WEBVTT - 'FOMO' Author, Pinewood Atlanta Studios CEO 0:00:00.120 --> 0:00:03.680 You're listening to Bloomberg Business Week with Carol Masser and 0:00:03.800 --> 0:00:08.840 Jason Kelly on Bloomberg Radio. This is Bloomberg Business Week 0:00:09.039 --> 0:00:13.760 with Carol Messer and Jason Kelly on Bloomberg Radio. Yes, indeed, 0:00:13.800 --> 0:00:16.360 it is Bloomberg Business Week on this Tuesday, Carol Masser 0:00:16.480 --> 0:00:19.320 along with Jason Kelly. Well Fomo, fear of missing out 0:00:19.360 --> 0:00:22.680 applies to so much, and it drives some to do things, 0:00:22.760 --> 0:00:26.079 drives others just crazy, safe to say, many maybe feeling 0:00:26.320 --> 0:00:29.200 it big time as they're sheltering in place about what 0:00:29.240 --> 0:00:31.920 they're missing while they stay at home writing about how 0:00:31.960 --> 0:00:34.160 to find the power to choose what you actually want 0:00:34.240 --> 0:00:36.240 and the courage to miss out on the rest is 0:00:36.280 --> 0:00:39.960 Patrick McGinnis, venture capitalist, author of the new book Fear 0:00:40.000 --> 0:00:42.680 of Missing Out, Practical decision Making in a World of 0:00:42.720 --> 0:00:46.159 overwhelming Choice. By the way, he and I believe his 0:00:46.280 --> 0:00:49.080 co author will be hosting a virtual book launching party 0:00:49.080 --> 0:00:50.920 today at six pm ET if you don't want to 0:00:50.920 --> 0:00:54.720 miss out on that. Um Patrick joins us on the 0:00:54.720 --> 0:00:57.840 phone from New York. Patrick, Welcome, Hey, it's great to 0:00:57.880 --> 0:01:00.280 be here. Thanks for having me. Um, great to have 0:01:00.360 --> 0:01:01.600 you here. Tell us and I'm not sure if it 0:01:01.640 --> 0:01:03.280 was a co author, forgive me, but I had seen 0:01:03.640 --> 0:01:06.200 the promotion about you guys doing this virtual book launch. 0:01:06.400 --> 0:01:08.560 Um tell us a little bit about the idea behind 0:01:08.600 --> 0:01:10.920 this book. Sure, no, it's not a co author, but 0:01:10.959 --> 0:01:13.080 it's a good friend and somebody who writes about these 0:01:13.080 --> 0:01:16.560 topics as well, so he's a perfect person to be there. Um. 0:01:16.640 --> 0:01:21.960 So basically, this book is a reflection of where we 0:01:22.000 --> 0:01:24.600 are today as a society, how we spend our time. 0:01:25.160 --> 0:01:27.280 And I met in fomo when I was back in 0:01:27.360 --> 0:01:29.560 business school at Harvard Business School in the year two 0:01:29.560 --> 0:01:32.679 thousand and three, before there was any social media. But 0:01:32.800 --> 0:01:35.039 now we're in a place where all of us are 0:01:35.080 --> 0:01:38.400 living with fomo. We're inundating with information and social media 0:01:38.440 --> 0:01:40.000 and all these influences, and so we have to find 0:01:40.040 --> 0:01:42.280 a way to deal with it. Alright, So can we 0:01:42.319 --> 0:01:44.920 go back to that first thing. I can't skip past 0:01:44.959 --> 0:01:48.680 that because I mentioned this to my two teenagers that 0:01:48.720 --> 0:01:50.560 I was gonna interview you today and that you're the 0:01:50.600 --> 0:01:52.800 inventor of fomo, and they're like, we want to hear 0:01:52.840 --> 0:01:55.160 more about this, So on behalf of Will and Henry. 0:01:55.160 --> 0:01:57.640 I am asking this question, how did you how did 0:01:57.640 --> 0:01:59.360 you come up with this, what was the what was 0:01:59.400 --> 0:02:02.800 the German the idea here? Yeah, so listen, I grew 0:02:02.880 --> 0:02:05.160 up a small town in Maine and it's a very 0:02:05.200 --> 0:02:07.200 calm place, not that going on. And then I lived 0:02:07.200 --> 0:02:09.600 in New York, but I was working all the time, 0:02:09.639 --> 0:02:12.680 so I didn't have time promo. And then right before 0:02:12.680 --> 0:02:14.560 I went to business school, there were two things that 0:02:14.600 --> 0:02:16.760 happened in here in New York City that really affected me. 0:02:16.880 --> 0:02:20.120 Number one was I was working in venture capital in 0:02:20.200 --> 0:02:23.280 two thousand and so everything blew up and we basically 0:02:23.440 --> 0:02:25.560 lost all our money and it was very traumatic. But 0:02:25.800 --> 0:02:28.000 far worse than that was I lived through nine eleven. 0:02:28.040 --> 0:02:30.560 I lived in near Manhattan, and we all remember what 0:02:30.600 --> 0:02:33.320 that was like. And so as a result, I just 0:02:33.360 --> 0:02:35.440 wanted to live life to the fullest. Was carpet a 0:02:35.520 --> 0:02:38.320 d M for me. And when I got to HBS, 0:02:38.440 --> 0:02:40.920 you know, it's such a choice rich environment in terms 0:02:40.960 --> 0:02:45.959 of the amounts of classes and job opportunities and parties 0:02:45.960 --> 0:02:49.440 and trips and and all of these things were happening, 0:02:49.480 --> 0:02:51.120 and I just wanted to do all of them. And 0:02:51.200 --> 0:02:53.440 even though I didn't, there was no social media. In fact, 0:02:53.440 --> 0:02:56.280 Mark Zuckerberg was across the river working on the first 0:02:56.360 --> 0:02:58.760 version of Facebook at the exact same time that I 0:02:58.840 --> 0:03:02.080 was over business school. Even though we didn't have social media, 0:03:02.120 --> 0:03:04.519 we all lived in such close prom proximity to each 0:03:04.520 --> 0:03:07.359 other and we could compare ourselves to each other that 0:03:07.480 --> 0:03:10.600 I basically felt this anxiety that I was never doing 0:03:10.720 --> 0:03:12.840 enough and I couldn't keep up. And I started calling 0:03:12.840 --> 0:03:15.560 that if you were missing out. I shortened it to fomo, 0:03:15.639 --> 0:03:17.919 and I wrote an article in our school newspaper called 0:03:18.000 --> 0:03:20.680 social Theory at HBS. Begauness is two Foes, and I 0:03:20.720 --> 0:03:24.680 talked all about fomo and its culture in our campus wow, 0:03:24.960 --> 0:03:28.320 and they caught it went viral. Well, you know, it's funny. 0:03:28.360 --> 0:03:30.880 I have to thank you guys, because it went viral 0:03:30.919 --> 0:03:33.120 on campus. And then I graduated and forgot about it. 0:03:33.160 --> 0:03:35.960 But Bloomberg Business Week magazine wrote about it in two 0:03:36.000 --> 0:03:38.360 thousand and seven in the context of HBS. That's the 0:03:38.400 --> 0:03:40.640 first time I saw it outside of when I wrote 0:03:40.640 --> 0:03:43.920 about it. And then slowly it sort of crept into 0:03:44.000 --> 0:03:47.240 the vocabulary because you know, every year kids were graduating 0:03:47.240 --> 0:03:49.400 from business schools and bringing it to all of the 0:03:49.400 --> 0:03:51.600 firms that they went to work for. Yeah, all right, 0:03:51.680 --> 0:03:54.440 well good, well we're happy to be a footnote in 0:03:54.760 --> 0:04:00.520 the creation and Patrick, You're welcome, but it but it's 0:04:00.560 --> 0:04:02.920 such a big thing, right we talk about this like 0:04:03.040 --> 0:04:06.760 just trying to have balance and just being present, enjoying 0:04:06.800 --> 0:04:09.120 where you are rather than thinking about what you're missing. 0:04:09.400 --> 0:04:12.160 And so how do you get to this in a 0:04:12.240 --> 0:04:14.880 world where like everybody's having a hard time about what 0:04:14.920 --> 0:04:16.960 they're missing right now, you know, or what they're going 0:04:17.000 --> 0:04:19.279 to be missing on the other side of this, because 0:04:19.320 --> 0:04:21.200 we can't go back to life as we knew it. 0:04:22.080 --> 0:04:24.600 It's so true. And listen, it's been interesting because in 0:04:24.640 --> 0:04:26.640 the beginning of the pandemic we all felt, I think, 0:04:26.640 --> 0:04:29.520 a sense of relief that we didn't have that social pressure. 0:04:29.520 --> 0:04:31.640 And you know, it goes beyond social pressure. It also 0:04:31.720 --> 0:04:33.359 is about how we spend our money and how we 0:04:33.400 --> 0:04:36.479 invest our money. It has all these other implications. But 0:04:36.600 --> 0:04:38.960 for that one moment, I remember thinking, oh my god, 0:04:39.000 --> 0:04:42.839 I haven't had fomo in two weeks. And then over time, 0:04:42.880 --> 0:04:45.159 as we started to sort of realize this is going 0:04:45.200 --> 0:04:47.599 to drag on, I think we all started to feel it. 0:04:47.680 --> 0:04:50.120 And the big thing to remember with fomo is it 0:04:50.200 --> 0:04:53.120 fomo is caused by two things. Number One, it's the 0:04:53.200 --> 0:04:55.640 perception that something better is out there happening than what 0:04:55.680 --> 0:04:58.760 you're doing at the moment. So perception can be deception. 0:04:58.839 --> 0:05:01.120 You have to really dig into whether something is as 0:05:01.160 --> 0:05:03.360 good as it looks on the surface. And the second 0:05:03.480 --> 0:05:06.479 is it's about her behavior following the crowd. So when 0:05:06.480 --> 0:05:09.080 you feel fomo, ask yourself, is this something I truly 0:05:09.120 --> 0:05:10.960 want to do because it's something I want to do? 0:05:11.160 --> 0:05:13.480 Or am I feeling pressure to sort of keep up 0:05:13.480 --> 0:05:16.040 with the jones as an external pressure on me? Can 0:05:16.080 --> 0:05:18.400 I just say, what's really interesting is and and maybe 0:05:18.400 --> 0:05:20.640 this is all of a sudden, like everybody doing zooms 0:05:20.680 --> 0:05:23.800 and you know, there's tons of now fitness zoom classes 0:05:23.839 --> 0:05:26.240 where initially there wasn't a lot of things to choose from. Right, 0:05:26.240 --> 0:05:28.200 everybody was ramping up, and I kind of loved it 0:05:28.200 --> 0:05:30.760 because the world became so simple and there weren't a 0:05:30.800 --> 0:05:32.400 ton of things I had to make decisions on. And 0:05:32.440 --> 0:05:34.280 now it's like do I want to do this zoom 0:05:34.720 --> 0:05:36.400 business class or this one? Do I want to do 0:05:36.440 --> 0:05:40.159 this zoom family meeting or this one? Like it's it's unbelievable, 0:05:40.320 --> 0:05:44.520 how you know, again, Fomo hits even in this world. 0:05:45.440 --> 0:05:47.680 That's the thing that kind of blown my mind about 0:05:47.680 --> 0:05:50.960 this is what has happened? Is we so we you know, 0:05:51.000 --> 0:05:53.640 we all stay home. But the thing that provokes much 0:05:53.640 --> 0:05:55.760 of our FOMO, which is you know, connectivity and our 0:05:55.800 --> 0:05:58.520 cell phones and social media. We're actually on it more 0:05:58.600 --> 0:06:01.480 now than we were before. My screen time and I'm 0:06:01.480 --> 0:06:04.240 careful about this. Look at your screen time, everybody, Like 0:06:04.279 --> 0:06:06.880 it's frightening how much spending on our devices, right, and 0:06:06.920 --> 0:06:09.080 so we're just we're getting into actually kind of a 0:06:09.080 --> 0:06:11.279 worst place than we were before. I would say, let's 0:06:11.279 --> 0:06:14.320 continue our conversation with Patrick McGinnis. He's got a new 0:06:14.320 --> 0:06:16.880 book out. It's called Fear of Missing Out, Practical Decision 0:06:16.920 --> 0:06:21.479 Making in a World of Overwhelming Choice. Johnny's on the 0:06:21.480 --> 0:06:24.120 phone on launch day. As Carol mentioned, he's got a 0:06:24.120 --> 0:06:27.720 big event tonight virtual of course, because that's the world 0:06:27.720 --> 0:06:30.560 we're living in. And Patrick, first of all, thanks for 0:06:30.600 --> 0:06:33.560 sticking with us. And I have to ask you, you know, 0:06:33.600 --> 0:06:36.080 we were starting in the first part of our conversation 0:06:36.120 --> 0:06:37.599 to get into this notion of sort of how the 0:06:37.600 --> 0:06:41.200 world has changed and how FOMO still is creeping into 0:06:41.560 --> 0:06:45.480 what we're doing. What is the effect of sort of 0:06:45.520 --> 0:06:49.720 how we think about missing out or you also talk 0:06:49.800 --> 0:06:52.279 about POBO fear of a better option. How do we 0:06:52.320 --> 0:06:55.000 think about that differently? Do you think on the other 0:06:55.040 --> 0:06:57.120 side of this as we get to what some people 0:06:57.120 --> 0:07:00.040 are calling sort of the next normal. Yeah, it's a 0:07:00.080 --> 0:07:02.520 really important question because I think we have a lot 0:07:02.560 --> 0:07:04.560 to learn in this moment, and if we pay attention 0:07:04.920 --> 0:07:06.480 and put down our phones for a minute and think 0:07:06.520 --> 0:07:08.359 about what's going on, we can come out of this 0:07:08.480 --> 0:07:12.680 actually better people, better society. And so I would think 0:07:12.680 --> 0:07:15.840 on the FOMO side, it's really about paying attention right 0:07:15.840 --> 0:07:17.680 now to what you truly miss and what you realize 0:07:17.720 --> 0:07:20.440 you don't really miss, writing that down actually, and then 0:07:20.480 --> 0:07:24.320 when you re emerge into the real world remembering these things, 0:07:24.320 --> 0:07:26.760 like it's incredible the little things I miss. I live 0:07:26.760 --> 0:07:29.880 in New York City. I missed the subway, I miss 0:07:30.200 --> 0:07:33.040 going to a lot of the restaurants in the neighborhood. 0:07:33.080 --> 0:07:36.280 What I don't miss is over scheduling myself or being 0:07:36.320 --> 0:07:38.480 stressed out about some of the things that don't really matter. 0:07:38.520 --> 0:07:41.240 So I think thinking about that right now and being 0:07:41.280 --> 0:07:45.360 introspective about that helpful phobo, which is a fear of 0:07:45.400 --> 0:07:47.840 a better option. This is the other thing that I 0:07:47.880 --> 0:07:50.440 wrote about back in business school, but it never got famous. 0:07:50.640 --> 0:07:52.680 But it's just as bad, I would say, worse than 0:07:52.760 --> 0:07:56.080 Fomo because Phobo is about never sort of accepting a deal, 0:07:56.160 --> 0:07:58.920 always wanting to trade up, always wanting to wait for 0:07:58.960 --> 0:08:01.040 something better to come a long and I think that 0:08:01.080 --> 0:08:04.080 we've seen in this pandemic that the people who were 0:08:04.120 --> 0:08:06.080 waiting for something better to come along when it came 0:08:06.120 --> 0:08:08.800 to making the hard decisions about closing down and social 0:08:08.800 --> 0:08:12.400 distancing h they found out very quickly that delaying decision 0:08:12.440 --> 0:08:15.880 making actually has terrible effects. I totally agree with that. 0:08:15.920 --> 0:08:18.760 I think that's such an interesting insight, right, the amount 0:08:18.760 --> 0:08:21.640 of time like you stew over making a decision, sometimes 0:08:21.640 --> 0:08:24.840 you just gotta just do it and move on totally. 0:08:24.920 --> 0:08:28.000 I mean this, this is a great example in public 0:08:28.040 --> 0:08:30.520 policy with whether it's COVID or it's or it's Brexit. 0:08:30.800 --> 0:08:34.400 But it's also if you think about entrepreneurs versus incoming companies. 0:08:34.440 --> 0:08:37.800 These traditional companies that they have all this money and resources, 0:08:37.840 --> 0:08:40.440 but they can't move quickly. And the reason why you know, 0:08:40.520 --> 0:08:43.200 the outies get eaten up by the teslas is because 0:08:43.280 --> 0:08:45.680 the startups have to move. They don't have the resources 0:08:45.720 --> 0:08:48.880 just to sit around and wait for something better. Yeah. Well, 0:08:48.920 --> 0:08:53.240 and there's it also feels like many folks are gaining 0:08:53.280 --> 0:08:56.719 a sense of clarity to your earlier point about fomo, 0:08:56.800 --> 0:08:59.280 about sort of what they need and what they don't need. 0:08:59.679 --> 0:09:03.280 But also when a lot is stripped away, maybe you 0:09:03.320 --> 0:09:05.520 stop thinking, well, I'm going to do this thing next, 0:09:05.559 --> 0:09:07.440 and I'm really just doing this until I get a 0:09:07.520 --> 0:09:11.240 chance to do X. And there's also this sense it 0:09:11.280 --> 0:09:14.920 feels like right now Patrick, that you know, we're all 0:09:15.000 --> 0:09:18.280 much more aware of our mortality in in some ways, 0:09:18.360 --> 0:09:21.040 and and maybe saying either Okay, I'm gonna make that 0:09:21.080 --> 0:09:23.920 decision to do something different, or maybe I need to 0:09:23.960 --> 0:09:26.280 sort of reassess and and really be honest about how 0:09:26.320 --> 0:09:29.200 I'm feeling about this situation right now and not always 0:09:29.240 --> 0:09:32.640 be a grass is greener sort of person. That's for sure. 0:09:32.720 --> 0:09:35.360 The reality is that we are having this opportunity, but 0:09:35.920 --> 0:09:39.000 just with as what we lived within nine eleven, there 0:09:39.040 --> 0:09:41.440 was this period of introspection and then we sort of 0:09:42.480 --> 0:09:45.680 resume these sorts of years that we wish we hadn't done. 0:09:45.679 --> 0:09:48.840 And so I actually suspect that there will be a 0:09:48.880 --> 0:09:51.680 wave of a massive fomo when we are able to 0:09:51.720 --> 0:09:53.320 live our lives again, And I think it's okay for 0:09:53.320 --> 0:09:55.839 a little while, because when you have means there something 0:09:55.880 --> 0:09:58.720 to miss out on. That's a good thing. But we 0:09:58.720 --> 0:10:01.360 we definitely want to be conscious of what we've learned 0:10:01.440 --> 0:10:03.520 right now, because you know, if we learn something and 0:10:03.520 --> 0:10:06.320 pay attention, we can just live much more decisive lives. 0:10:06.480 --> 0:10:10.960 How do you apply fomo in the workplace? Oh, it's 0:10:11.000 --> 0:10:14.160 a very anybody been on LinkedIn lately and seeing all 0:10:14.160 --> 0:10:16.160 of your friends with their promotions and you start to 0:10:16.200 --> 0:10:18.080 feel like you're just not good enough. I mean, that 0:10:18.200 --> 0:10:21.760 is that is an incredibly sort of active use case. 0:10:21.840 --> 0:10:25.000 But really I think about FOMO in terms of not 0:10:25.040 --> 0:10:27.640 only in terms of not being sort of grateful or 0:10:27.679 --> 0:10:30.480 thankful for what you do have and then more fixating 0:10:30.480 --> 0:10:33.079 on what you don't have, but also in terms of 0:10:33.160 --> 0:10:37.360 running businesses. When businesses start to do things because of fomo, 0:10:37.400 --> 0:10:40.280 when Pepsi brings Crystal Pepsi on the market because they 0:10:40.280 --> 0:10:42.880 want to keep up with sprite, when you're doing things 0:10:42.880 --> 0:10:44.800 for the wrong reasons, because you're following in the crowd, 0:10:45.120 --> 0:10:49.520 you are apt to make mistakes. And so how do 0:10:49.600 --> 0:10:51.600 you think We've been asking sort of big thinkers that 0:10:51.720 --> 0:10:55.760 this question like, what are the underappreciated ways that you 0:10:55.800 --> 0:10:59.520 think we change as either humans or business people investors 0:11:00.160 --> 0:11:04.240 on the other side of this, So, I have a feeling, 0:11:04.559 --> 0:11:09.040 um that it's unfortunate that this whole sort of situation 0:11:09.080 --> 0:11:12.679 has become quite political. And I think that we're going 0:11:12.720 --> 0:11:15.240 to see through the rest of the year that the 0:11:15.280 --> 0:11:17.880 political divide that is created by this is going to 0:11:17.920 --> 0:11:20.280 play out in our election, and then we're going to 0:11:20.320 --> 0:11:22.800 see effects on the election and potentially with voting and 0:11:23.280 --> 0:11:25.439 voting rights and things like that. And so I think 0:11:25.480 --> 0:11:27.920 the big question that I asked myself as I look 0:11:27.920 --> 0:11:30.599 at this pandemic is what is the role that it 0:11:30.640 --> 0:11:34.000 will have in affecting our democracy and how can we 0:11:34.040 --> 0:11:37.120 as citizens come together to actually defend something that's so 0:11:37.200 --> 0:11:38.679 precious to us. And I think that's going to be 0:11:38.720 --> 0:11:41.920 the conversation this year. Right now, we're all dealing with 0:11:41.960 --> 0:11:45.960 the medical emergency. Next we'll be dealing with the economic impact, 0:11:46.040 --> 0:11:47.920 and we're gonna be dealing with the impact to our 0:11:47.960 --> 0:11:50.920 democratic systems. And I do think about FOMO in terms 0:11:50.960 --> 0:11:53.200 of an election, your fear of missing out on, you know, 0:11:53.280 --> 0:11:56.360 re election, and do you make the wrong policy calls 0:11:56.480 --> 0:12:00.440 potentially because you're concerned about that and I'm trying to 0:12:00.679 --> 0:12:03.679 get political, but you do think about the urgency. That's 0:12:03.679 --> 0:12:06.920 an interesting point. Interesting went all right. Patrick McGinnis, congratulations 0:12:06.920 --> 0:12:09.640 on the book. It'ssel today, fear of missing out practical 0:12:09.679 --> 0:12:12.800 decision making in a world of overwhelming choice, that pivot 0:12:12.880 --> 0:12:15.400 politics there at the end that he made. That's the 0:12:15.440 --> 0:12:20.040 Georgetown education talking right there. Carol Masser, Okay, Mr alum 0:12:20.040 --> 0:12:23.800 from Georgetown writing that in U, graduate of the School 0:12:23.800 --> 0:12:28.679 for in Service down at Georgetown. Patrick McGinnis, congratulations on 0:12:28.720 --> 0:12:31.640 the book. Check it out Inventora. Fellow, you're listening to 0:12:31.760 --> 0:12:35.679 Bloomberg Business Week with Carol Masser and Jason Kelly on 0:12:35.840 --> 0:12:39.240 Bloomberg Radio. We are talking a lot about reopening and 0:12:39.360 --> 0:12:43.560 one state that has largely reopened. We're going to go 0:12:43.600 --> 0:12:45.679 there right now and it is the state of George 0:12:45.679 --> 0:12:48.679 and my home state. Frank Patterson joining us. He's been 0:12:48.679 --> 0:12:51.240 a guest in this program before. President CEO of Pinewood 0:12:51.240 --> 0:12:54.920 Atlanta Studios, joining us on the phone from that fine city, 0:12:55.080 --> 0:12:57.040 the A T. L. Frank. Really nice to talk to 0:12:57.040 --> 0:13:00.320 you again. Hey, Jason, good to talk to you. You're 0:13:00.360 --> 0:13:02.440 going to catch up with you and Carol. Yeah, well, 0:13:02.440 --> 0:13:05.720 thanks for making some time. I know it's busy down there. 0:13:06.000 --> 0:13:09.080 Give us a sense of what's going on on the ground, because, 0:13:09.120 --> 0:13:12.640 as I said, obviously we've been watching very closely from here, 0:13:13.040 --> 0:13:15.520 you know, living at the Epicenter. What's going on down 0:13:15.600 --> 0:13:20.000 in Georgia and Atlanta? What's the scene? Well, I mean, 0:13:20.760 --> 0:13:24.240 as you've probably seen, we have so coming out a 0:13:24.240 --> 0:13:26.559 little bit more from their homes than I know personally, 0:13:26.600 --> 0:13:29.560 My wife and I have begun to sort of venture 0:13:29.600 --> 0:13:34.360 out into the neighborhood and um uh, it's it's good 0:13:34.400 --> 0:13:38.720 to see our neighbors out again. But you know there's 0:13:38.720 --> 0:13:42.200 still a lot of caution. You can tell that. Um, 0:13:42.720 --> 0:13:45.480 while some of the activities have been opened up, a 0:13:45.480 --> 0:13:49.200 lot of us are still being quite cautious. And so 0:13:49.280 --> 0:13:53.120 what does it mean for the business, Because you guys 0:13:53.120 --> 0:13:56.679 are stacked up, I mean just by you know, just 0:13:56.840 --> 0:14:00.240 by the numbers, and you know them obviously, uh better 0:14:00.280 --> 0:14:02.480 than I do. But I mean we're talking about eighteen 0:14:02.520 --> 0:14:06.240 sound stages. We're talking about seven hundred acres a million 0:14:06.280 --> 0:14:10.480 square feet under one roof. I mean, the second largest 0:14:10.520 --> 0:14:13.760 purpose built studio in North America. I mean, this is 0:14:14.640 --> 0:14:16.920 you know, this is a busy place. Where are you 0:14:17.000 --> 0:14:20.080 in in terms of getting back up and running, Yeah, 0:14:20.080 --> 0:14:22.240 as you as you, as you mentioned, we were packed 0:14:22.920 --> 0:14:25.760 when the virus hit, and there's a lot of work 0:14:25.840 --> 0:14:29.400 to be done. You know, historically we've never seen this 0:14:29.520 --> 0:14:32.480 kind of money spent on the production of entertainment content 0:14:32.640 --> 0:14:34.800 in the history of our industry, right, I mean Wall 0:14:34.840 --> 0:14:38.040 Street has been pouring more money into the pipeline then 0:14:38.080 --> 0:14:42.200 we've had the capacity to produce in recent years, obviously 0:14:42.240 --> 0:14:45.840 because of all the developments with the streaming technologies. So 0:14:45.920 --> 0:14:49.000 we were really busy. Productions began to shut down, as 0:14:49.000 --> 0:14:52.080 you might imagine in March, and we just said about 0:14:52.080 --> 0:14:55.800 the business of uh my team on the ground at 0:14:55.800 --> 0:14:58.720 Pinewood Atlanta, you know, creating what we think are going 0:14:58.760 --> 0:15:02.400 to be the next next new best practices and protocols 0:15:02.400 --> 0:15:06.440 for getting back to work, because we believe, you know, 0:15:06.520 --> 0:15:09.720 sometimes the summer productions are gonna want to return, and 0:15:09.760 --> 0:15:12.560 of course we have to be prepared. So we've been 0:15:12.560 --> 0:15:15.440 putting a lot of work into what, as everyone says 0:15:15.520 --> 0:15:19.800 these days, our new normal is for productions. Yeah, and 0:15:19.840 --> 0:15:21.760 figure out those best practices. I mean it's going to 0:15:21.840 --> 0:15:23.560 be really, really tricky, and I know, we've been having 0:15:23.560 --> 0:15:27.240 some conversations about it, especially when it comes to content creation, 0:15:27.360 --> 0:15:32.000 making movies. Let's ask you just one question before we 0:15:32.080 --> 0:15:35.040 get to our news guys. Uh, frank, if we can't, 0:15:35.240 --> 0:15:38.880 what does that? What are those processes at this point? 0:15:38.880 --> 0:15:42.360 What it? Just? Quickly, yeah, quickly. We focused on three 0:15:42.400 --> 0:15:45.040 areas that I think everyone's concerned about. One is just 0:15:45.080 --> 0:15:48.240 sort of studio access and lot management, right, how do 0:15:48.320 --> 0:15:51.680 we manage the work on on the lot and manage 0:15:51.720 --> 0:15:54.600 the way people work together? And then what kind of 0:15:54.600 --> 0:15:58.240 improvements can we make to our facilities to make them 0:15:58.280 --> 0:16:01.680 healthier and safer. So for example, full air handling systems 0:16:01.720 --> 0:16:06.720 and swanky hand washing stations and electrostatic spray technology, you know, 0:16:06.760 --> 0:16:09.280 the new kinds of technologies that we can put in 0:16:09.320 --> 0:16:12.360 place in our facilities to make the you know, the 0:16:12.400 --> 0:16:15.160 work process is safer. And then the last is just 0:16:15.240 --> 0:16:18.680 sort of what we call better practices and protocols for 0:16:18.800 --> 0:16:21.200 how we're gonna work together, how our crews are going 0:16:21.240 --> 0:16:24.720 to work together. We've been collaborating with studios and guilds 0:16:24.720 --> 0:16:27.880 and unions and associations to try to come up with 0:16:27.960 --> 0:16:31.760 a best practices, uh, set of guidelines, you know, in 0:16:31.760 --> 0:16:35.520 the next days. So Frank, let's dig into that. We 0:16:35.520 --> 0:16:37.640 we caught up at Jane Rosenthal of the Tribeca Film 0:16:37.680 --> 0:16:40.040 Festival and talking about you know a lot of times 0:16:40.040 --> 0:16:42.680 when you're when you're filming, it's very intimate, right, and 0:16:43.200 --> 0:16:45.520 people and actors are next to one another. There's a 0:16:45.520 --> 0:16:48.120 lot of folks on the tech side, the whole team, 0:16:48.160 --> 0:16:51.640 you know, they're all surrounding them. I mean, can you 0:16:51.760 --> 0:16:56.400 do that going forward until we get a vaccine or no? Yeah, 0:16:56.520 --> 0:16:58.840 no we can. I mean there are plenty tricks of 0:16:58.920 --> 0:17:01.200 the trade. I'm a big and of Jane and and 0:17:01.200 --> 0:17:03.880 and love her movies. And you know, we we tend 0:17:04.119 --> 0:17:06.959 uh time with Atlanta. The shows that were involved with 0:17:07.040 --> 0:17:11.240 tend to be these bigger tent pole you know, action movies, 0:17:11.320 --> 0:17:16.479 and and there's We're we're accustomed to creating scenes by 0:17:16.600 --> 0:17:19.600 piecing elements together, and we're gonna have to continue to 0:17:19.640 --> 0:17:22.719 do that and actually deploy new kinds of ways of 0:17:22.760 --> 0:17:26.199 piecing scenes together to keep people at safe distances. I 0:17:26.200 --> 0:17:30.119 think the key is going to be identify identifying ways, 0:17:30.160 --> 0:17:32.880 and we've already begun to do this how our crews, 0:17:33.240 --> 0:17:36.240 uh and our cast members can work in pods and 0:17:36.280 --> 0:17:39.760 a safe distances and kind of just zone off the work, 0:17:40.480 --> 0:17:44.159 uh and work in smaller teams that collaborate together, but 0:17:44.440 --> 0:17:47.320 everyone doesn't have to be on the set at once. 0:17:47.359 --> 0:17:49.240 We're kind of used to doing it that way, where 0:17:49.240 --> 0:17:51.399 we'll have you know, a hundred fifty people just on 0:17:51.440 --> 0:17:53.680 the set because they're waiting for the shot to be finished. 0:17:54.040 --> 0:17:55.840 But we don't have to work that way. We're gonna 0:17:55.840 --> 0:17:58.040 have to work a little slower, and it's gonna cost 0:17:58.080 --> 0:18:00.400 a little bit more time and money, but we're still 0:18:00.400 --> 0:18:02.720 going to be able to make these movies. And so 0:18:02.800 --> 0:18:07.359 how much is delayed? I mean if you can maybe 0:18:07.359 --> 0:18:10.160 not quantify, but but more the idea of you put 0:18:10.280 --> 0:18:13.520 some give us a sense of like how much of 0:18:13.560 --> 0:18:17.560 a delay this will ultimately mean for things getting done 0:18:17.720 --> 0:18:20.920 and maybe what it will look like for us as consumers, 0:18:20.920 --> 0:18:23.000 you know, re seeing like movies to late a year 0:18:23.200 --> 0:18:25.800 six months, Like, is there an average that you can 0:18:25.840 --> 0:18:28.880 sort of put on that, Frank, It's hard to quantify. 0:18:28.960 --> 0:18:30.919 It's a good question, Jason, and we're all trying to 0:18:30.920 --> 0:18:32.440 figure it out. Look, at the end of the day, 0:18:32.480 --> 0:18:35.120 we want to make certain that the movie going experience 0:18:35.200 --> 0:18:39.120 right the viewer doesn't notice any different. Great movie, great stories, 0:18:39.200 --> 0:18:41.479 great entertainment, right, So how do we do that? And 0:18:41.480 --> 0:18:45.160 we know we're gonna have to um work, you know, 0:18:45.280 --> 0:18:48.560 in smaller groups and take more time, and it is 0:18:48.640 --> 0:18:51.679 going to delay this pipeline that's already being delayed by 0:18:51.720 --> 0:18:56.600 this virus. Right But um so, I generally speaking, I 0:18:56.600 --> 0:19:00.240 think it's gonna be more time and money to get 0:19:00.240 --> 0:19:04.800 these projects through the pipeline until we have a vaccine 0:19:04.920 --> 0:19:08.280 and have better, uh you know, technologies in place to 0:19:08.320 --> 0:19:11.360 protect our workers super process. If you're listening to Bloomberg 0:19:11.359 --> 0:19:13.840 Business Week, Carl Masser, along with Jason Kelly, our guests 0:19:13.840 --> 0:19:17.600 at this hour Frank Patterson, president CEO of Pinewood Atlanta Studios, 0:19:17.960 --> 0:19:20.679 joining us on the phone from Atlanta. So, Frank, what 0:19:20.760 --> 0:19:25.040 are you hearing from various studios to about what they're 0:19:25.080 --> 0:19:27.800 going through right now at this point and how they 0:19:27.840 --> 0:19:29.560 see things. On the other side, you're talking a lot 0:19:29.560 --> 0:19:31.800 about the new protocols, but I am curious about some 0:19:31.840 --> 0:19:36.440 of the conversations you're having with that entire industry. Well, 0:19:36.480 --> 0:19:39.680 as you might imagine, we are collaborating. It's almost every 0:19:39.760 --> 0:19:42.480 day now with the various tax task forces, you know, 0:19:42.600 --> 0:19:45.000 the studios, with the studios and the guild and the 0:19:45.119 --> 0:19:47.800 unions and the associations, and you know, as far as 0:19:47.800 --> 0:19:50.080 the studios are concerned, of course, as you know, they're 0:19:50.080 --> 0:19:52.480 eager to get back to work. Uh. And it's just 0:19:52.520 --> 0:19:55.639 a question of how this is a critical part of 0:19:55.640 --> 0:19:58.359 the business. You've been covering what's happened to you know, 0:19:58.560 --> 0:20:02.960