Skip to main content

tv   Bloomberg Technology  Bloomberg  October 18, 2017 11:00pm-12:00am EDT

11:00 pm
♪ alisa: i am alisa parenti, you are watching bloomberg technology. let's start with a look at the first word news. the white house says president trump and puerto rico governor ricardo will meet at the white house tomorrow to discuss the recovery and rebuilding effort. much of the island remains without electricity several weeks after maria struck. attorney general jeff sessions says he will not be revealing confidential conversations he had with president trump. testifying before the senate judiciary committee, sessions said the president is entitled to have private conversations with cabinet secretaries. the committee intends to press him on those conversations particularly about the firing of
11:01 pm
, fbi director james comey. a manhunt is underway for a gunman who opened fire at a maryland office park, killing three coworkers and wounding two others. he is identified as 37-year-old radee labeeb prince. officials do not have a motive for that shooting. nfl commissioner roger goodell believes all players at should "stand for the national anthem." he said he did not commit to making it a rule and making it mandatory for players to stand for the anthem. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. i am alisa parenti. this is bloomberg. ♪ alisa: "bloomberg technology" is next. ♪ emily: i am emily chang, and
11:02 pm
this is bloomberg technology. coming up, a new twist in the investigation into election interference. this time, the trail does not lead to russia. how facebook and google are implicated in anti-refugee campaigns in u.s. battleground states. plus, we have more coverage of the wsjd conference. conversation with david marcus about their big plans to take on vendmo. after a summer of disappointment in the box office disney doubles , down on fantasy. why they believe the superhero showdown and musical animation and the force will pack theaters this fall. financial execs around the world are bearish on humans fearing , robots will eliminate jobs on the trading floor. a dozen executives and consultants in charge of deploying technology for bloomberg said automation will take over tasks currently
11:03 pm
performed by humans. a consulting firm has already predicted ai may wipe out 230,000 financial jobs by 2035. predicted at the conference. you flew appeared to talk about it, thank you. let's start with automation. no question automation will have a grave impact on jobs across sectors. but in the finance industry in particular, what do you see? michael: a couple things. we also sit -- we already see managing lotsors of accounts and making financial management accessible to a large group of consumers who historically would not have been able to afford it. now we will see automation going to other parts of the finance world. some of it is expertise
11:04 pm
automation and augmentation. it is taking jobs where a lot of judgment has been applied in the past, providing tools to help those people. it is natural a lot of these jobs, whether it is bond trading or sales, those are jobs that come yes, there are routine and artificial intelligence, overtime, should be able to replace parts of those jobs. emily: what about other sectors whether it is retail or manufacturing? where will we see the biggest impact of automation? michael: i think we will see it in those jobs that require a great deal of expertise, but that expertise can be managed another way. a great example is the legal profession where lawyers are performing tasks. they have to go through documents, go and find certain things using natural language search. having artificial intelligence to highlight and translate those into law, that will be important.
11:05 pm
emily: could ai take jobs in technology itself? when you think about the stuff facebook is doing with ads, curating of content, flagging and filtering of content, some of that is done by humans today. but the goal is to have that automated. makeel: also, what will artificial intelligence more intelligent is crowdsourcing of actual human action, versus machine learning. but, yes, a lot of the tasks in computing -- yes, they will be done automatically. so some of the most basic programming, a lot of those things that a couple of years ago would have required expertise, that expertise really can be done by computing. emily: something else you predicted, of the big giants -- apple, google facebook, amazon, , they will compete on the same turf. where do you see the biggest showdown in 2018? michael: one of the places is
11:06 pm
ai. what they are most concerned about -- we hear a lot about smart speakers, every company has launched a smart speaker, but facebook. every one of them has a digital assistant, like alexa google , assist, siri, and why are they so focused on this? they want to own the frontend between ai and the user. they will be competing. in a lot of ways, they view owning that front as part of their manifest destiny. it is the control to their core business, whether it is e-commerce, search, media, whether it is social and communication. that is a place we will see them compete. it will be ferocious competition. at the same time, all of the asian companies will be doing the same. we have tencent and alibaba and line. they will be doing the same
11:07 pm
thing, launching artificial intelligence, digital assistants, and they will be delivered through a speaker, then later on through every consumer electronics product. emily: let's start with the speaker. google, amazon, they all have one. do you see the maintaining a foothold in this area, or do you see one or two dominating the market? michael: we believe the smart speaker market will peak within two years. part of the reason for that is those digital assistants will be built into every other device, whether it is your car or toaster or espresso machine. there are a lot of devices that can use more than one. there is a speaker that uses alexa, but in the future could and googlertana assist. emily: when it comes to the assistants themselves, is one
11:08 pm
the coming dominant, tied to the operating system or smartphone you're using, or that multiple assistants can survive? michael: i think multiple can survive. each one of these companies. we have two standards today in mobile operating systems. there is nothing that will stop them from being four standards in digital assistants. especially if people are going to be able to cross platform affordability. emily: there is huge discussion about the power and responsibility of these platforms. as you know, facebook, google and twitter will be speaking before congress november 1 to talk about russian meddling on their platforms. do you think the reputation of these platforms is tarnished by this, or is it a bump in the road? ofhael: it is just the tip the iceberg. they're are trying to minimize the impact by talking about 100,000 dollars, a very small ad campaign.
11:09 pm
in a lot of ways what has been driving fake news is fake friends. this thate piece of has not come out. that will have a huge impact on the reputation. emily: what do you mean fake friends? michael: in every one of these sites there are box -- bots or people who are posing. there have been organizations that really were ultimately fake. they were either by americans who did not realize they were working for russians, or they were fake accounts managed by other people. emily: do you think it is a significant proportion of the accounts or a problem? michael: i think it is a massive problem. it is a massive problem because in twitter, if you look at people's accounts, there are lots of bots. you have a lot of friends, how many of them are people? you will ultimately find people you don't know. this is part of the whole problem, not just in terms of social but in terms of advertising, fraud, and other
11:10 pm
things plaguing these industries. it will hurt their reputations in the near term. longer-term, i think they will clean it up. emily: always great to have you on the show, thank you for sharing your predictions with us. ebay is out with earnings. its shares falling in late u.s. trading as the company missed forecast earnings in the holiday fourth quarter. $.57 to $.59 per share, the estimate was $.60. the company did match burning estimates for the third quarter. another development related to online political ads used in last year's election as we were just discussing. how facebook and google were actively involved in the campaign that included anti-islam messages. that is next. and bloomberg technology is live streaming on twitter. check us out weekdays 5:00 in new york, 2:00 in san francisco. this is bloomberg. ♪ emily: one thing is for certain
11:11 pm
11:12 pm
11:13 pm
when it comes to bitcoin, there will be volatility. wednesday's trading session, the world's largest cryptocurrency had its worst day in a month. commodity trading commission published a primer on the asset class where the virtual tokens were used in bitcoin operations can come under oversight. they have already said tokens can beme ipo's securities under its oversight. now to the russian meddling in the 2016 election through advertising on social media. google and facebook are being scrutinized for helping anti-refugee campaign in swing states during the final weeks of last year's election.
11:14 pm
but this time around, the ads did not come from russia, but were part of an american-led campaign aided by direct cooperation with employees of facebook and google. the result was people in states like north carolina and nevada ads in theirbic feeds. this is a fascinating story. who is this group, what was their connection to facebook and google? >> they are called a secure america now, they are a conservative, nonpolitical group. they chime in on conservative causes. we do not know who their donors are. but their messages were a mix of anti-islam and anti-hillary ads. they really pumped up toward the end of the election campaign. google and facebook, we know they have self-service ad platforms. candidates and companies can come in, but what was not known
11:15 pm
is the degree to which google and facebook roll up their sleeves and actually help orchestrate these campaigns and better target ad dollars and get their messages out there more efficiently. they did this with this group, secure america now, as they were putting out these anti-islamic ads. emily: to what degree did they will up their sleeves and help this campaign? benjamin: so it ranges from troubleshooting how to better use the system and how to use targeting mechanisms. on facebook they were trying to target some of these anti-islamic refugee ads towards swing state voters. they wanted to go after he hispanic voters around the las vegas area. they needed help how to best utilize the system. facebook and google do this all the time for major advertisers. if you are procter & gamble, you will spend tens of billions on ads, they will help you. they will do it to the best of their ability. they were doing the same thing here with these political groups. emily: so what are facebook and google saying? benjamin: they are not talking
11:16 pm
to us on the record. they did not want to engage with us. a google spokesperson told me they eventually blocked some of these as they were running. but that is sort of the extent of it. google says if ads run against , our policy, we will cut them off, but it is not clear how long these ads ran on google before they were discontinued. emily: how does this differ from russian interference in that u.s. election legally speaking? ,benjamin: this is perfectly legal. the surprise people have had with this is that these companies would actively engage with groups this far on the fringes of the political spectrum. it raises questions. people are fascinated with how the russian meddling potentially impacted the election in social media. here is one other area where this occurs were these , nonprofits can funnel a ton of money into ads, and people don't
11:17 pm
know, why is this anti-islamic ad showing up in my facebook feed? you don't know who it is coming from. it is a transparency issue. facebook and google will be pressed to better disclose who is doing these in the future. emily: fascinating piece, thank you so much. coming up, he cofounded paypal, now he has his sights on ending predatory lending. this is bloomberg. ♪ emily: cnn has received a
11:18 pm
11:19 pm
waiver allowing routine drone flights above clouds. it is a milestone for the agency seeking greater control over remote devices for coverage of everything from insurance expections to covering news. the approval was the first time a government agency has granted a waiver for flights over people.
11:20 pm
previous exemptions allowed flights of drones over people in operations only when tethered with a max height of 21 feet. for this week, top business and tech leaders are gathering at the wall street journal conference in laguna beach, california. i spoke with a firm a founder, max levchin. before entering fintech, he founded paypal. in my interview with him, i asked about the trends he is seeing in the lending arena now. take a listen. max: i think we are just about to enter the consolidation phase where companies good at managing risk, smart at reserving, setting up for long-term success will pick up stragglers who don't have capital or management teams, are not ready to take on risk management demands and regulatory demands. emily: what do you see happening when it comes to predatory lending for example? max: i think the promise of
11:21 pm
fintech, what we have all come here to do is get rid of predatory lending. it is to shine a spotlight on what is the right way and wrong way of doing this, to bring more active credit to those pushed out by the players into the pawn shopshes of the and payday lenders. i think the opportunity is still there. we are all working on it very hard. the dent has been made, but it is small. a lot of people have no access to credit. emily: talk about the newest ,evelopment at a firm -- affirm and i you are trying to combat these trends. max: so we have been scaling steadily over the last five or six years we have been around. we are very focused on this idea of honest finance, delivering a loan product to a consumer, tailored to the purchase they are trying to make with
11:22 pm
transparent pricing, something we can commit to that will not change. they will be no hidden fees or interest rate changes or things that hurt consumers and give the industry a bad name, deservedly, and many ways. we have been working on that for a long time, and we have picked up a lot of happy customers. we have been hovering well north of 80, which traditional banks have a negative npps -- nps score. it is an accomplishment i am proud of. one of the things we have been able to show at this point with real data is, we opened our credit access. people than30% more traditional institutions. we are actively bringing credit access to audiences that are traditionally excluded. that is the best way of doing it, create responsible vehicles and lend money to those who cannot afford to borrow it, but
11:23 pm
provide guidance and guardrails to those and not push them into a cycle of debt. emily: the equifax hack has been in the spotlight hundreds of , millions having their private information stolen. you are just asked on stage, should equifax even exist? you say credit bureaus should exist but how do we avoid risks , like this? max: i think it is the new reality many traditional players have not yet come to full terms with. security is no longer optional. it used to be the joke in the security industry that cryptography is the sort of thing you only buy the day after your house burns down. so with this latest incident, they must sound a love enough alarm that it teaches the industry do yourself and your , customers a favor. encryption data, have security practices. we should spend a lot of our
11:24 pm
time pointing out how easy it is to fix the problem. we should not have to have that. emily: i am curious your thoughts on bitcoin. jamie dimon says bitcoin is a fraud. what do you think of cryptocurrency? max: i think it is a developing story in a sense that from a skeptical perspective, it is a hammer looking for nails. every time somebody pitches me of cool, cryptocurrency-based company, i say, can it be done without bitcoin, ethereum? nine times out of 10, yes it is , unnecessary to bring cryptocurrency in. but the problem of cryptocurrency and the ledger and inexpensively creating fully distributed verifiable trust is really powerful. i believe we will converge on concept and companies and fundamental improvements to our society through the use of blockchain.
11:25 pm
i am not sure what they are yet to read emily: i recently interviewed bill marist former , ceo of google ventures. he suggested the sun is setting on silicon valley. there is influx of foreign capital billions and billions of , dollars from softbank that is changing the landscape dramatically. he said for investors, -- what changes are you seeing in the investing landscape and valuations? would you echo this idea that the sun is setting on the way funds have been doing business up to this point? max: i think that is right. no one can ignore the asteroid in the room, that once they are involved, the valuations become very different if they are involved. i think of that as a backdrop. but the more important trend is the fact that it feels like we are in the later stages of this
11:26 pm
notion of, don't go public raise , late stage money, the idea of companies being told by their investors in no uncertain terms it is time to prepare yourself , for being publicly traded. seems to be an emerging theme i don't find unwelcome. i think things are changing. in general, i think it is probably for the better in a sense that we are swinging back to more accountability and transparency, something that i am happy about. emily: my exclusive interview with affirm ceo and paypal cofounder max levchin. we go back to the conference and bring you a conversation with facebook. how the social media giant is planning to become the default messaging app. and if you like bloomberg news, check us out on the radio. listen on the app, on sirius xm. this is bloomberg. ♪ >> it is 2:29 p.m. in sydney, i
11:27 pm
11:28 pm
11:29 pm
am paul allen with the latest first word news. china's economy expanded 6.8% in the third quarter, in line with analyst forecasts. in terms of officials from china's -- they meet again. december retail sales grew 10.3% from a year earlier. fixed asset investment expanded 6.5%. ford is recalling 1.3 million f-series trucks to fix a problem with the door latches. the carmaker $267
11:30 pm
million. the recall will not help the plan to cut costs while pushing faster into self driving and electric vehicles. rex tillerson has praised india as he laid out the administration's decision for america's role in salvation. he called for closer ties between washington and new delhi the described india as an anchor for stability. he said china's global rise of been carried out less responsibly and undermined international rules. -- roles. global news 24 hours a day, powered by more than 2700 journalists and analysts in more than 120 countries. this is bloomberg. ♪ >> i am sophie kamaruddin with a check on the markets. a party is continuing for japanese stocks helped by strong trade data. the nikkei 225 is on its 13th day of gains, the best streak since 1988, trading at the highest level since october,
11:31 pm
1996. the yuan is deepening its decline. korean bonds are in trouble. the decision to hold on rates was not unanimous. sydni shares climbing a seventh straight day but the aussie dollar is easing. its earlier rallies sparked by jobs data. taiwanese stocks on the rise despite pressure we are seeing on apple suppliers on reports apple is cutting iphone eight orders. chinese data showing the economy is humming along. large caps falling 0.33%. although the hong kong dollar is climbing against the greenback, the yuan has losses as the pboc governor said it is not too important. chinese bond yields falling after a big run-up this week. the bond market expected a stronger gdp print given the pboc governor spoke of
11:32 pm
second-half growth coming in at around 7%. the 10 year yield, trading from the three-year high we saw tuesday. chinese bond selloff probably has more to go, given the picture that is being painted. that is the market snapshot. ♪ "the wall street journal" conference kicks off in laguna beach, california. the major tech leader in attendance, facebook vice president of messaging platforms, david marcus recruited , personally by facebook ceo mark zuckerberg, marcus is credited with updating the tech giant's messenger product. i caught up with him and started by asking how much revenue the company is driving into advertising. david: we do not break revenues for specific products. but it is still very early in the development of messenger for facebook. the early signs are promising.
11:33 pm
basically if you are a business and you build inside of messenger, and you redirect people from either a facebook ad, an instagram ad, or now in messenger ad in a conversation, you will increase your business objectives. that is a very good sign that we will be able to enable more and more businesses to create conversations with their customers and generate new revenues and basically grow their business. i have tons of examples for you, a good one to share for , instance, t-mobile is now selling data plans and devices on messenger, and they are seeing a 7x increase because -- compared with traditional web experiences. because they can re-create the experience you have in a store inside of messenger with this conversational ability mixed with ui elements.
11:34 pm
emily: competition in the chest base is heating up even , whatsapp, which is in your own facebook family, trying to on this relationship. how do you cease -- have you see messenger standing out amidst the competition? david: you know, it is a very different geographical split between different types of messaging apps. what we see is whatsapp is strong in certain markets like latin america, india, etc., and we are very strong in north america and western and central europe, etc. one differentiation that messenger has is groups today. when you create a group on messenger, it is always identity so you know exactly who you are talking to at any given point in time. you can send media really quickly. when you add a device whether it , is an android or
11:35 pm
apple device, it works well flawlessly. you have great chat extensions, whether it is grating a playlist with friends, with apple music or spotify, or playing games, making plans, we can do all of these things much better on messenger and it is the key differentiator for us. we're going to continue investing in groups and investing in real time so you can, as you know, you can upgrade from texting to live video and groups, and it is a really delightful experience with augmented reality. we really feel like we have a key advantage here. we're going to continue investing in it. emily: you have added new features like location, polling, third-party experiences, spotify. you mentioned the ability to buy movie tickets on fandango. share recipes from the food network. how are these features driving user growth? david: those experiences are driving engagement because once
11:36 pm
you have those experiences, you tend to stick with messenger and have more conversations on messenger. what we see is that when people get what they want, when we can infer intent from a conversation and actually leverage them to suggest the right thing at the right time, what we see is people are having a better experience, and they are sticking around on messenger and creating more groups and one-on-one conversations. emily: with any referencing of ai technology, some say facebook is behind on the ai game. amazon, alexa, google home, these are products already in people's home. do facebook and facebook messenger have some catching up to do here? david: i think we are having a very different approach here because the current experience that you have with messenger that suggests things you want to do in conversation is really popping up at the right time, and so as a result, we tend to
11:37 pm
not disappoint when we have an intent that you want to complete because we only surface suggestions when we feel pretty confident that this is what you want to do. the model that we have been working on right now is the one that we have been talking about with suggestions and conversations, and we are continuing to invest in bringing a more full-fledged assistant to market. we have been working on it for a while. but we really want to shift something that is valuable and will not let people down. it is really important. we do not want to rush to market. we want to get it right. once we get it right, we will ship it to the now 1.3 billion people on messenger and counting. emily: facebook, along with google and twitter, will be speaking before the house intelligence committee on november 1 about russian meddling on the platform. david, what responsibility does facebook bear here? what mistakes do you think were
11:38 pm
made? david: one thing i want to say when those things come up, lately, we have been talking a lot about responsibility of the platform, and clearly we have a great deal of responsibility given our reach, but i want to highlight something because we talk about all of the downsides of the platform, but we never talk about the upsides of the platform. this is something i feel really passionate about. the number of people who connect with other people around the world that have a disease that they have, and they can connect with them in ways that they cannot even connect with friends and family, the fact that they -- we have turned on safety checks about have aes and billion notifications going to people to reassure them everything is ok, the fact that we have raised $17 million for harvey on the platform are things that we do not talk about. there is so much goodness that comes from the platform. and of course, when we operate at this scale, there are things
11:39 pm
that should have never happened that happened on the platform, but we have a crystal-clear plan about how we're going to go about it, and we are hiring thousands of people to ensure that what happened on the platform does not happen again, and of course we are collaborating with special counsel and congress during the investigation. we are taking this very seriously, and we have a clear plan that both market and sheryl outlined. we will go out -- we will go after it aggressively. emily: like you said, they can be used for good, but easily can be used for bad. comes to advertising, we see facebook has blind spots when it comes to developing an ad system, whether it is targeting racists or creating fake accounts, which facebook has apologized for. as you build capabilities in messenger, are you looking for ways your platform can be abused, and are you taking steps to prevent it?
11:40 pm
david: we definitely can be better at this. all of these things that are currently being raised are things that have made us realize that, as we roll new things out we need to , continue being more thoughtful and try to over think how the platform can be used in ways it was not designed for. going forward, that is what we will do. we tend to learn quickly and fix things quickly. we have done that in the past, and i have no doubt we will do it again this time. emily: that was facebook's vice president of messaging platform david marcus. blue apron struggling since its ipo in june has cut 6% of its workforce. that is more than 5300 employees. the reduction includes corporate office and fulfillment centers. the cuts are at stemming $3.5 million, mostly from severance payments
11:41 pm
in the fourth quarter. blue apron shares have dropped 47% since its public trading debut. coming up, pinterest unveiling new ways for small and midsized businesses to reach the masses. we will discuss next. this is bloomberg. ♪
11:42 pm
11:43 pm
11:44 pm
emily: pinterest is hoping to reel in advertisers. the social network introducing new ways for small and medium-sized businesses to reach the masses. it will allow businesses the target customer searching for potential products. for more, we are joined by pinterest's president. you already had advertising on the platform. how will this work? -- pinle use interest
11:45 pm
the plan. it is a great time for businesses to reach people while they are planning. we are offering the ability for small businesses to reach people on pinterest while they are searching. emily: when there is searching there is intent to there. do you think these pinterest ads will be more effective at getting people to buy things than your potential facebook ad? tim: what we see is that people search on pinterest, they know emotionally what they want, but they do not know what brand to buy from. that is why it is a unique and optimal .4 an advertiser to get in front of that consumer. they know what they want but they do not who they wanted from. whocially small businesses have to acquire new customers and find people to buy their products who never heard of them, it is an awesome time to get in front of them.
11:46 pm
if you are searching, like i said, an l-shaped couch or a baby stroller, we can now let a small business who sells the product get in front of more -- new people. emily: how much could this boost pinterest revenue potential? medium-sizedl and business is now our fastest-growing segment. it is a big number, and it is growing the fastest. look, i think pinterest, because we are strong in home, beauty, style, and food, these are categories where small businesses thrive. there are lots of new entrants. people want selection. because pinterest is strong in these categories it is a natural , place for small businesses to be. emily: what can you tell us about trends in advertising revenue at large at pinterest? tim: their trajectory is great and we are pleased with it.
11:47 pm
isly: one of the weaknesses the potential for abuse. we have seen this with russian meddling on facebook's platform, trying to swing the election. how do you make sure this kind of thing does not happen? tim: first of all, every single ad on pinterest has been reviewed by a human. every single one. emily: can you keep that up as you scale? tim: i believe we can. the second thing is we use technology to look for fraudulent ads. other people do this, too. we have human evals who check that technology to provide a constant feedback loop so it keeps getting better and learns. emily: there was a report in the "washington post" that russian content did end up on pinterest. your head of policy responded and said you are looking into it, said it appears it came from facebook. what more can you tell us about what happened there and what measures you are taking? that content has been
11:48 pm
rampant across the internet. that content, it was convincing, it does not look fake. emily: in general, what do you think is the responsibility of these platforms? tim: i think when we see that content, we have an obligation to remove it. so we are trying to stay in line with that principle. emily: when it comes to advertising in general, pinterest is on the list of potential companies who could go out of the gate into the public market. does this bring you any closer to an ipo? tim: we do not have any plans for an ipo. we are super focused on making our products better for our users and growing the business. emily: what can you tell us about demographic trends among users? a lot of people think women use pinterest mostly. is that true? tim: no, men is the fastest-growing segment.
11:49 pm
40% of sign-ups today are men. it is significant. emily: where do you see this going? you are in charge of building the business, beyond these new ads, what is next? want to do for discovery what google did for search. that is a huge opportunity. if we are at the service on everyone's phone at that they used to discover what they want to eat, what they want to wear where they want to live, where , they want to travel, it is a gigantic business. it is also a gigantic service to improve everyone's lives. emily: all right, we will be watching. tim kendall, president of pinterest, thank you for being back here on the show. tim: great to be here. emily: coming up, the movie business may be in trouble, but disney's bob iger is confident his superhero films will pack a punch. this is bloomberg. ♪
11:50 pm
11:51 pm
11:52 pm
emily: eight major tv networks have signed up for nielsen's new tracking service that will provide audience data on video and on-demand services like netflix. it gives studios, producers and agents better tools for negotiations with the streaming companies, which plan to spend as much as $8 billion next year on content. netflix says the data is flawed because it does not include international viewers, which makes up more than half of its customer base. after the worst hollywood summer in decades, ceo bob iger has high hopes, including for the new "thor" film. it comes out this weekend.
11:53 pm
why is he so confident of a box office turnaround? joining us is bloomberg's bureau chief. "ow important is the "thor movie for disney? >> it is important not just for disney but the whole industry. we have been writing about hollywood's big disappointments, and the industry is down about 5% this year. it looks like things could turn around in the last quarter, in large part due to disney. they have a new pixar movie coming out, and of course "star wars" in december. that could get more people into theaters. emily: what are the box office numbers? chris: "thor" looks like it will open at $105 million, $270 million domestically. one of the top 10 movies of the year. two movies will both be over $200 million. "star wars: rogue one" did over $1 billion, so everyone expects the latest "star wars" sequel to do more than that. emily: if sequels have not been
11:54 pm
doing well, why do they keep making them? chris: because when they do do well, they make a lot of money. i asked bob iger about this, how do you keep these things fresh, and he said, it is a lot of work in new stories, new places for the heroes to go, new characters, and in the case of "thor," it is a funny movie. so it is a change in tone from the past. there is a lot more humor in this, which people respond to in these superhero movies. emily: we actually do have a chart showing movie theater stocks, g #btv 3738. movie theater stocks have tumbled over the last year. in terms of keeping things fresh one thing that is interesting is the marvel comics print edition. they have tried to increase
11:55 pm
diversity. "thor" is now a woman, and more. -- and "iron man" is a black woman from m.i.t. when will we see that kind of diversity translate on-screen? chris: you are starting to see it. there were definitely new characters. cate blanchett is in a new movie. you will also see "black panther," directed by an african-american director as well, next year. it is obviously a big issue in hollywood these days, diversity of all kinds. you will start to see it more in the product. emily: what would a hit mean for the film business? chris: right now, we are just trying to get back to even for the year. last year was a record year. if these three disney movies do well, there is another warner's brother movie coming out, "justice league." we could get back to break even. that would take away the feeling that people are not going to movies anymore. emily: all right, chris palmeri,
11:56 pm
our l.a. bureau chief thanks for , joining us on a show. that does it for this edition of "bloomberg technology." a reminder, we are always live streaming. this is bloomberg. ♪
11:57 pm
11:58 pm
11:59 pm
>> the following program is aqq
12:00 am
the opinions do not reflect bloomberg or its employees. >> the following program is a paid advertisement for the hd mirror cam brought to you by inventel products llc. announcer: yep, they're out there, driving recklessly, causing accidents and driving up your insurance rates. this is a show about car accidents. classic cars, and the hd mirror cam, the personal security camera for your car. this is accidents caught on camera with the hd mirror cam.

7 Views

info Stream Only

Uploaded by TV Archive on