eToro CEO Yoni Assia Sees Bitcoin Returning to 'All Time High'

23:56They're free as supported streaming service and how it's become a Gen Z channel. And they're making new shows about high school and college and things like that. Amazon presented. They've talked about their print to screen strategy where they're taking books, which I guess is where they began, right? And they've got a romantic series with Michael G. Jordan involved. And so, yeah, there was so much more than really what we used to think of as broadcast TV.

24:27Carol Massar:You know, doesn't Netflix want the YouTube model of let everybody else create the content and we'll just put it up there. I mean, they do compete a lot with YouTube. Yeah. Like we always I always feel like whenever we talk about, you know, streaming, we always then come back to YouTube in that model. I don't know. I guess I don't know. How does Netflix think about something like that? Well, you know, it's funny. I was just looking at their top 10 because I wanted to see how the roast of Kevin Hart did on Sunday. And I'm looking at all their shows and it really is so much all over the place. I mean, from where they began, just a few kind of almost prestige shows to allow, you know, it's CBS times 10.

25:10I mean, they've got everything. You know, game shows, whatever. So yeah, it has evolved. The difference though is that they're paying for everything. Unlike YouTube, where much of it is user generated or other people putting their stuff up on the site. What about Disney? And I know this is ongoing, So it's not something we can really know and there's going to be more to come tonight. But what are expectations for Disney? We're not expecting a whole lot in terms of programming. Jimmy Kimmel usually does his thing. So he's been in the news lately. So we'll see if he responds to all this going on with Trump calling for him to be fired.

25:49Not expecting a whole lot. But Josh DeMauro, the new CEO, came from the park side. So he may get up and say something. Last year, he was just sort of lurking around the Netflix up front. Now he may take the stage. OK, we could talk. Let's talk a little bit about that FCC dispute right now, because the FCC is the FCC's Anna Gomez urged Walt Disney to keep fighting an early review of its ABC TV station license ordered by the agency last month. She's the sole Democrat among the commissioners and called the review, quote, the most egregious assault on the First Amendment this FCC has taken to date.

26:25This is in a letter to Disney CEO Josh DeMauro yesterday. Is Disney at risk with this? You know, in fact, she said that it's very unlikely that they would lose their station licenses, that this was really just a campaign to put pressure on them. We're definitely seeing a change at Disney. If you think about last year when they settled the Trump lawsuit, you know, Stephanopoulos was accused of defaming the president and they paid 15 million to settle that. You know, they took Jimmy Kimmel off the air last September when people called for it. Very different approach today. No suspension of Kimmel's show.

27:04And they fought back, Disney did, in their own sort of blistering response last week to some of the things that the FCC is pursuing. Why do you think this response is different from Disney right now, Chris? Well, a number of things. One may be just a reflection of that. There has been pushback even from the conservatives, Ted Cruz, for example, on what the FCC is doing. and maybe they just feel that even Trump right now is not particularly strong from an approval standpoint. Also, when they took Kimmel off the air last year, it was a bunch of people canceling subscriptions to Disney +, if you remember.

27:39So Disney may feel more emboldened this year.

27:46Carol Massar:It's just kind of interesting. I want to go to, do we talk? You want to talk Netflix? You want to talk Netflix? Yeah, what do you want to talk about? About the content spending? Yeah, that's what I want to talk about. We touched a little bit on it, right? But I mean, that number, when you think about it,$135 billion on films, TV shows in the past 10 years. I mean, Chris, it's a lot. Although, again, going back to Netflix, we kind of touched on this. I mean, Netflix is the one when it comes to a streaming service, right, that everybody points to, right, as being so successful. Right. And this is really also indicative, and this is the point they were trying to make, is how global the business has become.

28:26And so, and, you know, dozens of countries making original content all around the world. And that's where a lot of that money is going. And, you know, everyone's complaining about the loss of production here in Los Angeles. But we're now watching shows in Korea and, you know, from made in France and things that never used to happen on TV in the U.S. So, I mean, I like the way you describe it. It's a, quote, charm offensive right now because there's been concern about Netflix in Hollywood, especially amid their attempt to get larger and buy Warner Brothers Discovery. Paramount Skydance, of course, ended up winning on that.

29:06is what do you make of the research though chris the idea that as again i'm reading right from your story but um netflix says that south korea saw 25 spike in airline bookings according to netflix duolingo posted 22 growth in korean studies after last year's premiere of k-pop demon hunters for example uh it's the idea that it's it's the netflix effect right it's it's that their their content leads to their investment in content has a compounding effect in ways that you might not see if you're not directly employed, even if you're not directly employed. Well, it was true to them to brand it that way, the Netflix effect.

29:44But that's really something that any pop culture moment that becomes viral, that can happen with, you know, you used to see it, you know, there's a new Star Wars movie coming out. It might not be as big as the, you know, 1977. But I mean, this is, you know, these things can go viral. They can create all kinds of ancillary businesses. And, you know, it just so happens that Netflix is riding high with all of these subscribers around the world. And they can make things like that happen, but it's not exclusive to them.

30:13Carol Massar:Hey, one thing I want to go back to, we mentioned the game show, right, Wordle, coming to NBC. I remember years ago doing a whole piece on just game shows. Also, I guess I think we've also done things on talk shows. But, I mean, are we increasingly, I mean, all of a sudden you're seeing game shows all over different networks. Is it cheap content, easy content to do? It seems like they often have a big star, often a news anchor, and all of a sudden they're doing a game show as well. Just got about 40 seconds here. It's really cheap content, and it's broad-reaching. The whole family can gather around and watch.

30:49And we saw the fight last year over Jeopardy and Wheel of Fortune. Those things are gold mines.

30:54Carol Massar:We watch it. We watch it. Both? Jeopardy? Not wheel. Wheel of Fortune. I don't know if you're allowed to say that. Are we not allowed to say it? Too late. It's in the ozone. No, but we're kind of a, you're not a Jeopardy. We watched you. Oh, Jeopardy. Yeah, but I mean, it's probably on, I don't know. Chris, you watch Jeopardy? Sure do. Yeah. Love it. Love it. Romaine Bostic wants to get on Jeopardy. Oh. He better brush up. That's all I'll say. He's trying. He's trying. Yeah, he's trying. Someone who doesn't need to try with us is Chris Palmieri. He's Bloomberg News Senior Editor. He's Entertainment Team Leader.

31:29Chris, thanks so much. Stay with us. More from Bloomberg Businessweek Daily coming up after this.

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34:12Carol Massar:You're listening to the Bloomberg Business Week Daily Podcast. Catch us live weekday afternoons from 2 to 5 Eastern. Listen on Apple CarPlay and Android Auto with the Bloomberg Business App. Or watch us live on YouTube. Well, he is part of Ford's most profitable unit. It's Ford's commercial division, the work truck business. It's become the biggest and most profitable growth engine at the automaker. Good to have back with us, Matt Atkinson. He's the North America Sales and Operations Executive Director at Ford Pro. He joins us from Dearborn, Michigan. Matt, good to have you. How are you? I'm doing great.

34:49Thanks for having me. Hey, we last spoke a little over a year ago. And I'm just wondering, you were very optimistic at that time. And I'm wondering how this environment right now compares to back then. Yeah, no, great question. And, you know, it's always good to chat with you any time of the month. but especially when it's small business month. And, you know, last year at this time, we talked about how ambitious we were about our U.S. business. And we grew our market share. We set up sales records. And here we are again in National Small Business Month. And we've got another great program that's going to really help small business by inviting them to participate in a promotion that's going to pass along employee pricing from our business to theirs and help them through, you know, the headwinds that they may be facing, but more importantly, just as our unique Ford way of saying thank you for all small businesses that drive this country.

35:48And we're looking forward to another good promotional period.

35:52Carol Massar:But Matt, as you said, a lot of small business, we talk about it here, higher energy costs. I mean, these guys who run small businesses, for the most part, they are on a tight budget. So I'm just curious, what are you hearing from the small business community. What can you tell us, especially since this war started? Here we are in week 10. What are you guys seeing? Because you have a great window into that world. Yeah, you are exactly right. Small business trusts Ford trucks and vans more than any other brand. And so staying connected with that community matters to Ford, but it matters to the country.

36:31You know, there are 95 million skilled labor jobs tied to what we call the essential economy. They're represented in about 3 million businesses, and it contributes 12 trillion in GDP to the country. And so, you know, we kind of feel like we've got this unique position with the trust that we've built over time to help where needed. And, you know, what they tell us they want consistently is they want transparency and they want to minimize the disruptions that they're having. And so the promotion that I talked about a second ago is one of our ways to kind of provide that transparency and consistency in the purchase and acquisition cost of their vehicle.

37:11But the other thing that I think Ford, especially Ford Pro, is uniquely positioned to do is we are totally dedicated between us and our dealer network to help keep their vehicles on the road. And none of us can control too many of the macroeconomic factors, but when we can help them keep their vehicles back on the road so that they can serve their customers, that is lost revenue that they don't experience. And it is that type of dedication and trust that we've built over time that's going to help them through these time periods. And fortunately for us, business actually is really steady right now.

37:49But we're going to continue to monitor fuel prices because we know that's on people's minds.

37:53Carol Massar:But so, Matt, just back to my question. So do you feel like what you're hearing from that small business community that it is tougher than it was maybe at the start of the year? Yeah, look, I would say that it's a different type of headwind. Last year at this time when we chatted, we were talking about the potential impact of tariffs and what that might mean. And we were able to work through that together. You know, this year, it's mostly about commodity pricing and the unknown of what the conflict in the Middle East might bring. But the same principles from what we heard a year ago versus what we're hearing today, I think are sounding the same.

38:37And that's why we thought that this was the right opportunity to bring back the consistency of our promotion and give them one less thing to worry about. And then again, say thank you for all that they've done. America is going to celebrate 250 years. And what a great way in our unique Ford way to be able to thank this community for driving the country forward. I want to go ahead, Carol.

39:01Carol Massar:Well, I was just no good, please. I want to ask a little bit about the Ford F-Series pickups, most profitable model. They fell 16 % in the first quarter. The struggle is really inventory shortages that are due to the fires of the Novelis aluminum plant here in New York State. It supplies the raw material for the truck's body panels. I mean, we covered this a lot over the last few months. What can you tell us about recovering from that$2 billion supply setback? Sure. Yeah, you know, look, you're right. Our image worries in the first quarter ran leaner than we would have liked. But as I think you saw, and I know you covered, our first quarter earnings were really strong.

39:42We actually increased our guidance for the full year. And part of that is because we expect a very strong recovery in the back half of the year from that impact from the supplier shortage. F-Series products are included in our employee pricing campaign, both on the retail and commercial side. And that should give you and our customers a pretty good indication of how quickly we're going to rebound. And as you well know, last year we celebrated 49 years of full-size pickup leadership in the U.S. industry. And we have no intention on giving up your 50, and we are well on our way to doing that.

40:22Carol Massar:You know, one of the things, too, just to kind of piggyback on that, our Bloomberg Intelligence team has, Matt, a report out today exactly on how Ford Pro could add$1.8 billion to Ford's bottom line this year thanks to that highly profitable F-Series Super Duty pickup trucks that it does sell to commercial clients. So can you talk a little bit about that? What potential does Ford Pro have to boosting Ford's earnings this year? yeah i i i didn't see the specific report um that that you're referencing but what i can say is that you know we are seeing we are still seeing significant demand on our on our very profitable full-size pickup lineup that that starts with f-150 but especially with super duty to your point you know at the end of this year we're going to open up uh capacity in oakville canada that is going to not only unlock additional volume that we'll be able to take advantage of but it's going to also open up some areas of the product configurations where we've been constrained that are going to help us grow.

41:23And that is going to be a huge tailwind for us as we look between now and the end of the year. And we're really bullish about the success of our products, our full portfolio, but especially on F-Series. You know, our own Keith Naughton, who covers Ford for Bloomberg News, he wrote this great story for Bloomberg a little over two years ago about how the work truck business is defying a broader slump in EV sales. And a lot has certainly shifted with, you know, Ford and General Motors taking charges on the EV business. And I'm wondering what the EV options are right now for Ford Pro customers and if there are still those options and if you're seeing demand for those in this environment.

42:04Yeah, you know, the EV segment has certainly gone through ups and downs over the last couple of months and especially as legislation changed um you know we customers and manufacturers had to had to figure out kind of where the where the water level would fall but what we see we still see some demand in key parts of of of business and how they can take advantage of what electric vehicles can offer and we remain committed to to investing in those products um as i think you know So our plant in Louisville is being retooled to accommodate an all new UEV pickup that will come out in about a year. And we think that that's going to fit a price point and a unique need for retail customers.

42:51But for certain fleets that have the specific business case, which still happens today, we want to be able to continue to offer the power of choice for customers. That's the difference between gas and electric, but it's also continuing to invest in diesel and in hybrid as well so that we can be customers to the demands that their business requires.

43:13Carol Massar:So, Matt, in terms of EV demand, you find certainly in the business community, small business, mid-sized community, they want EV choices. There's that demand still there? I think it just depends on the use case. And I think that's some of the learning that has happened over the last couple of years, as we all learned how to incorporate the power trains into day-to-day use. And where we see significant demand is where customers have depots where they can bring back their vehicles overnight, charge them overnight, and use them on a day-to-day basis. There is a really compelling use case for customers whose business fits that need.

43:55But if they need to go outside of that and there's not the charging infrastructure that is available in certain parts of the countries, that's where it can get a little bit more challenging. But that's where we're going to invest in efficient gas engines and, of course, more and more hybrid engines as well. So, Matt, you mentioned earlier in our interview being able to sort of monitor fleets and have that as an added value for customers of Ford Pro. Logistics and software services, how big will that business become? And what are the margins like in that business? Yeah, margins are really, really strong for us.

44:32And we have very ambitious growth plans for our software business. I won't get into quite the details, but we see this as an opportunity to not only grow our business with profitable margins, but this is an unlock for customers to help them identify the efficiencies of their fleet. you know between the various software solutions that we have that can help with different driving patterns optimize optimize routes uh stay proactive on on repair and service issues you know this is we think this can be a real differentiator for for ford and as the commercial leader as we have been the last 41 years this is the kind of the next step in the in the in the journey for for pro and and we are we're fully invested in making sure that we have that solution for customers hey

45:20Carol Massar:Matt, just got 30 seconds, but do you feel that this is a higher inflation, higher interest rate, higher anxiety environment? Are you feeling that a little bit? Just quickly. Yeah, I think probably so. And I think where we can be really flexible with our full product portfolio is we're going to have flexible financing and creative promotions to make sure that customers can take advantage of them. But we also have a breadth of product lineups between our super duty, but also down to our Maverick. And the base configurations of our models can help meet customers where they need to be from a budget standpoint without trading off the capabilities that we know they need.

46:00And we'll work with customers as we always do.

46:02Carol Massar:All right. Hey, listen, great to check in with you. So appreciate the time. Matt Atkinson, he is the North America Sales and Operations Executive Director over at Ford Pro, joining us from Dearborn, Michigan. This is the Bloomberg Business Week Daily Podcast, available on Apple, Spotify, and anywhere else you get your podcasts. Listen live weekday afternoons from 2 to 5 p.m. Eastern on Bloomberg.com, the iHeartRadio app, TuneIn, and the Bloomberg Business app. You can also watch us live every weekday on YouTube and always on the Bloomberg Terminal.

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