emily: i'm emily chang and this is "the best of bloomberg: technology." we bring you the best of the week in tech. coming up, the house of mouse takes on netflix about we talk to ceo bob iger about how disney plus will reshape streaming. and can congress force change on the biggest players like google and facebook? we will hear from u.s. senator mark warner.

and softbank announces a new $5 billion technology fund focused on latin america. hear more in our exclusive interview with softbank coo marcelo claure. the first the top story, disney is attempting to reshape the media landscape as the number of cord cutters grows. the entertainment giant shared new details on their anticipated streaming service. according to ubs disney plus is , expected to drive the fastest uptick of any direct consumer platform to date. i caught up with disney ceo bob iger in los angeles on thursday. what makes you think consumers will pay for this on top of everything else? bob: disney, pixar, marvel, "star wars," "national geographic." these are brands that are beloved and have a long history of serving the consumer for many, many generations. i think they are still popular and still relevant. i think making them available on

a new technology platform, a platform that is simply more modern and growing in popularity, at a price that makes sense with a user interface that is beautiful, i think that is why we feel confident that this is a product that people are going to sign up in droves to have. emily: parents will be happy to know that some of the animated classics are coming out of the vault and onto disney plus. but in general, how will you decide what to put where and when between the theaters, between the channels, and between streaming services? bob: well, as it relates to films, movies made for the big screen, they will still be and -- in what we will call a traditional window. that window has served us extremely well. our studio has done over $7 billion in global box office twice just making about a dozen movies. and so we have no intention of using this platform to force movies onto this service from a timing perspective.

any movie that we make for the big screen will be on this service exclusively from here on out. and the same thing in terms of television. we're still going to make television shows for traditional channels because they are still of great value to us, but we will also make original programming for the new service that will only be available on the service. emily: now, you have said you will likely bundle disney plus, espn plus, and hulu. when do you think that will happen? bob: i think you can figure we will bundle espn plus and disney plus fairly soon. hulu, we are still minority partners, and everything we do has to be done in a way with them in mind. so bundling, it would be something we might take to the hulu management and the board, but it would require approval. but we think there could be consumers that want all three

and eventually make this possible to buy all three. emily: will you be attempting to buy all of hulu? bob: we will see. we have been in conversations with both partners about the possibility, but it's still a little early to speculate. emily: you to give up some partnerships. you mentioned some of your distribution deals. you talked about roku, sony. you did not mention apple or amazon. why not? bob: well, the app will in all likelihood be available through traditional distributors. apple being one of them. i am fairly certain that if people want to buy the app, i'm sorry, subscribe to the app, is a better way to put it, they will be able to do so, and there will be other platforms that will also sell apps, we will do that as well.

we do not have any announcements because we have not made deals with all of them yet. emily: you are on the apple board. now that apple does have a direct competitor to this service, will you stay on the apple board? does that make sense? bob: i am mindful of my fiduciary responsibility to apple shareholders as a member of the board. and when the subject is this has to apple board meetings, i am careful to recuse myself. i am in constant dialogue about making sure that i am not doing anything that in any way would essentially cause me to be not in keeping -- that would not be in keeping with what a board member would do. that business is still nascent apple and relatively small and , it is not really discussed all that much. so far, it has been ok. i am in constant discussion about it. emily: you've noted a lot of losses. you said disney+ and hulu will

not break even until 2024. should we assume you will be flat to down for the next two years? or will you make it up somewhere else? bob: well, don't forget, we are still growing the company and have delivered great growth over the last number of years. we did not give guidance on those businesses. our networks have been healthy, and the studio has delivered great growth. we are also observing 21st century fox and its businesses, and that will start factoring into our growth going forward. we are not giving projections about the whole company, but we are confident we will continue to deliver value to shareholders, both in the near-term and long-term. emily: what do the announcements today mean for disney content overseas? specifically china and the specifically china and the -- specifically china and the broader asian market where we have a lot of people watching right now? bob: well, i think you can figure that all of the content that we make for the service will be available internationally in different forms. in some markets we will launch the service as a subscription model. that won't be the case right

away and won't ultimately be the case as there are laws in china that still govern services that we have to comply with. we are not certain exactly how the overall disney+ service will enter the chinese market, but ultimately, the product being made for it will be available to consumers in another form. emily: you are working on three new tv shows for the disney+ service related to "star wars." you have got a movie coming out in december. are you a little concerned about "star wars" fatigue? bob: no, not at all. first of all, the movie that is coming out in december, the ninth movie -- it does not have a name yet -- soon -- we think is going to be great. and we have not announced specific plans for movies thereafter. there are movies in development but we have not announced them. i think we will take a cause and take some time and reset,

because the skywalker saga comes to an end with this ninth movie. there will be other star wars movies but we will end up in a hiatus, and that is what is great about what lucasfilm is doing for the service. we will fill that time with "star wars" live-action series, which have never been done before and at a quality level of the movies. i am not concerned at all. emily: you have completed the acquisition of fox assets. there have been some layoffs, but it has not been as dramatic as some thought it might be. will there be more? bob: we still have a lot of integration to go. people know that. with the integration comes consolidation. we have already said that. been transparent about that. we have not talked about specific numbers were timing, but it will definitely be more consolidation going forward. we have really just started. emily: you are making a huge transition here. where do you see disney in five to 10 years?

do you see disney has more of a technology company? bob: we have always seen disney as a technology company going always back to walt's day. one is to use it to make the product better. this multi-playing camera and ulti-plain camera and what we did to the backgrounds in 2-d animation films. also to improve the experience of the consumer. in five years, i think you will see disney, at its core, being a content telling company that is using technology to do all of the above. make the product better, make the experience better, make it more accessible and more relevant. in other words, distributed in more modern ways. emily: that was bob iger, ceo of disney. coming up, it is one of the biggest tech ipo's in years. we bring you details on uber's plans to go public and if it will usher in a massive wave of

massive listings. and if you like bloomberg news, check us out on the radio and in the u.s. on sirius xm. this is bloomberg. ♪

emily: it is the biggest ipo this year. uber has officially filed, offering new details on company's operations and finances. we got some early reaction soon after the filings. take a listen. eric: it is because it sold off businesses in southeast asia that it is able to account this profit that was really a loss. if you add it up, i think it was $4 billion last year or $3 billion. it has been $10 billion in losses accrued, so this is a massively money-losing company. caroline: which we are not surprised about. you watched lyft.

another loss making company that has been hammered in anticipation of these numbers. how much is the investor base where even these new unicorns? olivia: well, it seems they are not worried at first. i mean, lyft came at this price and then saw a drop several days later. it went down 1% today when the filing out. caroline: let's get mitchell's take here, because i am fascinated by the fact that these companies can grow so big on such vast quantities of private capital and be able to come to the public market. was there anything in the filing that give you pause for thought? mitchell: first, we are investors in the company. i want to make sure we disclose that. i have not got through it in detail. obviously, we are existent investors. we know it well. they did break out uber eats, which is growing crazy fast. the core business is growing

40% plus every year. it is the reality. public market investors, and we do public market investing, is crazed for growth. they are trying to have companies that are growing really fast and that they can invest into. look at the software company pager duty that just went public. it grows revenue at 46% a year, this company on the road, zoom communication is one of the hottest software ipo's in a decade. it is an enormous company that will trade at an extremely rich valuation. but investors are just dying for growth. three months ago, if we had all sat here and said lyft would be a $21 billion company, i think all of us would consider that a wild success. caroline: i want to dig into what you mentioned. you talked about uber eats growing crazy fast. i am surprised at how tiny it is.

it is like $165 million in revenue. the bulk of the $2.5 billion made in the last quarter was sheerly the ride-hailing business. is that not a shock? is that not a surprise? mitchell: i have not gone through all the numbers in detail. it filed an hour ago. i know in q4 of 2018, uber eats from a volume perspective was $2.6 billion. i only know that as i saw it while back. i have not look at revenue numbers. caroline: let's turn our attention to a man who has. eric, you have delved into it. i was surprised by how dominant ride-hailing has been what has so many other parts of growing. eric: right, because uber wants to sell this platform vision. the focus is this suite of services.

when you dig in, uber eats is very small relative to ridesharing. it is growing on gross bookings basis, but when you dig into net revenue, it looks like it reverses because of the subsidies around growing the business. if you are grubhub right now, you have sort of got to have a little laugh, at least for the time being, because uber is able to operate their food delivery business unsustainably while trying to grow market share, but it just looks small relative to ridesharing business overall. caroline: this is a company focused on growth and growth potential. it is also spending significant amounts, about $1 billion, on driverless cars. can you paint the picture of the future of driverless and how important autonomous is to uber's overall profitability. they say they might never be profitable. mitchell: every company that is unprofitable always says they are not going to be profitable. i think autonomous is much further away than people think, that is my personal opinion. some people think it is two

years away. i have a hard time believing that i will get in an uber or lyft in downtown san francisco, and it will drop me off in palo alto with nobody in the car in two or three years. i'll take that bet with anybody. i think it is a lot longer away. and i think there is another important thing in terms of the ability to make money. uber is one of these companies, lyft would be one, amazon would be one, and alibaba would be one where they have upward sloping curves. where customers spend more and more money over time on the product. if you thinking about it quickly, think about everybody who joins uber or alibaba or amazon in january of 2015. over time, those people spend a lot more money over time. why that is important is they don't have to reacquire you as a consumer. every time we get into an uber

or a lyft, they are quite profitable because they're not having to reacquire us. i think one of the more interesting stats, someone text it to me right before i got on, is that over 50% of people who use uber eats, it is their first time being on the platform. so i think the ridesharing business has a huge runway still to go, given that 50% of people that use uber eats are new -- they have never used the ridesharing. caroline: able to grow off of that user base continually. i'm going to get your perspective about what this says about other companies coming forward. i think zoom even makes a small profit, but what are we expecting in the so-called herd of unicorns? and how much oxygen is going to be sucked up by uber? olivia: herd is not the right

word. it is a stampede of unicorns crossing over to the public market. the appetite is unsustainable. zoom, as you mentioned, is going to go. pinterest is next week. postmates going soon if they don't end up selling. it just seems they cannot get enough. caroline: i want to get your opinion on international growth. did any numbers surprise you? i was surprised by how big latin america is. eric: one amusing thing with this contract they draw between the market share and category position. market share is very small and it sees a huge amount of growth opportunity for ridesharing. but category position, relative to competitors, it says that in a lot of regions there is over 65%. whether that is the united states and canada, latin america, or europe. they are saying they have a dominant position all over the world in these regions.

and yet, we represent a small share of what is possible. that is certainly the messaging coming out of uber. i think being able to confidently say that they have a strong position in the countries they operate in or they own a stake in major players in those regions is a compelling international position. caroline: mitchell, briefly on international growth? mitchell: i think international is very strong. i will draw a couple -- one, i think dara is a master chessplayer. he understands it from expedia. expedia did some interesting international stuff. they have big investments at uber in southeast asia, russia, and china, all exciting businesses. latin america. the deal they did in korea. it will give them an air monopoly in the middle east. australia is a very profitable

region for them. it is interesting. if you think about lyft, it is worth $21 billion. it implies uber is worth $40 billion. emily: coming up, slack is seeing rising investor demand ahead of the directive listing at the workplace software maker goes for double their valuation. and later, he is one of the most critical voices in washington on the topic of big tex. -- big tech. we hear from senator mark warner about his new push to protect personal data. this is bloomberg. ♪

emily: earlier this week, bloomberg reported slack's valuation has risen to $16 billion. ahead of the company posing trading -- company's trading debut, some investors are buying stocks for more than double the price of the last funding round, which have been at $7.1 billion. shareholders have sold at prices

as high as $25 or $26 a share. this as the company plans to directly list on the new york stock exchange in june or july. bloomberg's ellen huet joined us with more details. ellen: slack is preparing to go public by a direct listing rather than a traditional ipo. emily: just like spotify. ellen: in preparation for doing so, there is a thing spotify did that slack is doing as well. which is starting to release stock on the secondary market, to allow some sales to go through with the idea of two goals. first is to do price discovery around what range they might want to price the shares that -- and also maybe trying to manage volatility ahead of the listing. this is based on reporting we have done with people familiar with sales. the company is not commenting but it seems like demand is high.

the last time slack raised money was august. shares were almost $12 apiece in the valuation was around $7 billion, and based on what we have seen, it could be small, one-off type stuff, but it does seem to indicate an interest in slack stock at least at double the price the last funding round suggests. emily: and it is the opposite of what we seeing with pinterest, which is in the middle of a roadshow aiming to raise money at $3 billion less than its last private funding valuation. why is there so much enthusiasm about slack in particular? ellen: i think investors see an opportunity for a lot of growth. they have always had strong performance, a lot of people paying for the service. they have a free version, but most people pay to access slack. they have had strong growth. people just see it as a strong software bet. there are questions that remain, especially given lyft's stock

price performance in the last week. emily: absolutely. talk to us about the road map for slack versus a company that is going the traditional ipo route. what happens over the next few weeks and months? ellen: it seems like slack is preparing to list on the new york stock exchange, probably june or july. as these things go, we never really know how is going to happen until it does. but unlike with a traditional ipo, in a direct listing, there is no lockup period for employees. there is no tradition -- additional stock released into the market. it is just that current shareholders have the ability to sell. emily: so current employees can sell right away. ellen: yes, right away, and that is very different for a lot of employees who were waiting for the ipo moment to realize the value they have made in their equity. emily: what is the motivation for that? ellen: it is different with every company. direct listings work well for companies that have a few things going for them.

one, if they have a lot of cash on hand. two, if they don't need to do a lot of publicity around the ipo, and if they are a household name. spotify definitely did broad ranging consumer service. slack is more business focused, but generally something many people have exposure to. they know it, they like it, the product is well-made. then they don't need to raise additional capital, and they don't need to do the marketing associated with an ipo, then they could do this direct listing instead, which tends to be favorable if you meet those qualifications. everyone says slack is a strong position to do this. some other companies that have been floated as potential direct listings if this becomes more popular is, for example, airbnb. a similarly strong performing company with a lot of consumer -- emily: awareness. ellen: really well-known. emily: bloomberg's ellen huet there. coming up, lawmakers threatening to build up tech.

what does it mean for the biggest players like google and facebook? we hear from senator mark warner next. , we are live streaming on twitter. check us out at technology and follow our global breaking news network tictoc on twitter. this is bloomberg. ♪

♪ emily: welcome back to "best of bloomberg technology." i am emily chang. a new bill was presented to congress that takes aim at tech to ban deceptive features on facebook and other big sites. there has been a rising tide in washington to increase oversight of tech, from a privacy bill. we spoke to one of the most vertical voices, senator mark warner on thursday. sen. warner: this is the first of a series of bills i will introduce to put ground rules on social media. this bill is focused on something for many users may appear to be an annoyance, that you have agreements you cannot

understand. you may have flashing arrows urging you to agree, you can never find the unsubscribe component on a site. what experts have shown is there is a great deal of manipulative behavior. the bill focuses on children. we think this is a great starting point. we have decided to take a light touch, and industry driven standard body that would be quick enough to move toward the larger users, 100 million individual users a month. we would have the ftc as the fallback regulator. from a financial standpoint is like the security industry standard. i think it is a good place to start. i have other ideas around identity, content, transparency. there will be more legislation

in those areas. >> on this particular bill, do you think it will get the committee behind it to pass such a bill, because it does not seem to have that backing? sen. warner: this is an area, my background is in technology, so i hope i bring some knowledge to the floor. i believe all the approaches i will take are bipartisan, less about liberal-conservative, and more about future-past. there is a growing recognition that the wild west days of social media platform companiesk

a lot of the commerce committee, deb fischer, my partner on that committee, there is work going on around the privacy domain. it follows some of the european models. i hope to add these other pillars that may be wrapped into a larger piece of legislation. >> let's talk about privacy where the consensus is building. would it be based on the rules in europe? sen. warner: there are members in both parties working bipartisan, there are certain areas that are clunky, that will not alone address the issues. there are issues around rights we got to have, knowing when we are being contacted by a human being versus a bot, or putting up a geo locator if someone says they are in new york but they are in moscow. it may not be a true post where it originates. we have to have a debate about identity. how we grapple with hate speech. one way to look at this would be to have some level of identity validation.

estonia all right, they already do that. there are other ideas we have on transparency. we need to make sure for users to realize these platforms are not free. if we knew how much data they are collecting about us and the value of that, there might be new operators who can come into the market. >> does it frustrate you how limited the u.s. has been getting legislation through? the eu has made facebook be more transparent to ensure people know their data is being used. amid brexit turmoil, they have pushed through issues about hate speech. when will the u.s. play catch-up? sen. warner: i think that is a good point.

most of the technology innovation rules of the road over the last 50 years have been set by the americans, and i think we are defaulting that leadership. not only to the europeans, but a more bifurcated approach where california has taken european models to do that at the same level. america acting in the best interest, they can end up with a hodgepodge of rules. recently, australia placed extraordinarily challenging rules and regulations on content. these are issues that will be touched. if our government can step up to the task, and i think the good news is most of these issues do not fall on a partisan basis, as long as we can get focus, some members do not understand how

these platforms work, so there is an education process going along. emily: that was senator mark warner with caroline hyde. not content to wait for social media and police to regulate themselves, the u.k. is proposing its own new law. if companies like facebook, google, twitter fail to prevent the live streaming of a shooting or violent act, they can face fines, that could include penalties on managers. we spoke with tom giles and mark mahaney. >> they made a technical challenge which no company can overcome, same with youtube and the question all quality of content. emily: is it a technical challenge? or values? >> there is a technical element to it, it could be a values challenge. the facebook founder is looking for regulation, a sign of maturity.

three major risks for large platforms. competition, maturity, regulation, regulation has risen, and in terms of stocks, it puts a cap on what they can sustain. there will be extra costs. it is already in facebook's numbers, that is what led them to lower its guidance. this will be ongoing risk. i do not think it is existential, and the extreme things about having them divest, that is highly unlikely to happen. there is an advantage of removing wildcard regulatory risk by bringing in mainstream regulation. emily: there was a new law passed in australia in the aftermath of the christchurch shooting which required the companies to pay 10% of the

revenue if they violate the law. they are violating the law every day. there is hateful content that is up there. could that be material to their business? >> i guess it could be, i would be surprised to see that. maybe it will be implemented. it is a global media platform, we have never seen anything this size. one area of regulation we have not talked about, facebook accounts for 90% of social media usage worldwide. 95%, they own instagram. they should be regulated. whether it should undermine the business, that is the open question. emily: you have been walking through the potential new laws, it is dense, but tell us what different countries are looking at. >> it depends country to country. in europe you have gdpr. that puts these countries to 4% -- companies to 4% of overall revenue, fine, you have the u.k. considering something extra that goes beyond to punish these guys for failing to curb the content we saw in the aftermath of the new zealand shooting. france, a digital tax.

there are questions what it would like -- what it would look like? those things need to be seen, and what is interesting, mark zuckerberg needs to be careful what he asks for. he says we are willing, ready, we need and welcome regulation, but what kind of regulation does that look like? i do not think they are saying, fine us, take our revenue. they are saying, help us come up with guidelines, definitions to help us navigate, instead of standard for what is acceptable and what the repercussions should be when we fall short. i do not think they were talking about 4% and plus of revenue intake. emily: tom giles and mark

mahaney. softbank hiring a trio to oversee a new $5 billion tech fund, our exclusive interview next. and no longer something to be imagined in a galaxy far away, we will tell you how scientists captured the first image of a black hole. this is bloomberg. ♪

♪ emily: a major move for softbank, the japanese conglomerate with j.p. morgan to see a $5 billion technology fund focused on latin america. i spoke to the coo about this new fund and about the opportunities in the region. >> when you look at the market, the latin american market is twice the size of india and half the amount of china, it has the right technology, we are looking

at tech companies that are growing and leveraging data and artificial intelligence to disrupt traditional business models. in the first few weeks we are looking at 140 companies, way above our expectations, and the investment we plan to launch in the latin american region. emily: 140 companies in just a few weeks. the vision fund is raising record capital when dry powder is at record highs. how does softbank stay disciplined and put so much capital to work at the same time? >> i think we have been quite disciplined.

we have a clear investment mandate. we are looking for that company, that entrepreneur who has the ability to leverage artificial intelligence, leverage data, disrupt traditional models. that is broad in terms that we believe because of artificial intelligence, the level of disruption in a next few years is significant. pretty much every industry will have disruption, so we choose a winning company we can't but our -- we can put our capital and growth strategy, and basically grow. we have over 70 companies, we have invested, they are doing great. we apply the same logic and discipline to latin america. we traditionally focus on china, india, u.s., and now latin america because it applies to that region of the world.

emily: how much time will you spend on this latin america part of your job and your duties as coo of softbank group? >> we are pretty well-organized. we have a division fund, i run softbank international. most of the operating companies in the group. companies we have a majority ownership, such as energy groups. boston dynamics, sprint. i am launching a new technology fund. we are spending time in latin america but the core of my business is running the corporate group as well as the coo. we work in partnership. the four leaders in the company are able to accommodate possibilities accordingly.

we have an amazing group of people through the world that supplement us. we are busy, there is a lot of activity. we are applying the same rigor and discipline. emily: you have a big ipo potentially coming up. what are your expectation for uber's ipo? >> we try not to comment on the potential we have invested in with the ipo. we have invested in a lot of tech companies that are growing at an amazing rate. we are hoping the investment we made will be translated into great returns for the investors

in our fund, and the shareholders of those ipos. i think travis did an incredible job disrupting transportation, and a great job taking the company to another level. when we decide to do an ipo, it will be a great ipo because it is a great company. emily: you were reported to get one of softbank's uber board seats. what is happening with that? >> it is complicated. we invest in so many different companies, and we are a foreign investor, that is processed through the different agencies. to be fair, we believe in many cases because we are investors in so many areas, there is no area for us to join the board. the company is doing great, management is doing great, and they have a sizable board. emily: that was our exclusive

interview with softbank coo marcelo claure. ridesharing getting off the ground, literally. how startups are changing the way we fly. this is bloomberg. ♪

♪ emily: it is being called a breakthrough, and pushing the boundary of science. the first image of a black hole in space, you are looking at a black hole in the center of a massive galaxy. messiers 87 in the virgo cluster. 65 million light years away. up until this point, a black hole was something we'll me saw -- we only saw in simulations. it took eight telescopes from around the world from hawaii to antarctica to make this possible. to tell us about this exciting new frontier, we spoke with an experimental physicist.

what questions a six-year-old might ask a scientist? >> i think children have the best questions. the reason they are excited is why i am excited. they look at it, and it is something you would never see on earth. the laws of physics going on and making that image are the kinds you only hear about in harry potter novels or comic books. emily: here are questions from my six-year-old son, where did it come from? where do black holes come from? >> these are the best questions. this is what we talk about at an astronomy conference, where do black holes come from? everyone has their own opinions. this observation will help us figure it out. the only way to get a big lie -- big black hole is put together a lot of little things, and this is a billion times heavier than the sun, which is thousands of times heavier than the earth. a lot of things smashed together, and what we do not

know, do black holes make galaxies, or do galaxies make black holes? emily: what are the opinions? >> for the heaviest ones, one of the opinions is when these are flying around in the center of the galaxy, it is crowded, and their gravitational pull drags on each other and slows things down, and they land on the black hole. part of the reason you see this glowing orange material around the supermassive black hole is the friction of these gases rubbing together as they fly at the speed of light. rubbing together, just like rubbing your hands makes them hot. if you rub gas together, it makes x-rays and radiation, and that is why we can see it from so far away. emily: my son said, why is it so hard to take a picture? why can't you send a drone?

>> we will send a drone in their someday, i hope. this is taken with radio waves which is unusual. it is like what you see in the movies, people use sonar or radar to figure out what is going on in the ocean, it is a different kind of radiation. in this case, we use this, the people who observe use this because they can put radio telescopes on different sides of the earth. it is like how something would look if your eyeball was the size of the earth. a black hole is about as small of a thing as you can make, as far as we know from einsteinian physics. if you took 5 billion suns and collapsed them together, this is the smallest thing you could make from that. it is millions of light-years away. we think it is something small, like an airplane in the sky that looks small, or the moon looks

small, this thing is millions of times further away, billions of times further away. the moon we look at, it is a half a degree across in terms of angle, but it is hundreds of times further away from the earth than it takes to get from l.a. to new york, if you do that trip 100 times, that is about how far away the moon is. you would have to do that hundreds of billions of times to get as far away as this black hole is. emily: finally, back on earth, you can take to the skies in a new way. private flights were once reserved for the rich and famous, but all you need is a smart phone to hitch a ride with one of these aviation startups.

imagine you want to take it -- take a quick flight, instead of shuffling through security lines and navigating terminals to board a commercial airline, you can opt the private flight experience with the touch of an app. two startups are pushing a private flight industry forward. >> we think of ourselves in the same vein as the on-demand transportation companies like uber or lyft. we are a journey that goes farther. emily: blackbird is focused on the 5200 mile journey. that recently announced a $10 million funding round. it is backed by enterprise associates. >> aircraft is utilized for 1% to 2%, and it is an expensive asset. when you can advertise the cost basis, and enable a lot of pilots who want to fly, you really create a flywheel.

emily: valued at $1.5 million advertisers semiprivate flying with not so private fares. other private aviation companies offer the private flight experience by putting passengers on private jets. other companies put passengers on empty legs of private jets. >> what i see is a lot of technology minded people who think with the right algorithm you can make money from inefficiencies in private aviation. you have big players in the industry, they are operating on schedule. emily: like established commercial airliner delta offering discount flights. >> on the other side you have

the technology component. the non-aviation crowd. that is not to say this is a business that can grow leaps and bounds, it is just to date we have not seen the regulatory regime keep up with a lot of tech innovation. emily: faa guidance for bids private pilots from profiting. blackbird pilots are commercially certified and own their own plane, keeping the startup cost low while meeting faa regulations. charter flight industry in the u.s. has grown 2.6% in the last five years to reach revenue of $25 billion. tech startups want a slice of that market. that does it for this edition of "best of bloomberg technology." we will bring you the latest tech throughout the week. tune in every day. we are live streaming on twitter.

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