tv Bloomberg Technology Bloomberg March 18, 2019 11:00pm-12:00am EDT
♪ emily: i'm emily chang in san francisco and this is "bloomberg technology." coming up in the next half-hour is the biggest tech startup ipo three years in the largest ipo in the u.s. this year. we will talk about lyft's prospects. apple unexpectedly reveals a new ipad and ipad many. how does it fit into the overall device strategy? u.s. officials are in the early stages of a probe into google
focused on antitrust and privacy concerns and the largest coordinated effort to take on big tech since the 1990's. we will hear from the attorney general of texas, ken paxton. first, in the first big tech ipo of the year, lyft is hoping to raise nearly $2 billion. that would value the ride-hailer at nearly $20 billion. the company reported that lost $991 million in 2018 on just under $2 billion in revenue. the shares are set to price on march 28 and start trading on the nasdaq the next day. what new information do we have now that we know the pricing strategy? eric: it is about what we've been talking about. for a while, the range was 18 to 30, then 20 to 25 billion. now it seems like the market cap could be just under $20 billion.
the stock grants go to employees. that puts us somewhere $20 billion to $23 billion. it looks like we are looking at a lyft valuation between $20 billion and $25 billion like we've been talking about. to me, the excitement is seeing how retail investors and the public markets value a company that on the one hand has been able to sell revenue but on the other hand continues to lose hundreds of millions of dollars. emily: what have investors been saying since they learned that lyft is losing half as much money as it makes? eric: to some degree, it feels like, to now, we are sort of numb to losses. it hasn't been a huge focus. i think lyft and uber have been able to talk about contribution
margins and sort of how they are continuing to improve margins over time. i looked at a video that lyft put together and they really talk about how they are making more on individual riders. the ratio between losses and revenue. i think there are ways they are slicing it to make it more palatable. for risk factors, they have the palatable, we could never turn a profit. for lyft, it remains a big question mark. emily: it looks like lyft will beat uber to the public markets by at least several weeks. what does that mean? eric: lyft has a major incentive to move first. now it is sort of the center of anyone interested in ride-hailing's attention.
uber is a much bigger company. there are much more pieces to put together. they need to explain ownership stakes. there have been talks about autonomous investment. there's a lot for uber to do. emily: all right, we will continue to keep you posted every step of the way. apple has debuted a new mid tier ipad with a larger screen and introduced the first ipad many updates since 2015. this comes a week before they plan to roll out a new entertainment bundle to compete with netflix. mark, why these surprise announcements? mark: not entirely a surprise. we wrote earlier this year that these were coming. they are doing it a week in advance of their big event. you would think they would want to hold all this until march 25 but it seems like they want to
clear the deck and make all the attention around the netflix competitor and the magazine services. emily: how does it fit into the broader strategy? a lot of people thought the ipad many was long gone. >> previously, we were basically looking at two distinct types of ipads. an entry-level ipad around $300, but also the ipad pro model around $1700. now we are seeing the return of the ipad many and the ipad air. these are priced at $400 and $500. just wi-fi, no cellular. a little bit more expensive than the education only models. these are basically refreshers to older lines. the ipad pro is quite expensive
for most people. people wanted the faster performance and the better screens and they are getting that with the 10.5 inch ipad air. a lot of people wanted to see the pro version of the ipad many and you're getting that to some extent today as well. emily: i think there will be some parents out there who might be excited about the new ipad many. a vote of confidence on the ipad? we know sales have been falling year after year but that apple isn't going to be breaking out ipad sales. mark: what you are seeing is an expansion of the product lineup. there are so many different macs. we see apple now expand the product lineup into new shapes, products, and sizes in a way they haven't done before. the expansion of the ipad, they are basically coming out and
saying that the ipad is one complete product family as well, just like the mac. i think it is quite behind some of the software you are seeing from some of the other tablet makers. emily: tell us more about what we are expecting out of this event on monday. it is not just an opportunity for apple to unveil its content strategy, but also a new subscription service. they are actually holding back some articles from apple's news service. mark: i can tell you, the new ipads and imacs won't be next week. apple is showcasing itself as a services company. many things have been preserved for their highest profile products.
new apple watches, new iphones, eight few other devices over the past few years. now they are putting services up there on par with their highest and hardware. the service is pretty much as important and this will showcase that. emily: all right, well you will be all over that event for us. thank you so much for stopping by. coming up, social media platforms like facebook rely heavily on algorithms to stop the spread of extremist content. as we saw in new zealand, that doesn't always work. we dig into why, next. if you like bloomberg news, check us out on the radio, the bloomberg app, and on sirius xm in the u.s.. this is bloomberg. ♪
>> today, as we sit here, 99% of the isis and al qaeda content we take down, systems flag it before a human sees it. ai tools can proactively police and enforce safety across the community. emily: that right there is what mark zuckerberg told the senate judiciary committee in april of last year. this is what facebook newsroom tweeted the day after the new zealand mosque shootings that killed 50 people. "in the first 24 hours, we removed 1.5 million videos of the attack globally, of which 1.2 million were blocked at upload." to discuss, we have a professor of technology and digital business at the wharton school.
he's also the author of a new book called "a human guide to machine learning: a look at how algorithms are shaping today." that means the video still made it on facebook's platform 300,000 times. is that worse than we thought? >> we knew it was bad, not just on facebook but on youtube and other platforms on social media and the internet. we know it is bad when this many people can see such violent, gruesome imagery. when these companies struggle to use the tools at their disposal, that is a lot of use. as we saw over the weekend, those things are being politicized. emily: we know it took 27 long minutes for the video to be caught and taken down in the first place. why so many hundreds of thousands of times does it still make it through the algorithm
one facebook clearly doesn't want it on its platform? kartik: they have taken a number of steps over the years. we have to understand that live videos are particularly problematic for these algorithms. most of these firms, including facebook, they have a three-pronged approach to catch this kind of content. first, they have created a large database of known offensive or extremist content. when it is uploaded, it is compared against that. live videos don't look like something they have seen before. emily: why have live video at all? there have been murders and suicides on the platform before. kartik: that is their business that they are looking at. it has a lot of potential, opportunities. people are at a music concert,
they can stream what is happening there. i can be streaming to my friends, hey, i'm on bloomberg. they have machine learning algorithms that look at this content and predict the likelihood that the content is offensive, but it is not an exact science. you have video of someone shooting. it could be terror-related. it could be someone at a shooting range. it could be someone uploading a video game. live video in particular is very hard. emily: facebook and youtube know it is a problem. is there any way to put the monster back in its cage now that this is a feature on the site? do you disable it? do you delay live video? tom: that is a question that has come up, do you delay. on live television, you don't see the terrible things that happen, the wardrobe malfunctions, what have you, because there is this delay. practically speaking, when you have millions of people at any
given moment putting live video out there, i don't see, and maybe you can explain how you can physically delay live video. it doesn't even become live video in that instance. kartik: you call it "live" and you delay in a little bit. in the end, no algorithm will have 100% accuracy. you do rely on human beings, users to flag offensive content. that takes a few minutes, eight few hours sometimes. one has to in some way deal with this. the real question is not why a video got through. i think it is unavoidable with live content. the question to me is what exactly are these firms doing to police the content? can they be more transparent? this is something we are starting to see from initial steps. emily: these platforms have
taken down terrorist, isis related content, but not nearly the same efforts have been taken to eliminate white supremacy on these platforms. often you will hear, this is free speech, this didn't quite cross the line. what about this problem that white supremacy and hate online can often feed violent acts? kartik: it is a tough line between what is free speech and what is clearly promoting hate and needs to go away. for every decision they are taking, there will be somebody on the others. they have to take an aggressive action. they have to view themselves as a media company that has to take on the responsibility of curating. we are a platform, we are letting users share what we want. tom: this goes back to something
that mark zuckerberg has talked about from the beginning. he wants us to think of facebook as a technological company, not as a media company. once you start to consider yourself for be considered a media company, you become subject to the same rules and regulations that other media companies in the u.s. are subject to. that comes with the government intervening and putting limits on things like delays and what kind of content. the other thing to bear in mind really quickly is that facebook has gotten in trouble in the past when it is viewed as filtering out political content. sometimes right-leaning content that we may see as extreme, facebook would be very careful about saying, this can't be on our platform because the right
will come back and say, look him a facebook was discriminated against the same way the left would if we started to see them taking down left-leaning content. emily: we will talk about that later on the show. kartik hosanagar, thank you so much for stopping by. how they are bringing a city-based model to e-sports next. check us out and be sure to follow our global breaking news network tictoc on twitter. this is bloomberg. ♪
government are among the investors. activision blizzard is bringing e-sports to a city near you. starting in 2020, franchises will begin hosting matches in their home cities. much like nfl or nba teams, each franchise will have a home venue. the company's e-sports division continues to model itself after traditional sports organizations, hiring several veteran sports executives to its team. bloomberg's scarlet fu sat down with the e-sports ceo at the sports summit to discuss. >> we are proud of the fact that we've been able to -- teambuilding moves, bringing in sports expertise into their e-sports businesses. we think about the ecosystem a lot.
the fact that, to build a successful sports league, you need a lot of partners growing with you in the same direction. owners, sponsors, media partners, licensees, players. there are all these constituents whose success matters a lot to us. that's the way sports works. when we set out to build that kind of ecosystem around our league, we want to do it with a team we have done with before. >> you are taking best practices from different sports and putting it into this league. what do you have to start over from scratch? what do you have to come up with on your own? >> well, the advantages that
e-sports leagues have with respect to traditional sports are that e-sports is young, global, and digital native. traditional sports leagues are looking for ways to become younger, more global, more digital native. we start there. that brings challenges that traditional sports executives may not have dealt with how do you present a game in a way that will capture and hold the attention of a 20-year-old fan as opposed to a 50-year-old fan? how do you present a broadcast real time in a dozen languages? how do you create a viewing experience around the broadcast that matches the expectation that young people have for the kind of engagement and
interaction with the stream that they are used to. those are challenges that i don't think sports executives really have about the top of their agenda. there is a bit of a learning curve for new execs coming in with sports. >> the league launched in mid february. you franchises. what did you learn so far about what works and perhaps what doesn't work? >> the big bet we made with the overwatch league is that we can unlock fans through the city-based model. it was the first city-based e-sports league and also the first permanent franchise e-sports league. we felt, if we found the right owners in the right markets, we could give people all over the
world the reason to pay attention to this league that they wouldn't have had in the old e-sports model which was not rooted in any geography. but we have learned is that even though we are not in those home markets yet, next year will be the first year actually playing home matches in home markets. the first few years, we've been playing all of our regular season in los angeles. despite that, there already large groups of fans springing up in these cities to support the teams. we see them self organizing around viewing parties. thousands of people are showing up. it has been a surprise that this happened as quickly as it has. we still have a long way to go. we need to get these teams to a place where they are hosting really fun events in their market. they are all going to learn from each other and it will take a long time to figure out what the model is. >> you also have a call of duty
league. how will that be different from the overwatch league? >> the game is different. unlike with the overwatch league where we were starting from scratch, here there is an existing ecosystem of fans, sponsors, owners. we need to work within those constraints for something that satisfies the core but creates an amount of upside for casual fans who aren't watching today. emily: bloomberg's scarlet fu with the activision blizzard e-sports ceo. coming up, looking closely at whether google presents an antitrust case. our interview with texas attorney general ken paxton is next.
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♪ emily: this is "bloomberg technology." i'm emily chang. last september, then u.s. attorney general jeff sessions called a meeting of state attorneys general to discuss whether google and facebook were suppressing conservative views. we know a smaller group of the state officials have been looking into possible antitrust consumer protection violations by google. this comes at a time where presidential hopefuls are calling for a breakup of big tech firms. a rallying cry that is reach across the aisle from the likes of texas senator ted cruz who retweeted senator warren's criticisms of facebook, adding "she is right.
big tech has way too much power to silence free speech. they should not be censoring warren or anyone else." that was after facebook took down some campaign ads for warren. to talk about this more, i want to get to texas attorney general ken paxton who is standing by. thank you so much for joining us. i have to start off with, are you in texas part of this group of attorneys general that is looking into whether google presents an antitrust case? mr. paxton: we absolutely are. we have serious concerns about those issues. antitrust, the power and wealth of these companies. we have a history in this country at looking at these issues. we also have concerns about privacy. the lack of transparency and how they collect this information, the lack of transparency on
either use the information. consumers are not being paid and there are children getting their data gathered and we have no protection for them. emily: google did not have a response to this probe, if you will, or early stages of a probe saying they will continue to engage constructively with states attorneys general on policy issues. what kind of action do you think needs to be taken against google? mr. paxton: we need to get more information from them. a lot of the questions answered were very general answers about analytics. there was a not a lot of clarity for state attorneys general to understand what they are dealing with. i've heard google has literally thousands and thousands of data points on every consumer that uses them. and knows more about you than you do. it is a little concerning that most consumers are not aware of
the massive data that these companies have. then, how they are using it and selling it. the consumer is not getting any of that money. emily: i am sure you are aware of senator elizabeth warren's proposal to break up big tech at this point. this is what she had to say at sxsw a week and a half ago without her proposal. sen. warren: the opportunity to do what you do best, to come up with a great idea, to work your heart out to make it happen. to be able to compete on a level playing field is taken away by these platform giants. my view is break those things apart and we will have a much more competitive, robust market in america. emily: you've got republicans on your side of the aisle like ted cruz agreeing with her, at least in principle. do you think big tech needs to be broken up? mr. paxton: i am not sure yet, but i have concerns. i have talked to a lot of their competitors that are being pushed out of the marketplace and they have no choice in how
they respond because there is such controlled by a company like google that controls about 89% of the searches. it does put these smaller companies -- they either get purchased or pushed out of the marketplace. there are concerns about competitiveness and companies being able to start up and compete. emily: republicans generally resist the government getting involved. what makes this situation different? mr. paxton: we definitely tend to be free market. competition is the keyword. when you have companies dominate the marketplace, then competition goes away and you have this argument that consumers may be harmed. the european union has already fined billions of dollars in different cases. there are concerns about the competitiveness and opportunity to create products that google does not put out. emily: how do you feel given your concerns about data?
how do you feel about facebook specifically and would you be interested in taking on a similar exploration on whether facebook deserves scrutiny as well? mr. paxton: we are looking at companies like facebook and google. it is not just limited to those companies. it is any of these giant companies that are dominating the marketplace and potentially harming consumers and causing consumers to be in a position where all of this data is controlled by one company, two companies or three companies and the consumer does not have access to it, they don't get paid for it and don't know how it is being used. emily: do you think consumers should get paid for their data? mr. paxton: i think that should be looked at. this is incredibly valuable information when you know so much about every consumer and you are selling that data and the consumer does not even know. there ought to be at least some greater transparency involved. the consumer realizes what they are turning over to these companies.
emily: if you are looking at google and facebook and other big tech companies, is it fair to say you are looking at amazon and apple and microsoft? mr. paxton: we are just beginning. we don't necessarily have specific companies we have targeted, but we're looking at a broad range of companies that control a lot of the marketplace. trying to determine are they involved in viewpoint discrimination? are they protecting consumer data? how do we get more transparency in the process so consumers are treated fairly and their information is protected?
we don't know how much these companies are protecting the consumer data. emily: last year, we reported this exploration of google came out of this meeting with then attorney general jeff sessions out of concern these tech companies were suppressing conservative views. were you at that meeting with then attorney general sessions? mr. paxton: i could not attend. we are concerned about this. this happened this week in the texas senate. the texas senate caucus put up a facebook post about a born alive bill to protect children that
are being aborted after they are alive. that content was taken down by facebook. they were arguing that was engagement bait. they also took done another facebook post by an individual senator that talked about that issue. i don't know what engagement bait is. i thought free speech is what they wanted, but that is certainly in issue that is coming up more and more often. emily: do you believe this is deliberate or inadvertent by facebook? mr. paxton: it is hard to know because it seems relatively planned. they don't seem to have great answers why this post versus another post and why that is
engagement bait. hundreds like it are not engagement bait. they always claim they have some analytics or algorithm, but we can never seem to get what that algorithm is doing. emily: there is concerned about the video of the mass shooting that was uploaded onto facebook and shared on facebook hundreds of thousands of times. facebook was unable to stop it 300,000 times from being posted. what role do you think the state should have in these issues? mr. paxton: we are talking first amendment. free speech is dangerous. it allows people to talk about all kinds of things we might not like personally, but i think free speech ought to be very broad and very protected. it is something the founders listed first. religious expression being something else that was protected. i think we have to be very careful at obviously government limiting speech, but if businesses are going to limit speech, they have to be transparent about what they are doing. they need not to falsely advertise that this is free speech when they are controlling content. emily: all right, lots of issues to discuss. texas attorney general ken paxton, thank you so much for joining us. we will follow your actions and see what happens. meantime, president trump took to twitter over the weekend to criticize google specifically, saying "google is helping china and their military, but not the u.s. the good news is they helped crooked hillary clinton and not trump. how did that turn out?" in a statement, a spokesperson for the tech giant said, "we are not working with the chinese military. we are working with the u.s. government, including the department of defense in many areas including cybersecurity, recruiting and health care." coming up, dropbox adding new tools and integration to reprove workflow for millions of users. how the software company is competing with the likes of apple, google and microsoft, next. this is bloomberg. ♪ oogle and microsoft, next. this is bloomberg. ♪
emily: time now for the work shifted series where we took a look at how businesses are leveraging tech to improve the workplace. one company expanding individual workspace is dropbox. best known for its cloud storage, dropbox is working on his third-party integration to offer tools like electronic signature. this as a growth partnerships with big tech companies like google, salesforce, which also happen to be its biggest competitors. joining us is the dropbox vice
president of products, adam nash. how do you work with and compete with the likes of these gigantic companies on a daily basis? adam: well, thanks for having me. you know, i think in technology, the best solution is always follow the customer. it turns out work is changing for most people. we use more and more applications, devices. our teams vary. it turns out a lot of people touch all of these services. even when technologies compete on some fronts, if you are focused on the customer, you have to focus on making everything worked together. this has been one of the strong areas for dropbox. everything comes together with content.
emily: you are talking about the work landscape and dropbox is part of that shift. what trends will we see in workplace productivity and collaboration? adam: two trends have been rolling through the workplace for some time, but this year, they will become critically important for most organizations. the first is that most people realize work is being done in teams and those teams are becoming more varied. we work on with on one project is different than another. some cases, you are working with people outside the company. having tools and services that naturally connect across all those different boundaries is really important. emily: tell us about the tools you are offering. you just bought a company, a digital signing contract company. adam: that is a great example. i think that space, digital signature, is one of those areas and workflows that starts with content. documents created constantly. dropbox is a platform for huge of numbers of people have trusted with an incredible amount of content. making that workflow work between the creators, people running the process, people signing -- many outside the company -- it is one of those places where dropbox thinks it could have a lot of volume. emily: cybersecurity has been a big issue. we have seen these massive tech
thefts. what are you doing to make sure that does not happen to dropbox, given the incredible amount of personal information that you have on your users? adam: it is something that is incredibly important to the company. dropbox's scale really is surprising to most people. over half a billion users, content. dropbox is built on the trust that our users, both individuals and the workplace, put into dropbox to protect the information. we pride ourselves on having world-class infrastructure, security system, technology and always pushing the front edge of that. many times collaborating with our peers and making sure we deal with threats as quickly as possible. emily: there has been a ton of consolidation in enterprise software. do you imagine that dropbox will continue to be an independent company? adam: i'm relatively new to the company, but i have to tell you
there is a lot of excitement within the walls of dropbox about the potential for this platform. if you look at what is going on right now, content is really becoming king. more deliverables are the content people produce, share and collaborate around. as more and more collaboration happens online, we are seeing dropbox as more of a platform where all of these different platforms come together. whether you are using microsoft office, suite, the latest startup, all of that comes around in dropbox. we have a role to play in a more enlightened way to work with less distraction, less noise and more focus on the work. we see that is a really high potential path. we still see the very early days of what dropbox is building. emily: adam nash, good to have you back on the show.
warner bros. ceo kevin tsujihara is the latest hollywood mogul to be toppled by scandal. tsujihara leaving the studio over allegations he had a sexual relationship with an actress he helped promote. at&t warner media says he brought risk to the company. "kevin acknowledges his mistake is inconsistent with the leadership expectations, including the company's ability to execute going forward." still ahead, this week in san francisco, members of the video gaming industry gathering for the annual game developers conference. what is trending this year? we will tell you next. this is bloomberg. ♪
♪ emily: a new study has found most of amazon's private-label products are duds. the study looked at 23,000 products and found shoppers aren't more inclined to buy the brands, even when the company elevates them in searches. more than 12,000 members of the videogame industry will gather at the annual game developers conference. google is set to unveil a service that will allow people to play fortnite and other
modern titles on a web browser or television using inexpensive hardware. this might herald the biggest shift in the global gaming market since super mario jumped from the arcade to the living room. joining us to discuss, john riccitiello, the ceo of unity technology and former electronic arts ceo. good to have you back on the show, john. you're obviously a veteran in this business and have been around the block a few times. you are giving a keynote at gdc. what trends do you think we will see emerge this year? john: people will talk a lot about streaming and how that can change the living room for people. sort of the netflix the video games from a number of big companies. i think we talk about rage racing, a new technology for rendering something. it can look absolutely real.
we will show a demo tonight where we will challenge the audience to tell the difference between, there was no car there and we just drew it, technology versus live video. it is virtually indistinguishable now. i think digital humans is going to be interesting. again, we will show a demo tonight where we will show a human interacting in a very complex, science fiction environment, and he looks absolutely human. again, this guy does not live, he has never been anywhere. the possibility of recasting your favorite actor from days of yore -- a 25-year-old john wayne, we can do that. that is actually pushing the boundary. open platform, closed platform. i think that will play itself out. emily: what do you think of google's new netflix of gaming strategy given they are not making the content themselves? john: one, i'm under nda.
secondly, they have an event tomorrow. with all due respect to the many lawyers that back me up, i will stick with that for now. i think with streaming, it is definitely a part of the future. i don't think hardware under your tv is going anywhere anytime soon, but i also think that google is an amazing technology company. i know they put their heart and soul into what they are announcing tomorrow and i expect big things. emily: the gaming industry is grappling with big issues -- violence, lack of diversity, addiction. unity is in a unique position because your platform powers 50% of mobile games. what are some things you can do to help the gaming industry deal with these issues right through the actual development? john: we can unpack that question over the next two hours. emily: it is a big question.
john: i will start by saying unity powers about half of the world's games across all platforms. it is a great vantage point. i start by saying one of the things that has plagued the industry is a lack of diversity, inclusion. you wrote the book on this sort of thing. it motivated me. we are doing more at unity to support diversity and inclusion than most anyplace i'm aware of. one of the things to ensure you get the right outcome is to have the right input. it we have a diverse and inclusive environment, i think the work our company does will be better and we can have a really big influence over the rest of the industry. one is you can do the right thing by being the right team
and i think we can influence the industry. in terms of violence in video games and that type of thing, look, i, like many parents, did my best to make sure my kids saw the right kind of content when they were ready for it emotionally. i also chaired the esa and read all of the studies. i don't think there is a correlation between violent video games and actual violence than there is if you watch hamlet with a half-dozen dead bodies on stage. i don't think i ever left the theater and whacked anybody over the head. emily: you did not shoot those actors yourself though. john: no, i don't think the connection -- the connection has been research many times and i don't think it is there. emily: a.r. and v.r., when will they finally go mainstream and will they? john: i think they both will be mainstream. they will both be mainstream within about 24 months, 36 months. some great companies -- facebook and oculus, hololens and
microsoft, vive and other really cool -- we support them all. what they have brought out so far is expensive and there is not a lot of content for it. they are in their early stages, not only ready for mainstream, but it takes a while to get these things set up. that changes in the next 24 months. emily: fortnite, will it be another flash in the pan or a lasting gaming phenomenon? john: there is always the next lasting gaming phenomenon to be replaced by the next lasting gaming phenomenon. the top 25 intellectual properties in the world are all games with revenues over $1 billion a year. this is a real industry now. whether it is fortnite or whatever, they will all be there. emily: john riccitiello, thank you so much for stopping by. that does it for this edition of the show. we are as always livestreaming on twitter @technology. follow our global breaking news network, tictoc, on twitter. this is bloomberg. ♪
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>> this is bloomberg daybreak: middle east, our top stories this morning. manus: theresa may's plan is torpedoed and the comments speaker allows -- refuses to allow another vote on her deal. seeking a long extension. >> the fed is expected to reinforce its dovish stance tomorrow but former new york fed president william dudley says tightening could be back in place later this year. oil gains their 2019 highs after opec and partners continue production cuts but is there strain in the alliance?