Speaker 1: You're listening to the Bloomberg Business Week podcast. Catch us
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Speaker 2: Hi, everyone, welcome to the weekend edition of Bloomberg Business Week.
Speaker 2: We were live from the Bloomberg screen Time Event in
Speaker 2: LA this past week.
Speaker 3: It's all about the collision of Hollywood and Silicon Valley.
Speaker 3: We're hearing from entertainment executives, entrepreneurs, and celebrities as they
Speaker 3: look toward the future of content in a world where
Speaker 3: it's all about streaming.
Speaker 2: It is, indeed tim it is also about the moguls,
Speaker 2: the celebrities and innovators already defining the next phase of
Speaker 2: pop culture. And that includes also what's going on when
Speaker 2: it comes to sports and gaming and the role of
Speaker 2: artificial intelligence it's impacting it all.
Speaker 3: With that in mind, let's get to some of our
Speaker 3: favorite conversations from Bloomberg screen Time event this week, held
Speaker 3: at NIA Studios in Los Angeles.
Speaker 2: Two of Bloomberg's greatest out here out West have been
Speaker 2: here listening to the conversations, and they're joining us right now,
Speaker 2: Bloomberg News Entertainment Editor Chris Paul Mary and Bloomberg News
Speaker 2: Technology Executive Editor Tom Giles. So great to have you
Speaker 2: both with us.
Speaker 3: I don't know screen time, screen time.
Speaker 2: I feel like it's one great conversation after another. Tom,
Speaker 2: let me start with you. What jumped out for you
Speaker 2: that you found just really interesting?
Speaker 4: You know, it started with a bang, as you know,
Speaker 4: we had, we had Ari Emmanuel. He had strong words
Speaker 4: about his rivals. He had strong words about Netting Yahoo.
Speaker 4: He really came out swinging and got things started. And
Speaker 4: and we're going to be having a conversation with one
Speaker 4: of the people he criticized later today from CIA, his
Speaker 4: rival Talent agency, Right, and so will you know that
Speaker 4: that dialogue will continue, right, and that conversation will continue,
Speaker 4: there's been He was.
Speaker 2: Actually very specific about some of his criticism that to
Speaker 2: me stood out about the people in charge. And then
Speaker 2: going back to Harvey Weinstein, right, I mean he was
Speaker 2: pretty critical.
Speaker 4: Yeah, I mean, yeah, just came out swinging, had some
Speaker 4: very strong words accountability. He wants you know, he wants
Speaker 4: her to be accountability. But mind you, this is his rival,
Speaker 4: this is his competitor. It's very much in his interest
Speaker 4: to raise questions about this, so you have to take
Speaker 4: it with that. But he also raised questions about some
Speaker 4: of the female actors who are represented there and asking
Speaker 4: whether should they be saying more? Should Meryl Streep, Marco
Speaker 4: Bobby named name check two of the hottest stars in
Speaker 4: Hollywood right now? Should they be saying more? It's a
Speaker 4: question that he raised. But that's really just the beginning.
Speaker 4: I just got out of Isa Ray who was talking
Speaker 4: about the you know, her concerns about Ai and can
Speaker 4: AI take my can can they use an artificially created
Speaker 4: image of an actor like her? She called it horrifying.
Speaker 4: She compared it to a black Mirror episode. So she
Speaker 4: really outlined, you know, she really articulated what the concerns
Speaker 4: of actors like her when they're at the table, at
Speaker 4: the negotiating table. The strike is, you know, very much
Speaker 4: in the backdrop of this whole set of conversations, questions
Speaker 4: about like why is there an impass and you know, yeah,
Speaker 4: go ahead, well Chris.
Speaker 2: Come on in, because you I know, before we got going,
Speaker 2: you two Aria Emanuel really stood out for you talk walk.
Speaker 5: Us through that bit.
Speaker 6: You look, if I seem excited, it's because you know,
Speaker 6: I'm not just a hype machine here. I've been to
Speaker 6: so many of these conferences that are such duds, and
Speaker 6: I was a little worried, you know, but this is
Speaker 6: this is not a this has been a news Central.
Speaker 7: You know.
Speaker 6: I mentioned we do these things five takeaways, and we
Speaker 6: have big events, and we could do five takeaways just
Speaker 6: on Ari alone. He was so strong. Obviously there was
Speaker 6: the issue about the Harvey y and Stea and the
Speaker 6: CIA suit that Tom talked about, but you know, he
Speaker 6: came home saying right at the beginning that Benjamin Nett
Speaker 6: and Haat, who prime Minister Rituals, stepped down after what
Speaker 6: happened last weekend, got a lot of coverage of all
Speaker 6: around the world. A very very heartfelt statement from him,
Speaker 6: and he gave his reasons why he did some handicapping
Speaker 6: on all the big media companies that we follow. He said,
Speaker 6: you know, I would not be buying Paramount right now.
Speaker 6: He said Fox has got a really older generation, a
Speaker 6: lot of family dynasty issues there. But he threw his
Speaker 6: support behind Warner Brothers CEO David Saslav and also Bob
Speaker 6: eiger Man, who's been getting a lot of criticism lately
Speaker 6: and by the way, when I was looking at all
Speaker 6: the coverage he was getting, we even got picked up
Speaker 6: in the wrestling websites about what he said about.
Speaker 3: Well, it makes sense given what you know, what he oversees. Now.
Speaker 3: Talk a little bit about that and his transition from
Speaker 3: you know, being the superagent to now being CEO of
Speaker 3: a company that oversees so many different entertainment assets.
Speaker 6: Well, the big news there was that, you know, they
Speaker 6: debuted this big stock TKO is the ticker symbol, and
Speaker 6: it's the combination of UFC and the World Wrestling. Enter
Speaker 6: came in and it's supposed to be this combat sports powerhouse,
Speaker 6: and it is, but it's kind of tanked recently. And
Speaker 6: one of the reasons is they high hopes for the
Speaker 6: new TV rights. It turns out NBC is not keeping
Speaker 6: the show that they had and so one of the
Speaker 6: things he said is like, look, everything's up for negotiation.
Speaker 6: There's six other bidders that could take it, and we
Speaker 6: could move the night that the show is on. And
Speaker 6: so got a lot of attention in that community. And
Speaker 6: then and then it'll almost like tease into what's coming
Speaker 6: later with Brian Lord. They are going to have a
Speaker 6: little cage match, this, this, this event. So so it's
Speaker 6: it's just it's been a lot of news here.
Speaker 2: Well, I want to go back to artificial intelligence because
Speaker 2: we talked to the CEO of Sundance Institute and she said,
Speaker 2: you know, for independent filmmakers, technology and AI maybe might
Speaker 2: be helpful. They've got limited budgets, and so it was
Speaker 2: just a different way of thinking about all the concerns
Speaker 2: that we talk about. AI talked to us a little
Speaker 2: bit more about because this is coming up a lot here, Tom.
Speaker 4: Well, you know, how can creators, you know, small creators
Speaker 4: who don't have big budgets behind them, what are the
Speaker 4: tools that they can use AI tools for production for
Speaker 4: makeing their content really stand out. Those are a couple
Speaker 4: of different ways, like more maybe more innocuous, less threatening
Speaker 4: to the actors. Where it gets great, Where it gets scary,
Speaker 4: you know, again to come back to the black mirror metaphor.
Speaker 4: It gets scary when you think that someone could create,
Speaker 4: could artificially create an image and you know, bring people
Speaker 4: to life even though they're they're they're not you know,
Speaker 4: not even part of the production. All these things might
Speaker 4: happen without their consent. That's where it gets scary.
Speaker 3: Well, that's a perfect segue, Chris into the backdrop of
Speaker 3: what's happening with screen time right now. I mean, the
Speaker 3: writer's strike has been resolved, but the actors strike certainly hasn't.
Speaker 3: Ai is a hang up there. Talk to us about
Speaker 3: what we heard from Ted sarandos Coco at Netflix. I mean,
Speaker 3: this is a guy who's been at Netflix since almost
Speaker 3: the beginning.
Speaker 6: Yeah, another big news break first, which he gave us
Speaker 6: a little behind the scenes in the room. What happened
Speaker 6: and why the talks broke down, which they did after
Speaker 6: many days. Uh and uh. Basically, he said the actors
Speaker 6: came in with a demand for a They originally wanted
Speaker 6: a two percent share of the revenue from streaming services.
Speaker 6: Now they He called it a levy, a tax essentially
Speaker 6: on per customer for every streaming customer. This was in
Speaker 6: addition to what the studios had already offered, which was
Speaker 6: bonus payments to actors that they've already done for the
Speaker 6: writers based on how popular a show is. So he
Speaker 6: described it as a bridge too far. This is you know,
Speaker 6: we're very long negotiations and this comes out. This is
Speaker 6: stuff we've heard Fran Dresser that the head of the
Speaker 6: actors unit, has really been pushing hard. She she wants
Speaker 6: to get some huge win out of this. That even
Speaker 6: did the writers haven't gotten. So that was that. That
Speaker 6: was in the room.
Speaker 2: It's a big deal.
Speaker 3: He broke other news too.
Speaker 4: He talked about these experience sites that you know you've
Speaker 4: probably seen or heard or even use a Bridgerton experience
Speaker 4: one of those temporary pop ups.
Speaker 3: Netflix is going to open two of those. He didn't
Speaker 3: say where.
Speaker 4: We're speculating, Uh, we will speculate on where that and
Speaker 4: hopefully break that news. But he said they're going to
Speaker 4: be opening two of these permanent experiential where there's going
Speaker 4: to be food, there's gonna be ways that you can
Speaker 4: interact with Netflix content, and they're gonna be an ongoing thing.
Speaker 3: He said.
Speaker 4: It's less like a Disneyland and more like just you know,
Speaker 4: going to your favorite mall that you go in and
Speaker 4: you're you're you're going, you know, you're They want people
Speaker 4: to go in multiple times a month, for example, not
Speaker 4: just so once every other.
Speaker 3: We go do a squid game's obstacle course and then
Speaker 3: get killed if we don't reach the end of it.
Speaker 6: Help not.
Speaker 3: I mean, why am I why is my mind going
Speaker 3: right there? I don't know.
Speaker 4: No, I mean there are there are experiences like that
Speaker 4: where you can kind of replicate somehow. It's some aspects
Speaker 4: of the squid game, not the ones where you die.
Speaker 8: You know.
Speaker 3: It's so funny though, to both of you. You know,
Speaker 3: years ago, I think Ted Sarando said we want to
Speaker 3: become HBO before HBO becomes us, right, or maybe it
Speaker 3: was Read Hastings even saying that this company is now
Speaker 3: turning into a legacy the company opening up experiences. Who
Speaker 3: else does experiences? Every other legacy media company? Right, Yeah,
Speaker 3: it's fascinating to see this happen before our very eyes,
Speaker 3: right right.
Speaker 4: And you know, look, I mean growth in subscribers is slowing.
Speaker 4: There's only there's only so much you can there's so
Speaker 4: many only so many more people you can add. But he,
Speaker 4: you know, he expressed certainly enthusiasm and optimism that they
Speaker 4: do have room for growth in terms of revenue, in
Speaker 4: terms of share, and you know, he's he's talking a
Speaker 4: big game.
Speaker 2: Just got about forty five seconds left. Favorite moment of
Speaker 2: the event so far.
Speaker 3: Oh it's a ray just coming out of there, so impressive, And.
Speaker 2: Yeah, we'll pull it down.
Speaker 6: Hey, we broke the news to BTS, A K Pop
Speaker 6: van is reuniting for a tenth anniversary. You know, the
Speaker 6: two of them were military service, so hey, we are
Speaker 6: on top of cultural trends here.
Speaker 3: Do you believe BTS has been out for ten years?
Speaker 3: I cannot believe that.
Speaker 5: It's like pretty amazing.
Speaker 3: Shows how late I've learned about them, just like the
Speaker 3: Little Behind.
Speaker 2: The Curve their anniversary album.
Speaker 4: So you can take that, guys, what no, no, And
Speaker 4: they're just a huge business.
Speaker 5: I know.
Speaker 2: Well that's what we're like, we were talking about it earlier.
Speaker 2: Thank you both so appreciate it.
Speaker 9: And it's been a busy day.
Speaker 2: Tom Giles, Chris Palm, Mary, thank you both. You're listening
Speaker 2: to a special edition of Bloomberg Business Week featuring some
Speaker 2: of the conversations from Bloomberg screen Time event in Los
Speaker 2: Angeles this past week.
Speaker 3: It's all about the intersection of Hollywood and Silicon Valley,
Speaker 3: with entertainment executives weighing in on the futures of their businesses.
Speaker 2: It's definitely changing. Stay tuned for more conversations straight from
Speaker 2: screen Time in Hollywood right here on Bloomberg Business Week.
Speaker 3: You're listening to Bloomberg BusinessWeek. This is Bloomberg.
Speaker 1: This is Bloomberg Business Week with Carol Messer and Tim
Speaker 1: Stenebeck from Bloomberg Radio.
Speaker 3: This week, Bloomberg Business Week ventured out west to the
Speaker 3: Bloomberg screen Time event in Los Angeles.
Speaker 2: At the event, a gathering of entertainment executives, entrepreneurs, and celebrities,
Speaker 2: all talking about some of the greatest transformations in pop
Speaker 2: culture that the world has ever known.
Speaker 3: With that in mind, let's turn back to the event
Speaker 3: now and enjoy some of our favorite conversations from NIA
Speaker 3: Studios in Los Angeles.
Speaker 2: We have a great guest. If you come out to
Speaker 2: LA Yes, it's so much about the content business, the
Speaker 2: studios and all the good stuff like that. But you know,
Speaker 2: it's also known for some iconic sports teams La Lakers,
Speaker 2: La Dodgers, La Rams, just to name a few sports too.
Speaker 2: Is such a muse in terms of creating content here
Speaker 2: in the United States and really globally. And our next
Speaker 2: guest knows a lot about that. She's part of the
Speaker 2: La Rams Inner Circle. She was in an earlier session
Speaker 2: here at screen Time. It was called perfecting your Partnership
Speaker 2: Strategy in the world of so I.
Speaker 3: Got to catch a little bit of it. You did.
Speaker 3: It was great. Jennifer Prince, he's chief commercial officer for
Speaker 3: the La Rams.
Speaker 2: I always feel like all of these, right, they're just
Speaker 2: such great discussions, and I think about the sports world generally,
Speaker 2: it is such a great no joke, It is such
Speaker 2: a great news in terms of creating content. How do
Speaker 2: you think about it. You've got players, you've got teams,
Speaker 2: You've got lots of stuff going on.
Speaker 10: Yeah, So sitting in the center of LA we have
Speaker 10: an incredible team, an incredible brand. This brand is global.
Speaker 10: We have fans everywhere, and we get to play in
Speaker 10: Sofi Stadium, which is a beautiful mecca of you know
Speaker 10: what sports and entertainment and technology and that intersection is.
Speaker 10: And so we get to really lean into all of
Speaker 10: the assets from the football players to the team, to
Speaker 10: our coach, everything on the field to them, thinking about
Speaker 10: our brand and the way that we present ourselves and
Speaker 10: how we work with partners to reach our fans, our
Speaker 10: future fans, and really creating this intersection.
Speaker 2: What's the thing that really moves the needle. That's something happens,
Speaker 2: You post something you know and it's just like it
Speaker 2: just blows up.
Speaker 10: Yeah, so football first, right, anything.
Speaker 2: Football from the game or any of it.
Speaker 10: Any highlight, any moment not only on the field, but
Speaker 10: also the arrivals and the you know, the talks with
Speaker 10: coach after the game, all of it. It all, you know,
Speaker 10: resonates with fans and it gives access. And so that
Speaker 10: access point is really what does well our fans, even naysayers,
Speaker 10: like to hear what coach has to say, whether we
Speaker 10: win or lose, and how he motivates the team and
Speaker 10: keeps the team moving. So I would say, like the
Speaker 10: football first.
Speaker 3: Silly me, I thought she was going to say Taylor Swift,
Speaker 3: So well, how much? So we have to ask how
Speaker 3: can we be out?
Speaker 2: Let's be real, like were you guys? Can we have
Speaker 2: our Taylor Swift moment? Like was it frustrating a little bit?
Speaker 2: Or like, oh my god, because so much attention right
Speaker 2: has been on you know, Taylor or trailer as they
Speaker 2: call it. So how do you think about that?
Speaker 10: Yeah? So, really the NFL is having a moment right
Speaker 10: when you think about the fan base and everyone who
Speaker 10: rallies around football, and then you think about that future
Speaker 10: fan and you think of that younger female demo and
Speaker 10: how to reach them. I mean, this is a moment
Speaker 10: and it's not like Travis Kelsey needed any help. He
Speaker 10: will be a Hall of Famer. He's incredible on the field.
Speaker 10: But the two of them together, it's a phenomenon. It's
Speaker 10: something that is really impacting ratings to Jersey sales. Are
Speaker 10: you guys seeing it following?
Speaker 2: Are you also seeing an impact a result?
Speaker 10: I think just the overall consumption and who's watching and
Speaker 10: who's leaning in. We all need to lean into this moment.
Speaker 10: It isn't happening in our team right or within our family,
Speaker 10: but we still get to capitalize on what it means
Speaker 10: for this fan base to be so ripe and present
Speaker 10: at this time, which are young females.
Speaker 2: Are you telling a member of the team like, hey,
Speaker 2: you know there's a popular singer that's.
Speaker 3: Like, well, I think about he's not available.
Speaker 5: Do you know what I think.
Speaker 2: About the old Hollywood studio system, right, and they would
Speaker 2: link actors and actresses together just so that their pictures
Speaker 2: showed up, just to create some momentum. I know, I know,
Speaker 2: I know who's saying right, we don't know?
Speaker 3: Well, you know, it brings up an interesting point about
Speaker 3: the presence on social media that these players have even
Speaker 3: before potentially signing with a pro team. How do you
Speaker 3: work with the players who have this direct connection to
Speaker 3: make sure that, look, what they're posting is something that
Speaker 3: aligns with your own values.
Speaker 10: Yeah, so listen, I've spent nine years at Twitter, almost
Speaker 10: years ago to come, and so everyone has a personal life,
Speaker 10: everyone has a point of view, and those who are
Speaker 10: notable can use their voice and carry their voice in
Speaker 10: all the right ways and also can make some right
Speaker 10: and left turns. It isn't my job specifically to work
Speaker 10: with the players and player marketing. That's our CMO. We
Speaker 10: have teams of people doing that. But we have a
Speaker 10: really great team. I would say we have incredible players
Speaker 10: who are not necessarily leaning into things that they shouldn't
Speaker 10: be and we like when they're using their voice that
Speaker 10: helmet off who they are as people going through their journeys,
Speaker 10: their paths. Everyone has a story, so we like for
Speaker 10: them to tell their own story. But it's always something
Speaker 10: just to keep our eye on. But we have those
Speaker 10: who are well behaved, and if.
Speaker 2: Not, they probably get reminded to be well be don't
Speaker 2: we all need that occasionally? Who is it that you
Speaker 2: like to take meetings with to figure out how do
Speaker 2: you best you know, kind of leverage your brand.
Speaker 10: Yeah. So we have over one hundred partners and we
Speaker 10: don't just want to create volume and scale around these partnerships.
Speaker 10: We like to partner in deep, meaningful ways. We like
Speaker 10: to say we partner with purpose. And so when we're
Speaker 10: talking to brands right the existing brands that we have
Speaker 10: from Sofi to Toyota and Pepsi to Verizon, we have
Speaker 10: so many incredible brands and usually those want to leave
Speaker 10: it lean into us who are doing sports marketing, want
Speaker 10: to reach a future fan base with us and reach
Speaker 10: our existing fan base in meaningful ways with surprise and
Speaker 10: delights and offers and access.
Speaker 3: Like I talked about, what's the read that you're getting
Speaker 3: from your partners right now in the economy. We love
Speaker 3: talking to people like you because you see where the
Speaker 3: money's going. You see how much money is going to
Speaker 3: a certain places. We're not going exactly. What is the
Speaker 3: read on the economy that you see from your purchase
Speaker 3: chief commercial officers.
Speaker 10: Yeah. So, you know, we have the benefit of sitting
Speaker 10: in the Los Angeles and we are working typically with
Speaker 10: not only heads of marketing, but those in the region
Speaker 10: who are looking to increase sales produce outcomes with us.
Speaker 10: So we like that we are a bridge and a
Speaker 10: conduit to providing outcomes. So it's not just the upper
Speaker 10: funnel fun stuff in terms of marketing with brands. It's
Speaker 10: also getting down to metrics and measurements. So coming from
Speaker 10: a world that was highly measured, I ensure that my
Speaker 10: team has all the right partnerships in place with vendors
Speaker 10: so that we can provide outcomes. And so when we
Speaker 10: hear from a brand that they're doing incredibly well with us,
Speaker 10: we dig into that what does that mean? We want
Speaker 10: to make sure that we're marching with our brands to
Speaker 10: the outcomes.
Speaker 2: So anybody pulling back though because of the economics.
Speaker 10: So you know what there are I was going to say,
Speaker 10: so the few categories right that are having a harder
Speaker 10: time is whether it's crypto or some mortgage finance interest rates.
Speaker 10: Like the things that are present right now that you're
Speaker 10: more familiar with. Those are the categories who are at
Speaker 10: times having to either readjust or realign commit, but commit
Speaker 10: in different ways and at different levels.
Speaker 2: All Right, you're in an elevator with somebody, really matters
Speaker 2: more important than us, and they said, give me thirty
Speaker 2: five forty seconds on Twitter.
Speaker 5: You know Twitter, this company?
Speaker 2: What do you say?
Speaker 3: You were there for eight years vice president. Don't eat
Speaker 3: up her time on content partnerships?
Speaker 10: What is it eat up time time? Listen? I worked
Speaker 10: at Twitter. We were priding ourselves on being this megaphone
Speaker 10: to the world and really where public conversation could happen.
Speaker 10: We did all the right things. I left December of
Speaker 10: twenty one, a long time ago. What Twitter is now,
Speaker 10: it's just taken on to be x. It has a
Speaker 10: little different meaning the way that they're leaning into product
Speaker 10: innovation and no comment really other than I had incredible
Speaker 10: years there and miss those that I worked with.
Speaker 3: Do you still use it?
Speaker 10: I do. I'm not posting as much or tweeting, or
Speaker 10: it's not tweeting, it's posting, and so I'm but I'm
Speaker 10: consuming for sport more than I'm talking about myself.
Speaker 2: Yeah, it's a different world. I find myself backing up.
Speaker 2: What a pleasure, Thank you so much, So enjoyed.
Speaker 10: I shot you.
Speaker 2: Jennifer Prince, she's Chief commercial Officer for the La Rams
Speaker 2: on site at Bloomberg screen Time in Los Angeles.
Speaker 3: You're listening to a special edition of Bloomberg BusinessWeek featuring
Speaker 3: the best of Bloomberg screen Time event in LA this
Speaker 3: past week.
Speaker 2: We'll have more on the future of content, the boom
Speaker 2: and streaming audio and video, and the latest sports and
Speaker 2: gaming experiences when we come back. We're covering it all.
Speaker 2: This is Bloomberg.
Speaker 1: Please is Bloomberg Business Week with Carol Messer and Tim
Speaker 1: Stenebeck from Bloomberg Radio.
Speaker 2: You're listening to a special edition of Bloomberg Business Week
Speaker 2: featuring some of the best moments from Bloomberg screen Time
Speaker 2: event held in Los Angeles this past week.
Speaker 3: More now from some of the moguls, celebrities and entrepreneurs
Speaker 3: already defining the next phase of pop culture.
Speaker 2: All right, We're going to talk now about the gaming
Speaker 2: industry because over the summer, Gaming Giant Electronic Arts EA
Speaker 2: split into two as part of a restructuring said they
Speaker 2: divided the company into EA Sports EA Games. It really
Speaker 2: speaks to the growing content worlds and demands of both
Speaker 2: sports and gaming. There's a lot that they are doing
Speaker 2: on both fronts.
Speaker 3: Yeah, we got a great guest with us this afternoon,
Speaker 3: Laura Miles, president of Entertainment and Technology at the thirty
Speaker 3: five billion dollar market cap and gaming giant EA, who
Speaker 3: also might know it as Electronic Arts. She knows this
Speaker 3: company well. She was a former COO and chief studios
Speaker 3: officer of EA as well. She's with us right now.
Speaker 3: How are you.
Speaker 9: I'm great, Hello, Thanks for having me.
Speaker 5: Thank you. What a great event.
Speaker 2: What do you get out of something like this?
Speaker 9: I love the cross section of technology, media and then
Speaker 9: just the conversations that are happening. So the presentations are awesome,
Speaker 9: but the richness comes from the you know, getting a
Speaker 9: cup of coffee and having interaction in exchange with people.
Speaker 9: I just did to talk about gaming and it was
Speaker 9: great to hear people from nonprofits that are very passionate
Speaker 9: about education and how gaming can contribute to that. And
Speaker 9: I don't know if I would have had that. I
Speaker 9: don't know if I could have organized that or of
Speaker 9: you know, plan that conversation. So it's great, it's great
Speaker 9: to be here.
Speaker 5: It's so funny.
Speaker 2: It's a very bloomberg ish kind of thing where we
Speaker 2: all kind of have to like run into each We
Speaker 2: don't have to, but we just do. But it's amazing
Speaker 2: that you're like, oh, I don't know, you was doing
Speaker 2: that like.
Speaker 5: Maybe happy accidents, right, yeah, great.
Speaker 2: Happy accident tell us about your world and when you
Speaker 2: are thinking about I mean, actually, let's go to the
Speaker 2: big story. Let's talk about soccer.
Speaker 9: Okay, can we go there first?
Speaker 7: Sure?
Speaker 2: In terms of this long term relationship that you guys
Speaker 2: have with FIFA and now you're doing your own thing.
Speaker 2: Was that a complicated, difficult switch to do.
Speaker 9: It's been years in the making, and it was such
Speaker 9: a great time for us, given shifts that we're seeing
Speaker 9: in the industry, shifts we're seeing in technology, it was
Speaker 9: a moment for us to say, hey, gosh, can we
Speaker 9: really create our own brand? And you know, Ea Sports
Speaker 9: Football Club. It's such an the idea and concept of
Speaker 9: it is such an inclusive idea for players and partnerships
Speaker 9: we have with clubs. We have nineteen thousand athletes in
Speaker 9: the game and so it's remarkable. And where the industry
Speaker 9: is headed is you think about games now as platforms
Speaker 9: and in the case of E Sports FC, we have
Speaker 9: a mobile game, we have online game. In Asia, we
Speaker 9: have the HD premium game, and they're all about this
Speaker 9: big ecosystem. Hundreds of millions of players in this and
Speaker 9: they play multiple versions of the game, and they socially
Speaker 9: connect and they create together, and they watch games together.
Speaker 9: And so that's really the future and what we're seeing
Speaker 9: in the industry. And when we think about electronic arts,
Speaker 9: we also have Battlefield, the SIMS and Apex and Skate
Speaker 9: and so you apply this model of this connected ecosystem,
Speaker 9: these massive online communities, we see that that's a really
Speaker 9: important direction for our growth and where we're headed.
Speaker 3: But this game, I mean, FIFA's legendary, one of the
Speaker 3: best selling series in the world, more than three hundred
Speaker 3: and seventy five million copies sold, versions in twenty different languages,
Speaker 3: and for people who are just catching up, and there's
Speaker 3: a great article in the great in this week's edition
Speaker 3: of Bloomberg Business Week. EA and FIFA we're not able
Speaker 3: to come to a licensing agreement. So this year it's
Speaker 3: not called FIFA anymore, called EA Sports FC twenty four.
Speaker 3: How do you make sure that consumers of the game,
Speaker 3: people who are new to it as well, know that
Speaker 3: this is the next iteration of what last year was
Speaker 3: called FIFA.
Speaker 9: Are they already well, you know, we launched a sports
Speaker 9: FC twenty four a few weeks ago, and we are
Speaker 9: so thrilled with the reception of the game, and keep
Speaker 9: in mind the game is everything that it was. Again,
Speaker 9: we have nineteen thousand athletes over three hundred clubs and partnerships.
Speaker 9: So when players in Liverpool show up, their club is there,
Speaker 9: their athletes through there, and that's what's really meaningful to them.
Speaker 9: That was super important that we maintain that integrity of
Speaker 9: the experience and so and we were also able to
Speaker 9: innovate in the game with some really great technology and
Speaker 9: really realistic soccer experiences and animation.
Speaker 2: And it's amazing when you guys get so specific on
Speaker 2: details of whether it's how their's shorts move, like I
Speaker 2: know our story in Bloomberg business Week talks about it,
Speaker 2: but it does say something about the attention to details,
Speaker 2: so that when somebody is playing, it's like being in
Speaker 2: a real.
Speaker 9: It's a band about realism and yeah, and having and
Speaker 9: having that expression. And I am a soccer player on
Speaker 9: the you know, on the pitch, and so I think
Speaker 9: that that's that's what players really really look for. So yeah,
Speaker 9: we're we're really proud of of where it's landed, how
Speaker 9: the game is received by players right now, and where
Speaker 9: we're headed. That's the exciting thing. Again, these connected communities
Speaker 9: are massive.
Speaker 2: So what do you do with that? Because you know,
Speaker 2: when we talk about connected communities, I think we go
Speaker 2: to the traditional social world right and we think about
Speaker 2: those communities better or worse. Tell us about that community
Speaker 2: and what's the power of it and where else you
Speaker 2: can go with it?
Speaker 9: You know, the the idea about play clearly, games are
Speaker 9: about play, being and playing games right and as we
Speaker 9: continue to think about our design and our innovation, we
Speaker 9: really want to extend the modality of experiences for players.
Speaker 9: So creation and games is also significant right now, really big.
Speaker 9: Creating your own objects, creating your own modes so your
Speaker 9: friends can come play. And then and then the next
Speaker 9: modality is watching that, and so people can record and
Speaker 9: create short form videos and then broadcast ask that and
Speaker 9: then to your point, the social connection around all of
Speaker 9: that is what is really meaningful, and that's the flywheel
Speaker 9: multiplier effect of engagement. We have billion people spend billions
Speaker 9: of hours in our games every year. It's remarkable how
Speaker 9: much time people spend with us. Will launch a game
Speaker 9: and will they can come back and play it every
Speaker 9: day whole course of a year. We used to launch
Speaker 9: twenty thirty games a year. We launched maybe seven or
Speaker 9: eight now, but we launch four to five hundred live
Speaker 9: service updates a year, and so we're there for players
Speaker 9: with events and seasons and content and just keeping the
Speaker 9: game alive. And to your question about social engagement, having
Speaker 9: those components, having those events and having those shared experiences
Speaker 9: super important for the social engagement.
Speaker 2: Keep going back, yes, exactly now it's new or what's
Speaker 2: going on.
Speaker 3: Where's the growth happening for EA right now? Is it
Speaker 3: with the same people buying more games, playing these games
Speaker 3: more or are you successfully bringing more people into gaming.
Speaker 9: It's both, I would say so first, really meeting the
Speaker 9: gen z gen Alpha motivation and need through creation, through
Speaker 9: self expression, through sharing content, and then the social connection
Speaker 9: around that's super important for us to hit that key
Speaker 9: motivation of the of that generation of those players. And
Speaker 9: then I would say that players as well, spending more
Speaker 9: time in our games is also another area of growth
Speaker 9: for us.
Speaker 5: So we look at, you know, continue to.
Speaker 9: Expand our tam having, you know, bringing new players into experiences,
Speaker 9: whether it be through new gameplay modes, new brands, new franchises.
Speaker 9: Apex has been a huge success for us, and that's
Speaker 9: been a great game for younger players, and then and
Speaker 9: then just having more content for players. Our SIMS game,
Speaker 9: SIMS four right now is about ten years old, and
Speaker 9: we just we continue to put out content. People just
Speaker 9: continue to spend even more and more time so new
Speaker 9: players address up large addressable markets, and then just more
Speaker 9: time in the games are really critical.
Speaker 2: All Right, this may be a little weird, but you know,
Speaker 2: coming uf a bar go there, go there. And I
Speaker 2: know that's been a big conversation here, but I do
Speaker 2: think you know, folks are saying, nobody would have thought
Speaker 2: they've talked about a Barbie movie forever. Finally happened and
Speaker 2: it was a really huge success, and so I think
Speaker 2: anybody who owns any kind of toy property was like rethinking,
Speaker 2: So how do you guys think about? Okay, now, where's
Speaker 2: another avenue that could be a great content creator for gaming?
Speaker 5: Where do you go? What do you look for?
Speaker 2: What kind of trending or you know, innovators or TikTokers, like, yeah,
Speaker 2: who is it or what is it that you look at?
Speaker 5: Well?
Speaker 9: The beautiful thing about where we are right now as
Speaker 9: an industry is that as we looked to our players,
Speaker 9: I mean again, this idea about creative self expression and
Speaker 9: creating sandboxes and tools and frameworks for them to create experiences.
Speaker 9: I think it is it's been phenomenal to see what
Speaker 9: people create and how they engage with our tools and
Speaker 9: our worlds. And so we've been inspired by you could
Speaker 9: just keep kind of playing yes completely. We're super inspired
Speaker 9: by how people think about things and you know, in
Speaker 9: ways that are very unexpected, and how they engage and
Speaker 9: interact in our world.
Speaker 2: Can you just dig a little bit into that, because
Speaker 2: the Bloomberg story in the magazine kind of gets into that,
Speaker 2: Like just creating you know, whether it's face or the
Speaker 2: sor it's moving like you would expect it to do.
Speaker 2: I mean can take a long time, right, coders and
Speaker 2: sorts of.
Speaker 9: And iteration, the iteration yes in game engines and AI
Speaker 9: is going to play a pretty meaningful role for us
Speaker 9: in content creation.
Speaker 3: How so the you know, the.
Speaker 9: Way we're looking at it. So AI has always been
Speaker 9: part of our company. I mean, if you go back
Speaker 9: even nineteen eighty eight, Madden had twenty two players on
Speaker 9: you know, little AI players on the field. So we
Speaker 9: are an AI native entertainment company and always have been.
Speaker 9: And we're looking at AI in a way of optimizing
Speaker 9: what we currently have. So we know that AI can
Speaker 9: optimize tools and workflows for our developers and so our
Speaker 9: players as well as they're creating things. And then also
Speaker 9: AI is going to help us expand content. So we
Speaker 9: talked about there are three point four billion players in
Speaker 9: the world. On average, we spend four to five hours
Speaker 9: a week with us, and so there's you could have
Speaker 9: all developers in the planet and not develop all the content.
Speaker 5: And meet all demand that exists.
Speaker 9: And so AI, I think, is going to play a
Speaker 9: meaningful role to help our creators expand content and in creation.
Speaker 9: And then of course it can be very trans transformational. Laura,
Speaker 9: so appreciate it.
Speaker 2: Lora Mieli, she is president of Entertainment Technology of course
Speaker 2: at Electronic Arts. Joining us here on Bloomberg Business Week,
Speaker 2: I'm Carol Masser, a long with Tim Steneez. You're listening
Speaker 2: to a special edition of Bloomberg BusinessWeek featuring some of
Speaker 2: the conversations from Bloomberg screen Time event in Los Angeles
Speaker 2: this past week.
Speaker 3: It's all about the intersection of Hollywood and Silicon Valley,
Speaker 3: with entertainment executives weighing in on the futures of their businesses.
Speaker 2: It's definitely changing. Stay tuned for more conversations straight from
Speaker 2: screen Time in Hollywood right here on Bloomberg business Week.
Speaker 3: You're listening to Bloomberg BusinessWeek. This is Bloomberg.
Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Tim Steneveek from Bloomberg Radio.
Speaker 2: More now from Bloomberg screen Time event held in Los
Speaker 2: Angeles this past week. Tim and I were there broadcasting
Speaker 2: our daily simulcast from the Nia Theater in Los Angeles.
Speaker 3: That's where we had a front row seat to the
Speaker 3: collision of Hollywood and Still in Valley.
Speaker 1: Yeah.
Speaker 2: Going viral can be good or it can be bad.
Speaker 3: I feel like it's more often bad than good.
Speaker 2: Well, anyway, a discussion here at screen Time was kind
Speaker 2: of all about this. It was entitled Viral Lessons, and
Speaker 2: it included top creators of social content. We have one
Speaker 2: of them with us. Drewaf Walow is TikTok creator and
Speaker 2: host of the comment section. Welcome, Welcome, and thank you
Speaker 2: for joining us.
Speaker 11: Thank you so much for having me. I'm excited to be.
Speaker 2: Here, we are excited to have you here. And it
Speaker 2: is right viral like you know, it can be such
Speaker 2: a great thing and then it can be rough. How
Speaker 2: do you think about it? Do you ever think about
Speaker 2: when you're doing something like, all right, I'm gonna get.
Speaker 11: A lot of craft for this, I mean yeah, for
Speaker 11: my niche in particular, absolutely.
Speaker 9: A lot of feedback.
Speaker 3: Yeah, my feedback is one way to put it.
Speaker 11: Yeah, feedback is definitely one way to put it. I
Speaker 11: built my business off the shoulders of men who hate me,
Speaker 11: so i'd call that a win from women women of color.
Speaker 11: I think it's been a it's been a real, like
Speaker 11: consistent barrage of hate for so long now that I
Speaker 11: think it's just white noise to me, specifically from misogynistic
Speaker 11: people in general.
Speaker 2: But when you started, what did you think about what
Speaker 2: you wanted to do?
Speaker 11: I mean, when I first originally started, I just started
Speaker 11: telling silly stories that made me laugh and made me giggle,
Speaker 11: and so some people started kind of relating to it,
Speaker 11: and then I had one video that really took off,
Speaker 11: and then it kind of just snowballed into this crusade,
Speaker 11: which I'm happy to carry out and I have been
Speaker 11: for a long time now. But yeah, it was never
Speaker 11: anything I thought was gonna happen, although now I'm glad.
Speaker 3: It has so when you when you carry it out,
Speaker 3: I mean, it's not without its own challenges. You've been Yeah,
Speaker 3: you've been blocked, You've been banned, yourn has been shut down. Absolutely,
Speaker 3: How do you get past those things?
Speaker 11: I mean, I think I just like, even when I
Speaker 11: lost my TikTok account four times, I got locked out
Speaker 11: of it, and it was when I was like on
Speaker 11: a real growing like growth sport, like I was growing
Speaker 11: like one hundred thousand followers every other day, and so
Speaker 11: I got banned twice first, then I got signed, and.
Speaker 3: Then I got banned two more to why did that happen?
Speaker 5: Mass reporting, which.
Speaker 11: Is an issue that I've talked to TikTok about too,
Speaker 11: which helps. It helps to have you know a team.
Speaker 11: I think me getting a team really helped in that you.
Speaker 3: Have like a direct line to TikTok. Now I have
Speaker 3: a rep.
Speaker 11: I think most creators do who are verified, they have
Speaker 11: some sort of contact person that they can reach out
Speaker 11: to if they have any issues at all. And once
Speaker 11: I got my contact person, I think it really kind
Speaker 11: of helped. Also, getting verified helps too, It helps legitimize
Speaker 11: you in the eyes of the app and also true algorithm.
Speaker 2: You know, we're in this era of like trying to
Speaker 2: figure out so much social media out there, and there's misinformation,
Speaker 2: there's really problematic information, there's dangerous information, and yeah, there's
Speaker 2: opinion and entertainment. What do you think is the fine
Speaker 2: line here?
Speaker 11: I mean, I think for my particular niche there is
Speaker 11: really no other side. It's you see bigotry platformed openly
Speaker 11: and publicly, so I respond to it accordingly. I don't
Speaker 11: give them a chance to defend themselves because I don't
Speaker 11: really want to hear why you feel so bigoted and
Speaker 11: felt it was funny to platform it and perpetuate and
Speaker 11: uphold all these different forms of oppression. I don't need
Speaker 11: to hear the other side because I've seen it for myself.
Speaker 11: So I feel like for my content particular, I like
Speaker 11: to describe mine as like it's a real one way
Speaker 11: street on my platform, Like I see what you say.
Speaker 11: I don't give you a chance to defend yourself. I
Speaker 11: make fun of you publicly. And since we're all joking,
Speaker 11: what's all left together?
Speaker 2: Just thirty seconds? When you think about working with a brand,
Speaker 2: what's going to be top of mind? Is it about
Speaker 2: the financial composition of it, or is it also who
Speaker 2: they are?
Speaker 11: Just really quickly, I mean, I think finances play a
Speaker 11: huge role of For sure, obviously I'm a business, and
Speaker 11: I have to remember that we're a business. But at
Speaker 11: the same time, I think, as long as their ethos
Speaker 11: matches mine, and they understand my platform and agree with
Speaker 11: it and feel empowered by it or feel like it
Speaker 11: needs to be spread even larger, I think that's really
Speaker 11: all I focus on.
Speaker 2: True, A follow a TikTok creator of course, and content
Speaker 2: creators should say A host of the comment section. Joining
Speaker 2: us here at Bloomberg screen Time, You're listening to a
Speaker 2: special edition of Bloomberg BusinessWeek featuring some of the conversations
Speaker 2: from Bloomberg screen Time event in Los Angeles this past week.
Speaker 3: It's all about the intersection of Hollywood and Silicon Valley,
Speaker 3: with entertainment executives weighing in on the futures of their businesses.
Speaker 2: Stay with us. Today's top stories and global business headlines
Speaker 2: are coming up. Right now.
Speaker 1: You're listening to the Bloomberg Business Week podcast. Catch us
Speaker 1: live weekday afternoons from three to six Easter on Bloomberg Radio.
Speaker 1: The Bloomberg Business app and YouTube. You can also listen
Speaker 1: live on Amazon Alexa from our flagship New York station.
Speaker 1: Just say Alexa Play Bloomberg eleven thirty.
Speaker 2: Hi everyone, welcome to the weekend edition of Bloomberg Business Week.
Speaker 2: We were live from the Bloomberg screen Time event in
Speaker 2: La this past week.
Speaker 3: It's all about the collision of Hollywood and Silicon Valley.
Speaker 3: We're hearing from entertainment executives, entrepreneurs, and celebrities as they
Speaker 3: look toward the future of content in a world where
Speaker 3: it's all about streaming.
Speaker 2: It is, indeed tim It is also about the moguls,
Speaker 2: the celebrities and innovators already defining the next phase of
Speaker 2: pop culture. And that includes also what's going on when
Speaker 2: it comes to sports and gaming and the role of
Speaker 2: artificial intelligence it's impacting it all along those lines. Let's
Speaker 2: get to someone who helped build Netflix into what it
Speaker 2: is today.
Speaker 3: We're talking about Netflix co CEO Ted Sarandos, who talked
Speaker 3: with Lucas Shaw, Bloomberg News Managing Editor for Media and
Speaker 3: Entertainment at Naya Studios in Los Angeles.
Speaker 12: You know, one of the themes of this event, one
Speaker 12: of the big things happening in the industry obviously is
Speaker 12: there's we're in sort of a ceaseless moment of kind
Speaker 12: of tumult and change. A lot of people or a
Speaker 12: lot of that comes from companies like you, companies like YouTube,
Speaker 12: And we've reached this point where it's clear that sort
Speaker 12: of streaming has won, right, or at least it is
Speaker 12: slowly replacing televisi as the dominant way that people watch.
Speaker 13: I mean, ultimately, consumers decide what wins, right, and I
Speaker 13: think they're saying loud and clear that they like the
Speaker 13: control and the choice of streaming.
Speaker 12: But there remains a pretty healthy amount of skepticism as
Speaker 12: to streaming as a business. Now, you guys are profitable,
Speaker 12: some people would say, and we can debate this, that
Speaker 12: you are less profitable than the most profitable TV networks were.
Speaker 12: Pretty much every other media company that is trying to
Speaker 12: compete with you is losing money trying to do that.
Speaker 12: So give me the case for why you think streaming
Speaker 12: is already a good business and we'll only get better
Speaker 12: going forward.
Speaker 7: Yeah.
Speaker 13: Look, I think it's a great business, and I think
Speaker 13: it is in its infancy. We've been streaming for you know,
Speaker 13: in some form for about sixteen years and our original
Speaker 13: Content initiative. We just passed our tenth anniversary of our
Speaker 13: first original show. So if you think about it in
Speaker 13: that way, and you think about the network business that's
Speaker 13: been at it for seventy five plus years, and before
Speaker 13: that they were most of those were radio networks, so
Speaker 13: they've been at this for very long time. And I
Speaker 13: think that ultimately these consumer driven things caused businesses to
Speaker 13: react and reshuffle. And I'd say consumer driven is because
Speaker 13: like now, we didn't just put something on there and say,
Speaker 13: now this is how you have to watch. When we
Speaker 13: started doing this streaming, actually I would say saved this
Speaker 13: industry because where we were heading at that time. Remember
Speaker 13: we started this business of streaming, we started licensing content
Speaker 13: from the networks, and at the time that we were licensing,
Speaker 13: we could only get what was available, which was nothing.
Speaker 14: So we were licensing from.
Speaker 13: The bottom of the barrel, things that had no revenue
Speaker 13: for anybody, shows that didn't get the syndication, things that
Speaker 13: weren't otherwise.
Speaker 12: Sold, kind of like what to B and some of
Speaker 12: the AVOD services did. It came around before they started,
Speaker 12: and we.
Speaker 13: Gave it away with the DVD business, and it was
Speaker 13: you got what you paid for back then. But I'd
Speaker 13: say what happened was that's created a whole new revenue
Speaker 13: stream for the networks in the studios. It created a
Speaker 13: whole new residual revenue stream for act and performers who
Speaker 13: performed in those projects that we're sitting on the shelf,
Speaker 13: and really kind of got the ball rolling in a
Speaker 13: way that you know that we you know, obviously, I
Speaker 13: think these things can take decades to build, but with
Speaker 13: their big, meaningful businesses, you know, that's that's a good investment.
Speaker 14: And i'd say good good business for us.
Speaker 13: It's you know, thirty two billion dollars of revenue and
Speaker 13: six billion dollars of profit, and we've been growing the
Speaker 13: business pretty dramatically and pretty quick.
Speaker 14: We grew pretty quickly.
Speaker 13: We're not growing as fast right now as we want to,
Speaker 13: but we are still growing the business.
Speaker 12: So I'm curious on that point because you you guys,
Speaker 12: in your remarks, I think your last learning support talked
Speaker 12: about how you still aren't growing as quickly as you'd
Speaker 12: like to. There was a point in time where every year,
Speaker 12: like clockwork, Netflix would basically add twenty five million to
Speaker 12: thirty million customers. Yeah, that obviously post pandemic has come
Speaker 12: way down. What are you doing about that? And do
Speaker 12: you think you can get back to the level of
Speaker 12: growth you were at three four years ago.
Speaker 14: Look, I think the key to it is, you know,
Speaker 14: growing the growing revenue.
Speaker 13: And I think for us that's a combination of, you know,
Speaker 13: putting a great product on the board. When you talk
Speaker 13: about is streaming a good business, it is if you
Speaker 13: do it well. And I think I would say the
Speaker 13: team at Netflix in terms of the programming, Bella Bajari
Speaker 13: and her team are phenomenal at focusing on what people love,
Speaker 13: and their creative team is great at delivering for what
Speaker 13: people love. The team that delivers the UI experience something
Speaker 13: that happens at Netflix that's almost impossible anywhere else. And
Speaker 13: I'd say because of our distribution footprint and our recommendations
Speaker 13: that you have the ability, if you're telling a story
Speaker 13: from Korea, to be the biggest television show in the
Speaker 13: world that can only happen on Netflix. And it's not
Speaker 13: just taking obscurity and making it big. Imagine somebody as
Speaker 13: big as David Beckham who releases his the documentary on
Speaker 13: Netflix and in days grows his social media following by
Speaker 13: half a million people.
Speaker 14: And I think this happens over and over again.
Speaker 13: The combination of our distribution, footprint and recommendation and which
Speaker 13: I think is what distinguishes the business and the way
Speaker 13: you grow it is by keep doing that better and better,
Speaker 13: and the opportunity to grow it is enormous. We're about
Speaker 13: ten percent of screen time when people are using watching
Speaker 13: on their TV at home, about ten percent in our
Speaker 13: most penetrated markets like the US around the world are
Speaker 13: significantly smaller. We're about five percent of consumer spending. And
Speaker 13: the businesses that we're in, which is paid television, advertising,
Speaker 13: supported television, and games and so as you look at
Speaker 13: that of the air and we're just in our infancy
Speaker 13: in those businesses and about five percent of consumer spending.
Speaker 13: So we've a ton of room to grow revenue from here.
Speaker 13: And I'd say that we're pretty underpriced based on those
Speaker 13: kind of statistics of ten percent of screen time and
Speaker 13: five percent of revenue, So I think that there's plenty
Speaker 13: of room to grow as long as we're you know,
Speaker 13: have a high level of satisfaction with the product the consumers.
Speaker 13: You know, it's a one button, easy cancel service, so
Speaker 13: if you're not loving the new season of the Crown
Speaker 13: when it comes out of November, you jump.
Speaker 14: So we know we have a constant feedback circle.
Speaker 13: With our feedback loop with our members that if we're
Speaker 13: not pleasing them, they jump.
Speaker 12: Yeah, so you said underpriced. When is the next Netflix
Speaker 12: price increase coming?
Speaker 13: Nothing to announce, but our pricing philosophy has not changed,
Speaker 13: which is we have to add more value to the
Speaker 13: consumer and as then we come back and ask them
Speaker 13: to pay a little bit more for it if they
Speaker 13: if they agree, So it's been a successful formula.
Speaker 12: Have you done on that point? What does your research
Speaker 12: tell you about sort of the upper limit of what
Speaker 12: people would pay before they start to really question the
Speaker 12: value of Netflix?
Speaker 13: You know, we really don't spend that much time on
Speaker 13: trying to figure out how much we'll get you to pay,
Speaker 13: because I think it's a fluid thing. So basically, if
Speaker 13: you're delivering, you have to continue to deliver, so you
Speaker 13: can't it's all on the hypothetical. So I don't want
Speaker 13: to do is come in at a period of great
Speaker 13: strength and someone say, oh, I'll pay anything because I'm
Speaker 13: in the middle of the new season of Stranger Things,
Speaker 13: And then we have to come back, but we do
Speaker 13: it every week. So you know, a lot of these
Speaker 13: services and a lot of that are out there, they
Speaker 13: get a couple of hours.
Speaker 14: Of engagement a month.
Speaker 13: You know, we get a couple of hours engagement a day,
Speaker 13: And that to me is like there's all this mystery
Speaker 13: around what is success in streaming?
Speaker 14: It's engagement.
Speaker 13: It is how much time to people spend on the service,
Speaker 13: because that tells you how much they'll pay and how
Speaker 13: long they'll stick around.
Speaker 12: So I'm curious you mentioned the success which is been
Speaker 12: a subject of a lot of discussion over the years
Speaker 12: with regard to with you guys and streaming more broadly,
Speaker 12: is it feels like people have less visibility into what
Speaker 12: works and aren't really sure what you guys think matters.
Speaker 12: What are the metrics for Netflix that are most important
Speaker 12: when evaluating a show for a movie.
Speaker 14: You guys take us the task a lot.
Speaker 13: On this transparency issue, I would say, look definitely relative
Speaker 13: to peers, we're incredibly transparent and we're completely transparent with
Speaker 13: our producers, so they know exactly the viewing data, and
Speaker 13: then we're going you know, through things like the top
Speaker 13: ten and through things like we published the viewing hours
Speaker 13: of the top shows, and we're definitely heading towards a
Speaker 13: much more transparent time in the business. Streaming itself is
Speaker 13: not that exotic anymore, and every other segment of the
Speaker 13: business does have you know, Nielsen ratings or box office
Speaker 13: reports or the New York Times bestseller list, all those things.
Speaker 13: So we're heading towards that for sure, you know, to
Speaker 13: a moment to a time will be fully transparent.
Speaker 14: On viewing data.
Speaker 12: Does that mean it?
Speaker 14: You know?
Speaker 13: So that will demystify this for a lot of people,
Speaker 13: which is basically what I can care about the most
Speaker 13: is relative to what it costs to put on the air?
Speaker 13: Are people watching? And when they push play do they stay?
Speaker 13: So if they push play and they drop out in
Speaker 13: the second or third season, or completion rate for yeah, yeah,
Speaker 13: so those things all matter, but they all add up
Speaker 13: to the same thing, which is engagement.
Speaker 14: So I think you can all the data is really there.
Speaker 13: You might have to triangulate a little bit to get
Speaker 13: to it, but all the data is really there.
Speaker 12: What was the toughest cancelation decision you've had recently?
Speaker 14: They're all tough.
Speaker 7: You know.
Speaker 13: The reason why because I think the people have got
Speaker 13: a real fandom they really love these Some people really
Speaker 13: love all these shows, even if even if the rest
Speaker 13: of the world doesn't agree with them. So for them,
Speaker 13: that's why you see sometimes these very obscure shows and
Speaker 13: you hear very loud campaigns about stop the cancelations because
Speaker 13: they have such an intense relationship with it.
Speaker 14: That's why I love this business so much.
Speaker 13: He I relate to it a lot of Sometimes my
Speaker 13: personal taste is really far outside of the outside of
Speaker 13: the norm, and I just what I've been decent at
Speaker 13: over the years, and and and pick people who are
Speaker 13: good at doing this. But I look at it, I
Speaker 13: think it's you know, some of the was programming to
Speaker 13: my taste, we'd be very small, but of them so
Speaker 13: we're trying to program to the to the world's taste.
Speaker 14: But they're all hard.
Speaker 13: There really are all difficult decisions to make because people
Speaker 13: love these shows so much, and and and you know,
Speaker 13: there's some some things are just a puzzle you scratch
Speaker 13: your head. But relative to what it costs to put
Speaker 13: on the air, you know, did we pick a good show,
Speaker 13: do we execute on it well, and did we pay
Speaker 13: the right price to make it?
Speaker 3: That was Netflix co ceo Ted Sarandos. You're listening to
Speaker 3: a special edition of Bloomberg Business Week featuring the best
Speaker 3: of Bloomberg screen Time event in LA this past week.
Speaker 2: We'll have more on the future of content, the boom
Speaker 2: and streaming audio and video, and the latest sports and
Speaker 2: gaming experiences coming up the head of the world it's
Speaker 2: most popular video site. This is Bloomberg.
Speaker 1: This is Bloomberg Business Week with Carol Messer and Tim
Speaker 1: Stenebeck from Bloomberg Radio.
Speaker 2: We continue our coverage from the Bloomberg screen Time event
Speaker 2: held in LA this past week, and I bet if
Speaker 2: you check out YouTube you might just find some videos
Speaker 2: from the event there as well.
Speaker 3: YouTube is the world's most popular video site, most popular
Speaker 3: podcasting platform, most popular music service, and of course a
Speaker 3: growing haven for gamers for more and.
Speaker 2: How they do it and hope to keep doing so.
Speaker 2: Bloomberg News Managing Editor of Media and Entertainment Lucas Shaw.
Speaker 2: He is back with a conversation with Neil Mohan, YouTube CEO.
Speaker 12: I want to start with sports.
Speaker 15: Sorry about your Dodgers, by the way.
Speaker 12: Thank you for that. Well, I'm going to get back
Speaker 12: to you. So, how did you feel about the Lakers
Speaker 12: beating the Warriors in the playoffs.
Speaker 3: Let's go back and forth here.
Speaker 12: NFL YouTube made a very big deal with with the
Speaker 12: NFL to carry Sunday Ticket, among other things, paying I
Speaker 12: think more than two billion dollars a year, if if
Speaker 12: reports here to be to be believed everything you read.
Speaker 12: How's that going. How are you feeling about the partnership.
Speaker 12: How are you feeling about how Sunday Tickets doing.
Speaker 15: Yeah, I mean, look, it's it's very early on. We're
Speaker 15: a few weeks into the season, but I feel really,
Speaker 15: really good. I feel that the first and foremost my priorities,
Speaker 15: literally from the day that we signed the deal was
Speaker 15: on the user experience, our fan experience on YouTube. Joint
Speaker 15: fans of the NFL and YouTube. We have millions and
Speaker 15: millions of sports fans on the platform, and the whole
Speaker 15: point of Sunday Ticket was to super serve those fans.
Speaker 15: And so everything from you know, what gets all the headlines,
Speaker 15: which is multiview and you know kind of four games
Speaker 15: at one and what have you to to latency, to
Speaker 15: the clarity of the picture, and then all the features
Speaker 15: and things like that that we have that users of
Speaker 15: YouTube TV have known and loved on Sunday tickets, so
Speaker 15: really really focusing on that and that has gone k
Speaker 15: Nockwood really really well from all the feedback that we've seen.
Speaker 15: So I feel great about the product that we put
Speaker 15: out there.
Speaker 12: You like the multiview.
Speaker 15: I use the multiview every week myself. I like the multiview,
Speaker 15: especially the one with red zone in one of the
Speaker 15: windows for me. And that's like, you know, as a
Speaker 15: huge sports fan, like that is like kind of like
Speaker 15: the perfect Nirvana experience for me.
Speaker 12: How many people are paying for this thing already?
Speaker 15: Uh, you know, we don't break out that number is,
Speaker 15: but we you know, I'm happy with the adoption of
Speaker 15: the product we have. There's obviously lots of fans that
Speaker 15: are diehard NFL fans. But the whole point of this also,
Speaker 15: in addition to this kind of you know what we
Speaker 15: want hope to be an incredible product experience, is also
Speaker 15: consumer choice, meaning that with a couple of taps on
Speaker 15: your phone, you can now sign up for this incredible,
Speaker 15: you know, premium service from the NFL on YouTube on
Speaker 15: YouTube TV, but also on YouTube importantly through Primetime Channel.
Speaker 15: So that consumer choice has been a really important part
Speaker 15: of this experience as well. Now within minute, within seconds,
Speaker 15: you can be up and running. You don't have to
Speaker 15: wait for a guy to come in install, you know,
Speaker 15: a dish on your house.
Speaker 1: And the like.
Speaker 12: Now, I'm curious when your deal with the NFL is
Speaker 12: first announced, I admit I was surprised because I had
Speaker 12: written all about you guys funding original programming and then
Speaker 12: not funding original programming, and it just seemed like the
Speaker 12: Google alphabet YouTube DNA was we want to be this
Speaker 12: platform that doesn't pay for things, pick winners. We're sort
Speaker 12: of neutral, and I'm just you're also a company that
Speaker 12: makes almost all of its money from advertising, ticket it's
Speaker 12: a paid service for the most part. What was the
Speaker 12: strategy behind where it fits into the broader YouTube and
Speaker 12: Google strategy.
Speaker 15: Yeah, so there's there's two parts. Tore two premises to
Speaker 15: your question there. The first is we are ultimately about
Speaker 15: what we all as viewers want from YouTube, So in
Speaker 15: terms of whether the content is paid for or not
Speaker 15: doesn't change what the user experiences. In terms of what's
Speaker 15: recommended in our algorithms, what shows up when you open
Speaker 15: up the app and the home feed, what's recommended to
Speaker 15: you after you watch a video that takes into account
Speaker 15: your personal preferences and that's the north Star just to
Speaker 15: be very clear about that. But in a strategic sense,
Speaker 15: really it was as simple as the fact that we
Speaker 15: have you know, we're one of the largest sports platforms
Speaker 15: out there if you think about YouTube, everything from our
Speaker 15: YouTube creators that are focused on sports creators like Destroying
Speaker 15: and many many others, to the consumption of highlights from
Speaker 15: all of the the leagues for many many years, including
Speaker 15: in game highlights in many cases, to live sports. We've
Speaker 15: carried live sports on our platform before Palestyle, for example,
Speaker 15: the Soccer League in Brazil, you know, various live soccer
Speaker 15: events throughout Europe, and so we have had that as
Speaker 15: part of our DNA overall, and Sunday Ticket really just
Speaker 15: fits into that story and the kind of the second
Speaker 15: premise to your question. I would also argue Lucas that yes,
Speaker 15: we are an ad supported business. That is our primary
Speaker 15: means of monetization on behalf of our creators and partners
Speaker 15: on our platform, but we are also a subscription business
Speaker 15: and you know, YouTube TV is a meaningful part of
Speaker 15: our business. YouTube premium of course is a meaningful part
Speaker 15: of our business, and so Sunday Ticket fits into that category.
Speaker 14: As well.
Speaker 15: We have sort I like to think of it as
Speaker 15: twin engines of our revenue growth. We have obviously an
Speaker 15: AVOD business, but we also now have a meaningful less
Speaker 15: VOD business, and we want to continue to invest in
Speaker 15: both because my belief is those two things reinforce each other.
Speaker 12: You talked about being a platform for sports and having
Speaker 12: different rights. As I unfairly mentioned at the top, You're
Speaker 12: a big NBA fan, those rights are coming up. Are
Speaker 12: you interested?
Speaker 15: So what I will say is we're taking one step
Speaker 15: at a time. Right now, the NFL Sunday ticket is
Speaker 15: a big area focus for us, and again, as I said,
Speaker 15: getting that viewer experience right, making that game day experience
Speaker 15: on Sunday flawless and seamless, and you should expect from
Speaker 15: us a lot more innovation there in terms of products,
Speaker 15: in terms of creator integrations, all the things that our fans,
Speaker 15: special younger fans of the NFL on YouTube expect. You
Speaker 15: should see more of that through the season and in
Speaker 15: the many seasons to come. So that's the focus.
Speaker 3: You know.
Speaker 15: Regarding the NBA, they have been longtime partners. They operate
Speaker 15: one of the largest channels on our platform. Every I
Speaker 15: mean my fifteen year old is a huge sports fan
Speaker 15: just like me. He watches a lot of NBA highlights
Speaker 15: and he watches them on YouTube through the lens and
Speaker 15: the analysis of a lot of his favorite creators, and
Speaker 15: so we have a long partnership with them. But in
Speaker 15: terms of our focus right now, it's about this NFL experience.
Speaker 12: So not no, but not yes. When I talked to
Speaker 12: a lot of people before this asking them what I
Speaker 12: should ask you, I'd say the number one question I
Speaker 12: got by far was please ask about shorts. We hate shorts.
Speaker 12: You guys have put a lot of resources into YouTube
Speaker 12: shorts over the last couple of years. You have released
Speaker 12: a lot of numbers about how great you think it's doing,
Speaker 12: but a lot of your longer term creators are upset
Speaker 12: because they feel like it's sort of the platform is
Speaker 12: trying to force everyone into something that they don't want
Speaker 12: to do. I know you've been asked this a million times,
Speaker 12: but I'm just curious what do you make of What
Speaker 12: do you say to those creators who are upset about
Speaker 12: it as to why you care so much about shorts
Speaker 12: and why you think it's a good fit for YouTube.
Speaker 15: That choice is up to our creators. I mean, we
Speaker 15: have very clear from the early days, from the launch
Speaker 15: of shorts now three years ago, that ultimately that's a
Speaker 15: creator driven decision. Nobody knows their audience better on our
Speaker 15: platform than our creators and the means by which they
Speaker 15: want to engage with that audience first and foremost. Now
Speaker 15: having said that, I think that there's two things that
Speaker 15: are important here. One is viewer expectations. Viewers, increasingly, especially
Speaker 15: when they come to YouTube, have an expectation of all
Speaker 15: forms of video truly multi format. And it's not just
Speaker 15: about sort of what we call sort of traditional VOD
Speaker 15: or traditional long form on YouTube today, but it's everything
Speaker 15: from you know, you know those fifteen minute odds to
Speaker 15: fifteen hour live streams to fifteen you know, second shorts,
Speaker 15: to podcasts to music and so all of those are
Speaker 15: viewers and they show it both in terms of their
Speaker 15: feedback but also in the data expect that on YouTube,
Speaker 15: you know, shorts today's seventy billion views a day, that
Speaker 15: numbers up from fifty billion in January. So the viewers
Speaker 15: are voting with their behavior.
Speaker 3: That was YouTube CEO Neil Mohan with Bloomberg's Lucas Shaw.
Speaker 3: You're listening to a special edition of Bloomberg BusinessWeek featuring
Speaker 3: the best of Bloomberg screen Time event in LA this
Speaker 3: past week.
Speaker 2: We'll have more on the future of content, the boom
Speaker 2: and streaming audio and video, and the latest sports and
Speaker 2: gaming experiences when we come back. We're covering it all.
Speaker 2: This is Bloomberg.
Speaker 1: This is Bloomberg Business Week with Carol Messer and Tim
Speaker 1: Stenebeck from Bloomberg Radio.
Speaker 2: You're listening to a special edition of Bloomberg Business Week
Speaker 2: featuring some of the best moments from Bloomberg screen Time
Speaker 2: event held in Los Angeles this past week.
Speaker 3: A top the List Hollywood mega agent turned top exec Ariammanuel.
Speaker 3: He's CEO of Endeavor in TKO, and he sat down
Speaker 3: with Bloomberg News Managing editor for Media and Entertainment, Lucas Shaw.
Speaker 3: They talked all about Endeavor's combat sports portfolio and its
Speaker 3: place in the entertainment industry. Check out some of Lucas's conversation.
Speaker 12: You close your deal for WWE a few weeks ago.
Speaker 12: Now you know, well you worked with them as an agent.
Speaker 12: What why did you want to buy it and what
Speaker 12: is the opportunity that you see to grow a business
Speaker 12: that's been around for four plus decades now.
Speaker 16: Well, listen, we I think it's kind of UFC two
Speaker 16: point zero. You know, we took that business from you know,
Speaker 16: great owners in Las Vegas doing about one hundred and
Speaker 16: fifty million thousand EBITA, and we've increased the by a
Speaker 16: significant amount of money. Vince and Dane has done an
Speaker 16: unbelievable job continues to do an unbelievable job in that business.
Speaker 16: Vince has been decades and decades running this business. And
Speaker 16: I think our flywheel, whether it be Internet, national rights,
Speaker 16: domestic rights, sponsorship, site fees, all the stuff that we
Speaker 16: do and the cost savings that we can bring into
Speaker 16: it because of our organization, I thought that there was
Speaker 16: a lot of upside of what we could create in
Speaker 16: addition to what we do on the domestic side and
Speaker 16: the rights deals, and also for the street. I think
Speaker 16: our Endeavor story was a little confusing. We were not
Speaker 16: getting I mean, I don't think any CEO believes that
Speaker 16: they're getting proper credit for the economic value that they create.
Speaker 16: And so this would be a pure play in sports
Speaker 16: combat sports and then the rest of endeavor and then
Speaker 16: we could go. We tried to do the following to
Speaker 16: everybody one our cash flow conversion. That's what the street
Speaker 16: was asking. I think we did a pretty good job
Speaker 16: there by doing this deal. We've reduced our debt below
Speaker 16: three times. It's a pure play. I think people can
Speaker 16: understand it now. I don't think they're.
Speaker 12: Under you brought up You brought up UFC earlier, and
Speaker 12: one of the things that happened here.
Speaker 7: I'm a genius, are I.
Speaker 12: One of the things that happened with the UFC is
Speaker 12: you bought it. Everyone said you ever paid, which has
Speaker 12: been a recurring theme for you buy something people that
Speaker 12: you overpaid, prove them wrong. With UFC, though you had
Speaker 12: I assume you had a feeling and you were right
Speaker 12: that you could go and get a much bigger meat creole.
Speaker 12: Because they're right now, there was a point in time
Speaker 12: at which it looked pretty hairy. I in fact wrote
Speaker 12: a story that Christian, who worked with you, didn't speak
Speaker 12: to me for like two years after I wrote it
Speaker 12: because it was about the challenges you guys were having
Speaker 12: and getting the deal. But you did get a deal
Speaker 12: with Disney. The street so far, to your point, doesn't
Speaker 12: love the deal that you already did for w the
Speaker 12: NBC deal, the NBC deal. Because so for those that
Speaker 12: don't know, there's WW has two sets of right, well three,
Speaker 12: but two TV sets of rights. They're smacked Down and Raw,
Speaker 12: and NBC, which had what was seen as the more
Speaker 12: premium package, paid for the less premium package. You got
Speaker 12: a Fortyso it seemed like people both expected that to
Speaker 12: be more and or were worried that because NBC had
Speaker 12: sort of traded down, that you are going to be
Speaker 12: in a tough spot.
Speaker 16: With Okay, so let me answer that question. Okay, which
Speaker 16: you've nailed it. Here's here's what I would say. Again,
Speaker 16: they're wrong, but we got a forty percent increase for SmackDown.
Speaker 16: We have Raw, which is the number one package available.
Speaker 16: There's three rights coming available to market, three big rights, WWE, RAW, NBA, UFC, NBA. Okay,
Speaker 16: we are involved in two of them. Right, there's six
Speaker 16: buyers plus I would say WWE Network, which is up
Speaker 16: in twenty six. I think I'm saying that maybe twenty
Speaker 16: five twenty six. So you know you cannot undervalue the
Speaker 16: WWN UFC for the following reasons. There we do not
Speaker 16: have a season. One of the biggest issues that will
Speaker 16: happen with svods and networks is churn. We're fifty two
Speaker 16: weeks a year, right and we're flexible. You want us
Speaker 16: Thursday night, you want us Tuesday. I don't have I
Speaker 16: don't have any of those scheduling issues. And that churn
Speaker 16: issue because we're the full year is so much different
Speaker 16: from any other sport because then people churn out.
Speaker 7: That's one of the issues with sports.
Speaker 16: Not in a bad way, but that's what sign and
Speaker 16: then the package is over and then then you leave.
Speaker 7: We do not have.
Speaker 16: Our fans are loyal. They stick around and they they
Speaker 16: they stay with it and they move.
Speaker 12: Do you think that the NBA deal has to get
Speaker 12: resolved with no?
Speaker 16: No, no, So I would say to you, there's plenty
Speaker 16: of interest with Raw right now. I know people like
Speaker 16: well like NBC is out of the mix, and that's
Speaker 16: why it went down. I think there's three things that happen. One,
Speaker 16: the reason the stock is down is what they thought
Speaker 16: like Raw was the best package. I thought percent increase,
Speaker 16: which was in line with expectation, was good too, the
Speaker 16: PFL situation.
Speaker 7: And three, probably.
Speaker 16: Evince in our deal wanted to be able to put
Speaker 16: at any point in time his stock.
Speaker 7: You know, seventy eight old.
Speaker 16: He's working at this for decades and decades.
Speaker 7: So I think those three back to back issues.
Speaker 12: For those that don't know the PFL situation.
Speaker 16: So the Saudi's invested in this actually a sport that
Speaker 16: we said find put it on ESPN. That's on ESPN
Speaker 16: with us with the UFC called the PFL. They put
Speaker 16: one hundred million dollars in the Wwe makes over one
Speaker 16: hundred million dollars from the Saudi's for a five year
Speaker 16: deal for two events. It came from the group that
Speaker 16: did do that does events in Saudi. People were thinking
Speaker 16: it was the next live We're doing an event with
Speaker 16: the UFC in Saudi right, and they they said that
Speaker 16: there's no exclusivity, which is an indication that that was
Speaker 16: for events. We were bringing them an event. And so
Speaker 16: I think that will calm some nerves. And so we
Speaker 16: now have two big things to go out to market with.
Speaker 16: Like I was and Mark Shapiro was with the UFC,
Speaker 16: we're pretty calm right now about our rights.
Speaker 7: We think we have great, a great situation.
Speaker 16: We have an unbelievable issue with Bob Iger and ESPN
Speaker 16: and Jim and everybody there, and raw's like the ratings
Speaker 16: are through the roof, smacked down through the roof. Our
Speaker 16: ratings are through the roof, our events are sold out,
Speaker 16: so we feel really good.
Speaker 12: I want to get back to rights in a second.
Speaker 12: But since Saudi Arabia came up, I'm curious rewind five
Speaker 12: years or maybe less than that. After jamalks show he
Speaker 12: gets murdered. You say you give back money, or that
Speaker 12: Saudi Arabia is going to invest in your company. You
Speaker 12: now are in business with them a couple of ways, right, Yeah,
Speaker 12: what has changed between then?
Speaker 7: I would say, I mean we didn't want that.
Speaker 16: I didn't want them at the time in our in
Speaker 16: our in our we weren't public in our investors stack.
Speaker 7: Right.
Speaker 16: I said on many podcasts about my feelings about the
Speaker 16: situation and how we they have hired us to distribute.
Speaker 16: And I didn't say that we would never be do
Speaker 16: business in Saudi. I just didn't want them in my
Speaker 16: in the financial stack of our investors. We distribute there
Speaker 16: now Soccer League through IMG because of the w W.
Speaker 16: We're in business with them for at least five years,
Speaker 16: two events a year.
Speaker 7: Great.
Speaker 16: They just bought uh an event from us for the
Speaker 16: UFC great price.
Speaker 7: We're doing the event will be an unbelievable card.
Speaker 16: So I just at the time didn't feel comfortable for
Speaker 16: many reasons, which has been stated.
Speaker 7: And but we're in business with them now, so that's simple.
Speaker 12: And my colleagues and I reported recently that your company
Speaker 12: has expressed some interest you brought up live some interest
Speaker 12: in maybe investing in the PGA tour. Saudi Arabia is
Speaker 12: obviously supposed to be part of You're smiling at me.
Speaker 16: No, we you reported your unbelievable journalist. We we like
Speaker 16: I think it's like seven other bidders.
Speaker 7: We put in a.
Speaker 16: Bid for the there's a five oh one c three
Speaker 16: nonprofit and then they've created a profit uh investment opportunity
Speaker 16: for the PGA. We are in in t KO the
Speaker 16: lot the sports business. I'm an avid golfer. Anybody wants
Speaker 16: home a seven handicap we you know, we you know,
Speaker 16: and if one of the great sports, I love it.
Speaker 16: You know, I think we could add to it what
Speaker 16: we've added to all of our sports based on the flywheel.
Speaker 12: Would that Do you have a sense of whether that
Speaker 12: would be in addition to the Saudi money coming in
Speaker 12: or instead of.
Speaker 7: Uh we put in our bid, Yeah for what for?
Speaker 16: The PGA deal for for a piece of the tour
Speaker 16: or for the whole thing, for for the PGA.
Speaker 12: Yeah, no, a Piether whole. I'm really you can't.
Speaker 7: You can't buy the majority.
Speaker 12: Okay, thank you, I would love to.
Speaker 3: That was in Nevor CEO Ari Emmanuel with Bloomberg's Lucas Shaw.
Speaker 2: Still to come on Bloomberg Business Week. From our screen
Speaker 2: Time event this past week, the matriarch of the first
Speaker 2: family of reality TV on building a brand in the
Speaker 2: age of social media.
Speaker 3: We'll hear from Chris Jenner of the ubiquitous Kardashian family
Speaker 3: on fame and the family business. That's when we returned.
Speaker 3: This is Bloomberg.
Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and
Speaker 1: Tim Steneveek from Bloomberg Radio.
Speaker 2: More now from Bloomberg screen Time event held in Los
Speaker 2: Angeles this past week. Tim and I were there brought
Speaker 2: casting our daily simulcast from the Naia Theater in Los Angeles.
Speaker 3: That's where we had a front row seat to the
Speaker 3: collision of Hollywood in Silicon Valley.
Speaker 2: Well, most social media celebrities last just a few minutes
Speaker 2: or maybe a few years if they're lucky right. The
Speaker 2: Kardashians have successfully turned their fame into a multi billion
Speaker 2: dollar business. And I don't know how many years are
Speaker 2: they already in counting?
Speaker 3: Yeah, I mean it's been quite a few and I
Speaker 3: expect a few more. And Bloomberg's Green Time in La
Speaker 3: this past week, Bloomberg's Caroline Hyde sat down with matriarch
Speaker 3: Chris Jenner to talk about the family business.
Speaker 17: You have built a powerful set of not one, not two,
Speaker 17: what is it more than twenty companies that you're involved
Speaker 17: in through your family. Ultimately, you have kept your family
Speaker 17: close at all stages. We brought you here because it
Speaker 17: says branding.
Speaker 5: And business Maven.
Speaker 17: But more than that, how much was your connection with
Speaker 17: the consumer, with an audience with people in their hearts,
Speaker 17: brought ultimately from your early days in your childhood you
Speaker 17: had sort of retail in your bones, the consumer and
Speaker 17: your bones.
Speaker 8: Well, you know, I started working at my grandmother's store
Speaker 8: when I was about ten years old. So the DNA,
Speaker 8: if you will, that I had sort of in me
Speaker 8: at a very young age, I was. I grew up
Speaker 8: just a real people pleaser, and I wanted everybody to
Speaker 8: be happy and be proud of me. And when you
Speaker 8: start working at a young age. I was in charge.
Speaker 8: My grandmother had a candle store and I was in
Speaker 8: charge of the gift wrapping station. So I had a
Speaker 8: big job and I was working all summer. When my
Speaker 8: friends were at the beach, I was at the store.
Speaker 8: And I think over the years of doing that and
Speaker 8: graduating to the cash register and you know, interacting with
Speaker 8: the customers, and then you know, building my little retail
Speaker 8: entrepreneurial life. When I was young and I was a
Speaker 8: teenager and working in retail stores, I think you do
Speaker 8: learn a certain amount of finesse with your audience, your customer,
Speaker 8: you know, talking to people and convincing somebody how to
Speaker 8: buy something. You know, you're your paycheck sometimes, you know,
Speaker 8: it involves how many sales you made that month, if
Speaker 8: you're on a commission and so and then it kind
Speaker 8: of developed a little bit of my competitive spirit because
Speaker 8: I wanted to win and make everybody proud of my family,
Speaker 8: proud of me, my grandmother proud of me, my mom
Speaker 8: proud of me. So and just the inspiration of watching
Speaker 8: these women get up every single day and go to work.
Speaker 10: That was just our way of life.
Speaker 8: And in my family, we all worked and that was
Speaker 8: just how it was done, and so I didn't really
Speaker 8: know any different.
Speaker 17: So there's work ethic there. Then came the power of persuasion.
Speaker 17: Then came the network that you built. What do you
Speaker 17: think the skill sets have been you've really lent upon it?
Speaker 17: Who did you build them from.
Speaker 8: The network of people that I think I've been around.
Speaker 8: I think I was around so many powerful people in
Speaker 8: my entire life, from the time I got married to
Speaker 8: Robert Kardashian and had a whole ecosystem of businessmen and
Speaker 8: aren'tneurs and people running studios, and you know, any given
Speaker 8: day it would be the head of a studio, and
Speaker 8: you know, just often paid attention without really realizing I
Speaker 8: was paying attention. And I had a very amazing education.
Speaker 8: I was a housewife. I was raising four kids at home.
Speaker 8: I had the most blessed situation, but at the same
Speaker 8: time surrounded by these business situations that I didn't even
Speaker 8: realize were happening right in front of me, but I
Speaker 8: must have been absorbing it.
Speaker 3: That was Chris Jenner with the Bloomberg's Caroline Hide from
Speaker 3: the Bloomberg screen Time event held this past week in la.
Speaker 2: And that wraps up the special weekend edition of Bloomberg
Speaker 2: Business Week. We were at Bloomberg screen Time held in
Speaker 2: La this past week. Check out more great conversations from
Speaker 2: the event. Find that at Bloomberg Live dot com. Thank
Speaker 2: you so much for joining us, and be sure to.
Speaker 3: Tune into Bloomberg Business Week Monday through Friday. It starts
Speaker 3: at three pm Wall Street Time on Bloomberg Radio and
Speaker 3: on serious XM Channel one nineteen.
Speaker 2: You can also watch our daily broadcast on YouTube. Just
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Speaker 3: Find out our Bloomberg BusinessWeek podcast at Bloomberg dot com, Apple,
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Speaker 3: com and always on the Bloomberg Terminal. I'm Tim Stenebeck
Speaker 3: and I'm Carol Masser. Have a good and save weekend.
Speaker 2: Everyone. Stay with us. Today's top stories and global business
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