carol: and who better to talk about the future of luxury than ian schrager? "bloomberg businessweek." ♪ jason: welcome back to "bloomberg businessweek." i'm jason kelly. carol: and i'm carol massar. you can listen to us in new york, boston, washington, d.c. jason: am 8960 in the bay area and in london on digital and on the bloomberg business app. we cannot look ahead to 2019 without checking out two spaces continuing to evolve quickly, digital media and luxury. carol: first up, we have to talk about the digital space. at the summit, they dug into the price of data and privacy. >> when we think about data, we think the most important thing is that the price and value exchange has the user consent but also passes the smell test. consent can be a tricky thing. >> we as consumers, even people who are relatively tech savvy do not understand what they are giving up the whole time. >> correct. it is hard to explain what they are giving up. number one, you need to give control to consumers. but number two, it needs to pass the smell test. cambridge analytica did not.

. >> perfect person to talk about it, ian schrager. guy who shares credit for -- abt coto. washat happened in europe inusually follow, is that london, you have the aristocrats , you don't have much of a middle class. and then you have a big set in the population. unfortunately, we are heading the same way. which is why think luxury has to be responsive to that. you have the 1%, and you have another big group. what i found in the hotel peoples, is that wealthy , as much as anybody else, want to get a good bargain. if you can stay in a hotel room and get the same kind of feeling and same kind of experience that you get in a much more expensive hotel, the wealthy people would also like to get that bargain. if you can stay in a hotel and pay $200, feel is good and has the same set to entertainment mix and excitement rather than staying in the hotel you pay 10 times more, people will take it, not millennials, not people who don't have a lot of money, anybody. >> bloomberg businessweek is available on newsstands now. >> also online and our m