Market share, buyers trade in bmws and toyotas for teslas model 3. More on bloomberg surveys. More on elon musk had car. First, to our top story. The launch of disneys streaming was streaming service was met with some technical glitches and crashes, but still, disney plus generated excitement and buzz all over social media. Adding to the continued streaming wars. For more, we are joined by Rick Springfield and bloombergs lucas shaw. Who covers the streaming wars for us. Are the technical glitches perhaps a good sign, showing that demand exceeded expectation . Rick honestly, i have no idea. The reality is that technical glitches are sort of commonplace in big launches. You have seen it with hbo and game of thrones. You never like to see these things, its unfortunate for disney. Maybe it was demand driven. Who really knows. It is irrelevant in the scheme of this is disneys longterm strategy. Bob iger has thrown down the gauntlet. This is the future of the company. Its streaming. It is not even just about disney plus. He is moving fx content. Hours after it is on television, on your cable television, it will be on hulu now. It is leaving the bundle issue in the past. As long as these technical issues are not ongoing, as long as you are not still hearing about technical issues, no one will remember about these issues this morning. Taylor the disney cement itself as a clear, formidable competitor to netflix in the streaming wars . Cas if you ask people in hollywood at around the entertainment business, in silicon valley, and especially on wall street, most have viewed disney plus as the most competitive of the new services. Apple tv plus just does not have the same library. Peacock and hbo max are much further out. Disney is the Largest Entertainment Company in the world. Its movie studio is dominated by adding a lot of assets from fox. It has some of the best tv shows in the world. The real question moving forward will be how many of these streaming services can the market tolerate . Right now, we have hulu, amazon, and netflix. With netflix being the clear leader. Most expect that disney plus will be an additive to netflix. That people will be able to pay for both. But if it slows the growth of new subscribers to netflix at all, that is bad news for the company and investors. Rich, how do you see disney in the context of the broader streaming wars . Rich i think about it differently. People spend 45, 50 from these top streaming services. Upwards of 100 or more for comcast or charter spectrum, those bundles are going to weigh in consumers are giving up on the cord cutting at record paces. Contentll of this great from disney , apple tv plus, netflix, amazon, soon peacock from nbc, its making it easier and easier to cut the cord. That frees up a tremendous amount of wallet. For me, this is like adding fuel to a fire that is already started burning and this will make it that much easier to cut the cord going forward. I think this is sort of the industry. Today is like a real watershed moment. This is disney saying, the cable bundle is in the past, this is Disney Streaming, we will put all our best assets onto streaming and whatever happens to the bundle, so be it. It will be a tough place for espn and their future, but i think disney is clearly telling you that they know the bundle is dead or clearly dying, and they have to move forward. Taylor rich, you talk about that cannibalization of traditional subscriptions. Dan ives said 10 of netflixs base could be at risk. With apple and disney. Do you have figures of whether there is cannibalization going on at netflix and the competitors . The morek it is one of absurd comments i have heard. The reality is, Consumers Want to stream. They want to stream lots of stuff. These are not replacement products. You are not choosing between netflix and disney plus. Dont needing, i Cable Service anymore. If you are not a sports fan, you dont want to give up on Cable Service. If you want to watch the crown this week, disney plus does not satisfy that. If you want to watch back episodes of friends, you need hbo max. People have had hbo for years. Hbo has been far more expensive than netflix. Hbo has 34 million subscribers today. No one is saying, oh my god, i have netflix, i dont need hbo anymore. These will coexist the same way hbo and showtime have coexisted. I think about it less of price to value than what you actually want . What does the consumer want . If you want stranger things, if you want the crown, if you want the irishman, you have to have netflix. If you want mandalorian, you need disney plus. The entertainment bundle, i think there is a lot of content that has been overpriced with very little flexibility, people should look for where these dollars and subscribers come from. Lucas, what does this tell you about the appetite for 2, 3, 4 subscription services. Research. T of it is it is really hard to know how much people are willing to pay for, because it depends on how much they are spending. The average consumer might not know how much they are spending specifically on cable, the cousin is often bundled with internet. They may not treat their amazon subscription as a video subscription, they are really paying for prime. We will see what happens. I do think rich is overstating the decline of cable a little bit. He is right that this is a watershed moment, signaling that disney is signaling that internet is the future, but even the ceo of netflix has said that the decline of cable will be slow and steady. Even though it is accelerating, you still have tens of millions of households in the u. S. And worldwide still paying. It will not disappear overnight. You will have consumers who have to make a choice. Sports fans and older consumers who want to keep watching live television. Taylor rich, you take a look at Companies Like cbs, with their all Access Programs that are reporting lower profit, and in your analysis, do you just assume further profit erosion . When do we start making money from the streaming wars . Rich streaming is expensive. Look at disney stock. Fiscal september 2020, expectations for disney were 8. 33. In may of 2018, for 2020, that is what people were forecasting. I think consensus now on bloomberg is somewhere down to around 5. 60. So, this is an acknowledgment, getting into the streaming wars, this is a longterm game. A play for subscribers. But this is really hard. You look at disney, i got up at 6 00 a. M. This morning, i watched the First Episode of ian,a lori and mandalor its 36 minutes long i enjoyed it , but it was definitely for a diehard star wars fan. I cant watch episode two until friday, i cant watch episode three until the following friday. I can go back and kind of watch catalog. In terms of new and fresh content to watch, there is not a lot to keep me busy. That is why you have to see Companies Like disney invest more heavily in the content for these services. I dont care if you are cbs all access, disney, disney or hulu. It requires you to create addicts. You have to keep coming back every day for hours at a time. Netflix has done a great job of that. Now it is on everyone to follow that and create addicts. So that you can keep paying. It is very easy in the streaming world to click cancel or pause, and come back later. That was much harder in a cable world were there were boxes and satellite dishes on your house. It has become really easy to go on and off in the digital world. Field andch green lucas shaw, thank you both for joining us. Coming up, music video app tictoc is gearing up to take on washington as it seeks a new u. S. Policy chief. We break down the story, next. And if you like bloomberg news, check us out on the radio. You can listen on the bloomberg app, bloomberg. Com, and in the u. S. , on sirius xm. This is bloomberg. Taylor microsoft is among the plaintiffs in the case is viewed by the u. S. Supreme Court Tuesday over the socalled daca program. This is defending its employees who were brought to the u. S. Is undocumented children. The deferred action for Childhood Arrivals Program 700,000 rly 700,000 qualified immigrants were in the u. S. Illegally from deportation. It is being challenged by the trump administration. Microsoft president brad smith argues that the affected immigrants, were called dreamers, are an essential source of talent that microsoft depends on. Other Companies Like google, ibm, apple and amazon have filed legal documents saying that ending daca will hurt the u. S. Economy. A decision is likely to come next year. Tiktok is being investigated for National Security concerns but the company is building up its lobbying operations. They stepped up pressure in over its waging escalating battle with facebook for viewers. To discuss we are joined by the security lawyer. He is formally a legal advisor, as well as a National Security council. Is ben brody who has been covering the story for us. What has been the reaction from this lobbying effort in d. C. . This is something that is in the process. They are revamping and bolstering their internal team, then they are doing some of their outside consultants. The question is going to be, when they bring those outside consultants to the hill and to regulators to tell the story, to say hey, we are an American Company and dont take action from beijing, what will be that reaction remains to be seen. Those meetings have not started. I do think it is worth mentioning this bluechip representation. I think they are putting up a good fight as the tensions really ramp up. Iflor the key issue is that tiktok is a u. S. Company or Chinese Company . I think that is somewhat missing the point. Aty are looking not just u. S. Ownership, but whether investors, Foreign Investors had the ability to get access to nonpublic information about data. It is awhether or not u. S. Company is part of the concern. There are broader concerns about potentially having access to that information by foreign powers. Taylor john, what is the answer to that question . If china wants data, once information, what tiktok be required to fuld over the information to beijing . John that is the concern among the National Security committee. There are ways to potentially mitigate that. One of the ways is keeping the data within the United States. China has been very aggressive in wanting to get access and requiring companies that are in china to participate with them. Taylor ben, what is your reaction to that . It has been a key issue in d. C. Over data privacy, overturning over data from beijing from u. S. Users . Ben that is sort of the key issue that folks here in washington are looking at. Republican senator josh hawley, last week, he held a hearing where he excoriated facebook. He talked about communist Party Officials kicking down the door and demanding data. He said, parents in the u. S. , if you dont know about tiktok, your kids do, and you should. It is absolutely a concern that is animating a lot of people here in the United States, not just on the republican side of the aisle. Since my story when up this morning, democratic leader Chuck Schumer sent a letter to the army and said there is concern that you are trying to recruit teens on tiktok, trying to appeal to young people on this platform where they are flocking by the millions. I really want you to reconsider and not do it because it could be a National Security threat. M others from Tech Companies, namely Mark Zuckerberg at facebook. Which has really highlighted the concern about chinese tech dominance. Given your history on the National Security council, how worried are you about chinese tech dominance . John i do think that these are the issues that are animating a lot of the concerns at the National Security council and the National Security apparatus within the United States. Technology is the new frontier. Whether it is data or Information Communications technology, i think you are seeing a trend in cfius, supply chain, even in Team Telecoms are a concern. About taking a strong look on how to compete with china. Taylor as we take a look, it is not only about turning over data but a lot of this, as Mark Zuckerberg was pointing out, is about free speech. What are you hearing in d. C. About concerns of chinese tech dominance operating basically on internet rules where fear where free speech may not be allowed . Ben it is really interesting because you hear a lot from legislators here in washington, d. C. , about how they want american tech platforms to take certain things down. Whereas, when we are talking about our chinese counterparts, chinese platforms, the concern is are they taking down too much . Have they gone beyond content moderation and Community Standards into something we would release yes political censorship. Concern,hat is a huge something that Mark Zuckerberg was talking about. He sort of hinted that the protesters in hong kong were being censored. It is unclear to me if they are on tiktok. Mark zuckerberg was stoking that a little bit. It is important to say here that facebook views tiktok as a major competition for users, viewers, particularly young people. He is not only stoking a National Security concern but he is stoking concern about a competitor. This was part of the reason for the reshuffle. This morning, there was a lot of concern that tiktok was working with lobbyists who were a little bit too close to facebook. Taylor john, we have seen more and more cfius review. Is that warranted . John i certainly think so. Data is becoming an integral part of society. You have a lot of companies that are integrated across the world. Trying to balance these very difficult issues between security imperatives and economic priorities will be challenging. I think what youll see is, whether it is cfius or other National Security reviews taking place by the government, a hard look at Data Companies and other information and communication technology. Taylor john dermody, and bloombergs ben brody, thank you for joining. Coming up, instagram picks up the tab for some celebrity videos that comes at a price. We will tell you what they can and cannot say. That is next. This is bloomberg. Taylor facebook is bundling all of its payment tools into a single platform. The product dubbed facebook pay will Group ExistingPayment Options across the app into one product. The system will store users credit and debit cards for payments. This is separate from its calibra app, which will be storing and spending its proposed Digital Currency libra. Speaking of , the social network is trying to jumpstart its little used instagram tv. To do so, it will fund celebrities Video Production costs, as long as they dont say anything about politics or elections. This comes as facebook faces continued backlash for its decision to let politicians lie in advertisements on the site. My first thought was, good, coversh friar who facebook and instagram for us. My first thought was, good, because i dont care what they have to say about politics. Is that what is going on here . It is a really interesting policy for these creators to not be able to talk about political issues as facebook makes a huge deal about not censoring political speech on its main app, and allowing misinformation in ads. I have to clarify a little bit. They cannotst a talk about elections, they also cannot talk about anything that facebook considers a political issue. So, they cant talk about climate change, guns, education, or immigration, even health policy. All these things that are just part of the general discussion that you would expect someone to want to have if they get their production costs paid for by instagram. They cannot go there. Taylor why . Sarah instagram says there is a big difference between letting them talk about these things and paying them to talk about these things. Remember, facebook has a news tab where they are paying all to talk publishers about politics all the time. There is not a lot of consistency across the platform, despite the fact that facebook is trying to increase the understanding that these are all under the same umbrella. With the same policies and same data use. Taylor i wonder if this is smart, so that facebook doesnt appear to be endorsing that persons views . Sarah if they were to pay for content that becomes political in any direction, then people could say instagram paid to have this video made. It is a little bit of a liability concern there. Taylor another story we were talking about is facebook bundling all of its payment apps into facebook pay. Does this further antagonize regulators who think this is may be a defense mechanism so that facebook is harder to break up . Sarah there is something to be said for facebook pay across all of those services, whether it is whatsapp, instagram, facebook, or messenger. It will all be under the same umbrella. This goes back to what i was saying earlier that the Company Wants to make it very clear that they own all of these properties. What they have found out is that the more people understand that facebook owns whatsapp and instagram, they have more favorable opinions of facebook. Regulators are looking that and saying, you are in the middle of an antitrust investigation, you are trying to more closely integrate the products at this point looks like a political move. Taylor another story as well, facebook is the gift that keeps on giving in the news world. Facebook has been accused in a lawsuit of censorship. Walk me through this story . Sarah facebook has been trying to apply its policies so there is no harm, no attacks on policies that should be protected. They thought the whistleblower was that kind of case. However, their policies are not universally applied. There is a lot of subjectivity. Generally, facebook tends to act when there is public outcry. While this guy, his post got taken down, other peoples havent. This lawsuit will bring to light a lot of the editorial decisions. Whether those are fairly applied across all of its users. Taylor thank you. Coming up, how prochina online groups are widening the division in a city already in turmoil. That is next. This is bloomberg. This is bloomberg Technologies Global link. We now join bloombergs daybreak australia to bring you the latest in tech news. Shery ahns in new york and heidi is in sydney. Lets look at the stories of the day. Germanys biggest tech ipo in 19 years is on the path redeeming itself after a rough public debut. It is now back at its listing price after it fell 10 in the first two days of trading in october. This comes after the first public earnings post at 39 revenue jumped from a year ago. A uae truck delivery app startup has raised one of the largest initial rounds of capital for startup in the region. It bills itself as an uber for trucks has raised 23 million. The round was led by a half billion dollars saudi tech vc fund that previously invested in a middle eastern ridehailing company. Tencent is now 90 billion behind rival alibaba in market cap. This comes after a ninemonth freeze on game approvals. A chinese economic slowdown and the possibility it will have to suspend airing nba games in china. Last year it paid 1. 5 billion for though exclusive streaming rights, but an nba teams executive triggered a media blackout in china and after tweeting support for the prodemocracy protests. Those arng kong antigovernment protest continue in the 23rd straight week, the city is being flooded with online fake news and misinformation from both sides of the political divide. In the last one he four hours alonethe last 24 hours authorities have denied rumors they ordered police to fire on protesters at will and they would use Emergency Powers to shut down Financial Markets and many more. Joining us to discuss in hong kong, shelley has been on this story. You are already seeing a situation, a cycle where violence is begetting violence and unrest in hong kong day after day. And the fake news online is really a major contributor to that. Fake news is obviously a problem around the world, but it is really super visceral in hong kong where you will see an event happen and then almost immediately you will see conspiracy theories pop up online and then that will just fuel the anger and the angst from protesters and prochina supporters as well who are coming out into the streets. You see the direct line from fake news that happens online into the streets of hong kong. Taylor who are the culprits . Who are these Tech Companies that are playing a role in spreading the fake news that have not yet been held accountable . Shelly it is happening on every platform and from most sides of the political divide in hong kong. You are seeing this on telegram, on the local channel here, which is like a redit back in the u. S. And you are also increasingly seeing it on facebook and youtube. A lot of these companies are taking steps to remove some of these fake accounts, but a lot of these accounts are actually real people who are spreading rumors and conspiracy theories. So its not necessarily a big Disinformation Campaign like weve seen outofstate actors like china or russia, but just videos and pictures that might be taken out of context and then spread around in a different context. In terms of legal framework, is there anything specifically there to address the dissemination of fake news . Shelly we have seen lawmakers and police come out and say please dont believe this rumor, dont believe this rumor, our banks are fine. The roads will be open. But the problem is it goes much deeper which is around government and police and other authorities here in hong kong. And so its not necessarily the spread of fake news, but its the last trust they have in trust they have in authorities that lights it on fire. Taylor on that same line of thinking, when does that lead to more regulation around fake news . That is one thing we are watching out for here because under Emergency Powers, if the chief executive were to use them it could take a greater stand on regulating the internet, shutting down certain apps. There has already been antion ph court, a temporary injunction in hong kong that says if you intend to commit violence online, you could go to jail for that will be arrested for that. And so those are two things we are watching out for. This comes at a time when i think you said the majority of hong kong are getting their news from the internet. Shelly we took a look at some interest in polling numbers that shows for the first time just this summer that the most trusted new stores is the trusted news source is the internet. Over television, newspapers, they are also seeing an uptick in news from family and friends we havent seen in a while here in hong kong. Back here in the u. S. , i think about the 2016 election when we grew a lot of distrust in facebook and there was a lot of backlash after fake news is going on around the 2016 election. As you look to hong kong, wind see thato we start to backlash over there . It is really interesting, we spent some time with a group of students at Hong Kong University who are looking at fake news and the misleading conspiracy theories and one professor whos been studying this says even if you do prove to people that this indeed is not real, that this story or that story is not real. To a lot of people it doesnt matter. If the narrative they want to be and they will share anyway. Thats difficult of these tech company to route these out over to root these things out and for governments and authorities to address the issue as well. Thank you two bloombergs shelly banjo in hong kong. And coming up, we will have more on teslas model three. We take a look as its hitting bmw the hardest. This is bloomberg. Taylor tesla plans to build a factory near the german capital of berlin according to elon musk at an awards ceremony on tuesday. The electric car maker will establish an engineering and Design Center in berlin near the new airport. Germany is home to some of the worlds most prestigious automakers and this also comes at the same time tesla is preparing to sell its cars in shanghai. German automakers are among those affected by teslas grip on market share. Bloomberg gast 5000 tesla owners what its like to live with elon musks electric car. The model three is a car for millennials and gen xers, most of the owners were changed were aged 30 to 50 with above average income. Most 95 were men. The top cars driven, drivers gave up to give a tesla, the toyota prius was number one followed by bmw series three. For more want to bring in craig who covers the company for us. Who are the biggest losers as more consumers shift to the model three . Craig the timing couldnt have been more perfect, this is his project, his baby if you will, this model three owner survey. What his survey found was as you alluded to before the break that bmw is hit hardest by the rise of the model three, while the amount of tradeins from toyota is bigger, toyota is a Much Bigger Company in this market. They sell quite a few more cars than bmw does and the share of sales, the amount of tradeins that bmw faces is more than mercedes and the top story does go into a great motto detail as to why it harkens back to a couple of magazines reviews, these were a performance oriented customers who had zero to 60 and thats something elon musk to his credit has made a big focus of how he hypes his cars. He has talked a lot about performance and made electric cars sexy, which is something other Car Companies havent been able to do. Taylor talk to me about the other reasons and owner would switch. It is because the brand is cool or is it environmental reasons . If you are making the switch, why are you doing so . Shelly its inter craig there are a lot of things in this latest version of toms survey that are interesting takeaways. I think the idea that significant portion, i think it was 55 , of people who answer the survey said that elon musk himself factored into the decision on whether or not to buy a tesla and by the model three. That is pretty high and there are some great quotes in the story about the idea that one of the participants in the survey has no idea who the head of ford is, the only reason he knew the head of nissan was was carlos was has been in jail recently. This is a company, they believe in the mission, a lot of them are mosque fans, that is no subject musk fans. 95 of respondents were men. If tesla is going to have sustained success, they are obviously going to need to diversify that quite a bit. Taylor craig, on page four we have the Vulnerability Index showing bmw is at most risk when you look at it as a percent of u. S. Sales. Walk me through the rationale of why bmw has the most to lose on that index. Craig the survey found there were models like the honda accord or mazda three were kind of surprising that you wouldnt necessarily think would be a natural jump from those cars to the model three. The level of magnitude of the risk to bmw is a surprise but i think this is something you could foresee that bmw and mercedes were going to be brands that would be real competitors that tesla was going after and you heard some german car executives give elon musk some credit for really sort of doing a serious number on their car business. We heard major auto dealers make similar comments that the german Car Companies need to do something to sort of answer this gambit that elon musk has thrown down here. Taylor it was so interesting to read the story and look at all the years youve been covering tesla, a company that doesnt do big super bowl ads, they dont do these targeting campaigns. It really is a company that sells by wordofmouth. In your years of covering tesla, have you ever seen an automaker able to do this . Basically cell by wordofmouth . Craig its totally unprecedented. For the billions of dollars automaker spend on marketing and you look at thirdparty the track how much companies spend on advertising, automotive is a serious spender on marketing dollars, there is a sort of rule of thumb that nothing beats your neighbor talking up his mustang or his corvette. With tesla, they have gone all in on that strategy of if we can get these cars out there, if we can leverage the star power of our ceo, we can save a serious amount of spending that these companies shall out to promote themselves and thus far its worked. Were still a long ways from tesla making a serious dent in the u. S. Market but they are well on their way and doing it by taking this interesting approach. Taylor thank you for joining us. Transferwise is one of europes largest Financial Technology start ups helping europe businesses and people move money. Now they are stepping into the u. S. And asian markets. Their ceo discussed the companys Growth Strategy with bloomberg at singapores third annual syntax festival. Fintech festival. Take a listen. We are moving about 5. 5 billion on behalf of individuals and businesses. Thats the biggest part of what we do is we help businesses and now even banks move money across borders. This is just the beginning and now we are also Offering InternationalBanking Services in about 20 countries, including all of europe. We launched with a debit card in the United States about three months ago, two months ago we launched a gnostic in australia and new zealand. Last month we rolled out our multicurrency debit card in singapore. Now we are starting to cover asia with International Banking as well and its seeing a good take up here. Are you lending money out at the moment or do you have plans to . We dont blend and in terms we dont lend. And in terms of regulatory difference, that is the main difference. We dont actually hold banking licenses anywhere in the world because we dont lend. We do hold plenty pofa few months ago we reported its now more than one billion pounds worth of deposits, but we dont lend them out to other people. We are kind of a nonlending bank if you like. As this roof any pressure you had to do an initial public offering. Does that remain the case and also do you have an exit strategy or do you just want to grow organically in the future . This is a very good question and we are indeed the unusual unicorn that weve been profitable for the last three years and therefore we havent needed to raise extra capital for the company, however we have raised plenty of money so earlier this year we raised to a 292 million, which went to recycling part of our what we can provide liquidity to shareholders and bring on new ones more appropriate, so we are getting the benefits of the Public Markets but doing that privately today and we have no immediate plans to enlist on a public exchange. Taylor that was the transferwise ceo. Still ahead, more on the Disney Streaming service. How will this compete with the rest . We discussed next. This is bloomberg. Taylor time for the top tech calls. Stock prices cut at mk and partners. The Company Growth adjusted valuation presents an asymmetric risk reward for the stock. The analysts confirmed the by buy rating but see continued risk. Nvidias price target was raised from 190, a move that comes ahead of the release of the chipmakers thirdquarter results. The analysts say a reasonable street expectation in quite some time with potential tailwinds and gpu attached rates. Bear named autodesk a fresh risk after thirdquarter results, a positive event for the stock. Notable autodesk events can catalysts for the stock that has been down and out this year. A 177 price on the stock. Those are a look at the top tax top tech calls. Lets get back to the top story all about disney and their anticipated debut Disney Streaming service which was hit by early technical glitches and crashes for some users. But that did not stop the excitement and buzz on social media and worked successfully for many subscribers. Joining is now is andre swanson. Andre, your take. Is the glitch outage a good thing because it means demand exceeded expectations . Andre normally its an indicator there are a lot more people trying to access your solution when you have scaling issues early on. In the big scheme of things i think its a nonevent. Its a very successful day for disney overall. Taylor i ask this question to every analyst to get their take. Where does disney fit in your world of all the streaming competitors . Andre i think its a great question. I think the most people in the industry are looking at it incorrectly, looking at it as if disney plus is a competitor for netflix. I think disney has shown over the last couple of years with getting the majority ownership of hulu and the success of espn plus and now disney plus, they have a Winning Strategy about how to attack that market. But they are not really competing with netflix. Disney has done a better job than anyone at getting share of wallet when it comes to Media Entertainment dollars weather whether its from theme parks or merchandising or theatrical releases and so now with disney plus, they have even more of a direct consumer relationship that they can leverage to monetize across all those other Revenue Streams in a way netflix and others cannot. Taylor this is what i heard from rich over at where they are competing not with netflix, but just grabbing cables of subscription declines. So would you agree that perhaps they will take on more tables of scripture decline and that there is room for two or three or four streaming services . Andre i like rich a lot, i would argue that the decline in cable is actually irrelevant do disneys strategy as well. I think in terms of disney plus. I think it does impact hulu and the growth of hulu with their life service. But disneys game is far bigger than just even tv. This is just another way for them to engage with consumers and its not a standalone entity in the way other solutions are and it is different from the strategy of the others, whether its nbc with peacock or dish. Disney has sony more avenues of has so many more avenues of revenue to engage with the consumer that they dont have to monetize this solution the same way that others do in order to be considered a success. Taylor so are they the clear winner given not only they have money to spend with original programming, but also that big backlog and a library of great videos from decades ago . Taylor i think andre i think it would be hard to argue the disney is not wellpositioned. Im hesitant to say they are the winner because the game hasnt really started yet. Many of the other people competing for audience time and attention are still a quarter or two away from watching. I will say the biggest loser in all of this is absolutely netflix, which i think is more clear and thats because so much of the most popular content that is really driven not only subscriptions, but loyalty on the platform will be leaving between disney and at t and Nbc Universal pulling content. So i think netflix is not the same solution three or six or 12 months from now that it has been. Taylor about 30 seconds year, taylor investors will not tolerate losses for long. When do we see a profit from these businesses . Andre if you are looking solely at the streaming part of the revenue, it will be sometime for some of these platforms until they truly are profitable. I think companies that have a Legacy Library that they can lean on may reach a profit first. But when we look at disney, we cant look at streaming as a standalone because of the impact it will have an the data and how they can leverage that. So i would argue relative to that it is already profitably profiting. Taylor thank you for joining us. That does it for this addition this edition of Bloomberg Technology and Bloomberg Technology is livestreaming on twitter. Check us out, follow our breaking news network at tictoc on twitter. This is bloomberg. The following is a paid program. The opinions and views expressed do not reflect those of bloomberg lp, its affiliates, or its employees. Announcer the following is an important paid program about humana Medicare AdvantagePrescription Drug plans, sponsored by humana. Sam at humana, we believe its never too late to learn the abcs when it comes to medicare. Sybil i know theres the alphabet, a, b, and c. What exactly does that mean . Linda actually theres a, b, c, and d. A is referring to hospitalization. Sybil ok. Linda b is basically