from the heart of where innovation money and power collide in silicon valley and beyond this is bloomberg technology with emily chang i'm emily check in san francisco and this is bloomberg technology coming up in the next hour taking responsibility the house committee investigating the january 6 attack on the u.s capitol has subpoenaed big tech's social media giants demanding more information from alphabet meta twitter and reddit will tell you what they want to know plus we stay in washington where tech execs met at the white house in an effort to combat cyber security threats we'll hear from a top googler who was in the room and tick tock megastars are raking in the dough and a lot of it how social media careers could pay as much as being the ceo of starbucks all of that in a moment but first let's get a look at the markets our ed ludlow here at tech stocks having a rough afternoon ed what happened yeah rough afternoon indeed because we started thursday's session brightly it's the same old narrative you might think i'm turning into a bit of a broken record but a number of fed speakers talking about the outlook for higher rates impacting higher valuation high multiple tech stocks and the nasdaq 100 follows suit falling two and a half percent to its lowest level since october semiconductors started thursday so brightly but also gave way later in the session you also saw selling in u.s listed chinese companies adrs on the golden dragon index and then with this risk off mode crypto followed suit really interesting some specific movers on thursday tesla is really one to watch at the moment it has had a mixed start to 2022 heavy selling on thursday took it into negative territory but i want to show you one bright spot if you'll give me a moment ford up on thursday but hitting a little bit of a milestone you see there again of 2.25 percent coming into my bloomberg terminal ford hit just briefly a market cap of almost a hundred billion dollars just pipping 100 billion dollars during the session on thursday i i think that's 2019 i'm in la with idris elba right they unveil the mackey and the company has 30 billion market cap it's in the doldrums how things have changed for this company since then and the ev story around ford really picking up pace really interesting one to watch back to me in the studio of course i talked about that selloff and risk assets and bitcoin which has kind of been steady in a range for the last few days you see there on the far right hand of the screen screen also selling off below forty four thousand dollars now back towards forty two thousand dollars per token emily all right ed thanks much now pointing the finger at social media the house committee investigating the january 6 attack on the u.s capitol has subpoenaed facebook parent meta twitter youtube parent alphabet and reddit demanding these companies turn over posts videos and any other information tied to the planning of the insurrection bloomberg's naomi nix joining us now with more naomi how significant is this development i mean it's a significant escalation in you know the scrutiny facing these companies over january 6. if you can remember even you know just a few months ago we saw further revelations particularly about facebook's role in facilitating the organization of these riots through documents surfaced by ben uh whistleblower francis haagen and so now you know essentially congress is saying okay hand over what you got we want to see how this all played out i was intrigued that they called out these platforms directly and blamed them for specific things for example the live broadcasting of the insurrection on youtube calling out the donald subreddit where you know the house is claiming that that's where much of this attack was planned how much legitimacy do these claims from the select committee have i think there has been some significant evidence that social media played a role even mainstream social media sites so for instance in the case of facebook what we saw is facebook would take down a stop to steal group and another one would pop up in its place and they were some of the fastest growing site you know groups on on the website and so it you know it couldn't keep up with all that content and you know there's there's been other sort of uh evidence on some of these other social media platforms as well and the question is when did these executives know um this was a problem and what did they they do about it and of course you know obviously there were alternative social media platforms in which that activity was going on as well but the mainstream the mainstream sites played a role well and obviously they have the evidence of what was happening on these public forums do we have a response yet from facebook from google or youtube twitter reddit we don't have a response yet but we you know we would expect that they'll say something like they plan to work with the committee um the question always in these instances is how quickly will they be able to turn over those documents and whether there'll be you know some sense of infighting about what qualifies and what doesn't uh okay you know under under the subpoena bloomberg's naomi next who covers social media for us naomi thank you meantime also in washington executives from apple amazon alphabet meta microsoft and other tech companies met with white house officials to talk about cyber security in particular an incident from last month that sent shock waves through the national security community bloomberg's jack gillam with us now for more talk to us about why the white house held this meeting and what do we know about the outcomes so if you remember a few weeks ago emily there was this log for jay this sort of weird piece of software nobody had really heard of in the mainstream um that essentially had this massive security flog that flaw that that affected probably untold millions of systems around the world and that really drew attention to this nature of what's called open source software software code that's available you know free for the public to use to modify you see them on repositories like github where coders can add freely add their changes uh what white house officials really the us government is really concerned about is the fact that this code may not be as secure as people think the idea that everybody on the word in the world can uh log in and collaborate and fix fix these things it may not be as secure as you think it is talk to us more about why open source software is being seen by the white house as a significant national security threat i think it's partly because open source software really powers a lot of devices that make up the modern internet you look at uh you know a google android phone that runs the linux operating system or a version of it you see all sorts of software that run on uh tvs on smart devices all sorts of these products that use open source software and might be using pieces of code that could be insecure i think this log for j in instance really drew and uh i really got a lot of people by surprise took them by surprise that in fact this whole system of you know if everybody looks at the software everybody contributes we're going to produce the best possible outcome might not have been the case and it wasn't in this matter and it caused the developers you know a small group of volunteers who worked on the software it really got them to scramble so it really had the white house from a national security standpoint say look there's a lot of really important pieces of software out there where this could be you know the next sitting duck how can we refine these processes so companies who develop or even use this software aren't going to be putting out a piece of code that lets at worst hackers take control of networks or computers president biden has been saying cyber security is a top focus for his administration going all the way back to colonial pipeline what concrete steps has the administration actually taken so far to keep the country more safe well there's been a few and the biggest one is this elevation and this prioritization of cyber security in this administration you have ann newberger the deputy national security advisor who has this you know expansive cyber security portfolio a new cyber director uh the the cisa the cyber security infrastructure security agency at homeland security all who are trying to build up these uh their departments bring on people um and not just you know secure federal networks but also provide guidance to the private sector you know we have a midterm election coming up uh very soon not to mention presidential election in 2024 um and you know these people at dhs are also responsible for that as well so it's an increase on the government to provide guidance um it's it's it's been an increased effort on the federal government to look at their own systems as we know the us government is a massive sprawling entity that has millions of computer systems of its own um and putting that focus uh just on this topic alone uh especially folks of bipartisan effort really on capitol hill have really applauded this administration by saying that they're they're glad that they are taking this effort seriously all right jack gillum who covers cyber security for us jack thank you for that update coming up we're gonna have much more on that white house cyber security meeting with google executive phil venables who was in the room that is next this is bloomberg[Applause] in terms of the the session today i'm not going to speak on behalf of the companies in terms of the commitments they made but it was an incredibly constructive discussion about ways that the public sector and the private sector can work effectively together to ensure that public sector systems are more robust and resilient and private sector systems are more robust and resilient national security adviser jake sullivan they're talking about the meeting he helped convene with some of the top tech companies over concerns about security with open source software while sullivan didn't have much to say about the meeting my next guest does i'm joined now by phil venables he is the chief information security officer of google cloud and attended that white house meeting phil what's your big takeaway how did it go yeah i think i think it went really well you know it's very pleasing to see the uh the government reaching out and seeking to collaborate with all of the large tech companies and the foundations and many other organizations and i think the interesting thing there's already been a lot of work done on this for example the industry set up the open source security foundation last year we and many other companies and specifically google we committed over 100 million dollars to that and many other companies have committed likewise and pledged that funding uh so there's a lot of work going on but it's really pleasing to see the government reaching out wanting to partner with the private sector to really drive this important topic forward and making sure that we're probably appropriately defending the infrastructure that relies on open source software now with so many agencies and departments involved you've got the national security council sisa defense commerce is it confusing as a private company like google do you know where to turn when there are issues yeah i mean we've got very very close partnerships i mean i think you know to the to the outside it can often seem confusing but for those of us that work in the industry we we see each individual group within the government has its own particular purpose and they they're increasingly coordinating very well and partnering with us so we have great partnerships with the the national security council the the white house cyber security director um the dhs sister organization nist many others and and and we recognize each has its purpose and they're quite well coordinated and in the private sector as well we coordinate amongst ourselves to to drive that partnership forward so we think it works quite well i wouldn't say everything's perfect but things you know things are continuing to get better and and that partnership is key now look the concern is that millions of devices could be at risk right now if these kinds of collaborations don't happen what is the threat well all of our digitized society is highly dependent on software a large part of that is open source software the good news is a lot of that software is already quite well maintained there's a lot of highly curated projects that are managed by the large tech companies in partnership with the maintainers but there is still a long tale of other issues as we've seen recently and so we definitely need to keep improving and through things like the open source security foundation the commitments we've made the commitments that we're we're partnering with government on we're going to keep working through all of the other issues to to keep helping helping make sure we're managing the risk here and i don't think any of us are taking uh taking any less vigilance on this it's going to be a big area of focus for the entire tech industry all of the consumers of open source software is key for us to keep partnering with the government and having that strong public public-private partnership to to really drive the agenda forward to to defend all of our critical infrastructure now i got to ask you because the house select committee just subpoenaed alphabet and other companies for more information tied to the january 6 attacks and this is a security issue potentially even a cyber security issue do you think youtube played a role in those attacks well i'm sure there's there's plenty of people at google that are going to work effectively on on on talking about those issues but for me today my entire focus today has been on uh been on the open source security issue and partnering with government to just defend our critical infrastructure so that's been that's been all of my focus and you know this big part of my focus going forward so look given we're approaching you know we're going into another election what kind of assurance can you give us can you give google's users that google is taking all the precautions with their accounts and their information given that the attackers the cyber attackers are always one step ahead it seems yeah so we have very large numbers of highly capable teams that work across all of the cyber threats that face all of our all of our products and services and we're very very focused on protecting our users our consumers our enterprise customers and partnering with their security teams and partnering with all the relevant government agencies so very key focus for us and it's something that we're always vigilant about especially as threats evolve um and we pay a lot of attention to this and partner with the right organizations to make sure we can stay focused on that protecting our protecting our users and our customers all right phil venables google clouds chief information security officer thank you for joining us coming up when tick tock stars make more than top ceos we're going to talk about the creator economy and how tick-tock personalities are building their own empires and whether the phenomenon is going to last that's next this is bloomberg [Applause] tick tock is quite the lucrative business with some tick-tock stars making more than america's top chief executives sometimes by quite a margin let's dive more into this now with my next guest may karwowski she is the ceo and founder of the influencer marketing agency obviously so this might be obvious to uh many people but so many people still don't understand how much money these tick tockers are making explain the value here sure so some of your largest tick talkers from charlie demalo um to her sister dixie to addison ray they have hundreds of millions of followers and so um they are when they work with a brand that brand is now seen by a few hundred million people and and that's pretty huge now you look at the numbers and tim cook for example making 99 million dollars a year that's what apple has disclosed kylie jenner 590 million dollars a year yes tim cook gets one-off stock options throughout the year but you know walk me through this is this something that you even you could have fathomed a few years ago oh definitely there's so much room here for growth for these really large tick-tockers and really large social media influencers i mean if you have millions of followers they're gonna they're gonna care when you partner with a big brand they're going to care when you launch your own brand or when you star on a netflix show like addison ray just did so these people have a really hardcore fan base and they're so excited to just follow them wherever they go and so now these traders are really thinking like business owners and they're creating multiple revenue streams and they're really bringing in the money now a lot of people i've heard a lot of people say do these tick tockers actually do any work how do you respond to that i mean yeah they're doing a lot of work they're entertaining people and they're creating content almost you know 24 hours a day they're really servicing um their their biggest fans and they have these huge audiences who care about if they go to dunkin donuts and they care about what their favorite ducky donuts drink is and that's really important and that adds a lot of value arguably as much value as doing a really good job as a ceo of one of these major companies where do you see the future of content creation going obviously tick tock's getting a lot of attention now but you know the more mainstream uh platforms youtube instagram facebook also investing heavily here what's next well tick tock is now the most visited site on the internet it beat out google this year or for 2021 so it is very mainstream it's doing extremely well and people love short form video content that they can just watch and scroll and share with their friends um and be entertained and learn a ton more so i think that there's so much more growth here every major platform is talking about how can i do short form video how can i do it better um and how can i recruit these creators to really be creating and loving my platform and how do these creators expand and branch out into other verticals whether it's media beauty fashion and make more money other ways yeah so these tick doctor these tick talkers are really building business empires for themselves they're building up business teams they have managers they have agents they really get to decide hey what do i want to do now do i want to become a beauty founder do i want to create my own fashion line uh do i want to become an actor do i want to become a musician they can really do any of those things because they have such a large audience that's already tuned in and excited to see what they're going to do next where do you see this business headed in the metaverse i mean is you know the future of augmented and virtual reality i assume it's opening new possibilities yeah well you cannot you could not only just uh you know watch charlie's take talks but you could also potentially sit next to her and hang out with her um in the metaphors which could be really interesting and i think that it's really going to open up what type of content these creators can make you know is it augmented reality filters uh is it their own nfts there's just so many different things here that could happen and these creators are going to be right there ready to you know create their own their own stamp on the metaverse so walk me through a day in the life we've got about 60 seconds left you know a tick charlie wakes up what happens first what's the day like how much time uh do they spend on doing these short form videos and other things yeah definitely so if you're a really really big tic talker and you're making millions of dollars you definitely have a whole business team behind you you have a content schedule you have a hair and makeup team ready to go um and you have a number of assistants and people supporting you so you're really focused on creating amazing content usually you have a team that's helping you storyboard or um if you're kind of more off the cuff and you're just you just do one-off jokes then you can do that as well but they really you know wake up start filming figuring out which platformer to be posting to um what the cadence is for that day and then looking over you know their other revenue streams are they launching a new lipstick a new concealer are they you know doing a major partnership with a large brand are they flying to fashion week um to sit front row at a fashion show uh there are really countless things that they could be doing but it's all about hey what am i what do i care about what is my audience going to be really interested in and um and they're going to follow along all right well and i got to say as someone who's tried to do some decent tick tocks it does take time and it does take work it's hard and it's hard it is it's it's not as easy as it looks uh mae karwowski appreciate you joining us and and sharing uh the obvious learnings that you already know uh with what the rest of us don't founder and ceo of obviously thank you meantime london led all other european cities in tech financing last year there was a record 25 and a half billion dollars in fresh investment in the british capital this according to a report from the city's promotional company london and partners london ranking fourth globally for venture capital investments in urban areas behind the san francisco bay area new york and boston coming up the future of the cloud we will take a look at what trends to watch in 2022 with cockroach labs no it's not what you think it is it's a database startup that wants to take on aws and oracle this is bloomberg [Applause] welcome back to bloomberg technology i'm emily chang in san francisco while much of corporate america has their heads in the clouds the cloud related stocks have had a rough start to the year our ed ludlow here with the latest what are these cloud stocks doing yeah it's interesting they're really like case and point of what we're seeing in financial markets we talked about how on thursday stocks fell away in the afternoon the nasdaq 100 you see on the screen down 2.6 but really outside selling not just in cloud stocks but basically software and i t as a whole you can see the global x cloud computing etf which is a basket of kind of high growth cloud and software stocks but also some stalwarts of course like microsoft and google the one distress uh on thursday the next chart shows that performance of that sub sector so far this year against the nasdaq 100 remember the narrative here is higher rates discounting the future value of profits or future profitability of these tech companies and the white line that global xcloud etf has really underperformed in fact it's fallen 10 so far this year double the declines we've seen on the nasdaq 100 but it's really nothing to do with concerns about the sector bloomberg intelligence for example think that cloud could see annual growth of 20 not for just one or two years but for the next five years you compare that for example with it spending which they see growing at four to five percent so this story really is about companies with high multiples stretched valuations higher rates and you know investors pulling out that section the market but it was a heavy area of action on thursday emily all right thanks ed well what are the cloud trends to watch in 2022 and what is the future of the cloud as we head towards the so-called web 3. let's talk about that and more with spencer kimball he is the co-founder and ceo of cockroach labs a database startup that wants to take on tech giants like oracle and amazon's aws spencer thanks for joining us i have to start out with why is a cloud company calling itself cockroach labs well yeah that was a question i was expecting i just as a preface here when we named the project cockroachdb that was back in 2014 i wasn't really intending to explain that on bloomberg technology these days i find myself in front of a fortune 500 cios and ctos all the time explaining it but really it's supposed to be evocative of the databases capabilities so this is a very resilient database think about the entire east coast going out in uh you know your cloud service provider you want your business to keep running and that's what cockroach is designed to do and as everyone who's ever had the cockroach problem knows they're pretty resilient so that's uh that's where the name comes from all right so you want to be the cockroach for all of these big businesses you're trying to take on giants like amazon and oracle with very deep pockets and very entrenched customers how do you do that well we have uh some incredible advantages uh for one we're actually building this from the ground up from scratch so we're building a database in 2022 that is going to really effectively exploit the cloud whereas these more traditional players that have most of the market today they have a really big problem with sort of an innovator's dilemma we've got a big revenue base a lot of legacy applications to support it's very hard for them to reinvent themselves to really make use of what the cloud's providing it's almost like trying to set cell with an anchor down so we actually have this fresh start and we can really build a database that will meet the needs of the next decade and it's important to keep in mind especially when you just had this segment about cloud stocks and where they're going in the current market but the the decade ahead is going to be extremely interesting because you're going to have more things built in the next 10 years than all the legacy applications in the last three decades so that's an incredible opportunity for companies that really can bring infrastructure to market that exploits the cloud you just raised a massive amount of funding 278 million dollars valuation 5 billion dollars where do you see the cloud market going this year and how do you plan to use that money to stay ahead of it well i think um you know the cloud market is absolutely going to continue over when you kind of zoom out i mean who knows what the fluctuations will be in the next uh several months as interest rates may increase and so forth uh but if you zoom out and you look at a three-year time horizon the cloud's only going only going to go up we we raised this money because it was a favorable time to do so we didn't quite need it but when you look at the next three years we will absolutely be able to use this and it's really about innovation that's where that's why we have the company we have and the customers we have and the traction we have we need to continue that we need to keep pushing the envelope always setting our sites further than what the current status quo is and also there's a you know just an opportunity for us as a business to expand into new markets and fundamentally to support our customers we always look at our customers problems as our own problems and there's a big investment there in order to help companies really move to retrench to rebuild effectively and to build new use cases that actually use the cloud appropriately what is the cloud going to look like in web 3 and is web 3 really a thing in your opinion yeah it's a thing i mean it's a kind of a catch-all concept in some ways what will the web look like i think it's really about just how quickly you can bring something to market and uh how many consumers or other businesses depending on what your your your company does how many of those can you reach how quickly and and this is really an opportunity for infrastructure that's delivered in the cloud as a service to really propel uh companies more quickly to accelerate their ability to uh bring new products and services to their customers and win in their verticals so it's companies like cockroach but also the the largest companies like amazon and google and microsoft that are building these hyperscale clouds uh it's the combination of those services and the clouds that are really making it so that what used to take months or years can now be done in weeks or uh even in some cases days it's a pretty exciting time we've seen a lot of engineers ending up in the ceo suite sundar pachai of course the ceo of alphabet you've got perrag now ceo over at twitter you're a developer engineer yourself tell us quickly uh a little bit more about your journey from developer engineer to founder ceo yeah i'll give you a little bit of the genesis i'll try to make it quick i went to berkeley back in the 90s and i wasn't interested in databases it wasn't really a concern when i graduated just immediately databases became a big problem this was during the dot-com boom and scale was a big issue databases weren't really built for that kind of scale then i went to google and google had their own problems with databases and over the 10 years i was there with my two co-founders we saw google build their own databases from scratch when we left google in 2012 and we started our own private photo sharing company it was a a big problem we saw that what google had wasn't available in the larger open source ecosystem and so that actually really compelled us to say we have this big problem we know how it should be solved we know where the world's going because we just saw it all happen at google and we know in 10 years that's what everyone else is going to be doing let's build the database that's really going to support that so that uh that's really a a really great example of a good way to start a company which is you are actually the potential customer of the product you're building there's really no daylight between uh the problems that i was facing as a developer and the problem that cockroach now is solving for developers and so it's uh i think that's a virtuous uh start and that's probably why many uh engineers former software developers are actually finding their way into this c-suite well cockroaches certainly get your attention and you got ours spencer kimball co-founder and ceo of cockroach labs thanks for joining us we'll keep our eye on you coming up property prices shore on earth as younger investors turn to the metaverse for virtual real estate we'll talk about south korea's metaverse property boom next this is bloomberg [Applause] twitter's early shift to a work from anywhere model during the pandemic as well as implementation of a requirement to add more people of color to final job candidate slates helped the social media company post significant gains last year in hiring black and latin next workers bloomberg's kurt wagner joins us now to explain a rare bit of good news kurt here twitter got a lot more diverse last year how did they do it yeah well if you think about it it makes sense they uh we had an interview with them yesterday and they said look when everything's virtual it really doesn't you know mean there's there's no place in the country no place in the world that's really off limits for recruiting so the fact that they were able to do more virtual recruiting events they were able to interview people in areas that are maybe more predominantly black or latinx and people who were hired from those areas didn't have to move you know you didn't have to come to san francisco you didn't have to go to new york if you wanted to accept a job so they saw increases in job acceptance among those groups as well and i just think you know the fact that things are moving remotely it just opens up a lot more opportunity for people who don't necessarily want to live in certain cities and companies can go out and recruit more aggressively there are we going to see similar improvements at other companies well you would think so right because meta for example is is working remote right now in through march and ceo mark zuckerberg has said uh he wants you know or foresees as much as 50 percent of the workforce at meta to be remote in the next five to ten years so you would think that this uh trend is going to impact a lot of other tech companies besides twitter it might not be as quick as twitter twitter's a little smaller so you know you're able to see these jumps a little faster because of that but at the same time i do think other tech companies will probably benefit in the same way okay bloomberg kurt wagner will be watching thanks well frustrated by soaring house prices and a falling faith in the traditional economy south korea's youth are turning to the metaverse to invest in virtual real estate bloomberg quick take stella coast speaks to some users in seoul who are building wealth on one platform called metaverse 2 that aims to recreate earth digitally i'm buying and selling virtual space owning the land that i can't have in real life makes me feel great we've all heard about the metaverse a virtual universe that blends aspects of digital technologies with virtual reality what is the metaverse the metaphase jump into the metaverse metaverse now it's become a hot property market with investors putting in millions of dollars south korea is one of the biggest players in the metaverse market and it's being championed by young people who have had enough of the economic inequality so they're looking to make money in the alternate universe instead meet hyungwook and there are two users in seoul i spoke to that have been investing in one of the platforms called metaverse 2 which aims to recreate earth digitally thanks for having us on the metaverse so which part of the world do you own on this metaverse platform i have land in both new york and south korea whereabouts in new york dion so i have a lot of land in new york and i have a street vendor selling hot dogs on wall street here when the metaverse gets more developed i plan to open a hot dog store i also bought an island for some private leisure time it's a park-like island called mill rock park just on the right side of manhattan rather than buying for investment i'm mainly buying what i want to have buying areas that can tell a story there are so many people actually buying this like empty watermelon with future updates we will be able to mine some resources in the sea and in the mountains with that resource you can later construct a building so many users are buying parcels of ocean river and mountain the part where i feel the biggest gap between the metaverse and the real world is the financial area hyungwook made over 40 000 us dollars in just two months through his investments in the metaverse 2 platform you can just sit tight and earn interest income of about three thousand to five thousand dollars every month but that's the salary i earn by working so hard on my day job in the south korean capital where almost half of the country's population lives the average price of an apartment has doubled in the past five years reaching over 950 000 by july 2021. president moon jae-in's real estate policies have seen the average price of an apartment in seoul rise by around 90 since he took office my parents generation is worried saying why do young people try to make money so easily isn't this gambling i think the reason why millennials and gen z are so drawn to the metaverse is that it is very difficult to find a job right now and house prices are preposterously high you can never buy a house with your salary south koreans were the most active users with around 9.1 million dollars spending on a metaverse platform earth 2. if you look at the infrastructure engine it is true that many companies like equinox in the us or amazon with its data center north american companies are far ahead in the meta first industry but perhaps from the users or consumers point of view it is true that korea has a higher number of interested users compared to its population i think there are more users in south korea because koreans are so accustomed to high-speed internet they are so used to this kind of media the internet and the metaverse world the initial real estate value of metaverse 2 was 10 cents per tile for all the land in seoul in new york but now landmarks like seoul's latte tower are priced at over ten thousand dollars per tile and the statue of liberty in new york is going for over seven thousand dollars per tile it's not just property south korea's biggest companies have also jumped into the metaverse samsung unveiled the country's first metaverse themed etfs in october last year and neighbor's metaverse platform as a pedo has over 200 million users globally sk group is planning on issuing a coin for its metaverse platform ifland the government is also backing the metaverse as a part of its digital new deal the government pledged to provide up to 26 million dollars this year i predict original technology will be developed through this new jobs will be created and games that support the country's important educational functions or businesses will develop innovatively but professor kim has some concerns the current virtual real estate market does not have a present value it is market where we buy and sell among ourselves based on its future value since this market has yet not been able to prove its present value i consider this part to be risky being immersed in a small five-inch smartphone screen or putting a vr headset on people over 50 are uncomfortable with this this could be a means of creating another digital divide in the end the reason young people are jumping into the metaverse while knowing its risk is because they want to make profit in the past there was only the stock market or gold but now the metaverse is in the spotlight as a new form of investment i think this is the new reality not an illusion technologists say the metaverse will be more integrated into our lives and grow into a fully functioning immersive economy in the future all economic and daily activities will occur simultaneously in the metaverse and in real life the power is collapsing in a place where time and space could be physically controlled young people rise up against this crumbling power and many tables will be turned in all industries stella co there of bloomberg quick take coming up big shoes to fill for netflix as the streaming service looks to find the next squid game how branching out to the rest of asia could be the company's key to success next this is bloomberg [Applause] it took squid game just four weeks this past fall to become the most watched netflix show ever released in any language but when it comes to the streaming giant's global ambitions what happened afterwards matters even more viewers who devoured squid game started watching more shows in korean bloomberg luka shaw joins us now to talk about his latest bloomberg big take and lucas i was one of those viewers it unlocks so much more content talk to us about the power of this phenomenon yeah i mean netflix recognized the the potential in korea around the time it first went there which was back in 2016 as as was the case in a lot of places outside the us where netflix first went it struggled in the first few years didn't add a lot of customers didn't have a lot of programming people wanted to watch but starting in about 2019 thanks to deals it did with a lot of companies in korea and and then the development and production of original shows it's really produced a number of popular shows in korea so much so that if you look at the the data that netflix now releases every week south korea contributes kind of the second largest number of popular shows or top 10 shows for netflix behind the us more than any other market um and and that's been a key not just to adding customers in in south korea but all across asia and and delighting viewers pretty much everywhere asia is so vast so many different cultures countries so much color where else will netflix go to find more stories like this well it's it's three biggest markets in asia right now are australia which almost doesn't count because it's english speaking they went there early they've had a lot of success kind of from day one and then japan and south korea which are its two strongest markets right now also the place is supplying the the most number of popular shows not just in asia but everywhere south korea because of just a lot of scripted programming and then japan because of anime netflix had identified india as a sort of third other key market in the region it's a place where it's had far less success than south korea in japan and india has has bedeviled you know many a western media company i think you'll also see them try to find some openings in parts of southeast asia you know they their executives talk to us about making shows uh in in thai for those in thailand and maybe some shows in mandarin for mandarin speakers across asia surely netflix doesn't have a lock on this strategy now we all know it worked you know how can the competitors keep up and and how much of an advantage does netflix have given all of the data they have from their viewers right now netflix has a pretty big advantage not just because of some of the data it has about what people want to watch but also because it is so much bigger in a lot of these markets you know it has a it has a big head start in south korea over places like disney plus and hbo max and amazon that's not true everywhere amazon is is bigger than netflix in both japan and in india and is about to make a big push into southeast asia disney plus is massive in india largely because of its qriket right that it got from this company hotstar but i think by and large netflix is seen as the market leader in most of these countries and has invested a lot more resources they're all trying to catch up but netflix tends to be of the opinion that as long as it continues to make shows that people want to watch it's going to keep growing all right so lucas what's on your watch list and what should be on ours that's a really good question i uh most of most of the things on my watch list i will admit are not netflix shows um but there are i do want to go back and re-watch the first two seasons of netflix's formula one show i watched the third season and everybody told me that i jumped in midway and if you wanted to go with the with the korean show i've heard really good things about it's okay to not be okay um and and really there's there's no shortage of good korean shows on netflix all right well we're always looking for good recommendations thank you lucas shaw for that update and that does it for this edition of bloomberg technology make sure you tune in tomorrow we've got crypto coverage with aya kantorovich of falcon x claudia gast of global tech acquisition core going to be talking about spax and donald baird of block power he's the guy trying to turn buildings into teslas you don't want to miss it i'm emily chang in san francisco this is bloomberg
Comments: 0
Post a Comment