WEBVTT - Meg Whitman on 'Challenging Environment' for Leaders

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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. As our listeners know, Quimby, the

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<v Speaker 1>new streaming service and short form video app. It launched yesterday,

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<v Speaker 1>founded by Jeffrey Katzenberg. We talked with him yesterday. Well,

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<v Speaker 1>lucky for us, today we have the CEO of Quimby,

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<v Speaker 1>Meg Whitman, well known to our listeners, former CEO of

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<v Speaker 1>Hewlett Packard and eBay. Meg. Nice to have you here

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<v Speaker 1>with us. UM talked to us about Quimby. I mean,

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<v Speaker 1>the timing is such a timely one considering the surgeons

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<v Speaker 1>streaming that we're seeing because of so many of us

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<v Speaker 1>sheltering in place. UM, talk to us about what you're

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<v Speaker 1>seeing initially these first couple of days. Well, good, well,

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<v Speaker 1>thanks for having me. Um. Yeah, we launched yesterday and

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<v Speaker 1>we were very pleased by our first day response. We're

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<v Speaker 1>number three in the app store, between behind TikTok and Zoom,

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<v Speaker 1>and number two in their entertainment category, behind TikTok and

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<v Speaker 1>ahead of Netflix and Disney Plus. So we're very pleased

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<v Speaker 1>by that. It's day one, long way to go, but

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<v Speaker 1>we're pleased by that. And UM, you know listen. It

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<v Speaker 1>was a hard decision to decide to launch, right, I mean,

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<v Speaker 1>this is a terribly you know, disruptive time for everybody.

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<v Speaker 1>But we ultimately said, you know, we're not medical professionals,

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<v Speaker 1>we're not first responders, but maybe we can bring a

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<v Speaker 1>little joy and levity to people's lives with the content

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<v Speaker 1>that we have, and so we decided to go for it,

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<v Speaker 1>and we had to change everything about the launch. As

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<v Speaker 1>you can imagine, we had a physical UM launch event

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<v Speaker 1>with a big red carpet. But guess what our biggest

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<v Speaker 1>TV buy was launch week the n C Double A Finals,

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<v Speaker 1>which were to be last night, so we had we

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<v Speaker 1>had all bought everything on March madness, and we were

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<v Speaker 1>so excited that the finals were supposed to be last night,

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<v Speaker 1>the evening of our launch. Okay, that all have to

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<v Speaker 1>be scrapped. So there's been challenges UM, but but we've

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<v Speaker 1>you know, the team has been great and our production

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<v Speaker 1>partners have been amazing because let many of them are

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<v Speaker 1>daily essentials are all being produced you know from home. Well,

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<v Speaker 1>and I've been remiss. Are you're doing well, your family,

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<v Speaker 1>your colleagues, everybody doing Okay? Yes, yes, very much. So

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<v Speaker 1>when I have Um, you know, I live in l

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<v Speaker 1>A now, but my husband is a medical professional. He's

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<v Speaker 1>a neurosurgeon, and so I'm sheltered in place in Sacramento

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<v Speaker 1>where he's at you C. Davis in Sacramento. Wow, So

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<v Speaker 1>I decided to come up here because he's you know,

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<v Speaker 1>he's on the front lines every single day. He's doing great.

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<v Speaker 1>But it's you know, it's pretty tense out there, honestly,

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<v Speaker 1>it really is. And what do you you know, Meg,

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<v Speaker 1>You you've obviously been very politically active in a candidate

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<v Speaker 1>for high office before you understand the collision of political

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<v Speaker 1>and economic and business and all of that. What do

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<v Speaker 1>you make for from that perspective as a leader of

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<v Speaker 1>some of the responses that we've seen, I mean, Governor

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<v Speaker 1>Newsom is you know, getting some some decent reviews, more

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<v Speaker 1>than decent reviews there in California as you look across

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<v Speaker 1>the country. I know we're a little off topic here,

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<v Speaker 1>but what do you make of the response? Yeah, well, listen,

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<v Speaker 1>this is unprecedented, right, No one, no governor, no president,

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<v Speaker 1>no one has had to deal with something quite like

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<v Speaker 1>this before, well maybe in seventeen or something. Um, so

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<v Speaker 1>it's completely different. And I think you know, they're feeling

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<v Speaker 1>their way. I think Governor Newsom was doing a very

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<v Speaker 1>good job. He jumped on this early. He had us all,

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<v Speaker 1>you know, sheltering in place. The curve appears to be

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<v Speaker 1>flattening here, but but we'll see. Um. You know, I

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<v Speaker 1>think it's a very challenging environment for leaders, you know,

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<v Speaker 1>in the political sphere. Well. And you know what's interesting is,

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<v Speaker 1>you know, we talk a lot meg um about how

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<v Speaker 1>things are changing. Like I think about you were really wonderful.

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<v Speaker 1>I did a breakfast of Corporate Champions with you about

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<v Speaker 1>the breakup of HP and your panel, the panel, your

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<v Speaker 1>colleagues that helped in that breakup and and what went on.

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<v Speaker 1>And I just think, remember, yeah, and I think you

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<v Speaker 1>know how things change, right, and who would have thought

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<v Speaker 1>HP the breakup? But it did happen, and we live

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<v Speaker 1>in a different environment. I do wonder how you see

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<v Speaker 1>today's environment, um, how it will impact the virus, how

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<v Speaker 1>it will impact our world going forward maybe longer term. Yeah,

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<v Speaker 1>I think that's a really very interesting question. I mean,

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<v Speaker 1>don't you wonder whether work from home has changed from forever? Yes? Um,

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<v Speaker 1>I think it may have. We've all learned how to

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<v Speaker 1>do this I mean I've been going into an office

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<v Speaker 1>for forty years, and all of a sudden I've had

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<v Speaker 1>to figure this out, which you know, it's been pretty easy.

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<v Speaker 1>I've happened to be a chech exect but still, you know,

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<v Speaker 1>and it's pretty efficient. So I wonder if that will

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<v Speaker 1>have changed. I wonder if this will have changed how

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<v Speaker 1>families communicate. I mean every weekend, now we're on with

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<v Speaker 1>you know, both my husband's family and my family for

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<v Speaker 1>an hour and a half, you know, doing a zoom call,

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<v Speaker 1>because we never did that before, right, So no, I

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<v Speaker 1>think that I think that's totally true. Well, and and men,

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<v Speaker 1>you know, on the subject of media, I feel like,

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<v Speaker 1>you know, we were just speaking with Susan Lyne and obviously,

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<v Speaker 1>like you, she knows a huge amount about media and

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<v Speaker 1>technology in the intersection. Uh they're in you know, you've been,

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<v Speaker 1>you know, elbow neck deep in the creation of a

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<v Speaker 1>new media company. How do you think media changes going forward,

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<v Speaker 1>both in terms of this inflection point but also wrapping

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<v Speaker 1>a in you know, the whole notion of this virus. Yeah, yeah,

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<v Speaker 1>well I think, um listen, you know, Hollywood is a

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<v Speaker 1>surprisingly um uh entrepreneurial place. Think about it every time

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<v Speaker 1>you start a movie. Okay, a movie is a startup.

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<v Speaker 1>It's not different from a startup in Silicon Valley. And

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<v Speaker 1>uh so they are adapting really fast to um this

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<v Speaker 1>entirely new environment. And I think you may see different

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<v Speaker 1>kinds of content. I think how it's consumed maybe different.

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<v Speaker 1>Um you know, you wonder where everyone comes pouring back

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<v Speaker 1>into the movie theaters or you know, that's fundamentally changed.

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<v Speaker 1>I don't know, but people are exploring new ways to

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<v Speaker 1>consume content. Um. We were excited because we thought, you know,

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<v Speaker 1>if we could make watching um holiday Hollywood quality content

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<v Speaker 1>on your phone, UM, terrific. You know, that would be

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<v Speaker 1>something that hadn't been done before. It was technology enabling

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<v Speaker 1>a new way to tell stories. And I think you're

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<v Speaker 1>going to see a lot of that, you know, in

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<v Speaker 1>part because the situation in which we find ourselves, but

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<v Speaker 1>also the normal march and time of technology and its advancements.

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<v Speaker 1>And uh, you know, given everything that's been going on

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<v Speaker 1>with shutdown, how much sort of content do you have

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<v Speaker 1>in the can? How much do you worry about sort

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<v Speaker 1>of production shutdowns? Well, we have enough content, believe it

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<v Speaker 1>or not, to get us through November. Might say one.

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<v Speaker 1>Why did that happen? How did that happen? Well, we

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<v Speaker 1>knew we needed to bank content because I thought, you know,

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<v Speaker 1>what if if this, you know, was remarkably successful, maybe

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<v Speaker 1>we need to pull forward some content. So we wanted

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<v Speaker 1>to have enough content in our you know, in the

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<v Speaker 1>archives if you will. But we also thought there might

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<v Speaker 1>be a writer strike in May, so that was the

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<v Speaker 1>other thing we did. And um, so we've got enough

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<v Speaker 1>content now. Remember part of our content is Daily Essentials

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<v Speaker 1>and that is produced every day. And um, so you know,

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<v Speaker 1>our news partners are you know, doing it up in

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<v Speaker 1>their studio, but many are doing it from home. We've

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<v Speaker 1>got you know, music news, Um, we've got celebrity news,

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<v Speaker 1>talk shows, sports, whether you name it, and so different

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<v Speaker 1>of our partners are doing it different ways, but again

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<v Speaker 1>super um, you know, entrepreneurial and figuring out how to

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<v Speaker 1>make it great from people's living room. You've seen it

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<v Speaker 1>all the time. It's crazy. So okay, i'd be remiss.

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<v Speaker 1>You've only got about forty seconds left here about um

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<v Speaker 1>Xerox giving up its pursuit of HP any any kind

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<v Speaker 1>of final thoughts on that. Well, you know, listen, I

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<v Speaker 1>always thought that seemed sort of a strange thing because

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<v Speaker 1>HP is so much bigger than Xerox. I mean, if

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<v Speaker 1>anyone was going to buy someone, who should be the

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<v Speaker 1>other way around. And so, you know, I never quite

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<v Speaker 1>understood the rational, um, and so I think listen, you know,

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<v Speaker 1>the leaders at HP now are fantastic. Chairman of the board,

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<v Speaker 1>chips are doing a great job. And um, you know,

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<v Speaker 1>so I think it's it's you know, a great company

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<v Speaker 1>and they'll do fine on their own. Listen, Meg, thank

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<v Speaker 1>you so much, really appreciate your time. Good luck with quimby,

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<v Speaker 1>and we look forward to talking to you again, um

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<v Speaker 1>as the year progresses on. This is Bloomberg Business Week

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<v Speaker 1>with Carol Masser and Jason Kelly on Bloomberg Radio. Well

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<v Speaker 1>Susan Lyons professional background it is been in all worlds

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<v Speaker 1>of media, publishing, multimedia. Also, she has become a venture

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<v Speaker 1>capitalist and has been for several years. She's former president

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<v Speaker 1>of ABC Entertainment. She ran Martha Stewart on the Media

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<v Speaker 1>Oversaw a o L dot Com directed the board of

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<v Speaker 1>Guilt Groups. So UM so delighted to have her back

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<v Speaker 1>with us. She is the founder and president of BBG Ventures,

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<v Speaker 1>making investments and women founded startups. Quite a portfolio, and

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<v Speaker 1>she joins us on this Tuesday on the phone in

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<v Speaker 1>New York, Susan, it is great to have you back

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<v Speaker 1>with us. Really appreciate your time. I hope you your family,

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<v Speaker 1>Uh folks are doing okay. Everyone's fine. I've got children

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<v Speaker 1>in Brooklyn, I've got sisters here in Manhattan and uh,

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<v Speaker 1>and I'm here in Manhattan too, so uh, we're all

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<v Speaker 1>working from home at this point, like the rest of

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<v Speaker 1>the world, right exactly. I do wonder when you look

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<v Speaker 1>at this, um, the kind of the world that we're

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<v Speaker 1>in right now. You know, we talk about people are

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<v Speaker 1>doing more streaming, We're talking about changes that might come

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<v Speaker 1>to education or medicine. I'm just curious, you know, with

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<v Speaker 1>your investor hat on, you know, how you see it,

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<v Speaker 1>how our world might be changing as a result of this.

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<v Speaker 1>You know, this is the giants question out there. UM.

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<v Speaker 1>I think we know the near term impacts, I think uh,

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<v Speaker 1>and I'm happy to talk about some of the things

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<v Speaker 1>we're seeing. I think the the more interesting piece of

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<v Speaker 1>this is whether it will create um behavior changes over time.

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<v Speaker 1>How much of what we are are being forced to

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<v Speaker 1>do now will actually become part of our work lives

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<v Speaker 1>or as you say, learning lives or UM or just

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<v Speaker 1>the way we live UM and that I think will

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<v Speaker 1>take time to really understand. But there are certain things

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<v Speaker 1>that that I have to believe will never completely go back.

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<v Speaker 1>You know, I can't imagine that companies are going to

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<v Speaker 1>go back to spending as much on business travel, for example,

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<v Speaker 1>because everyone has been forced to figure out how to

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<v Speaker 1>do business across country using Zoom or whatever, uh, whatever

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<v Speaker 1>video product your company h uses UM, and there's a

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<v Speaker 1>ton you can get done. There's no question, and it

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<v Speaker 1>can be very intimate in fact. So uh seems like

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<v Speaker 1>that I think are going to have UM a much

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<v Speaker 1>bigger impact than just keeping us in for a couple

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<v Speaker 1>of months. And what do you Let's let's continue to

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<v Speaker 1>talk about that, because this is the most fascinating piece

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<v Speaker 1>of this to to me. Honestly, Susan and Carol and

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<v Speaker 1>I talked about it on air off air all the time.

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<v Speaker 1>We talk about it within our company because we are

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<v Speaker 1>seeing things differently, uh, you know, working from home, candidly,

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<v Speaker 1>spending more time with our families in many cases, I

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<v Speaker 1>I hope, you know, more balanced parenting in some ways,

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<v Speaker 1>I'm not so tired anymore so what's the net effect

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<v Speaker 1>of that, you think. I think that, Look, I hope

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<v Speaker 1>it's going to have um uh lasting impact on things

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<v Speaker 1>like co parenting. That would be a beautiful thing. Um.

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<v Speaker 1>And certainly I think there's a lot of men out

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<v Speaker 1>there who are realizing, um, there's great pleasure in doing

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<v Speaker 1>a lot more with their their families and maybe they

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<v Speaker 1>were able to do when they were working sixteen hours

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<v Speaker 1>a day. UM. I do think that there will be

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<v Speaker 1>more working from home, just no question about it. There's

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<v Speaker 1>a um there's value in it for companies. UH. Maybe

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<v Speaker 1>not full time and certainly not for your entire team

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<v Speaker 1>as who are forced to do right now. But there's

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<v Speaker 1>a lot of jobs that can be done remotely and

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<v Speaker 1>there are a lot of days in the week I

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<v Speaker 1>think when you could organize things to do your work

0:12:18.640 --> 0:12:21.640
<v Speaker 1>from a home office. So I do think that is

0:12:21.679 --> 0:12:29.120
<v Speaker 1>going to have um uh runover effect um And I

0:12:29.160 --> 0:12:31.880
<v Speaker 1>think there's going to be demands on both sides at

0:12:31.880 --> 0:12:34.960
<v Speaker 1>the table for it. I think there are our companies

0:12:34.960 --> 0:12:37.760
<v Speaker 1>who's who are going to realize they can be more

0:12:37.800 --> 0:12:41.240
<v Speaker 1>efficient by doing this, And I think there are people

0:12:41.520 --> 0:12:45.320
<v Speaker 1>in all levels of jobs who are going to say,

0:12:45.400 --> 0:12:47.280
<v Speaker 1>you know what, I want to work from home to

0:12:47.400 --> 0:12:53.080
<v Speaker 1>day to week. Well, listen, like I think even you know, TV, television, radio,

0:12:53.160 --> 0:12:54.880
<v Speaker 1>who would have thought you mean, Jason and I are

0:12:54.920 --> 0:12:58.160
<v Speaker 1>both you know where a state apart, where forty miles apart,

0:12:58.200 --> 0:13:01.760
<v Speaker 1>and we're doing you know, a anchored show and television.

0:13:01.800 --> 0:13:04.080
<v Speaker 1>We've all seen people from their homes who would have

0:13:04.080 --> 0:13:06.320
<v Speaker 1>thought that we would be able to do. I'm not

0:13:06.360 --> 0:13:08.280
<v Speaker 1>saying that this, you know that we're the most important

0:13:08.320 --> 0:13:10.160
<v Speaker 1>industry hardly, but it would have been one of those

0:13:10.160 --> 0:13:12.120
<v Speaker 1>things you're like, no, you can't do that from home, Well,

0:13:12.200 --> 0:13:17.240
<v Speaker 1>yeah we can, Yeah, absolutely, And I think it's um.

0:13:19.040 --> 0:13:21.839
<v Speaker 1>Someone said to me the other day that that they've

0:13:21.840 --> 0:13:26.720
<v Speaker 1>seen the inside of people's homes and apartments so much

0:13:26.760 --> 0:13:30.240
<v Speaker 1>more frequently in the last three weeks than they ever

0:13:30.400 --> 0:13:35.160
<v Speaker 1>had in their lifetime. So there's there's definitely things you

0:13:35.240 --> 0:13:39.840
<v Speaker 1>learn about your co workers too, when, uh, when you're

0:13:40.040 --> 0:13:43.760
<v Speaker 1>operating like this. So Susan line back with us. Susan,

0:13:43.800 --> 0:13:46.920
<v Speaker 1>thanks for hanging on gott to ask you, you know,

0:13:47.120 --> 0:13:50.120
<v Speaker 1>given all of your experience in the media world, what

0:13:50.200 --> 0:13:52.400
<v Speaker 1>do you make of the media world right now? We're

0:13:52.440 --> 0:13:55.920
<v Speaker 1>at such an interesting inflection point and we're testing all

0:13:55.960 --> 0:13:59.440
<v Speaker 1>these different things, given everybody streaming and consuming in a

0:13:59.440 --> 0:14:03.080
<v Speaker 1>different way, what do you see out there? Yeah, look,

0:14:03.120 --> 0:14:07.400
<v Speaker 1>I think this is a really interesting moment um, certainly

0:14:07.600 --> 0:14:12.640
<v Speaker 1>for as you said, streaming media. I think it's obviously

0:14:12.840 --> 0:14:18.160
<v Speaker 1>much tougher for for scripted media. For entertainment, UM, there's

0:14:18.400 --> 0:14:22.840
<v Speaker 1>tons of it being consumed right now, but until and

0:14:22.960 --> 0:14:26.800
<v Speaker 1>unless they can get back to actually producing, UM, it's

0:14:26.840 --> 0:14:31.480
<v Speaker 1>gonna be far more difficult. But there's no question moments

0:14:31.520 --> 0:14:36.080
<v Speaker 1>like this, UH make people hungry to understand what's going

0:14:36.160 --> 0:14:39.680
<v Speaker 1>on in the world, and hungry too, you know, be

0:14:39.840 --> 0:14:45.320
<v Speaker 1>entertained to laugh. And there are so many options for

0:14:45.320 --> 0:14:48.680
<v Speaker 1>re viewing at this moment. I think the mainstream media,

0:14:48.920 --> 0:14:51.760
<v Speaker 1>what you can see just by the ratings snumbers, UM,

0:14:51.920 --> 0:14:56.200
<v Speaker 1>they've doubled uh their audience in some cases even more

0:14:56.240 --> 0:15:01.160
<v Speaker 1>than that for what we consider may stream media, things

0:15:01.160 --> 0:15:05.600
<v Speaker 1>like cable news, UM. And I think that will continue

0:15:05.760 --> 0:15:09.440
<v Speaker 1>for a while. But I think the issue is how

0:15:09.440 --> 0:15:16.040
<v Speaker 1>do you keep that kind of UM. I would say,

0:15:16.200 --> 0:15:20.360
<v Speaker 1>solution to what people need, what people want on a

0:15:20.440 --> 0:15:26.280
<v Speaker 1>daily basis, once they're not completely isolated and uh, and

0:15:26.360 --> 0:15:33.160
<v Speaker 1>once they're UM, they're no longer concerned about the immediate

0:15:33.320 --> 0:15:38.040
<v Speaker 1>health threat. Yeah, exactly like I. We will see how

0:15:38.120 --> 0:15:40.680
<v Speaker 1>much of this, you know, ultimately stays with us. I mean,

0:15:40.720 --> 0:15:42.800
<v Speaker 1>I'm one of those people who's you know, I've been

0:15:42.920 --> 0:15:46.920
<v Speaker 1>binged on Tiger King, but I think I'm done, Susan.

0:15:47.040 --> 0:15:48.840
<v Speaker 1>I do wonder we're gonna be talking with Meg Whitman

0:15:49.080 --> 0:15:52.640
<v Speaker 1>of Quimby CEO Quimby. They launched us yesterday. When you

0:15:52.680 --> 0:15:54.440
<v Speaker 1>look at the media world, what are the types of

0:15:54.440 --> 0:15:58.440
<v Speaker 1>investments that you find interesting? Well, I think Quimby is

0:15:58.480 --> 0:16:02.720
<v Speaker 1>really interesting. We tend to invest less in what I

0:16:02.760 --> 0:16:07.440
<v Speaker 1>would call traditional media, largely because, um, it's been a

0:16:07.560 --> 0:16:14.000
<v Speaker 1>challenging sector. Uh, because it's hard to figure out how

0:16:14.040 --> 0:16:17.320
<v Speaker 1>to monetize it. So our focus has been much more

0:16:17.400 --> 0:16:26.520
<v Speaker 1>on um on technology, investments, on commerce, investments, on on services,

0:16:27.200 --> 0:16:34.680
<v Speaker 1>things that uh, we know our core customers are looking for. UM. Really,

0:16:34.760 --> 0:16:39.760
<v Speaker 1>when when you when you dig into what female entrepreneurs

0:16:39.760 --> 0:16:45.720
<v Speaker 1>are building, their problem solvers, their consumer problem solvers. So uh,

0:16:45.760 --> 0:16:50.880
<v Speaker 1>they look at some aspect of life and saying, you know,

0:16:51.200 --> 0:16:54.640
<v Speaker 1>either this is missing or I can create a much

0:16:54.680 --> 0:16:59.560
<v Speaker 1>better experience. UM. And I know it's it's like making

0:16:59.560 --> 0:17:01.120
<v Speaker 1>you pick up on your children, but you only have

0:17:01.160 --> 0:17:03.600
<v Speaker 1>about a minute left here, Susan, what's one thing in

0:17:03.640 --> 0:17:07.600
<v Speaker 1>your portfolio that you would point to that's representative of that. Well,

0:17:07.600 --> 0:17:09.840
<v Speaker 1>I'll tell you about two because they're sort of opposid

0:17:09.960 --> 0:17:13.040
<v Speaker 1>ends of the spectrum. One is the Wing, which has

0:17:13.080 --> 0:17:19.040
<v Speaker 1>been deeply impacted by b COVID, but they are well

0:17:19.119 --> 0:17:24.879
<v Speaker 1>capitalized and they uh, they will be reborn once this

0:17:25.040 --> 0:17:33.199
<v Speaker 1>is over because it it created um a very safe

0:17:33.240 --> 0:17:37.159
<v Speaker 1>place for women and a joyful place for women. And

0:17:37.240 --> 0:17:41.840
<v Speaker 1>I think that the need for a place to work,

0:17:41.920 --> 0:17:46.240
<v Speaker 1>to learn, to come together, to meet your next partner

0:17:46.320 --> 0:17:49.600
<v Speaker 1>or to whatever. You're still going to be there, Susan,

0:17:49.600 --> 0:17:52.280
<v Speaker 1>it just got twenty seconds left forgive me, okay. The

0:17:52.400 --> 0:17:55.880
<v Speaker 1>other one is Squad. So this is a screen sharing

0:17:55.920 --> 0:17:59.480
<v Speaker 1>app that allows you to hang out with your friends.

0:17:59.560 --> 0:18:04.359
<v Speaker 1>Think Zoom for friends and family UM. And they have

0:18:04.680 --> 0:18:08.320
<v Speaker 1>just taken off, So you know, two very good time Maconese.

0:18:09.040 --> 0:18:11.800
<v Speaker 1>Yeah yeah, interesting, all right, We can't wait to catch

0:18:11.840 --> 0:18:14.600
<v Speaker 1>up with you again. We really appreciated Susan Lyne, founder

0:18:14.840 --> 0:18:17.840
<v Speaker 1>and managing partner of BBG Ventures, Carol, thank you so much.

0:18:17.920 --> 0:18:19.560
<v Speaker 1>Day Safe. Susan really appreciate it.