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tv   Bloomberg Technology  Bloomberg  August 16, 2017 11:00pm-12:00am EDT

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alisa: i am alisa parenti in washington. you are watching "bloomberg technology." congressional republicans react to president trump's comments about the violence in charlottesville. lindsey graham says the president took a step backwards by suggesting there is moral equivalency between white supremacists neo-nazis and kkk. -- members who attended the charlottesville rally. mitch mcconnell said messages of hate and bigotry are not welcome in kentucky and should not be welcome anywhere in america. president trump says he is disbanding advisory groups after ceos quit saying trump failed to condemn white supremacists.
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the president made the announcement on twitter saying, rather than putting pressure on the business people, i am ending both. people around the world have more confidence in putin's handling of world affairs than in president trump. in a research poll conducted in 36 countries, 22 say they trust putin more. people had more confidence in president trump in 13 countries. including the u.k., india, and israel. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i'm alisa parenti, and this is bloomberg. ♪
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i am emily chang and this is "bloomberg technology." america's first seo president versus the countries biggest ceo. president trump pulled the plug on his advisory council as members moved to disband it entirely. tencent is reaping the award of -- weng social media with break down their second-quarter results. my exclusive and wide-ranging interview with softbank president covering everything from softbank's investment strategy to his thoughts on bloomberg and self driving cars. to our lead. president trump said he is disbanding two advisory groups. this, after multiple ceo steps blowback from failing to condemn white supremacists. new reports membered -- members of the council decided to stand. the president said, rather than putting pressure on the business people, i am ending both.
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turnaround from the tweak he posted yesterday said, for every ceo the drops out of the manufacturing counsel -- council, i have many to take their place. for more on this story we have marty shanker, and our editor at large, cory johnson. these ceos came to the they wanted to step down themselves and then trump does this. what is your reaction to how this all unfolded? marty: it was a very bizarre scene where you had ceos trying to jump ship after the ship had failed. we had broken the news that the disbandinguncil was and would tweet the white house. donald trump tweeted his tweet you showed and then ceos continued to resign from a
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council that was disbanded. it was a rush to the exit. they thought it was vulnerability to associate themselves with these councils. emily: a lot of questions why it took these ceos so long to come to this decision. there was one opinion on this. take a listen. ceosthink there are some that fear the president's retaliation against their company. if they resign. that is why i advised a number of ceos that asked me not to councils.dent trump's i told him i think things will happen with good probability that will make you want to resign. emily: the committee did ultimately decide to disband.
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we got a statement that said the debate has become a distraction from our well-intentioned and sincere desire to aid policy discussions on how to improve the lives of everyday americans. and we, the president are disbanding the forum. what does it mean for presidenttrump's ceo president that he is lost america's ceo's? will there be retaliation against these business leaders? marty: i doubt that very much. donald trump still professes to have a pro-business agenda, tax reform, infrastructure. that is an agenda that businessmen support. even if they do not have the symbolic connection with the he is able tof come up with a tax plan that benefits them and their companies, and infrastructure plan that will boost to the economy, you can bet businesspeople will support it, standing by mr. trump or through
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lobbying efforts and direct influence on congress. they are not disappearing, they are going away for a while. emily: it has been interesting to see how various content companies have managed the content that has flooded onto their platforms. trump went to twitter to make these announcements. twitter has been censoring hateful content related to this issue. some of the tweets from david duke were censored. what kind of a response are we expecting from this? cory: it is interesting to deal with these new media companies wrestle with these issues and find out how to be a platform that opens up speech to everyone yet shuts down hate speech. someone made a comment that there is not more racism, there are more cameras. we are seeing and hearing these voices because of these
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platforms, because of the proliferation of cameras on phones. it is not that these things were not happening before, they are getting more attention than before. twitter wrestles with that internally with how much to allow some speech to happen, even distasteful speech. emily: marty, you mentioned yesterday tweets from david duke and if we hear more from the president to have to denounce that. we haven't heard any more from the president in terms of the comments he made. what are you expecting to happen next? marty: we were on watch to see whether or not there were the any high-level defections from the white house. at the hours go by, it looks increasingly likely that despite the unsettling nature of the press conference and concerns over some of the highest members of trump's cabinet and white house staff, it looks like everybody will stick in there again.
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there have been multiple occasions where we thought it was a turning point and we turned, but there is no difference in the staff or the people serving this president. i do not think -- i think he will stay quiet for a while, but that will be just for a while. emily: cory, earlier today he tweeted about amazon saying it is doing damage to taxpaying retailers. states are being hurt and many jobs are being lost. what does he mean, and is he right? cory: he is wrong. well, there is a dramatic shift happening where consumers are deciding they would rather shop online. it is undeniable that a lot of retailers are having problems with that because of e-commerce in general. it is also evidence that president trump, when the washington post, which is owned by amazon founder and ceo jeff bezos, when the washington post runs a tough piece, whether reported about his finances in taxpaying or lack thereof, or a tough editorial, president trump
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responds by slamming amazon in particular. he did it on the campaign trail and is doing it now. there was a time when amazon did what it could to avoid taxes. they set up distribution centers in low tax environments. but after pressures from the state of california particular to not only start paying local , sales taxes, but push their distribution closer and closer to people in employing more people than they did before. amazon is paying a lot of taxes. last they paid over 40% of the operating profit in taxes. they paid a lot of money in taxes. emily: could the president's sentiment impact the impending
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amazon-whole food deal? most people think because there is so much competition that amazon's acquisition of whole foods will not face a pushback from the trade commission as they examine this deal. you can see with the rush to the bond market to pay for the whole foods deal, it does not look like the trump administration will be able to squash that. emily: one last question. the president announced a rally in phoenix. what do it -- what do you anticipate there? marty: i anticipate him being in an environment where he feels safe and comfortable. arizona being a place where immigration is of great concern and interest. i expect him to double down on his views on the wall and immigration and to get comfortable with his base. emily: marty shanker and cory johnson. moving to earnings. cisco's transition into a
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company that is less dependent on hardware is hurting its overall growth. predicted another revenue decline. sales may decline as much as 3%. check us on bloomberg tv on thursday morning 9:00 a.m. new york time. coming up, record profit in the last quarter. we will bring you the details next. this is bloomberg. ♪ emily: tencent reported monster
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growth in the second quarter. the results were boosted by its which hasapp, wechat,
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over 960 million users. sales from online games jumped over the period. has rallied over 70% this year, making it that second-best performer on the hang seng index. i want to bring in stephen engle from hong kong. good morning to you. what would you pull out in terms of highlights from this report? stephen: when you look at the wechat numbers, 963 million. if you add another social media platform, it is more than one billion users. they are doing better at monetizing that user base in to drive mobile gaming and making an ecosystem for that. we saw mobile gaming revenue for the first time surpassed that of desktop gaming. that is always been there juggernaut mobile gaming. ,the internet added value services makes up about 71% of
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tencent's revenue. it is moving in the mobile honour ofause of kings has been growing. 51% of users are female, so they tapped into that efficiently. it is a really interesting story. -- can accompany this large the most heavily weighted stock in hong kong. how can a company that has grown so large still post such incredible numbers? the net income surpassed estimates by 35%. revenue, the fastest in seven years. kings rollingof out in europe in the u.s. later this year. how would you describe tencent's footprint outside of china? stephen: it is still a chinese
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juggernaut. they do want to roll it out to they do want to roll it out to other markets. other markets. -- they say the united states is a potential market. again, china is the real hotbed and also other parts of asia, south korea, for mobile or online gaming. the united states might be a little harder, but they will try for it. emily: we have another big tech player reporting earnings later this week. alibaba. what are you looking for? stephen: they dominate e-commerce, whereas tencent is the big mobile and online gaming juggernaut. alibaba dominates more than 90% of these e-commerce transactions in china. what i will be looking for is revenue from other businesses and international expansion. big in the cloud and other areas. when are they going to get traction there? this is another juggernaut, but -- alibaba but i want to see , what they will be doing
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overseas and in other areas that have been a bit of a drag. emily: stephen engle from hong kong. thank you so much for stopping by. coming up, our conversation with former softbank president who was once heir apparent to the softbank empire. he joins us for a wide-ranging exclusive interview on southbank investment strategy. what he plans to do next. this is bloomberg. ♪ emily: former softbank president
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nikesh arora who was once cap does the heir apparent of the softbank empire joins us on a special edition of bloomberg studio 1.0. in a wide-ranging discussion we talked about his relationships with mashayoshi son and his thoughts on the road ahead for uber. first i asked him about his
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humble beginnings growing up in india and how he was personally invited to work for larry page added up-and-coming company called google that it recently gone public. nikesh: we're making around $2 billion in revenue at that time. i would say the international operations and scalings were early. tim armstrong did a great job. states team he ran was doing well. we took the model to an and deployed it across europe. tim and i used to compete on and we can make the different -- we could make the different regions. emily: google has since become alphabet. what is the biggest risk to google's business model now? nikesh: we underestimated the risks to build an advertising
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juggernaut. facebook has built one. i don't think there is a third. i don't think there is a third platform out there which has the scale to be able to build what google and facebook have built. i think we will see more and more concentration at google and facebook in the advertising space. i think that is not going away soon. emily: would you say it is a duopoly, and is that ok? nikesh: yes, for now. there are many other players who are relevant in the advertising space, both off-line and online. whether it will be snapchat or twitter or pinterest in the future or traditional players who are actually doing a phenomenal job of transitioning from off-line to online. there will be many players in the space. thethe first able -- for foreseeable future will google
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, and facebook be the largest players? yes. emily: do think there were ever will be a third company that take 1/3 of that pie? nikesh: i think it will be hard but i think there will be a collection of companies that amongst themselves might demand as much advertising shares as facebook and google but there will be one for now. emily: the person who invested in facebook and google early wrote op-ed today saying, i am terrified by the damage being done by these internet monopolies. like a gambling, nicotine, alcohol or heroin, facebook and google and youtube produce short-term happiness with serious negative consequences in the long-term. the fault lies with advertising business model that drive companies to maximize attention at all costs, leading to ever more aggressive the brain hacking. nikesh: every dream is to try to get them to let their brand. i don't think that is different whether you are doing online or off-line advertising.
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the consumers are smart enough that if they get bombarded by advertising, it overwhelms the primary purpose of where they went somewhere for whether it is , a newspaper, online website, or video. they walk away. emily: you ran google's european operations for five years. they just got a $2.7 billion fine by the e.u. there are more inquiries open. how big a threat are these european regulatory issues? nikesh: i don't think they are a serious threat to google's long-term business. google is a phenomenally innovative company. i do not think any one of these is a long-term threat. if some conversations allow them for they certain things future it is between them and the authorities. i think google is already innovating in so many different areas. it is more than a technology
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company that is just innovating. emily: when it comes to facebook, amazon, apple, microsoft, what do you think is the biggest threat to google? nikesh: i don't think about threats to google since i don't work there anymore. i think these three platforms have tremendous power of distribution. when they introduce new services or new ideas, they can deploy that to one billion or 2 billion people around the world. there has never been a platform which allows you to touch 2 billion people in a reasonably frictionless fashion. emily: do you google can catch up to amazon in the cloud? nikesh: there is an interesting notion we seem to perpetrate. you want to talk about winners and losers. we seem to think when there is a winner, there has got to be a loser. i think it is fine for multiple companies to exist in a space
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and do really well. we're are so early in the journey of the cloud that in 10 years, you will see that all the early leads will normalize to some degree. you can look back and see thousands of companies will not have even initiated the tradition of the cloud. they will eventually have to end up there at some point in time. i think we are still early that it won't matter. emily: all these companies are making a big bet on original content. is that a smart bet? will it put too much of a dent in margins? nikesh: i am not sure this huge move by large companies to go into original content is going to result in a whole lot. a lot of money gets spent in content. if you're willing to make a bet, which netflix is doing, in billions of dollars and make a business, you might get some more in disrupting traditional content players. eventually this will converge around one or two large players, and i think you should not underestimate the platforms.
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the platforms are facebook, amazon, apple, and google. as long as they can figure out a mechanism that they can use their platform to distribute content and allow the creators and providers to make a fair share in the process. i don't know how much they need to get. emily: we will have much more with our conversation with the former softbank president nikesh arora including his outlook on , self driving cars in the future of automation. a feature i would like to bring to your attention, our new interactive tv function. you can find it at tv on the bloomberg. watch us live. if you miss an interview, you go back to it and send our producers a message. this is for bloomberg subscribers only. this is bloomberg. ♪ >> it is 11:29 p.m. in
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singapore. president moon has marked his first 100 days in office by newng there will be no world of law on the peninsula. .nly seoul can decide he expects current tensions in the north to be resolved peacefully. the u.k. unemployment rate fell to 4.4%, the lowest since 1975. but it is still failing to have new change.
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estimates but of still lagging inflation. boeications the economy and acting as a drag on spending and overall momentum. passengers of the plane that crashed landed in dubai are saying a malfunction prevented the operation of a switch at a critical moment. they did not warn the crew it was locking. all of 300 people on board survived, although a firefighter died on the ground. there wasities said no mechanical issue ahead of the crash. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am haslinda amin. this is bloomberg. >> i am sophie kamaruddin with a check on the markets. -- ip sharesn
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advance across the region. singapore stocks losing for a third day low. moon korean president warning the north is approaching a red line. that is not dampening the appetite for korean assets. the yuan rising the most in a week. we do have japanese stocks still under pressure. higher givens set the rally we are seeing. mining shares are higher on the asx 200. the index closing on that 6800 level. in that time, materials have led gains and households of been the biggest laggards. dropping the most in sydney today.
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a broader scene when it comes to the asian session. you can check this out on them msci index. 1%.eholds are down, 4/10 of asian stocks set for a fourth day of gains. ♪ this is "bloomberg technology," i am emily chang. i am here with nikesh arora. he spent years investing alongside mashayoshi son, after working for years at google. he is in part two of our exclusive conversation. i asked about who is winning in the self driving car race and how soon they will hit the road. nikesh: i am in the camp that it will be a long time before we see a large proliferation of self driving cars around us. the retooling we need to get to scale is far away. we haven't thought about the
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ownership model and the societal problems it will cause and how do you park these cars? where you put them? we may see people who can do tests and show you what can work in short order. but large-scale deployment and having an impact on the rental business or ride hailing as this -- is further away than we think. bely: should uber and didi working on self driving cars? nikesh: i don't think the ridesharing businesses should be worried about making their own self driving cars at this point. emily: why not? nikesh: i think it is early. the ride hailing industry has not settled down. we have not figured out where that industry is going to stabilize. they have lots of work to do in the logistics in the way they , move cars from one place to
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another, managing supply and demand. they are very early in their evolution. if they focus on creating operational excellence in their current business, they might be better off. there are lots of tech companies working at self driving cars. i think a partnership approach might be better than trying to do it themselves. emily: i know you have spend a lot of time thinking about the ride hailing business. when you were at softbank you put in a massive date on didi chuxing. and i hadothmasha long conversations about ride hailing and we were very impressed by the uber model, but at that point in time we thought softbank would be better served by investing in some of the other players. we invested early in india and the taxi in southeast asia. we also partnered with alibaba. and tencent. subsequently since i have left softbank, masha has doubled down
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on those bets. when you can find an industry where you feel that somebody has developed a product or service from which there is no going back, so it is here to stay. it is a great place to be. it is like when things go from nice to have to a must-have, you realize this is a winning scenario. you understand this is going to get more and more popular over time. i think it is clear in china i is the only player. i think you can see where they keep executing well, this is a huge opportunity for them. it also plays into the needs of the country, where you do not want to have car ownership, you want more green cars. it is easier to take a large players like didi. emily: uber has pulled out of
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china and russia. do you see them making the same decisions in india southeast , asia, brazil? nikesh: we are going back to the winner-loser conversation. i actually believe it is possible for two players to coexist in a market happily. but i think that requires the markets to rationalize and stabilize. there are many industries where there are multiple players that coexist, like the telecom services. they are competing every day but , some actually make large amounts of money. i think this is a large market. they probably could. emily: do you see that with uber and lyft in the u.s.? that this is a two company market? nikesh: as of now it is. emily: does it continue? nikesh: hard to tell, but it
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will continue for some time. there are so many different conversations and moves going on in the market that it is hard to call where it will settle down and stabilize. emily: travis kalanick leaving uber, right call? nikesh: i think for now, yes. i think somebody needed to take responsibility for all we have read about in the past year. i think leaders are expected to step up and take responsibility for all of the good and all of the bad. i think they have some serious cultural issues, issues in their operations. somebody had to take responsibility. whether travis took it or the board encouraged him to, is the right decision. emily: can the culture be changed? can uber accomplish what it needs to without a founder at the helm? nikesh: we all talk about uber. and the great service it has created for people.
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i think the credit goes to the early team at uber, their doggedness, there -- their ability to take on things against all odds and build a great product for the consumer. should they have done things differently? yes. some of those things need to be fixed. should they have a different culture, based on everything we have read? yes. clearly a leadership change is , needed and that is being talked about. i think it will be a challenge because in every situation we see around us the risk capital appetite changes when you take a founder out of the equation. the good news is uber has multiple founders. some of the others are still involved in the company and they can provide the backbone for the risk appetite while a new leader works ahead with the cultural issues and tries to make uber the company as good as uber the product. emily: your name has been floated for the ceo job for uber. are you up to the job? nikesh: i think the board has
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made it clear they are looking for an existing ceo. emily: are you interested? nikesh: i cannot answer that question because i have not had any conversations. emily: what is your advice to whoever ends up in the job? nikesh: the person that ends up in that role has a cultural set of issues to fix and a lot of operational things to do. at the end of the day if you don't have operational excellence you have cultural problems as well. coupled with that, whoever is in that role also has to work on the leadership issues within the company and the board. i think they have a fractious board and also a management team which needs a cohesive leadership approach. emily: in a few moments we will have more of our exclusive conversation with nikesh arora. including with his thoughts on his tenure and softbank and mashayoshi son's bold investment
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strategy. he was just talking to uber -- about uber. they will be getting $12 billion in four investors including dragoneer, and the general atlantic. but the deal hangs on a battle between two board members. apple is making a push into original programming. we detail the steps taken to compete with the likes of netflix and amazon. this is bloomberg. ♪
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emily: more now from bloomberg studio 1.0 in my conversation with former softbank director nikesh arora.
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in part three of our interview i asked him about why he left softbank, and mashayoshi son's bold investment strategy. nikesh: he wants to do bigger, bolder things. he is an amazing optimist. he has a 300 year vision, or a 50 year vision. he doesn't do things in three months, six month, nine-month thought processes. he has found some partners who he is working with who give him access to huge amounts of capital. g the out there, busy sowin seeds for this cohesive information revolution. emily: you were the heir apparent, you were supposed to succeed him, what happened? nikesh: when he and i got together we had an amazing two years and we saw eye-to-eye on many things. when he turned 60 he was going
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to take a backseat and be more chairman-like and find a ceo to perpetrate his legacy and the legacy of softbank. when he and i met when he was 57 he said after a year of us being , together, he said i think you , would make a great successor. as it came closer to him turning 60, sometime this month, he realized he wasn't done. as evident from the last year he seems to have renewed energy and he definitely wants to see this information revolution through with all of the investing he is doing. emily: so there were some shareholders that complained about you, said you had a conflict of interest, said you were overpaid. did a play a role in you leaving? did you get to the bottom of who was behind not? nikesh: no we never got to the bottom of it. the board established an independent committee, they found no issues. there were none, there was nothing to look at.
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and masayoshi son was very supportive, he tried to explain to people in the country that -- company that when you hire people from silicon valley you have to pay them what they would make in silicon valley. emily: from the outside i know you are supportive of the risk taking, but can he really take these risks? nikesh: i think he has the capital. he knows some of them will work well and some will fail spectacularly. i think he knows he will do well and his track record speaks for itself. emily: they are behind a t-mobile merge with sprint, what does that mean for consumers? nikesh: do we need four operators in an industry when people are sucking down more bandwidth and charging for
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everything that they do? maybe not. that is a question for the regulators. i think three players would be perfectly fine. whether the regulators allow it andappen and whether masa deutsche telekom can get to a deal is for you to speculate as much as i can. emily: you lead the way for softbank to invest in india, including in the snap deal. some of those deals are in trouble. were the bets wrong or would they be doing better if you were there? nikesh: i think it is fair to say that the euphoria and the -- in the indian tech space was driven by the huge success we saw. of the various companies going public and china. we said if china can be so successful with over a billion people, maybe we should be concentrating in india because , it could be the next market to explode in a good way. i think valuations got run up in
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that market and the spaces where you have seen success in china. not so much in the ride hailing space, because masa was early. withhe e-commerce space flipkart and snapdeal. i think the part which people did not factor in was jeff bezos decided he did not want the same fate in india that he had in china and when jeff decides to come in and invest billions of dollars into a market, now you have one very well-funded player who has the technology and expertise to execute the space. designated -- generated the resources to do so and snap wasn't able to in the process. so, the snap deal ended up with a similar backer who wanted to give them billions of dollars to go do it. i don't think it is clear right now who is going to win in the e-commerce space in india. i think as we have all learned,
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one has to be cautious betting against jeff bezos. emily: there is global and the political insecurity right now. there are new scandals coming out of washington every day, should that impact investments? nikesh: we have always had different kinds of uncertainty in the market which could change people's outlook in the short-term and that causes times of overinvestment and times of underinvestment. many people have not made money in times of overinvestment and it is hard to find things to invest in. but it has been established moneyand again that when is scarce and there are a lot of things to invest in you will , make a lot of money. right now if you find great opportunities i would not worry , about the uncertainty. although i seem to think the uncertainty is not impacting valuations the way the stock market is moving. of my wide-ranging
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conversation with former softbank president, nikesh arora. coming up, apple is said to be thrown down the gauntlet when it comes to programming. but with other tech giants investing, will it be too little too late? this is bloomberg. ♪ emily: apple is out to make a
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splash in hollywood, they plan to spend $1 billion in original programming over the next year. they are creating a new l.a.-based team and hiring new sony executives. the move comes after apple -- apple's intensified efforts to compete with amazon and netflix. joining us is alex webb. he covers all things apple. what doing know about their plans?
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alex: very little. we know they have an office in l.a. and from apple music they have been doing small things in television programming. we saw karaoke, planet of the apps. now it is no longer part of apple music. they report to the head of apple services businesses and of a bit which of cash to spend on original content. we asked tim cook and he said it is just gotten starting. when it comes to investing in original content we feel good about where apple music is, very good. subscriptions continue to move along and i do think video will be a contributor over time. how big a contributor? alex: up to a point it is replacing revenue gradually being lost from itunes. when was the last time you bought a film on itunes? emily: i try my best not to. alex: there you go.
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they want to make sure it does not disappear and go to amazon on netflix. and it want to keep people glued to their product, there -- their iphones, their ipads. you will be able to watch them pc's, but probably not on an android phone or roku. emily: are they going to play in the house of cards, game of thrones arena? alex: when we were not quite sure what the ambitions were -- it shows the extent of ambition. they said we will see what happens with the early shows and see what is possible. the people they hired, two top executives from sony who were behind "behind breaking bad." the former sony executives, what do we know about them? alex: they are very prominent. i cannot name everything they
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have worked on, but "breaking bad" is their most prominent product. emily: not a bad record. alex: when we spoke to jimmy in april they said they were aiming to have 10 original shows by the end of the year. we know three or four of those are very substantial projects. let's put one thing in context. the $1 billion they're going to spend, that compares to $4.5 billion that amazon will spend this year or $7 billion -- $6 billion netflix will spend. it is a big sum of money. emily: we have been looking at some video, planet of the apps. we know it didn't get the best reception. how much success have they had? alex: there have been hiccups. it is very hard to know what it is doing in terms of viewership. so far it has been about dragging people toward apple music. it is been a learning curve for apple. they have not had experts in the
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tv industry, and production, procuring the right projects, and that's what they have done now by bringing on board talent from sony and elsewhere. what i heard from sources i spoke to credit to the "the wall , street journal" they were saying they were hiring aggressively and trying to expand substantially. emily: we will be watching. you will be watching, alex webb. and that does it for this edition of "bloomberg technology." on thursday we will cover all things alibaba. we are live streaming on twitter. check us out. that is all for now. this is bloomberg. ♪ ♪
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