Starting to take tentative steps toward reopening. Numbers released, adding nearly 16 million subscribers and crushing estimates. Taylor, we have to start with oil today. What is happening . Taylor when we spoke yesterday, it felt like the equity markets were not pricing in some of the panic in the oil markets. Today, that changed. Some of the nervousness started filtering through. They are off about 3 or so. Nasdaq off about 3. 5 . What that meant is that these oil markets are really starting to break down. Know that the may futures contracts expire today. Some of the june contracts are starting to roll over. We are getting the sense that if that continues to fall further, this is not a may contract technical glitch, this is more of a macro issue. Concerns remain on the demand side as well as the oversupply. Some nervousness was filtering in the oil markets today. Netflix,ts talk about crushing its own estimates, adding 16 million subscribers. I know i was watching tiger king. The question is, how long will the boom last given that new content is not being produced. Taylor i think you are right and that is basically why the shares are mostly unchanged. Net additions in the First Quarter beating expectations. Global paid memberships are now 182. 9 million customers. I think a little bit of what is driving the price action is the company talked a little bit about how this is forward demand. Islong is this demand that coming in the First Quarter, it is just coming early. If you didntid, join during this pandemic, they are assuming you are not going to join at all. It was those comments that wiped out the market gains we are seeing on a yeartodate basis. Netflix is the big winner. I will say, from the financial perspective, netflix came out down on have not drawn their line of credit they did finish out the quarter with about five dollars in cash. From a financial perspective, they do feel healthy. The First Quarter subscriber additions look good. Second quarter also forecasting an additional 7 million or so. It was some of those additional comments about Going Forward earlier in the year. That if you did not sign up now, you would not sign up ever. Does have that library that a lot of these were streaming sites do not have. Bell,eporting after the daily usage up but reporting a week at a market. Taylor i was surprised by these numbers. The post Market Reaction says it all. They beat on really all of the metrics. 20 , 229ive users up million beating their estimates of 223 million. Revenues coming in at 462. 5 for the 100 million quarter. They are not providing Second Quarter expectations. We really thought there was a a weak ad there was market. One analyst we were speaking to earlier said that the difference relysnapchat is they dont on the advertisers google and facebook might have to rely on. If they were able to lock in some of those bigger advertisers for longer. A lot of the focus here on monetizing daily active users. Emily taylor riggs, thanks so much for breaking it down in new york. I want to take a deep dive on landscape and the surge in netflix subscribers. I sat down with john kline for his thoughts on the winners and losers at this time. John this pandemic favors those who have a library because the audience will run through that quickly. It is the Smaller Services that dont have originals or very much of a library. Hbo max is going to have trouble because they just have not stockpiled a lot of originals and they dont have a really vast library. Right now, netflix and disney plus are in a decent position. Acceleration of a trend i always thought would take place, which is that all of these streaming efforts will settle out into two dominant players, netflix and disney plus, with the others realizing sooner than later that the better there is just not a lot of. Iggle room, slack in the lines emily some of the streaming services will not survive . John they may not have as much time as they thought they would have. Quibi,resting player is which has all originals. But what they thought was about a six months duration before they then replenish. Ger king,t their ti they would be in a nice position. But it will affect consumption. Devouringce will be one of this content than expected. To havehey dont seem had a breakout hit yet. Andalked to meg whitman Jeffrey Katzenberg a few times. 1. 7 million the first week, really good numbers, then it seems that these numbers are falling off. Outlook even that thatare outlook given they are spending 125 a minute on this content . John if they have not already blown their entire stockpile of originals, then they might find their it at any point. With originals, it is all about hit driven they may pull a tiger king out of their pocket. They also have to learn a lot about audience habits. They are really starting from scratch. They do have deep pockets. They are spending a lot of money, so they have the wherewithal to ride this out for a little bit. The more data they can usinglate about who is what part of their content and in what ways their original premise that gen zers on the move will be watching this, they have had to recalibrate that. S have noticed my gen zer happy to watch on their phone just sitting stationary. Emily what about apple tv plus . Some are saying this could be apples moment because they have millions of dollars in cash they can spend on programming whereas some of these other Entertainment Companies have huge debt loads. That said, again, it is content has king. Was, byg show which some standards, a success, yet nothing has broken out since then. Have a bigdont library. I put them in the category of maxes, ands and hbo that they dont have a big library. You can only buy so much programming that is worth anyones time. They do not have a lot of ai insights into audience habits. Netflix knows an infinite amount of information about the user habits over 10 years. Plus million subscribers around the world. Distinct polea position advantage right now. Have the latenight comedy hosts hosting from their , just like us, from their home studio. On a concertting in prime time. Which of these production habits do you think will survive out of the Coronavirus Crisis . This homemade approach is here to stay. The audience has seen that they like it. Talent has seen that it actually opens up new artistic opportunities for them. It is easier. They dont have to leave their house. They see that the quality is great. The distributors studio and distributors see that the economics are fine because the audience will still watch the material and it does not cost us much to produce. I dont think it will replace lavish studio productions but i think it will make everyone in the mainstream rethink their approaches and budget accordingly. Tv first came along , the Mainstream Network side of things because i Writers Strike in 2001. Wasntil then, reality tv with the real world, they had cox, then you may be would put a show on in the summer like who wants to be a millionaire or survivor. With the Writers Strike, survivor graduated to prime time and it redefined the presence and importance of reality to the Mainstream Networks. That has not changed. I dont think this will change either. The other thing, this is a great leveler of suction companies. And, i can run a network out of my own home. You will see more youtube stars migrate to the mainstream because the networks will see that it is legitimate to showcase them. I think you also have production a guy who makes a poor film with his iphone. Film witha horror his iphone. Emily the senate has just passed the 485 billion additional relief package, which includes additional funding for Small Businesses after the original 350 billion went into weeks. Also additional money for hospitals and virus testing. The bill now goes to the house for a planned vote on thursday. Coming up, we will be speaking forh Arianna Huffington her thoughts on coronavirus, society. The, we are standing by for white house briefing. The president says it will start at the bottom of the r. Of the hour. This is bloomberg. Continuing our discussion now, the impact of the coronavirus pandemic on the economy, society, the tech economy as well. I want to welcome in Arianna Huffington, the ceo of thrive global and obviously the founder of the huffington post. Turmoil,he markets in 22plus Million People now filing for unemployment assistance being wiped off the in a Public Health crisis. What are your thoughts on how this will impact the economy or society more broadly . Arianna obviously, the impact is already huge and unprecedented for any of us. What is also interesting is the fact that in many ways the chickens are coming home to roost. , we havey long time been lamenting the growing, increasing inequality. Conferences on Inclusive Capitalism and what we need to do about that. We did really almost nothing. So, now, we are faced with the workers like nurses, caregivers, social workers, grocery and delivery workers on the front lines of this crisis, are the most underpaid, the most vulnerable, and the most affected by the virus. We are seeing a huge disproportionate percentage of inicanamericans, of people disadvantaged communities being affected by the virus, many of them because of preexisting conditions. Like hypertension or diabetes. Which of course are impacting our immunity. Of thingsly a lot that were going on before. None of that is new. Which certainly are creating a perfect storm for the economy and for society. You mentioned some of the workers on the front lines, some of which include uber drivers, lift drivers. Forere on the board of uber a while. How do you think this impacts the gig economy given that workers and drivers are protesting but also providing essential services . Arianna i think it is so much beyond the gig economy. Look at people working in restaurants, other Service Industry jobs, retail. You mentioned yourself, 22 Million People filing for unemployment. It is just really beginning. More people being laid off, furloughed, and Small Businesses being wiped out. Being widespread, the uncertainty of returning to work. The when, the how, and the fact that we see such inadequate testing means that we sight. Have a clear end in emily meantime, it is a fascinating time to be a journalist. You are the founder of the huffington post. There is such a thirst right now for content. You have smaller outlets like vox. Com asking for donations. Do you think the media environment will be changed by this . Is such ahis difficult time for people in the media. At the same time, we are all spending more time than even before trying to stay informed. Athink the media would do Great Service to the public if they tried to actually put everything in perspective and,or example, another regulation people are reluctant to delve into conditions. There is really not enough coverage the fact that smoking, smokingmaybe even weed are affecting coronavirus impact. Are givingnk we enough information on the impact of diabetes, obesity, hypertension, so we can encourage people even as we are all sheltering in place, or at least most of us, to try to begin to take some steps. Small micro steps every day to strengthen our immunity. So much is out of our control but taking some steps to protect ourselves both in terms of our physical immunity and our Mental Health. I think there is much more we washinghich go beyond our hands. Emily on that note, we are now well past a month into quarantine. The isolation, fear, panic. You are partnering with audible to offer audio experiences. A really important passion project of yours. How do you think that will help battle some of these physical and Mental Health issues that we will be facing out of this crisis . Emily, as you know, sleep is foundational to immunity. It has never been harder for people to get a good night sleep because of the stress, fear of anxiety, and grief. Im of the people are dealing with real grief about some of the people are dealing with real grief about loved ones but we launched, in partnership with audible, sleep meditation, sleep stories, all free to help people during this time because we know that sleep is not only foundational to our physical immunity but to our Mental Health. More sleep deprived we are, the more likely we are to be anxious and stressed. I am particularly excited about iddysleep meditation that d combs, because of the impact of the coronavirus disease on the africanamerican community. It is great to hear diddy basically validating the importance of sleep and present to get as something that is not warm and fuzzy, it is for play want more strength to navigate this very, very difficult time. Senates saw the another almost 500 billion in addition to the 2 trillion a couple of weeks ago. I wonder what lesson you think the u. S. Government should be taking from this . Obviously, this is a Public Health crisis but we are also seeing complete economic devastation. Arianna that is what i was trying to say earlier, that there is not going to be any return to the old normal. So, this is really an opportunity for us to reimagine what the new, new normal is going to be. Recognize what we can do for those workers, and what we can do to actually start reversing these inequalities big have become really a part of the conversation but not a big part of action. Now we see the government passing these huge stimulus packages, which obviously would ofe been completely unheard before the coronavirus. Good torianna, always have you here. Arianna huffington, the founder and ceo of thrive global. Thanks so much for calling in to join us. Coming up, we will be talking to the ceo of Blockchain Solutions company ripple, just filing a lawsuit against youtube. We will get their thoughts on that. Also, we are standing by from the Daily Briefing at the white house. The president saying that is supposed to start at 5 30 eastern time. Missing what happens when logistical [indiscernible] running out of inventories and the pipelines of food. A very acute concern throughout the industry. 30 Million Euros the world is oversupplied by. There is too much crude oil. It is getting stored at a fast rate. A lot more is on the way. Should be very careful about the future of and be completely wiped out. In about three weeks you are going to have the same situation with june crude oil. Everybody knows that. That is the way it is developing here. I would not get excited about price recovery anytime soon. And can prop up liquidities and bonds, but if it tried to worses oil, it makes it with negative prices. Emily those were some of the oil experts we have been speaking to. This historic route in oil, we are continuing to cover that the next 24 hours on bloomberg television. I want to move on to the Blockchain Solutions company which filed a lawsuit against youtube, saying the company has. Ailed to police its platform joining me now, the ceo of ripple. Talk to us about the impetus for this lawsuit. I think now more than ever we are seeing this is a large tech platform. There is the broad Consumer Population is a real issue. We are seeing scammers are taking advantage of these platforms. Both things related to cryptocurrencies and ripple and x rp. It is going on for over a year. We had worked on this case earlier in the year, weighted a bit, given the things that were happening in the world and felt like now is the time to not wine about this but do something about it. Youtube told us we take the views of our platform seriously and take action quickly when we violate our own policies with scams and impersonation. They have been pointing out millions of videos they have been removing. Why do you think the action they are taking is not enough . , ii can tell you firsthand can give many examples we have no ed no fraud, accounts representing to be personal and it has taken weeks if not months to remove them. Following up three or four or five times and met with resistance. Youtube. Just youre seeing scammers going towards youtube because they are have not affected and been taken down. There are many examples i can give. If the employees included some examples this morning. We can got their attention because during the course of the day they have not been responsive and i am thrilled they have even filed a lawsuit and gotten their attention a little bit. We will continue to follow that. I want to ask about the cryptocurrency industry in general. Rally. Seen a bit of a crypto shares have risen the last few weeks. Talk to us about what is driving some of these trends. Ripple is private, so our shares dont trade publicly. X rp has traded up and down. You are seeing a flight to talk about the flight to a noninflationary app. At a time u. S. Governments around the world the governments around the world are treating dollars of stimulus and valuing fiat currencies. This calendar year, the crypto up. Et overall is about 11 gold is up 13 . The s p 500 down 15 to 20 . You are seeing a recognition that Digital Assets, they are noninflationary and store of value can be effective. You will see that play out in the 12 to 36 months. That happened after the 2008 Great Recession. After that you saw the birth of bitcoin and using gold as a proxy historically. Gold is up 100 after the session. About what do you think Digital Assets will be changed after this crisis . We wonder what the new normal will be, how long this will last. Im curious what trends you expect to see. It is hard to make predictions. Not to bepen now trusted because these are truly unprecedented times. The thing i feel passionate the longterm value of any Digital Asset is theg to be derived from utility it creates. Utility was added historic value. Bitcoin has represented that in many ways. The efficacy and longterm utility for any asset has to be about the problem it is solving. So ripple, we focused on that since day one. Now more than ever, when you talk about what is going on in the macro economy, the ability to help loved ones through remittances is something we saw grow in the Great Recession, to the extent that is a proxy for what might happen now. People are trying to help other people domestically and globally. Ripple is focused on a solution there is a lot of friction and cost. Longtimeu are a Silicon Valley veteran, worked at a number of startups, yahoo , famous for your Peanut Butter memo, a precursor for yahoos demised. I wonder having gone through the recession and the. Com bust, do you see a number of startups in Silicon Valley getting wiped off the map . Old when weme feel talk about way back when, but true for any business, having great clarity of focus, even about ripple. It will be a tough time in Silicon Valley. I went back in 2001, looking at ,he bust and Great Recession and hearing lots of examples of significant layoffs. Primarily right now with certain trashing travel and in entrainment. Time, ifthe course of you use technology to reduce cost and overall experience, overall i am optimistic about the dynamic in Silicon Valley to see the next generation more. Some of the most Successful Companies we talk about today were born in the downturn. That will be true in the coming 12 to 24 months. These which we could not see or predict prior to this. Society will change to some degree coming out of this. We will see what companies are born to serve needs. Emily we will see. Ahead ono see what is the horizon. Always good to have you with us. Thank you for sharing your thoughts. We will talk about protecting our Frontline Health care workers, what they need to stay safe and sane coming up. We will discuss. This is bloomberg. His is bloomberg. With a massproduced covid19 vaccine not in the cards until early next year at the earliest, experts are looking to antibody treatments to Keep Health Care workers safe in the meantime. We have been focusing so much reallyon a vaccine when it is several months out. Researchers are excited about antibody treatments. What is the latest in terms of progress . A vaccine is the ultimate solution, but you cant test them simultaneously because they are being given to lots of healthy people. A lot of the biggest Drug Companies are working on antibody drugs are these are targeted to neutralize the virus and some of the companies, the articles, after xenical. His could go into human trials as soon as this summer and potentially in june. It is viewed by some of the smartest minds, one of the promising most likely to work, targeted treatments for coronavirus. Gottlieb, theytt say if you put that on one treatment working in the shorter term, keep it on the antibodies. Emily are we learning more about, in terms of the antibody research, why some people dont get sick at all, why some people get extremely sick, and why some people die . That is one of the biggest mysteries that we dont have a lot of data on. Around the world people are trying to solve the mystery. This is a very new virus the world had not heard of the for three or four months ago. Everything is new. It is one of the biggest puzzles, why do some people, this often happens in the second week of infections, take a turn for the worst and why does that happen . It is one of the most important things going on. We dont have the answer yet. Emily how quickly could antibody treatments start being tested in people . The trials, the one thing that is great, the targeted ,reatments for the new virus increases the likelihood it will work. One of the things that is exciting, the research and get into trials relatively fast. We are talking as early as june, some by theone of the end of th. They could be available if these trials work in the fall, there is a good track record. Antibody treatment is one of the things that has worked best against ebola. Treatments antibody actually cut the death rate in half. There is probably good chance it will work. If you are a health care worker, how much more protected would you be if this was successful . Could you go about your job without any risk . Think about the antibodies. That is one of the things for treatment but also prophylactic, Health Care Workers at high risk. The way to think about them with highrisk workers, immediate shortterm vaccine instead of revving up the response against the virus. That will be the idea, they would be highly protective workers could go about their job and would not have to be quite as paranoid about making a slip up with protective equipment. Emily as we have been talking, Quest Diagnostics announcing they have started to perform antibody testing. Talk to us about the players in which companies we should be watching. This is a big area of focus. Antibody testing despite the word antibody, it is looking at Something Different from antibody treatment. This is looking at whether you in your blood have signs of antibodies for covid19. Even if you did not get very sick, you have already had the infection and maybe did not know it. Immune for abe year or two. Emily quest believes they will a performing 150,000 tests day by early may. We are going to go to President Trump at the podium. Citizens who have lost a family friend remember to the or member to the virus. We are making strides against this invisible enemy, thanks to our Aggressive Campaign against the virus and the talent of our military professionals where the talent remains roughly half of that of many other countries and one of the lowest of any country in the world. A lot ofecause of things, but our medical professionals have been incredible. Since we announced guidelines on opening up america, opening up add the word can probably again, that is what it is. We are opening up america again. 20 states are making plans and preparations to safely restart their economies in the near future. 40 of ourstates, country, moving along quickly. And they are going to be doing it safely. They are going to be doing it with tremendous passion. They want to get back to work. The country wants to get back to work. The Paycheck Protection Program was passed, Health Care Enhancement act with additional funding for the paycheck protection and testing. A lot of money for all of them, especially for workers and Small Businesses. My administration has worked aggressively to negotiate this critical 482 billion dollar funding package. Includesd a deal that crucial Small Business support to keep workers on the payroll. Aid. Tals which need the very badly, very proud of that. 25 billion dollars to support coronavirus testing efforts. I urge to the house to pass the bill. They will be voting very soon. While we are here, and he is a busy man, secretary mnuchin will be running back. We will talk about that now and take questions on that and then he can go and start phase four as being is drying as the ink is drying. We have tremendous support. Please come up and say a few words. Thank you, mr. President and thank you for all of your work with us to get this passed. I would like to thank senator schumer and senator mcconnell for passing this. Also Kevin Mccarthy and nancy pelosi, our chief of staff, also very instrumental in this. We have had tremendous support for the ppe. We look forward to the house passing this tomorrow. This gives us 50 billion for disaster loans which will allow the sba to make 300 billion of disaster loans, all for Small Businesses, also allows us as the president said, more money to hospitals, unprecedented amount of testing. Hospitals not only for the impact of the coronavirus but many hospitals have been shut down in making sure the doctors and nurses make money. Comment, we have millions of companies that have received this with less than 10 workers. There is very broad participation in Small Business. There has been the businesses that have taken these loans. I was pleased to see shake shack return to the money. E will put out faqs i ask people, make sure the intent was for businesses that needed the money. The intent of this money was not for big Public Companies that have access to capital. Requestou going to those other companies that shake shack was not alone being a big one are you going to ask them to return the money . They will pay back the money. They should not be taking it. Harvard is going to create you have a number of them going to. You have a number of them. One of the largest endowments maybe in the world. They are going to pay back that money. I want to clarify. Certain people in the ppp have not been clear understanding the certification. We will give people the benefit of the doubt, explain the certification. If you pay back the loan, you wont have liability to the sba and treasury. There are consequences for people who dont test positive. We want to make sure this money is available to Small Businesses that need it, entire life savings, appreciate what is going on and they are hiring people back. Small businesses, restaurants, who did not get the money last time around . There are one million of these companies that did get it that are small. We are working with the banks. We are pleased. The small banks did great. 20 of the loans were made by banks with 1 billion and less. We want everybody to participate. There is a lot of money in the program and we look forward to these Small Businesses getting access to funds. Great to see you. Can you estimate how long this will take . That money went quickly. Will this . We are pleased with the success of this program and how quickly this got up operationally. We have put more money in these sba loans than in the last 10 years of sba. I want to thank the banks that were tarred. If there was full take out we would not have enough money. Congress ford with more money. This has impacted 30 million workers. There will be more. We look forward to is having a big impact on the economy. [indiscernible] give an update on that. We worked with the white house on this. There were more onerous restrictions in the sba program. There were people who had misdemeanors that were not allowed to access. It was longer than five years. Because of the criminal reform legislation and the work done in the white house, we designed the program and the five years was shorter than what had been done before. We had taken that into account. For now we are not going to do that but we did take this into account. There were a lot of people who would not have had access previously and we changed that. The president talked about a phase four. We understand the circumstances, but how many more can we afford to have or businesses expect to have . 6, 7 . Sec. Mnuchin i appreciate the president s support for phase four. He said we would look forward to phase four with the infrastructure. The president has been set talking about that since the campaign, broadband especially to Rural America is very important. We talked about incentives for restaurants, sports, entertainment. These businesses have been impacted. The president has talked about a payroll tax cut. We are talking about in the case of states, we have heard from the governors and fiscal issues and the states. Phase four willpayroll tax cut. Be what we need. Based on what we are seeing and the reopening of the economy and the amount of money we are putting in and working with the federal reserve, you will see a lot of liquidity. We look forward to business rebounding in the summer. Is this the last emily Steven Mnuchin talking thet the new 480 billion senate voted on, saying the house will vote tomorrow. There has been controversy over who has gotten some of these emergency loans including shake shack which returned the money and Harvard University which has a massive endowments. Harvard said they would give the money to financial students but the president saying harvard is returning the money. We will follow what happens. You can listen to this briefing on the bloomberg terminal at live go. We will monitor the headlines as well. Thank you for tuning in. Will be back tomorrow. This is bloomberg. Shery getting debt good evening to bloomberg world headquarters. Im shery anh in new york. Haidi i am haidi stroudwatts. Welcome. These are our top stories per u. S. Stocks slumped the most in three weeks as the coronavirus and wrapped in oil trick and rout in oil triggered risk aversion. Global cases topping 2. 5 m