WEBVTT - BW Talks with Verizon CEO Hans Vestberg

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<v Speaker 1>This is Bloomberg Business Week with Carol Masser and Jason

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<v Speaker 1>Kelly on Bloomberg Radio. All right, so Verizon kicking off

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<v Speaker 1>the year in a big way. Um really saying or

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<v Speaker 1>many I should say, saying, it disrupted the cable industry

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<v Speaker 1>letting customers on bundle services. Jason, we talked about this

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<v Speaker 1>all the time. The world is being turned upside down

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<v Speaker 1>when it comes to content and distribution and bundling and unbundling.

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<v Speaker 1>Verizon really at the center of it all. Well, that's

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<v Speaker 1>exactly right, and I think it's fair to say that

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<v Speaker 1>it's a brave new world, to say the least. And

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<v Speaker 1>it raises the question to Hans Vestberg. He is the

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<v Speaker 1>chairman and CEO of Verizon Communications here with us in

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<v Speaker 1>New York. The question becomes, what is Verizon's place in

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<v Speaker 1>this world that is as disrupted as we've probably ever

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<v Speaker 1>seen it in terms of content and distribution. That's a

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<v Speaker 1>good question. I think that we have been thinking through

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<v Speaker 1>this authority lost one and a half year where we

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<v Speaker 1>think we should fit them in the whole equal system.

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<v Speaker 1>I think we came out with a very strong desire

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<v Speaker 1>to have a network of serve risk. I mean to

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<v Speaker 1>bonus variason is a network. I mean we're a network

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<v Speaker 1>of people on network or physical wireless network and wireline networks,

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<v Speaker 1>and and that's really what we're building. And we think

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<v Speaker 1>in this era, in the next sort of generational technology transformation,

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<v Speaker 1>we're going to find a really good spot in the

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<v Speaker 1>network service. And I think that coming back to what

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<v Speaker 1>you talked about when it comes to what we're doing

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<v Speaker 1>on files, ultimately, what I want to do, I want

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<v Speaker 1>to give optionality for our customers. I mean, we know

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<v Speaker 1>all where this market is going and how our youngsters

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<v Speaker 1>are consuming content. They we need to give them optionality

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<v Speaker 1>to actually pick and choose what they want. And that's

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<v Speaker 1>what the Mix and Match on fires just doing right now.

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<v Speaker 1>And that's why I'm on the wireless side. I work

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<v Speaker 1>with companies like Disney Plus et cetera to give that optionality.

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<v Speaker 1>And I think we're in a new brave world where

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<v Speaker 1>we as leaders just need to understand we need to

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<v Speaker 1>see and listen to our customers daily unbundling. Why now

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<v Speaker 1>is it us that you're seeing the numbers of people

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<v Speaker 1>at certainly younger generation giving up linear TV and saying

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<v Speaker 1>I want Netflack, Netflix, I want Apple TV, I want

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<v Speaker 1>other things. How much of it was about that? It was,

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<v Speaker 1>of course consumer insights, but it's also a fairly complex

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<v Speaker 1>thing to do technology. Why it's what we're doing right now,

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<v Speaker 1>meaning giving our customers the right to actually start choosing.

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<v Speaker 1>And of course the whole system is is built on that.

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<v Speaker 1>You take five hundred shanners and that's what you have.

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<v Speaker 1>We we we want to give our customers. These are

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<v Speaker 1>the shanners I'm looking at, and I think that anyone

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<v Speaker 1>in the industry is seeing the same when you see

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<v Speaker 1>all the big broadcasters come with their streaming services, etcetera.

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<v Speaker 1>So I don't think it's something different. It's just that

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<v Speaker 1>we decided this is our time. And remember our strategy

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<v Speaker 1>has been all the time that we are not going

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<v Speaker 1>into content. Others belong content, but we can park it

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<v Speaker 1>with anyone. So in our case, this was very obvious

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<v Speaker 1>way to do it. All right, So let's talk about

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<v Speaker 1>this streaming services if we can for a minute, Because

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<v Speaker 1>you've created some partnerships, notably with some of those big

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<v Speaker 1>names that you mentioned. How do you create those? How

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<v Speaker 1>do you pick and choose? Because from the content side,

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<v Speaker 1>they while they're in the content business, all of them

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<v Speaker 1>come at it slightly differently. Amazon's coming at it differently

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<v Speaker 1>than Netflix, than Apple, than Disney, than a network. So

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<v Speaker 1>how do you choose? How do you create the right business? Exactly?

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<v Speaker 1>This is super important in the in the in the

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<v Speaker 1>network the service as will have. Of course we're sat

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<v Speaker 1>down and thought about what do our customers want to

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<v Speaker 1>have and what what companies are resonating with our values

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<v Speaker 1>and would really make something. Remember, we have the best network,

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<v Speaker 1>whether I would say a fantastic brand, and we have

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<v Speaker 1>a distribution and nobody else has when it comes to customers.

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<v Speaker 1>That's what we come to the table. So I think

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<v Speaker 1>that we can partner with anyone. I mean, if you

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<v Speaker 1>looked at the last twelve months and were they made

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<v Speaker 1>an exclusive with Apple Music. We didn't exclusive with Disney Plus,

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<v Speaker 1>and we didn't exclusive with Amazon Web Services for our

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<v Speaker 1>five G mobile edge compute. And of course that's all

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<v Speaker 1>the queensandands, and it's queen not the coincident that we

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<v Speaker 1>end up we wanted. Then we have crafted business models

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<v Speaker 1>we actually win win for both of us. And it's

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<v Speaker 1>obvious that Disney plas are gaining a lot of new subscribers,

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<v Speaker 1>we are getting loyalty and we give more to our customers,

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<v Speaker 1>so it has to be win win. It's not like

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<v Speaker 1>they are used on top of us. It has to

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<v Speaker 1>be an exchange of financials in between us. I think

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<v Speaker 1>that Disney plus Apple Music and and Amazon are all

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<v Speaker 1>happy with the setups, and we are happy well. So

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<v Speaker 1>the top tier customers right get free access, whether it's UM,

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<v Speaker 1>Apple Music or whether it's Disney. UM. What's the payoff

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<v Speaker 1>for you? What are you seeing and are are there

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<v Speaker 1>more partnerships coming? I think, first of all, the model

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<v Speaker 1>we have is on the Disney plas and Apple Music.

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<v Speaker 1>You get it free from the beginning, and then we

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<v Speaker 1>turn them into paying customers. And of course that model

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<v Speaker 1>is that we have a lower cost in the beginning,

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<v Speaker 1>then we get something back when they get paid. And

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<v Speaker 1>we now know how many of our customers will be

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<v Speaker 1>turning around because we have so good understanding of our

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<v Speaker 1>customer base who wants it. So that's that's how we

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<v Speaker 1>do it. And of course yes it might be more,

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<v Speaker 1>but I will do it exclusive. I will only do

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<v Speaker 1>it with brands, and I really believe that he is

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<v Speaker 1>sticking up to our values as well as for our customers.

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<v Speaker 1>Are you seeing the payoff? Yet though I mean the

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<v Speaker 1>music definitely, because that was a year agoes into launch

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<v Speaker 1>these plus is is still in the infancy, even though

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<v Speaker 1>we're extremely happy with it. And but you to talk

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<v Speaker 1>about Disney about it because they are the one speaking

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<v Speaker 1>about it. But we from Variation is also very happy.

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<v Speaker 1>But but with that, with the Apple, you're seeing folks

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<v Speaker 1>that get this free service, they become a longer term customer.

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<v Speaker 1>So it makes sense. Yes, all right, it makes a

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<v Speaker 1>local sense. So let's talk about that Amazon deal because

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<v Speaker 1>on the back end that enables a lot of things

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<v Speaker 1>that are increasingly important on the distribution side, and just

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<v Speaker 1>on the technical side of the house. You're a technical

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<v Speaker 1>guy at the end of the day, help us understand well,

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<v Speaker 1>I mean that the titles you have said say it

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<v Speaker 1>all in and of its own right, and I think

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<v Speaker 1>it's notable. And we can talk about this a little

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<v Speaker 1>bit later that there is a technical guy at the

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<v Speaker 1>at the top of this company. But talk about the

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<v Speaker 1>Amazon deal. We talk so much about the cloud and

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<v Speaker 1>Amazon Web Services. What does that enable you to do?

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<v Speaker 1>This is extremely exciting and I spent or we spent

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<v Speaker 1>almost one and a half year with Amazon to do this.

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<v Speaker 1>So just to understand what we're doing with Amazon. We're

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<v Speaker 1>bringing the cloud service out to the edge together with

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<v Speaker 1>five G in order to give super low latens the

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<v Speaker 1>enormous TROOPUT for applications being developed by developers. This cannot

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<v Speaker 1>be done. This is the first time in the world

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<v Speaker 1>where actually we have seen that partnership. Amazon couldn't have

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<v Speaker 1>done it by themselves because they don't have wireless five

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<v Speaker 1>Verizon couldn't have done it by itself because we are

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<v Speaker 1>not in clouds, we don't have cloud software. The combination

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<v Speaker 1>of us can create something that is so transformative that

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<v Speaker 1>today you basically as a developer, you can click on

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<v Speaker 1>our first five YE edge side in Chicago and start

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<v Speaker 1>developing an application for five G with low laties and

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<v Speaker 1>enormous TROOPUT. Of course it's a transformative, and of course

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<v Speaker 1>we're one side right now. Think of us have hundreds

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<v Speaker 1>of them, maybe thousands of them over time where you

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<v Speaker 1>have big data centers maybe less than ten in the country.

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<v Speaker 1>We can then give fire the experiences of low laities

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<v Speaker 1>and low LAATENC is basically you're picking up on the

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<v Speaker 1>Internet and get the facts back autonomous course, real time,

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<v Speaker 1>a r VR, artificial sort of intelligence. All of that

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<v Speaker 1>can be at the edge, and we have just seen

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<v Speaker 1>the start with it. So that's why we're so excited

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<v Speaker 1>about this partnership and what we launched in December three

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<v Speaker 1>of December. Yere so edge computing just for those who

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<v Speaker 1>don't know, and I didn't know until I kind of

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<v Speaker 1>a little bit of research, but it allows all those

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<v Speaker 1>millions of connected devices to reach a data service much

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<v Speaker 1>more quickly. That's why it's so important. It's also the

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<v Speaker 1>potential for something like a fortunllion dollar market. Do you

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<v Speaker 1>foresee this Han's being a significant part of your business

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<v Speaker 1>going forward. Remember when we outline our five strategy, I

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<v Speaker 1>said that this is the first time in the history

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<v Speaker 1>where I actually have four different business cases on the

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<v Speaker 1>same infrastructure which are built once. First of all, the

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<v Speaker 1>court goes down with the new technology, which is important

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<v Speaker 1>because data growth all the time. I can do five

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<v Speaker 1>year home instead of doing five yet at home. I

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<v Speaker 1>can do five yet at home. That's just an amazing

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<v Speaker 1>opportunity for us. Secondly, five your mobility. You can go

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<v Speaker 1>around with the five your phone and all of that,

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<v Speaker 1>and then five your mobile age compute. So suddenly you

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<v Speaker 1>have three four business case on the same infrastructure historically

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<v Speaker 1>on three D and four YO was basically two at best.

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<v Speaker 1>So yes, we see a great opportunity with this. And

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<v Speaker 1>this is the just the first piece of a of

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<v Speaker 1>an idea about five mobile edge compute. You're going to

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<v Speaker 1>see much more from us coming the years to come,

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<v Speaker 1>for sure. So let's talk about five G. We spend

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<v Speaker 1>a huge amount of time talking about I feel like

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<v Speaker 1>every day that everybody around the ecosystem there is a

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<v Speaker 1>sense that the move from four G t five G

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<v Speaker 1>is much different than from two G, two three G

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<v Speaker 1>and even three G to four G. How much of

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<v Speaker 1>the promise has been delivered so far and what's to

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<v Speaker 1>come and what's the timeline. I think that we aren't

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<v Speaker 1>remember when the design or five year was done. Um,

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<v Speaker 1>the idea was, this is a wireless technology for industries

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<v Speaker 1>and society. It was never thought it was of course

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<v Speaker 1>thought that consumers will get the benefit. But from the

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<v Speaker 1>beginning was how can you take away all the cables

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<v Speaker 1>in the world and have the same performance as you advocate,

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<v Speaker 1>but being much more agile, having new ways of doing it.

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<v Speaker 1>That was the idea. So of course a lot of

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<v Speaker 1>the things when I think about five D is that

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<v Speaker 1>four G has basically two capabilities, speed and troople. The

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<v Speaker 1>phone is better every time you get a new generation

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<v Speaker 1>in five these eight currencies you can back their optimization,

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<v Speaker 1>low latency. I mean just one of the currencies that

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<v Speaker 1>today I can connect hundred thousand devices per square kilometer.

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<v Speaker 1>Two more, I can do one million, and it's not

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<v Speaker 1>never gonna be one million people on a square kilometer.

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<v Speaker 1>So it's done for devices, talking to devices, optimizing flow

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<v Speaker 1>for industries. So where do we're allway? I mean, the

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<v Speaker 1>plan was actually to come out. We came out twenty eighteen.

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<v Speaker 1>I think we're ahead of the game, but still from

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<v Speaker 1>a consumer market where you just now starting to massively

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<v Speaker 1>come into it. And as we have said this year,

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<v Speaker 1>we're gonna launch twenty five D phones this year. So

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<v Speaker 1>but then we was need to realize this market is

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<v Speaker 1>probably and I'm not sure it's true, but I think

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<v Speaker 1>Apples have the highest market share in this market. So

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<v Speaker 1>it becomes important that Apple has a five D phone

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<v Speaker 1>because people are very, very loyal to their operating system. Apparently,

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<v Speaker 1>I'm not playing a new phone and that's five exactly,

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<v Speaker 1>and I think that many you think if you're an

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<v Speaker 1>Apple user. I think that Samson has come out with

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<v Speaker 1>fantastic five D phones already, but it's a little bit

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<v Speaker 1>how it works between operating systems. So we help me

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<v Speaker 1>a little bit more, a little specific about the role.

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<v Speaker 1>So how many cities this year? We haven't said that yet,

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<v Speaker 1>but I promise you very soon we will tell you.

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<v Speaker 1>I think that last year we said thirty, we made

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<v Speaker 1>thirty one made fourteen NFL stadiums and four other arenas.

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<v Speaker 1>We think that our five is so different from others

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<v Speaker 1>because the performance on our millimeter way five is your extraordinary. Today,

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<v Speaker 1>I get too big a bit per second in my phone.

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<v Speaker 1>If you have a Ford your phone, which you probably

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<v Speaker 1>have over there, you probably have forty to fifty megabits

0:11:20.200 --> 0:11:22.240
<v Speaker 1>per second on variation, which is the best network in

0:11:22.280 --> 0:11:24.959
<v Speaker 1>the country. And here we're getting too gig. You cannot

0:11:25.000 --> 0:11:28.040
<v Speaker 1>even imagine how much faster that is. Do you need

0:11:28.120 --> 0:11:31.800
<v Speaker 1>the more mid band airwaves to expand? What do you

0:11:31.840 --> 0:11:34.959
<v Speaker 1>need today? I have all the assets I need to

0:11:35.000 --> 0:11:39.640
<v Speaker 1>deploy a nationwide and a millimet wave network. Over time.

0:11:39.679 --> 0:11:42.400
<v Speaker 1>Of course, we're always look into all the other spectrums

0:11:42.400 --> 0:11:44.120
<v Speaker 1>we need in order to be more efficient. There's some

0:11:44.160 --> 0:11:47.600
<v Speaker 1>options coming up. Yeah, there have been some announcement about it.

0:11:47.640 --> 0:11:49.280
<v Speaker 1>I think that C Band we have said that that's

0:11:49.280 --> 0:11:52.320
<v Speaker 1>an interesting spectrum because what it's most important with that

0:11:52.440 --> 0:11:56.280
<v Speaker 1>is it's a global spectrum. Other countries are using that spectrum.

0:11:56.480 --> 0:11:59.040
<v Speaker 1>Ultimately want roaming to work, so you take your phone

0:11:59.040 --> 0:12:00.880
<v Speaker 1>wherever you are and the I your service will work.

0:12:01.200 --> 0:12:03.160
<v Speaker 1>That is a spectrum that is going to be fairly

0:12:03.200 --> 0:12:06.079
<v Speaker 1>global to see then, so that's why it's fairly interesting

0:12:06.679 --> 0:12:09.520
<v Speaker 1>to be part of it. We have many international customers

0:12:09.520 --> 0:12:12.760
<v Speaker 1>who have international business. Our customers want to have their

0:12:12.760 --> 0:12:14.760
<v Speaker 1>phone on the go. You said at the top of

0:12:14.760 --> 0:12:18.320
<v Speaker 1>the conversation Hunts that you're in the network business and

0:12:18.360 --> 0:12:21.320
<v Speaker 1>describe that very well. You still do have some media

0:12:21.360 --> 0:12:26.040
<v Speaker 1>properties though Yahoo, Her Post a o L. What's the

0:12:26.120 --> 0:12:31.000
<v Speaker 1>strategy there, does that grow, does it expand organic acquisition?

0:12:31.080 --> 0:12:33.520
<v Speaker 1>What happens there. It's a good question. I think that

0:12:33.920 --> 0:12:36.400
<v Speaker 1>as as I came in and a new team came in,

0:12:36.440 --> 0:12:38.839
<v Speaker 1>we started looking at the first decision we made that

0:12:39.040 --> 0:12:41.600
<v Speaker 1>everyone works here, works with rights on and we need

0:12:41.640 --> 0:12:45.160
<v Speaker 1>to find our commonalities. The first commonality we decided we

0:12:45.240 --> 0:12:48.760
<v Speaker 1>have one brand value that's trust and innovation. Doesn't matter

0:12:48.880 --> 0:12:52.559
<v Speaker 1>if my engineers is Digg Industries with Fibrine here in

0:12:52.559 --> 0:12:55.160
<v Speaker 1>New York City or they work for huff incomposed, trust

0:12:55.160 --> 0:12:58.240
<v Speaker 1>and innovation is what my customers need to get from us.

0:12:58.520 --> 0:13:01.160
<v Speaker 1>So that was very important decision for us because that

0:13:01.280 --> 0:13:03.320
<v Speaker 1>also caterd what we should do with the Rise and

0:13:03.360 --> 0:13:07.160
<v Speaker 1>Media Group today. We have all our over the top solutions,

0:13:07.200 --> 0:13:11.960
<v Speaker 1>you know, finance, sport, entertainment, etcetera. Actually making a lot

0:13:12.040 --> 0:13:15.480
<v Speaker 1>of understanding for us where Compton come from. And secondly

0:13:15.640 --> 0:13:18.760
<v Speaker 1>from my enterprise customer. With my advertising platform, right now,

0:13:18.800 --> 0:13:20.760
<v Speaker 1>I can go to a customer and say that hey,

0:13:20.960 --> 0:13:23.199
<v Speaker 1>I'm not the only can sell the connectivity in five G.

0:13:23.480 --> 0:13:27.160
<v Speaker 1>I also had an advertising platform, So suddenly I have synities.

0:13:27.200 --> 0:13:30.400
<v Speaker 1>From my sales point of view, I have technology synities

0:13:30.480 --> 0:13:33.040
<v Speaker 1>because many of the Rise and Media groups and engineers

0:13:33.160 --> 0:13:36.319
<v Speaker 1>is working with five G today. So suddenly I feel

0:13:36.320 --> 0:13:38.720
<v Speaker 1>that this is really fitting into a strategy that we have.

0:13:39.240 --> 0:13:42.040
<v Speaker 1>But we're happy with assets. Up to the third quarter,

0:13:42.080 --> 0:13:44.680
<v Speaker 1>they had done a fantastic job from coming from double

0:13:44.760 --> 0:13:47.959
<v Speaker 1>d D decline to very very small decline, so they're

0:13:47.960 --> 0:13:50.680
<v Speaker 1>doing good job. You've been very consistent about kind of

0:13:50.720 --> 0:13:54.679
<v Speaker 1>swearing off some of those big deals. Is that still

0:13:54.679 --> 0:13:57.839
<v Speaker 1>the plate especially? Is that still the position that you're holding,

0:13:57.920 --> 0:13:59.920
<v Speaker 1>especially as debt levels have come down, because at one

0:14:00.040 --> 0:14:01.719
<v Speaker 1>point you're pretty interested. And I think one of the

0:14:01.760 --> 0:14:04.760
<v Speaker 1>big TV companies, whether it was Charter or something else,

0:14:04.920 --> 0:14:09.040
<v Speaker 1>was probably through before me then or the company. Yeah, yeah, no,

0:14:09.200 --> 0:14:13.440
<v Speaker 1>I think that I and my team think that we

0:14:13.559 --> 0:14:16.360
<v Speaker 1>have so much growth to be done in this technology

0:14:16.480 --> 0:14:18.719
<v Speaker 1>change to fie D. We want to be focused on that.

0:14:18.920 --> 0:14:21.360
<v Speaker 1>We think we can create value for our shareholders, em police,

0:14:21.400 --> 0:14:24.840
<v Speaker 1>customer society on the focus we'll have on the network.

0:14:25.200 --> 0:14:29.840
<v Speaker 1>So I have actually explicitly said that linear content companies,

0:14:29.840 --> 0:14:32.200
<v Speaker 1>I'm not interested in that. Because there was so much

0:14:32.520 --> 0:14:35.040
<v Speaker 1>hang on our shares. Everybody was asking are you going

0:14:35.080 --> 0:14:38.480
<v Speaker 1>to buy that three letter acronym or that three letter acronym?

0:14:38.520 --> 0:14:40.720
<v Speaker 1>I said, no, we're not going to buy that. And

0:14:40.760 --> 0:14:43.640
<v Speaker 1>it's important for a company as well. When you formulated

0:14:43.720 --> 0:14:47.440
<v Speaker 1>a new team, a new culture, and you go somewhere,

0:14:47.640 --> 0:14:49.240
<v Speaker 1>it's very clear what you want to do and all.

0:14:49.520 --> 0:14:52.560
<v Speaker 1>And that's why no, all right, so let's do a lot.

0:14:53.000 --> 0:14:56.000
<v Speaker 1>So what would you buy? Because there are is there

0:14:56.000 --> 0:14:58.160
<v Speaker 1>anything out there on the I think that what we

0:14:58.200 --> 0:15:01.480
<v Speaker 1>are looking into and and we have we buy small companies,

0:15:01.600 --> 0:15:04.080
<v Speaker 1>especially for the five year that can be part of

0:15:04.120 --> 0:15:07.000
<v Speaker 1>our enterprise basins and things like that, but we haven't

0:15:07.040 --> 0:15:10.440
<v Speaker 1>bought anything large lately. On right now, I'm more focused

0:15:10.440 --> 0:15:12.680
<v Speaker 1>on the execution. I think that many of our competitors

0:15:12.840 --> 0:15:15.480
<v Speaker 1>are thinking about a lot of other stuff. Me and

0:15:15.520 --> 0:15:17.720
<v Speaker 1>my team, we can come in every Monday morning and

0:15:17.720 --> 0:15:20.240
<v Speaker 1>start thinking about how do we execute even better this week?

0:15:20.480 --> 0:15:23.160
<v Speaker 1>All right, So let's a little rapid fire to end

0:15:23.280 --> 0:15:26.480
<v Speaker 1>up this interview a little bit about your management style

0:15:26.920 --> 0:15:30.840
<v Speaker 1>and maybe how you view strategy going forward. The biggest

0:15:30.920 --> 0:15:35.520
<v Speaker 1>existential threat to the company or the industry as the

0:15:35.680 --> 0:15:38.320
<v Speaker 1>existential threat to the industry is hard as Sam and

0:15:38.480 --> 0:15:40.280
<v Speaker 1>I think the technology is going to be more and

0:15:40.320 --> 0:15:44.720
<v Speaker 1>more important for each and every person on this planet.

0:15:44.800 --> 0:15:47.760
<v Speaker 1>So I don't think it's an exceptential threat to the

0:15:47.760 --> 0:15:50.400
<v Speaker 1>English research. But if we don't think about customer and

0:15:50.480 --> 0:15:53.560
<v Speaker 1>seeing that we get the customer optionality, that's an extension

0:15:53.600 --> 0:15:56.280
<v Speaker 1>threat for any business. I would say, what competitor do

0:15:56.320 --> 0:16:00.320
<v Speaker 1>you most admire? And why I respect all my competitors.

0:16:00.040 --> 0:16:02.560
<v Speaker 1>I pick and choose for whatever I want to take

0:16:02.600 --> 0:16:04.480
<v Speaker 1>from them. But the bonus, there's no one that I

0:16:04.520 --> 0:16:06.760
<v Speaker 1>think that is that's what I want to be or something.

0:16:07.320 --> 0:16:10.200
<v Speaker 1>But I respect them all. Is there somebody outside your industry, though,

0:16:10.200 --> 0:16:12.080
<v Speaker 1>that you really respect and you think, man, they just

0:16:12.160 --> 0:16:15.320
<v Speaker 1>they get their mission, they understand things or their company culture.

0:16:15.880 --> 0:16:18.320
<v Speaker 1>So I think that there are many companies that have

0:16:18.400 --> 0:16:20.320
<v Speaker 1>done a great job. And I think that where where

0:16:20.360 --> 0:16:25.000
<v Speaker 1>I align most with other industry companies is the companies

0:16:25.000 --> 0:16:27.520
<v Speaker 1>that actually have done as we are doing, including the

0:16:27.640 --> 0:16:31.080
<v Speaker 1>society in part of our stractity and understanding the responsibility

0:16:31.080 --> 0:16:33.160
<v Speaker 1>you have as a leader and as a company for

0:16:33.520 --> 0:16:38.240
<v Speaker 1>doing right for employees, for society or customers and shareowners.

0:16:38.400 --> 0:16:41.080
<v Speaker 1>Those companies, I think I have a lot of linement

0:16:40.960 --> 0:16:43.480
<v Speaker 1>and and I do more business with those type of

0:16:43.480 --> 0:16:46.920
<v Speaker 1>companies because we feel that we have responsibility. If my

0:16:47.040 --> 0:16:50.400
<v Speaker 1>counterpart feel the same, we can do businesses together as

0:16:50.400 --> 0:16:53.800
<v Speaker 1>well as doing right. What's the best advice you've ever given?

0:16:53.800 --> 0:16:56.240
<v Speaker 1>In who gave it? You've ever been given? In who

0:16:56.240 --> 0:16:59.240
<v Speaker 1>gave it to you? To me? Oh, I get so

0:16:59.320 --> 0:17:03.560
<v Speaker 1>many advice to sellect one of them. I think that

0:17:03.720 --> 0:17:07.080
<v Speaker 1>somewhere in the beginning, I think that I got advised

0:17:07.119 --> 0:17:10.359
<v Speaker 1>to to really see that I I support and help

0:17:10.760 --> 0:17:13.280
<v Speaker 1>people that are above me. Below me and on the

0:17:13.320 --> 0:17:16.320
<v Speaker 1>side of me. I think that was important. I come

0:17:16.320 --> 0:17:19.440
<v Speaker 1>from a competitive life. I was a sportsman, so basically

0:17:19.440 --> 0:17:23.960
<v Speaker 1>I was extremely goal oriented, so people moved around me. Um.

0:17:24.240 --> 0:17:27.119
<v Speaker 1>I learned quite quickly that I need to work with

0:17:27.160 --> 0:17:30.400
<v Speaker 1>everyone and to be a good team leader. You are

0:17:30.400 --> 0:17:32.960
<v Speaker 1>a sportsman and you have certainly your background has been

0:17:33.040 --> 0:17:34.800
<v Speaker 1>in sports a lot. I mean you guys have as

0:17:34.840 --> 0:17:37.720
<v Speaker 1>a company have expanded into that as well. So is

0:17:37.760 --> 0:17:41.240
<v Speaker 1>that too a significant part of the mission mission going forward? Yes,

0:17:41.359 --> 0:17:44.119
<v Speaker 1>I think that we think that the technology and the

0:17:44.200 --> 0:17:48.440
<v Speaker 1>fire the has such a bearing on the new experience

0:17:48.440 --> 0:17:51.320
<v Speaker 1>that I want to have in sports venues. We want

0:17:51.359 --> 0:17:53.919
<v Speaker 1>to have the same experience in the sports venue that

0:17:54.000 --> 0:17:56.760
<v Speaker 1>you have at home, and actually you can give some

0:17:57.000 --> 0:17:59.800
<v Speaker 1>even better in state and experience. You can only get

0:17:59.800 --> 0:18:03.359
<v Speaker 1>that in five D because the unlimited spectrum. I have

0:18:03.560 --> 0:18:07.359
<v Speaker 1>the uplink that I have to thousand, hundred thousand people

0:18:07.400 --> 0:18:10.000
<v Speaker 1>can send up the date. At the same time, virtual

0:18:10.000 --> 0:18:13.440
<v Speaker 1>realities picked on cameras can only happen in five That's

0:18:13.480 --> 0:18:15.679
<v Speaker 1>why we're into sports. That's why we're in the NFL,

0:18:15.720 --> 0:18:20.280
<v Speaker 1>we're in the NBA. Were together with the baseball teams.

0:18:20.520 --> 0:18:23.119
<v Speaker 1>We think that's important, all right, So I think I

0:18:23.200 --> 0:18:25.000
<v Speaker 1>may hear the answer to this question. But if you

0:18:25.040 --> 0:18:28.520
<v Speaker 1>did asking, well, if you didn't have this job, what

0:18:28.680 --> 0:18:30.679
<v Speaker 1>job what you want? I have a feeling it might

0:18:30.680 --> 0:18:35.239
<v Speaker 1>be something in the sports. Absolutely no. I would love

0:18:35.359 --> 0:18:38.280
<v Speaker 1>used to be around sports, leading sports teams or a

0:18:38.320 --> 0:18:41.160
<v Speaker 1>big movement in sports. And that's why I joined the

0:18:41.160 --> 0:18:43.560
<v Speaker 1>Swedish Olympic Committee. I had one mission in life. I

0:18:43.680 --> 0:18:46.600
<v Speaker 1>wasn't going to get the Winter Olympics six or Sweden.

0:18:46.920 --> 0:18:48.760
<v Speaker 1>I have to quit a little bit earlier because I

0:18:48.800 --> 0:18:51.640
<v Speaker 1>got another job which was apparently a little bit more important.

0:18:52.520 --> 0:18:54.439
<v Speaker 1>But that would be what I do. And then of

0:18:54.480 --> 0:18:57.159
<v Speaker 1>course working with you when I have spent half of

0:18:57.160 --> 0:18:59.879
<v Speaker 1>my life already from the millionnim development goal, which is

0:19:00.040 --> 0:19:03.280
<v Speaker 1>into the goal I mean the UN Foundation's board, to

0:19:03.400 --> 0:19:07.760
<v Speaker 1>give back and see how technology can actually change the

0:19:07.880 --> 0:19:10.840
<v Speaker 1>word in the next decade is so important to me.

0:19:11.200 --> 0:19:16.760
<v Speaker 1>Inclusion for people, fairness, everybody can get education, health care

0:19:16.800 --> 0:19:21.000
<v Speaker 1>from technology. The climate change, all of that technology are

0:19:21.040 --> 0:19:23.800
<v Speaker 1>helped with. And you guys are obviously last question. You're

0:19:23.800 --> 0:19:25.800
<v Speaker 1>all about five g no doubt about it, and so

0:19:26.000 --> 0:19:27.680
<v Speaker 1>is a lot of the world. When do we really

0:19:27.680 --> 0:19:30.960
<v Speaker 1>see it invading our world where everything I think this

0:19:31.080 --> 0:19:33.480
<v Speaker 1>year is going to be an important year for that. Okay,

0:19:33.520 --> 0:19:37.639
<v Speaker 1>this year a dress for I really appreciate you spending

0:19:37.680 --> 0:19:39.400
<v Speaker 1>some time of this. Thank you, Thank you very much,