Speaker 1: You're listening to Bloomberg Business Week with Carol Masser and
Speaker 1: Jason Kelly on Bloomberg Radio. This is Bloomberg Business Week
Speaker 1: with Carol Messer and Jason Kelly on Bloomberg Radio. Yes, indeed,
Speaker 1: it is Bloomberg Business Week on this Tuesday, Carol Masser
Speaker 1: along with Jason Kelly. Well Fomo, fear of missing out
Speaker 1: applies to so much, and it drives some to do things,
Speaker 1: drives others just crazy, safe to say, many maybe feeling
Speaker 1: it big time as they're sheltering in place about what
Speaker 1: they're missing while they stay at home writing about how
Speaker 1: to find the power to choose what you actually want
Speaker 1: and the courage to miss out on the rest is
Speaker 1: Patrick McGinnis, venture capitalist, author of the new book Fear
Speaker 1: of Missing Out, Practical decision Making in a World of
Speaker 1: overwhelming Choice. By the way, he and I believe his
Speaker 1: co author will be hosting a virtual book launching party
Speaker 1: today at six pm ET if you don't want to
Speaker 1: miss out on that. Um Patrick joins us on the
Speaker 1: phone from New York. Patrick, Welcome, Hey, it's great to
Speaker 1: be here. Thanks for having me. Um, great to have
Speaker 1: you here. Tell us and I'm not sure if it
Speaker 1: was a co author, forgive me, but I had seen
Speaker 1: the promotion about you guys doing this virtual book launch.
Speaker 1: Um tell us a little bit about the idea behind
Speaker 1: this book. Sure, no, it's not a co author, but
Speaker 1: it's a good friend and somebody who writes about these
Speaker 1: topics as well, so he's a perfect person to be there. Um.
Speaker 1: So basically, this book is a reflection of where we
Speaker 1: are today as a society, how we spend our time.
Speaker 1: And I met in fomo when I was back in
Speaker 1: business school at Harvard Business School in the year two
Speaker 1: thousand and three, before there was any social media. But
Speaker 1: now we're in a place where all of us are
Speaker 1: living with fomo. We're inundating with information and social media
Speaker 1: and all these influences, and so we have to find
Speaker 1: a way to deal with it. Alright, So can we
Speaker 1: go back to that first thing. I can't skip past
Speaker 1: that because I mentioned this to my two teenagers that
Speaker 1: I was gonna interview you today and that you're the
Speaker 1: inventor of fomo, and they're like, we want to hear
Speaker 1: more about this, So on behalf of Will and Henry.
Speaker 1: I am asking this question, how did you how did
Speaker 1: you come up with this, what was the what was
Speaker 1: the German the idea here? Yeah, so listen, I grew
Speaker 1: up a small town in Maine and it's a very
Speaker 1: calm place, not that going on. And then I lived
Speaker 1: in New York, but I was working all the time,
Speaker 1: so I didn't have time promo. And then right before
Speaker 1: I went to business school, there were two things that
Speaker 1: happened in here in New York City that really affected me.
Speaker 1: Number one was I was working in venture capital in
Speaker 1: two thousand and so everything blew up and we basically
Speaker 1: lost all our money and it was very traumatic. But
Speaker 1: far worse than that was I lived through nine eleven.
Speaker 1: I lived in near Manhattan, and we all remember what
Speaker 1: that was like. And so as a result, I just
Speaker 1: wanted to live life to the fullest. Was carpet a
Speaker 1: d M for me. And when I got to HBS,
Speaker 1: you know, it's such a choice rich environment in terms
Speaker 1: of the amounts of classes and job opportunities and parties
Speaker 1: and trips and and all of these things were happening,
Speaker 1: and I just wanted to do all of them. And
Speaker 1: even though I didn't, there was no social media. In fact,
Speaker 1: Mark Zuckerberg was across the river working on the first
Speaker 1: version of Facebook at the exact same time that I
Speaker 1: was over business school. Even though we didn't have social media,
Speaker 1: we all lived in such close prom proximity to each
Speaker 1: other and we could compare ourselves to each other that
Speaker 1: I basically felt this anxiety that I was never doing
Speaker 1: enough and I couldn't keep up. And I started calling
Speaker 1: that if you were missing out. I shortened it to fomo,
Speaker 1: and I wrote an article in our school newspaper called
Speaker 1: social Theory at HBS. Begauness is two Foes, and I
Speaker 1: talked all about fomo and its culture in our campus wow,
Speaker 1: and they caught it went viral. Well, you know, it's funny.
Speaker 1: I have to thank you guys, because it went viral
Speaker 1: on campus. And then I graduated and forgot about it.
Speaker 1: But Bloomberg Business Week magazine wrote about it in two
Speaker 1: thousand and seven in the context of HBS. That's the
Speaker 1: first time I saw it outside of when I wrote
Speaker 1: about it. And then slowly it sort of crept into
Speaker 1: the vocabulary because you know, every year kids were graduating
Speaker 1: from business schools and bringing it to all of the
Speaker 1: firms that they went to work for. Yeah, all right,
Speaker 1: well good, well we're happy to be a footnote in
Speaker 1: the creation and Patrick, You're welcome, but it but it's
Speaker 1: such a big thing, right we talk about this like
Speaker 1: just trying to have balance and just being present, enjoying
Speaker 1: where you are rather than thinking about what you're missing.
Speaker 1: And so how do you get to this in a
Speaker 1: world where like everybody's having a hard time about what
Speaker 1: they're missing right now, you know, or what they're going
Speaker 1: to be missing on the other side of this, because
Speaker 1: we can't go back to life as we knew it.
Speaker 1: It's so true. And listen, it's been interesting because in
Speaker 1: the beginning of the pandemic we all felt, I think,
Speaker 1: a sense of relief that we didn't have that social pressure.
Speaker 1: And you know, it goes beyond social pressure. It also
Speaker 1: is about how we spend our money and how we
Speaker 1: invest our money. It has all these other implications. But
Speaker 1: for that one moment, I remember thinking, oh my god,
Speaker 1: I haven't had fomo in two weeks. And then over time,
Speaker 1: as we started to sort of realize this is going
Speaker 1: to drag on, I think we all started to feel it.
Speaker 1: And the big thing to remember with fomo is it
Speaker 1: fomo is caused by two things. Number One, it's the
Speaker 1: perception that something better is out there happening than what
Speaker 1: you're doing at the moment. So perception can be deception.
Speaker 1: You have to really dig into whether something is as
Speaker 1: good as it looks on the surface. And the second
Speaker 1: is it's about her behavior following the crowd. So when
Speaker 1: you feel fomo, ask yourself, is this something I truly
Speaker 1: want to do because it's something I want to do?
Speaker 1: Or am I feeling pressure to sort of keep up
Speaker 1: with the jones as an external pressure on me? Can
Speaker 1: I just say, what's really interesting is and and maybe
Speaker 1: this is all of a sudden, like everybody doing zooms
Speaker 1: and you know, there's tons of now fitness zoom classes
Speaker 1: where initially there wasn't a lot of things to choose from. Right,
Speaker 1: everybody was ramping up, and I kind of loved it
Speaker 1: because the world became so simple and there weren't a
Speaker 1: ton of things I had to make decisions on. And
Speaker 1: now it's like do I want to do this zoom
Speaker 1: business class or this one? Do I want to do
Speaker 1: this zoom family meeting or this one? Like it's it's unbelievable,
Speaker 1: how you know, again, Fomo hits even in this world.
Speaker 1: That's the thing that kind of blown my mind about
Speaker 1: this is what has happened? Is we so we you know,
Speaker 1: we all stay home. But the thing that provokes much
Speaker 1: of our FOMO, which is you know, connectivity and our
Speaker 1: cell phones and social media. We're actually on it more
Speaker 1: now than we were before. My screen time and I'm
Speaker 1: careful about this. Look at your screen time, everybody, Like
Speaker 1: it's frightening how much spending on our devices, right, and
Speaker 1: so we're just we're getting into actually kind of a
Speaker 1: worst place than we were before. I would say, let's
Speaker 1: continue our conversation with Patrick McGinnis. He's got a new
Speaker 1: book out. It's called Fear of Missing Out, Practical Decision
Speaker 1: Making in a World of Overwhelming Choice. Johnny's on the
Speaker 1: phone on launch day. As Carol mentioned, he's got a
Speaker 1: big event tonight virtual of course, because that's the world
Speaker 1: we're living in. And Patrick, first of all, thanks for
Speaker 1: sticking with us. And I have to ask you, you know,
Speaker 1: we were starting in the first part of our conversation
Speaker 1: to get into this notion of sort of how the
Speaker 1: world has changed and how FOMO still is creeping into
Speaker 1: what we're doing. What is the effect of sort of
Speaker 1: how we think about missing out or you also talk
Speaker 1: about POBO fear of a better option. How do we
Speaker 1: think about that differently? Do you think on the other
Speaker 1: side of this as we get to what some people
Speaker 1: are calling sort of the next normal. Yeah, it's a
Speaker 1: really important question because I think we have a lot
Speaker 1: to learn in this moment, and if we pay attention
Speaker 1: and put down our phones for a minute and think
Speaker 1: about what's going on, we can come out of this
Speaker 1: actually better people, better society. And so I would think
Speaker 1: on the FOMO side, it's really about paying attention right
Speaker 1: now to what you truly miss and what you realize
Speaker 1: you don't really miss, writing that down actually, and then
Speaker 1: when you re emerge into the real world remembering these things,
Speaker 1: like it's incredible the little things I miss. I live
Speaker 1: in New York City. I missed the subway, I miss
Speaker 1: going to a lot of the restaurants in the neighborhood.
Speaker 1: What I don't miss is over scheduling myself or being
Speaker 1: stressed out about some of the things that don't really matter.
Speaker 1: So I think thinking about that right now and being
Speaker 1: introspective about that helpful phobo, which is a fear of
Speaker 1: a better option. This is the other thing that I
Speaker 1: wrote about back in business school, but it never got famous.
Speaker 1: But it's just as bad, I would say, worse than
Speaker 1: Fomo because Phobo is about never sort of accepting a deal,
Speaker 1: always wanting to trade up, always wanting to wait for
Speaker 1: something better to come a long and I think that
Speaker 1: we've seen in this pandemic that the people who were
Speaker 1: waiting for something better to come along when it came
Speaker 1: to making the hard decisions about closing down and social
Speaker 1: distancing h they found out very quickly that delaying decision
Speaker 1: making actually has terrible effects. I totally agree with that.
Speaker 1: I think that's such an interesting insight, right, the amount
Speaker 1: of time like you stew over making a decision, sometimes
Speaker 1: you just gotta just do it and move on totally.
Speaker 1: I mean this, this is a great example in public
Speaker 1: policy with whether it's COVID or it's or it's Brexit.
Speaker 1: But it's also if you think about entrepreneurs versus incoming companies.
Speaker 1: These traditional companies that they have all this money and resources,
Speaker 1: but they can't move quickly. And the reason why you know,
Speaker 1: the outies get eaten up by the teslas is because
Speaker 1: the startups have to move. They don't have the resources
Speaker 1: just to sit around and wait for something better. Yeah. Well,
Speaker 1: and there's it also feels like many folks are gaining
Speaker 1: a sense of clarity to your earlier point about fomo,
Speaker 1: about sort of what they need and what they don't need.
Speaker 1: But also when a lot is stripped away, maybe you
Speaker 1: stop thinking, well, I'm going to do this thing next,
Speaker 1: and I'm really just doing this until I get a
Speaker 1: chance to do X. And there's also this sense it
Speaker 1: feels like right now Patrick, that you know, we're all
Speaker 1: much more aware of our mortality in in some ways,
Speaker 1: and and maybe saying either Okay, I'm gonna make that
Speaker 1: decision to do something different, or maybe I need to
Speaker 1: sort of reassess and and really be honest about how
Speaker 1: I'm feeling about this situation right now and not always
Speaker 1: be a grass is greener sort of person. That's for sure.
Speaker 1: The reality is that we are having this opportunity, but
Speaker 1: just with as what we lived within nine eleven, there
Speaker 1: was this period of introspection and then we sort of
Speaker 1: resume these sorts of years that we wish we hadn't done.
Speaker 1: And so I actually suspect that there will be a
Speaker 1: wave of a massive fomo when we are able to
Speaker 1: live our lives again, And I think it's okay for
Speaker 1: a little while, because when you have means there something
Speaker 1: to miss out on. That's a good thing. But we
Speaker 1: we definitely want to be conscious of what we've learned
Speaker 1: right now, because you know, if we learn something and
Speaker 1: pay attention, we can just live much more decisive lives.
Speaker 1: How do you apply fomo in the workplace? Oh, it's
Speaker 1: a very anybody been on LinkedIn lately and seeing all
Speaker 1: of your friends with their promotions and you start to
Speaker 1: feel like you're just not good enough. I mean, that
Speaker 1: is that is an incredibly sort of active use case.
Speaker 1: But really I think about FOMO in terms of not
Speaker 1: only in terms of not being sort of grateful or
Speaker 1: thankful for what you do have and then more fixating
Speaker 1: on what you don't have, but also in terms of
Speaker 1: running businesses. When businesses start to do things because of fomo,
Speaker 1: when Pepsi brings Crystal Pepsi on the market because they
Speaker 1: want to keep up with sprite, when you're doing things
Speaker 1: for the wrong reasons, because you're following in the crowd,
Speaker 1: you are apt to make mistakes. And so how do
Speaker 1: you think We've been asking sort of big thinkers that
Speaker 1: this question like, what are the underappreciated ways that you
Speaker 1: think we change as either humans or business people investors
Speaker 1: on the other side of this, So, I have a feeling,
Speaker 1: um that it's unfortunate that this whole sort of situation
Speaker 1: has become quite political. And I think that we're going
Speaker 1: to see through the rest of the year that the
Speaker 1: political divide that is created by this is going to
Speaker 1: play out in our election, and then we're going to
Speaker 1: see effects on the election and potentially with voting and
Speaker 1: voting rights and things like that. And so I think
Speaker 1: the big question that I asked myself as I look
Speaker 1: at this pandemic is what is the role that it
Speaker 1: will have in affecting our democracy and how can we
Speaker 1: as citizens come together to actually defend something that's so
Speaker 1: precious to us. And I think that's going to be
Speaker 1: the conversation this year. Right now, we're all dealing with
Speaker 1: the medical emergency. Next we'll be dealing with the economic impact,
Speaker 1: and we're gonna be dealing with the impact to our
Speaker 1: democratic systems. And I do think about FOMO in terms
Speaker 1: of an election, your fear of missing out on, you know,
Speaker 1: re election, and do you make the wrong policy calls
Speaker 1: potentially because you're concerned about that and I'm trying to
Speaker 1: get political, but you do think about the urgency. That's
Speaker 1: an interesting point. Interesting went all right. Patrick McGinnis, congratulations
Speaker 1: on the book. It'ssel today, fear of missing out practical
Speaker 1: decision making in a world of overwhelming choice, that pivot
Speaker 1: politics there at the end that he made. That's the
Speaker 1: Georgetown education talking right there. Carol Masser, Okay, Mr alum
Speaker 1: from Georgetown writing that in U, graduate of the School
Speaker 1: for in Service down at Georgetown. Patrick McGinnis, congratulations on
Speaker 1: the book. Check it out Inventora. Fellow, you're listening to
Speaker 1: Bloomberg Business Week with Carol Masser and Jason Kelly on
Speaker 1: Bloomberg Radio. We are talking a lot about reopening and
Speaker 1: one state that has largely reopened. We're going to go
Speaker 1: there right now and it is the state of George
Speaker 1: and my home state. Frank Patterson joining us. He's been
Speaker 1: a guest in this program before. President CEO of Pinewood
Speaker 1: Atlanta Studios, joining us on the phone from that fine city,
Speaker 1: the A T. L. Frank. Really nice to talk to
Speaker 1: you again. Hey, Jason, good to talk to you. You're
Speaker 1: going to catch up with you and Carol. Yeah, well,
Speaker 1: thanks for making some time. I know it's busy down there.
Speaker 1: Give us a sense of what's going on on the ground, because,
Speaker 1: as I said, obviously we've been watching very closely from here,
Speaker 1: you know, living at the Epicenter. What's going on down
Speaker 1: in Georgia and Atlanta? What's the scene? Well, I mean,
Speaker 1: as you've probably seen, we have so coming out a
Speaker 1: little bit more from their homes than I know personally,
Speaker 1: My wife and I have begun to sort of venture
Speaker 1: out into the neighborhood and um uh, it's it's good
Speaker 1: to see our neighbors out again. But you know there's
Speaker 1: still a lot of caution. You can tell that. Um,
Speaker 1: while some of the activities have been opened up, a
Speaker 1: lot of us are still being quite cautious. And so
Speaker 1: what does it mean for the business, Because you guys
Speaker 1: are stacked up, I mean just by you know, just
Speaker 1: by the numbers, and you know them obviously, uh better
Speaker 1: than I do. But I mean we're talking about eighteen
Speaker 1: sound stages. We're talking about seven hundred acres a million
Speaker 1: square feet under one roof. I mean, the second largest
Speaker 1: purpose built studio in North America. I mean, this is
Speaker 1: you know, this is a busy place. Where are you
Speaker 1: in in terms of getting back up and running, Yeah,
Speaker 1: as you as you, as you mentioned, we were packed
Speaker 1: when the virus hit, and there's a lot of work
Speaker 1: to be done. You know, historically we've never seen this
Speaker 1: kind of money spent on the production of entertainment content
Speaker 1: in the history of our industry, right, I mean Wall
Speaker 1: Street has been pouring more money into the pipeline then
Speaker 1: we've had the capacity to produce in recent years, obviously
Speaker 1: because of all the developments with the streaming technologies. So
Speaker 1: we were really busy. Productions began to shut down, as
Speaker 1: you might imagine in March, and we just said about
Speaker 1: the business of uh my team on the ground at
Speaker 1: Pinewood Atlanta, you know, creating what we think are going
Speaker 1: to be the next next new best practices and protocols
Speaker 1: for getting back to work, because we believe, you know,
Speaker 1: sometimes the summer productions are gonna want to return, and
Speaker 1: of course we have to be prepared. So we've been
Speaker 1: putting a lot of work into what, as everyone says
Speaker 1: these days, our new normal is for productions. Yeah, and
Speaker 1: figure out those best practices. I mean it's going to
Speaker 1: be really, really tricky, and I know, we've been having
Speaker 1: some conversations about it, especially when it comes to content creation,
Speaker 1: making movies. Let's ask you just one question before we
Speaker 1: get to our news guys. Uh, frank, if we can't,
Speaker 1: what does that? What are those processes at this point?
Speaker 1: What it? Just? Quickly, yeah, quickly. We focused on three
Speaker 1: areas that I think everyone's concerned about. One is just
Speaker 1: sort of studio access and lot management, right, how do
Speaker 1: we manage the work on on the lot and manage
Speaker 1: the way people work together? And then what kind of
Speaker 1: improvements can we make to our facilities to make them
Speaker 1: healthier and safer. So for example, full air handling systems
Speaker 1: and swanky hand washing stations and electrostatic spray technology, you know,
Speaker 1: the new kinds of technologies that we can put in
Speaker 1: place in our facilities to make the you know, the
Speaker 1: work process is safer. And then the last is just
Speaker 1: sort of what we call better practices and protocols for
Speaker 1: how we're gonna work together, how our crews are going
Speaker 1: to work together. We've been collaborating with studios and guilds
Speaker 1: and unions and associations to try to come up with
Speaker 1: a best practices, uh, set of guidelines, you know, in
Speaker 1: the next days. So Frank, let's dig into that. We
Speaker 1: we caught up at Jane Rosenthal of the Tribeca Film
Speaker 1: Festival and talking about you know a lot of times
Speaker 1: when you're when you're filming, it's very intimate, right, and
Speaker 1: people and actors are next to one another. There's a
Speaker 1: lot of folks on the tech side, the whole team,
Speaker 1: you know, they're all surrounding them. I mean, can you
Speaker 1: do that going forward until we get a vaccine or no? Yeah,
Speaker 1: no we can. I mean there are plenty tricks of
Speaker 1: the trade. I'm a big and of Jane and and
Speaker 1: and love her movies. And you know, we we tend
Speaker 1: uh time with Atlanta. The shows that were involved with
Speaker 1: tend to be these bigger tent pole you know, action movies,
Speaker 1: and and there's We're we're accustomed to creating scenes by
Speaker 1: piecing elements together, and we're gonna have to continue to
Speaker 1: do that and actually deploy new kinds of ways of
Speaker 1: piecing scenes together to keep people at safe distances. I
Speaker 1: think the key is going to be identify identifying ways,
Speaker 1: and we've already begun to do this how our crews,
Speaker 1: uh and our cast members can work in pods and
Speaker 1: a safe distances and kind of just zone off the work,
Speaker 1: uh and work in smaller teams that collaborate together, but
Speaker 1: everyone doesn't have to be on the set at once.
Speaker 1: We're kind of used to doing it that way, where
Speaker 1: we'll have you know, a hundred fifty people just on
Speaker 1: the set because they're waiting for the shot to be finished.
Speaker 1: But we don't have to work that way. We're gonna
Speaker 1: have to work a little slower, and it's gonna cost
Speaker 1: a little bit more time and money, but we're still
Speaker 1: going to be able to make these movies. And so
Speaker 1: how much is delayed? I mean if you can maybe
Speaker 1: not quantify, but but more the idea of you put
Speaker 1: some give us a sense of like how much of
Speaker 1: a delay this will ultimately mean for things getting done
Speaker 1: and maybe what it will look like for us as consumers,
Speaker 1: you know, re seeing like movies to late a year
Speaker 1: six months, Like, is there an average that you can
Speaker 1: sort of put on that, Frank, It's hard to quantify.
Speaker 1: It's a good question, Jason, and we're all trying to
Speaker 1: figure it out. Look, at the end of the day,
Speaker 1: we want to make certain that the movie going experience
Speaker 1: right the viewer doesn't notice any different. Great movie, great stories,
Speaker 1: great entertainment, right, So how do we do that? And
Speaker 1: we know we're gonna have to um work, you know,
Speaker 1: in smaller groups and take more time, and it is
Speaker 1: going to delay this pipeline that's already being delayed by
Speaker 1: this virus. Right But um so, I generally speaking, I
Speaker 1: think it's gonna be more time and money to get
Speaker 1: these projects through the pipeline until we have a vaccine
Speaker 1: and have better, uh you know, technologies in place to
Speaker 1: protect our workers super process. If you're listening to Bloomberg
Speaker 1: Business Week, Carl Masser, along with Jason Kelly, our guests
Speaker 1: at this hour Frank Patterson, president CEO of Pinewood Atlanta Studios,
Speaker 1: joining us on the phone from Atlanta. So, Frank, what
Speaker 1: are you hearing from various studios to about what they're
Speaker 1: going through right now at this point and how they
Speaker 1: see things. On the other side, you're talking a lot
Speaker 1: about the new protocols, but I am curious about some
Speaker 1: of the conversations you're having with that entire industry. Well,
Speaker 1: as you might imagine, we are collaborating. It's almost every
Speaker 1: day now with the various tax task forces, you know,
Speaker 1: the studios, with the studios and the guild and the
Speaker 1: unions and the associations, and you know, as far as
Speaker 1: the studios are concerned, of course, as you know, they're
Speaker 1: eager to get back to work. Uh. And it's just
Speaker 1: a question of how this is a critical part of
Speaker 1: the business. You've been covering what's happened to you know,
Speaker 1: Disney's discussion today a uh you know, and obviously, uh,
Speaker 1: you know, the features and the streaming shows that are
Speaker 1: in their pipeline are critically important for them right now.
Speaker 1: Right we have a long history of working with Marvel
Speaker 1: Key Company in their portfolio. And are you know these
Speaker 1: studios are eager to see this content get through this
Speaker 1: pipeline up and running. And I think, well, we we
Speaker 1: we know the demand continues to be extremely high. And
Speaker 1: obviously during this time period people have been living off
Speaker 1: these streaming platforms, and it's critically important that we get
Speaker 1: this pipeline back up and we get this content produced. Uh.
Speaker 1: And I think we're gonna be uh you know, sort
Speaker 1: of in uh, you know, ready to go or completely
Speaker 1: up again, let's say, uh, this fall, once we have
Speaker 1: that chance to figure out how uh. And I know
Speaker 1: there's a real eagerness to get into one and and
Speaker 1: get these projects produced. Well, Frank, we know from your
Speaker 1: work and in our work and previously discussions, this is
Speaker 1: a fiercely competitive business, you know, trying to get these movies.
Speaker 1: You guys have been incredibly successful. Atlanta has become, you know,
Speaker 1: really just an amazing hotbed for these big productions. You know,
Speaker 1: based on some of the work we've described you doing,
Speaker 1: as well as a lot of you know, great incentives
Speaker 1: that the state has rolled out, there is this an
Speaker 1: opportunity for some realignment, some continued realignment when it comes
Speaker 1: to where movies are made and how they're made. Given
Speaker 1: the new protocols that are going to have to be
Speaker 1: put in place, and and just given some of the
Speaker 1: uh moves that that folks have had to make in
Speaker 1: light of this, you know, it's a it's a great question, Jason.
Speaker 1: What I'm noticing is that people are concerned and and
Speaker 1: fearful about making certain that we're getting back to work
Speaker 1: safely and quickly. And what's happening is we're relying on
Speaker 1: our relationships, right and it's our big Like a lot
Speaker 1: of other industries, you know, we we know we've worked
Speaker 1: with each other for years, in my case, decades, and
Speaker 1: you everyone knows everybody and you're relying on the people
Speaker 1: you've worked with in the past. And so I think
Speaker 1: Atlanta has become in recent years a real reliable partner
Speaker 1: in the film industry. Uh. And I think it's going
Speaker 1: to be seen as a critical part to getting us back.
Speaker 1: I think you're going to see a lot less travel
Speaker 1: to sort of exotic locations and to cool, fun places
Speaker 1: around the world. Cast is not really excited about doing
Speaker 1: that right now. They want to go where they know
Speaker 1: they can be treated safely and with people they've worked
Speaker 1: with before. So I don't think we'll see a lot
Speaker 1: of realignment. I don't think. But I think we'll see
Speaker 1: is just people being a lot more reserved about where
Speaker 1: they want to go to make movies. Yeah, it's interesting.
Speaker 1: I mean I think about carol our conversation with Doug
Speaker 1: steiner Um last week, and he was saying sort of
Speaker 1: the same thing. It's like, you've got your crews, you've
Speaker 1: got your people that you know you're used to working with,
Speaker 1: right Carol, right exactly, And the whole idea of people
Speaker 1: not wanting to fly around so you're gonna work with
Speaker 1: your local crews. Uh, and you want that, Um, what
Speaker 1: about the insurance angle of this? And Frank, I don't
Speaker 1: know if that's become a kind of a new aspect
Speaker 1: that the policy has now become maybe even a picker thing.
Speaker 1: They're more expensive because we know now health pandemics can
Speaker 1: shut everything down, that's right. And boys, this is just
Speaker 1: you know, I feel like I've gone back to school.
Speaker 1: I've learned so much about so many different industries I
Speaker 1: had no interest in learning about. And of course, you know,
Speaker 1: the insurance and and exactly how we're going to solve
Speaker 1: the problems associated with coverage is really wide open right now,
Speaker 1: right because we can't simply just over insure the problem, right,
Speaker 1: It's got to be a good value prop from both
Speaker 1: sides of the table, and we just don't know what
Speaker 1: that looks like at this point. Frank I, I do
Speaker 1: wonder you know, we're asking questions we just talked to
Speaker 1: earlier in the hour. Uh. Literally, the guy who invented
Speaker 1: the term fomo, he's got a new book out. He'd
Speaker 1: coined that when he was a student Harvard Business School.
Speaker 1: So there's that. So you're in good company here in
Speaker 1: this edition of Bloomberg Business Week. But you know, we
Speaker 1: asked him a question that that I'll ask you, what
Speaker 1: are you learning about, you know, sort of what people
Speaker 1: are doing now that may you know, sort of remain
Speaker 1: And I do wonder about, you know, how people consume content.
Speaker 1: You know, you alluded to Disney's earnings. They've now got
Speaker 1: fifty four million people on Disney plus you know, these
Speaker 1: tent pole productions that you work on, they sort of
Speaker 1: rely on these big openings and crowds and and things
Speaker 1: like that. How do you think about that aspect of
Speaker 1: the business going forward? It's it's so um, this is
Speaker 1: such a fun intellectual exercise because on one hand, I know,
Speaker 1: you know, we learned a long time ago from Aristotle
Speaker 1: and others that we as humans are social beings and
Speaker 1: we need to gather around story together and and and
Speaker 1: reflect with one another socially together, right, dark rooms around
Speaker 1: the fire that is the movie screen. So I don't
Speaker 1: think the theater is going anywhere at the end of
Speaker 1: the day. It's it's it's value in the sort of
Speaker 1: value proposition of how we build value around these products
Speaker 1: has been declining since two thousand three, right, uh, continue
Speaker 1: to fall, and we know that was happening. I really
Speaker 1: do think it's going to level off. Theaters are gonna
Speaker 1: figure out a way to continue to host people more
Speaker 1: safely where you still have that need to gather in
Speaker 1: the dark around the story. Uh, but it's going to
Speaker 1: be different and and it will continue to be the
Speaker 1: special events like these big temp pole movies. You can't
Speaker 1: watch Avengers Infinity War. I mean, you know, toront I
Speaker 1: couldn't wait to get to the theater to see that song. No, no,
Speaker 1: I'm not going to watch it on my TV. There's
Speaker 1: no way that is exactly the kind of event that
Speaker 1: theaters will continue to support. But so they're not going anywhere.
Speaker 1: They're just going to be less valuable in that value chain. Right.
Speaker 1: So I think, um, you know, I do think that
Speaker 1: our behavior that's can tumors. We need live experiences, right,
Speaker 1: We need the theme parks, We need these things, and
Speaker 1: we're gonna have to figure it out. But we're gonna
Speaker 1: learn to behave I think, a lot smarter around each other,
Speaker 1: to be a lot more respectful about each other's help,
Speaker 1: and to do it, uh, you know, and with with
Speaker 1: with kindness and the kind of joy that comes with
Speaker 1: consuming entertainment. In that way. That's way to end. And
Speaker 1: I do have to say that if we're we're also
Speaker 1: not so eager to get on planes, those things that
Speaker 1: we can do simply like going to a movie, provided
Speaker 1: it's safe, that will become even more important to us. Yeah, absolutely, absolutely,
Speaker 1: all right, Frank Patterson, thank you so much, great much,
Speaker 1: thanks so much for the time being patient with us
Speaker 1: as well as we sort of maneuvered around this crazy
Speaker 1: world that we live in. Frank Patterson is presidency of
Speaker 1: Punwood Atlanta Studios. Jonius on the phone from Atlanta. I
Speaker 1: have to say, Sam's l earlier quoting Santayana and uh
Speaker 1: then Frank Patterson just dropping a little Aristotle. Where else
Speaker 1: do you get that? Where else do you get that?
Speaker 1: But Bloomberg Business Week. I'm just and fomo fomo. Seriously,
Speaker 1: it all comes together words of wisdom right here at
Speaker 1: Bloomberg Business Week