SPEAKER_00: Hey, everybody. Welcome back. Molly and I are here. It is Thursday. It's a big news day. We're going to cover Tesla's Q3 earnings. We'll talk a little bit about Kevin Hart's new venture firm. He got JP Morgan to pony up for heart beat ventures. Get it heart. Yeah, I have an heartbeat. We it's Thursday,

SPEAKER_04: Molly. So we all know what that means.

SPEAKER_05: We got Lionel Messi. But more important, it's Thursday. We don't have Lionel Messi on the show. By the way, he also is getting into the investing game. But we do have Lon Harris on

SPEAKER_09: the show for just the best segment of the week. In this case, we're breaking down Netflix's Q3 earnings report super deep on Netflix is coming ad supported business. And I

SPEAKER_05: don't want to give you any spoilers, but glasses.

SPEAKER_11: The glasses. Oh, man. That might be a J trade in here. Who knows?

SPEAKER_13: And then we play a new fun game. You're in charge, Lon. What

SPEAKER_16: are you going to do at DC? Yes, we put Lon in charge of the DC multiverse and said, hey, how

SPEAKER_00: would you fix this train wreck? It's got an interesting answer to challenge the MCU dominance in the superhero space. It's a

SPEAKER_17: really fun, informative show.

SPEAKER_21: It's wonderful. Stick with us.

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SPEAKER_14: Tesla put up big fan of the cars, big Q3 numbers. But the stock is down over 6% so

SPEAKER_09: far on Thursday. It sounded like the vehicle deliveries were up the massively. What was the hit here? There was something the revenue was down. No, I think there was something

Jason Calacanis: was like a minor miss. I think there's like some minor miss out of the numbers. But when

SPEAKER_25: you look at the numbers, they're truly extraordinary. Revenue up 56% year over

Chamath Palihapitiya: a year is just insane on a big number. But that was slightly under, I guess, some

SPEAKER_29: expectations. Vehicle deliveries went up to 343,000. That's up 89,000. I don't know what percentage that is.

SPEAKER_09: I see. So it was a, it was a, a revenue miss in terms of analyst. I was trying to figure out what caused that. Okay. I know, but I'm just trying to figure out there was some reason specifically that was given for the fact that even though revenue was up and vehicle deliveries were up, the stock was down and that's apparently what it

Chamath Palihapitiya: was. Maybe. Yeah. You know, even, you don't even know in this market, like sometimes there's shorts covering, sometimes there's people moving. Sometimes people are, um, locking in

SPEAKER_00: wins for the end of the year. So I, it's like a lot of the movements in the market are not making sense. Like when you see, and people are, I watch CNBC. It's hard times. I don't was having a hard time explaining why certain movements are happening.

SPEAKER_09: Yeah. I mean, there's always like a pretty idiotic correlation between like, well, it wasn't what analysts were expecting. And therefore the stock was down, even though

Jason Calacanis: it was an amazing performance, that is a, an extremely common story. And that seems

SPEAKER_09: to be what was playing could be out here. However, I mean, the fact that what vehicle

Jason Calacanis: deliveries were up, uh, 89,000 year over year, right? Automotive revenue was up 55% year over year, considering the supply chain issues. That's strong.

SPEAKER_43: So this is a website called app economy. You can follow them on Twitter economy app.

SPEAKER_36: They make these, I don't know what they, what are they, do you know the name of these charts?

SPEAKER_47: I don't know. They're just these beautiful like ribbon, like a ribbon chart.

David Friedberg: Let's call it a ribbon chart. I like that. Yeah. It's like a ribbon because it shows it's almost like a stacked bar chart, but then they rip it apart. It's like a shredded ribbon chart. I just love

Jason Calacanis: these. They're just amazing. And they show you like, they just do such a beautiful job of visualizing

SPEAKER_09: things that are in an earnings report that people don't understand, like the cost of revenue, the operating, you know, it's like, you see this, you see revenue, and then you see it broken down

Jason Calacanis: in gross profit, operating profit, net profit interest, how much they pay in taxes, what the operating expenses are. If you can see me, I'm making the ribbon moves. It's how much they spend on R&D. Like it's just the most informative. Yeah. Sure. It's incredible. Well, we always talk about

SPEAKER_00: building a mental model when we invest in companies and building mental models of companies like when J trading, and you look at this, you know, the the ribbon in the middle, this is gray bar. So just visualize a gray bar that says revenue 21.5 billion. Now to the right of the bar, they start talking about what costs what's profit. So you just break the bar in half, the bottom is cost of revenue 16 billion or so. And then on top gross profit, like we were talking about just yesterday, when we were doing some professional development, you got 5.4 billion in gross profit. Okay, now you break that top part, the gross profit bar into two parts, the red operating expenses. And the operating expenses break down to SG&A administration kind of stuff. And then you have R&D, right, research and development. Then you have operating profit. So you break gross profit after you know, just what is the cost of selling the car of making the cars, but then it's operating profit. So if you put in the operating expenses, SG&A and R&D into it, okay, now you got an operating profit that goes down to 3.7, right 5.4 to 3.7. Then you go to the net profit, because you have taxes, they got to pay some taxes, and they got some other expenses, perhaps interest, depreciation, whatever it is. So the net profit 3.3 billion, that's actually the cash, I think that goes into the bank account. This is becoming, and

SPEAKER_57: he always said this, you know, and I guess sometimes people don't take Ilana's word, but he always said

SPEAKER_00: like, you know, that these factories, if you if you do start churning out cars, your fixed cost factory, and then, you know, you keep selling cars, the margins could get quite high over time. I remember him talking about that in the Model S days, which were a trickle. It could be investments

David Friedberg: and other things in this net profit, obviously, but they're talking about doing a stock buyback,

SPEAKER_35: I guess, which could also be creative. Yeah. So this is it's interesting. By the way, one of the note, he says it's called a Sankey diagram. Crispin Zamsky says it has a name.

SPEAKER_67: Sankey. S-A-N-K-E-Y. I like S-A-N-K-E-Y. Sankey diagram. Yeah. I'm looking at that right now. I'm gonna call it a ribbon chart, but thank you for the actual term. But what is also cool is that to

SPEAKER_09: the left of the middle line, the revenue bar, you get this actual breakdown of revenue, because people always talk about, well, where is it coming from? And then you get this very specific thing that you can pull apart into other super interesting nuggets like Tesla's making over a billion dollars on energy generation and storage and $1.6 billion from services. Like, what is that? I mean, from a journalistic perspective, it's so interesting to just like dig into, oh, okay, so what's the $300 million from regulatory credits, a little over half a billion from leasing. Like, it's just a, it's, I don't know, it's informative in a way that is, that I have not seen before. You very quickly understand this. By the way,

SPEAKER_71: very quickly, the Sankey diagram seems way more complicated than our beautiful ribbon chart here.

SPEAKER_72: Well, anyway, just to give you some history on the Sankey, because I always wonder where, what is the origin story of these things? Um, take a look at this. I'm going to pull up something

SPEAKER_43: for you. This is the original Sankey chart. Both the Greeks and the Irish, as you know, Molly, are responsible for a lot of the great innovations we now, uh, flourish under in society. Uh, and I'm Irish, uh, and Greek and Swedish. So shout out to my Irish and Greek heritage. There are Sankey charts, Captain, uh, Captain Matthew, Henry, Phineas, rail. Sankey got enough names there, Matt. He created first, he first created the chart in 1898, representing steam engine efficiency, using arrows, having widths proportional to heat loss. The original charts, black and white, displayed just one type of flow, for example, steam, while using colors for the different type of flows of the diagram, additional variables. Another famous Sankey diagrams is flow map, overlaying a Sankey diagram into geographical map

Chamath Palihapitiya: known as the Charles Menards map, representing Napoleon's Russian campaign of 1812. I'm not sure the one we're showing here what that is. Uh, what do we think that one is, Nick, if we can pull it up? Is that the, that one one or is that? Apparently is the geographical one, I think. Great. Awesome. I mean,

SPEAKER_75: this is just a very interesting concept. So we all learned something here today. Sankey charts and I was

SPEAKER_43: online and I found a Sankey diagram, uh, generator. You can just type in Sankey diagram generator and go ahead and make your own. I am into these, man. We have to start making our own.

SPEAKER_76: I want to make one of these for the, for the Snyder verse, uh, for the DC verse. We should make this for the DC verse, right? We took all Marvel movies, all DC movies. Yes. You stack all Marvel movies, and then you have one way go by ratings and one big go by, um, reviews, Metacritic reviews,

SPEAKER_00: and the other way you do proportional to, uh, revenue generator or profit loss statements on them. Very interesting, uh, way to look at it, but I'm going to get a Sankey down here. Yeah. Yeah. So anyway,

SPEAKER_59: congrats. It's only going to get better. I think. All right. This is a really important

Chamath Palihapitiya: chart that people are talking about. Um, what you see there is, uh, essentially a hardware business that's got incredible, uh, margin power, the blue on this chart. If you're looking at it, the 6.8 billion compare is the operating expense that's selling, uh, general and administrative expenses. And then you have the total revenue. And what is happening here is they've been able to control costs while increase revenue. And as that happens, uh, you become a money printing machine.

SPEAKER_29: Now people didn't believe that because Tesla lost money for so long, uh, starting a car company is

SPEAKER_59: like having a, um, a money furnace as, uh, Elon has referred to it. But once you do get all those

SPEAKER_81: factories up and running and, uh, you figure out the batteries and, uh, you don't spend any money on advertising. You just have the most followers on Twitter. You know, it looks like this business

SPEAKER_62: has quite a margin that people didn't expect. I mean, this is, if, if you are not watching,

Jason Calacanis: this chart is pretty bananas. What we see is that between 2017 and Q3 of 2022 on an annualized basis cost, you know, doubled, right. Cost to operating expenses effectively almost doubled from 3.9 to 6.8

SPEAKER_09: billion dollars, but revenue adexed. Like it's the idea that you would keep costs that flat in terms of factories and production and making cars and have your revenue line go up and to the right is

Chamath Palihapitiya: actually bananas. I would love to see this for Apple over time, you know, their revenue versus,

SPEAKER_81: you know, uh, their operating expense, very interesting chart to see. So maybe we can.

SPEAKER_91: Yeah. Pull that up. We'll tap dance a little while we look for that. Well, no,

Chamath Palihapitiya: I would have tap dance. I think just since it's earning seasons, I'll just challenge my producers. Uh, you know, yeah, we're not buying everybody Bloomberg terminals for just one. We just know,

SPEAKER_29: but I think we can do this with Y charts. Y charts gave us an account, uh, at some point. So thanks to our friends at Y charts. I think Y charts, we might be able to do this. So we should see if we first, uh, producers can recreate this chart in Y charts. Like if we look at Tesla and we can recreate this chart. I'm not sure who made this chart, but then we should, we can recreate this chart for them. We could just do this for every company,

SPEAKER_81: what's going on here. Right. Cause, uh, I guess the other argument here is, well, maybe they should be spending more money. And if they did more advertising, would they sell more cars? Well, obviously their production constraint, and I don't know if they can spend more money on

SPEAKER_29: factories. I mean, my God, Lord, those things are expensive to build and they built a lot of them.

SPEAKER_81: So yeah. Yeah. And a big part of the story, I think is also exporting and manufacturing in China. So I think very few companies, except for Apple and Tesla have really figured that out at scale. And

SPEAKER_57: that seems to be a big part of the story here too, from what I gather from the information I see on

Chamath Palihapitiya: Twitter, the great job to the team at Tesla. Yeah. Congrats. All right. And I had asked our, uh, producers there, Molly on the fly to show us Apple's revenue plotted against their operating

SPEAKER_59: expenses, uh, in their most recent quarter. And you see a similar story. So the great companies in the world, it seems, uh, Tesla, and, uh, you know, here, uh, and thanks to our friends at Y charts, uh, for providing us, uh, a free account. I probably should pay for it instead of giving this free ad. In fact, let's do that. Y charts for that. Yeah. What am I doing here? Y charts sponsor the show? Uh, anyway, here's your Y chart, uh, 43, what does it say there? 43 billion in operating

Chamath Palihapitiya: expense. And what's the top line Molly? The top line is 365 billion. Great. And when did it bifurcate and you started to see this money printing machine emerge? Yeah, right around for those of you who are not

SPEAKER_114: watching right around 2005, which ironically was a couple of years before the iPhone introduction,

SPEAKER_05: the iPhone was introduced. I always remember this, the same year that my son was born 2007. I think of them as almost the same product in many ways. Um, but you start to see that's when you really, though, just a couple of years after that, right around 2007, in the middle of that 2005, 2010, is when you really start to see this rocket takeoff. And there was a product. Remember,

SPEAKER_117: there was a product right before the iPhone, known as the iPod. And I think the iPod was the

SPEAKER_119: beginning of Apple having a truly mass market phenomenon. Remember, before that, when you're seeing this very like a really terrible business from 1985 to 2005 20 years of like brutality of this, like operating versus top line revenue. It was just, you know, barely, you know, a little sliver

SPEAKER_124: there. They found a new product category, consumer electronics, Sony's business. Turns out computers were not a good business, but consumer electronics, a fantastic business. Yep.

SPEAKER_118: Yeah, like just absurd. So then we have a chart that layers over the Tesla line that we talked

SPEAKER_05: about. Yeah, so it's up on screen right now. So if you look, if you're watching us on YouTube, yeah, exactly. You see these red colors that represent Tesla, and you start to watch this line, start to follow a pretty similar. Actually, there's even like this identical kind of little, I don't know, mini spike and then a flat a plateau, but then followed by an immediate takeoff like these these lines, you see, you see Nick moving his cursor over it like crazy here showing us this is the line right there. That's that is almost identical to the Apple line. Hmm. That's fascinating. Yeah.

SPEAKER_114: Like that's really impressive. That is a really interesting good job, by the way, producer Nick. Nice work. Like that's exactly what we wanted to see. And when you chart, when you plot those against each other, and you see how similar they look, it's pretty fascinating.

SPEAKER_130: Pretty fascinating. Well done. Listen, founders, very important. If you're in SaaS,

SPEAKER_119: or you're in services, and you store customer data in the cloud, you need to be SOC 2 compliant yesterday. And you don't, you might be hearing this, and you may not even know what SOC 2 is, or maybe you heard about it. You know, you're behind the eight ball. Let's get this solved today. This week, I want you to be compliant from a third party, so that you can close big deals. Do it now. Do not look like a dope when you try to close a deal. And they're like, do you have SOC 2? And you're like, uh, that long pause, that's going to be the sound of them going to your competitor. Use Vanta, which makes it incredibly easy to get and renew your SOC 2. On average, Vanta customers are SOC 2 compliant in just two to four weeks and compare that to three to five months without Vanta. And they partner with over two dozen audit firms who have been trained to file SOC 2 reports directly within Vanta. I was able to invest in Vanta. It's a great company. A bunch of my portfolio founders have used Vanta. They've had amazing experiences, they give it their highest rating. And, and let's just be clear here, if you're not SOC 2 compliant, you can't close major customers. It's that simple. It's one of the first things they're going to ask for. Here's the best part of this ad read. Vanta loves this week in startups. They want to support founders and they want to support founders early. And they don't want you to break the bank. So they're going to give you $1,000 off. Think about that. Get $1,000 off at Vanta.com slash twist. V-A-N-T-A.com slash T-W-I-S-T. $1,000 off Vanta.com slash twist. Get your SOC 2 now. Kevin Hart is,

SPEAKER_57: got a venture firm. Didn't know that. He's friendly with a bunch of my friends. Kevin Hart-

SPEAKER_133: You should have him on. Kevin Hart. You know, I haven't met him yet, but he's friendly with a lot of

SPEAKER_57: my, he's friendly with a lot of my friends as, uh, people have heard. Yeah. And, uh, heartbeat ventures took its first outside investment from JP Morgan.

Jason Calacanis: Yeah. Early stage firm to invest in lifestyle, media and technology startups focused on inclusion and supporting minority and underrepresented founders. Uh, and at an event, uh, at the event, TechCrunch Disrupt, Hart said, quote, this is not a Kevin Hart machine that Kevin Hart stands in front of. And I said, it has to happen and there's no other way. He said, this is a table. This is a table where we sit and talk, we ideate and we come up with the best possible ideas. That's something I've done very well over the years. I've aligned myself with people who have done it right. And that's how I learned.

SPEAKER_29: Fantastic. Great. Interesting. Looks like he's done a massage therapy device called thermobody. I haven't heard of my

SPEAKER_79: electrolyte beverage. Bright Fox and social food ordering platform snack pass. A lot of consumer goods there.

SPEAKER_29: Mm-hmm hard to make money from those. But with the celebrity behind him, that is when you put an

Chamath Palihapitiya: influencer or celebrity of his stature behind something like those things, those can be, that can be a true catalyst as we've seen with Mr. Beast and Kim Kardashian. So while most VCs would have a hard time making venture returns from those, I think the Kim Kardashian, Mr. Beast, Kevin Hart crowd can.

SPEAKER_30: And actually we should probably point out that, that although this is not in the lineup today,

Jason Calacanis: there was also other celebrity VC breaking news. Thanks to Tim Apple for reminding me, because I meant to send this to our group that Lionel Messi is also creating a global holding

SPEAKER_09: company to invest in sports media and technology globally. Based in San Francisco, Playtime Sports Tech Hold Co. LLC. That is evidently the name. Playtime Sports Tech Hold Co. LLC. Which sounds like you remember that episode in the Simpsons where Homer Simpson decides to start an internet company.

SPEAKER_05: And they call it like hyper mega global com or whatever. Anyway, this celebrity VC thing is a thing.

Chamath Palihapitiya: Yeah. I mean, Ashton Kutcher did it right because he was actually doing the work and meeting with a lot of startups and got very connected with the angel crowd. You know, he would show up at TechCrunch 50, which I used to co-host with a previous partner over there. And, um, yeah, there have been a lot of, um, folks who have dabbled in this. Most of them don't do well because they can't put the time into it and

SPEAKER_00: they pick things, um, that don't have venture margins and they, they just are not in the categories, like marketplaces, SaaS, FinTech, where money's made and their deal flow circle might be friends of theirs and entertainment as opposed to, you know, actual, you know, more coming out of the startup

Chamath Palihapitiya: incubator, you know, machine. So you just have to be, I think, careful that these folks are paired with, just like if I was going to go into entertainment, if I was going to do a reality

SPEAKER_00: show, which, you know, I've talked to people about, you know, it's one thing to do a podcast,

SPEAKER_29: but if I'm going to do a reality show, hopefully I have some reality partners or a distribution partner who understands that has some domain expertise. So I think the reverse is probably

SPEAKER_09: true here too. That's what I wonder, like, is this a case of, is it, is it, and, or could it be a case of celebrities getting pulled in, you know, to become a name for something that they don't, I don't want to be demeaning, totally understand. I don't know. It's sort of like, I feel like the Kim Kardashian PE firm, I get, and she, they get it. And there's a, there's a precise strategy. The idea that it's just like, it's Lionel Messi. So it'll be like some sports tech stuff is like, is he just the name here?

SPEAKER_00: In some cases, you put a name and then an existing team. So remember, Carmelo Anthony had a venture fund. And I think what it was, was Carmelo Anthony, plus somebody who was a legit person in venture, come together and do it. Kevin Durant had something going Andre Iguodala does. Now, in some cases, like Andre Iggy has really started to learn, um, you know, the craft of investing and is doing the meetings and that kind of stuff. Right now with Kevin Durant, I'm not sure he has the time as a full time player, one of the greatest players in the world training, all that stuff to actually go do all these meetings, etc. So like maybe when you retire, it's a different thing. Um, and then a lot of times a lot of the LPs who do this are doing it to get close to celebrities and power. And so, you know, who knows what dollar amounts being put in or what the motivation of the LP is, if they're actually going for returns, or they're going for the halo, right? Uh, or, you know, some

SPEAKER_57: getting closer to celebrities, uh, kind of thing. So, you know, Iggy is an Ashton Kutcher, uh, Deli, Delivadova, who we know, who, you know, we've done deals with, like some of those folks are actually

SPEAKER_00: doing the meetings, getting to know founders, joining boards of companies, like really doing the job basically. And they just, okay, I'm great at sports. Now I'm going to be great at this. That totally makes sense to me because sports gives you a great training. And it's funny because then you

Jason Calacanis: get to something like playtime sports tech holdco LLC. And it just feels like a dressed up family office in some ways, you know, it'll be his main investment. Yeah, it's a vehicle. It's not a necessarily a venture firm. Interesting venture fund. If you raise money for his name, by the way, like I could literally just say this all day, playtime sports tech holdco LLC, like, come on,

SPEAKER_170: you gotta be kidding me. They just just call themselves playtime. One words, good launch play

SPEAKER_137: tech. No, I'm like, I will say them all forever. I will always say all of them. It's trolling them.

SPEAKER_94: So you know, it's, and I guess really the question is, if you're a founder,

Chamath Palihapitiya: what's the harm in taking some money from one of these firms? Yeah. None. What's the harm if they're your lead investor? Well, are they going to signal to people in your next round to invest? So a celebrity doing your Series A, the whole Series A, that's going to be a negative signal to your Series B. So just keep that in mind. Yeah, if you get Sequoia, or if you go to launch accelerator or Y Combinator, these are signals that there is, you know, a lot of discipline around placing these bets, you start going to the celebrity crowd, and they place a bet could actually work against you if they were the lead. If it's a small amount, everybody knows what you're doing. Yeah, you just you carved out

SPEAKER_00: some time, maybe you could ask them for tickets to an event, or, you know, they'll come to the office and give an inspiring talk, or maybe they'll give you a tweet, they had to provide a lot of value in that way. So just be careful, be thoughtful about that, right? Because what is the signaling for your

SPEAKER_177: next round? If you're a founder, I always like to think about that. Myself. That's a, that's a great

SPEAKER_09: point. Like, I would get excited if I saw that Serena Williams was on somebody's cap table. But if it fell, if the entire round had been taken by, uh, playtime sports tech hold co LLC,

SPEAKER_94: I might have that, you know, like, so I think in each of these cases is different. So Serena

SPEAKER_59: obviously married to Alexis, and Alexis is a full time VC for, I don't know, five or 10 years now. So

SPEAKER_76: maybe closer to 10. So, you know, she's obviously understands what venture capital is how this works. It's not just her lending her brand to another venture firm. She obviously has a, you know,

SPEAKER_59: deep interest in it and her partner and her are probably talking about every single deal and diligence and sourcing deals. Right. So that's where I always like the, the devil's in the details kind of situation. Some, like when Carmelo Anthony did his, I never heard of anybody meeting with

SPEAKER_81: Carmelo Anthony or Carmelo Anthony tweeting about a startup or, you know, in any way taking interest in

SPEAKER_05: it in the way. Yeah, you saw Ashton Kutcher. I don't see it. Exactly. Take interest in it. Yeah,

Jason Calacanis: right. I don't see messy showing up on Shark Tank, you know, um, but that would be a fun watch. Well,

SPEAKER_190: congratulations to Kevin Hart and playtime cold cold cold sports co LLC. Yeah. Um,

SPEAKER_00: and also like you're saying that the private equity thing could be a different angle here too. So

Chamath Palihapitiya: I think if they're going to do consumer stuff like, and it's going to include the celebrity

SPEAKER_59: endorsement part, you know, this might fall into more of the Mr. Beast Kim Kardashian private equity as you pointed out. So yeah, depending on how you frame it, maybe using the term venture

SPEAKER_81: capital and it's more like private equity or influencer brand building. So family office ish.

Jason Calacanis: We'll see over time. Anyway, family remains. It can, it remains a fascinating trend to see BC and investing in general, get more and more and more mainstream. It's like yet another data point on

SPEAKER_09: on this, on this story that like our industry has arrived.

Chamath Palihapitiya: Company formation and entrepreneurship is great for society and it's a fun thing to do. I encourage

SPEAKER_00: everybody to start a company, join a fund, become a syndicate member, uh, or otherwise geek out to startups. I mean, it's kind of my life's mission is to like get involved and use entrepreneurship

SPEAKER_29: and company formation as a lens to make life more fun and better for everybody. So more, more people in the party is good. As far as I'm concerned, bigger tent. Agreed. Better party. Take it from me. Hiring

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SPEAKER_00: assume you weren't famous. And you had to pay for a verified account on Twitter. If, you know, verified accounts were available to everybody just hypothetically, what would you pay a month for that? Knowing that hey, you know, start to solve the spam brigading whatever box, you'd say, Hey, I only want my replies to be other verified folks. What would you pay per month? Do you think?

SPEAKER_45: 510 20. I'll pick three. I feel like that's a tricky question. Because doesn't that already that already pretty much exists? No, you cannot buy verification. You can't buy verification. That's

SPEAKER_14: true. But in terms of the benefits. So what is the benefit of verification? Assuming this scenario?

SPEAKER_166: I buy it. All the good people buy it. And you know, like you get the first whatever half of your

SPEAKER_00: replies are the verified stuff. And then the bottom half are unverified stuff. Or you know, whatever verified just is becomes the predominant case here. So in order, would you subscribe if you didn't have it? And if it made your made the service better? What would you pay 510 or 20 a month or

SPEAKER_09: you wouldn't pay for verification? I don't think that I could imagine wanting to pay for well, I'd pay like two bucks a month, I guess. The benefit that you've described is not that clear to me compared to what is already on offer in terms of the controls that exist on Twitter for like controlling your replies are not looking, you know, right? Okay, so if you didn't have the verified now though, and you wanted to be verified, even if you're not verified, you can still like, say you can only reply to me if I know you. Right, but verified users move up in the system.

SPEAKER_59: Obviously, we are verified users ourselves. So we get a lot more play, right? And we get that verified tab. We can see all the stuff. I'm just curious. So maybe two bucks. Yeah,

SPEAKER_43: interesting. Yeah, one or two bucks a month. Producer Nick, what would you pay to be a verified

SPEAKER_210: user? Would you pay? What would you pay? Nothing? I think verifications are lame. Okay,

SPEAKER_209: there you have it. Producer Rachel, would you pay to be verified? I'm curious.

SPEAKER_213: I also don't think I would want, I don't think they're lame, but I don't know necessarily. I

SPEAKER_215: have this theory though, that the reason I don't like verification is I think verified people are really salesy. So I trust them less. Like I don't feel like they're as authentic as non verified people. Got it. So I don't think they're lame.

Jason Calacanis: I also feel like I use Twitter more actually as a news source and less as a broadcaster.

SPEAKER_09: Interesting. So if you're just so what you're describing is a benefit. I'm just figuring this out in my head, like you're describing a benefit to me assuming that I want to be more of a broadcaster. Whereas what I value about Twitter is the ability to get like today, you know, Liz trust resigns. I'm like, Oh, my God. And I go and I turn on CNBC and I check CNN and like, they're not even talking about it because us whatever I'm like, Jesus Christ, there's no way for me to get and the only place I can go and get information from people in the UK commentators breaking news. Like, and the actual humans on the ground with the insights that I can't get anywhere else is Twitter, but that is not something I need to be verified to get. So the value to me is not in like what I can accomplish there. It's it's in what I can get there. Interesting. Okay. Yeah.

SPEAKER_222: Yeah. I would pay for all of our accounts to get verified probably for business accounts. I'd usually pay 10, 20 bucks. No problem. Uh, to get some like extra services and verify them just so.

SPEAKER_223: Yeah. And I'd probably pay 20, 10, 20 bucks. What are the services though?

Chamath Palihapitiya: I think more metrics being able to understand your followers more. That would be good too. Yeah. I, I had talked about this previously. Like imagine if you could, with your followers, send a tweet, uh, or a DM to just your followers in Palm Springs. Let's say you were going to Palm Springs. You wanted to do a meetup and you could do a tweet. Hey, Palm Springs friends. Uh, I'm DMing you. It's Molly. You follow me. You know, I'm going to be in Palm Springs, uh, speaking at this conference. If you want to join us, boom, here's the link, right? Or let's say this week in startups wanted to do that. Or let's say launch was looking to meet people in Australia. We're going to do launch Australia. The ability maybe to DM your followers or to tweet just to that subset and understand a little bit about the data. In other words, to target your audience, just like you can do with a mailing list, you know, like MailChimp. Your or some of these other convert kit, whatever. There's a bunch of different tools where if you have information about your followers or you ask them to opt in and tell you it, you could slice and dice your mailing list a little bit better. So

SPEAKER_94: imagine that same concept in DMS or in just tweets general. So you tweet and you say for my New York followers segment, right? Yeah, or your followers could say when they imagine if the file, this is another idea. Imagine if your followers and they subscribe to you, or they subscribe to me and say, I want Jason's comments about startups, the NBA, personal life, everything else. And so when I tweet, I say, Hey, this is my, this is a next tweet, or it just automatically knows that it's got next in

Chamath Palihapitiya: it. And you could like subscribe to multiple feeds for me essentially, right? Or I want these three things, but not the next stuff, leave it out. You know, some more, I think for pro accounts to

SPEAKER_59: understand their follower accounts better, because we everybody has to use third party tools to do

SPEAKER_79: this, right? We invested in one get little bird, there's other ones out there rating six, etc. Just to try to social blade, there's other ones out there to try to understand your Twitter followers. You think that would be good for a business? Would you like that?

SPEAKER_188: That'd be good for business? Yes. Yeah. Totally. I think to your point, they have a lot of other

SPEAKER_09: tools to do it. So they would have to be, you know, there'd have to be an obvious value add for it.

Jason Calacanis: That it's native or that you can do, you know, business. Yeah, absolutely. Business for businesses. Yes. This might the problem here might be that I do not yet think of myself as a business. And I

SPEAKER_94: should more like, you know, maybe I should build your personal brand, right? Like, right? Yeah, I mean, if you knew everybody who is interested in climate of your followers, right? If you could say to your followers, hey, I've got a, I'm going to talk about climate here, right? Or I have a climate,

SPEAKER_29: because they have groups now. So you start asking, this being service group. So I was kind of brainstorming around that on a personal account or a business account. How can I reach my followers

Jason Calacanis: more effectively? Because right now, you can't DM. You just blast it out. And unless they are online at

SPEAKER_09: that time, or the algorithm shows it to what what I think could solve this to on the other end, and I might be willing to pay a dollar for is the is the algorithm building the custom algorithm, like,

Jason Calacanis: just show me no matter whether I am online or not. Right? Like, it shouldn't be a chance, whether I see something when I pop on Twitter, it should be like, I always want my climate stuff.

SPEAKER_183: Yeah, you should be able to, I mean, you can hack this together with lists. I mean, that's one of the

Chamath Palihapitiya: problems. It's like, it's like saying they've made like a hodgepodge of tools. And really, yeah, that when you have spam in the system, when you have multi people with multiple accounts, it's just kind of hard to get through it. Like I find the data set that I'm going through, I'm sifting through. It's just so cluttered with bad content. It's like, um, yeah, it's like trying to find a diamond in like a bunch of garbage, like somebody threw like 10 dot Twitter to me is like somebody

SPEAKER_244: threw 10 diamonds into a garbage dumpster. You're just like, I know there's 10 diamonds in here. Why can't I find them? Yeah, good stuff in this garbage. Yeah, I don't know. I that is not my

SPEAKER_247: experience on Twitter. Like, Oh, really? Yeah. Nope. Well, I guess you curate a good feed. You

SPEAKER_45: curate a good feed. You got it. Right. And that's not my experience with my replies. Like, it's just not

Jason Calacanis: at all. Do you have your replies on? You're like describing a completely different world. And when I hear this talk about bots and spam and whatever, I'm just like, yeah, I don't, I actually don't

SPEAKER_250: you don't get brigaded anymore. You don't get that kind of, or do you have your

SPEAKER_35: replies limited? I'm certain that I do and I don't see it. Like they have enabled me to create settings that allow me not to see it. Like it's happening probably out there and I'm unaware of it.

SPEAKER_253: When you tweet, do you limit who can reply or no? No, that's interesting. No. I mean,

SPEAKER_09: I changed the settings that were like, if you haven't followed me or, you know, I think there's some settings I give you that are somewhat granular. Like if you're a new account or something, something, something. And you like, I don't, I don't see any of the stuff that you're talking about. I just

SPEAKER_05: don't. And I think the vast majority of users don't. Maybe it's because I've just been,

SPEAKER_00: you know, so much, uh, Ukraine and Bitcoin talk. I just have more brigading right now than other

Jason Calacanis: folks. I think so. My rep, because like I told you, you're a combatant in the information wars

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SPEAKER_00: and start living your best life with blue ground. Feel at home and be free to roam. It's time for this week in streaming. So much streaming news happening that we brought in our good friend, Lon Harris. Lon, welcome to the program. Thanks for having me.

SPEAKER_142: All right. What's in the news? What do we need to cover top of show here before we talk about

SPEAKER_263: the greatest show on TV, House of the Dragon? I think we've got to talk about Netflix, right?

SPEAKER_264: Like that bouncing bouncing back sort of there. Yesterday was the big comeback. They've gained

SPEAKER_266: they're gaining subscribers again. We're back in the positive side of the there. They're saying that's over. Like if you listen to Netflix's management, they're saying there was that post pandemic sort of dip and everybody got terrified. But now we're back in the black and it's going to keep expanding and growing. And so the setback is past. And so there's a lot of like newfound enthusiasm behind Netflix. And like, they're, they're not, we counted them out maybe a little

SPEAKER_09: too soon. Reports of Netflix's demise were right. We're maybe overstated or yeah, maybe premature. I believe they talk about the numbers. Yeah. Yeah. What's interesting here, Netflix up 14% after reporting Q3 earnings and showing a return to subscriber growth before I even get into those numbers, notable that they're showing this return to subscriber growth before even having launched the ad supported tier that's not even coming until November. So keep in mind, as you hear these numbers that they don't include this new, only slightly cheaper tier for last year. So they notably,

SPEAKER_276: I would just interject. They undercut Disney, Disney already announced its ad plan is going to be, I

SPEAKER_266: believe $8 a month with ads. And then Netflix came out with theirs and it's $7 a month with that.

SPEAKER_278: So they're, they're bringing it. It's a full court press at this point. I do want to talk about

SPEAKER_09: that in a minute, um, that pricing, because we talked about the pricing and you weren't on.

SPEAKER_282: So I do want to, I want to come back to that. What happened in the quarter?

SPEAKER_09: Here's what Netflix reported for Q3 revenue up seven, uh, was about $7.9 billion up only 5.9% year over year, but that was still better than expected. They were, they're getting the low expectation bounce. Uh, FCF free cashflow grew 36 X quarter over quarter to $472 million. Netflix was cashflow negative in Q3 and Q4, 2021. So that's actually the big number. I think that really helped them with that stock. Uh, and Netflix also notably added 2.41 million subscribers versus its previous estimate of just over a million subscribers. So like they two X the subscriber

SPEAKER_268: number there. Lon, what do you think happened? Like what, how, what was the juice there? Did they cut off a bunch of password shares? Well, right. I mean, I, yes. I mean,

SPEAKER_264: I think that's, that's not, that's sort of been going on in Latin America a little bit, mostly as a test. It's probably not bulk that it probably is what they're saying that the last few quarters we were seeing the impact of the end of the pandemic. So that pandemic surge was collapsing. You also had, I don't think you could overstate the, the Ukraine, Russia stuff and cutting off all Russian Netflix subscribers was a huge dip that really hurt them for that quarter. And so I think

SPEAKER_266: it's a lot of like the negative stuff that was holding the back kind of went away rather than

SPEAKER_264: something massively new and positive happened. I mean, there were positive things. Dahmer, I think is a, you know, like that was a huge show that got out there and sort of got the word out, but I think it's more that they stopped, they stopped losing so many subscribers as opposed to,

SPEAKER_283: they did something to cause a huge surge in new subscribers. The U S and Canada only netted

SPEAKER_59: a hundred thousand new subscribers. Yeah. They have 200, the international expansion still 223 million total subs. So this is like 1% more subs. And 5% more revenue. So this

SPEAKER_76: is incredibly slow growth, but there's a pulse. So I guess that's what the market is kind of thinking

SPEAKER_59: is that like, it's not over for them. And if you think the advertising.

SPEAKER_264: Conventional wisdom is like Amazon, Netflix, HBO, they, they sort of maxed out. Like there's

SPEAKER_290: maybe growth potential for your. In the North American region. Yeah.

SPEAKER_266: Right. Or at least in the, in the markets where they've been for a while, like there are still emerging places where they're growing, but Europe, Canada, U S, Australia,

SPEAKER_264: these places are relatively locked in except for the, the sort of newcomers or up and comers like paramount plus maybe still has a chance to grow. So any, any time that Netflix can still keep

SPEAKER_266: adding in the millions, it's like, oh, that's better than expected because we sort of thought they'd

SPEAKER_285: already capped out. Hmm. Hmm. But advertising's coming. So that's the really, that's the card that nobody knows. I have changed my position on this, um, a bit. Well, no, you know, I thought it was

SPEAKER_00: very much against the brand. I talked about that, but I do think a lot of advertisers really want this ad base. And I've been thinking about the global nature of Netflix and, uh, looking a little bit, just completely coincidentally, I've been studying a little bit of Twitter's global ad

SPEAKER_57: network and how people spend money there just for the fun of it, taking a look at it. No reasons really.

SPEAKER_00: Um, but there is something very powerful about having a quarter, almost a quarter billion people available. And I think if you look at YouTube's ascension and the fact that they can offer a billion people around the globe, this Netflix audience, like the high end Netflix audience, that's one thing, but the reach of Netflix is not going to change dramatically with a $7 option. I think it's going to change. I don't know. What do you think that's going to add 10% to the user base, whatever it is. I think there's another card coming. I think they're going to offer a free plan. And I think the free plan is going to be like a limited subset of the, of the shows, maybe some time delayed, but I think that they could hit a billion downloads and users for this product if there was some free versions. And I think they're dipping their toe, going to get their advertising legs under them, understand advertising. And then I think there's going to be a free version. It may not be available in the United States. It may be time limited. You can watch 10 shows, or maybe it will be like, you can only watch these certain set of shows. You can't go into the archive, whatever it is. It wouldn't make sense to time limit would be because then you would be reducing the way you make money. But imagine a free version of Netflix that was, you know, I don't know,

SPEAKER_303: three months behind the current offering. What would that look like putting it out there?

SPEAKER_306: I think that's a, I think that makes a lot of sense. What we've seen from the, the, the,

SPEAKER_264: what they call like fast now free ad supported streaming services. People love the free off the, the, like Pluto TV, all of a sudden, like Nielsen for the very first time in September, Pluto TV now

SPEAKER_266: grabbed 1% total of US TV viewing. And it's a, it's, that's Paramount's free ad supported service. So people love those. And Tubi's, you know, Fox's version has grown very quickly as well. Channel obviously had a lot of success, uh, less so with the, you pay some, and then it's offsets more money with ads. Hulu had a little bit of success with that, but that hasn't been an explosive growth category. So I think you're right. There's a lot more potential. If you let people have it for nothing, even if you give them, you can only watch season one of the Witcher, you can only watch this movie, but not that movie, or however you decide to do it. I actually think that it would have been

SPEAKER_09: smarter for Netflix to do that first, instead of this ad supported tier, because when this pricing was announced, like, I'm not very, I understand that it's cheaper than Disney plus, but the idea of getting ads for seven bucks, but no ads for 10 bucks, just doesn't feel like a very great value to me. Like it's not cheap enough to make it really worth the $3 difference. Yeah. I mean, Netflix now,

SPEAKER_264: a basic Netflix is like 15. So, so seven versus 15. It's like, you're saving money, but I still,

Jason Calacanis: I'm, I agree with you. Like the $10 a month plan still exists. Like, I'd be fine if you got rid of that plan, but you have basic with ads for seven, you have basic for 10. And then you have the next

SPEAKER_321: plan up as 15, right? Just get rid of the $10 a month plan, because that's just, that's overthinking

Jason Calacanis: it, but if you really, it's overthinking it. And if you really wanted to disrupt, come in over the top with Jake house plan and offer the free ad supported version. And then all of a sudden,

SPEAKER_76: right? Like you blow everybody out of the water. I think that is the ultimate plan Molly. I think this is, you know, when you have a culture of no ads, and we build stuff, people want so much, they're willing to pay. It's very hard for the management team to communicate that to their

Chamath Palihapitiya: internal team. The internal team is a bunch of rich people, coastal elites, dare I say, who are like, well, why would anybody not pay $10 a month to save one hour a month of commercials? Because if you,

SPEAKER_76: if you're watching an hour of network television, you're talking about 20 minutes of commercials, right? Something in that range, the TV shows were 21, 22 minutes for a half hour of content, 42, 43 minutes, I believe long. Yeah, anyway, you're looking about, you know, a third of your viewing time, upwards of a third is ads. So let's just put it at per hour, I'm going to just be conservative here and say 15 minutes of ads. Well, if you're watching for now, four to five minutes is all

Chamath Palihapitiya: they're going to do. So again, that is for elite people who value time over money. And these elite people who have, let's call it household income above 100,000 a year, something in that range,

SPEAKER_76: anybody in that group is going to say, Well, if I watch two hours of TV a day, or average Americans watching five hours of videos between tick tock and everything else, TV streamers, so you got five hours a day, let's just put that at a conservative 30 hours a week. Let's just say 100 hours a month, 100 hours a month means if you're watching network, you're exposing yourself. If you said 25% of that

SPEAKER_59: hundred hours 25 hours of ads a month. Now, let's just say you're a light TV viewer, and you're getting just but 10 hours for 10 bucks a month to save 10 hours, you're reclaiming $1 an hour. Now, some people aren't watching the ads, they're multitasking, right, it's pretty easy to do.

SPEAKER_00: But there are a number of people who don't have the incremental 10 or 15 bucks to put on their

SPEAKER_29: credit card. So they're not thinking about time arbitrage in the way a rich person does or an affluent person or even a modestly affluent person does remotely, modestly affluent home. That's why

SPEAKER_00: it makes no sense to us when we look at the $7 thing, or the $9 thing who's not making the trade of just paying two bucks a month. And having no ads, right? It's almost unfathomable to would it would

SPEAKER_329: either of you pay the lower price and subject yourself to the five 10 minutes of ads an hour?

SPEAKER_35: No, and unless they turn up password sharing, exactly. Nobody's gonna do it. I just don't I think that this plan is a loser. And I don't understand why introduce that at all. Why not go

SPEAKER_09: like and it shows that the I think that the culture is stuck in the mud, which we've been talking about, like that they have analysis paralysis, and they can't innovate from within and it would have been

Jason Calacanis: completely earth shaking to do what you're suggesting first, but that would take a boldness.

SPEAKER_00: And it would take chaos inside the company. So just to give people an idea what happens in big companies, when you have to make a huge pivot like this and do something disruptive, most leaders

SPEAKER_04: do not have the ability to say to all their employees, we're doing something super disruptive

SPEAKER_00: here. The end. They say, Hey, you know, it took them two years to just get to five minutes of

SPEAKER_337: commercials. You know what, we we're not growing, we need to get some more people involved. I'm sure

SPEAKER_00: they'll all upgrade. No, people making under 50 grand a year are not going to upgrade that you're going to be able to show them 20 minutes of ads an hour. And you're going to need to because those ads are not going to be the same ads that the top Netflix users, you know, people buying a Mercedes or going on some crazy first class holiday, those are really elite, valuable advertisers, they will not subject themselves. They'll never pick the free tier. So anyway, I would look for a

SPEAKER_339: completely free tier of all these services coming in a year or two.

SPEAKER_264: I would also add, you'd mentioned account sharing, password sharing. They are talking about that too.

SPEAKER_266: That was also part of this Q3 earnings call. They discussed, they have a new plan. They're calling, they're calling it sub accounts. So the idea is if you live in a different household from somebody, but you want to share Netflix, you can add them to your account for $2 and 99 cents a family plan. I would happily do that. And then their entire household is on your plan. So they could have sub accounts for them and they're making it easy. If somebody like, if I set my Netflix and then Jason

SPEAKER_264: and Molly, you guys are added in sub accounts. If you want to then get Netflix yourself, it's very easy

SPEAKER_343: to turn your sub account into a new main account. Perfect. So that's how they're going to try to

SPEAKER_271: make this happen. They said that they will also let users transfer their watching data

SPEAKER_09: to a brand new account ahead of this big account. Portability is genius.

SPEAKER_266: So it doesn't forget like, oh, you like Brian Murphy shows, but not John Derive shows, you know,

SPEAKER_35: like they want to keep your preferences. It is very clever and help take a note, Hulu, innovative to give people an option to have a family account, like my mom can't afford her

SPEAKER_14: own Netflix account. I pay for it, right? This is like, this is I want to support my mom in stupid,

SPEAKER_09: dumb ways like Netflix, like, let me just add this house in a different town for crying out loud or Hulu.

SPEAKER_182: Yeah, so I mean, I think I'm having this problem with Hulu, because whenever I travel on Hulu,

SPEAKER_76: irritating, if you're using an iPad or an iPhone, they're like, do whatever you want. We know that your mobile device is going to have random IPs on it. It's a mobile device. So if I'm in Austin, on a business trip, or I go to Tahoe to the ski house, and I'm using the iPad, fine. The second I put it on an Apple TV, and I'm in the home theater, and I then it's like, oh, you want to move your region? I'm like, I don't even know what that means. I'm in California. Like, yeah, no, no, no, but you're three hours away Tahoe from the Bay Area. So therefore, you're in a new region. And it's like, okay, sure, switch it. And it's like, you can do that four more times. I'm like, really? So now what do I do? I get a second Hulu account, I'm about to throw Hulu out the window and go with YouTube, because my understanding is YouTube doesn't do this to you all the time. Right. So then when it did break, you know, I started doing, I, I start taking my iPad out. Kids want to watch it. I can't use Hulu on my Apple TV. So I start, uh, what's the air casting? Yeah. Oh, airplay.

SPEAKER_173: Not Chromecast, what's the Apple version? Airplay. Airplay. So I'm now I'm now like an idiot. I'm opening my phone or my iPad and air playing to the Apple TV. I'm like, really Hulu? Like,

SPEAKER_06: this is what you're making me do. You're turning me into a hacker. I've got I mean, this, you know, of my own service that I pay for. Yeah, it's absurd.

SPEAKER_36: I'm just I'm trying to be a customer here, Hulu. And I'm thinking about throwing in the towel. Just YouTube clear. YouTube. Great. YouTube TV.

SPEAKER_06: That's what I hear. I think I'm going to move. That's what my mom's on and she likes it.

SPEAKER_59: Yeah, YouTube TV. I just want to talk about this fast thing as first time I'm hearing

SPEAKER_363: uh, this fast term free and supported street here. There you go fast. Okay.

SPEAKER_36: This is amazing. I didn't even know Pluto TV existed. This just shows you the have and have nots in society. Like this thing has got 70 million monthly users already.

SPEAKER_371: 1% of all US TV viewing in September. I mean, 1% really of all US TV views. According to Nielsen, 1% of all US TV viewing in September was on Pluto TV.

Jason Calacanis: Wow. And that, you know, it's really interesting because those are, they pop up on your like Roku, you know, I have a Roku TV, like a lot of people who don't spend tons of money on TVs have. So all of us who bought TCLs and it was a lot of us are like, so you see these services on your Roku homepage basically. And you're like, is this legal? Is this real? And then you start clicking on it for fun and you realize like there's one called Fawesome, which is free, awesome.

SPEAKER_378: And it's just like crappy, like Sharknado style movies, glory. It is so fun.

SPEAKER_380: Whatever old stuff they can license. I mean, Amazon set up Freebie, like they've had their version of

SPEAKER_264: this forever too, because they're trying to get in on it as well. And yeah, Fox held on to Tubi, which is another big one. I think another great thing about this is a lot of the time you want to watch something new, hot, like a, like a hit, like a big premium peak TV show. But there are some times where you want to watch an old movie or some random old TV show you like. And these services are great for that. Like I'd watched a bunch of the hell raisers. Cause they're the Hulu had the new one. And then I saw your tweets, there was a random old Clive Barker movie. I'd never seen called raw head wrecks. And I looked it up and the only place to stream it is like to be one of these free services. So like, yeah, they have a lot of like old syndicated crap that is not going to be top 10 most viewed things this week. But you know, if you just don't mind watching a few ads,

SPEAKER_283: it's there and that's where to watch it. It wasn't worth Netflix licensing it.

SPEAKER_390: Yeah. You know what, guys? Fascinating times. You know what, guys? What's that?

SPEAKER_392: I just feel like Netflix has an incredible opportunity here.

SPEAKER_396: J trade. I hate to do this on air. I haven't been a J trade in a month since the market's been such

SPEAKER_76: turmoil. I just live on the air after this Netflix discussion and then this Pluto success. I think the Netflix team obviously well aware of this Pluto in this fast trend. I my Lord, I think Netflix could have as many people on it or, you know, a similar, we might be thinking about Netflix and these services in a different in a in the wrong way. They're not competing with the streamers of

SPEAKER_00: old or cable channels. They're actually going to look more like YouTube. So the global reach of YouTube is what I think Netflix is destined to become. Because if Netflix was available, I just bought 200

SPEAKER_59: shares. It's like 50 grand. I've always wanted to own Netflix. I think there'll be the number two player behind Disney. And Warner Bros will round out those top three. So here's what I'm thinking. I think Disney, Netflix, and even Warner Bros Discovery, they're all going to wind up in the

SPEAKER_00: same place paid tiers for affluent homes that don't want ads and that wants them want the content live, then they'll have a mid tier a little bit cheaper, you get all the most recent stuff, no library delays. But you see a couple of ads, you know, like the five 10 minute ads, and then there's going to be delayed content. You don't get Lord of the Rings this year, you get it next year. So if you want to wait, that's fine. But we're going to pile on the ads, or you're two weeks behind and then some number of people I don't want to wait two months or whatever. So now I don't know about Amazon, I don't consider their streaming service like hard to under it's hard to understand because I think they look at it as a way to keep prime subscribers. But I think it's Warner Bros Netflix Disney now and I want to own the whole category. I was gonna say your portfolio strategy is cage match. Well, my portfolio strategy is I think there's going to be like three winners three or four winners here who are going to win so big that all advertising the loser here is network television. Because what why do I want to set up an antenna? I want to do this on my phone. I want to do it on demand. I don't want to. And I think you know, if you're, if you're looking at us before we, uh, when we were in our younger years and maybe didn't have as much discretionary, uh, income, we would have all watched just network television instead of paying for the stuff, right?

SPEAKER_155: And we would have like, we used to wait for movies. We didn't do pay-per-view in our house, so we waited for it to be on network television, right? Like that was, well, you know, I had HBO

SPEAKER_307: for a few years there, but yeah, we all didn't grow up so elite lawn. Sorry, silver spoon.

SPEAKER_166: Right. But anyway, I, I just think, you know, there's like, there were those three tiers. You waited for network television. If you had no money, you might've had a cable subscription and had HBO

SPEAKER_00: if you had a little bit of money, right? And then you could do pay-per-view if you were loaded and you're like, yeah, why wouldn't I pay 30 bucks or 40 bucks to watch this movie?

SPEAKER_414: Yeah. I didn't know. I didn't know anybody who did that. And I didn't know a single person. We've got that again. You know, now you can pay $20 and watch anything that's in the movie theater at your home. It's true. I've done this a couple of times.

SPEAKER_418: I've done it a couple of times. I've done it a few times too. I mean, you have kids like, and something's there, but you know, it's cheaper than a movie.

SPEAKER_00: I didn't feel like going to it. My kids, my kids, this is, it gives me hope. My kids would rather wait a couple of days to go to the movies than watch it tonight.

SPEAKER_424: Yeah. I love the movie going experience more than the immediacy.

SPEAKER_426: I was like that as a kid. I love going to the theater.

SPEAKER_427: My kids been going to the movies. Yeah. It's a real thing. I may have to buy some AMC today. There might be another J-Train coming. I was going to say, the movies are back.

SPEAKER_266: I think we've kind of overstated, I think it's cable and broadcast and satellite. That's all going away. I don't think movie theaters are ever fully going away. People like going to the movies. I think there'll be fewer of them. Especially young people.

Jason Calacanis: The movie can become the new social event like it used to be. Do you ever watch, like all the kids are re-watching Seinfeld? You watch, re-watch old Seinfeld. You realize like pretty much all they ever did was go to the movies.

SPEAKER_371: That's like, if you were on a date in the nineties, what were you going to do? You were going to go see a movie and grab a plate to eat or something. Yeah.

SPEAKER_35: So then if the kids today are reliving the nineties and they are, and then the movie theater is their new social event, then all of a sudden movie theaters, yeah, they could be on the upswing.

SPEAKER_266: I also think we're, we're already starting to see this happen. Like they bring Avatar back for a few weeks and it becomes a huge hit again. I think theaters are going to,

SPEAKER_264: it's going to be like a half and half. Like here's the theater that's showing Knives Out 2 or the hot new movie. And then there'll be, here's the theater showing Gremlins 2 or Back

SPEAKER_266: to the Future or Star Wars Marathon. Or like, there's so much stuff you can get people and event ties going to the theater beyond just, Hey, there's a new, you know, George Clooney

SPEAKER_264: movie out, come see that one. Like, I think there's a lot of stuff they could do to, especially

SPEAKER_450: like the minions, you know, making it an event, everybody dressed up to go to minions, you know,

SPEAKER_264: you kind of, you know, imagine like man of steel two gets announced and then like, we're going to bring out man of steel one for an exclusive week with like, maybe with some

SPEAKER_451: extra clips, put a couple extra clips in it, you know, that's where I would, that's where I'm in.

SPEAKER_09: Yeah. I would have paid several times in a row to see, OG Top Gun in the theaters in advance of Top Gun 2. That's what I mean. That's exactly what I mean. Like when Maverick comes out and is blowing up

SPEAKER_266: and everybody loves it, be like, Hey, we're going to devote one of our screens to just showing classic Top Gun for the rest of the movie.

SPEAKER_457: All right. Well, speaking of movies, we should call some people. Yeah. Speaking of movies, I'm trying to make a transition here. It's going to be a busy season this fall.

SPEAKER_76: My kids are a little excited because Black Panther 2 is coming out. They really want to see that. They're into Black Panther and General Zaslav continues his reign of terror. He said, did he not that he needs a Kevin Feige, is that how you pronounce it? He needs a Kevin Feige, which by the way, just side note, the Kevin Feige shout outs in the

SPEAKER_182: fourth wall of She-Hulk was brilliant. Oh, you're doing the She-Hulk finale. Yeah. Mike, my daughters loved it. I'll put that aside for a second.

SPEAKER_166: Uh, what the hell's going on now? He, he's, he's done it. He came in like General Zod, he said, kneel before Zod, and then he decapitated DC. What's going on?

SPEAKER_264: At this point, like they basically, whether he cleaned house or they left on their own,

SPEAKER_266: like WB film division is, it's going to be totally different. Like Toby Emmerich, Walter Hamada,

SPEAKER_264: all these, all these big guys who were running the show over there for many years are gone. Uh, Walter Hamada is the one who he exited. We kind of knew he's been the head of DC films for

SPEAKER_266: the past four years. Uh, so we cut, so Joker was under his watch and, uh, the suicide squad that James Gunn won. He's one of the producers on black Adam, which comes out on Friday. Uh, so he's out and he was kind of the last one of that regime that was still sticking around.

SPEAKER_264: So they're saying now, instead of having this system where there's Zazz lab, and then there's a team at DC comics, and then there's a team at Warner brothers films, and they all have to agree about what the movies are going to be and what the plan is. And they're coordinating. They're like, we want to do the marble version, which is just one guy. There's one guy. He makes all the decisions and basically runs. Or gal. It's going to be a guy. Don't kid yourself. It will probably be a guy, but you are right, Jason. This is not happening. Uh, one person who's going to basically shepherd the entire brand. So everything from type.

SPEAKER_09: Right. Everything from there's a direct quote from like this guy's, I mean, like you said, whether he was fired or left because he knew there's a literal quote from this AB club article that says Zazzlav apparently came into the job with an eye on firing Hamada seeking to replace him with, well, quote, a Kevin Feige type. Is it Feige or Feige?

SPEAKER_278: I believe it's Feige. I believe you say E on the end. I'm pronouncing it. I'm giving him credit for the E. I'm with you. I think you say Feige.

SPEAKER_473: It's a good E. It sounds better.

SPEAKER_307: It does sound better that way. And Paul Feige is already a Feige. So I like a Feige. All right. Is Black Adam a good movie?

SPEAKER_266: They're having a hard time finding. They've already tried to hire like three people for this job and

SPEAKER_475: nobody seems to want. Exactly. And Joker had two Oscars. Like what was wrong with Hamada? Why?

SPEAKER_264: Why? I think it's more organizational. It's like they don't want film executives and comic book management and all these studio heads and all of them trying to collaborate and come up with one plan they want to do. It's that single reporting structure. It feels like what he's been able to do with Disney plus and with the MCU films and with even Marvel comics in some ways is like unify it all. It's like it's one hive mind now and they can coordinate better.

SPEAKER_182: I just got off the phone with General Zodlov and he's giving me permission to pick the next head.

SPEAKER_76: I picked you. Let me ask you now. Take a moment. You're now in charge of DC Comics. This is a little role playing here because I'm a major shareholder of Warner Brothers, as you know, and I used. Okay. So you're in charge and you're looking at this collection of assets. We've got the Snyderverse. We've got the Todd Phillips verse and we got the RPAT verse and then we've got whatever the hell is

SPEAKER_484: going on with the arrow and all those shows over at the network nonsense selling off CW so they don't

SPEAKER_00: they're not going to own that anymore. So which of the those are three directions and there's obviously other directions you can go. How are you cleaning up this mess? What is going to be decanonized? What is

SPEAKER_201: going to be the core? Who is going to be which actors and which characters are your core?

SPEAKER_264: I think that what we've learned over the last few years and it's very counterintuitive. I think the idea that DC has to do exactly what Marvel did is wrong. I think DC has been kind of going its own way and it it's been working a lot of the time, like not all the time, but like Aquaman, massive billion, 1.2 billion international, incredibly huge hit. Joker, not only a massive incredible hit, Oscar winning, taking the golden lion at Venice, like Todd Phillips is a, you know, he's making this, he's joining the elite. He's getting mentioned, you know, along with Nolan now and like he's like an elite filmmaker. The guy did road trip. So, I mean, I think if you, if you look at stuff like that, there's, there's huge potential for these movies still. And I don't really think you need to have one unified franchise. I think you could have the RPATs, Matt Reeves, Batman verse, and that's

SPEAKER_266: ongoing. They're going to do a second one. They're doing that penguin show. And there's a rumor recently that Matt Reeves is already having discussions about spin-off villain movies. So before the villains fight Batman, you get a Clayface movie setting up Clayface. You get a, you get a Ra's al ghoul movie setting up his world. And, and so that could be its own franchise. Wow. Fascinating.

SPEAKER_494: And then Joker. So multiverse is your vision.

SPEAKER_266: Exactly. Joker, you, we're already doing Joker 2 with Lady Gaga. I love this. People are super excited for another one of those. I don't think you interrupt that. I don't think you recast those

SPEAKER_291: people. You put that to the website. So you say the multiverse is what we're doing. I got more for you. I bring back the Snyderverse. We do Man of Steel 2. We do

SPEAKER_264: Aquaman 2 and 3. We do Wonder Woman 3. We bring those characters back to other people

SPEAKER_36: like them. Why would you ditch them? What is the chaos? Okay. So I love it.

SPEAKER_76: You want to go full toxic. You want to basically, you want to double down on just

SPEAKER_63: fan service. And you think there could be three Batman universes concurrently.

SPEAKER_264: I got to tell you, I, I, you know, I host a, we do, I do fandom. I'm on a lot of screen junkie shows. If we put anything referencing Batman, Gotham City, Joker in the title, that's a hit video. That's it. People, the, the demand, I don't think the demand for Batman content has ever actually been met. I think you could keep making more Batman stuff and it would keep

SPEAKER_35: being successful. Yeah. I think this idea that, I think that general Zod might be making a, Zod's love might be making a little bit of a mistake here, because if you look at the recent trends

SPEAKER_09: around, for example, the reception of, uh, some of the star Wars films and the fact that they canceled their plan to just release one year after year and the reception to some of the recent Marvel movies,

Jason Calacanis: like the new doctor strange, you know, people are like, like at some point it gets old. There is only so much you can milk the same cow variety diversity matters in the, in the literal sense. Like you need a lot of different seeds. Yeah. There is something to the idea that the idea

SPEAKER_264: that you have to watch everything to keep up with the MCU, you've got to constantly be watching movies, you gotta, it is. And, and I think that DC could become the alternate that just check in with the

SPEAKER_137: stuff that interests you. And if it doesn't, you don't, we're going to need a school curriculum

SPEAKER_264: for Marvel movies at some point different demographics. You could have, this is the Batman series, but it's very dark ingredients for older people, but then we're going to do Shazam movies for younger people, you know, like you, you got a lot more. Okay. But.

SPEAKER_502: Okay. Well, we want justice. We want the tent pole. We want all these characters interacting. So

SPEAKER_00: if you have the Snyder verse and you let him go, that's going to by default become the primary

SPEAKER_201: universe in a way that's going to become like the Marvel cinematic universe, because it has. I mean, most established modern characters. So what you're saying is, I, you, you will have this anchor one that gets 60, 70% of the energy, but then there's 30% where you tell people have fun in the Todd Phillips version of the universe, have fun.

SPEAKER_504: Exactly. In the RPAT version of the universe. This is the main universe. Yeah. Uh, this is our wonder woman. You know, what do you do?

SPEAKER_201: Comic books, what happens when Todd Phillips, or is it Matt Reeves, who's doing the, uh, Matt Reeves is doing the Batman. I call it the Patterson verse, because it sounds better. And I like RPAT and I'm friendly with him. Yeah. So I'm going with the RPAT verse or the Patterson verse. Now, what happens when Patterson verse

SPEAKER_166: and Phillips verse say, we want wonder woman, but we want your wonder woman. We want Gal Gadot. Gal Gadot. I mean, listen, I don't know.

SPEAKER_264: I think we overthink all of this stuff too. I don't think audiences care. They don't care. Exactly. I think just like audiences would be delighted to see like Hugh Jackman's Wolverine. We saw him die. He died in the movie, Logan. It was very sad. We all cried. Spoiler alert. Spoiler alert for Logan. They're going to bring him back in Deadpool three. Now, granted, you could explain, oh, the Logan was sent in the future and the different universe. But I think when you get right down to it, audiences don't care. Like they just want to see Wolverine again. They love Wolverine. If Wolverine's back, they'll accept any explanation. And I think it would be the same thing. I doubt it would happen, but if Gal Gadot showed up as wonder woman in the Batman too, I think we'd all go with it.

SPEAKER_343: We'd be thrilled. This is a fascinating vision. It's a fascinating vision.

SPEAKER_09: Fun stories. You know, I think you're absolutely right. Like everybody who's into this sort of fandom thing is really overthinking the fandom thing and what they're ending up with is a sea of sameness.

Jason Calacanis: Like, oh, the same characters over and over the same story arcs over and over. And people actually

SPEAKER_264: do want some variety. Yeah. And I think you get away from every, every time you do a new like,

SPEAKER_283: hey, we're casting this one person and they're this generation's new, this character, all the identity

SPEAKER_313: politics and stuff comes out. It's like, no, he's got to be this. And they've got to be that. They've got to be this gender. They've got to act like this. And this is the vision I've had in my

SPEAKER_488: head. And if you allow eight people to be Joker at once, you're taking the approach of Shakespeare.

SPEAKER_495: You're saying you want to do your version of King Lear. You do yours at Shakespeare in the park. I'm going to do my own interpretation for a Netflix show or one for kids or one in Tokyo.

SPEAKER_371: And that was how Elizabethan drama. That was totally how Elizabethan drama was too. Christopher Marlowe's Faust is in that theater, but I could go see another guy's Faust in that theater.

SPEAKER_35: Yeah. Zod's Love Out is out here trying to like crown a king to tell us all what to watch for the rest of time. And I think it may be a mistake as a strategy. I like this idea of saying we're

Chamath Palihapitiya: pursuing, I want to just say, it shouldn't be a free for all. I'm going to say, we're going to,

SPEAKER_76: we're going to pursue three verses at the same time. And we just keep it to that. We have these three verses that are kind of going to Patty Jenkins, Snyder, because I think they kind of wonder of the

SPEAKER_371: Wonder Woman films are part of the Snyder verse, but I consider Patty Jenkins such a talent that I

SPEAKER_76: think she should be able to do a couple of more of the characters. Well, yeah, as far as we know,

SPEAKER_343: Wonder Woman three is still in the books. They have not canceled it. We don't know when it's happening.

SPEAKER_76: But I consider her so good at it that she should share credit with Snyder, because I feel like

SPEAKER_529: without Wonder Woman- You're saying the Snyder

SPEAKER_76: Jenkins verse we start calling it. Exactly. Because I feel like I would not be in the Snyder verse if it wasn't for Gal Gadot. I would have been out. I would have been out. I feel like she

SPEAKER_531: carries it. I like it. I feel like Batman- That Wonder Woman movie is definitely one of the best things. I like the Aquaman movie too. I think that's a lot of fun. I love the Aquaman

SPEAKER_178: movie. I think it's Aquaman. I think it's Wonder Woman carries Justice League. Then I put

SPEAKER_534: Aquaman. Then I would say Superman, then Batman. All of Margot Robbie's Harley Quinn movies are

SPEAKER_266: also Snyder verse collected. Yeah. I'm not crazy about them. Who's your top three in that verse?

SPEAKER_155: If you were to rank Molly's top three in that verse. I go Wonder Woman number one and I don't care. And Aquaman number two, which is Superman and Batman. How are Superman and Batman not the number one and two, but okay, here we are. I have to say, I like Affleck's Batman. I don't

SPEAKER_264: know if they got the best use out of him, but I do like him in that. I do like him in the world.

SPEAKER_09: Yeah. For me personally, there are some really good Batman movies and I get that, but I just find that,

Jason Calacanis: I find the whole series a little too depressing. I don't want to see the parents die every time. Like there's the origin story every day. It's just a little dark. So I'm with you. It's like

SPEAKER_05: Wonder Woman, Aquaman. And then I don't know, maybe a random, like I don't hate Suicide Squad.

SPEAKER_264: Yeah. Somebody, Tim Apple in the comments brought up John Cena's Peacemaker show from HBO Max, which is definitely one of the best things from that whole universe. I really like that.

SPEAKER_317: Yeah. I do. I like the Suicide Squad movies. Like I think they're around. I didn't like that David Ayer first one, but that James Gunn second one was pretty good.

SPEAKER_542: Yeah. That was hilarious. Shout out Tim Apple. I didn't watch that one.

SPEAKER_544: I, you know, I like, I want to tell you, I gave up on trying to keep up with all the Marvel TV series. I didn't finish with Marvel. I didn't finish the, uh, what was it? Moon Knight.

SPEAKER_547: I didn't like Moon Knight very much. I love She-Hulk. I love She-Hulk.

SPEAKER_413: I just saw this kind of time. I don't have time to get my PhD in Marvel.

SPEAKER_264: And that, I think, I think there is, I think there is something to that idea of freeing people from this expectation that you're going to watch everything.

SPEAKER_266: Yeah. That, that there is power in that, that the idea that you could just follow this one corner of the DC universe that you like.

SPEAKER_75: This is so counter. So maybe General Zodzlov needs to think about this. He's being a copycat. Lon Harris has been put in charge of DC.

SPEAKER_266: I mean, for like 15 years, they've been, everybody else has been chasing Marvel and nobody else. I feel like we got to come to terms with that may have been a once in a generation

SPEAKER_307: lightning in a bottle thing that Feige was able to do.

Jason Calacanis: And it was never going to last forever. And we're already seeing signs that it's not going to last forever. So to try to recreate this old success again, you know what, it goes right back to

SPEAKER_375: Netflix. It's like, be disruptive, be bolder. They also were doing a thing that DC is not doing

SPEAKER_264: where early Marvel were bringing in not very famous people and then signing them for like five movie deals. So like Chris Hemsworth was not a huge deal when he became Thor. Right. They were able to get him for cheap,

SPEAKER_266: Tom Hiddleston and all these guys, they made them into celebrities. But DC is like, The Rock is Black Adam. Ben Affleck is Batman. Robert Pattinson's Batman.

SPEAKER_264: You know, like, uh, they're like Joaquin Phoenix is the Joker. Like they're going for these huge stars. And then every new movie is a new mega deal with that mega star.

SPEAKER_556: Yeah. Yeah.

SPEAKER_264: You know, The Rock goes half of the Black Adam franchise through seven bucks. You don't get The

SPEAKER_477: Rock for, unless he's got a chunk of the movie. Yeah.

SPEAKER_557: I like your, I like this. I think we, I think we were shocked it. I think, uh, it should be called

SPEAKER_329: the Tri-verse. I think the DC multiverse that people know what that is. I know you're putting

SPEAKER_561: too many rules on it. There's already a DC multiverse in the comics. It's just, we're doing the

SPEAKER_43: DC. No, but here's the thing. If we do the DC, just hear me out. If we do the DC, if we do the

SPEAKER_76: Tri-verse, just hear me out. If we do the Tri-verse, now the conversation goes from not, do you, are you DC or Marvel? Now it's which one of the DC multiverses do you like best? Yeah. I love that. Which one do you most listen? Yeah. I love that. Now we're having a debate. Oh, no, no, no, no. I'm into the RPAT-verse. Oh, no. I like the Jenkins Snyder-verse. No. I'm a Todd Phillips-verse. Cause I would be a Todd Phillips-verse. Cause I like that stuff. And I would be demanding DC make an Aquaman version where he's like in sewage and it's like some dark stuff and he's like, he's like got like a dark green piece vibe to him where he's like taking oil tankers and throwing them back on the shore and putting oil on everybody. He just goes like

SPEAKER_313: totally rogue Aquaman. This is so much of the fun of comics and like we get so caught up in movies that it's all gotta be linear and then what's anon and it's like comics don't care. Anything can

SPEAKER_201: happen. Anything can actually. We gotta bring back Batgirl by the way. I'm very upset about the Batgirl thing now. I'm getting upset about it. Cause in the Tri-verse it would happen and I'll tell you why. I saw an

SPEAKER_00: interview with, um, uh, my guy from, uh, friend, don't sit. Oh, no. Don't sit. He won the Emmy for it. Michael, Michael Keaton. And they're like, Hey, Michael Keaton, what's the story with you in this, you know, coming back from the multiverse in the thing. And he's like, yeah, I, you know, I'm an actor. I don't know the politics of any of this, but I was supposed to be in and I guess I'm not, but maybe I'll be in some other stuff. And he was kind of like, what do you want me to say here?

SPEAKER_264: I got a very confusing place. Cause they also film stuff with him for the flat. She was supposed

SPEAKER_576: to be in both. And that's a disaster. That kid's going to jail for when I'm in. So, right. So both of those projects are very much like, I want to see Michael. I want a Michael Keaton

SPEAKER_201: as old Batman with a bad knee, with a bad shoulder, with ice packs on just doing his last 10 years.

SPEAKER_477: There was that old cartoon Batman beyond people have suggested that that would be bringing the

SPEAKER_581: young cast that Terry McGinnis is the young Batman. And his mentor is Michael Keaton.

SPEAKER_04: Can you imagine how great an old Batman with the bad shoulder going out? You know, he gets in a fight. It's like, ah, geez, man, I got this shoulder issue.

SPEAKER_343: Yeah. I mean, like to me, I could just be like, do the old Batman verse. You don't have to make it linked up to everything else. Do three movies about an old Batman. And then that's done. And now you move on to the next story. Love it. Okay.

SPEAKER_586: All right. Let's say thank you to Lon. Love it. Thank you Lon. Thanks everybody. See you next time.

SPEAKER_587: Inspiring as always provocative as always.

Chamath Palihapitiya: Will you still come on the show now that you're in charge of DC and you got this billion dollar deal? Don't forget us.

SPEAKER_343: Homemake time. I'll let them know once a week, I got to step out of my Harley.

SPEAKER_63: Don't forget the little people.

Chamath Palihapitiya: Yeah. When you go run the DC. I mean, honestly, all right, Lon, everybody follow twitter.com slash lawns. And if you want to go to inside.com slash streaming, you can sign up for the newsletter where Lon covers all this on a daily. Every day.

SPEAKER_591: Thank you, my friend.

SPEAKER_05: See you next week. All right. Thanks for listening, everybody. That's what, that's all we got for you today. I think it's plenty to be clear tomorrow. We will have more news and another

SPEAKER_09: okay. Boomer with producer Rachel, because it will be Friday.

SPEAKER_594: Is it really Thursday already? And tomorrow's Friday.

SPEAKER_33: Oh, I don't know why you say already. I had one of those mornings where I was like, wait, it's really only Thursday, but it just went by really quick. And you know what,

SPEAKER_00: it's going to be November and then it's going to be Thanksgiving and Christmas. And we're going to be sitting here. New Year's are going to be skiing. Oh, and all of a sudden we're going to, I mean, it's just, it's happening so fast.

Jason Calacanis: As soon as September comes, I'm like, oh crap, it's Christmas. Like, literally there's no, no, there's, it just fast forward. It's like a tesseract straight to

SPEAKER_30: holidays. Not stressing. I got a planet. Oh, you're freaking me out. Okay.

SPEAKER_57: I am not, I am not hosting Thanksgiving this year. I'm going to travel for Thanksgiving. And then I think I'm going to host Christmas, New Year's. So, and speaking of Kevin Hart, um, I'm actually thinking of going with some friends to see Kevin Hart on New Year's. So

SPEAKER_49: that could be fun. Yeah. Yeah. Invite him on the show.

SPEAKER_17: I saw Dave Chappelle and John Mayer won New Year's and that was a wonderful, like fun way to bring in the new year when the two, they're just like two friends. You ever see them

SPEAKER_137: like, I went to, no, I haven't, but I'm just thinking I went to a, like a Wanda Sykes show on New Year's Eve. One time is New Year's Eve standup, like kind of a thing. I wonder,

SPEAKER_166: I think it is because you want to laugh and have fun and yeah, you know, it's just a nice thing to do.

SPEAKER_247: So, uh, yeah, let us know. What are, what are your New Year's plans? Uh, and I hope you have a great New Year's. It's time now. Yeah.

SPEAKER_604: All right. See you tomorrow. See you tomorrow, everybody. Bye-bye.