>> this is "bloomberg technology" with caroline hyde and ed ludlow. caroline: i'm caroline hyde in new york. ed: and i'm ed ludlow in san francisco. this is bloomberg technology. caroline: coming up, amazon, meta, and apple out with their

latest earnings. ed: we will take a closer look at apple's latest bet on the future. caroline: and an exclusive interview with the nvidia ceo, where he sees the biggest benefit from the ai boom. first let's get to the big moves when it comes to tech. and we are record highs when it comes to meta. ed: there is a compare and contrast here. apple, it is the story we expected. they did grow overall in the quarter and afforded five straight quarters of sales declined. but the stock is down significantly, back to where it traded in november. why? greater china. sales missing by $3 billion. but the narrative on the call, we were four of the top handsets in china. we will dig deep into the growth story for the stock. and then there is meta. meta is the story today, probably. we are on track for the biggest jump since february of last

year. is this an ai story or a cyclical rebound in ads? either way one year ago we lamented the spending, the cash burn from reality labs on the metaverse. but one year ago we also said, ok, your efficiency is here. this is good. they are back to hiring and he has thrown in a $50 billion buyback. it is a wonder what it can do for the stock. ed: funny enough -- caroline: funny enough the investors like you. jasmine enberg is with us. you lead the coverage of social media. before we get into some of the juiciness for the investor base, lifting make the numbers of revenue growth at this particular moment? jasmine: it is clear that meta's year of efficiency has paid off. many of the measures that took last year helped it reduce its costs, reduced its headcount, and even with this demeanor team

and operations it was able to exceed expectations, really across the board, and importantly in its core line of business, which is advertising. to me meta this is really a testament to's -- a testament to meta operation powers. it is not the was the exciting social player out there, but it is the most sophisticated and knows how to drive business. can advertisers really like. caroline: they were investing in the underlying technology to better serve their clients. but what do you make of the talk of generative ai? lama has basically become the giveaway when you come to ai events. in much of that is based on their large language model. what does it do in terms of future revenues? jasmine: meta wants to be an ai heavy hitter and it is working hard and investment to be able to do that. on the earnings call you heard executives mentioned the word ai about 50 times, which shows how

much they are trying to emphasize the there, as much as how much they are working there. it is -- it's ai investments have already proved to have a positive impact on its ad business. they talked about its automated tools and ai-driven ad formats driving performance. at the end of the day advertisers want efficiency and effectiveness. in those investments have really paid off there, and that bodes well for its broader ambitions in ai as well. ed: i think what we are understanding is the relationship between the ad business and ai now, right? bloomberg writes, meta is still the king of digital advertising, but what they point out is the boost is coming from china-based companies on spending, and it is in association with ai-generated content. do you understand that relationship and how ai is basically growing interest in its ad base?

jasmine: ai is growing interest in its ad base. and generative ai, in terms of the creative tools meta is rolling out for advertisers, will do a lot to prove that. the china-based advertiser is a potential risk factor, although i would not say it is necessarily the biggest one, because they have been buoying spending throughout 2023. ed: later in the program we are going to go deep on apple's vision pro. it makes you think about the meta quest three. it is hard to keep up with meta. we were a social media company, and then we were a metaverse company. now we are an ai committee. did you get a sense of where the hardware fits into this and if the metaverse dream is still alive? jasmine: the metaverse dream is alive. they did not talk about it as much on the earnings call yesterday. the focus was on ai.

for me the challenge now is for meta to be able to prove those two big bets really are complementary. it started to lay some of the foundation for that thinking about the ray-ban smart classes, and it talked about good sales for its meta quest in the last quarter. so, there are some signs of progress there. still, for me, you know, the metaverse is somewhat of an ill-defined concept, and is something that meta is going to have to continue to prove as a continues to form this vision. it also has to show it can keep up the momentum in its advertising business, or investors will not be as willing to overlook those losses that continue to mount in reality labs. caroline: interestingly may be's vision pro serves as some boost to sales for meta. i'm interested. he said china is not the biggest

risk. for you, what is the biggest risk? is it regulation? jasmine: it is certainly one of them. just this week mark zuckerberg testified in front of congress about protecting children online. that was a really heated conversation, and clearly going to be one of the biggest challenges this year. teen popularity has become somewhat of a liability. young people also recommend -- represent facebook and instagram 's largest opportunities for growth. it's going to have to walk a fine line in terms of protecting their safety on these platforms and generating revenue. there is also a lot of other regulation that meta has to think about, both here in the u.s., and the eu. and then there is the ad market. meta was able to allay some concerns in the earnings call yesterday, but it is susceptible

to fluctuations in the economy that really can impact advertiser demand. ed: jasmine enberg, with the meta story. thank you very much. let's get to the apple earnings with dan ives at wedbush securities. the stock is paring its decline. we are now down .6%. we have been down significantly more. what is the story? a return to growth overall or china is a problem? dan: yeah, i mean, the streets reading through this is iphone group is coming back, neck score is essentially massively conservative guidance, and now you have ai coming to the apple store. no one is selling apple heading into that narrative, and in my opinion this is the start of the renaissance of growth for apple. ed: conservative guidance, though? go back.

we hang on the words of luca. he said that quarter would be flat. we ended up with slight growth overall and weakness in china. you know, we are not talking about a big rebound here. we are talking about them staying out of five consecutive quarters of growth declines. if there is growth, where does it come from? dan: our view is you do not need to have hyper growth in iphones. low to single digit-growth is what you need. and then look at their active install base. they just gave the update, 2.2 billion. you now have that, that golden install base, and now you are selling ai into that. that is a narrative that is going to buy up the dips. ed: when you are looking at the overall -- caroline: when you are looking at the overall

strength of products, there has been handwringing about the iphone 15. today we are going to talk about it, the vision pro. how much is that in any way going to be a catalyst for liking apple's tech? it was not oppression when we started to think about the fact that the overall watch was pulled, and ultimately we questioned the technology of apple. dan: again, apple continues to -- [indiscernible] originally we had 300,000 units for vision pro. now we think it is 600,000. two years from now i think this is a sub-$1500 device that is going to look like sunglasses. it just goes back to the formfactor and why you own apple here. some of the parts, i believe a year from now, it is a $4 trillion market. caroline: give us that catalyst. is it a slow grind, a commitment of investors, or is there something that snaps that makes

us read by and decide to drive this stock back to $4 trillion? dan: it is the ai app store. we believe it starts to get talked about at b wdc. -- wwdc. iphone 16, they are going to have more ai technology into that. you look at the install base, that was 100 million more than we were expecting. this is the start of a renaissance of growth. it is my view of where meta was 18 months ago. the street did not realize at the time. think 18 months ago we look back at this seminal moment. ed: i want to go back to china. i want to understand what is happening. this is what luca told us. that apple has disappointed with the decline in china, but it is a very competitive market. compare that with what he said in his opening remarks on the call. he cited that data that apple occupies four of the top six handsets lots in greater china.

they said this is not an iphone problem. this is mac and ipad, where we have not had a refresh cycle. explain the contrast in those two statements. dan: there is definitely not champagne and roses in beijing right now. they are really going through headwinds. but our view is, you have 200 million iphones in china. but apple has been here before. have navigated challenges again and again. so, i think it what you -- at what they have been able to do and the install base, they are being cautious, but i think we see growth return and view this as them navigating headwinds rather than the start of some structural problem that the bears have been talking about for the last $2 trillion of market cap. ed: dan ives, always great to catch up with you.

where in the world are you? it looks like an airport at the moment. analyst at wedbush securities. stay, friend. meanwhile, we are going to be breaking down the latest numbers from the jobs report. silvija martincevic is going to be joining us. ceo at deputy. ed, you have more stories minute comes to china. caroline: let's go back to china quickly. tencent is on the move. regulators approved nexon's next game. it is a mobile platform that analysts are seeing really big upside for those. tencent is on the move in the u.s. nexon, up 22%. there are some green shoots in chinese regular -- regulator attitude in the videogames market. this is bloomberg technology. ♪ ls with j.p. morgan wealth plan, a digital money coach in the chase mobile® app.

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caroline: let's go back to where these markets are trading. in amongst the earnings there is a whole load of impact coming from the macro picture today. nasdaq drives higher, 1.2%, led by some mega moves in meta. the 10-year yield, a phenomenal selloff. 18 points lower on the two-year. why? absolute blowout report when it comes to the overall jobs search. 353,000 in the last month. what then with the tech layoffs we have been seeing? it means the federal reserve is unlikely to be cutting anytime soon, as march certainly has been indicated. bitcoin up, despite the u.s. dollar managing to rally on the

back of those numbers. eddie, this picture is so surprising when you think of our area of technology, and the ongoing narrative of job losses. ed: i'm just going to read the numbers again, because you are exactly right. if you go on x, look at the number of people that talk about finance on the formally known as twitter platform. it is a blowout, right? 353,000 jobs added in january. higher than all economist estimates. the bulk of the data showing higher pay and payroll increases across all industries. i guess the question, where do we sit with technology? let's bring in silvija martincevic, see is this -- she is the ceo of deputy, which put out a report on the changes expected in the workforce this year. we are trying to understand what is happening in the economy, and in the technology sector there is -- forgive the pun, but an

artificial thing happening with artificial intelligence that muddies the picture of hiring in particular. your reaction to that this morning? silvija: in morning, and thank you so much for having me. yes, we are seeing that for the 24th consecutive month the unemployment rate is sub-4%. we are hearing so much about ai taking jobs away, and what we at deputy obsess about is, how well ai impact hourly workers? these are the front-line workers, whether they are nurses or retail workers, and what we are hearing from hourly workers, they themselves are reading the same reports, and they believe that ai is going to impact and change their jobs and roles. what we find is that in most scenarios ai is more likely to complement specific work tasks rather than replace the workers.

really, when you think about the workers that we support at deputy, whether that is workers in elderly care, or hospitality and services, we all prefer the human touch in those jobs. those jobs are -- there is still a lot of lack of employees in those jobs. caroline: what is interesting as well, humans are still cheaper in ai in many of these roles at the moment. we still are testing artificial intelligence, whether we get the indication of being able to do more with less. but what is it really interesting was women. 198,000 increase in employment for women. so, participation going up, taking up for a pullback in men. had some interesting thoughts about how ai is going to help or hinder females in the workforce. silvija: absolutely. we cannot talk about labor markets without talking about women. they constitute over 50% of hourly workforce, so this is an incredibly important topic.

when you think about historically what with the barriers to women entering workforce, you know it is childcare to -- childcare accessibility and affordability, and also lack of predictability. at deputy we ask, what do women want from their work and how can technology enable that? what we found is that women want more predictability and they want more flexibility when it comes to their weekly work schedules. and, you know, our mothers and grandmothers worked 9-to-5, but women of today do not want 9-to-5 shifts. how can technology help that is actually, we believe it can be a great enabler. micro shifts is one specific trend we are seeing where women work for a couple of hours in the morning, then they take, you know, care of their kids or aging parent, and then they go back to work and work a couple of hours at night. so that micro shift trend is

something that we believe technology can help. so, we really do believe that more tech in this space will provide more opportunities for women to continue to reenter workforce after childbearing. caroline: love a bit of optimism around the ai story, on what felt like a week when there wasn't much. silvija martincevic, think is so much. we are going back to the apple story. this time, manhattan's flagship apple store for the release of the vision pro. meanwhile, apple starting to erase those losses. we are only down by .3%. it looks as though the market is starting to shrug off some of these key concerns. he will get into why. this is "bloomberg technology." ♪

ed: it is the official release

they for apple's big data on virtual reality, vision pro. dave lee is live from manhattan, outside the flagship apple store. the doors are open. it is on sale. what have you been up to? dave: i have been here since about 7:00, when it was slightly warmer than it is now. 7:00 there was a healthy line of people waiting to head straight in and be some of the first to buy this new vision pro, which went on sale today for $3500. tim cook, the apple ceo, as expected he was here. he opened the store, came out, greeted everyone, and he said thanks very much and all of the usual things we expect. a decent man of excitement. it takes about 20 minutes to get this thing fitted, so people were doing that, and seeing what all of the features were and then emerging shortly after. it is not quite an iphone day. the line is definitely gone now.

you can head straight in if you would like. but a decent amount of excitement for the vision pro on this first morning. caroline: i was lucky enough to be flanking you at 7:00 a.m., and having a chat with tim cook. he seemed to be thinking it is the intuitive nature of this device that has got people really excited. the fact that you are using your eyes, you are using your own hands. he himself liking the productivity use of it. but from your perspective, what do you like about it? i know you are a bit of an addict to the quest, for example. what about this particular iteration? dave: what i think is interesting here is, what are we going to use these things for? in apple's case they are targeting this extremely premium , i guess more immersive, higher quality experience where productivity and entertainment seem to be the focus. meta's approach has been something cheaper. it is only $500, compared to

$3500. and you can move around with them, do the exercises, something i think it's fun. they are two philosophies, and apple's philosophy comes with that bigger price point as well. where i think apple may over time get the upper hand is that this is the v1 of this product. and tim cook has been stressing this as well. a new entry into a new computing format. the idea that this is going to get better and cheaper, that is clear in the same way the iphone improved over time. i think that is what is going to be interesting here. not v1, but v2, v3. if you could come down in price, be less bulky, i think that is when you could tell whether this is a smash hit new product or something more niche. ed: dave lee. we really appreciate your opinion on this particular device. on 5th avenue there. coming up, we will be keeping the earnings conversation going.

stefan sliwinski is without. he is head of software research at bnp paribas. we are going to be digging into the amazon numbers, which were really stellar. this is "bloomberg technology." ♪ ♪ you got this. let's go. gobble gobble. i've seen bigger legs on a turkey! rude. who are you? i'm an investor in a fund that helps advance innovative sports tech like this smart fitness mirror. i'm also mr. leg day...1989! anyone can become an agent of innovation with invesco qqq, a fund that gives you access to nasdaq-100 innovations. i go through a lot of pants. before investing carefully read and consider fund investment objectives, risks, charges, expenses and more in prospectus at invesco.com.

♪ caroline: welcome back to "bloomberg technology." let's have a quick check on these markets. the nasdaq managed to outperform . perhaps the federal reserve won't be cutting as soon as march and the 10 year yield is identifying that at the moment. the set off in bonds is crucial after the strong jobs report. the nasdaq 100 up to 1.3 percent. bitcoin up 2/10 of a percent, despite the u.s. dollar strength we saw on the back of the macro

data. dig into what's driving the nasdaq 100. a sea of green. even apple turns up to less than one point higher. that's after numbers showed a return to revenue growth. after four straight quarters of declines in revenue, that was a standout, despite that weakness in china where we saw a revenue up by 13%. meta-, extraordinary, up 20%. they are driving up revenue growth and going back to the basis of what's good and appetizing as well as investing in ai. amazon is up more than 7%. best online sales growth since early in the pandemic. this is about job cuts and discipline. we can get to that with our next guest. ed: i think there is an interesting difference with amazon. look at the profit. let's stick with it with stephen

sliwinski. it goes down to fundamentals. we love exciting stories. meta-is about ai and china is about vision pro. amazon is about we are going to make a lot of money in the current period. >> thanks for having me on. eight of u.s. squeak by with 13% growth. that's good enough. they are losing to microsoft a sure. we are seeing long deals being signed and optimization ending. that allowed them to focus on the north american margins. what was important was with the q1 guidance, they have left more room for guidance. if you assume amazon web services margins remain flat at 29 to 30%, u.s. international

loses some money. the north american margins would go down from 6% to 4%. that's unlikely. the company gave reasons why we should see -- there. ed: i've not heard of that, a company guiding conservatively and leaving room for upside. just kidding. the thing i'm interested in in the -- is the advertising business. eight of u.s. is one-on-one with asure. microsoft does not have that with amazon. how much of a strength is that? >> that's been going in the mid-20's and is helping that margin as well. amazon was a company that, in 2022, was doing a 1% margin. the market thinks that can get up to 10% in 2025. growing ads is a part of that.

we need to keep and i on what is happening with eight of u.s. -- an eye on what is happening with aws versus asure. if you look at the revenue rate those generated in 2023, amazon was down to 35% with microsoft asure at 45%. that's thanks to the openai relationship. and what microsoft and google are doing with ai. that may close again. but, that's something to watch as some of those share losses continue on the cloud computing side. caroline: when we are thinking of the 1.7 trillion dollar market capitalization, that's still enormous. correct me if i'm wrong, you have a price target of 150. below where we are currently trading. why that conservative nature,

coming from you? stefan: we are still neutral. we think all three cloud computing companies benefit from ai. we think that is a better way of playing genai this year than the sass companies where we may see this appointments. microsoft copilot or firefly, we may not see that revenue generation this year. when we look at amazon versus microsoft, we prefer microsoft. there is a valuation gap. it shrunk. but you are on d7 times earnings from microsoft on 2025. early times for amazon. -- 27 times earnings from microsoft in 2025, 30 times for amazon. we think all three will benefit. we have to have some preferences. caroline: great for that context . we thank you for that. stefan slowinski, we thank you.

let's get back to the other big stock on deck, apple's the shares are turning positive. >> i have no idea. i'm a bit surprised at that too. there's going to be very little growth this year. it's concerning. even if you sell one million units, which is way above anyone else in the world, that's $3.5 billion in revenue. the consensus is apple generates $300 billion to $400 billion. i would be less than 1% of total revenue addition to apple. it's not unusual when it comes to sales. china is a big factor. we see nothing but different appointment -- disappointment

there. ed: keeping it real, which if you read some of the notes this morning, he's a bit of a standout in that respect. a lot of people do see growth. i still don't understand this issue of china. we've done a little bit of it on the show but one thing we haven't discussed is services revenue in europe and the installed base. the installed base continues to grow. even if you have one market geographically and say weakness in china, overall, more people are buying apple products and they have apple products and the service this side is doing good. >> one of the things you have to talk about, apple is a phenomenal company. but at the same time, you want to talk about the revenue model. how much can this grow this year and next year? this year, it's going to be less than 5%. next year, maybe 5%. the question is how much do you pay for a stock that's going to

grow 4% or 5%? listening to your colleague for, when you are looking at something like eight of u.s. or microsoft -- aws or microsoft, you are going to get market growth for years to come. apple has a lot to explain for how do they get to the seven or 8% growth. i think it's going to be a challenge at least for this year and next year. >> the market braces for another revenue decline in their fiscal second quarter. going back to what we were seeing all of last year. any exuberance about this new ar reality? >> no. not about that. you uttered the magic word. they are going to talk about launching some new tools sometime in the second half of this year. i think that is a wildcard that will basically prove me wrong. if they are able to come up with certain things that could make

productivity higher, you don't need to download an app. for that, maybe you need to go to the iphone 16 or the next version of the iphone that may have some capability and that can drive the first cycle of iphone that we are all rating for. ed: keeping it real very thank you very much friday. coming up, my exclusive conversation with invidious -- nvidia's ceo, jensen huang. this is "bloomberg technology."

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ed: jensen huang says artificial intelligence will matter to every single country and industry on the planet. i spoke to him, nvidia's ceo yesterday, listen to this. >> you've seen india, japan, france and canada, south asia and singapore, speak up about the importance of investing in sovereign ai capabilities. it has become abundantly clear to each one of the countries that their natural resource, which is the data of their country, should be, should be refined and produced and intelligence of their country and for their country. the capability of refining the data of their country and turning it into their artificial intelligence is now possible in

quite a democratized way. almost every country should be able to do it for themselves. what's needed is the technology and the know-how of standing up ai infrastructure. that's where we can be helpful to various regions. i think that the recognition of the imports of sovereign ai capabilities is quite doable. >> is that ability to help extending to china? >> we have to comply with american policies. whatever the rules and regulations are and the laws are, we will comply with that. we will work closely with the regular set and understand their intentions and desires. work within those boundaries and be able to create products for the various countries that are involved, fully compliant with the regulations that are in front of us. and beyond that, once we

complied, our goal -- comply, our goal in the united states would be to see us be a successful country and one of the pillars in national industry. it creates jobs and allows our country to stay ahead technologically. it's in the great interest of our nation that our american companies are successful around the world. once we comply with regulations, we will do our best to serve the local markets. we have expert communications with the administration. ed: how should we think about sovereign ai as a business line for you? is there a way that we can understand how nvidia's work, even if it is building supercomputers in the u.k., what portion of your overall business that will represent? jensen: the vast majority of the

computing market has been united states and, to a much smaller degree, china. for the very first time, every industry, every single country would become a computer industry. and every industry would become a technology industry. artificial intelligence, or the automation, the production and skill of intelligence, matters to every single country. it matters to every single industry. for the first time, there is a whole new computer market that is going to be in every single country and every single market. and, it starts with, of course, the native computer industry itself. you are seeing a great adoption in health care and a great adoption in logistics and transportation, of course, in manufacturing in the large

industries. for the very first time, because of generative ai, computers -- computer technology is going to impact, literally, every single industry in every single country. ed: nvidia's ceo, saying that data is a countries natural resource. let three honest, for them, it's a big growth market opportunity. -- let's be honest, for them, it's a big growth market opportunity. caroline: absolutely phenomenal interview. we thank you for it. great deep dive. we have breaking news in terms of the podcasting area. we are starting to see that continue to mount. joe rogan is set to renew his podcast deal with spotify. joe rogan, one of the number one players in terms of the spotify podcast, one of the most extensive. joe rogan is set to renew his podcast deal with spotify. we will bring you the deep dive -- on how much that will

be costing spotify. we will talk about ai and music access. we will have scott cohen talk about the music world and how you can access them. this is "bloomberg technology." ♪ ♪ as also the first time you realized... well, we can do anything. cheesecake cookies? the chookie! manage all your sales from one place with a partner that always puts you first. (we did it) start today at godaddy.com

♪ caroline: tiktok, users will no longer hear the music of taylor swift and drake while using the app. since talk stream and the group failed. the date was january 31. it was not able to be agreed upon. the fight seems to be from you mgs perspective -- umg's perspective on ai and tiktok's perspective on free use. >> it may have been a total coincidence but this was the perfect time for universal to do this. they are going to get a lot of sympathy from artists. it's going to be the number one topic of conversation everywhere and awkward for tiktok. they are a huge part of the marketing of music these days.

a billion users, over $100 billion in revenue and 1% of universal music's revenue. this is going to have an impact on tiktok, a lesser impact on universal. everyone is going to have something to say about this. ed: let's get some more on this breaking news. sources telling bloomberg that joe rogan is close to renewing a deal with spotify. what are the details? >> from what we hear, it could be announced this morning. it is going to be another multi-year extension. it's probably going to be an eye-popping number. the last deal was for $200 million for three years. we may not get the details immediately. spotify has been taking a different attack with their podcasts lately. the last deal with joe rogan was exclusive although they put some highlights up online. this one might be available on other platforms. that would be a departure. ed: chris palmeri with that

breaking news. spotify is up 2%. sticking with the music space. what if you could invest in a hit song? jukebox, which is currently seeking sec approval, is a platform that aims to provide people with the opportunity to hold interest in music related investment. here to tell us more ahead of the grammys is the company's ceo . for clarity, this is not something you have approval for yet. that's pending. i start with the demand side. you must know that something that this is -- you must know that this is something that investors want to buy into. >> you are talking about maybe it's the first time they have truly understood and investment they made. when we talk about the retail investor, they may invest in a tech stock do they know what's driving that -- tech stock but do they know what's driving that? there something fundamental that

people know about music, that this is a hit song. i'm going to listen to it and my 10 year high school reunion and my 20 year reunion and i will play it at my wedding. you have a feel for what songs are valuable and what are not. caroline: you have the music rights, yourself, exclusively secured. the last time we wrote about it, it was $1.7 billion worth. where are you sourcing it? there have been so many interesting deals. justin bieber selling his catalog to hypnosis. we have seen bob dylan do the same. where do you get the assets from? scott: exactly those types of players. as people acquire the catalogs, they are looking for ways to exploit them. bring it to the people that made these artists big in the first place. and allow the retail investor to get in on these deals. we have already about it. bruce and bob dylan and justin bieber.

these are amazing deals but nobody offered up any piece of it to the public. for the first time, now the public can join in. ed: there is a question on value and valuation and appreciation. we've done this on the show about sneakers. you can trade sneakers and part of the value relates to their scarcity or rarity. in the context of a song, isn't it just like whether or not everybody likes that song or not? scott: no, i would look at it a very different way. think about it. when music is played, somebody is getting paid. i don't care, you can go back however far you want. ed: what if it doesn't get played? what if it's a flop? scott: what we are doing is listing songs that already will have an earnings history. it's not songs that have neighbor -- never made it. this isn't speculating on whether or not a song will be successful. it's looking at once a song is

successful, it's always making money. caroline: is it making as much money, given the moment, umg is at odds with tiktok because they are not paying enough? scott: that supports the basis that music is really valuable. that is why they are fighting for it. when we look at music, there is a very typical decaying curb. a song makes a lot of money when it is first released and becomes a hit and it drops off steadily over the next few years. but then it hits its floor, which is not zero and then it earns money forever. and if you look at the goldman sachs report, they are pegging it somewhere between 6% and 8% annual growth for the music industry over the next decade. once a song makes money, it makes a lot in the beginning, drops to a new level and slowly climbs. but then, there is always this wildcard. maybe it gets into a big film or

tv, like thing about what happened on "stranger things" with kate bush. these things take off. caroline: we thank you. that does it for this edition of "bloomberg technology." ed: check out the pod. what a week. this is bloomberg. ♪

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