tv Best of Bloomberg Technology Bloomberg April 14, 2019 5:00pm-6:00pm EDT
emily: i am emily chang and this is "best of bloomberg technology." we bring you our top interviews from this week in tech. the house of mouse takes on netflix. we talked to the ceo about how disney + will reshape the global streaming landscape. calls to break up the tech getting louder. can congress forced change on the biggest players like google and facebook? we will hear from u.s. senator mark warner.
softbank announces a new $5 billion technology fund focused on latin america. you're more in our exclusive interview with softbank's ceo. to our top story, disney is attempting to reach state the media -- reshape the media landscape. at its investor day, they shared new details on its highly anticipated streaming service. disney + is expected to drive the fastest uptick of any direct consumer platform to date. i caught up with disney's ceo bob iger on thursday. what makes you think consumers will pay for this on top of everything else that they are already paying for? bob: disney, pixar, marvel, national geographic, they are loved. they have a large history of serving the consumer for many generations. and they are still popular and still relevant. i think making them available on
a new tip -- a new technology andform that is more modern growing in popularity, at a price that makes sense when user interfaces beautiful, that is why we feel confident this is a product the bull sign up injuring's to have. emily: parents will be happy to know that animated classics are coming onto disney +. how will you decide what to put where and when. between the theaters, channels and streaming services? bob: in relation to films, movies made for the big screen, they will still be in a traditional window. that window has served us extremely well. the studio has done over $7 billion in global box office twice just making a dozen movies . we have no intention of using this platform to force movies on -- from a timing
perspective, any different than they would be in the so-called paying window. themovie that we make for big screen will be on the service exclusively from here on out. the same thing in terms of television. we are still going to make television shows for the traditional channels. they are still of great value to us. we will also make original programming for the new service that will only be available on the service. emily: you said you will likely on disney +, espn and hulu. when? bob: you can figure that we will +ndle espn plus and disney fairly soon. we are launching disney + in november. hulu we still have minority by partners. everything we do with hulu has to be done with them in mind. bundling would be something that we might take to the board, but it would require the approval.
we think there will be consumers that will want all three of them bundled. we want to make it possible for a consumer to buy all three. emily: will you be attempting to buy all of hulu? bob: we will see. we have been conversations about that possibility. it is still early. emily: you did give up partnerships with netflix as a result of pursuing this streaming service. sony, you about roku, did not mention apple or amazon, why not? app will likely be available through traditional app distributors. apple being one of them. i am fairly certain that if --ple want to buy the app sorry, subscribe to the app is a better way to put it, they can do so through apple and the itunes store. cable distributors will sell apps.
not have any announcements because we have not made deals with them. emily: you are on the apple board. now that apple has a direct competitor to this service, will you stay on the apple board? bob: i am mindful of my fiduciary responsibility to apple shareholders as a member of the board. when the subject is discussed at apple board meetings, i am careful to recuse myself and i am in constant dialogue about making sure i am not doing anything that would cause me to that would not be keeping with what apple wanted. that business is still relatively small. it is not discussed that much. it has been ok. i am in constant discussion about it. emily: you noted a lot of losses. you said disney + and hulu will not break even until 2024.
should we assume you will be flat to down for the next two years, or will you make that up? growing thestill company. our themepark business delivered great growth over the last number of years. our media networks have been healthy. studios delivered great growth. we are does -- we are observing 21st century fox and their businesses. that will factor into our numbers going forward. we are not getting projections about the whole company, but we are confident we will continue to deliver value for shareholders in the near and long-term. emily: what did the announcement today mean for disney content overseas, specifically in china? well, i think you can figure that, all the content that we make for this service will be available internationally in different forms. in some markets we will launch the service as a subscription model. that won't be the case right
away. it will ultimately be the case in all markets. there are laws in china that govern over the top direct to consumer services. we have to comply with those. we are not certain how the overall disney + service will enter the chinese market. ultimately, the product is being made for it if the disney + service doesn't end up there. emily: you are working on three new tv shows for the disney + service related to star wars. you have a movie coming out in december. are you worried about star wars fatigue? bob: no. the movie that is coming out in december, the ninth movie, it doesn't have a name yet. we think it is going to be great. we have not announced any specific plans for movies thereafter. there are movies in development but we have not announced them. time,l pause, take some
and reset. the skywalker saga comes to an end with the ninth movie. there will be other night -- other star wars movies. we will end up in a hiatus. is, wecasfilm is doing will fill the time with star wars live-action series. it has never been done before, and at a quality level. they: you have completed acquisition of the fox assets. there have been layoffs, but not as dramatic as some thought it might be. will there be more? bob: we still have a lot of integration to go. people know that. with the integration comes consolidation. we have been transparent about that. we have not talked about specific numbers or timing. there will be more consolidation going forward. emily: you are making a huge transition here with these developments. where do you see disney in 5-10
years? do you see disney as a technology company? have always seen disney as a technology company, going day.he way back to walt's technology is important for two things. one is to use it to make our product editor. what it did to backgrounds and 2-d animated films. it also improves the experience of the consumer. i think in five years you will see disney, basically, at its core, being a content company, a storytelling company that is using technology more to do all of the above. the product better, make the experience better and make it more accessible on more modern platforms. emily: that was bob iger, ceo of disney. coming up, it is one of the biggest tech ipos in years. we will bring you new details on uber's plans to go public, and
biggest ipo the this year. cooper has officially filed for its public offering. offering new details on the company's operations in this paperwork. we have early reaction soon after the filing. because it's sold out businesses in southeast asia is able to account this profit when really this $3 billion in operating losses. it was 4 billion last year and 3 billion -- it has been 10 billion and operating losses of crude. this is a massively money-losing company. lyftu watched
significantly, another lossmaking company. it has been hammered in anticipation of these numbers coming out. how much do you think they are worried about these numbers? >> they are not worried at first. came out at its price of $72. it came out 1% today when uber's filing came out. the factascinated by that these companies can grow so quantities onst private capital. then be able to come to the market. was there anything in the market that gave you pause for thought? we are investors in the company. i wanted to make sure we disclose that. i have not gone through it in detail. investors so we know it well. they did break out uber eats, which is going crazy fast.
the core business is still going 40% a year. public market investors, and we do public market investing as well, are crazed for growth. they are dying to have companies that are growing really fast and that they can -- fast and they can invest into. the company trades at 22 times revenue for to six times a year. this company on the road, zoom communications is one of the hottest software ipos in the last decade. it will trade at a rich valuation. investors are just dying for growth. i think three months ago, if we sat here and said lyft would be a $21 billion company, i think all of us would consider that a wild success. francine: i want to dig in what you meant -- mentioned. you talked about uber needs growing fast.
i'm surprised how tiny it delivers. 165 million of revenue, the bulk of 2.5 million was the ride hailing business. is that not a surprise? eric: i know in q4 of 2018, lubricates from a volume perspective was 2.6 billion. i know it was disclosed, but i have not looked at the net revenue numbers that. ancine: i was surprised at how much of a dominant force ride hailing is for uber. uber wants to sell this platform vision. the focus is the suite of services. if you dig into breeds, it is very small relative to the
ridesharing business. it is growing at a gross booking spaces, but if you dig into the net revenue it looks like it is reversing because of the subsidies around growing that business. if you are at grubhub, you have to have a laugh for the time being because uber is able to their food delivery business unsustainably while trying to grow market share. tojust looks small relative the ridesharing business over wall. -- overall. this is a company focused on growth and growth potential. it is spending about one billion dollars on driverless cars. can you paint a picture for us of the future of driverless, and how important autonomous is to uber's overall profitability? they are saying it might never be profitable. mitchell: every company that is unprofitable always says that. i think autonomous is further away than people think.
that is my own opinion. some people think autonomous is two years away. i have a hard time believing i lyftget in an liberal or -- i will get in an uber or lyft anytime soon. is another important thing in terms of the ability to make money. uber is one of these one,nies,lyft would be amazon would be one and alibaba would be one. ontomers spend more and more products. think about everybody who joined or amazon in, january of 2015. over time those people spend a lot more money. why that is so important is that they don't have to reacquire usa consumer. consumer.a
every time the four of us get it is uber or lyft profitable because they don't have to reacquire us. the most interesting statistics 50%,e s-1 was that, over or around 50% of people who use uber eats, it is their first time being on that uber platform. i think the ridesharing business has a huge one way -- a huge 50% of peoplethat using uber aids has never used the ridesharing. francine: i will get your perspective olivia. from michel about what this does about zoom and .ther companies what do we expect from the herd of unicorns.
olivia: it is a stampede right now of unicorns crossing over to the public market. go, p about to see zoom soon --, postdates postmates soon. francine: i want your opinion on international growth. did any of the numbers surprise you? i was surprised with how big latin america is. eric: i think one amusing thing is the contrast uber has between market share and category. its market share is very small because it sees a huge amount of growth opportunity for ridesharing. , so relativetion to competitors, it says they have over 65%. whether that is united states and canada, europe. we have aying
dominant position all over the world in the regions we operate. yet we represent a small share of what is possible. that is the messaging coming out of uber. they either have a strong position in the countries that they operate in, or they own a stake in major players in those regions. it is a compelling international position. francine: briefly on international growth. mitchell: i think international is very strong. he is a master chess player. and haveted expedia done some international stuff. they have big investment that uber and china. latin america, the deal that they did in korea. we will give them -- it will give them a different monopoly in the middle east. regionia is a profitable
for them. if you think about lyft, they are worth $21 billion. that means uber's business to the u.s. is worth $40 billion. emily: coming up, slack is seeing rising domestic demands and they are going for as much as double their valuation last year. he is one of the most critical voices in washington on the topic of big tech. we will your from senator mark warner about his new push to protect personal data. this is bloomberg. ♪
shareholder sold the stock as highs $25 or $26 a share. this as the company plans to directly list its shares on the new york stock exchange in june or july. we have more details. goslack is preparing to public. just like spotify did last year. in preparation for doing so, there is a thing that spotify well,at slack is doing as which is starting to release some of its stock on secondary markets. starting to allow some sales to go through with the idea of two goals. what, price discovery, range they want to price their shares. also trying to manage volatility ahead of the listing. this is based on reporting with people familiar with the type of sales. the company is not commenting, but it does seem like demand is
high. the last time slack raised money was in august. the shares were almost $12 a piece, and the valuation was around 7 billion. based on the sales we have seen go through, which, granted, it could be small one-off type stuff, but it does seem to indicate an interest of slack at double the price. pinterestare seeing aiming to raise money at $3 billion less than its last private funding valuation. why is there so much enthusiasm about slack in particular? ellen: i think investors the opportunity for growth. they have always had strong performance. a lot of people paying for the service. they have a free version, but most people pay to access slack. people see it as a strong software bet. things there are also
that could be risen. emily: talk about the roadmap for slack as opposed to a company going the traditional ipo route? ellen: it seems like slack is preparing to go on the new york stock exchange on june or july. we never really know how it will happen until it does. a mic with a traditional ipo, the direct listing means there riod forckup pe employees. there is no traditional stock into the market. current shareholders just have the ability to sell. emily: so they can sell right away? ellen: yes. that is very different for employees waiting for the ipo moment to realize what they have made in their equity. emily: what is the motivation? listings, like with spotify, work well with
companies that have a few things going for them. one is they have a lot of cash on hand. don't need to do a lot of publicity around the ipo -- there was broad ranging consumer service. focused.more business something that i think many people have exposure to. the product is well-made. then they don't need to raise additional capital, and they don't need to do the marketing associate it with an ipo. then they can do the direct listing, which tends to be favorable if you meet those qualifications. everyone said slack is in a strong position to do this. other companies that have been loaded as potential direct listing, if this becomes more popular, for example, air b&b, a strong company with a lot of consumer awareness. emily: bloomberg's ellen. coming up, what does it mean for the biggest players like google
emily: welcome back to the "best of bloomberg technology." i am emily chang. a new bill was presented to u.s. congress this week that takes aim at tech with proposals to ban deceptive features on facebook and other big sites. there has been a rising tide in washington to increase oversight of tech, from a comprehensive privacy bill, to the federal trade commission probe of facebook status sharing practices. bloomberg's caroline hyde spoke to one of the most critical voices, senator mark warner, on thursday. sen. warner: this is the first of a series of bills i will introduce to put ground rules on social media. this bill is focused on
something that for many users may just appear to be an annoyance, whereby you have agreements you cannot understand. you may have flashing arrows, trying to urge you to always agree, you can never find the unsubscribe component on a site. what experts have shown is there is a great deal of manipulative behavior, both to adults, and our bill also focuses on children. we think this is a good starting point. we have decided to take a light touch, and set up an industry driven standard body that would be quick enough and nimble enough to move toward the larger users, 100 million individual users a month as a brake line. then we would have the ftc as the fallback regulator. from a financial standpoint is like the security industry
standard group would be towards the start patterns. i think it is a good place to start. i have a series of other ideas around identity, content, and around transparency. there will be more legislation coming in each of those areas. caroline: ok, we would like to dig into those in a moment, but first, on this particular bill, do you think it will get the committees behind it to pass such a bill, because at the moment, it does not seem to have that backing. sen. warner: this is an area, my background was in the technology field, so i hope i bring some knowledge to the floor. i believe all the approaches i will take are bipartisan, less about liberal-conservative, and more about future-past. there is a growing recognition that the wild wild west days of social media platform companies is coming to an end, and i think a lot of the commerce committee, where this will be referred, deb fischer, my partner on that committee, there is work going on around the privacy domain. it follows some of the european
models. what my hope is as i add these other pillars that may be wrapped into a larger piece of legislation. caroline: let's talk about privacy of nature, where the consensus is building. what it be based on the general protection data rules in europe? sen. warner: i think so. there are members in both parties working bipartisan, on gdpr, there are certain areas that it got right, and there are certain areas that are clunky, but privacy alone will not adjust the issues we need. there are issues around rights. we ought to have, knowing when we are being contacted by a human being versus a bot, for example, or putting up a geo locator if someone says they are , in new york, but if they are in moscow. at least having an indication. it may not be a true post where it originates. we have to have a debate about identity validation.
i worry how we grapple with hate speech. one way to look at this would be to have some level of identity validation. estonia already does that. it is a price of injury under their internet. there are a series of other ideas around transparency. we need to make sure for users to realize these platforms are not free. if we knew how much data these companies were collecting of us, and we knew the value of that data, there might be new operators who can come into the market. as long as we also about data portability. caroline: does it frustrate you how limited the u.s. has been in terms of getting legislation through? i am looking at the eu having just made facebook be more transparent about its forms and conditions so people do know their data is being used. amid brexit turmoil, they have pushed through issues about hate speech. when do you think the u.s. will be able to play catch-up? will it?
should it? sen. warner: i think that is a good point. most of the technology innovation and kind of rules of the road over the last 50 years have been set generally by the americans, and i think we are defaulting that leadership. not only to the europeans on gdpr, or to a more bifurcated approach where california has taken some of the european models and trying to do that at the state level. i think america acting in the best interest for some of these tech companies as well, or they can end up with a hodgepodge of rules and regulations all over. recently, australia placed extraordinarily challenging rules and regulations on content. these are issues that will be touched. if our government can step up to the task, and i think the good news is most of these issues do not fall on a partisan basis, so i think as long as we can get focused, there are a lot of members who do not understand
handily how these platforms work, so there is an education process going along. emily: that was senator mark warner with our own caroline hyde. meantime, not content to wait for social media companies to regulate themselves, the u.k. is proposing its own new law. if companies like facebook, google, and twitter fail to prevent the live streaming of a shooting or violent act, they can face fines and bans, that could even include penalties on independent managers. monday, we talked about the proposal with tom giles and mark mahaney. mark: they may have a technical challenge which no company can overcome, same thing with youtube and the questionable quality of content. emily: is it a technical challenge or a value challenge? mark: there is a technical element to it, it could be a challenge to it.
the facebook founder is looking for regulation, a sign of maturity. there are three major risks for these large platforms. facebook, google and amazon as well. the competition, maturity, and regulation, and regulation has risen dramatically in the last few years, and in terms of stocks, it puts a cap on what they can sustain. there are going to be extra costs. it is already in facebook's numbers, that is what led the company to lower its guidance three quarters ago now. this will be ongoing risk. i do not think it is existential, and the extreme things about having them divest whatsapp, or having them invest in skim. i think that is highly unlikely to happen. there is an advantage of wildcard regulatory risk by bringing in mainstream regulation. emily: but there was a new law that was very quickly passed in australia in the aftermath of the christchurch shootings, which would require these companies to pay 10% of the revenue if they violate the law.
they are violating the law every day. there is hateful content of their all the time. couldn't that be material to their business? mark: i guess it could be, i would be surprised to see that. maybe it will be one day. facebook is a global media platform, we have never seen anything this size. one area of regulation we have not talked about, facebook accounts for 90% of social media usage worldwide. maybe 95% since they own instagram. it will be an issue. they should be regulated. whether it should be in a way that undermines the business, that is the open question. emily: tom, you have been walking through the potential new laws. it is a little dense, but tell us what different countries are looking at. tom: it depends country to country. in europe, you have gdpr. that subjects these companies to 4% of overall
revenue fine, you have the u.k. considering something extra that goes beyond that that would punish these guys for failing to curb the content we saw in the aftermath of the new zealand shooting. you have france, just a digital tax. there are a lot of questions around exactly what that would look like. would that be a percentage, would that be taken away from the corporate tax? they already have to pay in that country or region. those things remain to be seen. what is interesting here is, mark zuckerberg needs to be careful what he asks for. he says we are willing, ready, we need and welcome regulation, i welcome it, we invite it, don't think what he, sheryl sandberg and jack dorsey are talking about is fine us, take our revenue, please. they are saying, help us come up with guidelines, definitions to help us navigate, instead of -- help us navigate and set a standard for what is acceptable and what the repercussions should be when we fall short.
i do not think they were talking about 4% and plus of revenue intake. emily: "bloomberg tech's" tom giles and rbc's mark mahaney. coming up, softbank is hiring a trio of industry veterans to oversee a new tech funds. $5 billion our exclusive interview with marcelo claure next. and no longer something to be imagined in a galaxy far away, we will tell you how scientists captured the first image of a black hole. this is bloomberg. ♪
marcelo claure about this new fund and about the opportunities in the region. take a listen. marcelo: when you look at the the latine market, american market is twice the size of india and have the amount of china. it has the right technology, we are looking at tech companies that are growing and the -- and that are leveraging data and artificial intelligence to disrupt traditional business models. in the first three weeks, we are looking at 140 companies, way above our expectations, and the investment we plan to launch in the latin american region. emily: wow. 140 companies in just a few weeks. so the vision fund is raising record amounts of capital at a time when dry powder is already at record highs. how does softbank stay disciplined and put so much capital to work at the same time? marcelo: i think we have been quite disciplined. we have a clear investment
mandate. we are looking for that company, that number one company, that entrepreneur who has the ability to leverage artificial intelligence, leverage data, to disrupt traditional business models and enhance people's lives. that is broad in terms that we believe because of artificial intelligence, the level of disruption that we are going to live in in the next few years is significant. pretty much every industry will have disruption, so we choose a winning company we can put our capital and growth strategy, and bring them into our ecosystem and basically help them grow. , so far, we cannot be more pleased. we have over 70 companies, we have invested, they are doing great. we apply the same logic and discipline to latin america. the vision fund traditionally has focused on china, india, u.s., and now latin america because of the size of the market and it applies to that
region of the world. emily: so tell us about your day-to-day. how much time will you spend on this latin america part of your job and your duties as coo of softbank group? marcelo: we are pretty well-organized within the softbank system. we have a division fund. i run softbank international. i run most of the operating companies in the group. companies we have a majority ownership, such as sprint or boston dynamics or energy groups. i run that. i am launching a new technology fund. we are spending time in latin america, but the core of my business is basically running most of the corporate group as well as the coo of the entire group. the four leaders in the company
are able to accommodate responsibilities accordingly. we have an amazing group of people throughout the world of great investors that basically supplement us. we are busy. there is a lot of activity. at the same time, we are applying the same rigor and discipline to the level of investments that we do. emily: you have a big ipo potentially coming up. softbank is a huge investor in uber. what are your expectation for uber's ipo? marcelo: well, we try not to comment on companies we have invested in with the ipo. we have a lot of potential ipo's coming in the future. we have invested in a lot of tech companies that are growing at an amazing rate. we are hoping the investments that we have made will be translated into great returns for the investors in our fund, and the shareholders of those ipo's.
i think uber is a fantastic company. i think travis did an incredible job disrupting transportation, and i think they did a great job taking the company to another level. whenever uber decides to do an ipo, it will be a great ipo because it is a great company. emily: you were reported to get wo ubersoftbank's t board seats. what is happening with that? marcelo: i mean, it is complicated. we invest in so many different companies, and the fact that we are a foreign direct investor, that is processed through the different government agencies. to be quite fair, we believe in many cases because we are investors in so many areas, that is why we try to put other people on boards, there is no area for us to join the board. the company is doing great, management is doing great, and they already have quite a sizable board. emily: that was our exclusive
emily: it is being called a breakthrough, and pushing the boundary of science. i am talking about the first ever glimpse of a black hole in space. you are looking at a black hole in the center of a massive galaxy. that is in the virgo galaxy cluster. some 55 million light years away from us here on earth. up until this point, a black hole was something we only saw in simulations or a christopher nolan sci-fi movie. it took eight telescopes from around the world from hawaii to antarctica to make this possible. to tell us about this exciting new frontier, we spoke with an experimental physicist.
we asked what questions a six-year-old might ask a scientist. prof. adhikari: i think children have the best questions. the reason they are excited is why i am excited. they look at it, and it is something you would never see on earth. the laws of physics going on and making that image are the kinds you would only hear about in "harry potter" novels or in comic books. emily: here are questions from my six-year-old son, where did it come from? where do black holes come from? prof. adhikari: these are the best questions. this is what we talk about at an astronomy conference, where do black holes come from? everyone has their own opinions. this is one of the observations we think will help us figure it out. the only way to get a black hole is put together a lot of little things, and this is a billion times heavier than the sun,
which is thousands of times heavier than the earth. a lot of things smashed together, and what we do not know, do black holes make galaxies, or do galaxies make black holes? emily: what are the opinions? prof. adhikari: for the heaviest ones, one of the opinions is when these are flying around in the center of the galaxy, it is crowded, and their gravitational pull drags on each other and slows things down, and they land on the black hole. part of the reason you see this glowing orange material around the supermassive black hole is the friction of these gases rubbing together as they fly at the speed of light. rubbing together, just like rubbing your hands makes them hot. if you rub gas together, it generates x-rays and radiation, and that is why we can see it from so far. emily: here is another question from my son. why is it so hard to take a picture?
why can't you just send a drone in there? prof. adhikari: [laughs] we will send a drone in there someday, i hope. this is a picture taken using radio waves. it is really unusual and it is not something we are used to. it is like something you see in the movies. people use sonar or radar to figure out what is going on in the ocean or on the ground, so it is a different kind of radiation from light. but it is just as good. in this case, we use this, the people who observe use this because they can put radio telescopes on different sides of the earth. it is like how something would look if your eyeball was the size of the earth. emily: interesting. prof. adhikari: a black hole is about as small of a thing as you can make, as far as we know from einsteinian physics. if you took 5 billion suns and smashed them together until they completely collapsed, this is the smallest thing you could
make from that much mass. and it is so far away. it is millions and millions of light-years away. we think it is something small, like when you see an airplane in the sky that small. or the moon looks small, but this thing is millions of times further away, billions of times further away than the moon. the moon we look at, it is a half a degree across in terms of angle, but it is hundreds of times further away from the earth than it takes to get from l.a. to new york, if you do that trip 100 times, that is about how far away the moon is. you would have to do that trip hundreds of billions of times to get as far away as this black hole is. emily: caltech's rana adhikari there. finally, back on earth, you can take to the skies in a brand-new way. private flights were once reserved for the rich and famous, but all you need is a smart phone to hitch a ride with one of these aviation startups.
imagine you want to take a quick flight for business. instead of shuffling through security lines and navigating terminals to board a crowded commercial airline, you can instead opt for the private flight experience with the touch of an app. blackbird and jet sweet acts -- and jetsuitex are two startups are pushing a private flight industry forward. rudd: we think of ourselves in the same vein as the on-demand transportation companies like uber or lyft. we are a journey that goes farther. emily: blackbird is a small company that is focused on the 5200-mile journey. it recently announced a $10 million funding round. it is backed by enterprise associates. jonathan: aircraft is utilized for 1% to 2%, and it is a highly underutilized asset and it is an , expensive asset. when you can advertise the cost
rides, anda lot of enable a lot of pilots who want to fly, you really create a flywheel of increasing adoptions. emily: jetsuitex, a silicon valley unicorn valued at $1.5 billion advertises semiprivate , flying with not-so-private fares. the company utilizes larger jets and pears passengers together. offering flights between short range destinations. other private aviation companies offers a private flight experience by putting passengers on empty legs of private jets. justin: what i see is a lot of technology minded people who think with the right algorithm, you can make money from inefficiencies in private aviation. you have big players in the industry. they are operating on schedule. emily: like established commercial airliner delta offering full priced flights and
discounted empty leg flights. jonathan: on the other side, you have the technology component. that is not to say this is a business that can grow leaps and bounds and there is not a huge opportunity, it is just that to date we have not seen the regulatory regime keep up with a lot of tech innovation. bids: faa guidance for private pilots from profiting. but blackbird's pilots are commercially certified and own their own planes, keeping the startup cost low while meeting faa regulations. the charter flight industry in the u.s. has grown 2.6% in the last five years to reach revenue of $25 billion. tech startups want a slice of that market. that does it for this edition of "best of bloomberg technology." we will bring you the latest in tech throughout the week. tune in everyday 5:00 p.m. in
>> welcome to daybreak asia. i am sophie kamaruddin in hong kong. major market open.wn to asia' >> here are the top stories. president trump renews his attack on the fed. he says the stock market would be much higher if it wasn't for jay powell's policies. mario draghi adds to that story. he says he is incr