speaker 1: grab is going to take to play out? And what 476 00:25:59,640 --> 00:26:02,680 Speaker 1: does it look like on the other side, do streaming 477 00:26:02,720 --> 00:26:07,000 Speaker 1: platforms have more power have more power over the sports 478 00:26:07,040 --> 00:26:09,920 Speaker 1: that you know, so many millions of people want to 479 00:26:09,960 --> 00:26:13,520 Speaker 1: watch or do. The traditional networks hold onto a lot 480 00:26:13,560 --> 00:26:16,440 Speaker 1: of that power. Well, I think it's two fold. One, 481 00:26:16,920 --> 00:26:19,280 Speaker 1: the money's in the old media, right, it's the most 482 00:26:19,280 --> 00:26:22,080 Speaker 1: sports of the most valuable thing for old media. I mean, 483 00:26:22,160 --> 00:26:27,040 Speaker 1: like the top hundred shows on television are sports enormously 484 00:26:27,080 --> 00:26:30,240 Speaker 1: valuable content. And I break the streamers into two groups. 485 00:26:30,280 --> 00:26:34,360 Speaker 1: I mean Paramount Plus, Peacock and ESPN Plus those are 486 00:26:34,359 --> 00:26:37,760 Speaker 1: tied to linear television, and so that's just a champ. 487 00:26:37,840 --> 00:26:41,160 Speaker 1: We're able to use both streaming and linear in a package. 488 00:26:41,400 --> 00:26:44,400 Speaker 1: And it's quite different than Amazon and Apple. We're really 489 00:26:44,520 --> 00:26:47,960 Speaker 1: using it, as Lucas said, almost as a sponsorship a 490 00:26:48,000 --> 00:26:50,919 Speaker 1: way that augment their other business. And so Amazon and 491 00:26:50,960 --> 00:26:55,600 Speaker 1: Apple are quite different than Paramount plus, ESPN Plus and others, 492 00:26:55,640 --> 00:26:58,720 Speaker 1: let in Peacocks. So there are two strategies, and um, 493 00:26:58,760 --> 00:27:01,480 Speaker 1: you know, it's more seamless the media side because that 494 00:27:01,680 --> 00:27:04,359 Speaker 1: content is so valuable. And then on what I call 495 00:27:04,400 --> 00:27:07,760 Speaker 1: the retail products side, it's still valuable, but it's valuable 496 00:27:07,800 --> 00:27:11,200 Speaker 1: because it's really driving awareness to another core product. And 497 00:27:11,560 --> 00:27:15,440 Speaker 1: you could choose stairsay night football or another form of entertainment. 498 00:27:15,760 --> 00:27:20,320 Speaker 1: But if you're a media company, sports is irreplaceable and invaluable, 499 00:27:20,359 --> 00:27:22,720 Speaker 1: and in the value proposition to a media company is 500 00:27:23,000 --> 00:27:25,680 Speaker 1: far greater than it would be to a retail product. 501 00:27:27,440 --> 00:27:31,840 Speaker 1: Now Bruin has the rights to NFL game Pass, the 502 00:27:31,960 --> 00:27:36,680 Speaker 1: league is also pursuing NFL Plus. What's your take on 503 00:27:37,040 --> 00:27:41,680 Speaker 1: the league pursuing its own streaming platform. I think it's 504 00:27:41,760 --> 00:27:43,920 Speaker 1: quite right, you know, because they're trying to read the 505 00:27:44,080 --> 00:27:46,560 Speaker 1: youth there also you have in the next year, the 506 00:27:46,720 --> 00:27:49,239 Speaker 1: young consumers are where the streamers are. So if I'm 507 00:27:49,320 --> 00:27:52,160 Speaker 1: the NFL, I'm trying to reach that audience, whether it's 508 00:27:52,160 --> 00:27:56,320 Speaker 1: through NFL Plus, will be Sunday, the Sunday ticket package Amazon. 509 00:27:56,720 --> 00:27:59,439 Speaker 1: Those are critical consumers to grow the game. So I 510 00:27:59,440 --> 00:28:01,920 Speaker 1: think it's mart to try and have as many touch 511 00:28:01,960 --> 00:28:05,160 Speaker 1: points with the consumer, particularly young consumer. It's it's really 512 00:28:05,160 --> 00:28:08,840 Speaker 1: good and then internationally it's tough to watch NFL all 513 00:28:08,880 --> 00:28:11,240 Speaker 1: around the world, and so of course NFL game Pass 514 00:28:11,520 --> 00:28:15,439 Speaker 1: really serves that purpose to feed people NFL content, you know, 515 00:28:15,600 --> 00:28:21,439 Speaker 1: for us in our case, in one countries. So what 516 00:28:21,680 --> 00:28:26,040 Speaker 1: does the league making these changes working towards this evolution, 517 00:28:26,040 --> 00:28:29,840 Speaker 1: What does that mean for game pass and for your business, Well, 518 00:28:29,880 --> 00:28:31,600 Speaker 1: for us, we're outside of the US, so I think 519 00:28:31,640 --> 00:28:34,480 Speaker 1: there's a it's a different approach. Game Pass International is 520 00:28:34,520 --> 00:28:38,440 Speaker 1: really a growth engine for for international, it's your marketing 521 00:28:38,520 --> 00:28:41,520 Speaker 1: to consumers, one person at a time. So I think 522 00:28:41,560 --> 00:28:46,200 Speaker 1: the international and domestic are quite are quite different, different strategies, 523 00:28:46,240 --> 00:28:50,520 Speaker 1: different objectives. Game Pass International is a very important part 524 00:28:50,920 --> 00:28:53,520 Speaker 1: of the marketing outside the United States for the NFL, 525 00:28:53,640 --> 00:28:56,800 Speaker 1: as is uh NFL plus in the US. But it's 526 00:28:56,880 --> 00:29:00,000 Speaker 1: you have more more resources inside the US and less 527 00:29:00,080 --> 00:29:05,080 Speaker 1: outside the US. All right, Well, thank you for joining 528 00:29:05,160 --> 00:29:08,080 Speaker 1: us ahead of a big football weekend here in the 529 00:29:08,160 --> 00:29:11,880 Speaker 1: United States. Brewing Capital founder and CEO George Pine, appreciate 530 00:29:11,880 --> 00:29:15,040 Speaker 1: you stopping by. We're gonna continue our coverage of sports 531 00:29:15,040 --> 00:29:19,880 Speaker 1: streaming Monday. Marie dono Hue, Amazon vice president of Global 532 00:29:19,920 --> 00:29:23,400 Speaker 1: Sports Video, just four days out from Thursday Night Football, 533 00:29:23,520 --> 00:29:25,840 Speaker 1: taking center shade. She's going to join us to talk 534 00:29:25,880 --> 00:29:29,120 Speaker 1: about Prime Video and this big bet that Amazon is making. 535 00:29:29,640 --> 00:29:34,080 Speaker 1: Plus Tonight Bloomberg premiering Bloomberg's of the line up. Kaylee 536 00:29:34,080 --> 00:29:36,440 Speaker 1: Lines and Damien Sassau are gonna give you the latest 537 00:29:36,520 --> 00:29:40,280 Speaker 1: on betting trends and talk about the biggest players across 538 00:29:40,440 --> 00:29:45,440 Speaker 1: the industry. Seven pm Eastern Friday's coming up All Things 539 00:29:45,520 --> 00:29:48,560 Speaker 1: and f T S and Tech with Proof Collective co 540 00:29:48,720 --> 00:29:53,200 Speaker 1: founder and cereal tech entrepreneur Kevin Rose. That is next. 541 00:29:53,440 --> 00:30:14,640 Speaker 1: This is Bloomberg. It's not known for our crypto report, 542 00:30:14,640 --> 00:30:15,920 Speaker 1: and I want to take a look now at n 543 00:30:16,000 --> 00:30:19,080 Speaker 1: f T S with Proof Collective, which recently announced a 544 00:30:19,080 --> 00:30:23,720 Speaker 1: big raise fifty million dollars led by Andrews and Harrowitz participation. 545 00:30:23,800 --> 00:30:28,280 Speaker 1: Also from seven seven six that's Alexis Ohanians venture capital firm. 546 00:30:28,320 --> 00:30:29,920 Speaker 1: I want to talk about what it all means for 547 00:30:29,960 --> 00:30:33,640 Speaker 1: collectives expansion plans with its co founder and CEO Kevin Rose, 548 00:30:33,680 --> 00:30:37,160 Speaker 1: who of course also founded the social news site dig 549 00:30:37,280 --> 00:30:39,520 Speaker 1: Back in the day. He was a general partner at 550 00:30:39,520 --> 00:30:44,360 Speaker 1: Google Ventures. A longtime angel investor, he backed Twitter, Facebook, Square, 551 00:30:44,640 --> 00:30:47,240 Speaker 1: and is the host of the Proof and Modern Fine 552 00:30:47,520 --> 00:30:50,719 Speaker 1: Finance podcasts. He joins US now along with our crypto 553 00:30:50,760 --> 00:30:55,120 Speaker 1: contributor Shinnali Bossik in New York. Kevin, welcome, Shanali. Take 554 00:30:55,120 --> 00:30:58,360 Speaker 1: it away, Kevin. I'm really curious. Yeah, absolutely, And you know, 555 00:30:58,400 --> 00:31:01,200 Speaker 1: we're really curious here because obviously there has been this 556 00:31:01,280 --> 00:31:04,360 Speaker 1: crypto winter, yet you were able to raise a series 557 00:31:04,440 --> 00:31:07,640 Speaker 1: A here in a world where n f T collections 558 00:31:07,920 --> 00:31:11,960 Speaker 1: at large having very volatile this year, what is it 559 00:31:12,000 --> 00:31:15,680 Speaker 1: that makes an n f T collection valuable And how 560 00:31:15,760 --> 00:31:17,760 Speaker 1: much of it has to do with the community rather 561 00:31:17,800 --> 00:31:20,920 Speaker 1: than the assets themselves. Yeah, I mean a lot of 562 00:31:20,960 --> 00:31:23,400 Speaker 1: it is certainly the community and the strength of that community. 563 00:31:23,600 --> 00:31:26,040 Speaker 1: And you know how active and engaged they are in 564 00:31:26,120 --> 00:31:28,840 Speaker 1: what you're building, because you know, as a company, we're 565 00:31:28,880 --> 00:31:31,040 Speaker 1: just a handful of people, and and really it's how 566 00:31:31,080 --> 00:31:33,360 Speaker 1: we deputize our community to go out and build on 567 00:31:33,360 --> 00:31:36,480 Speaker 1: our behalf that makes us so powerful. So I think 568 00:31:36,480 --> 00:31:38,320 Speaker 1: what you're seeing with what we're doing at Proof with 569 00:31:38,400 --> 00:31:41,360 Speaker 1: moon Birds is really the birth of kind of decentralized 570 00:31:41,400 --> 00:31:43,920 Speaker 1: brand in which the community has the keys of the castle. 571 00:31:44,000 --> 00:31:45,400 Speaker 1: They get to be the ones to go out and 572 00:31:45,400 --> 00:31:47,800 Speaker 1: decide how to use the i P and how to 573 00:31:47,840 --> 00:31:51,120 Speaker 1: monetize it. It's a complete flip of say something like 574 00:31:51,120 --> 00:31:53,000 Speaker 1: a Disney where they're the ones that hold the i 575 00:31:53,080 --> 00:31:55,640 Speaker 1: P close to the their own um. They hold it 576 00:31:55,640 --> 00:31:58,440 Speaker 1: internally and they never really release it. So they are 577 00:31:58,480 --> 00:32:00,520 Speaker 1: the ones that get to monetize the entire thing. And 578 00:32:00,600 --> 00:32:03,800 Speaker 1: this is a chance to completely flip that model, flipping 579 00:32:03,840 --> 00:32:06,400 Speaker 1: the model, but what about what it means relative to 580 00:32:06,440 --> 00:32:10,440 Speaker 1: other n f T collections. What sets apart moon Birds, 581 00:32:10,480 --> 00:32:15,000 Speaker 1: for example, from the board apes. Yeah, I mean, I 582 00:32:15,320 --> 00:32:17,440 Speaker 1: think you really have to find your community. Like every 583 00:32:17,480 --> 00:32:21,440 Speaker 1: community inside of the world of p FPS, these profile 584 00:32:21,480 --> 00:32:25,959 Speaker 1: photo pictures, UM, they have different vibes and different kind 585 00:32:26,000 --> 00:32:28,920 Speaker 1: of core tenants of what they stand for. We are 586 00:32:28,960 --> 00:32:32,400 Speaker 1: always this idea of this love of an appreciation of art, 587 00:32:32,760 --> 00:32:34,840 Speaker 1: this curation with a point of view that's kind of 588 00:32:34,880 --> 00:32:37,920 Speaker 1: what we've always uh done at Proof. We're not about 589 00:32:38,120 --> 00:32:41,800 Speaker 1: getting into this crazy um market of the muddy waters 590 00:32:41,800 --> 00:32:43,920 Speaker 1: of flipping n f T s or how to quick 591 00:32:44,160 --> 00:32:46,840 Speaker 1: make a quick five X. And we're long term builders. 592 00:32:46,840 --> 00:32:49,000 Speaker 1: I mean, we've been doing this for twenty plus years 593 00:32:49,040 --> 00:32:51,920 Speaker 1: in terms of who we are as entrepreneurs, having built 594 00:32:52,000 --> 00:32:55,040 Speaker 1: many businesses over that period of time. And you know, 595 00:32:55,120 --> 00:32:57,920 Speaker 1: many of the members on our team are ex Google 596 00:32:58,040 --> 00:33:00,680 Speaker 1: and so it's really a level match already that's coming 597 00:33:00,680 --> 00:33:02,880 Speaker 1: to the table here to build this business. And I 598 00:33:02,960 --> 00:33:05,440 Speaker 1: think people have a lot of confidence in who we 599 00:33:05,480 --> 00:33:07,840 Speaker 1: are UM as that team. You know that this is 600 00:33:07,920 --> 00:33:10,680 Speaker 1: largely an anonymous space where there's a lot of products 601 00:33:11,040 --> 00:33:13,800 Speaker 1: and some great projects actually that launched with anonymous founders, 602 00:33:13,800 --> 00:33:17,320 Speaker 1: but in a world where there's this uncertainty and there 603 00:33:17,400 --> 00:33:20,360 Speaker 1: can certainly be sometimes what they call rug poles where 604 00:33:20,400 --> 00:33:23,200 Speaker 1: you never know if a project is disappears. Uh, you know, 605 00:33:23,280 --> 00:33:26,120 Speaker 1: six months later, we've kind of put everything out there 606 00:33:26,160 --> 00:33:28,080 Speaker 1: and said we're serious about this, We're gonna go raise 607 00:33:28,200 --> 00:33:30,360 Speaker 1: venture capital, and we're gonna be a team that's gonna 608 00:33:30,640 --> 00:33:32,880 Speaker 1: stick around for many years to come. You know. Critics 609 00:33:33,000 --> 00:33:35,280 Speaker 1: also say here that if you look at what n 610 00:33:35,320 --> 00:33:37,680 Speaker 1: f T s are to what extent is their utility 611 00:33:37,760 --> 00:33:41,600 Speaker 1: behind them? How do they go beyond just being digital 612 00:33:41,840 --> 00:33:46,320 Speaker 1: art and into something that has a broader purpose. What 613 00:33:46,400 --> 00:33:49,920 Speaker 1: do you say to critics like that, Yeah, I mean, 614 00:33:50,040 --> 00:33:53,400 Speaker 1: I think this is a very new idea and concept 615 00:33:53,400 --> 00:33:55,760 Speaker 1: for people to wrap their head around, where for the 616 00:33:55,920 --> 00:34:01,560 Speaker 1: very first time you actually have in something that is 617 00:34:02,480 --> 00:34:06,240 Speaker 1: a core piece of ownership of a project. So oftentimes, 618 00:34:06,280 --> 00:34:09,200 Speaker 1: as these projects become more and more popular, value a 619 00:34:09,280 --> 00:34:12,040 Speaker 1: cruise back to these n f t s as uh 620 00:34:12,080 --> 00:34:15,440 Speaker 1: a collectible pieces of art. And that is different in 621 00:34:15,480 --> 00:34:18,319 Speaker 1: that if you're dealing with a traditional media company, you're 622 00:34:18,360 --> 00:34:20,200 Speaker 1: just a consumer. Like if you go out and you 623 00:34:20,320 --> 00:34:23,040 Speaker 1: watch a star Wars movie or you go and and 624 00:34:23,200 --> 00:34:26,960 Speaker 1: you somehow um participate in that experience. Yes, they're great 625 00:34:27,000 --> 00:34:30,239 Speaker 1: media experiences, but there's nothing really to walk away with 626 00:34:30,280 --> 00:34:32,920 Speaker 1: their that is a part of that project. And here 627 00:34:33,480 --> 00:34:36,040 Speaker 1: you have these different members of the community coming together 628 00:34:36,480 --> 00:34:39,640 Speaker 1: and taking this artwork that they actually own and going 629 00:34:39,640 --> 00:34:41,879 Speaker 1: off and doing very creative things with it so they 630 00:34:41,880 --> 00:34:43,960 Speaker 1: can they can figure out when and how they want 631 00:34:43,960 --> 00:34:46,960 Speaker 1: to monetize it, they can remix it, and you're deputizing 632 00:34:47,000 --> 00:34:49,279 Speaker 1: a community of brand builders to go out there and 633 00:34:49,400 --> 00:34:52,040 Speaker 1: blow this up and get it more and more exposure 634 00:34:52,080 --> 00:34:54,120 Speaker 1: in new and creative ways that you never thought possible 635 00:34:54,239 --> 00:34:57,400 Speaker 1: as a centralized organization. So the bet here really is 636 00:34:57,440 --> 00:34:59,719 Speaker 1: to say, we think there's a different way to build 637 00:34:59,719 --> 00:35:02,240 Speaker 1: a media a business here, and it's not one where 638 00:35:02,239 --> 00:35:03,960 Speaker 1: it's a handful of people in a boardroom they get 639 00:35:04,000 --> 00:35:07,000 Speaker 1: to make the decisions. But it's really empowering the community 640 00:35:07,040 --> 00:35:08,759 Speaker 1: to go out and do big and bold things on 641 00:35:08,800 --> 00:35:11,000 Speaker 1: our behalf. And we're just kind of the ones that 642 00:35:11,040 --> 00:35:14,239 Speaker 1: are making sure that the business is running and that 643 00:35:14,320 --> 00:35:17,719 Speaker 1: we have our delivering solid products in in conjunction with 644 00:35:17,760 --> 00:35:23,239 Speaker 1: our community members. Kevin Gibbon, you're so steeped in the 645 00:35:23,360 --> 00:35:27,239 Speaker 1: earlier social iterations of the Internet. For our viewers who 646 00:35:27,280 --> 00:35:31,200 Speaker 1: are less crypto native, can you explain why you think 647 00:35:31,280 --> 00:35:34,080 Speaker 1: blockchain technology and Web three really is the future and 648 00:35:34,120 --> 00:35:36,920 Speaker 1: what happens to these social platforms like Facebook and Twitter, 649 00:35:37,560 --> 00:35:40,359 Speaker 1: uh that we all know now in this future? Do 650 00:35:40,440 --> 00:35:45,360 Speaker 1: they continue to exist? Yeah, it's it's a good question 651 00:35:45,440 --> 00:35:49,279 Speaker 1: because there is a lot of um. Certainly the Web 652 00:35:49,280 --> 00:35:52,360 Speaker 1: three environment and community behind it are a lot more 653 00:35:52,800 --> 00:35:57,160 Speaker 1: privacy focused, and there is is certainly this idea that 654 00:35:57,239 --> 00:35:59,799 Speaker 1: we can come in and reinvent a lot of the 655 00:35:59,840 --> 00:36:03,160 Speaker 1: two technology that's underpinning a lot of these businesses in 656 00:36:03,200 --> 00:36:06,920 Speaker 1: a way that doesn't put the consumer as the product 657 00:36:07,000 --> 00:36:10,000 Speaker 1: that doesn't sell their eyeballs, it doesn't sell their personal information. 658 00:36:10,400 --> 00:36:14,240 Speaker 1: So that's a really exciting new direction to move the Web. 659 00:36:14,840 --> 00:36:17,640 Speaker 1: And it's early days. So what we're building here is 660 00:36:17,680 --> 00:36:19,879 Speaker 1: kind of the infrastructure and underpinnings of all of that, 661 00:36:20,400 --> 00:36:23,480 Speaker 1: and you'll see that be spread across a whole series 662 00:36:23,520 --> 00:36:27,359 Speaker 1: of different categories. So our art and digital collectibles being 663 00:36:27,360 --> 00:36:29,600 Speaker 1: the obvious one here with n f t s and 664 00:36:29,600 --> 00:36:33,120 Speaker 1: and rewriting the way that artists get paid with royalties 665 00:36:33,239 --> 00:36:35,799 Speaker 1: enforceable by the blockchain, and just a lot of really 666 00:36:35,800 --> 00:36:38,160 Speaker 1: exciting things that are happening there, which I certainly believe 667 00:36:38,200 --> 00:36:40,440 Speaker 1: that it's pretty clear now that the future of a 668 00:36:40,480 --> 00:36:42,560 Speaker 1: lot of art is going to go in the form 669 00:36:42,560 --> 00:36:44,680 Speaker 1: of n f T s. But certainly there's going to 670 00:36:44,760 --> 00:36:50,000 Speaker 1: be the same reimagination and reinvention of classic Web two 671 00:36:50,040 --> 00:36:52,759 Speaker 1: properties in a way that puts the consumer in more 672 00:36:52,800 --> 00:36:55,640 Speaker 1: control and gives them a piece of that upside. So 673 00:36:55,640 --> 00:36:59,279 Speaker 1: they're not just a product of a big uh or 674 00:36:59,520 --> 00:37:02,640 Speaker 1: a massive of like fortune company, but really they are 675 00:37:02,680 --> 00:37:06,600 Speaker 1: actually part of that ownership via tokens or or or 676 00:37:06,680 --> 00:37:08,879 Speaker 1: via n f T. So it's a pretty exciting new 677 00:37:09,160 --> 00:37:13,520 Speaker 1: new change. You know, there's a lot about to happen 678 00:37:13,560 --> 00:37:16,320 Speaker 1: in the next couple of weeks with ther theory emerge. 679 00:37:16,640 --> 00:37:19,239 Speaker 1: I guess my question is do you think the gatekeepers 680 00:37:19,280 --> 00:37:24,560 Speaker 1: of the Internet today Meta, Twitter, Google, do they survive 681 00:37:24,640 --> 00:37:28,120 Speaker 1: in this new world or is all this new technology 682 00:37:29,000 --> 00:37:32,520 Speaker 1: a major threat to them? Certainly there are going to 683 00:37:32,600 --> 00:37:35,680 Speaker 1: be companies like any major shift like we saw with 684 00:37:35,719 --> 00:37:37,520 Speaker 1: Web one point o going to Web two point o 685 00:37:37,640 --> 00:37:39,640 Speaker 1: or whatever it may be, there are companies that that 686 00:37:39,800 --> 00:37:42,719 Speaker 1: get it, that understand it at a core level. I 687 00:37:42,760 --> 00:37:46,040 Speaker 1: would put, um, you know, Jack Dorsey in that camp, 688 00:37:46,160 --> 00:37:48,200 Speaker 1: right because all the things that they've done at Square 689 00:37:48,680 --> 00:37:50,680 Speaker 1: uh and everything they're building up block I think that's there. 690 00:37:50,680 --> 00:37:53,680 Speaker 1: They're an amazing group of innovators. They understand blockchain technology 691 00:37:53,680 --> 00:37:56,880 Speaker 1: at a very, very core level. Um, there are others 692 00:37:56,960 --> 00:38:00,279 Speaker 1: that are playing in this realm, meaning that if you 693 00:38:00,280 --> 00:38:02,880 Speaker 1: take a look at Instagram how they embraced and enabled 694 00:38:02,960 --> 00:38:05,120 Speaker 1: n f T s now to be displayed. But it's 695 00:38:05,160 --> 00:38:07,799 Speaker 1: it's more like a bolton and not really a retooling 696 00:38:07,800 --> 00:38:10,919 Speaker 1: and rethinking of the product at its core. I don't 697 00:38:11,000 --> 00:38:13,239 Speaker 1: think long term the kind of bolton we're just gonna 698 00:38:13,320 --> 00:38:14,959 Speaker 1: do this because it's the hot thing of the week. 699 00:38:15,280 --> 00:38:17,520 Speaker 1: I don't think that's gonna play well. And it's really 700 00:38:17,560 --> 00:38:20,520 Speaker 1: not the dramatic change that consumers, at least in the 701 00:38:20,520 --> 00:38:23,880 Speaker 1: Web three space are looking for. And so um, for me, 702 00:38:23,920 --> 00:38:27,120 Speaker 1: it's gonna be a lot of new native companies built 703 00:38:27,160 --> 00:38:29,879 Speaker 1: from the ground up that tackled these problems. So it's 704 00:38:29,880 --> 00:38:32,160 Speaker 1: gonna be brand new businesses that are being built right 705 00:38:32,160 --> 00:38:34,560 Speaker 1: now that will probably in the next two to three 706 00:38:34,640 --> 00:38:37,239 Speaker 1: years really emerges some of the early winners. And so 707 00:38:37,560 --> 00:38:39,080 Speaker 1: you know, I would say the reason we went out 708 00:38:39,080 --> 00:38:42,160 Speaker 1: and raise this round of financing um within reason is 709 00:38:42,200 --> 00:38:44,120 Speaker 1: that we believe there's a better way to do a 710 00:38:44,160 --> 00:38:47,360 Speaker 1: media business, and that really puts the consumers in control 711 00:38:47,920 --> 00:38:50,799 Speaker 1: of of this um of these assets and really gives 712 00:38:50,840 --> 00:38:54,280 Speaker 1: them a way to experience and and collect digital collectibles 713 00:38:54,280 --> 00:38:56,040 Speaker 1: that have never been done before. So that's what's exciting 714 00:38:56,040 --> 00:38:59,400 Speaker 1: for us. But that's just one vertical, probably fifteen that 715 00:38:59,440 --> 00:39:01,960 Speaker 1: the blockchain is going to address and reimagine over the 716 00:39:02,000 --> 00:39:06,359 Speaker 1: next few years. Fascinating. Well, it's great to hear about 717 00:39:06,400 --> 00:39:09,440 Speaker 1: what you're doing now, Kevin Rose, CEO and co founder 718 00:39:09,560 --> 00:39:13,040 Speaker 1: of Proof Collective, along with our very own Shinali Bossic, 719 00:39:13,440 --> 00:39:24,440 Speaker 1: Thank you for stopping by. A few other stories we 720 00:39:24,440 --> 00:39:28,799 Speaker 1: are watching. Tesla's considering building a battery grade lithium refinery 721 00:39:28,880 --> 00:39:31,560 Speaker 1: on the Gulf coast of Texas. Company has filed a 722 00:39:31,760 --> 00:39:35,600 Speaker 1: newly public application for tax breaks with the Texas Comptroller's Office, 723 00:39:36,000 --> 00:39:38,440 Speaker 1: calling the proposed facility the first of its kind in 724 00:39:38,440 --> 00:39:41,960 Speaker 1: North America. The electric car maker is also evaluating a 725 00:39:42,000 --> 00:39:47,799 Speaker 1: site in Louisiana, and Amazon sellers are bracing for a 726 00:39:48,000 --> 00:39:53,640 Speaker 1: bleak holiday shopping season. This is inflation bitten consumers are 727 00:39:53,719 --> 00:39:57,560 Speaker 1: curbing their spending. Many merchants who sell more than half 728 00:39:58,000 --> 00:40:01,160 Speaker 1: of the goods on the Amazon website are concerned they're 729 00:40:01,160 --> 00:40:03,279 Speaker 1: going to be forced to cut prices to move a 730 00:40:03,360 --> 00:40:06,319 Speaker 1: mountain of unsold inventory. This is an abrupt change from 731 00:40:06,320 --> 00:40:09,319 Speaker 1: the previous two years, when sellers were scrambling to get 732 00:40:09,400 --> 00:40:11,920 Speaker 1: enough products into Amazon warehouses to meet all of that 733 00:40:12,000 --> 00:40:16,480 Speaker 1: pandemic fuel demand, despite chronic shortages that let them jack 734 00:40:16,600 --> 00:40:20,200 Speaker 1: up prices. That's a trend we're going to continue to follow. 735 00:40:21,080 --> 00:40:23,080 Speaker 1: And that does it for this Friday edition of Bloomberg 736 00:40:23,080 --> 00:40:26,839 Speaker 1: Technology Monday. Really excited to have Mariad Donahue, Amazon's vice 737 00:40:26,840 --> 00:40:29,880 Speaker 1: president of Global Sports Video, to talk about their thirteen 738 00:40:30,480 --> 00:40:34,239 Speaker 1: billion dollar for a into the NFL, and tonight Bloomberg 739 00:40:34,239 --> 00:40:36,960 Speaker 1: premiering the line up Kaylee Lines and Damian Sasaur. We're 740 00:40:36,960 --> 00:40:39,480 Speaker 1: going to give you the latest data on betting trends 741 00:40:39,520 --> 00:40:41,960 Speaker 1: and talk to you the biggest players in the industry. 742 00:40:42,200 --> 00:40:45,600 Speaker 1: Seven pm Eastern. This is Bloomberg. Have a wonderful weekend.