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