YouSaid · the spoken record

Dan Ives

lines on the record: 37
first: 2020-09-22
most recent: 2020-09-22
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Yeah, it's hard to remember a better IPO market in tech and internet specifically. We will enter an incredibly busy fall and I think because of the way we're seeing the market behave, we're seeing more and more people get ready to be public early next year. And so anticipate a really healthy pipeline of high growth compelling companies.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“We think about the capabilities that a social media network brings to an acquirer, we're probably most focused on a few things. First is the scale of the audience, which won't surprise you. And second, and I think of unique focus in this environment, our product capabilities. And so properties that have real traction around a video product and any properties that have the capability to help people sell socially, I think are going to get more and more focus and traction.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“I think one of the fascinating things we've seen is that investors' expectation for revenue this year is dramatically down. And so if we look at the large public companies, investors' expectation for their revenue in 2020 is down anywhere between 5 and call it 20%. That's also true of private companies. That said, all of their valuations are up. So stock prices of large public companies and social media are up anywhere between 30% and 100%. And so we see acquirers adding cash to balance sheet in a really healthy financing market. And I think more and more open to strategic M&A. We also see less traditional buyers, more and more focused on the engagement of best-in-class social media properties. And so we expect this space to continue to be one of tremendous focus and more activity in M&A.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“So, obviously, the larger tech companies don't really have need for financing, but how has this whole trend affected social media clients when they look at deals and particularly in terms of funding for some of the smaller companies?”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Yeah, it's a great question. We see two things. We see social media properties really reacting to changing behavior through product. And so we see that both on the engagement side around consumers, but also in how they're interacting with businesses and small businesses in particular. And so on the consumer product side, we all use video quite a bit more. Facebook launched a large product that lets you chat in small groups on video that's seeing tremendous traction. We also see many social media platforms launching more capabilities for small businesses to sell and interact with customers as we're not walking into stores. We all know that a third of US businesses don't have a website. And so in this moment in time, we see more and more small businesses on Facebook or Twitter or Pinterest or Snapchat turn to those engagement mechanisms.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Of a property like house party, which is a social network that's entirely video based traffic on house party group 80% over that same period from January to March. So obviously we've all spent a lot more”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“A great question. Does COVID hit? We saw much of the world's behaviors change dramatically. All of us shifted our daily lives and our work lives online and social media is no exception. It won't surprise you that large social media properties like Facebook saw traffic rise dramatically. If we look at traffic between January and the end of March, Facebook's website traffic, for example, was up in the high 20%. But we're also seeing this behavioral shift impact social media properties that have really specific attributes. Think of a property like Nextdor, which is a platform that connects neighbors. That platform grew 70% in traffic between January and March, and we're seeing neighbors do things like deliver groceries and medicine to each other, discuss how to support digital school efforts in their homes, and anything that does video in the social media world has had a dramatic rise”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Lot more, and you started to see how monetization could go from eight on a subscription model for music to 54 online karaoke and then jump all the way into the 200s. So that's the disparity in how money would be generated by these platforms by people who tip. It's a very unique culture, but then it's spread onto games. You started to see that with game live streaming. And I think you started to see that behavior really pick up in the US and the rest of the world with what you saw on Twitch. And in the rest of Asia, we started to see the manifestation of that in a general entertainment category in the red tipping also picked up. The tipping does, there's certain countries, it doesn't work in certain countries. It has been embraced quite well. And of course in China it is very well accepted as a way to monetize the user base.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“We always faced in China's price point to maximize revenues. And when you take that into account and factor in the growth in the economy and growth in incomes over a three to five year period, it becomes that much more complicated. The simpler way oftentimes to monetize a user behavior-based user behavior is to introduce a big business model. And we've seen companies that were reluctant to do that in the past. Even they would go down the path because it is a very effective way of monetizing a user base. You're not spending a disproportionate amount of time trying to figure out what the right price point is going to be to max the revenue. You just go with the flow and oftentimes that works out to be the easiest. We've seen that tick on dimensions that are different. We've seen very successful online karaoke models like Intense Music. And they even bolted on a live streaming model to be the general category, which allows them to do a lot.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Obviously, one of the things that's important to the long term success of these platforms is the business model. How does the business model for social media broadly in Asia compare to what you see around the world? And one thing that has been somewhat unique to China is the tipping culture that's developed there for people that maybe aren't as familiar about it. Could you explain it and sort of how that helps support the ecosystem?”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Continue and that behavior will stick on, but it doesn't mean that it'll be of the same propensity or the same usage pattern that you saw in the past. You must also remember that what also starts to matter when it comes to some of these apps is price points for data consumption, because it's not always that you want to use your video app. And I'm equally a culprit of that behavior because I often turn my video onto the Wi-Fi and avoid data charges because they can be quite high when you're watching videos. So that's the user behavior change that you need. So it tends to be centered around your home. But without doubt, there's live streaming that's gaining popularity. Other than that, we haven't seen anything else that is taken off in as magical a way as short form video has.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“The other thing that is being popular in China for a long time and then is gaining international popularity has been live streaming. And live streaming, which we still always wonder why was so popular in China, didn't gain the traction during COVID gained a lot of popularity. If you're stuck in your apartment in Singapore and can't go anywhere, then there is a reason to believe that you would be subscribing to some of or watching some of these services. So live streaming gained popularity, and it was quite widespread to the extent that even the US, we started to see both these apps move in. Now, that appears at this stage to be something that is capitalized on COVID with a user behavior that gets established because the key thing is that, yes, once you try certain apps when you're stuck at home, there is a possibility that you will continue to behave a certain way, even when you go back to work. So we've seen some of that traction, some of that attractiveness to a certain app.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Other than short form video, though, are there other forms of social media that have been on your radar as growing technology as people return to relatively normal lives in Asia? Is there anything that that potentially tells us about what to expect in the rest of the world as hopefully we get to that same place”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“When you view it afterwards, there's no complexity, nothing gets wasted, it doesn't look like, for example, when I'm watching you right now, I see most of the screen is blacked out. But if you are looking at a TikTok created video, it's actually a perfect fitting of the way you're looking at a smartphone. So we've started to notice that instead of the behavior that we used to have in the past where we would turn the phone around to watch something now with TikTok, you don't even have to do that. So even that little motion has been taken away. On the content creation side, I'm not 100% sure I can say that it's much easier. I wouldn't vouch for that, but no doubt when you've got that social engagement going and the monetization that's been working on the back of that, then surely that is what would attract more and more people to the platform.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Well, that's a great question because we haven't seen such success with an app out of China in the past. So you've got to look at something that they had done that is so remarkably unique and attracting attention. So we started spending time analyzing the app itself and trying to figure out what was different. So without doubt, the usage was very, to use the app.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“So, one of the ones that is one of those platforms that has obviously risen to an incredible level of prominence in people's minds has been TikTok, and they have clearly benefited from this growth in short-form video consumption on a global basis. In your view, why have they been the ones that have been so successful in expanding internationally? And do you see that kind of success happening with other companies in China?”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“So, when you look at social in China has more complicated connotation because it's WeChat and WeChat has so much more to it than just moments, which is the social side. So it's a social side bolted on with messaging where they have now got channels, which is short-term video, with a social engine rather than an algorithm that drives what you should be watching. And all of that feeds into what we started to notice an improvement on a sequential basis in time spent. So the growth rates, which were down to low single digits, have now started to inch up as people are spending more time on socially promoted short-form video. So that's how the engagement of entertainment is coming back in the social realm. So that's the observation we have as of the most recent data point. Prior to this, prior to the success that we saw in Charles, I think”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“So across the board, there's this trend of declining social media consumption in Asia now that people aren't quarantined at home. But as you mentioned, the notable exception has been short-form video that continues to grow at an incredible pace. What are some of the stats that you're seeing there and what's driving that growth?”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Publish it, we realize that excluding short film video, the industry time spent growth rate was down to 2%, which is literally from the standpoint of margin of error that's next to being zero. So that's how much time spent has changed from a peak period during the crisis and during the pandemic when we saw growth rates that were in the 30s to 40s percent all the time. But that's what you should expect people to stuck at home. They would be spending more time online and try to socialize while they're online identity or otherwise. So it's one or the other. And when that starts to correct, if you look at some of the crowds that are in malls, I saw some crowds and pictures in Shanghai where people at malls and the lines are very long at stores. And you would expect this to be somewhat like where we were prior to the pandemic. So that's where we are things that normalized a lot user behavior is very, very similar to where we were previously.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“On social media, we are past the high to the pandemic. So things have almost normalized. And when we look at user behavior literally across the board, be that time spent on games, be that time spent on short-form video, which is, of course, the big winner and continues to be the big structural winner in terms of time spent. And that is really TikTok, as well as Kuisha, the two apps that have done remarkably well and continue to gain market share. We started to see everything slow down in terms of growth rate. Again, back to the levels we were seeing sometime in the middle towards the end of last year. And you should expect that we're now looking at a very deeply penetrated market where time spent, it's in a country where people spend on disproportionate amount of time on mobile phones and mobile internet. And it is logical to expect that if you start to see one or two apps continue to gain 40 to 50 percent time spent in engagement in year-onyear basis, the rest of the space will start to see a compression. So when we did this analysis and last”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“In Asia, which is obviously at least a few months ahead of us here in the US and in Europe in terms of the progress along the course of the virus, what trends are you seeing in the usage of social media? And how does that compare to the behaviors that you've seen before the pandemic and at the height of the pandemic?”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Could see a lot of the applications start to emerge, like you've seen. I mean, one example would be just how many houses are being sold just by doing virtual walkthroughs right now or apartments getting rented, college tours where you could feel like you're actually walking through a college campus because you can't come visit it. All of these things, I think, will have lasting impacts. We still have a little bit of a chicken and the egg problem in terms of getting more and more applications out there and getting the equipment to the point where it could perform at a reasonable level, but we're making strides. And I think this will definitely accelerate it.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Of you could become a whiteboard where you and your colleagues could be looking at the same thing. But you also have to think about it again. As you mentioned from a social side of it or consumer side of it, being able to talk to your grandparents or see your children that you might not be able to see as often as you would like because this has been going on and getting used to the technology and then increasingly using it where maybe you can't take the vacation you wanted, but if you want to see what the Great Barrier Reef looks like, you could put on a pair of these augmented reality or in this case virtual reality glasses and feel like you're actually there. So I do think because of the pandemic and just the isolation that it causes to some extent and the lack of being able to travel, I do think people will embrace this technology. And I think you should be at kind of a sweet spot for things like venture capital investing so that”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Overlay augmented images, whether it's you talking to a colleague or you talking to a friend, are you getting directions sent that way or looking at an image and being able to see the history behind the building you might be looking at or even simple ways things like helping you to figure out how to fix your dishwasher, you know, looking at it and letting someone see what you're looking at, someone from maybe the service company helping you so you could do some of these things yourself You've already started to see this technology be used in hospitals. So being able to allow a surgeon to maybe make a more precise incision than maybe they would have been able to make before by using overlays. And you think about, again, not just from a social perspective, but being able to do things like whiteboarding. So how we share an information, you know, instead of looking at a whiteboard, any field.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“So, if you were kind of drawing a traditional S curve, this would be the one way over to the left, but it would be one where we think you could see a big acceleration as a result of what we've been going through. So we do see both augmented and virtual reality as playing a big role in the future. And I think it's going to change even the types of devices that we're using and how we use certain devices.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“How much of an impact do you see this potentially having for things like virtual reality and augmented reality? Is this going to be the catalyst that those technologies needed to really reach mass adoption?”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“There, they've pivoted this model towards e-commerce. And I think it's been incredibly important. And you've seen the return on investment on digital just continue to prove how much more superior it is than traditional advertising.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“So, it's not surprising to us that digital advertising has had as big of a bounce back that it's had. Digital has been taking share from traditional advertising since Google was founded. And we see the shift occurring at an even faster pace now as a result of the pandemic. And I think the key here has been this has become the storefront for small businesses. If you look at Facebook, 9 million advertisers on their platform and they've got 160 million small businesses that operate on the Facebook collective platform of applications. So it has become a digital storefront and it's become the lifeblood of a lot of these businesses' sales efforts. It's a way for them to touch their customers in ways where, you know, if you had a physical storefront and all of a sudden no one could go.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“These are generally platforms like Facebook and Twitter and YouTube that are relying on advertisers to help them keep the lights on as you put it. What have we seen in digital advertisers responding to this shock?”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“Created, as you mentioned, for more of an enterprise use case or business use case, and it's quickly become something where we all use to socialize and interact with family members and friends that we haven't been able to be close with. And so it's been a big feat for them. They've reached out to partners to help them in order to make sure that the service is up and running. And I think they've learned a lot in a very short period of time. And I think this will be something that people will remember. It will be remembered as the place where people communicated during the pandemic. And I still think a lot of this behavior will stay us not having to take those 12 hour flights to do a one-hour or two-hour meeting. So I still think Zoom will very much be front and center as we move forward.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“So Eric and the team at Zoom have just done a tremendous job. And he should be commended for all the work he's done trying to make sure this technology has gotten in the hands of school districts and, you know, not charging for it. And, you know, obviously this started to happen in Asia first and making his technology available there. But I mentioned before, the work that people like Facebook and Google have had to do to keep their services on. I don't think anyone's faced as big of a challenge as Zoom has in doing just that. So again, as I mentioned, just the uptick in number of customers they've signed, it grew 6x. The number of customers that they signed was 30,000 for all of 2019, and it was 185,000 roughly for the first quarter of 2020. So this has been a monumental task. And, you know, it's been something that's been hard because it was.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“So, I think one of the most surprising winners in this social networking thing has been Zoom, who never meant to be a social network. How is a company that sort of built itself for the enterprise adapted to people using it for happy hours?”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“And a lot of this has been brought to the forefront. And I think people are looking for these platforms to take a bigger stance on making sure that the content is up is reliable, but also, you know, as people have talked about, kind of removing the bullying and the hate speech as much as possible.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“So I think it's twofold. I mean, first, it's spending as much as they can to keep the lights on, if you will. Everyone has seen really big upticks in usage of their platforms, as I mentioned earlier. So just from an engineering perspective, making sure that the services are up and running and performing in the right way, I think has been a tremendous effort on the R&D front for all of these companies, whether it's the gaming companies that are seeing a lot of growth or whether it's the social media companies. And then on the other side is the notion of, you know, kind of everything we've heard about with the types of content that people are posting and trying to make sure and hopefully increasingly doing a better job at making sure that the content is appropriate. So we've obviously gone through a lot in this country over the last couple of months.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“On platforms like Twitch, Twitch has seen growth of around 65% in hours watched of late. And if you go back to April, it was about 100%. Peloton had just become a big part of people's lives in this new world we're living in. They've seen growth of 50% of late, but as high as 483% for the month of April, which was obviously the height of the pandemic. And then you have even smaller social media apps like House Party, where they've seen their downloads in the month of April grew by 2,000%. So a lot of big behavioral changes that have occurred.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“So, yeah, you've definitely seen this adoption or increased usage of all sorts of platforms with social media if we just start there. You've seen a big uptick in engagement trends across all of the major platforms of whether you're looking at Facebook or Instagram, YouTube, Snap or Twitter. Just to give an example for those, Instagram, which is already a platform with over a billion users, saw a 31% increase in average minutes per day. So far in 2020, while Twitter DAU growth accelerated by nearly 300% on a year-over-year basis in its most recent quarters, and it doesn't just stop with social media companies, you've seen as people were social distancing and stuck in lockdown, you've seen things such as gaming or streaming video services that have really stepped in to fill the void that was created by people having to stay at home.”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT
“I think we've all seen the way our own usage of technology has accelerated during the last few months, especially as we've used technology to fill the social voids that have been created. What kind of numbers can we put around it?”
2020-09-22 · Goldman Sachs Exchanges · The Battle for Our Screens, Part 3: Social Media in the Social Distancing Age · IDENTIFIED FROM THE TRANSCRIPT