Penrose's Chung on Google's Daydream VR Platform Debut (Audio)

this virtual reality and network. It comes also with the official debut of the Androids seven point O operating system this week. The new report says Google is investing in big and original content to include the launch of its VR platform. We've got more on virtual reality coming up right now, Real Reality with Charlie Pellett in the Bloomberg newsroom with the Bloomberg Business Flash and at the keep pim Fox and Alphabet Parrot of Google trading little change

right now, up thirteen cents. The stock is at seven seventy two twenty eight. The dial the SMP NZDAC all advancing at or near records. The SMP five hundred index up five to record there one nine point fifteen Nazdak is at a record right now at fifty two sixty three, up four tenths of one percent. Dow industriels up twenty six, a gain of two tenths of one percent. Wall Street is looking ahead to FED share, Janet Yelling speech Friday, and Jackson Hole, as well as next week's jobs report.

Jim Glassman is senior economists of JP Morgan Securities. He was interviewed this morning on Bloomberg Surveillance. They've been telling you that they understand that the official onto Plumber, he doesn't capture the whole picture. The fact is, though we are making progress, and um, that doesn't mean you keep

rights to zero forever. That's the problem. Uh. It looks like the labor market is improving slowly, and I think if the Fed can slowly work its way back to norm mall, we're gonna have a very good chance of extending this eight year expansion into something much longer. The ten year down to thirty seconds, the yield one point

five five percent. The SMP five hundred index advanced after data showed a surge in American new home sales and a slowdown in manufacturing best by soaring eighteen point eight percent. After the electronics retailer reported earnings, The Beat analyst projections gold up to seventy the ounce, a little change the thirteen forty two, a gain of two tents of one percent.

Crude oil West Texas Intermediate of one point four percent of sixty four cents forty eight oh five for a barrel of West Texas Intermediate Crew three thirty two on Wall Street. Now, let's take a look at some of the other stories making news. Thank you Charlie from the Bloomberg News Room. I'm Jill Schneider. This news update is brought to you by the Jeep Grand Cherokee, the most

awarded suv ever. The Grand Cherokee continues to raise the bar with its luxurious interior and legendary four by four capability. Drive one at your local Jeep dealer. Today. Hillary Clinton is making some new tax proposals aimed at encouraging investment in small business. Bloomberg's Bob Moon has highlights. Along with the standard deduction for small businesses, Clinton is calling for

a quadrupling of the tax deduction for new businesses. The proposals would be paid for with some of the money raised from her previously proposed overhaul of corporate tax laws. She also plans to offer federal incentives to state and local governments that streamline unnecessary licensing and find ways to make it less expensive to create a small business. President Obama got a first hand look at the damage caused

by catastrophic flooding in Louisiana today. Speaking in Baton Rouge, Mr Obama said he knows how resilient the people of Louisiana are and is confident they will rebuild. Today is cheap flight day, when peak summer prices traditionally drop from seasonal highs to off peak lows. Fair Compare CEO ric Cini says some of the best deals come to travelers

with flexible dates. The window of time to shop is right here at the end of August and the first two or three weeks in September, and that's the perfect zone to shop really for the next three or four months of departures. Authorities are asking people in certain areas of Brooklyn and Queens to stay indoors overnight tonight. While City Health Department officials spray past decides to prevent the

West Nile and Zeke of viruses. Officials say no trace of Zeka has been found in any local mosquitoes, and the spraying is just a precaution. Global News twenty four hours a day, powered by more than journalists and analysts in more than one twenty countries. I'm Jill Schneider, and this is Bloomberg, Charlie, and we thank you. What again recapping SMP five hundred index up five to gain there of three tenths of one percent. I'm Charlie Palatine. That's

sub Bloomberg Business Flash. This is taking Stock with pim Box and Kathleen Hayes on Bloomberg Radio. Virtual reality, What is it and how does it work? And what are Google's plans to dominate this industry? We have Eugene He is the chief executive and the founder of Penrose Studios. He joins us from a San Francisco home to Bloomberg nine sixty and he can be followed on Twitter at e y see Eugene Chung. Thanks very much for being

with us. Thank you for having me. Can you describe what is virtue reality and how do you put it together? Absolutely so. Virtual reality is a revolutionary new technology. It allows a user or a viewer to take a virtual reality head amounted display and when that viewer puts it on, they are instantly transported to another world. It's called presence or the magic of presence, which is that unmistakable feeling that you are someplace else. All right, you're someplace else.

But how does it work? I mean, I can imagine, for example, wearing three D glasses. You know, you've got a red and a green filter. You go into the movie theater. That's old hat. This is nothing to do with that, is that correct? That's absolutely right. This is very different from three D technologies. It actually a modern virtual reality has come about after the waves of VR

that we passed for several decades. So VR was around, you know, tens twenty years ago, but unfortunately it was either too expensive and therefore only the military got to use it, or it was cheap but it wasn't very good.

So things like the intended virtual boy come to mind. However, with modern virtual reality, the advancement of smartphone screens means that Apple and Samsung spent billions of dollars in other companies spent billions of dollars making high resolution, high refresh rate screens, and the unintended beneficiary was the virtual reality industry.

So now in the last several years, we had a cheap, relatively cheap consumer made br that utilizes cellphone screen technology and you put out those cellphone screens inside of the headbound display and as you you look around, the world moves around with you, or at least it seems to. And therefore you're the consumer is able to pretend or feel like there's someplace vastly different from where they are now. Well, Eugene explained, then how does Penrose Studios fit into all this?

And just by way of background, before founding Penrose Studios, you were ahead of film and media at Oculus VR and that was later required by Facebook for two billion dollars. Yeah, absolutely right. So Penris Studios at Penri City is we're a startup based in San Francisco, and we are dedicated to making high quality, heard, warming, emotional stories and movies inside of virtual reality. UM. We utilize a real time engine that allows you to move around is space and

really explore the space. The highest end VR consumer handsets today allow you to explore FID team foots by fIF team foot space. UM. So we take this technology and we create our own technologies to go build these virtual worlds and the characters as well as the stories within them, and of course the portamont to different VR headsets like

the aduost, HTC Live and now Google Daydreams. Now, one of the movies that you have made is called The Rose and I. It debuted at the Tribeca Film Festival in and this is described as the first virtual reality feature movie, absolutely right. So you know, the rese and I was our early attempts at VR storytelling, you know, and in many ways that sort of harkens back to the early days of filmmaking, which is twenty years ago. And in many ways we see this as the birth

of a brand new artistic medium. And just as the cinema came in and displaced existing form as a visual audio storytelling in any ways, so theater opera, Uh, we believe that VR is this next great wave of artistic storytelling. So you know, the allumet our second piece is now twenty minute piece. Then it tells a full narrative story, and it's one of the longest vur narratives of its type. Um and we're just starting to grass the service and break ground about what this new medium is going to do.

If you're going to make a virtual reality move to be seen on the Daydream virtually reality network of Google, would you have to use sixteen cameras. So you know, there are different ways to get the content on Daydreams. So Google is definitely very focused on its Joke camera system, which which works well with its Google Daydream system, and that's to create three sixty videos. So you know, if you want to create three sixty videos for the platform,

the Google Jeff camera is the way to go. However, Google Daydream is following in the footsteps of many of the sort of major players and VR so like Basbook, Oculus, the Vibe, and Samson with a gear VR and PlayStation with its own headset. And what it's doing is it's allowing the creation of what's called real time storytelling, a real time rendering as well. So you know, in a movie, you have CG animated films and you also have real

films UM in VR. What's interesting is that CG animation or sort of what we call real time animation actually works really really elements out of virtual reality because allows you to move around in the space, the explore the space, um you know, better than the other players. So this new iteration of Google Daydream, what they're updating is they're allowing you to use real time engines like Unreal Engine

and Unity and things like that. UM and that's actually what we're going to utilize because we believe that it delivers the higher level immersion. So it's still a film, you know, it's still movies, but you're able to use utilize the three sixty engine and uh and that's different from you know, a three sixty degree video. So you have a lot of options, and the Google is doing a great job and updating the platform for the capability. Thanks for explaining all of this. Eugene Chung is the

chief executive and the founder of Penrose Studios. Joining us from San Francisco, of course, home to Bloomberg six. You're listening to Taking Stock. I'm pim Fox my co host Kathleen Hayes on her way to Jackson Whole, Wyoming for the Federal Reserves Annual Symposium. This is Bloomberg coming up on taking Stock. We're gonna take stock of investing in silver. Price of silver is up more than thirty percent so far this year. We've got details on whether that rise will continue