fire inside new york city's bronx lebanon hospital. several other people are reportedly wounded. no word yet on a motive police say the shooter may have been a former employee. president trump will visit south korea this year. the excepted an offer from that president after meeting him at the white house today. the president said u.s. patients is wearing thin on north korea's nuclear program. iran denounces a partial reinstatement of the travel ban is a shameful exhibition of blind hostility and a measure that will prevent iranian grandmothers from seeing their grandchildren in america. the travel suspension which tightened restrictions on immigrants from six majority muslim countries went into effect thursday. the illinois house has adjourned until tomorrow without passing a budget, setting the stage for its third straight fiscal year without a budget. it has until midnight to reach a deal. this will push illinois into becoming america's first junk

rated state. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am alisa parenti. this is bloomberg. ♪ ethereum i am emily chang and this is "bloomberg technology." a recap of the second quarter after stocks hit a snag in june. we will dig into the roller coaster covering all the highs and lows. response to the opposition. we will break down a new report that claims to save travelers $27 million and disrupt price gouging tactics i become tells. the new smart watch may be in peril. we will show you the road ahead.

the market closes the books on the second quarter of the year. u.s. tech stocks gaining about 4% in the quarter, continuing his recent winning streak. after a strong start, volatility hit tech stocks in june leading to big losses over some sessions. apple and netflix rose marginally in the quarter after posting huge gains at the start of 2017. here to wrap up the second quarter in the markets, we are joined by caroline hyde in london and abigail doolittle in new york. abigail, let's start with you. wrap up a snapshot of the second quarter for us when it comes to tech. abigail: it turned out to be an interesting order for tech in the second quarter. we had nice gains until june 9 when the nasdaq hit a roadblock. up until that point, nasdaq was and also we had this

tech selloff. while the nasdaq is up nearly 4% on the quarter giving some of the gains back, mainly this has to do with the weakness we have seen in june. june being the first down month for the nasdaq. we have a great chart that exfo scientists. 490. it shows the last time we saw a monthly decline for the nasdaq was in october. that reflected jitters into the election when we had a lot of tech stocks and stocks in general selling off on uncertainty. we have seen uncertainty in june. wall streeters are not sure what is behind it. some of it could be the end of the quarter, windowdressing, managers taking profits and trying to take advantage of the fact that tech has been so hot this year. i think you nailed it, emily, with the volatility word.

very volatile quarter for tech. emily: had in europe and asia compare? caroline: it was a brutal months in europe. asia managing to post 14% gains in the quarter. get into my graph. type in those magic letters and the number 669. in yellow is how asia has outperformed. agree superlative from our producer saying if you check out asia's index in technology, we have not seen this long of a winning streak on a monthly basis since 1999. we did see a selloff in 2000. the white line is how much europe underperformed the rest of the market. we had a brutal week, the worst since there were 2016. chipmakers getting hurt, equipment makers underperforming. on the month, it was down.

on the quarter, european tech stocks were down. they are still one of the key outperformance on the year. biotech offset some of the losses. what happened? abigail: that is an excellent point because if not for the biotech sector which had its best month in the month of june in quite some time, we could have seen much bigger losses for the nasdaq and the quarterly gain would not have been that great. let's take a look at a chart that shows this quite well. 655, a year today chart. in white, we have the fang trade. until the beginning of june, it had been up. and then a sudden decline. in blue, stocks. look at the weakness. the stocks have had its worst month in quite some time. in yellow, the nasdaq biotech index had its best month since

july of last year, up more than 5%. big gains. behind the gains for biotech, an analyst told me there is a confluence of positive influences and data points. that has driven the hope there is m&a. this sector had until recently been in a bear market so it is a bit of catch up in terms of investors going towards the growth in the sector. that has been a saving grace for the nasdaq in june and perhaps for the quarterly gain making it bigger than it would have been if biotech had not been up in such a big way. emily: blue apron trading below the ipo price. in europe, having an opposite and better kind of day on his first day of trading. tell us what happened. caroline: a sigh of relief for the european tech sector. we get the biggest german ipo of the year.

it is how you get your food delivered by an app. it rose on the first day of trading. that is pleasing the investor base. rocket internet owns 35%. a sigh of relief for it and its shareholders. it is interesting the sliding scale of delivery. it is bigger than its rivals in terms of the month restaurants it has. it has 42 markets, 150,000 restaurants. that is three times the amount have.taurants others comparisonsow you of how delivery hero is going to be out its rivals in terms of stock performance. in 658. you will see how its peers half performed since they went public in 2014. in the blue line, that is the

u.k. food delivery company we have seen it outperformed. it has jumped up doubling since april 2014. you see grubhub in white doing well. i am sure delivery hero is hoping it can see that escalation in the share price and market cap soon. emily: blue apron investors seem to have gotten the jitters with the amazon/whole foods deal. is blue apron going to have to raise money some other way? abigail: that is a great question. blue apron is trading below the ipo price of $10. initially, it was well above $15. just the idea that perhaps this company was not ready to go public, some market watchers are saying perhaps shareholders pressured the company to go public when perhaps it should not have represented by the fact the price came down. time will tell.

right now, they have cash for about a year. it would seem they may have to raise capital soon because the ipo price was lower than initially expected a few weeks ago. a rough turn, a tale of two stories from the company caroline was talking about. emily: abigail doolittle and caroline hyde, thanks so much for giving us that roundup on the quarter that was. coming up, airbnb says it will save customers at least $27 million this holiday weekend in the united states. we will get the details from the head of global policy next. bloomberg tech is live streaming on twitter. check us out on weekdays. this is bloomberg. ♪

emily: qualcomm is heading up the california coast. the company is setting up shop in silicon valley. qualcomm will continue to focus on the core areas of interest by global and emerging technology in the auto and connected device sectors. the group has seen success in both areas in the past, including the exit of one of the startups compan'y's which sold to g.m. for nearly $1 billion last year. much of the u.s. is gearing up for a long july 4 weekend, including airbnb. the documents how it plans to fight price gouging and save consumers at least $27 million on what they would have spent on hotels over the holiday weekend. this comes off the heels of reports airbnb plans to launch a new tier for luxury rentals. joining us, chris lehane, head of global policy and former aide

to president bill clinton. great to have you back on the show. you say you are saving consumers $27 million on hotels this weekend, more than double what you saved the last year. how do you know? >> we are able to look at what the prices were last year and compare them to what the prices were on hotels and going forward looking at this weekend, we are able to see what we are charging and our hosts are charging and what hotels are listing. last year, we saved people over $12 million. this year it will be $27 million. that translates for the typical american family staying in airbnb over july 4, they will save about $100 a month -- night. our platform democratizes travel and makes it work accessible for families. like you, i have a couple of boys. in 2013, i stumbled across

airbnb. you get a washer and dryer, wi-fi, it all comes with the package. i think it is why our value proposition is so compelling. emily: this is part of a broader campaign. you are taking a more aggressive tack against hotels. airbnb has a reputation as being the nice company. this is a little more aggressive. >> it is trying to drive the consumer comparisons for folks. earlier this year, it came out the hotel industry was mounting a massive effort at every level to go after the airbnb middle-class hosts. it gets down to something called compression nights. in the hotel industry, they try to limit supply so in busy weekends like july 4 they can jack up the prices. they have acknowledged it.

you don't have to read our report. just look at their public comments. time, he saidn the reason they are concerned about airbnb is it is impacting the hotel industry's ability to couch consumers -- couch consumers. we want to draw the comparison because it is important to families traveling. you save money on airbnb. emily: they are not going away quietly. they say they have to spend millions of dollars to renovate their buildings. they have to spend money to accommodate people with disabilities. they say it is not fair. what is your response to that? >> i love this conversation. we are in the middle of this conversation about economic inequality and the middle class. typical american middle class family is behind. the majority of airbnb hosts are

middle-class and making $6,000 year having to close that gap without a single taxpayer dollars being spent to create that opportunity. more than that, about a year ago we made a pledge. we said we want to pay our fair share of taxes. since then, we have put in place 250 tax agreements in the u.s. almost 60% of our hosts are covered by tax agreements. now the hotely is industry is opposed to us paying taxes because they realize we are committed to making this work as well as possible for everyone. the focus on the tax conversation has created a focus on the fact the hotel industry has historically gotten massive tax breaks to build and come to different cities. $600 million in los angeles over the last couple of years. as we get into this conversation, it comes back to a value proposition conversation. we are a community based

platform for the middle class. we have a compelling message. emily: what about their point about people with disabilities? this has been a complaint about airbnb. talk about that. >> we are a platform that is eight years old. we are constantly looking to evolve. we have a significant amount of housing available for people with disabilities. we want to make sure as many people as possible can stay anywhere. our mission is anyone can belong anywhere. we are working with disability groups to come up with solutions. these are regular people making their homes available. we want to make sure this works as well as possible for everybody. emily: bloomberg has reported you are launching a new, higher tier service. mansions instead of this homes. what can you tell us about this and what it might add to the bottom line? >> in january, we acquired a cup in the -- company called luxury retreats based in montréal. a large number of their properties are in the caribbean.

i came back from a trip to the caribbean. i know it is a tough job i have. part of the trip was talking about how we can take advantage of the fact there is a lot of empty homes in the caribbean. you people very successful who go and buy homes are there for a month or two and the properties are not being used. the luxury retreats model makes them available. it bolsters tourism in the markets. global tourism is about 10% of global gdp, growing faster than the rest of the economy. in are we able to use this sustainability, convert those homes into moneymakers for the hosts and communities that depend on travel and terrorism? emily: -- tourism. emily: any news on the exit strategy? >> our focus is making sure we get the basics right and delivering on our value proposition. emily: have a wonderful fourth of july. thanks so much for sharing that

report with us. chris lehane, airbnb's head of global policy. thanks for joining us. coming up, fitbit's upcoming smart watch is already facing major setbacks. this weekend, we bring you our best interviews from the week, including our exclusive conversation with kiersten green, her outlook as consolidation heats up. this is bloomberg. ♪

emily: we are looking at south korea'. it is leading an investment in a ride-hailing startup to be spun out of the social media giant. it grows the fleet behind a competitor to uber which the property equity firm also backs. he gives it a cash i

nfusion. it aims to roll out new services including corporate taxes, parking, and automatic payments. the global wearables market is expected to grow at 20% this year with over 25 million devices expected to ship. now a company trying to capture some of that market share is fitbit. the san francisco-based company is betting big on the upcoming smart watch as popularity of the fitness tracker dwindles. the company may already be facing major hurdles with the upcoming device, months away from its debut. putting the most important product for the company in peril. tell us what you have been finding out about this particular unit. >> has a lot riding on this new -- fitbit has a lot riding on this new product. i have been learning from sources they have been facing one hurdle after another.

they had originally been planning for a spring launch which has been pushed to the fall because of issues with figuring out the g.p.s. tracking, making it waterproof. now i am hearing they may not be ready to have an app store in time for the launch which is something they have been talking about for a long time. the app store is a key component of the smartwatch given that it makes it more useful for consumers and it is something competitors will have. emily: what our employees saying about product's prospects? >> sources tell me there is a lot of skepticism internally this will match up with the competition. fitbit has fallen behind apple in the wearables market in general. the apple watch has been picking up steam. it looks like the price point is going to be similar to the apple watch. but it looks like a lot of the features will not be quite up to par. there is a lot of skepticism the can build the ties they need with the developer community and get the market share they need.

emily: fitness trackers are sinking in popularity across the board. this is not unique to fitbit. >> definitely, fitness trackers are starting to see a lot of saturation in the market. that is why fitbit has been struggling so much. the smartwatch is supposed to be their big turnaround strategy. if you talk to developers and ask if you are excited about the prospect of a new platform to develop on, there's not a lot of enthusiasm. part of it is developing for smartwatches in general is a difficult thing to do. it is a smaller interface. there are more constraints developers have to deal with. given the option between developing for an enormous platform like apple or android, which one are you going to go with? developers are saying it will take a lot to convince them to develop for the fitbit. emily: to what extent is the success of the apple watch hurting fitbit? >> it is definitely hurting fitbit. fitbit had been planning to have

this smartwatch compete with the apple 2 which. by the time it comes out, it will probably be competing with the apple 3 which will be problematic because it will have more features and be more updated. the value of a smartwatch now is tied to the ecosystem of devices and apps that surrounded. part of what makes the apple watch so attractive is it is tied to the iphone and works seamlessly with the device. fitbit does not have that already created ecosystem. it will have to build that and also the app store from scratch which is a technical challenge. emily: what edge, if any, what a smart -- would a fitbit smartwatch have? >> it has the demographic of more fitness focused people who is a more this watch fitness and health focused wearable in general. the other potential advantage of building its own operating system is it is not android or

iphone platform specific users. it can target both types of users. at the same time, it means it does not have the existing developer ties if it were to stick with an android operating system. emily: selina wang, great stuff on fitbit today, thanks so much. coming up, apple celebrated the 10th anniversary of the iphone this week. a look at the smartphone's impact over the last decade. plus, other headlines that grabbed our attention in the week in tech. this is bloomberg. ♪ [ noises inside can ]

[ laughing ] it's driving me crazy come on. [ spitting from tongue ] time for my secret weapon. sports, movies, tv, ah, show me music to distract a minion. [ voice remote click ] oh! [ pharrell starts to play ] [ minion so happy to see screen ] ahh! i'm pretty smart. ahhh! [ lots of minions ] [ mooing sound ]

show me unicorns. [ click noise for tv ] ahhh! that works too. find your awesome with the xfinity x1 voice remote. see despicable me 3. in theaters in june. alisa: i am alisa parenti in washington and you are watching "bloomberg technology." let's start with a check of your first word news. police say the gunman and at least one other person are dead after a man wearing a lab coat

opened fire inside york city's bronx lebanon hospital. several others had been wounded. no word yet on a motive. police say he may have been a former employee. president trump says a change of tactics is necessary for dealing with north korea's nuclear and ballistic missile program. he spoke today alongside the south korean president at the white house. president trump: the era of strategic patience with the north korean regime has failed. many years it has failed. and frankly, that patients is over. alisa: trump also said the u.s. is renegotiating what had been a rough trade deal with south korea. next month, the u.k. and u.s. will open negotiations on a trade deal. president trump has told theresa may it will be able to keep trading with the u.s. on at least the same terms as it does now. russia's foreign minister hopes

pragmatism will prevail at the upcoming talks between president vladimir putin and president trump. both are expected to meet on the sidelines of next week's g-20 summit in germany. germany has joined other e.u. nations in legalizing gay marriage. lawmakers approved the legislation after chancellor angela merkel unexpectedly dropped her party's traditional objection to same-sex unions. the u.n. secretary-general says and has has been made been slow in talks to unify cyprus. it was split in 1974 when turkey invaded. he arrived in switzerland on the third day of talks and says outstanding issues remain. havel participants declared they are here to find a solution. they have demonstrated they have an awareness of this historic opportunity and the responsibility they share for a successful outcome. i call on the leaders and

participants in the conference to heed the call for peace. pena: in france, marine le has been charged with misappropriation of funds. the national front leader and other party members are accused of improperly paying aides with funds from the european union. global news 24 hours a day powered by more than 2700 journalists and analysts in more than 120 countries. i am alisa parenti and this is bloomberg. ♪ ♪ emily: this is "bloomberg technology." i am emily chang. the global threat of ransomware came to the forefront this week

as a new cyber attack hit dozens of countries across the globe. there are still questions about the origins of the attack and what the goal was behind the massive breach. we discussed the latest plus other tech headlines this week with alex webb and tom giles. >> right now, it is about how much did they get and how much were our operations disrupted. this was not a traditional ransomware, give us money and we will review back your data. this seems it was more about disruption of infrastructure, specifically things like shipping. this big danish shipping company, one of the world's largest, they are getting their goods to port, it was screwed up because their data got locked. they are still assessing how big the impact was. wpp, the advertising company, fedex, they said they may have a material impact on one of their

shipping businesses as a result of this. these are the attackers -- the attackers become more sophisticated. it looked like ransomware. it looked like one of -- wannacry. but it seems to be about more than that. how can we disrupt infrastructure? emily: the attacks range from russia to the u.s. to europe, specifically the motivation seems to be to wreak havoc in ukraine. >> it is hard to say, it is hard to define exactly what region they wanted to wreak havoc in because it was widespread. we got reports on grain shipments in latin america. it started to affect parts of india. how much was it targeted on ukraine and how much of this is collateral damage? it is hard to say because we do not know who is behind it yet. we do know as each one of these attacks, they are learning from it. they are learning how we can take what we have learned here and apply it to the next one.

emily: also a huge story out of europe, google getting slapped with a $2.5 billion fine from the e.u., a record fine. talk to us about the fallout from it. >> there have been question marks about google's propensity and willingness to give its businesses priority in search, particularly relating to online shopping. there has been a certain echo wondering what it means for the rest of google's business. the alphabet universe is extensive. there was perhaps the expectation maybe google would start to parlay more businesses and its search results capitalize on different industries. this puts a check on that to hinder their ability to do that. prior examplesis of these kinds of fines have ended up in years long court cases and not reached conclusion.

ibm is the other example with intel. intel has a similar example and they've been in court eight years. emily: what are google's options? >> $2.7 billion to google is not a lot of money. the bigger thing is how they change their behavior. they do have a ticking clock right now. they have 60 days to start onwing they are making good what the e.u. antitrust commissioner wants them to do. they will have to change the way in europe you access shopping. right now, google shopping results appear very high on your search page. it is very lucrative real estate. other shopping comparison sites are much lower. google has the option to bring those up, maybe give them more prominence without charging those shopping sites. on the other hand, they could go back in time. the 10 blueout

links from 10 years ago and beyond. do you take away the prominence you're giving to your own sites? my sense is they will do some sort of compromise where they give their own stuff prominence but also start to elevate other shopping comparisons. emily: there are other investigations ongoing, specifically one pertaining to android we will be watching. also want to point out, the 10th anniversary of the iphone. believes iphone sales will peak in 2019 and be replaced by augmented reality glasses. he believes that will be apple's next big product. what do you make of that? >> tim cook is very bullish augmented reality. we are starting to see how the growth map of apple is formulating. for have unveiled ar kits developers to build augmented reality into apps that go into the iphone. we have reported apple is

working on glasses, smart glasses of some sort that could surface over the next couple of years. it builds the runway two words that. if they can have a pallet of augmented reality software going into the hardware, it sets them up nicely for something a couple of years down the line. with the 10 year anniversary, there are two elements. ityears after the iphone, still accounts for 63% of their total sales. the other thing you have to think about with the iphone is one thing people do not talk about as often as they ought to. it is apple's ability to keep the iphone priced as a premium product could massively change the technology industry. think about play stations, they decline in three or four years in price. the next one comes along and pops it up. apple has been able to keep the average sales price of the

iphone increasing. there are whispers the next iphone could be above $1000. the first iphone was $500. that is quite a remarkable trend. emily: what is in store for the next three years? what next? >> people talk about a super cycle. every two years, they come out with a new flagship iphone. each time, it boosted sales. the iphone later this year, there is a hope from investors that is the case. the ability to add some iterative or incremental improvements for the next generation will prop it up. perhaps by then, they will be ready to unveil the huge ar product if there is one. that is the kind of ramp investors hope product development is leading towards. b and toms alex web giles. a new morgan stanley analyst says he is seeing risk to the

auto industry in china which he sees as a greater source of competition and demand. he was a cranial tesla pulled but downgraded the shares on the threat of larger companies. that after tim cook's elaborated on apple's ambitions with it comes to cars. the space startup claims it has of largest operating fleet satellites in the world with over 140 in orbit. we will hear from c.e.o. will marshall on what is next for the company. our newt tv , interactive tv function on the bloomberg. you can watch us live. you can go back to an interview. you can play along with the charts on air. this is for bloomberg subscribers only. check it out at tv . this is bloomberg. ♪

emily: president trump has signed an executive order to form a national space council which will be led by vice president mike pence. this will revive a council last in place in 1993. president trump says the revival of the space council sends a

clear message to the world that the united states continues to lead in the space race. trump says space exploration would help the economy and national security. staying on the topic of space, one startup upgrading the technology that orbits the earth is planet. 88net successfully launched shoebox-sized satellites into space earlier this year. that makes them the operator of the largest satellite fleet in history with 142 total. with me in the studio, will marshall, c.e.o. and cofounder of planet. 142 planet satellites are orbiting the earth. what are they doing? >> they are imaging the planet landmass once per day. historically, satellites have taken pictures of the earth but it has taken a few years to take a snapshot of the whole planet. with 142, we can take a snapshot every day and see changes as they happen around the planet. emily: what are the actual use

cases? >> there are a wide right if industries interested in it. .griculture, finance we can help understand ,ommodities being traded stockpiles, oil levels, all that sort of stuff. emily: you are sharing your data with all these different industries. >> we work with agriculture companies, consumer mapping companies, consumer finance companies. emily: you get so much data. how do you calm through it all? >> we get about seven terabytes of data per day, about one million images come down from the satellites to our ground stations around the world. nowimportant thing is machine learning analytics can be applied to the data. satellite imagery used to be the ravens of governments and become pennies. but nowadays, by assigning machine learning the smaller companies in different industries can get access to the

data and make it useful for them more than just being able to query how many trees are in the amazon. emily: give us more specific examples of what is possible now that the technology is more affordable. >> take deforestation. at the end of a few years, we would wake up with a big hole in the amazon. now we can literally count every tree on the planet every day. emily: talk about your longer-term plans. what is next? >> we continue to improve the satellite technology in space. in two weeks, we are launching another 48 satellites on a russian rocket. later in the summer, another six high-resolution satellites. we keep on improving the technology. perhaps more importantly now, what matters is the data we are getting down and making it useful for people. we are doing that by adding machine learning technology to that to make it simpler for people to ask the questions they

want and get that out of the imagery. emily: one of our colleagues has a great piece on planet in this week's issue of bloomberg businessweek. the talks about how the relationship between humans and space is changing. ecosystem ofw space startups. what kind of startups do think will succeed in what will not? >> that is a great question. i think there is a greenfield opportunity because of the changing cost point and being able to put in more capability in each kilogram we put up into space. that has changed by several orders of magnitude. massive disruption in the industry allows you to put hundreds of satellites up. they can be used for g.p.s., better to medications. -- communications. able to get internet to people that do not have internet. they take images to help us take better care of the planet. we are only seeing the beginning for big shift in space

satellites to do lots of things to help on planet earth. emily: how do you navigate geopolitical issues? >> our data is very relevant geopolitically. i think it is super important that this was typically the province of the government. now we are seeing private enterprise able to get into it. that is enabling a lot more commercial applications for the technology and humanitarian applications for the technology, not just government use cases. that broadens and democratizes access to space. emily: do you plan to take this company public? are you going to raise more money? >> i think this is a standalone type of company. emily: fascinating. great video of the satellite. will marshall, c.e.o. a planet, thanks for joining us. another story we are watching, facebook internet beaming drone completed its second test flight.

the goal is to bring internet across the globe. it clocked in at one hour and 46 minutes. that is about 10 minutes longer than the original flight. more importantly, facebook says the drone landed perfectly in the arizona desert. coming up, we will talk about our releases as jay-z's first album in four years drops on tidal. a programming note. tune in to bloomberg on july 4 at 8:00 eastern, they will be cohosting the boston pops fire works spectacular live from boston's historic esplanade. this is bloomberg. ♪

jay-z released his 13th album, the first in four years, on the streaming service tidal.

it will be exclusively on the platform. it has become the new norm for artists like kanye west and beyoncé. how does it impact the music industry? he spoke with vonnie quinn. >> the music industry has experienced growth the last few years, mostly because of streaming services. we have become a streaming industry in everything but name. i think the economics still have not been worked out properly so song writers and artists are getting a fair share. but the growth in streaming is definitely saving the industry. >> how much more of a share do artists and songwriters need to get? how far are you down the track of persuading the streamers to make that happen? >> we are a ways away. the problem for some writers is they are not in the free market. they do not get to negotiate the value of their songs with the services. it is regulated by the federal government. i think it will improve in the near future.

i'm excited to see so many companies invest in the music business by wanting to enter the streaming market. >> there are two ways to look at it. tidal entering, nobody wants to embrace tidal in the beginning, the artists were not interested because it was not doing well because the other services have taken market share. now the artists are signing exclusively to this particular streaming service. down the road, that could be really bad for the artists that are big names, no? >> i think you will see a lot less of the exclusives on one particular streaming service. even the jay-z album, a lot was made about it being exclusively on tidal. but i think that is only for a week. i think the trend as you will start seeing this music on all the services. it is great you have so many large companies that want to be in this space. three of the five largest companies in the world, apple, amazon, and google, operate music streaming services. you have other companies like

spotify, pandora, and tidal. we don't mind lots of competition. what seems to be the most important part is consumers are embracing the idea paid streaming. if that is done in a high enough volume, the decline of the sales models is not going to be the problem people thought it was because there is going to be growth opportunities with eight streaming models. >> before paid streaming models took off the way they have, and we witnessed the decline of physical music sales, live events stepped up and artists were getting more money from those. is that something we still see happening? what is the share of their incomes that comes from that side of the business at the moment? >> very much so. for an artist, the live performance revenue is a significant part of the equation. unfortunately for many songwriters, they do not perform live so that is not an income source for them. i'm very happy to see the growth and streaming, in particular the paid streaming model because there is a huge difference between services like youtube

and the spotify free service in terms of the economics versus the services where the consumer pays. >> you seem to be happy with everything so far. what are you writing to president trump about? >> i would like to see the prices we get paid from these services negotiated in a free market. you have giant companies like amazon that sells prime memberships and equity vices were apple that sells phones or google sells everything. music is an important part of these companies ecosystems. unfortunately, the amount of money they are sharing with creative's is not proportional to the value of the music to their company. israelite on "bloomberg markets." that does it for this edition of "bloomberg technology." we will be back on monday ahead of the fourth of july holiday. he will be on the show is getting latest report on how amazon maybe i'm the restaurant

industry. "bloomberg technology" is live streaming on twitter. have a wonderful weekend. that is all for now. this is bloomberg. ♪

♪ announcer: from our studios in new york city, this is "charlie rose." shannon: good evening. charlie is traveling. i am alison stewart. we begin with politics and another eventful week in washington. the supreme court upheld portions of president trump's travel ban on monday with justices agreeing to hear the full case in october. on tuesday, mitch mcconnell withdrew the senate's health care legislation following growing opposition among conservative party leaders. earlier today, the white house confirmed president trump will meet with russian president vladimir putin next week at the