caroline: i'm caroline hyde in new york. this is "bloomberg technology." coming up, shares of disney rise to the highest levels ever after revealing its streaming service. the simpsons, star wars, can disney plus deliver on all it is promising? plus, you are's ipo filing could take hundreds of pages of detailed information about the company, which may be valued at $100 billion.

we delve into all the questions. and among the wave of public offerings is one of africa's biggest e-commerce ferns. we will hear from the cofounders as the stock surges in its debut. disney surged to an all-time high on friday after the giant gave investors a sneak peek of its highly anticipated streaming platform. the service, which will include hundreds of hours of movies and tv shows, is set to launch november 12 at a rather competitive price, $6.99 a month. joining us to discuss is anousha sakoui in los angeles. that is why we saw netflix shares down. seven dollars is a pretty good price point compared to their $11 package. >> exactly right. netflix is a volatile stock. next week, we have their earnings. there are some good think pieces

out there as well. we have an interview with emily chang with bob iger that is worth watching in full. really, they have a huge breadth of content. inreally does rival netflix terms of how many hours you could spend on it. that is not including when you look at espn for hulu. but it is going to be family focused. caroline: talk to me about dispelling the myth of this is all just children focused. when i looked at it, i was like, great, my son is going to be entertained, but is there much there in terms of adult content, documentaries and the like? >> they have hours of national geographic. i have been watching our planet on netflix. there will definitely be that kind of content. there's marvel.

that appears to all age ranges. there's the whole lucasfilm world. the creators of game of thrones, they are actually moving over to lucasfilm to create the next world of star wars in a few years. there's going to be some old fox content potentially. we don't know about some of the energy fox content. that is clearly not going to be there. caroline: there's also a question marks about the fact that it is going to be lossmaking, but more to the point, what do they do with hl l ulu? there's a lot of competing offerings. disney owns a lot of them. there's also netflix. does it have to be more about the technology behind it, the ai that powers it to see the right thing at the right time, or is it just content that is can? >> there's a few aspects.

behink there's going to super majors of content. we already see them forming now. you have at&t, disney, and comcast, and then there's everybody else. you look at what is going to happen to lions gate, paramount, and then you've got the new players. apple didn't show really any content. it has a few tv shows. they probably will have the technology. then you have issues about live. youtube has a popular platform. they showed some new pricing this week for their live tv platform. pricean you get at a good and what is fun to use? disney has a potential advantage. bob iger said they are going to plus,disney plus, espn ulu as a package.

you will not only get shows like handmaids tale, but you could have delayed shows like modern family or other tv series. caroline: fascinating perspective. i don't know how we are all going to fit it in. thank you for joining us. with disneysat down chairman and ceo bob iger right after thursday's announcement. take a listen. >> i think making them available on a new technology platform that is more modern and growing in popularity at a price that makes sense for the user, that is why we feel confident this is a product people are going to sign up in droves to have. emily: you said you will likely bundle disney plus, espn plus, and hulu. what will drive that decision? >> you configure we will bund

le disney plus and espn plus fairly soon. we still have minority partners, and everything has to be done with them in mind. bundling would be something we might take to the management or the board. consumershere will be that will want all three. we want to make it possible for a consumer to buy all three. emily: will you be attempting to buy all of hulu? been in conversations about that possibility, but it is early to speculate. emily: you didn't give up some partnerships with netflix. you mentioned some of your distribution deals. you talked about sony. you didn't mention apple. you didn't mention amazon. why not? available will be through traditional

distributors, apple being one of them, so i'm fairly certain that if people want to find a app -- sorry, subscribe, they will be able to do it through apple and the itunes store and other platforms could be the traditional cable distributors. announcements any because we haven't made deals with all of them yet. emily: you are on the apple board. now that apple does have a direct competitor, will you stay on the apple board? >> obviously unmindful of my fiduciary responsibility to apple shareholders as a member of the board. when this was discussed at board meetings, i'm careful to recuse myself and i'm in constant dialogue about making sure i'm not doing anything that would that wouldn't --

be in keeping with what a board member would do. that business is still relatively small. so far it has been ok. emily: all right, so you noted a lot of losses. you said disney plus and hulu won't break even until 2024. should we assume that you will be flat to down, or will you make that up somewhere else? >> we are still growing the company. our theme park has delivered great growth. we didn't get guidance on those businesses. the studio has delivered great growth. we're also absorbing 21st century fox. that will start factoring into our numbers going forward. we are not getting projections about the whole company, but we are confident that we will continue to deliver value to shareholders. emily: you've completed the acquisition of the fox assets.

layoffs,e been some but it hasn't been as dramatic as some thought it might be. will there be more? >> we still have a lot of integration to go. with the integration comes consolidation. we've been transparent about that. we haven't talked about specific numbers. but there will definitely be more consolidation. emily: you are making a huge transition here with these developments. where do you see disney in five to 10 years? do you see disney as more of a technology company? >> we've always seen disney as a technology company. technology was incredibly important to do two things. ,ne, to make our product better the multi-plain background and what it did to films. but also to improve the experience of the consumer. i think in five years, you will

see disney basically being a content company that is using technology more and more to do all of the above, make the product better, make the experience better, make it more accessible. in other words, distribute it in more modern ways. caroline: that was disney chairman and ceo bob iger. coming up, leaving the window wide open, uber finally files to go public. we break down what the company will look like in the public market. and if you like bloomberg news, check us out on the radio. this is bloomberg. ♪

caroline: uber has taken one step closer to hitting the public market. on thursday, the company revealed a report of operating losses last year, hoping potential investors will look beyond that and view them as a platform, a word that appears no less than 700 times in its ipo perspective. joining me is mike walsh. mike is an early investor. also, in new york is eric. it is your story that highlighted that this company wants to be seen as a platform. it is not just ridesharing. >> uber eats is sort of the key example of the next phase. it grew to $1.5 billion in revenue last year. uber's story here is, we have

ridesharing, that is still growing, much smaller than it used to be. now we have uber eats. we have scooters. we have bikes. we will figure out other things. like you said, it is a good way to try to ignore a $3 billion operating loss. that is going to be the argument with uber. firstne: as one of uber's investors, we congratulate you, but did you see this vision of such an omnipresent company? do you see it as a platform? >> definitely not. when i first invested, i made a commitment in 2009, and frankly, had i seen it coming, i would have probably mortgaged my house and made a much larger investment. today, as i think about it, and do thinkto eric, i

there is a platform potential. investor in 1999. i was one of the first customers. with the software company that i was running, i was one of the first exchange partners. with what they are building, it is clear to me that there's potential to be a platform and take a piece of the action. eric, as you say, we've got to focus on the growth. at no point did the company ever hint that they might be hitting a profit, and there's concerns about how the business model might be disrupted in terms of regulation on drivers. what are the key concerns you are hearing? >> one interesting metric that uber provides is this adjusted net revenue figure, which takes out some of the driver incentives and bonuses and

further diminishes their financials. number, in at that the fourth quarter of 2018, ridesharing was down only by $1 million, but it is troubling when you want to keep growing and you see it go backwards even slightly. the reason for that is competition. pressureseen a lot of because latin america is a good business, lyft has been reinvigorated, so there's just competition all over the world. great faces pressure. that really hurts the margins on a low margin business. that is part of the reason they lose so much money. caroline: paint a picture for a would be investor. how much should they be worrying about the fact that it is lossmaking and it has to spend

so much to keep up with competitors? >> i think there's a lot of upside in the cost that they are charging. there is still so much of a pricing gap between the ridesharing companies and the taxis. they've all had to drop their prices to compete with each other. time, there is that ability to increase prices. i do think there's a ton of in -- that isuber all about freight. we've been investors in it for about six years. that is a giant market. there's a lot of opportunity to make profit there. atoline: when we are looking this company going on the roadshow, what will be the main areas they have to be tackling

in terms of areas that people are going to the question marking in terms of growth? >> given that lyft just went public -- understanding market share or category position is going to be key. from athe funny things financial perspective is that uber talks about having less than 1% market share. they want to emphasize that there's so much room to grow. say,hen they need to also but we are very far along. they have more than 65% category position. in the united states and category, they claim 65% of the rideshare market. don't, theys they own a stake in the competitor who has a strong position. that is going to be part of the global sales pitch. caroline: mike, will you exit

uber entirely? are you in this for the much longer haul? we are really not a public company investors. we invest in the very early stages. i've got some personal stock that i will hold on to for a long time. inn it comes to the stock structured capital, i'll distribute that and they can decide what to do with it. great to get your perspective as a very early investor. structured capital is the name of the company. newcomer, after an exhausting week, i wish you a great weekend. tesla is making it more difficult to buy the model three. that is next. ♪

caroline: talks between general motors and an electric vehicle startup may have come to an end. gm has been considering taking a stick to bring electric trucks and suv's to the market faster. bloomberg reports the discussions have collapsed. gm would have joined as an investor alongside amazon, which led a $700 million investment in february. just over a month ago, tesla introduced its cheaper version of the model three. now it is taking its $35,000 model off-line. the electric carmaker announced that it will no longer take orders for the model. customers who want this version have to call or visit a store instead. this just weeks after the company announced its shift away from stores. here to make sense of it all, we are pleased to welcome dana hull. tryingalready elon musk

to say that they are fully transparent on pricing, but this seems confusing. >> i think the goal is to streamline online ordering for customers. tesla says most customers want the standard rate plus, which is a little more expensive. that, the whole premise was a $35,000 car to a mass audience, the fact that you can no longer order that car online is suspicious. maybe it is not suspicious. maybe they are not making money on that car. but it is weird. you have to physically go to the store or call if you want it. caroline: the model three standard plus will be $39,500. this after we saw the distribution numbers. this is a company that needs to make profit from these cheaper vehicles. software,gin is on

autopilot, so basically what they've done is, they've made autopilot a standard feature for all cars, but not the $35,000 one. that is where the margin is. it is very early in the second quarter and you are seeing yet another shift to the lineup. ,hey've also introduced a lease which is great news, but there's a caveat, which is that at the end of the three years, you can actually buy the car. car.n't actually buy the there was a lot of news in this blog post that was released last night and it is just more confusing. now they seem to be promoting the idea that they have this network of physical stores. musk going onto twitter saying, other automakers

change their prices constantly and substantially. we are transparent. we are consistent. he tried to talk up the competitive nature of tesla versus lyft and uber as well. how we are all going to be sharing them basically in the future. >> that is the big talking point of the next week or so. lyft just went public. a day foraving investors on april 22. it reports earnings on april 24. after being somewhat quiet, we are hearing a lot about that now. caroline: there's been a bit of backlash coming from david einhorn. we are going to be surprised by that. madehort investor in tesla some money on his short position. he thinks the wheels have come off. do you think there's any vindication to that claim? >> i guess i take a long view.

your fund can do well one quarter and not the next. suchact that tesla had poor first-quarter deliveries and seems to be fiddling with its lineup days the whole demand question. caroline: certainly does. thank you for putting it all in perspective. great reporting. the u.s. federal communications commission will auction the broadest set yet of airwaves yet in december. we are talking about the auction and hearing from none other than the chairman about how the u.s. will move forward. later, it is known as amazon of africa. we will talk to the cofounders. this is bloomberg. ♪

caroline: this is bloomberg technology. i'm caroline hyde. fccthe race to 5g, the a' will be auctioning the most spectrum yet to facilitate the move. president trump spoke about this topic earlier. optimistic about the u.s. and how it could dominate global competition. president trump: we cannot allow any other country to outcompete the u.s. in this powerful industry of the future. caroline: fcc share ajit pai spoke to kevin cirilli about the plan. mr. pai: the 5g fast plan to facilitate america's superiority. a core part is to make more

spectrum available for the marketplace. we will be holding the biggest auction of spectrum in american history. 3400 megahertz of spectrum that will put a stamp on american leadership on 5g across the world. kevin: 3400 megahertz, what does that actually mean, especially when you look at global competitors like korea and china? mr. pai: we are very much ahead of the curve. right now, we will be allocating more spectrum for commercial 5g than all the mobile broadband providers america has today combined. an influx of supply. we are confident here years will 5g.spectrum to the plodeploy we want that to happen here because spectrum availability is a big part of the equation. kevin: which companies will be driving these auctions? mr. pai: i expect it will be some of the traditional players,

but we are seeing a lot of interest from cable companies, silicon valley companies wincing the use case of 5g dramatically different from 4g. all types of industries from agriculture to transportation to health care will be transformed. kevin: the internet of things. mr. pai: as the internet of things starts to develop, a lot of companies are seeing an interest. kevin: we talk about the shareholder perspective but i think there is a lot of consumer plays to what exactly 5g is. mr. pai: most consumers are familiar with 4g. kevin: they know when their cell phone cannot get a signal. mr. pai: that is why we are bullish about 5g because it promises 100 times faster speed, much less latency and much greater capacity. we are talking about applications like from reality and other types of things, some we cannot conceive today, but the consumer benefits are really massive. we want american consumers to be the first beneficiary.

kevin: i find this interesting because you are talking about public-private partnerships and investment, but there has been some signals from newt gingrich, even the president himself, that that the u.s. will become itself a telecom provider and 5g needs to be wholsaesale. what do you make of those signals? mr. pai: i strongly believe a market and not government is in better position to drive technology. the lesson i draw from the american leadership in 4g. we put the building blocks in place for the private sector to succeed. as a result, we saw the mobile ad economy at innovation happen in the united states. i think it is the right model. kevin: you will be with the president? really believe that? mr. pai: we are confident american leadership in 5g is critical and a market-based approach is the right one to promote investment and innovation. caroline: that was chair ajit

pai with kevin cirilli. one of just three unicorns in africa. ipo this launched its week on the new york stock exchange. shares surged more than 70% on its first day. i caught up with the cofounders why thisos and asked international company based in berlin, serving africa with french founders, decided to be in new york? >> in new york, a lot of marketplaces are listed and investors are used to attaining those businesses. for us, it was a natural place where investors understood. caroline: what about from building a brand perspective? does it help? >> our consumers are in africa. for them, having one of their brands, that they use every day being used in europe, is a big deal.

it is very important for all of our partners and jumia to be here in new york and that is something that matters to us. caroline: i'm interested in the fact you are growing quickly in terms of revenue but still lacking in profit. how much is that a focus for you? how quickly can you become profitable? will this eventually be an issue for the investor base? >> we are growing fast and have a healthy business model. that is why a lot of investors have trusted jumia over the years. they see the potential, they see the growth. they see the value we create for sellers and consumers. they understand the business model is very healthy. earoline: have you got a tim when you become profitable? >> we don't. we work every day with our team. caroline: a picture of the growth focus. is it new regions, focusing on the payment side of the business?

where will this money go to? >> if you look at our market, 700 million people in our country's. last year, 4 million consumers worked with jumia. we will focus on that. we will focus on continuing to build the business, create value for the users so that when they come to jumia they see a very good selection and very good prices. they will continue to adopt the e-commerce. payment is a great avenue of growth. we have launched that in a couple of market and it is working very well. we will put resources in this very exciting opportunity for us. caroline: talking about why you have chosen new york, the investor base knows marketplaces. that means they know your competitors. who are your competitors? is it amazon, alibaba, more local rivals? >> we're the only african player

doing commerce in africa that are really here across the countries. there is no one really competing with us on the pan african level. caroline: what would you say if amazon wanted to buy you out? would you be sold? >> we are focusing on building value for the consumers. that is what we do. every day, we work hard to bring value to the sellers and consumers. regional consumers. provide opportunity for the consumers to save time and money. the rest, nobody can predict what will happen in this world. we hope we are raising our value and whatever happens will happen. caroline: one of your first backers was rocket internet. what are the criticism levels of rocket internet is that they steal other people's business models and take them to new countries. do you think you took someone else's business model? what was the risk was going into a new region?

>> what we are doing is new in africa which is helping people buy online. the very first time it was happening in africa so that is very new. the way we had to build it was particular to africa. there was no payment. no one had ever done that before. to build an e-commerce platform, and the way to do it, we give country really simple currencies. and that made it possible. caroline: talk about the intricacies. what are the biggest challenges you face in africa? >> africa present some challenges when you think about how do you work with the tellers, the logistics, the payments? there are lots of areas of the business which you have to create a special african way to do it. payment is what people notice first because we have 50% in the big business and 50% in

the rural areas. we have created a logistic platform to make this happen. relying on hundreds of local partners, providing them the technology which will operate their business across every city of africa. that is one of the biggest innovations we have to make this business possible. caroline: how does one get a delivery to a particular rural area of africa? a particular collection point? paint a picture for us. >> we have hundreds of logistic partners that work with our technologies. they know every region very well. our mission is to find customers to buy products. we work with our partners across the chain to get the products from the main warehouse down to the very last mile of the customer. the way to do that is two optio ns. either bringing the product to their door, or a network over

all the countries that gives the consumers the ability to go pick up the orders. so, every consumer has two options. every consumer who has a chance to get wherever they live. caroline: what about becoming more than just a marketplace? what about offering your own products? >> first, the focus is to build a marketplace because we want to serve the sellers. we want the sellers to have the platform for them to sell their products. every now and then, we sometimes act as a seller whenever we feel it is necessary. but we are primarily built as a marketplace. our dna is to build a service for the sellers to provide it for the consumers. primarily a marketplace. caroline: some of my conversation with the jumia cofounders. meanwhile, the biggest ipo in europe. $2.3 billion in its offering on

the i tell you stock exchange -- italian stock exchange. adventrs include international. coming up, something for recently a revolving crypto enthusiasts. bitcoin now i'd is most expensive level since before the spectacular crash. we are talking criyptos next. this is bloomberg. ♪

caroline: facebook has nominated the paypal executive to its board. that is not the only change being made. netflix ceo reed hastings will step down. they have been director since

2011. an election will be held at a future shareholder meeting. after hitting fresh highs in 2019, the signs of going ahead in the crypto world with an indicator now at its most overboard since hitting a record last year. the crypto index plummeted 65%. ariana simpson, founder and managing harne partner. welcome. >> thank you. caroline: so, technical indicators. how much do the investors, be it retail, institutional, look at technical indicators for things like crypto? guest: it really depends on your investment strategy. are you more of a venture type investor? i find it funny people looking at the same data and drawing widely different conclusions. i think all of that needs to be

taken with a grain of salt. in general, the more important indicator is the maturation of some of the products that raise a lot of capital and starting to launch. caroline: can you name some of the more interesting bellwethers? arianna: blackjack is one. they are live with over 80 applications on their network. another one that recently launched is cosmos, focus on interoperability. caroline: these are so-called -- finally, we are getting a use case for blockchain technology. we are going to see these distributed applications come to fruition. you mentioned blockstack, which you serve as an independent board member. this has drawn attention because they are starting to monster own money earning -- launch their own money earning. arianna: they are doing an offering. they are the furthest along in

that process. they have been working closely with the sec to make sure that hopefully their filing is approved because they want a broad-based of support in terms of individual retail investors. caroline: a sale that will get sec regulation framework approval. it will be deemed a security therefore or not? arianna: yes, i believe so. caroline: what is interesting in and has rather -- is it has rather interesting backers. one of them, a well-known academic institution, harvard. how much do you look at pension funds that investors are looking into these spaces? arianna: it is always a slow trickle to start, but i think these allocators are viewed as some of the most highly invested and almond and funds around. those typically will be at the forefront of this movement. a number of them invested in a few funds. andreessen fund, crypto fund

last year. i think this is the beginning of that process. caroline: talk to us about what the fcc is up to. waiting for the first exchange traded fund. cautiously, trying to accept the temperature coming from the investor base. they are trying to look for expertise when setting the regulation. arianna: there is definitely an active dialogue happening between a number of projects and the sec spin up and other parts of the organization, because i do think they want input from the industry. in general, they have been kind of slow to come out with guidance but they have been working on that very actively. i expect we will see more of that in 2019. caroline: if there is a retail investor set at home with a large chunk of change, someone crypto,s the basics of how do they understand which

projects are making sale? is it by those looking to become sec approved with their token sales, or can thbe more adventurous? arianna: not investment advice for me, but i would say it depends on what they are looking to do. for most people, holding something like bitcoin will be the safest avenue. it is a highly specialized field so i always caution people to move carefully, but at the end of the day, even people spending all of this time on this industry, it is difficult to differentiate between what is quality and not. caroline: what is needed to show the signs of maturity? arianna: we are seeing maturation also on the exchange side. that has been an area we see things like socialized losses and constant hacks. things like that you would not expect to see in an industry that has been around for as long as it has. we are starting to see a real differentiation between serious

players and those that are not. caroline: what about, their has been much talk about facebook launching its own digital currency. we don't know the name of it, but they are looking to raise money from outside investors. how much does that help you can transfer money from whatsapp or another competitor? arianna: facebook has massive scale which would be a huge advantage to anyone who was hoping to enter the space. they seem to be really focused, which i think is a good thing, on moving in a real decentralized way rather than making this yet another payment option that is centralized in nature. we will see how that develops. they are being pretty hush-hush about it. caroline: great to get your inside track. still ahead, we talk strategy with china's netflix like streaming service, iqe. the cto will be speaking to us next.

this is bloomberg. ♪

caroline: softbank group has sold japan's biggest ever local corporate bond. the company tapped individual investors for $4.5 billion. the ceo is turning softbank into a fully fledged investment conglomerate. that is not impressed rating firms. they view softbank bonds as junk. nintendo is making a push into virtual reality with a new v.r. for the switch. it will retail for about $80 and be compatible with games like zelda and super mario. our asia tech reporter tells us how it stands out from sony or facebook. >> we are here in tokyo. nintendo's v.r. just came out. i have my hands on one of the first. nintendo is coming to the market

about three years late, so their approach is let's make v.r. very affordable. this starts at about $40. they wait they have gone about it is it is made out of cardboard mostly. for $40, it gets you the headset. you slide this into it and you can play a basic assortment of games. in tow weeks time, you can connect this headset to play super mario and zelda. that will be one of the biggest draws. this is nintendo's first come back into v.r. in 24 years. and affordable way to get into it. this is aimed at kids, families. a friendly way to get them playing v.r. two, three, maybe five minutes most so you don't sit there with a thing on your face for hours on end. it is a pick up and play kind of experience. overall, starting at $40, is the cheapest headset on the market. this is their approach into

v.r., coming up this late, but we will see how this goes. caroline: that is the inside track. let's talk china because a popular netflix style streaming service wants to utilize a.i. igqe spoke tod bloomberg. >> we have been invested a lot we checked the uses of our viewers. technology actually is very important for us to improve the efficiency where we can create content and improve the efficiency. we utilize a.i. to push the right amount of content to the right users. these and alcan also target the right audience so it is a better impression for them. >> all of the hype these days

around to be the launch of 5g services around the world. how is that going to affect your business? >> because 5g, we introduced a larger been with and latency. you can help to stream better content. streamingicom, 5g, content to devices. future, we in the think the content business will be changed and evolve. >> we have seen as the u.s.-china trade tensions escalate, some distrust about chinese tech companies. are you concerned that might affect you as well? >> actually, no. we are a technical company and we focus on the content, the user experience. we don't think the tension between the u.s. and china affects our business.

actually in the states, a lot of chinese people watch iqiyi content through the internet. fact thebout the chinese economy has started to slow down? do you expect that to have any impact on the business or how can technology and innovation still keep bringing users and consumers to your service as opposed to your competitors? >> actually, we are encouraged by the membership revenue increasing. very big last year. we don't see that have any affect on the economics. we have more than 72% of membership and revenue last year. every day, we are averaging more than 100,000 new members. we are picking up subscribers every day. we have to think it is still growing fast. caroline: the cto of iqiyi.

that does it for this edition of bloomberg technology. we are live streaming on twitter. check us out. be sure to follow a global news network, tictoc, on twitter. have a great weekend. this is bloomberg. ♪

david: since you have been a leader in the house, you have dealt with three presidents. speaker pelosi: i completely and entirely respect the office of the president of united states. david: there was a tax cut in the first year of president trump's administration. speaker pelosi: this tax bill is a tax scam of the highest magnitude. david: would you call mr. mcconnell and say let's have coffee and talk? speaker pelosi: i don't think he likes coffee. david: you have been vilified by the republicans. speaker pelosi: you have to be prepared to take a punch. >> would you fix your type, please? david: people would not recognize me get my tie w