China Says It’s Assessing US Trade Talks | Bloomberg: The China Show 05/02/2025
Bloomberg Television
[{'start': '11.000', 'end': '13.104', 'text': 'DAVID: GOOD MORNING.\nWE ARE A HALF-HOUR FROM THE'}, {'start': '13.105', 'end': '14.999', 'text': 'REOPEN IN HONG KONG.\nTOPIX AND SHANGHAI ARE STILL'}, {'start': '15.000', 'end': '16.999', 'text': "SHUT.\nYOU'RE WATCHING THE CHINA SHOW."}, {'start': '17.000', 'end': '18.999', 'text': 'REBECCA:\nOUR TOP STORIES THIS MORNING'}, {'start': '19.000', 'end': '22.999', 'text': 'HERE IN MARKETS WELCOMING A\nPOTENTIAL BREAKTHROUGH IN THE'}, {'start': '23.000', 'end': '29.999', 'text': 'U.S.-CHINA TRADE STAND UP.\nASIAN STOCKS ARE GETTING A'}, {'start': '30.000', 'end': '30.999', 'text': 'BOOST AS BEIJING SAYS IS\nEVALUATING "DIRECT TALKS WITH'}, {'start': '31.000', 'end': '34.999', 'text': 'WASHINGTON."\nJAPAN\'S FINANCE MINISTER'}, {'start': '35.000', 'end': '37.999', 'text': 'MEANWHILE SAYING THAT THE U.S.\nTREASURY HOLDINGS COULD BE A'}, {'start': '38.000', 'end': '41.999', 'text': 'CARD IN TRADE TALKS AS THEIR\nCHIEF NEGOTIATOR SEES'}, {'start': '42.000', 'end': '50.999', 'text': 'DISCUSSIONS GAINING MOMENTUM.'}, {'start': '51.000', 'end': '54.999', 'text': ">> I'M PAUL ALLEN ON THE EVE OF\nTHE AUSTRALIAN ELECTION, THE"}, {'start': '55.000', 'end': '58.999', 'text': 'PROSPECT OF MINORITY GOVERNMENT\nAS VOTERS WEIGH THE IMPACTS OF'}, {'start': '59.000', 'end': '62.999', 'text': "TRUMP'S A TARIFF WAR."}, {'start': '63.000', 'end': '69.999', 'text': '>> VOTERS ALSO HAD TO THE POLLS\nTOMORROW AND-- IN SINGAPORE'}, {'start': '70.000', 'end': '82.000', 'text': 'AMID A CHALLENGING TIME FOR\nTHIS CHAIN DEPENDENT ECONOMY.'}, {'start': '83.000', 'end': '86.999', 'text': 'DAVID: GOOD MORNING PRETTY HAPPY\nFRIDAY. WELCOME TO THE SHOW.'}, {'start': '87.000', 'end': '88.999', 'text': 'WE HAVE RIPPED THE SCRIPT UP.'}, {'start': '89.000', 'end': '96.999', 'text': '>> WE LOVE IT. DAVID:\nWHY NOT KEEP US ON OUR TOES AS'}, {'start': '97.000', 'end': '98.999', 'text': 'WE ALMOST DANCED INTO A SLOW\nLULLABY LOOK AT HOW MARKETS'}, {'start': '99.000', 'end': '99.999', 'text': 'HAVE RETRACED.\nA LOT MORE GREEN ON YOUR'}, {'start': '100.000', 'end': '105.999', 'text': 'SCREENS, MARKETS ARE COMING\nONLINE TODAY.'}, {'start': '106.000', 'end': '108.999', 'text': 'MAINLAND CHINA AND VIETNAM SHUT\nTODAY BUT WE ARE SET UP FOR'}, {'start': '109.000', 'end': '110.999', 'text': 'SOME HEFTY GAINS GOING INTO THE\nOPEN TODAY. THE U.S.'}, {'start': '111.000', 'end': '115.999', 'text': 'FUTURES IN PARTICULAR HAVE\nSHAKEN OFF THE EARLY COBWEBS,'}, {'start': '116.000', 'end': '118.999', 'text': 'UP 0.6%, SEEING STRENGTH COMING\nTHROUGH IN THE CURRENCY YIELDS,'}, {'start': '119.000', 'end': '120.999', 'text': 'PUSHING TO THE UPSIDE VERY\nQUICKLY, A RECAP OF THE'}, {'start': '121.000', 'end': '124.999', 'text': 'OVERNIGHT SESSION IN THE U.S.\nON CHINESE LISTED EQUITIES.'}, {'start': '125.000', 'end': '125.999', 'text': 'VERY VERY BRIEFLY.\nALSO A TOUCH HIGHER ON THE'}, {'start': '126.000', 'end': '132.999', 'text': 'GOLDEN DRAGON INDEX.'}, {'start': '133.000', 'end': '136.999', 'text': "EV, MACAU'S CASINOS GOLD.\nFUTURES ARE POINTED TO THE"}, {'start': '137.000', 'end': '137.999', 'text': 'UPSIDE IN SINGAPORE PRETTY OF\nTHE CONTRACT COMING ALIVE IN'}, {'start': '138.000', 'end': '141.999', 'text': 'HONG KONG AND SOME STRENGTH\nCOMING THROUGH IN THE CHINESE'}, {'start': '142.000', 'end': '146.999', 'text': 'CURRENCY.\nTHAT NOW PUTS THE EXCHANGE RATE'}, {'start': '147.000', 'end': '148.999', 'text': 'AT THE LOWEST, THE STRONGEST\nLEVEL IN ABOUT A MONTH.'}, {'start': '149.000', 'end': '152.999', 'text': "LET'S GET TO THE TOP STORY."}, {'start': '153.000', 'end': '153.999', 'text': '>> WE WERE PREPPING ABOUT 30\nMINUTES OUT FOR A VERY'}, {'start': '154.000', 'end': '157.999', 'text': 'DIFFERENT SHOW.\nTHE TOP STORY NOW, CHINA SAYING'}, {'start': '158.000', 'end': '160.999', 'text': 'IT IS ASSESSING THE POSSIBILITY\nOF TRADE TALKS WITH THE U.S.'}, {'start': '161.000', 'end': '166.999', 'text': 'OF COURSE, A BIG DEVELOPMENT.'}, {'start': '167.000', 'end': '168.999', 'text': 'IT IS THE FIRST LINE OF THE\nPOTENTIAL FOREIGN RELATIONS'}, {'start': '169.000', 'end': '171.999', 'text': 'SINCE PRESIDENT HIKED TARIFFS\nLAST MONTH.'}, {'start': '172.000', 'end': '175.999', 'text': 'OUR CHINA CORRESPONDENT IS WITH\nUS. WHAT ARE WE HEARING FROM'}, {'start': '176.000', 'end': '176.999', 'text': 'AUTHORITIES AND BREAK DOWN SOME\nOF THE NUANCES THAT WE ARE'}, {'start': '177.000', 'end': '178.817', 'text': 'SEEING OUT OF BEIJING.'}, {'start': '178.818', 'end': '183.363', 'text': '>> SO, THE MINISTRY OF COMMERCE\nESSENTIALLY IS SAYING THAT THE'}, {'start': '183.364', 'end': '186.999', 'text': 'U.S.\nHAS REACHED OUT TO CHINA VIA'}, {'start': '187.000', 'end': '189.999', 'text': 'VARIOUS CHANNELS CONFIRMING\nWHAT WE SAW IN CHINESE SOCIAL'}, {'start': '190.000', 'end': '195.999', 'text': 'MEDIA YESTERDAY, POST BY AN\nACCOUNT AFFILIATED WITH CCTV.'}, {'start': '196.000', 'end': '197.999', 'text': 'CHINA SAYING IT IS EVALUATING\nTHE POSSIBILITY FOR TALKS.'}, {'start': '198.000', 'end': '202.999', 'text': 'I THINK YOU CAN SEE THIS IS HOW\nCHINESE STATE MEDIA HAS BEEN'}, {'start': '203.000', 'end': '204.999', 'text': 'SORT OF SEEDING THE GROUND UP\nFOR POTENTIAL TALKS AND'}, {'start': '205.000', 'end': '206.999', 'text': 'SOFTENING THE GROUND AND\nEMPHASIZING IT IS THE U.S.'}, {'start': '207.000', 'end': '207.999', 'text': 'REACHING OUT FIRST AND HOW THAT\nSHOWS THAT THE U.S.'}, {'start': '208.000', 'end': '212.999', 'text': 'AS THE MORE ANXIOUS PARTY.\nCHINA DOES NOT NEED TO'}, {'start': '213.000', 'end': '215.999', 'text': 'NEGOTIATE ON THIS AND THE U.S.\nOFFERS SOMETHING MEANINGFUL --'}, {'start': '216.000', 'end': '218.999', 'text': 'UNLESS THE U.S.\nOFFER SOMETHING MEANINGFUL.'}, {'start': '219.000', 'end': '222.999', 'text': 'THE MINISTER, STATEMENT COMES\nWITH A LOT OF STRINGS ATTACHED.'}, {'start': '223.000', 'end': '224.999', 'text': 'IT SAYS WHAT CHINA WANTS TO\nEMPHASIZE HERE IS THAT ANY'}, {'start': '225.000', 'end': '230.999', 'text': 'POSSIBLE DIALOGUE OR TALK WILL\nHAVE TO HAVE THE U.S.'}, {'start': '231.000', 'end': '234.999', 'text': 'CORRECT WRONG UNILATERAL\nTARIFFS.'}, {'start': '235.000', 'end': '238.999', 'text': 'SO, CHINA WANTS THE U.S.\nTO CORRECT HIS MISTAKES AND'}, {'start': '239.000', 'end': '241.631', 'text': 'REMOVE ALL UNILATERAL TARIFFS,\nWHICH I DO NOT KNOW THE'}, {'start': '241.632', 'end': '243.999', 'text': "POSSIBILITY FOR THAT. DAVID:\nWE'LL KEEP YOU UPDATED."}, {'start': '244.000', 'end': '247.999', 'text': 'CERTAINLY A STEP FORWARD.\nOUR CHINA CORRESPONDENT.'}, {'start': '248.000', 'end': '253.999', 'text': 'AS WE WERE POINTING OUT, U.S.\nFUTURES, ASIAN EQUITIES TO THE'}, {'start': '254.000', 'end': '259.999', 'text': 'UPSIDE AND YIELDS PUSHING UP,'}, {'start': '260.000', 'end': '261.999', 'text': 'UP TWO BASIS POINTS ION THE TWO\nYEAR YIELD.'}, {'start': '262.000', 'end': '265.999', 'text': "LET'S BRING IN GARFIELD\nREYNOLDS."}, {'start': '266.000', 'end': '271.999', 'text': 'HOW ARE YOU GUYS THINKING ABOUT\nTHIS AT THIS POINT? GARFIELD:'}, {'start': '272.000', 'end': '276.999', 'text': 'WELL, DAVID, I THINK WHAT MIN\nMIN WAS SAYING WAS VERY GOOD'}, {'start': '277.000', 'end': '278.999', 'text': "CORRECTIVE TO THE IDEA THAT\nYOU'RE SUDDENLY GOING TO GET"}, {'start': '279.000', 'end': '284.999', 'text': 'PROGRESS TOWARDS AN ACTUAL\nSOLUTION OF THE RANGE OF TRADE'}, {'start': '285.000', 'end': '285.999', 'text': 'CONFLICTS THE U.S.\nHAS AROUND THE GLOBE, BUT'}, {'start': '286.000', 'end': '289.999', 'text': 'ESPECIALLY CHINA.\nHOWEVER, I THINK THERE IS ALSO'}, {'start': '290.000', 'end': '295.999', 'text': 'THE NUANCE THAT FOR MARKETS\nWHAT MATTERS IS ANYTHING THAT'}, {'start': '296.000', 'end': '301.999', 'text': 'CAN ADD TO THE IDEA THAT\nPRESIDENT TRUMP MIGHT GO ON'}, {'start': '302.000', 'end': '307.999', 'text': "DELAYING THE TARIFFS HE'S\nALREADY DELAYED, AND COULD LOOK"}, {'start': '308.000', 'end': '310.999', 'text': 'TO DELAY OR JUST OR TEMPORARILY\nSUSPEND SOME OF THE MEASURES'}, {'start': '311.000', 'end': '316.999', 'text': 'AGAINST CHINA.'}, {'start': '317.000', 'end': '321.999', 'text': 'IF YOU THINK OF HOW HE MOVED TO\nEXCLUDE A WHOLE RANGE OF APPLE'}, {'start': '322.000', 'end': '322.999', 'text': 'PRODUCTS EFFECTIVELY FROM THE\nIMPACT OF THE CHINA EMBARGOES'}, {'start': '323.000', 'end': '329.999', 'text': 'BECAUSE OF THE CONCERN OF WHAT\nTHAT WOULD DO BOTH TO APPLE'}, {'start': '330.000', 'end': '336.999', 'text': 'ITSELF AND TO THE U.S.\nECONOMY, THE U.S. VIBE.'}, {'start': '337.000', 'end': '338.999', 'text': 'SO, THAT I THINK IS THE NEXT\nSTEP THAT INVESTORS WILL BE'}, {'start': '339.000', 'end': '343.999', 'text': 'EAGER FOR IS THE IDEA THAT THIS\nWILL ADD TO THE POTENTIAL FOR'}, {'start': '344.000', 'end': '347.999', 'text': 'WHATEVER TARIFFS WE DO END UP\nWITH FOR THEM TO BE SMALLER'}, {'start': '348.000', 'end': '351.870', 'text': 'THAN INITIALLY ANNOUNCED, FOR\nTHERE TO BE SOME LEEWAY, SOME'}, {'start': '351.871', 'end': '356.515', 'text': 'RELIEF AT LEAST IN SHORT-TERM,\nEVEN IF OVER THE LONGER TERM,'}, {'start': '356.516', 'end': '359.999', 'text': 'THE U.S.\nDOES END UP IMPOSING LONG-TERM'}, {'start': '360.000', 'end': '361.999', 'text': 'TARIFFS AT SOME LEVEL, BUT\nHOPEFULLY A LEVEL THAT IS NOT'}, {'start': '362.000', 'end': '370.999', 'text': '145%. IF YOU REMEMBER, PRESIDENT\nTRUMP DID SAY THAT OBVIOUSLY'}, {'start': '371.000', 'end': '372.999', 'text': "YOU CAN'T, THERE WILL HAVE TO\nBE A LOWER LEVEL."}, {'start': '373.000', 'end': '375.999', 'text': 'HE THINKS THERE WILL BE A LOWER\nLEVEL FOR CHINA TARIFFS BY THE'}, {'start': '376.000', 'end': '383.999', 'text': 'END . THAT IS WHAT INVESTORS ARE\nLOOKING FOR, IS DELAYS IN'}, {'start': '384.000', 'end': '387.999', 'text': 'TARIFFS THAT WOULD ALLOW FOR\nLESS SHORT-TERM DAMAGE BUT,'}, {'start': '388.000', 'end': '390.999', 'text': 'OVER THE LONGER-TERM, EVEN LESS\nDAMAGE.'}, {'start': '391.000', 'end': '393.999', 'text': 'THE QUESTION IS, DO THEY GET\nTHAT?'}, {'start': '394.000', 'end': '394.999', 'text': 'AFTER ALL ONE OF THE THINGS\nTHAT JUST ABOUT EVERYONE WHO'}, {'start': '395.000', 'end': '397.999', 'text': 'HAS SAID THEY ARE INTERESTED IN\nTALKING ABOUT TARIFFS IS THAT'}, {'start': '398.000', 'end': '401.999', 'text': 'THEY WANT TO GO BACK TO ZERO\nTARIFFS.'}, {'start': '402.000', 'end': '403.999', 'text': 'THEY DO NOT EVEN WANT TO 10%\nBASELINE THAT HAS BEEN IMPOSED'}, {'start': '404.000', 'end': '407.999', 'text': "UNDER THE RECIPROCAL TARIFFS.\nAND IT'S VERY CLEAR FROM THE"}, {'start': '408.000', 'end': '409.999', 'text': 'U.S.\nTHAT THAT IS NOT SOMETHING THEY'}, {'start': '410.000', 'end': '412.999', 'text': 'THINK SHOULD BE NEGOTIATED.\nTHAT BASELINE IS SUPPOSED TO'}, {'start': '413.000', 'end': '418.999', 'text': 'SUSTAIN.\nSO, YEAH, THE DEVIL IS GOING TO'}, {'start': '419.000', 'end': '423.999', 'text': 'BE VERY MUCH IN THE DETAILS OF\nHOW THE U.S.'}, {'start': '424.000', 'end': '425.999', 'text': 'IS STILL A LONG WAY AWAY FROM\nWHERE CHINA THINGS IT SHOULD BE'}, {'start': '426.000', 'end': '429.999', 'text': 'FOR THERE TO BE A DEAL.\nAND THERE ARE STILL - IS STILL'}, {'start': '430.000', 'end': '433.999', 'text': 'A LOT OF GROUND TO MAKE UP IN A\nWHOLE RANGE OF DEALS.'}, {'start': '434.000', 'end': '438.999', 'text': '>> TO YOUR POINT, THAT THE\nDEVIL IS IN THE DETAILS, AND'}, {'start': '439.000', 'end': '440.999', 'text': 'THE INVESTORS ARE LOOKING FOR\nTHESE REACTIONS YOU HAVE LAID'}, {'start': '441.000', 'end': '446.999', 'text': 'OUT. DO YOU THINK THE THRESHOLD\nINVESTORS HAVE FOR NEEDING TO'}, {'start': '447.000', 'end': '450.999', 'text': 'SEE CONCRETE ACTIONS IS\nCHANGING, AND DO WE SEE ANY'}, {'start': '451.000', 'end': '453.999', 'text': 'SIGNALS IN THE MARKETS, THERE\nIS A DEGREE OF FATIGUE ENTERING'}, {'start': '454.000', 'end': '456.999', 'text': 'WHEN IT COMES TO THE WILL THEY\nWONT THEY DO A DEAL, THE'}, {'start': '457.000', 'end': '457.999', 'text': 'WHIPLASH WE HAVE SEEN RIPPLE\nTHROUGH MARKETS OVER THE PAST'}, {'start': '458.000', 'end': '463.999', 'text': 'MONTH OR SO? GARFIELD:'}, {'start': '464.000', 'end': '464.999', 'text': 'YEAH, REBECCA, THAT IS A GOOD\nPOINT YOU RAISE AND I THINK ONE'}, {'start': '465.000', 'end': '469.999', 'text': 'OF THE KEY THINGS THAT IS\nHELPED MARKETS TO GET MORE'}, {'start': '470.000', 'end': '475.999', 'text': 'OPTIMISTIC OVER THE PAST WEEK\nOR SO IS THERE HAS BEEN A LACK'}, {'start': '476.000', 'end': '478.999', 'text': 'OF WHIPLASH FROM PRESIDENT\nTRUMP AND FROM HIS'}, {'start': '479.000', 'end': '486.999', 'text': "ADMINISTRATION ON THIS.\nTHERE HAVEN'T BEEN THREATS"}, {'start': '487.000', 'end': '489.999', 'text': 'DIRECTLY ABOUT HOW, WELL, THEY\nNEED TO DO THIS.'}, {'start': '490.000', 'end': '493.999', 'text': "OTHERWISE, WE ARE GOING TO,\nWE'RE GOING TO BRING THE"}, {'start': '494.000', 'end': '496.999', 'text': 'TARIFFS IN EARLY OR SOMETHING\nLIKE THAT.'}, {'start': '497.000', 'end': '501.999', 'text': 'IF YOU THINK ABOUT A LOT OF THE\nBACK-AND-FORTH THAT HAPPENED IN'}, {'start': '502.000', 'end': '504.999', 'text': 'MARCH WITH MEXICO-CANADA, THAT\nWAS THEN THE FOCUS.'}, {'start': '505.000', 'end': '510.999', 'text': "AND YOU ALSO THINK THE EARLY\nDAYS OF APRIL WHEN YOU'RE NOT"}, {'start': '511.000', 'end': '514.999', 'text': 'ONLY HAD THE RETALIATIONS FROM\nCHINA, BUT YOU ALSO HAD A RANGE'}, {'start': '515.000', 'end': '518.999', 'text': 'OF COMPETING HEADLINES ON THERE\nWILL BE EXEMPTIONS AND THEN NO,'}, {'start': '519.000', 'end': '521.999', 'text': 'THERE WILL NOT BE ANY\nEXEMPTIONS.'}, {'start': '522.000', 'end': '522.999', 'text': 'I AM NOT INTERESTED IN GETTING\nEXEMPTIONS, SAID DONALD TRUMP'}, {'start': '523.000', 'end': '525.851', 'text': 'HERE BUT THEN HE DID GIVE\nEXEMPTIONS.'}, {'start': '525.852', 'end': '529.518', 'text': 'SO WE HAVE NOT HAD THAT SORT OF\nWHIPLASH.'}, {'start': '529.519', 'end': '533.999', 'text': 'WHEN IT COMES TO TRADE.\nWE HAVE HAD AN OVERALL MESSAGE'}, {'start': '534.000', 'end': '541.999', 'text': 'FROM PRESIDENT TRUMP, FROM\nTREASURY SECRETARY BESSOENT'}, {'start': '542.000', 'end': '543.999', 'text': 'THAT DEALS ARE IN TRAIN, THEY\nARE TALKING MIDDLE OTHER'}, {'start': '544.000', 'end': '546.999', 'text': 'COUNTRIES AND THEY ARE HEARING\nFROM THEM IS ENCOURAGING AND'}, {'start': '547.000', 'end': '550.999', 'text': 'THEY THINK THEY WILL BE ABLE TO\nREACH DEALS SOON.'}, {'start': '551.000', 'end': '554.999', 'text': 'SO, THINK THE NEXT COUPLE OF\nWEEKS ARE GOING TO BE KEYI'}, {'start': '555.000', 'end': '558.999', 'text': 'BECAUSE WE NEED TO SEE SOME\nACTUAL HEADS OF AGREEMENT AND'}, {'start': '559.000', 'end': '559.999', 'text': 'THEN INVESTORS WILL HAVE TO\nJUDGE WHAT THAT MEANS.'}, {'start': '560.000', 'end': '566.999', 'text': 'DOES THAT MEAN MORE DELAYS?\nALSO, THERE IS THE LINGERING'}, {'start': '567.000', 'end': '569.999', 'text': 'CONCERN ABOUT EMPTY SHELVES,\nABOUT THE DISRUPTIONS CREATED'}, {'start': '570.000', 'end': '573.956', 'text': 'BY THE TARIFFS SHOWING UP IN\nWORLD'}, {'start': '573.957', 'end': '579.608', 'text': 'W-- REAL-WORLD DATA, LEADING\nTO HIGHER PRICES OR LOWER'}, {'start': '579.609', 'end': '582.999', 'text': 'RETAIL SALES.\nBECAUSE, YOU KNOW PRODUCTS,'}, {'start': '583.000', 'end': '587.814', 'text': 'THERE ARE NOT ENOUGH PRODUCTS\nON THE SHELVES BECAUSE PEOPLE'}, {'start': '587.815', 'end': '594.073', 'text': 'CAN ONLY BUY TWO BARBIES WHEN\nTHEY WANTED TO BUY 30 SO TO'}, {'start': '594.074', 'end': '595.999', 'text': 'SPEAK. REBECCA: HAPPY FRIDAY.'}, {'start': '596.000', 'end': '598.999', 'text': 'UNLESS YOUR ADDING BARBIES TO\nYOUR CHRISTMAS WISH LIST. TO'}, {'start': '599.000', 'end': '600.999', 'text': 'THAT POINT ABOUT SOME OF THE\nDATA THAT WE ARE SEEING COMING'}, {'start': '601.000', 'end': '606.999', 'text': 'THROUGH FROM THE U.S. U.S.\nMANUFACTURING SHRANK IN APRIL'}, {'start': '607.000', 'end': '611.999', 'text': 'BY THE MOST SINCE NOVEMBER.\nFOR MORE ON THAT, OUR BLOOMBERG'}, {'start': '612.000', 'end': '613.999', 'text': 'NEWS EDITOR JOINS US IN STUDIO.\nBREAK DOWN THE HEADLINE, THE'}, {'start': '614.000', 'end': '619.999', 'text': 'BIG NUMBER SO WE HAVE SEEN COME\nTHROUGH.'}, {'start': '620.000', 'end': '621.999', 'text': '>> WE SEE THAT FACTORY ACTIVITY\nCERTAINLY CONTRACTING, AS YOU'}, {'start': '622.000', 'end': '623.999', 'text': 'SAID, SHRINKING BY THE MOST IN\nFIVE MONTHS.'}, {'start': '624.000', 'end': '628.999', 'text': "TO GARFIELD'S POINT, ALL THIS\nDATA IS TELLING US IS EXACTLY"}, {'start': '629.000', 'end': '630.999', 'text': 'THAT STORY WHERE YOU ARE SEEING\nWEAKER DEMAND, A LOT OF CONCERN'}, {'start': '631.000', 'end': '634.999', 'text': 'OVER THE UNCERTAINTY OF\nTARIFFS, AND IT IS SORT OF'}, {'start': '635.000', 'end': '637.999', 'text': "FEEDING THROUGH INTO, IT'S\nCONSTRICTING A LOT OF THE FIRMS"}, {'start': '638.000', 'end': '640.999', 'text': 'FROM BEING ABLE TO EXPAND\nBECAUSE THEY ARE ALL WAITING TO'}, {'start': '641.000', 'end': '643.999', 'text': 'SEE WHAT THE RESULTS OF THE\nTARIFFS ARE GOING TO BE.'}, {'start': '644.000', 'end': '647.999', 'text': 'SOME OF THE MOST TELLING\nINFORMATION CAME FROM SOME OF'}, {'start': '648.000', 'end': '650.999', 'text': 'THE BREAKDOWN FROM ALL OF THE\nDIFFERENT INDUSTRIAL SECTORS,'}, {'start': '651.000', 'end': '653.999', 'text': 'MACHINERY, SAYING THAT TWO\nISSUES OUR CUSTOMERS ARE'}, {'start': '654.000', 'end': '656.999', 'text': 'HOLDING BACK ORDERS.\nTHEN, WHEN THEY ARE PLACING'}, {'start': '657.000', 'end': '657.999', 'text': 'ORDERS, THEY ARE PUTTING IT ON\nTHE FIRMS TO ABSORB SOME OF THE'}, {'start': '658.000', 'end': '662.999', 'text': 'COST FROM THE TARIFFS.\nFOR THE MACHINERY SECTOR THEY'}, {'start': '663.000', 'end': '664.999', 'text': 'ARE SAYING WE CANNOT TAKE THE\nJOBS BECAUSE WE CANNOT AFFORD'}, {'start': '665.000', 'end': '668.788', 'text': 'TO PAY SOME OF THOSE HIGHER\nCOSTS THAT ARE STARTING TO BE'}, {'start': '668.789', 'end': '670.999', 'text': 'BUILT IN.\nREALLY AGAIN, THAT SPEAKS TO'}, {'start': '671.000', 'end': '674.999', 'text': 'THE FACT OF THE MATTER, WHICH\nIS YOU ARE SEEING, YOU KNOW,'}, {'start': '675.000', 'end': '676.999', 'text': 'LESS PRODUCTION, YOU ARE SEEING\nLESS DEMAND.'}, {'start': '677.000', 'end': '679.999', 'text': 'YOU ARE SEEING BACKLOG START TO\nEVAPORATE.'}, {'start': '680.000', 'end': '681.999', 'text': 'AND IF ALL OF THIS IS STARTING\nTO FEEL THROUGH AN APRIL DATA,'}, {'start': '682.000', 'end': '685.999', 'text': 'I THINK THE BIG CONCERN IS WHAT\nIS THAT GOING TO LOOK LIKE IN'}, {'start': '686.000', 'end': '689.999', 'text': 'MAY, JUNE, JULY AND BEYOND,\nPARTICULARLY IF WE DO NOT HAVE'}, {'start': '690.000', 'end': '692.999', 'text': 'A RESOLUTION TO A LOT OF THE\nSTANDING ISSUES OF TARIFFS WE'}, {'start': '693.000', 'end': '698.999', 'text': 'ARE STILL WAITING TO HEAR ON?\nDAVID: YEAH.'}, {'start': '699.000', 'end': '700.999', 'text': 'TO YOUR POINT, WE GET THE JOBS\nREPORT LATER TODAY WHICH MIGHT'}, {'start': '701.000', 'end': '701.999', 'text': 'ACTUALLY JUST ADD TO THE NOISE\nOF THE BACKWARD LOOKING'}, {'start': '702.000', 'end': '705.029', 'text': 'ELEMENTS TO THIS.\nDO YOU GET A SENSE THAT THE'}, {'start': '705.030', 'end': '708.969', 'text': 'DIRECTION OF TRAVEL FOR DATA IS\nTO THE DOWNSIDE IN THE NEXT FEW'}, {'start': '708.970', 'end': '711.999', 'text': "WEEKS AND MONTHS? JILL:\nWE'RE ALREADY STARTING TO SEE"}, {'start': '712.000', 'end': '715.999', 'text': 'THAT ACROSS THE WORLD.\nYOU LOOK AT SOME OF THE EARLY'}, {'start': '716.000', 'end': '717.999', 'text': 'TRADE DATA WE GOT OUT OF KOREA,\nFOR EXAMPLE, THE LEADING'}, {'start': '718.000', 'end': '721.999', 'text': 'INDICATORS, AND TROUBLE SPOTS.\nTAKE A LOOK AT THE CHINA DATA'}, {'start': '722.000', 'end': '722.999', 'text': 'THAT WE JUST GOT EARLIER THIS\nWEEK, A LOT OF CONCERNS IN THE'}, {'start': '723.000', 'end': '728.999', 'text': 'FACTORY DATA OUT OF CHINA.\nSO, YEAH, IF THIS IS SOME OF'}, {'start': '729.000', 'end': '731.999', 'text': 'THE EARLY INDICATORS WE ARE\nGETTING ABOUT CONCERNS GOING'}, {'start': '732.000', 'end': '734.999', 'text': "FORWARD, YOU LOOK AT THE PMI'S,\nAND LOOKING AT THE TRADE DATA,"}, {'start': '735.000', 'end': '738.999', 'text': 'THEN YEAH, I THINK AGAIN, JUST\nSO MUCH CONCERN -- UNCERTAINTY'}, {'start': '739.000', 'end': '740.999', 'text': 'AT THIS POINT.\nAS GARFIELD WAS SAYING, WE ARE'}, {'start': '741.000', 'end': '744.999', 'text': 'STILL WAITING ON THE RESOLUTION\nOF A LOT OF THESE TRADE DEALS.'}, {'start': '745.000', 'end': '746.999', 'text': 'WE DO NOT KNOW WHETHER CHINA IS\nGOING TO SIT DOWN WITH THE'}, {'start': '747.000', 'end': '749.999', 'text': 'UNITED STATES, JUST THAT THEY\nARE THINKING ABOUT DOING SO.'}, {'start': '750.000', 'end': '751.999', 'text': 'SO, I MEAN, IT STILL FEELS LIKE\nWE ARE EARLY IN THE STAGES OF'}, {'start': '752.000', 'end': '755.999', 'text': 'NEGOTIATING ANY DEALS.\nWE STILL HAVE, WHAT, ANOTHER'}, {'start': '756.000', 'end': '758.999', 'text': 'COUPLE MONTHS TO RESOLVE THOSE\nISSUES WITH RECIPROCAL TARIFFS'}, {'start': '759.000', 'end': '761.999', 'text': 'BEFORE THE DEADLINE PASSES.\nYOU DO NOT ME TELLING YOU THERE'}, {'start': '762.000', 'end': '762.999', 'text': 'IS LOADS OF UNCERTAINTY BUT\nCERTAINLY THERE IS STILL LOWS'}, {'start': '763.000', 'end': '765.962', 'text': 'OF UNCERTAINTY WE ARE DEALING\nWITH HERE. DAVID:'}, {'start': '765.963', 'end': '770.777', 'text': 'WE ARE A BAD HEADLINE AWAY FROM\nLOOKING AT THE CHANGE IN MARKET'}, {'start': '770.778', 'end': '772.999', 'text': 'REACTION. FANTASTIC.\nTHANK YOU SO MUCH.'}, {'start': '773.000', 'end': '777.999', 'text': 'OUR BLOOMBERG DESK EDITOR.\nCAN MARKET STILL TREAT BAD NEWS'}, {'start': '778.000', 'end': '778.999', 'text': 'IS GOOD NEWS AND AS FAR AS MAY\nBE THE SUPPORT COMING THROUGH'}, {'start': '779.000', 'end': '784.999', 'text': 'THE MONETARY AUTHORITIES?\nOUR GUEST JOINING US TO TALK'}, {'start': '785.000', 'end': '787.999', 'text': 'ABOUT THE LATEST DATA, EARNINGS\nAND WHAT WE SHOULD MAKE PRESENT'}, {'start': '788.000', 'end': '792.999', 'text': 'TENSE OF THE NEWS LINES COMING\nTHROUGH IN THE LAST HOUR.'}, {'start': '793.000', 'end': '795.999', 'text': 'COUNTING DOWN TO THE REOPEN OF\nMARKETS HERE IN HONG KONG.'}, {'start': '796.000', 'end': '796.999', 'text': 'IT IS LOOKING LIKE IT TAILWINDS\n-- THE TAILWINDS ARE GATHERING'}, {'start': '797.000', 'end': '800.999', 'text': 'STRENGTH.\n16 MINUTES TO THE OPEN.'}, {'start': '801.000', 'end': '813.000', 'text': 'THIS IS "THE CHINA SHOW."\nHAPPY FRIDAY.'}, {'start': '816.973', 'end': '818.972', 'text': 'DAVID: ALL RIGHT.\nTHE NEWEST HEADLINES KEEP'}, {'start': '818.973', 'end': '822.972', 'text': 'COMING.\nAS YOU CAN SEE, WE ARE A BIT'}, {'start': '822.973', 'end': '830.972', 'text': 'ACROSS RISK ASSETS, TAIWAN UP\n2% IN THE OPENING MINUTES.'}, {'start': '830.973', 'end': '832.972', 'text': 'WE ARE GETTING LIGHT -- THE\nLATEST LINES OUT OF MARCO RUBIO'}, {'start': '832.973', 'end': '838.972', 'text': 'SPEAKING TO FOX NEWS, AND JUST\nA CAVEAT WE DO NOT UNDERSTAND'}, {'start': '838.973', 'end': '844.472', 'text': 'WHAT THE QUESTION WAS BUT THE\nCOMMENTARY IS THAT CHINA IS'}, {'start': '844.473', 'end': '846.972', 'text': 'REACHING OUT.\nON ECONOMIC ISSUES.'}, {'start': '846.973', 'end': '848.972', 'text': 'JUST TO REWIND MAYBE 30 MINUTES\nBACK, THE LINE COMING OUT OF'}, {'start': '848.973', 'end': '851.972', 'text': 'THE MINISTRY OF COMMERCE AND\nCHINA SAYS THEY ARE EVALUATING'}, {'start': '851.973', 'end': '853.972', 'text': 'POTENTIAL TRADE TALKS, WHICH IS\nWHY YOU SEE MARKETS ARE'}, {'start': '853.973', 'end': '856.972', 'text': 'INDECENT FOOTING GOING INTO THE\nFRIDAY SESSION.'}, {'start': '856.973', 'end': '857.972', 'text': "LET'S GET A SENSE OF DIRECTION\nOF TRAVEL AND CAN WE TREAT THIS"}, {'start': '857.973', 'end': '863.972', 'text': 'GOOD NEWS AS BAD NEWS?\nSOFT DATA HAS BEEN SOFTER AND'}, {'start': '863.973', 'end': '865.972', 'text': 'WE ARE GOING INTO A JOBS REPORT.\nA CONVERSATION AROUND SCOTT'}, {'start': '865.973', 'end': '870.972', 'text': 'BESSENT TALK ABOUT HOW WE LOOK\nAT A TWO YEAR YEIELD.'}, {'start': '870.973', 'end': '875.972', 'text': 'THE FED SHOULD BE CUTTING\nINTEREST RATES.'}, {'start': '875.973', 'end': '878.972', 'text': 'OUR GUEST IS JOINING US TO HELP\nUS SIFT THROUGH THE NOISE AND'}, {'start': '878.973', 'end': '882.972', 'text': '-- THE PROPER SIGNALS.\nWHAT DO YOU MAKE OF THE LATEST'}, {'start': '882.973', 'end': '888.972', 'text': 'NEWS LINES COMING THROUGH AND\nCAN WE ACTUALLY TREAT THIS AS,'}, {'start': '888.973', 'end': '889.972', 'text': "I DON'T KNOW, PROGRESS ON THESE\nTRADE TALKS AND THAT WILL LEAD"}, {'start': '889.973', 'end': '896.972', 'text': 'TO HIGHER YIELDS MOVING FORWARD?\n>> LOOK, I THINK THE MARKET IS'}, {'start': '896.973', 'end': '898.972', 'text': 'MOVING IN PHASES IN TERMS OF\nTHE REACTIONS TO THE HEADLINES'}, {'start': '898.973', 'end': '902.972', 'text': 'WE HAVE SEEN.\nIF THERE WAS A WORD TO SUM UP'}, {'start': '902.973', 'end': '905.972', 'text': 'APRIL IT WAS BRINKMANSHIP,\nPUSHING EVERYTHING TO THE EDGE'}, {'start': '905.973', 'end': '910.972', 'text': 'WHETHER IT WAS THE TRADE WAR\nSITUATION, THE TARIFF SITUATION'}, {'start': '910.973', 'end': '915.972', 'text': 'OR AMERICAN INSTITUTIONAL\nQUALITY QUESTION MARKS.'}, {'start': '915.973', 'end': '917.972', 'text': 'BUT MAYBE MAY WILL BE A LITTLE\nBIT ABOUT DE-ESCALATION, COMING'}, {'start': '917.973', 'end': '922.972', 'text': 'BACK FROM THAT BRINKMANSHIP IT\nIS IT PROGRESS? YES.'}, {'start': '922.973', 'end': '929.972', 'text': 'I WOULD SAY THAT IN TERMS OF\nHOW HARD THE U.S.'}, {'start': '929.973', 'end': '930.972', 'text': 'SIDE HAS PUSHED, ALL THAT LEFT\nROOM FOR WAS DE-ESCALATION AND'}, {'start': '930.973', 'end': '935.972', 'text': 'STEPPING DOWN FROM THAT.\nIT IS UNDERSTANDABLE WHY EQUITY'}, {'start': '935.973', 'end': '940.972', 'text': 'MARKETS LIKE THIS NEWS.\nIS THE UNCERTAINTY OVER?'}, {'start': '940.973', 'end': '943.972', 'text': 'I VERY MUCH DOUBT IT.\nBUT ALSO IT WAS THE SLOWDOWN IN'}, {'start': '943.973', 'end': '945.972', 'text': 'THE U.S.\nECONOMY ALREADY BAKED AND'}, {'start': '945.973', 'end': '949.972', 'text': 'BEFORE ANY OF THESE TARIFF\nTALKS WERE TALKED ABOUT.'}, {'start': '949.973', 'end': '953.239', 'text': 'ABSOLUTELY. REBECCA:\nTHINK ABOUT THE DYNAMIC, HIGH'}, {'start': '953.240', 'end': '956.972', 'text': 'LEVELS OF UNCERTAINTY PERHAPS\nENTERING A PHASE OF'}, {'start': '956.973', 'end': '958.972', 'text': 'DE-ESCALATION.\nHOW ARE YOU APPROACHING THAT IS'}, {'start': '958.973', 'end': '962.972', 'text': 'AN INVESTOR?\nAND HOW ARE YOU SHIFTING YOUR'}, {'start': '962.973', 'end': '965.972', 'text': 'STRATEGY FROM THE SPRING BEEN\nSHIPPED OR PERHAPS THE NEW ERA'}, {'start': '965.973', 'end': '970.972', 'text': 'OF DE-ESCALATION?'}, {'start': '970.973', 'end': '971.972', 'text': '>> I HAVE TO LOOK AT WHAT IS\nPRICED INTO DIFFERENT ASSET'}, {'start': '971.973', 'end': '976.972', 'text': "CLASSES.\nI'M A FIXED INCOME INVESTOR"}, {'start': '976.973', 'end': '977.972', 'text': "FIRST AND FOREMOST. I THINK\nABOUT BONDS PAID AUSTRALIA'S"}, {'start': '977.973', 'end': '979.972', 'text': "DIFFERENT TO THE U.S.\nBUT LET'S STICK ON THE U.S."}, {'start': '979.973', 'end': '982.972', 'text': 'PICTURE FOR THE MOMENT.\nIF I THINK ABOUT, YOU KNOW,'}, {'start': '982.973', 'end': '988.972', 'text': 'WHAT LEASE WHAT THE FED TELLS\nUS THAT -- IS FOR THE U.S.'}, {'start': '988.973', 'end': '991.972', 'text': 'YOU HAVE RATES MY PRICING --\nRATES MARKETS ARE PRICING IN'}, {'start': '991.973', 'end': '993.972', 'text': 'THAT THE U.S.\nWILL GET THERE OVER THE NEXT 18'}, {'start': '993.973', 'end': '996.972', 'text': 'MONTHS.\nTHE RATES MARKET IS NOT TELLING'}, {'start': '996.973', 'end': '998.972', 'text': '-- IS TELLING YOU NOT THAT MUCH\nOF A SLOWDOWN CONCERN IS BEING'}, {'start': '998.973', 'end': '1003.972', 'text': 'PRICED INTO THE VERY FRONT END\nOF THE U.S. TRADE MARKET.'}, {'start': '1003.973', 'end': '1006.972', 'text': '-- INTEREST RATE MARKET.\nAND I WOULD GUESS FOR WHAT YOU'}, {'start': '1006.973', 'end': '1009.972', 'text': 'ARE SEEING IN TERMS OF SHIPPING\nVOLUMES COMING FROM CHINA OVER'}, {'start': '1009.973', 'end': '1014.972', 'text': 'TO THE U.S., DISREGARDING SOME\nOF THE FRONT LOADING DATA WE'}, {'start': '1014.973', 'end': '1017.972', 'text': "HAVE SEEN IN RECENT PMI'S AND\nISM'S LOOKING HARD AT THE MOST"}, {'start': '1017.973', 'end': '1022.972', 'text': 'RECENT CHINESE PMI DATA, WHICH\nWAS THE FIRST HARD PMI THAT'}, {'start': '1022.973', 'end': '1025.972', 'text': 'CAME UP FOR APRIL, TELLING YOU\nTHAT CHINESE EXPORTERS'}, {'start': '1025.973', 'end': '1029.083', 'text': 'DEFINITELY SEEING, YOU KNOW,\nSOME STRUGGLES COMING THROUGH'}, {'start': '1029.084', 'end': '1032.972', 'text': 'ON THAT FRONT.\nI WOULD SAY THE FRONT END OF'}, {'start': '1032.973', 'end': '1036.972', 'text': 'THE U.S.\nDOES NOT HAVE ENOUGH OF AN'}, {'start': '1036.973', 'end': '1039.972', 'text': 'EASING RATE CYCLE PRICED END.\nMEDIUM TERM, I DO LIKE'}, {'start': '1039.973', 'end': '1043.639', 'text': 'DURATION, BUT THEN THE QUESTION\nIS, HOW MUCH -- NEEDS TO BE'}, {'start': '1043.640', 'end': '1046.972', 'text': 'AND THE CURVE FOR THE OTHER\nUNCERTAINTIES THAT ARE OUT'}, {'start': '1046.973', 'end': '1049.972', 'text': 'THERE? DAVID:\nMAYBE TO ASK YOU AS WELL IN'}, {'start': '1049.973', 'end': '1053.972', 'text': "TERMS OF INCOME STRATEGIES.\nWE DON'T KNOW WHAT THE ECONOMY"}, {'start': '1053.973', 'end': '1057.972', 'text': 'LOOKS LIKE IN THREE MONTHS,\nRIGHT?'}, {'start': '1057.973', 'end': '1059.972', 'text': 'TO YOUR POINT, IT SEEMS LIKE\nTHE DATA IS REALLY SOFTENING'}, {'start': '1059.973', 'end': '1064.972', 'text': 'AND I AM WONDERING, WOULD YOU\nVENTURE OUT INOTO NON-QUALITY.'}, {'start': '1064.973', 'end': '1068.972', 'text': 'HOW DOES HIGH-YIELD LOOK TO YOU\nAT THE MOMENT?'}, {'start': '1068.973', 'end': '1072.972', 'text': '>> HIGH YIELD IS INTERESTING\nBECAUSE AND I WILL DOVETAIL'}, {'start': '1072.973', 'end': '1073.972', 'text': 'THIS CONVERSATION INTO THE LAND\nOF LEVERAGE LOANS FOR TALKING'}, {'start': '1073.973', 'end': '1077.972', 'text': 'ABOUT THE U.S.\nWHAT YOU SEE ABOUT THE TEXTURE'}, {'start': '1077.973', 'end': '1079.972', 'text': 'OF THE U.S.\nBOND MARKET IN PARTICULAR, FOR'}, {'start': '1079.973', 'end': '1083.972', 'text': 'THE LAST 18 MONTHS IS THIS\nDRIFT UP IN QUALITY.'}, {'start': '1083.973', 'end': '1087.972', 'text': 'AND YOU HAD -- YOU HEARD ME\nRIGHT, DRIFT UP.'}, {'start': '1087.973', 'end': '1088.972', 'text': 'TH AVERAGE INDEX CREDITE\nQUALITY HAS IMPROVED NOT'}, {'start': '1088.973', 'end': '1094.972', 'text': 'BECAUSE THE U.S.\nCOMPANIES ARE EN MASSE GETTING'}, {'start': '1094.973', 'end': '1098.972', 'text': 'BETTER QUALITY BUT MORE BECAUSE\nOF THE EXPANSION OF THE'}, {'start': '1098.973', 'end': '1101.972', 'text': 'LEVERAGE LOAN MARKET BECAUSE OF\nTHE PRIVATE CREDIT MARKETS.'}, {'start': '1101.973', 'end': '1103.972', 'text': 'AND BECAUSE THERE HAS BEEN SO\nMUCH ATTENTION NOT JUST IN'}, {'start': '1103.973', 'end': '1110.972', 'text': 'RECENT MONTHS BUT IN RECENT\nYEARS OF THIS CYCLE, LOWER'}, {'start': '1110.973', 'end': '1114.972', 'text': 'INTEREST RATE ENVIRONMENT,\nINVESTORS DEMANDING A HIGHER'}, {'start': '1114.973', 'end': '1117.972', 'text': 'MARGIN ON TOP OF THE IN TEREST\nRATES.'}, {'start': '1117.973', 'end': '1122.972', 'text': 'SO, WHAT YOU HAVE SEEN THIS\nCYCLE HAS BEEN A VERY MUTED'}, {'start': '1122.973', 'end': '1124.972', 'text': 'CYCLE AND ALL LEAD INDICATORS\nPOINT TO HIGH-YIELD DEFAULTS'}, {'start': '1124.973', 'end': '1132.972', 'text': 'REMAINING FAIRLY CONTAINED\nOUTSIDE OF A DRAMATIC SLOWDOWN'}, {'start': '1132.973', 'end': '1136.972', 'text': 'THAT ENDS UP IN RECESSION.\nMY OUTLOOK IS I DO NOT THINK IT'}, {'start': '1136.973', 'end': '1138.972', 'text': 'IS PARTICULARLY CHEAP BUT I DO\nNOT THINK IT IS PARTICULARLY'}, {'start': '1138.973', 'end': '1144.699', 'text': 'EXPENSIVE AND I THINK THE\nDEFAULT ENVIRONMENT WILL REMAIN'}, {'start': '1144.700', 'end': '1145.972', 'text': 'CONTAINED. REBECCA:'}, {'start': '1145.973', 'end': '1148.972', 'text': 'I WANT TO PICK UP ON YOUR POINT\nABOUT THE FAULT.'}, {'start': '1148.973', 'end': '1149.972', 'text': 'I MEAN, EVEN IF WE SEE THAT\nDEFAULT ENVIRONMENT CONTAINED,'}, {'start': '1149.973', 'end': '1152.972', 'text': 'TO WHAT EXTENT DO YOU THINK WE\nARE STILL AND WE SHOULD STILL'}, {'start': '1152.973', 'end': '1155.972', 'text': 'BE EXPECTING A MAJOR REPRICING\nIN PRIVATE CREDIT?'}, {'start': '1155.973', 'end': '1161.972', 'text': 'THERE ARE A LOT OF ARGUMENTS\nNOW THAT PRIVATE CREDIT HAS NOT'}, {'start': '1161.973', 'end': '1163.972', 'text': 'MARKED TO MARKET IN WE ARE NOT\nSEEING THE RECALIBRATION WE'}, {'start': '1163.973', 'end': '1166.972', 'text': 'HAVE SEEN TO THE REST OF THE\nMARKET, INCLUDING THROUGH'}, {'start': '1166.973', 'end': '1172.972', 'text': 'HIGH-YIELD EARLIER IN THE YEAR\nALBEIT. AMY:'}, {'start': '1172.973', 'end': '1173.972', 'text': 'YEAH, SO, JUST TO BE CLEAR, THE\nDEFAULT, THE CONTAINED DEFAULT'}, {'start': '1173.973', 'end': '1179.972', 'text': 'ENVIRONMENT THAT I WAS\nREFERRING TO IS VERY MUCH IN'}, {'start': '1179.973', 'end': '1180.972', 'text': 'THE PUBLICLY TRADED HIGH YIELD\nBOND MARKET.'}, {'start': '1180.973', 'end': '1184.972', 'text': 'AND IT MAKES A LOT OF SENSE\nTHAT THIS IS A MARKET THAT YOU'}, {'start': '1184.973', 'end': '1186.972', 'text': 'PROBABLY SEE A LOT OF\nVOLATILITY IN BECAUSE WHEN YOU'}, {'start': '1186.973', 'end': '1190.972', 'text': 'HAVE GOT THE WISDOM OF CROWDS\nACTING ON WHAT IS THE RIGHT'}, {'start': '1190.973', 'end': '1193.972', 'text': 'PRICE AND WHAT IS THE RIGHT\nVALUE FOR THIS ASSET CLASS AT'}, {'start': '1193.973', 'end': '1200.972', 'text': 'ANY MOMENT YOU WILL GET A MUCH\nMORE TRANSPARENT PC ICTURE.'}, {'start': '1200.973', 'end': '1203.972', 'text': 'PRIVATE CREDIT IS A WHOLE OTHER\nKETTLE OF FISH BECAUSE THOSE'}, {'start': '1203.973', 'end': '1206.972', 'text': 'VALUATIONS ONLY COME THROUGH\nONCE A QUARTER, MAYBE ONCE'}, {'start': '1206.973', 'end': '1211.972', 'text': 'EVERY SIX MONTHS.\nTHE VALUATION PROCESS MAY'}, {'start': '1211.973', 'end': '1214.972', 'text': 'DIFFER FROM FUND STRATEGY TO\nSTRATEGY AND FUND TO FUND.'}, {'start': '1214.973', 'end': '1221.972', 'text': 'I DO NOT RUN ANY MYSELF.\nI DO NOT BY ANY PRIVATE CREDIT.'}, {'start': '1221.973', 'end': '1223.972', 'text': 'SO,I SAY THIS ALL WITH THAT BIG\nCAVEAT, BUT I THINK THIS IS THE'}, {'start': '1223.973', 'end': '1228.972', 'text': 'PART OF THE CYCLE NOW BECAUSE\nDEFAULT RATES ARE PICKING UP IN'}, {'start': '1228.973', 'end': '1229.972', 'text': 'PLACES THAT WE CANNOT SEE IN\nASSET CLASSES THAT ARE NOT'}, {'start': '1229.973', 'end': '1235.972', 'text': 'TRANSPARENT.\nIT WILL BE A TESTING TIME TO'}, {'start': '1235.973', 'end': '1239.972', 'text': 'SEE WHICH ARE THE FUNDS THAT\nHAVE STAYED TRUE TO HIRING'}, {'start': '1239.973', 'end': '1243.972', 'text': 'QUALITY, -- HIGHER IN QUALITY\nAND HOW THEY DO THE NEXT PART'}, {'start': '1243.973', 'end': '1249.014', 'text': 'OF THE DEFAULT CYCLE VERSUS\nONES THAT MAY HAVE BEEN CHASING'}, {'start': '1249.015', 'end': '1253.597', 'text': 'TOO HARD, THE LOWER QUALITY\nOPPORTUNITIES INTO THE END OF'}, {'start': '1253.598', 'end': '1254.972', 'text': 'THE CYCLE. DAVID:'}, {'start': '1254.973', 'end': '1258.972', 'text': 'YEAH, THE DELAYED CADENCE\nBETWEEN BLINKS IS INTERESTING.'}, {'start': '1258.973', 'end': '1260.972', 'text': 'AMY, THANK YOU SO MUCH.\nTHAT IS ALL WE HAVE TIME FOR'}, {'start': '1260.973', 'end': '1262.972', 'text': 'TODAY.\nWE DID NOT GET TO TALK ABOUT'}, {'start': '1262.973', 'end': '1270.972', 'text': 'ELECTIONS.\nWE WILL DO THAT IN DUE TIME.'}, {'start': '1270.973', 'end': '1271.972', 'text': 'THE NEWS FLASH FORCES THAT ARE\nTALKING ABOUT WHY WE ARE SEEING'}, {'start': '1271.973', 'end': '1274.972', 'text': 'GAINS. GOING INTO THE OPEN, SIX\nMINUTES AWAY FROM THE OPEN HONG'}, {'start': '1274.973', 'end': '1279.972', 'text': 'KONG.\nWE COULD ACTUALLY SEE THE S&P'}, {'start': '1279.973', 'end': '1283.972', 'text': '500 LOOKING AT FUTURES, CLOCK\nIN ITS FIRST NINE DAY WIN'}, {'start': '1283.973', 'end': '1295.973', 'text': 'STREAK IN 20 YEARS.\nTHIS IS "THE CHINA SHOW."'}, {'start': '1303.591', 'end': '1304.590', 'text': 'DAVID: RIGHT.\nWELCOME BACK TO THE SHOW.'}, {'start': '1304.591', 'end': '1309.590', 'text': 'HAPPY FRIDAY. YEAH.\nTHERE YOU GO. REBECCA:'}, {'start': '1309.591', 'end': '1314.590', 'text': "YOU'RE RIGHT, DAVE. DAVID:\nIT IS NOT ME, THE NEWS FLOW HAS"}, {'start': '1314.591', 'end': '1321.590', 'text': 'GIVEN US SOME MOMENTUM.\nSTOCKS 50 FUTURES, PUSHING'}, {'start': '1321.591', 'end': '1324.590', 'text': 'HIGH, THE S&P 500, A DAY WIN\nSTREAK, WE COULD GET NINE DAYS.'}, {'start': '1324.591', 'end': '1325.590', 'text': 'COMMENTARY COMING FROM OUR\nCAREER THAT CHINA HAS REACHED'}, {'start': '1325.591', 'end': '1331.590', 'text': 'OUT.\nTHE OTHER SIDE QUITE LITERALLY'}, {'start': '1331.591', 'end': '1332.590', 'text': 'AND FIGURE TWO IS THE MINISTER\nOF COMMERCE AND CHINA SAYS THE'}, {'start': '1332.591', 'end': '1336.590', 'text': 'U.S. HAS REACHED OUT IN VARIOUS\nFRONTS AND THAT THEY ARE'}, {'start': '1336.591', 'end': '1341.590', 'text': 'EVALUATING THOSE APPROACHES\nPLURAL. .3%, THE REOPENED TODAY.'}, {'start': '1341.591', 'end': '1344.590', 'text': "WE WILL SEE WHAT THIS LOOKS\nLIKE. WE'RE LOOKING AT COUPLE OF"}, {'start': '1344.591', 'end': '1346.590', 'text': 'STOCKS GOING INTO THE OPEN.\nTHE OPENING BELL JUST OVER'}, {'start': '1346.591', 'end': '1358.591', 'text': 'THREE MINUTES AWAY.\nTHIS IS "THE CHINA SHOW."'}, {'start': '1374.520', 'end': '1376.519', 'text': 'REBECCA: GOOD MORNING.\nWELCOME BACK.'}, {'start': '1376.520', 'end': '1378.519', 'text': 'YOU ARE WATCHING "THE CHINA\nSHOW."'}, {'start': '1378.520', 'end': '1382.519', 'text': 'COUNTING DOWN TO THE OPEN UP\nMARKETS IN HONG KONG.'}, {'start': '1382.520', 'end': '1386.519', 'text': 'ONE BIG STORY THAT IS THE NAME\nOF THE GAME THIS MONEY.'}, {'start': '1386.520', 'end': '1388.910', 'text': 'AND THAT IS ALL ABOUT CHINA\nPERHAPS BEING OPEN TO TALKS'}, {'start': '1388.911', 'end': '1391.519', 'text': 'WITH THE U.S. OVER TRADE.\nTHERE HAS BEEN A REAL DYNAMIC'}, {'start': '1391.520', 'end': '1400.519', 'text': 'BACK-AND-FORTH.\nHE SAID, SHE SAID IF YOU WILL'}, {'start': '1400.520', 'end': '1401.519', 'text': 'ABOUT WHETHER OR NOT CHINA IS\nBEGINNING NEGOTIATIONS,'}, {'start': '1401.520', 'end': '1403.519', 'text': 'CONCRETE SIGNS THAT BEIJING IS\nWILLING TO START THAT PROCESS.'}, {'start': '1403.520', 'end': '1405.519', 'text': 'DAVID:\nTHEY ARE ACKNOWLEDGING THE'}, {'start': '1405.520', 'end': '1409.519', 'text': "PRESENCE OF EACH OTHER. REBECCA:\nTHAT'S A VERY GOOD WAY OF"}, {'start': '1409.520', 'end': '1412.519', 'text': 'PUTTING IT.\nBECAUSE WE DO NEED TO KEEP'}, {'start': '1412.520', 'end': '1415.519', 'text': 'MEASURED EXPECTATIONS.\nTHE STATEMENT ITSELF HAS A LOT'}, {'start': '1415.520', 'end': '1418.519', 'text': 'OF THESE NUANCES AROUND ALL OF\nTHE REQUIREMENTS THAT CHINA HAS'}, {'start': '1418.520', 'end': '1420.519', 'text': 'PARTICULAR THE ISSUE AROUND\nRESPECT.'}, {'start': '1420.520', 'end': '1423.519', 'text': 'IT HAS BEEN A BIG STICKING\nPOINT THAT THEY JUST DO NOT'}, {'start': '1423.520', 'end': '1424.519', 'text': 'BELIEVE THEIR COUNTERPARTS ARE\nNECESSARILY SINCERE.'}, {'start': '1424.520', 'end': '1427.519', 'text': 'THAT IS WHAT THEY NEED TO SEE\nFROM THEIR U.S. COUNTERPARTS.'}, {'start': '1427.520', 'end': '1432.519', 'text': 'DAVID: THEY HAVE NOT AGREED ON A\nSTARTING POINT EVEN FOR'}, {'start': '1432.520', 'end': '1433.519', 'text': 'NEGOTIATIONS, BUT THE FACT THAT\nWE ARE GETTING SIGNALS FROM'}, {'start': '1433.520', 'end': '1437.519', 'text': 'HERE AND MARCO RUBIO JUST\nTALKED ABOUT, OF COURSE, ALMOST'}, {'start': '1437.520', 'end': '1439.519', 'text': 'THE OPPOSITE BUT THE SAME THING\nTHAT THE CHINESE -- THEY'}, {'start': '1439.520', 'end': '1440.519', 'text': "THEY'RE IN TOUCH WITH THE\nCHINESE."}, {'start': '1440.520', 'end': '1443.519', 'text': 'THE REOPEN IN HONG KONG, .5%.\nBOTTOM OF THE SCREENS COME ON'}, {'start': '1443.520', 'end': '1449.519', 'text': 'THE HANG SENG.\nYOU HAVE TENCENT AND ALIBABA,'}, {'start': '1449.520', 'end': '1450.519', 'text': 'TECH LEADING THE GAINS.\nHSBC, MARK TUCKER WAS THE BIG'}, {'start': '1450.520', 'end': '1454.519', 'text': 'STORY OVERNIGHT.\nHE IS THE CHAIRMAN, YOU CAN'}, {'start': '1454.520', 'end': '1456.519', 'text': 'READ ABOUT THAT LATER ON.\nWE WILL GET TO THAT IN MOMENT.'}, {'start': '1456.520', 'end': '1461.519', 'text': 'OTHER THINGS AS WELL.\nDOLLAR CHINA, 7.2644.'}, {'start': '1461.520', 'end': '1466.519', 'text': 'MÉLENCHON IS SHOT.\nTHAT PUTS IS ABOUT -- MAINLAND'}, {'start': '1466.520', 'end': '1470.519', 'text': 'CHINA IS SHOT, NEAR THE\nONE-MONTH HIGH ON THE OFFSHORE'}, {'start': '1470.520', 'end': '1474.186', 'text': 'CURRENCY IN TERMS OF DATA, GDP\nAND THE NUMBERS.'}, {'start': '1474.187', 'end': '1478.667', 'text': 'MACAU, HONG KONG, VERY BACKWARD\nLOOKING AS FAR AS HONG KONG'}, {'start': '1478.668', 'end': '1481.519', 'text': 'GOES.\nTHE CAR SALES NUMBERS WHICH WE'}, {'start': '1481.520', 'end': '1487.519', 'text': 'WILL DIG INTO IN A MOMENT.'}, {'start': '1487.520', 'end': '1491.519', 'text': 'NEYO, HAS HAD A TERRIBLE TIME\nIN TERMS OF THE STOCK PRICE.'}, {'start': '1491.520', 'end': '1496.519', 'text': 'CATCHING TO THE TWO DAYS OF\nSTEEP LOSSES.'}, {'start': '1496.520', 'end': '1502.519', 'text': 'MINING IS CATCHING UP, ALTHOUGH\nBOLD, THE PRICES ITSELF IS AT'}, {'start': '1502.520', 'end': '1509.519', 'text': 'TWO WEEK LOW.\nYOUNG CHINA, IS AN EARNINGS'}, {'start': '1509.520', 'end': '1512.519', 'text': 'STORY, AND BYD REPORTING A\nDECENT SET A NUMBER.'}, {'start': '1512.520', 'end': '1513.519', 'text': 'VERY QUICKLY, MACAU CASINOS OUT\nYESTERDAY WITH'}, {'start': '1513.520', 'end': '1517.519', 'text': 'BETTER-THAN-EXPECTED REVENUES.\nREBECCA: THE NUMBERS FROM A COW.'}, {'start': '1517.520', 'end': '1521.519', 'text': 'ESTIMATES WE WERE EXPECTING A\nDECLINE.'}, {'start': '1521.520', 'end': '1524.519', 'text': 'IT DOES SUGGEST THAT THINGS ARE\nPERHAPS LOOKING UP.'}, {'start': '1524.520', 'end': '1525.519', 'text': 'INTERESTING IN LIGHT OF THE\nMACAU NUMBERS.'}, {'start': '1525.520', 'end': '1527.519', 'text': 'I WONDER IF THAT AFFECTS GDP.\nDAVID: WHICH MEANS THE HOUSE IS'}, {'start': '1527.520', 'end': '1533.519', 'text': 'WINNING.'}, {'start': '1533.520', 'end': '1536.519', 'text': 'BUT, ANYWAY, THAT IS NOT A\nPROBLEM AT CASINOS.'}, {'start': '1536.520', 'end': '1542.519', 'text': "LET'S TALK ABOUT THE CAR STORY\nRIGHT NOW. OUT OF BYD. REBECCA:"}, {'start': '1542.520', 'end': '1543.519', 'text': 'IF YOU, UNFORTUNATELY LIKE ME\nWERE WORKING YESTERDAY ON'}, {'start': '1543.520', 'end': '1546.519', 'text': "HOLIDAY, YOU WOULD'VE SEEN THE\nWHOLE SLATE OF AUTO SALES"}, {'start': '1546.520', 'end': '1552.519', 'text': 'COMING THROUGH.\nBYD, TO YOUR POINT, POSTED ITS'}, {'start': '1552.520', 'end': '1556.519', 'text': 'BEST MONTH FOR THIS YEAR WITH\nEEEV MAKER ON TRACK TO HIT ITS'}, {'start': '1556.520', 'end': '1559.813', 'text': 'FULL-YEAR TARGET OF 5.5 MILLION\nDELIVERIES.'}, {'start': '1559.814', 'end': '1563.519', 'text': 'AND MACAU GAMING REVENUE COMING\nIN BETTER-THAN-EXPECTED.'}, {'start': '1563.520', 'end': '1567.519', 'text': 'IT WAS A BUSY HOLIDAY FOR ME.\nTO WRAP ALL OF THAT UP,'}, {'start': '1567.520', 'end': '1573.519', 'text': 'BLOOMBERG TRANSFER REPORTER,\nDANNY LEE JOINS US.'}, {'start': '1573.520', 'end': '1575.519', 'text': "DANNY, LET'S START WITH YOU\nFIRST. JUST PUT THOSE BYD"}, {'start': '1575.520', 'end': '1579.519', 'text': 'NUMBERS IN CONTEXT FOR US.'}, {'start': '1579.520', 'end': '1582.519', 'text': '>> THE BEST MONTH OF THE YEAR\nSO FAR BUT REALLY OFF THE BACK'}, {'start': '1582.520', 'end': '1586.519', 'text': 'OF A LOT OF THE SALES ARE KIND\nOF THE OVERHANGING FRUIT OF OLD'}, {'start': '1586.520', 'end': '1592.519', 'text': 'INVENTORY OF MODELS.'}, {'start': '1592.520', 'end': '1595.519', 'text': 'SO THEY -- STILL ABLE AND\nCHINA, IF YOU LOOK BETWEEN THE'}, {'start': '1595.520', 'end': '1600.519', 'text': "HYBRIDS AND EV'S, MODELS THAT\nTHEY SELL, IT IS THE FIRST TIME"}, {'start': '1600.520', 'end': '1604.519', 'text': "THE PURE EV'S HAVE OVERTAKEN\nHYBRID SALES SINCE JANUARY 2024."}, {'start': '1604.520', 'end': '1610.519', 'text': 'SO THAT KIND OF TURNAROUND,\nPARTICULARLY AS THEY WILL START'}, {'start': '1610.520', 'end': '1614.519', 'text': 'TO DELIVER NEW MODELS, UPGRADED\nTECH OVER THE NEXT MONTH.'}, {'start': '1614.520', 'end': '1615.519', 'text': 'FEBRUARY WILL BE CLOSELY\nWATCHED AS YOU GET THE FIGURES'}, {'start': '1615.520', 'end': '1623.519', 'text': 'AND THEN NEXT MONTH.\nYEAH, OVERALL, IT IS A GOOD'}, {'start': '1623.520', 'end': '1625.519', 'text': 'PERFORMANCE TO CLEAR UP THE OLD\nMODELS BEFORE THEY HIT THEIR'}, {'start': '1625.520', 'end': '1627.519', 'text': 'STRIDE AND REALLY ACCELERATE IN\nTOWARDS THE END OF THE YEAR.'}, {'start': '1627.520', 'end': '1628.519', 'text': 'DAVID:\nWHAT ABOUT THE REST OF THE'}, {'start': '1628.520', 'end': '1631.719', 'text': 'INDUSTRY? DANNY:\nTHE REST OF INDUSTRY ARE ALSO'}, {'start': '1631.720', 'end': '1634.519', 'text': 'BENEFITING.\nOF COURSE WE JUST HAD THE'}, {'start': '1634.520', 'end': '1638.519', 'text': 'SHANGHAI AUTO SHOW.\nSALES ARE QUITE A LOT TO THE'}, {'start': '1638.520', 'end': '1644.519', 'text': 'UPSIDE.\nMANY OF THE POSTING -- MANY OF'}, {'start': '1644.520', 'end': '1645.519', 'text': 'THEM POSTING DOUBLE-DIGIT GAINS\nIN SALES YEAR IN YEAR, AND'}, {'start': '1645.520', 'end': '1652.519', 'text': 'HITTING THE SECOND-BEST SALES.\nFOR THE BROADER INDUSTRY, THEY'}, {'start': '1652.520', 'end': '1656.422', 'text': "ARE FOLLOWING IN BYD'S WAKE.\nBUT BENEFITING AS WELL. DAVID:"}, {'start': '1656.423', 'end': '1661.035', 'text': "LET'S TURN THE ATTENTION TO\nCASINOS AND LET'S WRAP UP THE"}, {'start': '1661.036', 'end': '1663.519', 'text': 'DATA.\nAS WE POINTED OUT -- THE DATA'}, {'start': '1663.520', 'end': '1668.519', 'text': 'CAME IN BETTER-THAN-EXPECTED.'}, {'start': '1668.520', 'end': '1671.519', 'text': ">> APRIL'S PERFORMANCE IN MACAU\nWAS POSTED -- WAS BOOSTED BY"}, {'start': '1671.520', 'end': '1677.519', 'text': 'THE EASTER HOLIDAYS.\nMOST OF THE ARRIVALS DURING THE'}, {'start': '1677.520', 'end': '1685.519', 'text': 'EASTER HOLIDAY WERE 28%, HIGHER\nTHAN THE SAME PERIOD LAST YEAR.'}, {'start': '1685.520', 'end': '1686.519', 'text': 'SO THAT WAS PRETTY GOOD FOR\nAPRIL.'}, {'start': '1686.520', 'end': '1691.519', 'text': 'BUT THEN WE HAVE MADE COMING UP.\nAND THEN YOU KNOW, WE HAVE WE'}, {'start': '1691.520', 'end': '1692.519', 'text': 'ARE NOW IN THE LABOR DAY\nHOLIDAY, WHICH IS ONE OF'}, {'start': '1692.520', 'end': '1697.519', 'text': "CHINA'S BIGGEST HOLIDAYS AND\nONE OF THE PEAK TRAVEL SEASONS"}, {'start': '1697.520', 'end': '1700.519', 'text': 'FOR CHINESE TOURISTS.\nSO THE MAY HOLIDAY PERFORMANCE'}, {'start': '1700.520', 'end': '1703.519', 'text': "IN MACAU WOULD REALLY TEST\nMACAU 'S GAMING RESILIENCE FOR"}, {'start': '1703.520', 'end': '1713.519', 'text': 'THIS MONTH. REBECCA:\nLOOK FOR MAY DATA, OF COURSE.'}, {'start': '1713.520', 'end': '1719.519', 'text': '>> THE REST OF THIS YEAR MACAU\nSTILL FACES A LOT OF CHALLENGES'}, {'start': '1719.520', 'end': '1721.519', 'text': 'INCLUDING THE CHINA TRADE WAR,\nALTHOUGH ANALYSTS ARE NOT'}, {'start': '1721.520', 'end': '1725.519', 'text': 'EXPECTING THE CASINO INDUSTRY\nTO BE DIRECTLY AFFECTED BY THE'}, {'start': '1725.520', 'end': '1731.519', 'text': "TRADE WAR, BUT MACAU'S GAMING\nINDUSTRY IS REALLY DEPENDING ON"}, {'start': '1731.520', 'end': '1734.519', 'text': "CHINESE TOURISTS, AND CHINESE\nCONSUMERS' CONFIDENCE, AND WE"}, {'start': '1734.520', 'end': '1737.519', 'text': "KNOW THAT CHINA'S CONSUMERS\nCONFIDENCE RIGHT NOW IS PRETTY"}, {'start': '1737.520', 'end': '1741.519', 'text': 'WEAK AND THE ECONOMIC OUTLOOK\nIS PRETTY WEAK AS WELL WITH THE'}, {'start': '1741.520', 'end': '1745.519', 'text': "U.S.-CHINA TRADE WAR GOING ON.\nSO THAT CAN AFFECT MACAU'S"}, {'start': '1745.520', 'end': '1749.519', 'text': 'PERFORMANCE FOR THE REST OF\nTHIS YEAR AND THERE ARE ALSO'}, {'start': '1749.520', 'end': '1754.519', 'text': 'REGULATORY UNCERTAINTIES\nBECAUSE MACAU IS TRYING TO'}, {'start': '1754.520', 'end': '1759.519', 'text': 'SHIFT AWAY FROM GAMBLING INTO\nDEVELOPING NON-GAMBLING'}, {'start': '1759.520', 'end': '1762.519', 'text': "ACTIVITIES, AND THOSE COULD BE\nWEIGH ON MACAU'S PERFORMANCE"}, {'start': '1762.520', 'end': '1768.519', 'text': 'FOR THIS YEAR. DAVID: FANTASTIC.\nTHE CASINO STORY AND DANNY LEE'}, {'start': '1768.520', 'end': '1772.519', 'text': 'ON THE AUTO STORY.\nFIVE MINUTES INTO THE CASH'}, {'start': '1772.520', 'end': '1776.519', 'text': 'MARKET SESSION.\nWE ARE LOOKING AGAINST, NOT'}, {'start': '1776.520', 'end': '1778.519', 'text': 'GAINS ANYMORE, THE HANG SENG\nINDEX HAS ERASED THE EARLY'}, {'start': '1778.520', 'end': '1782.519', 'text': 'STRENGTH BUT IT IS EARLY IN THE\nDAY. WE WILL GET A TASTE OF HOW'}, {'start': '1782.520', 'end': '1783.519', 'text': 'THOSE ONGOING IN THE MAY DAY\nHOLIDAYS ARE SHAPING UP LATER'}, {'start': '1783.520', 'end': '1789.519', 'text': 'ON "THE CHINA SHOW."'}, {'start': '1789.520', 'end': '1792.519', 'text': 'WITH THURSDAY MARKING THE PEAK\nTRAVEL DAY FOR MANY.'}, {'start': '1792.520', 'end': '1795.519', 'text': 'IN CASE YOU HAVE BRAVED THE\nCROWDS, GOOD ON YOU.'}, {'start': '1795.520', 'end': '1796.519', 'text': 'ANYWAY, MORE ON THAT AND A\nMOMENT.'}, {'start': '1796.520', 'end': '1802.519', 'text': 'PLENTY MORE AHEAD ON "THE CHINA\nSHOW." GOOD MORNING.'}, {'start': '1802.520', 'end': '1814.520', 'text': '♪'}, {'start': '1818.671', 'end': '1820.852', 'text': '>> WHAT WE LIKE THE MOST IS\nPOLICY STABILITY AND POLICY'}, {'start': '1820.853', 'end': '1821.670', 'text': 'CERTAINTY.'}, {'start': '1821.671', 'end': '1826.670', 'text': ">> WE'RE LOOKING FOR\nGOVERNMENTS TO INVEST IN"}, {'start': '1826.671', 'end': '1829.670', 'text': 'SCIENTIFIC EDUCATION AND MAKING\nSURE THAT ACCESS TO THAT'}, {'start': '1829.671', 'end': '1830.670', 'text': 'SCIENTIFIC SKILL SET IS\nAVAILABLE THROUGH THE RIGHT'}, {'start': '1830.671', 'end': '1834.670', 'text': 'CHANNELS.'}, {'start': '1834.671', 'end': '1836.670', 'text': '>> IT IS IMPORTANT THAT WHICH\nEVER GOVERNMENT COMES FORWARD'}, {'start': '1836.671', 'end': '1843.670', 'text': 'AFTER THE FEDERAL ELECTION\nGIVES US CERTAINTY AROUND'}, {'start': '1843.671', 'end': '1846.670', 'text': 'INDUSTRIAL RELATIONS, AROUND\nENVIRONMENTAL SUPPORT FOR MONEY.'}, {'start': '1846.671', 'end': '1849.670', 'text': '>> I WOULD LIKE TO SEE THE\nTRADE RELATIONS AND THE ABILITY'}, {'start': '1849.671', 'end': '1853.670', 'text': 'THIS GOVERNMENT HAS SHOWN -- WE\nUSED TO STABILIZE TRADE'}, {'start': '1853.671', 'end': '1857.670', 'text': 'RELATIONS CONTINUE WHICHEVER\nGOVERNMENT WINS THE ELECTION.'}, {'start': '1857.671', 'end': '1861.670', 'text': '>> WE WOULD REALLY LIKE TO SEE\nFURTHER EASING OF SUPPLY'}, {'start': '1861.671', 'end': '1863.670', 'text': 'RESTRICTIONS, OF SUPPORTING\nSUPPLY AND FAST TRACKING OF'}, {'start': '1863.671', 'end': '1867.670', 'text': 'SUPPLY OF HOUSING.'}, {'start': '1867.671', 'end': '1870.670', 'text': '>> WAS TO MAKE SURE WE HAVE\nCLARITY ON WHERE WE WANT TO GO,'}, {'start': '1870.671', 'end': '1872.670', 'text': 'THE TRANSFORMATION OF THE\nENERGY SYSTEM.'}, {'start': '1872.671', 'end': '1873.670', 'text': 'AND THAT IS IDEALLY, THAT WOULD\nBE A COMMON VIEW ACROSS BOTH'}, {'start': '1873.671', 'end': '1877.670', 'text': 'PARTIES.'}, {'start': '1877.671', 'end': '1880.670', 'text': '>> ABOUT FINDING WAYS TO EXTEND\nTHAT POSITION, SUCH THAT'}, {'start': '1880.671', 'end': '1886.670', 'text': 'AUSTRALIANS CAN BENEFIT FROM\nTHE AMAZING EXPERTISE HERE AND'}, {'start': '1886.671', 'end': '1888.670', 'text': 'INCREDIBLE POSITION WE HAVE\nESTABLISHED.'}, {'start': '1888.671', 'end': '1893.670', 'text': '>> INNOVATION -- AND THAT IS\nHOW YOU STAY AHEAD. DAVID:'}, {'start': '1893.671', 'end': '1896.670', 'text': 'THERE YOU GO.\nSOME OF OUR GUESTS OVER THE'}, {'start': '1896.671', 'end': '1898.670', 'text': 'PAST COUPLE WEEKS ARE TALKING\nABOUT THE ELECTIONS COMING'}, {'start': '1898.671', 'end': '1903.670', 'text': 'THROUGH.\nYET THE LABOUR PRIME MINISTER'}, {'start': '1903.671', 'end': '1906.670', 'text': 'SEEKING A SECOND STRAIGHT TERM\nAS HE FACES OFF WITH THE'}, {'start': '1906.671', 'end': '1908.670', 'text': 'CONSERVATIVE OPPOSITION LEADER\nPETER DUTTON.'}, {'start': '1908.671', 'end': '1913.670', 'text': 'TO GIVE US A PREVIEW AND GIVE\nUS AN UPDATE REALLY MORE ON'}, {'start': '1913.671', 'end': '1925.671', 'text': "WHAT'S TAKING PLACE IN SYDNEY.\nPAUL ALLEN IS THERE."}, {'start': '1918.350', 'end': '1921.349', 'text': 'BOOTH, WHICH IS OPEN FOR EARLY\nVOTING.'}, {'start': '1921.350', 'end': '1926.349', 'text': 'WHAT IS THE MOOD LIKE THERE?\nPAUL:'}, {'start': '1926.350', 'end': '1929.349', 'text': 'EARLY VOTING IS TURNING OUT TO\nBE ONE OF THE MAJOR STORIES OF'}, {'start': '1929.350', 'end': '1932.099', 'text': 'THIS ELECTION FOR IT ALL\nMORNING WE HAD A STEADY, SMALL'}, {'start': '1932.100', 'end': '1934.349', 'text': 'BUT STEADY STREAM OF PEOPLE\nTRICKLING INTO CAST THEIR'}, {'start': '1934.350', 'end': '1936.349', 'text': 'BALLOTS.\nTHE LATEST DATA WE HAD FROM THE'}, {'start': '1936.350', 'end': '1941.349', 'text': 'ELECTORAL COMMISSION IS NOW\nMORE THAN ALMOST 7 MILLION'}, {'start': '1941.350', 'end': '1946.349', 'text': 'PEOPLE HAVE CAST AN EARLY VOTE,\nAND THAT IS GETTING ON FOR'}, {'start': '1946.350', 'end': '1947.349', 'text': 'ABOUT MORE THAN A THIRD OF THE\nENTIRE REGISTERED AUSTRALIAN'}, {'start': '1947.350', 'end': '1948.349', 'text': 'VOTING PUBLIC.\nSO A LOT OF PEOPLE HAVE ALREADY'}, {'start': '1948.350', 'end': '1954.349', 'text': 'MADE UP THEIR MINDS.'}, {'start': '1954.350', 'end': '1957.349', 'text': 'WHEN YOU COMBINE THAT DATA WITH\nPOLLING DATA, IT SUGGEST THAT'}, {'start': '1957.350', 'end': '1962.349', 'text': 'PRIME MINISTER ALBANESE IS\nPROBABLY ON COURSE TO RETAIN'}, {'start': '1962.350', 'end': '1964.349', 'text': 'POWER AND WITH THE MAJORITY AND\nMORE LIKELY A MINORITY'}, {'start': '1964.350', 'end': '1966.349', 'text': 'GOVERNMENT FORMED WITH THE\nSUPPORT OF SOME OF THOSE MINOR'}, {'start': '1966.350', 'end': '1970.349', 'text': 'PARTIES.\nTHE PATH TO POWER FOR PETER'}, {'start': '1970.350', 'end': '1973.349', 'text': 'DUTTON IS A LOT HARDER, THE\nCOALITION CURRENTLY ONLY HAS 53'}, {'start': '1973.350', 'end': '1977.349', 'text': 'SEATS, 76 NEEDED FOR THE\nMAJORITY.'}, {'start': '1977.350', 'end': '1981.349', 'text': 'HE HAS TO WIN BACK EVERYTHING\nTHAT THE LIBERAL PARTY LOST IN'}, {'start': '1981.350', 'end': '1993.350', 'text': '2022 TO GAIN IN SUPPORT.\nTHE EARLY VOTING SUGGEST THAT'}, {'start': '1988.116', 'end': '1989.115', 'text': 'IS PROBABLY NOT GOING TO HAPPEN.\nANTHONY ALBANESE LIKELY ON'}, {'start': '1989.116', 'end': '1995.115', 'text': 'COURSE TO RETAIN POWER. REBECCA:\nOK, PAUL.'}, {'start': '1995.116', 'end': '2007.116', 'text': 'DEPENDING OBVIOUSLY ON THOSE\nOUTCOMES YOU JUST OUTLINED, ARE'}, {'start': '1997.095', 'end': '2000.094', 'text': 'WE AND SHOULD WE BE EXPECTING\nANY MAJOR POLICY REFORM IN THE'}, {'start': '2000.095', 'end': '2005.094', 'text': 'NEXT THREE YEARS IN AUSTRALIA?\nPAUL:'}, {'start': '2005.095', 'end': '2010.094', 'text': 'WELL, THAT SEEMS VERY UNLIKELY.\nTHIS IS BEEN A CAMPAIGN OF'}, {'start': '2010.095', 'end': '2013.094', 'text': 'PRETTY SMALL TARGETS AND SMALL\nPOLICY IDEAS.'}, {'start': '2013.095', 'end': '2016.094', 'text': 'BOTH PARTIES RECOGNIZE THE COST\nOF LIVING IS A KEY ISSUE, BOTH'}, {'start': '2016.095', 'end': '2020.094', 'text': 'PARTIES HAVE PUT FORWARD SOME\nIDEAS TO OFFER RELIEF AROUND'}, {'start': '2020.095', 'end': '2024.094', 'text': 'THAT IN TERMS OF PLAYING AROUND\nWITH TAXATION SETTINGS.'}, {'start': '2024.095', 'end': '2030.094', 'text': 'BOTH PARTIES ALSO RECOGNIZING\nTHAT HOUSING IS A MAJOR ISSUE'}, {'start': '2030.095', 'end': '2031.094', 'text': 'BUT EVEN =--AROUND THE ISSUE\nSEEMS TO BE INCREMENTAL AS WELL.'}, {'start': '2031.095', 'end': '2037.094', 'text': 'OFFICE OF THE TRADE PICTURE IS\nA HUGE ISSUE.'}, {'start': '2037.095', 'end': '2041.094', 'text': 'THE -- BUT NEITHER SIDE HAS\nSHOWN ANY WILLINGNESS TO POKE'}, {'start': '2041.095', 'end': '2045.094', 'text': 'THE UNITED STATES GRIZZLY BEAR\nOR THE CHINESE PANDA BECAUSE'}, {'start': '2045.095', 'end': '2049.094', 'text': 'CHINA IS BALANCING ITS TRADING\nPARTNER CHINA WITH THAT OF ITS'}, {'start': '2049.095', 'end': '2052.094', 'text': 'KEY DEFENSE PARTNER THE UNITED\nSTATES. NOT A LOT OF INTEREST IN'}, {'start': '2052.095', 'end': '2057.094', 'text': 'GETTING INTO SERIOUS POLICY\nDEBATE ON THAT, EITHER.'}, {'start': '2057.095', 'end': '2059.094', 'text': 'IN REGARDS TO THE TRADE WORK,\nTHAT RATHER SHOCKED AUSTRALIA'}, {'start': '2059.095', 'end': '2064.094', 'text': 'ON APRIL 2 WHEN THE COUNTRY GOT\nHIT WITH A BLANKET 10% TARIFF.'}, {'start': '2064.095', 'end': '2068.094', 'text': 'EXOGENOUS CRISES DO TEND TO\nFAVOR INCUMBENTS.'}, {'start': '2068.095', 'end': '2069.094', 'text': 'ANTHONY ALBANESE HAS BEEN\nPLAYING IT SAFE ON THAT FRONT'}, {'start': '2069.095', 'end': '2072.094', 'text': 'AS WELL.\nWE HEARD A MOMENT AGO FROM ONE'}, {'start': '2072.095', 'end': '2084.095', 'text': 'OF OUR SPEAKERS SAYING THE\nMARKETS CRAVE SAFETY.'}, {'start': '2074.972', 'end': '2076.971', 'text': 'THEY CRAVE STABILITY.\nTHAT IS WHAT ANTHONY ALBANESE'}, {'start': '2076.972', 'end': '2082.971', 'text': 'APPEARS TO BE SELLING AT THIS\nELECTION. REBECCA:'}, {'start': '2082.972', 'end': '2086.971', 'text': 'CRAVING STABILITIES THERE AND\nELSEWHERE AROUND THE GLOBE.'}, {'start': '2086.972', 'end': '2089.971', 'text': 'PAUL ALLEN THERE IN SYDNEY WITH\nTHE VERY LATEST FOR US AND'}, {'start': '2089.972', 'end': '2091.971', 'text': 'TURNING OUT TO ANOTHER ELECTION\nTHAT WE ARE FOLLOWING CLOSELY'}, {'start': '2091.972', 'end': '2093.971', 'text': 'HERE THIS MORNING.\nSINGAPOREANS HEADING TO THE'}, {'start': '2093.972', 'end': '2099.971', 'text': 'POLLS ON SATURDAY.\nIT COMES AMID A GLOBAL TRADE'}, {'start': '2099.972', 'end': '2101.971', 'text': 'WAR THAT IS CAUSING MORE\nVOLATILE AND CHALLENGING'}, {'start': '2101.972', 'end': '2106.971', 'text': 'ENVIRONMENT FOR SMALL AND OPEN\nECONOMIES. WE ARE STANDING BY.'}, {'start': '2106.972', 'end': '2107.971', 'text': 'TELL US, WHAT IS AT STAKE HERE,\nESPECIALLY WHEN IT COMES TO THE'}, {'start': '2107.972', 'end': '2113.971', 'text': 'RULING PARTY.'}, {'start': '2113.972', 'end': '2116.971', 'text': 'AVRIL:\nYEAH, REBECCA, STATES ART --'}, {'start': '2116.972', 'end': '2117.971', 'text': 'STAKES ARE REALLY HIGH THIS\nELECTION, PERHAPS MORE SO THAN'}, {'start': '2117.972', 'end': '2123.971', 'text': 'THE LAST ONE IN 2020.\nTHE PRIME MINISTER HAS ALREADY'}, {'start': '2123.972', 'end': '2124.971', 'text': "CALLED TRUMP'S 10% TARIFFS\nACTIONS THAT ONE DOES NOT DO TO"}, {'start': '2124.972', 'end': '2130.971', 'text': 'A FRIEND.\nAND KEEP IN MIND AS WELL THAT'}, {'start': '2130.972', 'end': '2131.971', 'text': 'WHEN IT COMES TO THE TRADE\nBACKED UP, YES MAYBE WE SEE THE'}, {'start': '2131.972', 'end': '2137.971', 'text': 'U.S. AND CHINA TALK BUT MAKE NO'}, {'start': '2137.972', 'end': '2139.971', 'text': 'MISTAKE, IF THERE IS A TRADE\nSHOCK THIS WOULD HAVE RIPPLE'}, {'start': '2139.972', 'end': '2142.971', 'text': 'EFFECTS FOR THE GLOBAL ECONOMY\nAND THAT WOULD HAVE CERTAINLY'}, {'start': '2142.972', 'end': '2144.971', 'text': 'IMPLICATIONS FOR THE LIKES OF\nSINGAPORE.'}, {'start': '2144.972', 'end': '2145.971', 'text': 'SO THE RULING PARTY HERE IS\nREALLY ASKING FOR A POWERFUL'}, {'start': '2145.972', 'end': '2151.971', 'text': 'WIN.\nMIND YOU, THIS IS A PARTY THAT'}, {'start': '2151.972', 'end': '2152.971', 'text': 'HAS NOT LOST A SINGLE ELECTION\nSINCE INDEPENDENCE.'}, {'start': '2152.972', 'end': '2155.971', 'text': 'AND THEY WANT THE STRONG\nMANDATE IN ORDER TO LEAD THE'}, {'start': '2155.972', 'end': '2162.971', 'text': 'COUNTRY AMID THESE\nUNCERTAINTIES. HAVE A LISTEN.'}, {'start': '2162.972', 'end': '2163.971', 'text': ">> SINGAPORE'S LAWRENCE WONG\nFACES HIS FIRST ELECTORAL TEST"}, {'start': '2163.972', 'end': '2167.971', 'text': 'SINCE TAKING OVER AS PRIME\nMINISTER.'}, {'start': '2167.972', 'end': '2170.971', 'text': 'AND IS SEEKING A STRONG MANDATE\nTO GOVERN AT A TIME OF MAJOR'}, {'start': '2170.972', 'end': '2174.971', 'text': 'SHIFTS IN THE GLOBAL TRADING\nORDER.'}, {'start': '2174.972', 'end': '2177.971', 'text': "A SYSTEM THAT SINGAPORE'S TRADE\nRELIANT ECONOMY HAS LONG"}, {'start': '2177.972', 'end': '2180.971', 'text': 'BENEFITED FROM.\nTHE COUNTRY WILL HAVE TO'}, {'start': '2180.972', 'end': '2183.971', 'text': 'NAVIGATE TRUMP TARIFFS AND\nBALANCE RELATIONS WITH CHINA,'}, {'start': '2183.972', 'end': '2187.971', 'text': 'ITS LARGEST TRADING PARTNER.\nFOR VOTERS, BREAD-AND-BUTTER'}, {'start': '2187.972', 'end': '2191.971', 'text': 'ISSUES REMAIN TOP OF MIND.\nSINGAPOREANS FACE ELEVATED'}, {'start': '2191.972', 'end': '2196.971', 'text': 'PRICES FROM FOOD TO HOUSING.\nTHOUGH INFLATION HAS EASED, AND'}, {'start': '2196.972', 'end': '2197.971', 'text': 'AUTHORITIES HAVE ROLLED OUT A\nSLEW OF MEASURES TO HELP PEOPLE'}, {'start': '2197.972', 'end': '2203.971', 'text': 'COPE.\nQUESTIONS LINGER ON THE EXTENT'}, {'start': '2203.972', 'end': '2208.971', 'text': 'IN WHICH THE RULING PARTY CAN\nRIDE THE MOMENTUM FROM HANDOUTS'}, {'start': '2208.972', 'end': '2210.971', 'text': 'AND SUBSIDIES INTO THE ELECTION\nOR WHETHER DIFFERENT'}, {'start': '2210.972', 'end': '2213.971', 'text': 'GENERATIONS OF SINGAPOREANS\nHAVE DIFFERENT PRIORITIES.'}, {'start': '2213.972', 'end': '2217.971', 'text': "THE RULING PEOPLE'S ACTION\nPARTY LOST THE MOST SEATS TO"}, {'start': '2217.972', 'end': '2221.971', 'text': 'THE OPPOSITION IN THE 2020\nELECTION.'}, {'start': '2221.972', 'end': '2224.971', 'text': 'AND SAW A DROP AND ITS VOTE\nSHARE AMID A POLITICAL'}, {'start': '2224.972', 'end': '2226.971', 'text': 'TRANSITION, A NUMBER OF\nMINISTERS HAVE RECENTLY'}, {'start': '2226.972', 'end': '2230.971', 'text': 'ANNOUNCED THEIR RETIREMENT.\nAND THE PAP IS FIELDING ITS'}, {'start': '2230.972', 'end': '2234.971', 'text': 'LARGEST NUMBER OF NEW\nCANDIDATES IN RECENT YEARS.'}, {'start': '2234.972', 'end': '2238.971', 'text': "SINGAPORE'S EXTERNAL CHALLENGES\nCOME AT A SENSITIVE TIME AS ITS"}, {'start': '2238.972', 'end': '2247.971', 'text': 'LEADER HAND OVER THE REINS TO\nTH E NEXT GENERATION.'}, {'start': '2247.972', 'end': '2251.971', 'text': 'ABVRIL:\nAND TO GIVE YOU A BETTER SENSE'}, {'start': '2251.972', 'end': '2253.971', 'text': "OF THESE CHALLENGES, MANY OF\nSINGAPORE'S TRADING PARTNERS"}, {'start': '2253.972', 'end': '2257.971', 'text': 'FACE LEVIES MUCH HIGHER THAN\n10% HERE AND SO THIS COULD'}, {'start': '2257.972', 'end': '2258.971', 'text': 'DEPLETE SHIPMENTS, AND THIS IS\nA COUNTRY WHOSE TRADE VOLUMES'}, {'start': '2258.972', 'end': '2263.971', 'text': 'ARE THREE TIMES ITS GDP.\nAND KEEP IN MIND THAT THE'}, {'start': '2263.972', 'end': '2267.971', 'text': 'MARKET VOLATILITY COULD ALSO\nPROVE TO BE A SORT OF DRAG ON'}, {'start': '2267.972', 'end': '2270.971', 'text': 'INVESTMENTS IN THIS FINANCIAL\nHUB. HOUSEHOLDS COULD DIAL BACK'}, {'start': '2270.972', 'end': '2274.971', 'text': 'SPENDING.\nWE EXPECT GROWTH TO COME IN AT'}, {'start': '2274.972', 'end': '2276.971', 'text': '1% THIS YEAR.\nTHIS WOULD BE A SHARP SLOWDOWN'}, {'start': '2276.972', 'end': '2279.971', 'text': 'FROM THE 4% OF 2024.\nAND THE GOVERNMENT IS NOT'}, {'start': '2279.972', 'end': '2287.971', 'text': 'RULING OUT A RECESSION. DAVID:'}, {'start': '2287.972', 'end': '2288.971', 'text': "WE'RE ALL ABOUT THE MARGINS\nHERE."}, {'start': '2288.972', 'end': '2292.971', 'text': 'FEW DOUBT THAT THE RULING PARTY\nWILL COME OUT ON TOP.'}, {'start': '2292.972', 'end': '2294.971', 'text': "IS THERE ANYTHING SPECIFIC\nWE'RE TRACKING AS FAR AS THE"}, {'start': '2294.972', 'end': '2296.971', 'text': 'MARGIN OF VICTORY AND WHAT THAT\nMIGHT INDICATE ABOUT POLICY'}, {'start': '2296.972', 'end': '2302.971', 'text': 'BECOME A POLICY FRICTION IF ANY?\nAVRIL:'}, {'start': '2302.972', 'end': '2304.971', 'text': 'YEAH, THE MARGIN IS ABSOLUTELY\nKEY TO WATCH.'}, {'start': '2304.972', 'end': '2308.971', 'text': 'I MEAN, THIS IS A RULING PARTY\nTHAT HAS WON 13 GENERAL'}, {'start': '2308.972', 'end': '2311.971', 'text': 'ELECTIONS.\nSO THAT IS AN UNBROKEN RULE OF'}, {'start': '2311.972', 'end': '2318.971', 'text': 'MORE THAN 60 YEARS.\nTHE PRIME MINISTER HAS SAID HE'}, {'start': '2318.972', 'end': '2321.971', 'text': 'EXPECTS THIS ELECTION TO BE A\nTOUGH CONTEST BECAUSE THE'}, {'start': '2321.972', 'end': '2327.971', 'text': 'OPPOSITION IS BETTER ORGANIZED,\nAND THERE IS A THEORY THAT IN'}, {'start': '2327.972', 'end': '2328.971', 'text': 'TIMES OF CRISIS VOTERS SEEK\nSTABILITY.'}, {'start': '2328.972', 'end': '2333.971', 'text': 'THIS IS SOMETHING THAT HAS\nSERVED THE RULING PARTY WELL IN'}, {'start': '2333.972', 'end': '2337.971', 'text': "THE PAST BUT AS WE'VE SEEN FROM\nELECTIONS WORLDWIDE VOTERS HAVE"}, {'start': '2337.972', 'end': '2340.971', 'text': "BEEN DEALING BELOW'S TO\nINCUMBENTS."}, {'start': '2340.972', 'end': '2343.971', 'text': 'THIS IS A THEORY IS THAT WILL\nBE PUT TO THE TEST AND TO'}, {'start': '2343.972', 'end': '2346.971', 'text': 'ANSWER YOUR QUESTION, ABOUT\nWHAT WE ARE GOING TO BE'}, {'start': '2346.972', 'end': '2351.971', 'text': 'WATCHING, MORE SPECIFICALLY IT\nWILL BE ABOUT THE FAUX CHAIR AS'}, {'start': '2351.972', 'end': '2354.971', 'text': "WELL AS THE SE-- THE VOTE\nCSHARE THE SEATS, THEY DON'T"}, {'start': '2354.972', 'end': '2362.971', 'text': 'LOSE MORE SEATS TO THE\nOPPOSITION. REBECCA:'}, {'start': '2362.972', 'end': '2363.971', 'text': 'AVRIL HONG IN SINGAPORE AND BE\nSURE TO JOIN US ON MONDAY FOR'}, {'start': '2363.972', 'end': '2368.971', 'text': "MORE ON SINGAPORE'S ELECTION\nWITH MANAGING DIRECTOR AT BAUER"}, {'start': '2368.972', 'end': '2373.971', 'text': 'GROUP ASIA AND WE WERE\nDISCUSSING THE OUTCOME OF THE'}, {'start': '2373.972', 'end': '2377.653', 'text': 'AUSTRALIAN ELECTIONS WITH A\nTECHNOLOGY ONE CEO ED CHUNG.'}, {'start': '2377.654', 'end': '2379.698', 'text': 'DAVID:\nCATCH THOSE INTERVIEWS COMING'}, {'start': '2379.699', 'end': '2382.971', 'text': 'THROUGH ON THE BACK END OF THE\nWEEKEND.'}, {'start': '2382.972', 'end': '2387.971', 'text': 'MARKETS ARE DOING QUITE WELL\nTHIS FRIDAY.'}, {'start': '2387.972', 'end': '2390.971', 'text': 'NOW AT SESSION HIGHS, S&P\nFUTURES GOING INTO THE FRIDAY'}, {'start': '2390.972', 'end': '2393.971', 'text': 'SESSIONS FOR NINE STRAIGHT NOW\nLIKELY IN PLAY, ASIA ON TRACK'}, {'start': '2393.972', 'end': '2397.971', 'text': 'FOR A THIRD STRAIGHT WEEKLY\nGAIN AND POSITIVE NEWS COMING'}, {'start': '2397.972', 'end': '2401.971', 'text': 'THROUGH ON TRADE REALLY HAPPY\nTHINGS FURTHER ALONG.'}, {'start': '2401.972', 'end': '2413.972', 'text': 'THIS IS "THE CHINA SHOW." ♪'}, {'start': '2426.176', 'end': '2427.175', 'text': 'REBECCA:REBECCA: GOOD MORNING.\nWELCOME BACK TO THE FRIDAY'}, {'start': '2427.176', 'end': '2432.175', 'text': 'CHINA SHOW.\nHERE ARE THE BIG GEOPOLITICAL'}, {'start': '2432.176', 'end': '2435.175', 'text': 'STORIES WE ARE FOLLOWING THIS\nMORNING.'}, {'start': '2435.176', 'end': '2436.175', 'text': "SOUTH KOREA'S FINANCE MINISTER\nHAS RESIGNED HOURS BEFORE HE"}, {'start': '2436.176', 'end': '2440.175', 'text': "WAS DO TO BECOME THE NATION'S\nSTANDING LEADER."}, {'start': '2440.176', 'end': '2442.175', 'text': 'HE APOLOGIZED BUT SAID HE COULD\nNOT PERFORM HIS DUTIES UNDER'}, {'start': '2442.176', 'end': '2447.175', 'text': 'WHAT HE CALLED SEVERE ECONOMIC\nCONDITIONS.'}, {'start': '2447.176', 'end': '2449.175', 'text': 'CHOI HAD BEEN SET TO TAKE OVER\nAFTER HOW DUCK-SOO STEPPED DOWN'}, {'start': '2449.176', 'end': '2455.175', 'text': 'TO RUN FOR THE TOP JOB IN\nELECTION SET FOR JUNE 3.'}, {'start': '2455.176', 'end': '2458.175', 'text': 'PRESIDENT TRUMP HAS THREATENED\nTO IMPOSE A SECONDARY SANCTIONS'}, {'start': '2458.176', 'end': '2463.175', 'text': 'ON NATIONS OR COMPANIES BUYING\nIRANIAN OIL.'}, {'start': '2463.176', 'end': '2467.175', 'text': 'IT TARGETS A MAJOR REVENUE\nSOURCE AND COMES AS NUCLEAR'}, {'start': '2467.176', 'end': '2471.175', 'text': 'TALKS ARE FOR SPUN.\nSANCTIONS COULD FURTHER INFLAME'}, {'start': '2471.176', 'end': '2477.175', 'text': 'TENSIONS WITH CHINA AND THE UAE.\nPRESIDENT TRUMP HAS ALSO SAID'}, {'start': '2477.176', 'end': '2480.175', 'text': 'THAT HE WILL NOMINATE MICHAEL\nWALTZ HIS NATIONAL SECURITY'}, {'start': '2480.176', 'end': '2485.175', 'text': 'ADVISER TO BE THE NEXT U.S.\nAMBASSADOR TO THE U.N.'}, {'start': '2485.176', 'end': '2486.175', 'text': 'MARCO RUBIO WILL SERVE AS THE\nINTERIM NATIONAL SECURITY'}, {'start': '2486.176', 'end': '2491.175', 'text': 'ADVISOR WHILE KEEPING HIS JOB\nAS SECRETARY OF STATE.'}, {'start': '2491.176', 'end': '2494.175', 'text': 'THE DEVELOPMENT COMES AFTER\nWALTZ ADMITTING TO ADDING A'}, {'start': '2494.176', 'end': '2497.175', 'text': 'JOURNALIST TO A SINGLE GROUP\nCHECK DISCUSSING ATTACK PLANS.'}, {'start': '2497.176', 'end': '2502.175', 'text': 'DAVID:\nSPEAKING OF, HERE, MEANWHILE'}, {'start': '2502.176', 'end': '2505.175', 'text': 'YOU HAVE THE CIA, YOU GUYS\nMIGHT HAVE ON SOCIAL MEDIA, THE'}, {'start': '2505.176', 'end': '2510.175', 'text': 'CIA RELEASED A VIDEO AIMED AT\nRECRUITING CHINESE OFFICIALS.'}, {'start': '2510.176', 'end': '2512.175', 'text': 'THIS ONE COMING THROUGH DEPICTS\nAR JUNIOR OFFICIAL REACHING OUT'}, {'start': '2512.176', 'end': '2515.175', 'text': 'TO THE AGENCY AFTER BEING\nDISILLUSIONED THAT HIS WORK'}, {'start': '2515.176', 'end': '2522.175', 'text': 'ONLY SERVES THE ADVANCEMENTS OF\nHIS SUPERIORS. HAVE A LOOK.'}, {'start': '2522.176', 'end': '2534.176', 'text': '>> [SPEAKING NON-ENGLISH\nLANGUAGE]'}, {'start': '2537.176', 'end': '2542.425', 'text': 'DAVID:\nPOINT NUMBER ONE, IT IS IN'}, {'start': '2542.426', 'end': '2543.175', 'text': 'MANDARIN.'}, {'start': '2543.176', 'end': '2547.175', 'text': "IT'S AN ACTIVE, QUITE AN\nOBVIOUS ATTEMPT TO RECRUIT"}, {'start': '2547.176', 'end': '2553.175', 'text': 'DISILLUSIONED JUNIOR OFFICIALS\nOR MAYBE EVEN HIGHER'}, {'start': '2553.176', 'end': '2555.175', 'text': 'INTELLIGENCE AS A CIA LOOKS TO\nBUILD ITS INTELLIGENCE'}, {'start': '2555.176', 'end': '2558.175', 'text': 'APPARATUS TO TRY TO FIGURE OUT\nA LOT MORE ABOUT THEIR'}, {'start': '2558.176', 'end': '2564.175', 'text': 'STRATEGIC RIVAL THERE. REBECCA:'}, {'start': '2564.176', 'end': '2566.175', 'text': 'THESE SORT OF EFFORTS, NOT A\nMESS OF SURPRISE BUT THE TIMING'}, {'start': '2566.176', 'end': '2567.175', 'text': 'IS INTERESTING BECAUSE THE\nINTERESTING THING ABOUT THE'}, {'start': '2567.176', 'end': '2571.175', 'text': 'TRADE WAR IS THAT IT HAS\nCREATED THE U.S.'}, {'start': '2571.176', 'end': '2576.175', 'text': 'AND PRESIDENT TRUMP AS A VERY\nOBVIOUS ENEMY TO CHINA.'}, {'start': '2576.176', 'end': '2577.175', 'text': 'WHILE BEFORE PERHAPS THERE WAS\nA DEEP DISILLUSIONMENT, THERE'}, {'start': '2577.176', 'end': '2581.175', 'text': 'WAS A REAL ANXIETY ABOUT THE\nWAY PRESIDENT XI WAS LEADING'}, {'start': '2581.176', 'end': '2584.175', 'text': 'THE MARKET AND LEADING THE\nECONOMY.'}, {'start': '2584.176', 'end': '2587.175', 'text': 'ACTUALLY NOW WE HAVE SHIFTED TO\nTHIS ENVIRONMENT WHERE LOCAL'}, {'start': '2587.176', 'end': '2590.175', 'text': 'GOVERNMENT OFFICIALS ALSO LOCAL\nBUSINESSES AND BIG BUSINESSES'}, {'start': '2590.176', 'end': '2593.175', 'text': 'ARE KIND OF UNIFIED UNDER THIS\nSOMEWHAT NATIONALIST FERVOR TO'}, {'start': '2593.176', 'end': '2598.175', 'text': 'COMBAT TRUMP.\nA QUESTION OVER HOW SUCCESSFUL'}, {'start': '2598.176', 'end': '2602.175', 'text': 'THESE EFFORTS WILL BE BECAUSE\nTHEY ARE REALLY ENTERING THE'}, {'start': '2602.176', 'end': '2604.175', 'text': 'FRAY AT A MOMENT WHERE CHINA IS\nMORE UNITED THAN IT HAS BEEN'}, {'start': '2604.176', 'end': '2606.175', 'text': 'OVER THE LAST COUPLE YEARS.\nDAVID:'}, {'start': '2606.176', 'end': '2611.175', 'text': 'BECAUSE OF THE EFFORTS FROM THE\nOTHER SIDE. RIGHT?'}, {'start': '2611.176', 'end': '2613.175', 'text': 'AND, YOU KNOW, IT IS\nINTERESTING BECAUSE THE, YOU'}, {'start': '2613.176', 'end': '2617.175', 'text': 'KNOW, THE NOTION WE GOT HERE IS\nTHAT CHINA HAS MORE EXPERIENCE'}, {'start': '2617.176', 'end': '2622.175', 'text': 'IN INFORMATION ABOUT THE OTHER\nSIDE.'}, {'start': '2622.176', 'end': '2627.175', 'text': 'I THINK THAT -- THE NEW YORK\nTIMES A COUPLE YEARS AGO DID A'}, {'start': '2627.176', 'end': '2628.175', 'text': 'REPORT THAT THE CIA, WHETHER\nCHINA WAS ABLE TO DISMANTLE THE'}, {'start': '2628.176', 'end': '2633.175', 'text': 'CIA APPARATUS. REBECCA:\nAND CHINA ITSELF HAS BEEN'}, {'start': '2633.176', 'end': '2636.731', 'text': 'CLEARLY FLAGGING THE HEIGHTENED\nRISKS OF RECRUITMENT, EVEN'}, {'start': '2636.732', 'end': '2641.175', 'text': 'ANECDOTALLY I KNOW FRIENDS WHO\nHAD TRAVELED FROM THE MAINLAND'}, {'start': '2641.176', 'end': '2645.175', 'text': 'TO THE U.S.\nAND RECEIVED AN SEEN WARNINGS'}, {'start': '2645.176', 'end': '2648.175', 'text': "ABOUT DON'T BE LULLED INTO\nSHARING STATE SECRETS,"}, {'start': '2648.176', 'end': '2652.175', 'text': 'PARTICULARLY IF YOU WORK FOR A\nSTATE COMPANY.'}, {'start': '2652.176', 'end': '2654.175', 'text': 'AND WE HAVE SEEN THE MSS\nPUTTING OUT STATEMENTS MORE'}, {'start': '2654.176', 'end': '2658.175', 'text': 'REGULARLY WARNINGO OF ATTEMPTS\nBY BOTH U.S.'}, {'start': '2658.176', 'end': '2661.175', 'text': 'ADMINISTRATIONS BUT OTHER\nCOUNTRIES ARE TRYING TO RECRUIT'}, {'start': '2661.176', 'end': '2664.175', 'text': 'CHINESE CITIZENS AND WARRING\nAGAINST THE RISK OF THAT SORT'}, {'start': '2664.176', 'end': '2669.175', 'text': 'OF SURVEILLANCE. DAVID:\nBECAUSE YOU DO NOT KNOW IF YOU'}, {'start': '2669.176', 'end': '2671.175', 'text': 'ARE SLOWLY STEPPING INTO THAT,\nUH, NON DELIBERATELY, I GUESS'}, {'start': '2671.176', 'end': '2679.175', 'text': 'IS THE WAY TO DO IT.\nIN FACT, AS WE LOOK AT MARKETS'}, {'start': '2679.176', 'end': '2680.175', 'text': 'WE WILL SHOW YOU THE HONG KONG\nMARKETS,OUR VERSION OF READING'}, {'start': '2680.176', 'end': '2686.175', 'text': 'THE TEA LEAVES IN CHINESE MEDIA.\nWHAT SMOKE SIGNALS CAN WE'}, {'start': '2686.176', 'end': '2690.175', 'text': 'DETECT WITH CHINESE MEDIA.\nA SPECIAL GUEST COMING THROUGH'}, {'start': '2690.176', 'end': '2692.175', 'text': 'IN THE NEXT HOUR TO HELP US\nUNDERSTAND THAT STANCE AND THE'}, {'start': '2692.176', 'end': '2693.175', 'text': 'TONE COMING FOR CHINESE\nOFFICIALS AND WHAT WE CAN READ'}, {'start': '2693.176', 'end': '2698.175', 'text': 'INTO THAT AS WELL.\nHANG SENG INDEX, AS YOU CAN SEE'}, {'start': '2698.176', 'end': '2703.175', 'text': 'WE ARE 1.5% STRONGER ON THE\nCURRENCY, AT 7.2589, ON THE'}, {'start': '2703.176', 'end': '2715.176', 'text': 'CHINESE CURRENCY.\nPLENTY MORE AHEAD.'}, {'start': '2774.439', 'end': '2776.438', 'text': 'STEPHAN:\nHUMANS HAVE TO SPEND THEIR TIME'}, {'start': '2776.439', 'end': '2778.438', 'text': 'ON THE HIGH-QUALITY, HIGH-VALUE\nTASKS, AND WE HAVE TO AUTOMATE'}, {'start': '2778.439', 'end': '2782.438', 'text': 'AND PUSH, YOU KNOW, THE MORE\nFACTORY-BASED, CALL IT WORK, TO'}, {'start': '2782.439', 'end': '2785.438', 'text': "AI. BECAUSE, FRANKLY, HUMANS\nSHOULDN'T BE ADAPTING 10,000"}, {'start': '2785.439', 'end': '2789.438', 'text': 'VARIANTS OF AN AD, YOU KNOW,\nWHEN A MACHINE CAN DO THAT IN'}, {'start': '2789.439', 'end': '2793.438', 'text': '20 SECONDS. RAJA:\nTHE AVERAGE CONSUMER RECEIVES'}, {'start': '2793.439', 'end': '2798.438', 'text': 'BETWEEN 3 AND 10,000 COMMERCIAL\nMESSAGES EVERY SINGLE DAY.'}, {'start': '2798.439', 'end': '2802.438', 'text': 'THESE MESSAGES CAN INFLUENCE US\nTO BUY PRODUCTS WE NEED, OR'}, {'start': '2802.439', 'end': '2806.438', 'text': "SOLVE PROBLEMS WE DIDN'T EVEN\nREALIZE WE HAD."}, {'start': '2806.439', 'end': '2810.438', 'text': 'STILL, MOST OF THESE MESSAGES\nARE QUICKLY FORGOTTEN.'}, {'start': '2810.439', 'end': '2814.438', 'text': 'WHAT IF ARTIFICIAL INTELLIGENCE\nCOULD HELP ENSURE THAT AN AD'}, {'start': '2814.439', 'end': '2815.438', 'text': 'WOULD CATCH YOUR ATTENTION?\nSTEPHAN:'}, {'start': '2815.439', 'end': '2818.438', 'text': 'A CUSTOM-TRAINED AI MODEL THAT\nCAN PREDICT WHETHER AN AD WILL'}, {'start': '2818.439', 'end': '2823.438', 'text': 'WORK, WHY IT WILL WORK OR NOT\nWORK, AND WHAT YOU NEED TO DO'}, {'start': '2823.439', 'end': '2825.438', 'text': 'TO IMPROVE IT. RAJA:\nCOULD NEW TECHNOLOGY MEAN'}, {'start': '2825.439', 'end': '2828.438', 'text': 'NEVER-BEFORE-SEEN VOLUMES OF\nPERSONALIZED CONTENT? STEPHAN:'}, {'start': '2828.439', 'end': '2831.438', 'text': 'YOU CAN SEE THERE ARE 13,000\nVARIATIONS HERE.'}, {'start': '2831.439', 'end': '2834.438', 'text': 'I LITERALLY HAVE TO SCROLL TO\nPAGE 1300 TO GET TO THE END OF'}, {'start': '2834.439', 'end': '2837.438', 'text': 'THIS. RAJA:\nAND IS THERE A FUTURE WHERE WE'}, {'start': '2837.439', 'end': '2840.438', 'text': 'MIGHT NOT NEED HUMANS TO CREATE\nTHE CONTENT AT ALL? STEPHAN:'}, {'start': '2840.439', 'end': '2844.438', 'text': 'THIS IDEA TO TRAIN MODELS TO\nHELP YOU MAKE DECISIONS, TO'}, {'start': '2844.439', 'end': '2850.438', 'text': 'INFORM IDEAS, WE ARE ONLY\nGETTING STARTED. RAJA:'}, {'start': '2850.439', 'end': '2853.438', 'text': 'I AM RAJA RAJAMANNAR, CHIEF\nMARKETING AND COMMUNICATIONS'}, {'start': '2853.439', 'end': '2858.438', 'text': 'OFFICER OF MASTERCARD, AND A\nBEST-SELLING AUTHOR, WRITING'}, {'start': '2858.439', 'end': '2861.438', 'text': "ABOUT OUR INDUSTRY'S FUTURE.\nMARKETING, AS WE PRACTICE"}, {'start': '2861.439', 'end': '2864.438', 'text': 'TODAY, WAS FOUNDED ON THEORIES\nAND PRINCIPLES FROM MORE THAN'}, {'start': '2864.439', 'end': '2870.438', 'text': 'SIX DECADES AGO, LONG BEFORE\nTHE ADVENT OF THE INTERNET,'}, {'start': '2870.439', 'end': '2871.438', 'text': 'SOCIAL MEDIA, OR ARTIFICIAL\nINTELLIGENCE.'}, {'start': '2871.439', 'end': '2875.438', 'text': 'I HAVE HAD A FRONT-ROW SEAT AS\nNEW TECHNOLOGIES, CULTURAL'}, {'start': '2875.439', 'end': '2880.438', 'text': 'SHIFTS, AND AN EXPLOSION OF\nDATA HAVE DISRUPTED THE WAYS OF'}, {'start': '2880.439', 'end': '2883.438', 'text': 'TRADITIONAL MARKETING.\nTO CONNECT WITH THE SAVVY'}, {'start': '2883.439', 'end': '2888.438', 'text': 'CONSUMERS OF TOMORROW,\nMARKETING AS WE KNOW IT MUST'}, {'start': '2888.439', 'end': '2896.438', 'text': 'TAKE A QUANTUM LEAP FORWARD.\nTHIS IS "QUANTUM MARKETING".'}, {'start': '2896.439', 'end': '2900.438', 'text': 'I SAT DOWN WITH STEPHAN\nPRETORIUS, THE CREATOR BEHIND A'}, {'start': '2900.439', 'end': '2907.438', 'text': 'FULLY AI-DRIVEN SYSTEM WITH THE\nPOTENTIAL TO TRANSFORM THE AD'}, {'start': '2907.439', 'end': '2910.438', 'text': 'CREATION PROCESS. HI, STEPHAN.\nSTEPHAN: HELLO, RAJA.'}, {'start': '2910.439', 'end': '2912.438', 'text': 'HOW ARE YOU DOING? RAJA:\nHOW ARE YOU? STEPHAN:'}, {'start': '2912.439', 'end': '2914.438', 'text': "VERY GOOD, THANK YOU.\nRAJA, YOUR, I DON'T KNOW IF IT"}, {'start': '2914.439', 'end': '2917.438', 'text': 'MATTERS, BUT YOUR HEAD IS\nSLIGHTLY CUT OFF ON THIS SIDE.'}, {'start': '2917.439', 'end': '2923.438', 'text': "NO, THAT'S OK? [LAUGHTER] RAJA:"}, {'start': '2923.439', 'end': '2927.438', 'text': 'MY HEAD IS CUT OFF FROM THE --\nSO FAR, MY HEAD IS QUITE INTACT.'}, {'start': '2927.439', 'end': '2932.438', 'text': 'THANK YOU. SO, WELCOME, STEPHAN.\nABSOLUTE PLEASURE TO HAVE YOU'}, {'start': '2932.439', 'end': '2935.438', 'text': 'HERE.\nAND I SINCERELY APPRECIATE YOU'}, {'start': '2935.439', 'end': '2938.438', 'text': "CALLING IN FROM LONDON.\nI'M IN NEW YORK."}, {'start': '2938.439', 'end': '2940.438', 'text': 'AND JUST TO KICK OFF FOR OUR\nAUDIENCE, IT MIGHT BE A GOOD'}, {'start': '2940.439', 'end': '2943.438', 'text': 'IDEA IF YOU CAN JUST GIVE A\nLITTLE BIT OF BACKGROUND TO'}, {'start': '2943.439', 'end': '2945.438', 'text': 'YOURSELF AND TO THE\nORGANIZATION THAT YOU WORK AT.'}, {'start': '2945.439', 'end': '2948.438', 'text': "STEPHAN:\nI THINK I'VE GOT THE BEST JOB"}, {'start': '2948.439', 'end': '2951.438', 'text': 'IN ADVERTISING.\nSO, AS CHIEF TECHNOLOGY OFFICER'}, {'start': '2951.439', 'end': '2953.438', 'text': "OFFICER FOR WPP, I AM\nRESPONSIBLE FOR THE GROUP'S"}, {'start': '2953.439', 'end': '2961.438', 'text': 'TECHNOLOGY STRATEGY, WHICH IS\nREALLY SIMPLISTICALLY, THE'}, {'start': '2961.439', 'end': '2965.438', 'text': 'APPLICATION OF TECHNOLOGY TO\nTHE PRACTICE OF MARKETING AND'}, {'start': '2965.439', 'end': '2968.438', 'text': 'ADVERTISING. RAJA:\nWHEN IT COMES TO NEW'}, {'start': '2968.439', 'end': '2971.438', 'text': 'TECHNOLOGY, MOST COMPANIES ARE\nTHINKING THE SAME THING, AND IT'}, {'start': '2971.439', 'end': '2973.438', 'text': 'IS JUST TWO IMPACTFUL LETTERS\n-- AI.'}, {'start': '2973.439', 'end': '2977.438', 'text': 'THE TERM ITSELF HAS BECOME A\nBUZZWORD, BUT INCORPORATING'}, {'start': '2977.439', 'end': '2980.438', 'text': 'ARTIFICIAL INTELLIGENCE\nMEANINGFULLY AT SCALE IS THE'}, {'start': '2980.439', 'end': '2983.438', 'text': 'REAL CHALLENGE.\nCOMPANIES AND BRANDS OFTEN HAVE'}, {'start': '2983.439', 'end': '2986.438', 'text': 'A CMO, LIKE MYSELF, AND AN\nIN-HOUSE MARKETING TEAM THAT'}, {'start': '2986.439', 'end': '2990.438', 'text': 'MIGHT COLLABORATE WITH AD\nAGENCIES, WHICH OFTEN OPERATE'}, {'start': '2990.439', 'end': '2995.438', 'text': 'WITHIN LARGER NETWORKS.\nIN THIS CHART, WPP SITS RIGHT'}, {'start': '2995.439', 'end': '2998.438', 'text': "HERE, AS ONE OF THE WORLD'S\nLARGEST MARKETING AND"}, {'start': '2998.439', 'end': '3001.438', 'text': 'COMMUNICATIONS SERVICES\nORGANIZATIONS, WITH A VANTAGE'}, {'start': '3001.439', 'end': '3005.438', 'text': 'POINT FOR THESE CHANGES AND\nCHALLENGES IN OUR INDUSTRY.'}, {'start': '3005.439', 'end': '3008.438', 'text': 'YOU KNOW, OBVIOUSLY, MARKETING\nIS GOING THROUGH A MEGA'}, {'start': '3008.439', 'end': '3012.438', 'text': 'TRANSFORMATION.\nABSOLUTELY UNPRECEDENTED,'}, {'start': '3012.439', 'end': '3016.438', 'text': 'DRIVEN EITHER BY TECHNOLOGY OR\nCULTURAL SHIFTS OR A DATA'}, {'start': '3016.439', 'end': '3019.438', 'text': "REVOLUTION THAT'S HAPPENING.\nWHAT I WANTED TO ASK YOU IS,"}, {'start': '3019.439', 'end': '3021.438', 'text': 'WHAT TRENDS ARE YOU PICKING UP\nIN THE WORLD OF MARKETING?'}, {'start': '3021.439', 'end': '3026.438', 'text': 'STEPHAN:\nLOOK, I THINK THE ONE TREND'}, {'start': '3026.439', 'end': '3031.438', 'text': "THAT'S ALREADY WELL ON ITS WAY\nIS MEDIA PROLIFERATION."}, {'start': '3031.439', 'end': '3034.438', 'text': 'SO, INCREASINGLY, CONSUMERS,\nYOU KNOW, CONSUME MORE AND MORE'}, {'start': '3034.439', 'end': '3037.438', 'text': 'DIFFERENT CHANNELS AND SOURCES\nOF MEDIA, AND THEREFORE, IT'}, {'start': '3037.439', 'end': '3040.438', 'text': 'BECOMES INCREASINGLY COMPLEX\nFOR BRANDS TO REACH THEM'}, {'start': '3040.439', 'end': '3042.438', 'text': "EFFECTIVELY BECAUSE THERE'S SO\nMUCH FRAGMENTATION IN THE"}, {'start': '3042.439', 'end': '3045.438', 'text': 'MARKETPLACE.\nIF YOU COMBINE MEDIA'}, {'start': '3045.439', 'end': '3049.438', 'text': 'FRAGMENTATION WITH CONTENT, YOU\nKNOW, VOLUME PLUS AUDIENCE'}, {'start': '3049.439', 'end': '3054.438', 'text': 'TARGETING, YOU HAVE THIS KIND\nOF INCREDIBLE EXPLOSION OF'}, {'start': '3054.439', 'end': '3055.438', 'text': 'CONTENT THAT YOU NEED TO MAKE.\nRAJA:'}, {'start': '3055.439', 'end': '3058.438', 'text': 'YOU ALSO HAVE THE REALITY OF\nTHE CONSUMER ATTENTION SPAN'}, {'start': '3058.439', 'end': '3061.438', 'text': "SHRINKING BY THE DAY.\nAND I'M TOLD THAT NOW IT IS"}, {'start': '3061.439', 'end': '3064.438', 'text': 'LESS THAN EIGHT SECONDS.\n[LAUGHTER]'}, {'start': '3064.439', 'end': '3068.438', 'text': 'SO YOU HAVE GOT THIS ATTENTION\nSPAN OF HUMAN BEINGS, AND THEN'}, {'start': '3068.439', 'end': '3071.438', 'text': "HERE WE'RE TALKING ABOUT\nCREATING AN EXTRAORDINARY"}, {'start': '3071.439', 'end': '3075.438', 'text': 'AMOUNT OF CONTENT ACROSS A\nMULTIPLICITY OF CHANNELS, WHICH'}, {'start': '3075.439', 'end': '3076.438', 'text': 'ARE ALSO PROLIFERATING BY THE\nDAY.'}, {'start': '3076.439', 'end': '3077.438', 'text': 'WHAT A PARADOXICAL SITUATION.\nSTEPHAN:'}, {'start': '3077.439', 'end': '3079.438', 'text': 'A VERY BIG TREND RIGHT NOW IS\nTHAT PEOPLE ARE BEGINNING TO'}, {'start': '3079.439', 'end': '3083.438', 'text': 'REALIZE THAT MARKETING IS\nALMOST THE LAST ENTERPRISE'}, {'start': '3083.439', 'end': '3086.438', 'text': "BUSINESS FUNCTION THAT HASN'T\nPROPERLY DIGITIZED OR"}, {'start': '3086.439', 'end': '3090.438', 'text': 'MODERNIZED. RIGHT?\nBUT MARKETING, TO SOME DEGREE,'}, {'start': '3090.439', 'end': '3093.438', 'text': 'IS STILL A VERY, VERY\nINEFFECTIVE, MANUAL,'}, {'start': '3093.439', 'end': '3096.438', 'text': 'DIFFICULT-TO-MANAGE PROCESS\nWITH MANY DIFFERENT'}, {'start': '3096.439', 'end': '3097.438', 'text': 'SUBCONTRACTORS AND VENDORS AND\nAGENCIES.'}, {'start': '3097.439', 'end': '3099.438', 'text': 'ALMOST ALL OUR LARGE CLIENTS\nARE GRAPPLING WITH WHAT IS THE'}, {'start': '3099.439', 'end': '3103.438', 'text': 'RIGHT TRANSFORMATION THEY NEED\nTO GO THROUGH THAT SETS THEM UP'}, {'start': '3103.439', 'end': '3105.438', 'text': 'FOR A FUTURE THAT IS MORE\nSTREAMLINED, MORE EFFICIENT,'}, {'start': '3105.439', 'end': '3108.438', 'text': 'MORE AUTOMATED, ULTIMATELY,\nBECAUSE PEOPLE ARE BEGINNING TO'}, {'start': '3108.439', 'end': '3111.438', 'text': "REALIZE THAT IF YOU DON'T DO\nTHAT WORK NOW, YOU'RE NOT GOING"}, {'start': '3111.439', 'end': '3113.438', 'text': 'TO BE READY FOR AI.\nAND SO, YOU KNOW, IN AN'}, {'start': '3113.439', 'end': '3119.438', 'text': "INTERESTING WAY, IT'S ALMOST\nLIKE THE FUTURE IS PUTTING"}, {'start': '3119.439', 'end': '3122.438', 'text': 'PRESSURE ON THE PRESENT, IF YOU\nKNOW WHAT I MEAN. [LAUGHTER]'}, {'start': '3122.439', 'end': '3125.438', 'text': 'RAJA: TOTALLY AGREE WITH YOU.\nI THINK EVERYONE IS SEIZED OF'}, {'start': '3125.439', 'end': '3128.438', 'text': 'THIS COMPLEXITY, AND EVERYONE\nIS TRYING TO SORT OF FIGURE OUT'}, {'start': '3128.439', 'end': '3130.438', 'text': 'WHAT SHOULD BE THE BEST\nPLAYBOOK FOR THEMSELVES.'}, {'start': '3130.439', 'end': '3133.438', 'text': 'AND EVERY DAY YOU ARE TRYING TO\nTHINK ABOUT IT, YOU ARE ALREADY'}, {'start': '3133.439', 'end': '3137.438', 'text': "FEELING THAT YOU'RE OBSOLETE\nBECAUSE THREE MORE THINGS HAVE"}, {'start': '3137.439', 'end': '3140.438', 'text': 'BEEN LAUNCHED WHILE YOU ARE\nSLEEPING, AND THAT HAS TO'}, {'start': '3140.439', 'end': '3144.438', 'text': 'REALLY, YOU KNOW, FORCE YOU TO\nRETHINK YOUR ENTIRE STRATEGIC'}, {'start': '3144.439', 'end': '3149.438', 'text': 'APPROACH. STEPHAN:\nYOU KNOW, THE MAGIC OF AI'}, {'start': '3149.439', 'end': '3153.438', 'text': 'HAPPENS IN BUSINESS WHEN YOU\nCOMBINE AI TECHNOLOGY WITH'}, {'start': '3153.439', 'end': '3157.438', 'text': 'DATA, PROPRIETARY DATA, WITH\nUNIQUE DOMAIN KNOWLEDGE.'}, {'start': '3157.439', 'end': '3160.438', 'text': 'AND I THINK THE BIGGEST FALLACY\nON THE DATA SIDE IS THAT PEOPLE'}, {'start': '3160.439', 'end': '3164.438', 'text': 'HAVE BEEN TELLING MARKETERS\nTHAT IF YOU KNOW WHO SOMEONE'}, {'start': '3164.439', 'end': '3166.438', 'text': 'IS, YOU CAN MARKET TO THEM\nBETTER, RIGHT?'}, {'start': '3166.439', 'end': '3169.438', 'text': 'SO IF YOU HAVE PERSONAL DATA\nABOUT CONSUMERS, THEN YOU CAN'}, {'start': '3169.439', 'end': '3172.438', 'text': 'MARKET MORE EFFECTIVELY TO THEM.\nAND FRANKLY, THAT IS NOT REALLY'}, {'start': '3172.439', 'end': '3176.438', 'text': 'TRUE.\nTHAT IS NOT CONSISTENTLY TRUE.'}, {'start': '3176.439', 'end': '3179.438', 'text': 'VERY OFTEN, NON-PERSONAL DATA,\nCONTEXTUAL DATA ABOUT WHERE YOU'}, {'start': '3179.439', 'end': '3183.438', 'text': "ARE, WHAT'S THE WEATHER LIKE,\nYOU KNOW, WHAT EVENT IS"}, {'start': '3183.439', 'end': '3186.438', 'text': "HAPPENING AROUND YOU, WHAT'S\nTHE TIME OF THE YEAR, YOU KNOW,"}, {'start': '3186.439', 'end': '3188.438', 'text': 'THESE KINDS OF THINGS ARE FAR\nMORE USEFUL IN TERMS OF'}, {'start': '3188.439', 'end': '3191.438', 'text': 'PREDICTING BEHAVIOR THAN WHO\nYOU ARE. RAJA:'}, {'start': '3191.439', 'end': '3197.438', 'text': 'THERE IS ALWAYS A LOT OF DEBATE\nSAYING THAT, LOOK, AI CANNOT'}, {'start': '3197.439', 'end': '3199.438', 'text': 'GENERATE ORIGINAL CREATIVE\nSTUFF.'}, {'start': '3199.439', 'end': '3202.438', 'text': 'IT CAN ADAPT, IT CAN PUT THINGS\nTOGETHER IN MORE CREATIVE WAYS,'}, {'start': '3202.439', 'end': '3206.438', 'text': 'BUT IT CANNOT BE A SUBSTITUTE\nFOR CREATIVITY BY ITSELF.'}, {'start': '3206.439', 'end': '3209.438', 'text': 'HOW DO YOU LOOK AT AI AND\nCREATIVITY IN THAT CONTEXT?'}, {'start': '3209.439', 'end': '3212.438', 'text': "STEPHAN:\nIT'S A GREAT QUESTION, AND, YOU"}, {'start': '3212.439', 'end': '3215.438', 'text': "KNOW, I'VE BEEN DEBATING WITH\nMY TEAM ON WHETHER OUR"}, {'start': '3215.439', 'end': '3220.438', 'text': 'MACHINES, YOU KNOW, WILL BE\nCREATIVE AT ANY POINT IN TIME'}, {'start': '3220.439', 'end': '3223.438', 'text': "FOR YEARS NOW.\nAND THE CONCLUSION I'VE COME TO"}, {'start': '3223.439', 'end': '3227.438', 'text': 'IS THAT IT REALLY DEPENDS ON\nWHAT YOU DEFINE AS CREATIVITY.'}, {'start': '3227.439', 'end': '3232.438', 'text': 'TRUE INNOVATION, TRULY NEW\nIDEAS, TRULY NEW CONNECTIVITY'}, {'start': '3232.439', 'end': '3234.438', 'text': 'OF THINGS THAT PEOPLE DO, IS\nACTUALLY QUITE RARE. RAJA:'}, {'start': '3234.439', 'end': '3238.438', 'text': 'SO, ON THE ONE HAND, YOU HAVE\nGOT COMMERCIAL CREATIVITY,'}, {'start': '3238.439', 'end': '3243.438', 'text': 'I.E., CREATIVITY THAT DRIVES\nBUSINESS RESULTS IN A'}, {'start': '3243.439', 'end': '3246.438', 'text': 'MEASURABLE FASHION.\nTHEN YOU HAVE GOT THE PURE'}, {'start': '3246.439', 'end': '3252.438', 'text': 'CREATIVITY, WHICH IS MORE FOR'}, {'start': '3252.439', 'end': '3253.438', 'text': 'THE SELF-ACTUALIZATION OR\nSELF-EXPRESSION.'}, {'start': '3253.439', 'end': '3258.438', 'text': "IT'S MORE ARTISTIC.\nIT'S MORE CREATIVITY FOR ARTS,"}, {'start': '3258.439', 'end': '3259.438', 'text': 'AS OPPOSED TO CREATIVITY FOR\nCOMMERCE.'}, {'start': '3259.439', 'end': '3263.438', 'text': 'AND IN THE WORLD OF MARKETING,\nWE ARE NOT CREATIVITY FOR'}, {'start': '3263.439', 'end': '3265.438', 'text': "CREATIVITY'S SAKE. STEPHAN:\nIT'S PARTLY A DEFINITIONAL"}, {'start': '3265.439', 'end': '3269.438', 'text': 'PROBLEM.\nBUT THEN, YOU KNOW, MORE, MAYBE'}, {'start': '3269.439', 'end': '3272.438', 'text': 'PEDANTICALLY, IS AI USEFUL IN\nCREATING CONTENT?'}, {'start': '3272.439', 'end': '3274.438', 'text': 'I WOULD SAY ENORMOUSLY,\nENORMOUSLY USEFUL IN CREATING'}, {'start': '3274.439', 'end': '3276.438', 'text': 'CONTENT.\nBECAUSE IF YOU THINK ABOUT'}, {'start': '3276.439', 'end': '3279.438', 'text': 'BRAND-BUILDING, BRAND-BUILDING\nIS A LOT ABOUT CONSISTENCY,'}, {'start': '3279.439', 'end': '3282.438', 'text': "RIGHT?\nIT'S ABOUT DIFFERENTIATION, BUT"}, {'start': '3282.439', 'end': '3288.438', 'text': "IT'S ALSO AROUND CONSISTENCY,\nAND, YOU KNOW, USING CONSISTENT"}, {'start': '3288.439', 'end': '3292.438', 'text': 'BRAND ELEMENTS AND DESIGN\nSTYLES AND AESTHETICS IS A KEY'}, {'start': '3292.439', 'end': '3296.438', 'text': 'TO BUILDING CONSISTENTLY GOOD\nBRANDS ON A GLOBAL BASIS.'}, {'start': '3296.439', 'end': '3298.438', 'text': 'AND MACHINES ARE VERY GOOD AT\nBEING TRAINED ON THAT.'}, {'start': '3298.439', 'end': '3302.438', 'text': 'SO YOU CAN TRAIN A MACHINE TO\nDEVELOP CONTENT WITHIN A'}, {'start': '3302.439', 'end': '3305.438', 'text': 'SPECIFIC AESTHETIC STYLE.\nYOU CAN TRAIN IT TO REPRESENT A'}, {'start': '3305.439', 'end': '3309.438', 'text': 'PRODUCT COMPLETELY ACCURATELY.\nSO MACHINES ARE ACTUALLY VERY'}, {'start': '3309.439', 'end': '3312.438', 'text': 'GOOD AT BEING USED FOR\nMARKETING CONTENT.'}, {'start': '3312.439', 'end': '3315.438', 'text': 'I THINK THE MORE INTERESTING\nQUESTION, RAJA, IS, WHAT FUTURE'}, {'start': '3315.439', 'end': '3320.438', 'text': "DO WE WANT? RIGHT?\nIT'S NOT A QUESTION OF WHAT"}, {'start': '3320.439', 'end': '3322.438', 'text': "MACHINES COULD POTENTIALLY DO,\nBUT FOR ME, IT'S A QUESTION"}, {'start': '3322.439', 'end': '3325.438', 'text': "ABOUT WHAT FUTURE DO WE WANT.\nAND I'M NOT INTERESTED IN A"}, {'start': '3325.439', 'end': '3327.438', 'text': 'FUTURE WHERE MACHINES ARE\nCREATING ALL THE CONTENT AND'}, {'start': '3327.439', 'end': '3329.438', 'text': 'HUMANS ARE JUST SORT OF\nFLOATING AROUND ON RAFTS LIKE'}, {'start': '3329.439', 'end': '3332.438', 'text': 'IN "WALL-E," RIGHT?\nI MEAN, THAT\'S NOT A FUTURE'}, {'start': '3332.439', 'end': '3334.438', 'text': "THAT'S INTERESTING TO ME.\nAND TO SOME DEGREE, IT'S A"}, {'start': '3334.439', 'end': '3338.438', 'text': "CHOICE YOU'VE GOT TO MAKE.\nRIGHT? YOU'VE GOT TO SAY, ARE WE"}, {'start': '3338.439', 'end': '3340.438', 'text': 'BUILDING BLACK BOXES THAT DO\nTHE WORK THAT HUMANS HAVE'}, {'start': '3340.439', 'end': '3343.438', 'text': 'ALWAYS DONE, OR ARE WE GOING TO\nBUILD TECHNOLOGY OR SOFTWARE'}, {'start': '3343.439', 'end': '3347.438', 'text': "THAT MAKES US MORE INTELLIGENT?\nAND I'M FAR MORE INTERESTED IN"}, {'start': '3347.439', 'end': '3359.439', 'text': 'THE LATTER. ♪'}, {'start': '3411.439', 'end': '3413.438', 'text': 'RAJA:\nWHEN A BRAND DECIDES IT NEEDS'}, {'start': '3413.439', 'end': '3415.438', 'text': 'AN AD FOR A PRODUCT, IT SETS\nOFF A LONG AND EXPENSIVE'}, {'start': '3415.439', 'end': '3417.438', 'text': 'CREATIVE PROCESS.\nBY THE TIME THE AD IS SERVED TO'}, {'start': '3417.439', 'end': '3419.438', 'text': 'A POTENTIAL CUSTOMER, MONTHS\nHAVE PASSED, HUNDREDS OF PEOPLE'}, {'start': '3419.439', 'end': '3422.438', 'text': 'HAVE BEEN INVOLVED, AND OFTEN\nMILLIONS OF DOLLARS HAVE BEEN'}, {'start': '3422.439', 'end': '3428.438', 'text': 'SPENT.'}, {'start': '3428.439', 'end': '3430.438', 'text': 'STEPHAN AND HIS TEAM HAVE\nDEVELOPED AN AI SOFTWARE THAT'}, {'start': '3430.439', 'end': '3431.438', 'text': 'CAN REPLACE SOME OF THE MOST\nTEDIOUS AND TIME-CONSUMING'}, {'start': '3431.439', 'end': '3437.438', 'text': 'PARTS OF THAT PROCESS AND\nLIKELY SAVE COMPANIES A PRETTY'}, {'start': '3437.439', 'end': '3439.438', 'text': 'BIG CHUNK OF CHANGE.\nSO, STEPHAN, CAN YOU JUST GIVE'}, {'start': '3439.439', 'end': '3442.438', 'text': "A DEMO?\nI THINK THAT'S SOMETHING WHICH"}, {'start': '3442.439', 'end': '3445.438', 'text': "WILL MAKE THE CONCEPTS\nEXTREMELY CLEAR, AND IT'LL"}, {'start': '3445.439', 'end': '3446.438', 'text': 'BRING IT TO LIFE VERY\nEFFECTIVELY. STEPHAN:'}, {'start': '3446.439', 'end': '3449.438', 'text': "ABSOLUTELY.\nI'M HAPPY TO DO THAT, RAJA."}, {'start': '3449.439', 'end': '3452.438', 'text': "SO WHAT YOU'RE LOOKING AT HERE\nIS A CONFIGURATION OF OUR WPP"}, {'start': '3452.439', 'end': '3455.438', 'text': "OPEN PLATFORM.\nIT'S OUR AI-DRIVEN MARKETING"}, {'start': '3455.439', 'end': '3459.438', 'text': "OPERATING SYSTEM, AND WE'VE SET\nUP A FICTITIOUS BRAND HERE."}, {'start': '3459.439', 'end': '3462.438', 'text': "IT'S CALLED XAIA.\nIT'S A PERFUME BRAND, SO THAT"}, {'start': '3462.439', 'end': '3464.438', 'text': "WE'RE NOT DISCLOSING ANY\nCONFIDENTIAL SECRETS OF OUR"}, {'start': '3464.439', 'end': '3466.438', 'text': 'CLIENT.\nSO ALL THE DATA IN HERE IS'}, {'start': '3466.439', 'end': '3468.438', 'text': 'FICTITIOUS.\nTHE BRAND IS FICTITIOUS.'}, {'start': '3468.439', 'end': '3471.438', 'text': 'THE IMAGERY IS ALL FICTITIOUS\nAS WELL, BUT IT ILLUSTRATES THE'}, {'start': '3471.439', 'end': '3473.438', 'text': 'POINT. RAJA:\nWITHIN THIS PROPRIETARY'}, {'start': '3473.439', 'end': '3477.438', 'text': 'SOFTWARE, MARKETERS CAN AUGMENT\nTHEIR PROCESS WITH VARIOUS AI'}, {'start': '3477.439', 'end': '3481.438', 'text': 'BRAINS.\nFOR EXAMPLE, BRAND BRAINS.'}, {'start': '3481.439', 'end': '3485.438', 'text': 'THESE ARE CUSTOM AI MODELS\nTRAINED ON DATA, BRAND ASSETS,'}, {'start': '3485.439', 'end': '3489.438', 'text': 'AND DETAILS LIKE TONE OF VOICE\nFOR ANY GIVEN CLIENT.'}, {'start': '3489.439', 'end': '3501.439', 'text': 'TO TAKE IT A STEP FURTHER,\nUSERS CAN APPLY THE BRAND BRAIN'}, {'start': '3495.092', 'end': '3497.091', 'text': 'DEFINITELY GOING TO BE\nINFLUENCED BY SOME OF THESE'}, {'start': '3497.092', 'end': '3499.091', 'text': 'TECHNIQUES.\nI THINK, PRACTICALLY, SOME OF'}, {'start': '3499.092', 'end': '3502.091', 'text': "WHAT WE'RE DOING HERE IS GOING\nTO BE IMPOSSIBLE TO BE"}, {'start': '3502.092', 'end': '3506.091', 'text': "REPLICATED BECAUSE, YOU KNOW,\nYOU CAN'T TRAIN A PERSON ON A"}, {'start': '3506.092', 'end': '3511.091', 'text': 'THOUSAND-PAGE MARKETING\nBEST-PRACTICE PLAYBOOK, RIGHT?'}, {'start': '3511.092', 'end': '3516.091', 'text': 'SO, I THINK THE WAY THAT\nTRADITIONAL FOCUS GROUPS HAVE'}, {'start': '3516.092', 'end': '3520.091', 'text': "BEEN USED HAS BEEN REALLY\nRELYING FAR MORE ON PEOPLE'S"}, {'start': '3520.092', 'end': '3522.091', 'text': 'INTUITION AND THEIR EXISTING\nKNOWLEDGE.'}, {'start': '3522.092', 'end': '3524.091', 'text': "WE'RE CREATING SOMETHING HERE\nWHICH IS EFFECTIVELY"}, {'start': '3524.092', 'end': '3527.091', 'text': "SUPERHUMAN, RIGHT?\nWE'RE CREATING SOMETHING THAT"}, {'start': '3527.092', 'end': '3530.091', 'text': 'HAS KNOWLEDGE BEYOND ANY KIND\nOF -- THAT ANY ONE INDIVIDUAL'}, {'start': '3530.092', 'end': '3533.091', 'text': 'CONSUMER COULD HAVE IN THEIR\nMINDS AT THAT SINGLE MOMENT IN'}, {'start': '3533.092', 'end': '3539.091', 'text': 'TIME, WHICH IS ACTUALLY WHAT\nMAKES IT SO INTERESTING. RAJA:'}, {'start': '3539.092', 'end': '3551.092', 'text': 'GOT IT, OK. ♪'}, {'start': '3630.092', 'end': '3632.091', 'text': 'RAJA:\nARTIFICIAL INTELLIGENCE HAS'}, {'start': '3632.092', 'end': '3634.091', 'text': 'COME A LONG WAY IN RECENT\nYEARS, BUT A COMBINATION OF NEW'}, {'start': '3634.092', 'end': '3638.091', 'text': 'TECHNOLOGIES MIGHT BE THE\nANSWER FOR MARKETERS AND BRANDS'}, {'start': '3638.092', 'end': '3641.091', 'text': 'SEEKING PRECISION. STEPHAN:\nLET ME SHOW YOU ONE OTHER'}, {'start': '3641.092', 'end': '3643.091', 'text': "ADDITIONAL EXAMPLE.\nSO, WE'RE GOING TO SAY, I WANT"}, {'start': '3643.092', 'end': '3646.091', 'text': 'TO CREATE SOME CONTENT FOR THE\nBEGINNING OF AN IDEATION'}, {'start': '3646.092', 'end': '3653.091', 'text': "SESSION, AND I'M GOING TO\nCREATE SOME IMAGES AND SOME"}, {'start': '3653.092', 'end': '3654.091', 'text': 'TAGLINES JUST TO GET THOUGHTS\nSTARTED.'}, {'start': '3654.092', 'end': '3658.091', 'text': 'AND FOR EACH INTERSECTION OF\nTHE MATRIX, YOU NOW GET A'}, {'start': '3658.092', 'end': '3661.091', 'text': 'SUGGESTED HEADLINE, RIGHT?\n"ELEVATE YOUR HAND CARE RITUAL'}, {'start': '3661.092', 'end': '3664.091', 'text': 'WITH ZIA, SUSTAINABLE SYMPHONY\nFOR THE SENSES."'}, {'start': '3664.092', 'end': '3667.091', 'text': 'YOU GET A CALL TO ACTION --\n"JOIN THE RITUAL."'}, {'start': '3667.092', 'end': '3671.091', 'text': 'AND YOU GET A SET OF SAMPLE\nIMAGES THAT HAVE ALL BEEN'}, {'start': '3671.092', 'end': '3675.091', 'text': 'GENERATED BASED ON THE BRAND\nGUIDELINES, THE BRAND BRAIN'}, {'start': '3675.092', 'end': '3678.091', 'text': 'GUIDELINES, FOR THIS PRODUCT.\nRIGHT?'}, {'start': '3678.092', 'end': '3681.091', 'text': 'SO, THESE ARE NOT CONSISTENT\nAND SORT OF AESTHETICALLY'}, {'start': '3681.092', 'end': '3684.091', 'text': 'SIMILAR BY CHANCE.\nIT IS BECAUSE WE HAD THE CUSTOM'}, {'start': '3684.092', 'end': '3688.091', 'text': 'AI MODEL, THE BRAND BRAIN,\nSITTING BEHIND THIS FOR THE'}, {'start': '3688.092', 'end': '3693.091', 'text': 'GENERATION. GREAT, RIGHT? RAJA:\nTHESE VISUALS, STEPHAN,'}, {'start': '3693.092', 'end': '3695.091', 'text': "FIRSTLY, IT'S VERY, VERY\nIMPRESSIVE, LET ME START BY"}, {'start': '3695.092', 'end': '3699.091', 'text': 'SAYING THAT.\nBUT JUST ONE QUESTION, ON'}, {'start': '3699.092', 'end': '3703.091', 'text': 'VISUALS, ARE THEY TOTALLY\nSYNTHETIC, I.E., COMPOSED BY AI'}, {'start': '3703.092', 'end': '3706.091', 'text': "END-TO-END? STEPHAN:\nIT'S A GREAT QUESTION."}, {'start': '3706.092', 'end': '3709.091', 'text': 'THESE ARE ENTIRELY\nTEXT-TO-IMAGE GENERATED, BUT'}, {'start': '3709.092', 'end': '3712.091', 'text': "IT'S A CUSTOM-TRAINED MODEL.\nBUT THE PRODUCT IMAGING, THE"}, {'start': '3712.092', 'end': '3716.091', 'text': 'IMAGES THAT YOU SEE IN HERE,\nARE NOT AI-GENERATED.'}, {'start': '3716.092', 'end': '3721.091', 'text': 'THESE ARE 3D RENDERS THAT ARE\nCOMPOSITED WITH A GENERATIVE AI'}, {'start': '3721.092', 'end': '3724.091', 'text': 'BACKGROUND.\nAND THE REASON WHY WE DO THAT'}, {'start': '3724.092', 'end': '3726.091', 'text': 'IS BECAUSE YOU WANT THE BOTTLE,\nIN THIS CASE, TO BE ABSOLUTELY'}, {'start': '3726.092', 'end': '3729.091', 'text': "PICTURE-PERFECT.\nYOU'LL SEE THAT THE LIGHTING"}, {'start': '3729.092', 'end': '3733.091', 'text': 'AND THE SHADOWS AND SO ON IS\nDIFFERENT BY IMAGE, BUT THE'}, {'start': '3733.092', 'end': '3734.091', 'text': 'ACTUAL PRODUCT SHOT HAS TO BE\nPERFECT.'}, {'start': '3734.092', 'end': '3738.091', 'text': 'AND SO THIS IS WHY WE USE A\nHYBRID OF 3D RENDERING AND'}, {'start': '3738.092', 'end': '3741.091', 'text': 'GENERATIVE AI.\nSO HERE WE HAVE A MATRIX OF'}, {'start': '3741.092', 'end': '3743.091', 'text': 'CONTENT, AND YOU CAN SEE THERE\nARE 13,000 VARIATIONS HERE.'}, {'start': '3743.092', 'end': '3747.091', 'text': 'RIGHT?\nSO, I LITERALLY HAVE TO SCROLL'}, {'start': '3747.092', 'end': '3749.091', 'text': 'TO PAGE 1300 TO GET TO THE END\nOF THIS. RAJA:'}, {'start': '3749.092', 'end': '3753.091', 'text': 'IT BECOMES OVERWHELMING AS TO\nWHERE I SHOULD FOCUS AND WHAT I'}, {'start': '3753.092', 'end': '3757.091', 'text': 'SHOULD ZOOM INTO.\nSO, DOES THE ENGINE SORT OF'}, {'start': '3757.092', 'end': '3760.091', 'text': 'ASSIGN SOME KIND OF PROBABILITY\nAND SAY, YOU KNOW WHAT, THESE'}, {'start': '3760.092', 'end': '3762.091', 'text': 'ARE MY TOP FIVE\nRECOMMENDATIONS, OR THESE ARE'}, {'start': '3762.092', 'end': '3763.091', 'text': 'THE TOP THREE RECOMMENDATIONS?\nIS THERE ANYTHING LIKE THAT?'}, {'start': '3763.092', 'end': '3767.091', 'text': 'STEPHAN: YEAH, EXACTLY.\nSO, WHAT WE REALLY NEED TO DO,'}, {'start': '3767.092', 'end': '3770.091', 'text': 'AND THIS IS WHERE THE SKILL IN\nUSING THESE TOOLS COMES IN, IS'}, {'start': '3770.092', 'end': '3774.091', 'text': 'WE NEED TO BUILD MODELS THAT\nHELP US TO UNDERSTAND WHETHER'}, {'start': '3774.092', 'end': '3776.091', 'text': 'THIS CONTENT IS GOING TO BE\nEFFECTIVE.'}, {'start': '3776.092', 'end': '3778.091', 'text': 'AND SO WHAT WE HAVE HERE IS WE\nHAVE ALL THESE DIFFERENT'}, {'start': '3778.092', 'end': '3783.091', 'text': 'VARIATIONS OF THE AD COMBINING\nTHE PRODUCT SHOTS, THE LOGO,'}, {'start': '3783.092', 'end': '3785.091', 'text': 'THE BACKGROUND IMAGE, THE\nHEADLINES.'}, {'start': '3785.092', 'end': '3787.091', 'text': "AND YOU CAN SEE HERE THAT WE\nCAN SEE THAT THERE'S A"}, {'start': '3787.092', 'end': '3790.091', 'text': 'PREDICTIVE SCORE AGAINST EACH\nOF THEM.'}, {'start': '3790.092', 'end': '3796.091', 'text': 'NOW, THIS PREDICTIVE SCORE IS\nBASED ON A PERFORMANCE BRAIN.'}, {'start': '3796.092', 'end': '3800.091', 'text': "SO, THIS IS OUR AI MODEL THAT\nWE'VE BUILT TO PREDICT WHETHER"}, {'start': '3800.092', 'end': '3804.091', 'text': 'THESE CONTENT ELEMENTS WILL\nACTUALLY LEAD TO EITHER BRAND'}, {'start': '3804.092', 'end': '3806.091', 'text': 'LIFT OR DIRECT RESPONSE OR\nSALES BASED ON THE DATA THAT WE'}, {'start': '3806.092', 'end': '3809.091', 'text': "HAVE.\nAND SO, WHAT'S REALLY, REALLY"}, {'start': '3809.092', 'end': '3811.091', 'text': 'POWERFUL HERE IS THAT YOU CAN\nSTART SEEING VERY, VERY VISIBLY'}, {'start': '3811.092', 'end': '3817.091', 'text': 'AND QUITE INTUITIVELY HOW'}, {'start': '3817.092', 'end': '3818.091', 'text': 'DIFFERENT CONTENT ELEMENTS WILL\nPERFORM.'}, {'start': '3818.092', 'end': '3820.091', 'text': 'AND AGAIN, THIS IS NOT JUST\nABOUT AUTOMATING SOME'}, {'start': '3820.092', 'end': '3824.091', 'text': 'PRODUCTION PROCESS.\nYOU KNOW, BY PUTTING AN AD LIVE'}, {'start': '3824.092', 'end': '3825.091', 'text': 'THAT HAS A 36% PREDICTION SCORE\nOF BEING SUCCESSFUL AGAINST THE'}, {'start': '3825.092', 'end': '3833.091', 'text': 'PAID MEDIA IMPRESSION, YOU ARE\nSOMETIMES WASTING TENS OF'}, {'start': '3833.092', 'end': '3839.091', 'text': 'THOUSANDS, IF NOT HUNDREDS OF\nTHOUSANDS, OF DOLLARS OF MEDIA'}, {'start': '3839.092', 'end': '3841.091', 'text': "SPEND AGAINST SOMETHING THAT'S\nNOT GOING TO RESONATE WITH THE"}, {'start': '3841.092', 'end': '3847.091', 'text': 'AUDIENCE.\nSO, YOU KNOW, THIS IS A GREAT'}, {'start': '3847.092', 'end': '3849.091', 'text': 'EXAMPLE OF SHOWING HOW WE CAN\nUSE AI TO CREATE MORE'}, {'start': '3849.092', 'end': '3850.091', 'text': 'EFFICIENCY NOT ONLY IN THE\nPRODUCTION PROCESS, BUT ALSO IN'}, {'start': '3850.092', 'end': '3854.091', 'text': 'THE MEDIA ALLOCATION PROCESS,\nYOU KNOW, USING THESE'}, {'start': '3854.092', 'end': '3856.091', 'text': 'TECHNOLOGIES. RAJA:\nINCREASING USE OF AI IS LOOMING'}, {'start': '3856.092', 'end': '3861.091', 'text': 'ACROSS MANY INDUSTRIES, AND BIG\nIMPACTS ARE ALREADY HERE.'}, {'start': '3861.092', 'end': '3873.091', 'text': 'DECISIONS HAVE TO BE MADE ABOUT\nHOW BEST TO INCORPORATE AI AND'}, {'start': '3873.092', 'end': '3874.091', 'text': 'THE INEVITABLE TRADE-OFFS.\nTHE AMOUNT OF OUTPUT, AND THE'}, {'start': '3874.092', 'end': '3877.091', 'text': 'AMOUNT OF RELEVANT, VERY\nPERTINENT OUTPUT, WITH SUCH A'}, {'start': '3877.092', 'end': '3882.091', 'text': 'VAST VARIETY AND IN SUCH A\nQUICK TIME, DOES IT HAVE ANY'}, {'start': '3882.092', 'end': '3885.091', 'text': 'NEGATIVE IMPLICATIONS OR ANY\nIMPLICATIONS, POSITIVE OR'}, {'start': '3885.092', 'end': '3886.091', 'text': 'NEGATIVE, ON THE AGENCY\nSTAFFING? STEPHAN:'}, {'start': '3886.092', 'end': '3889.091', 'text': 'LOOK, THE IMPACT OF TECHNOLOGY\nIN ANY KNOWLEDGE WORK, AND THIS'}, {'start': '3889.092', 'end': '3891.091', 'text': 'HAS BEEN THE CASE FOR DECADES\nNOW, IS THAT EVERY TIME THAT'}, {'start': '3891.092', 'end': '3894.091', 'text': 'YOU BRING TECHNOLOGY INTO\nKNOWLEDGE WORK THAT AUTOMATES'}, {'start': '3894.092', 'end': '3899.091', 'text': 'MUNDANE TASKS, IT PUSHES PEOPLE\nTO BECOME MORE INTELLIGENT AND'}, {'start': '3899.092', 'end': '3904.091', 'text': 'TO APPLY THEIR MINDS TO\nHIGHER-ORDER PROBLEMS. AND SO,'}, {'start': '3904.092', 'end': '3907.091', 'text': 'HAVING SOMEONE SIT IN\nPHOTOSHOP ALL DAY AND CREATE'}, {'start': '3907.092', 'end': '3914.091', 'text': '13,000 VARIANTS OF A PARTICULAR\nAD MANUALLY, ONE BY ONE, IS NOT'}, {'start': '3914.092', 'end': '3916.091', 'text': 'REALLY A VERY STIMULATING TASK,\nRIGHT? AND SO THESE KINDS OF'}, {'start': '3916.092', 'end': '3919.091', 'text': 'AUTOMATIONS ARE BUILT SO THAT\nYOU FREE PEOPLE UP FROM DOING'}, {'start': '3919.092', 'end': '3922.091', 'text': 'MENIAL WORK AND REALLY THINK\nABOUT THE DESIGN, OR TO THINK'}, {'start': '3922.092', 'end': '3923.091', 'text': 'ABOUT THE MESSAGING, OR TO DO\nMORE RESEARCH ABOUT THE'}, {'start': '3923.092', 'end': '3927.091', 'text': 'CONSUMER AUDIENCE, OR TO\nAESTHETICIZE THE PRODUCT SHOTS'}, {'start': '3927.092', 'end': '3934.091', 'text': 'BETTER. RIGHT?\nSO IT SHIFTS WORK, YOU KNOW.'}, {'start': '3934.092', 'end': '3935.091', 'text': 'AND I THINK THIS IS THE KEY\nTHING.'}, {'start': '3935.092', 'end': '3937.091', 'text': "I REALLY DON'T BELIEVE THAT AI\nDESTROYS JOBS."}, {'start': '3937.092', 'end': '3941.091', 'text': 'I THINK AI SHIFTS TASKS. RIGHT?\nSO AI MEANS THAT YOU HAVE TO'}, {'start': '3941.092', 'end': '3944.091', 'text': 'WORK DIFFERENTLY, AND PEOPLE DO\nNEED TO LEARN NEW TOOLS AND NEW'}, {'start': '3944.092', 'end': '3947.091', 'text': "TECHNOLOGIES.\nBUT I THINK IT'S A NET POSITIVE."}, {'start': '3947.092', 'end': '3950.091', 'text': 'RIGHT?\nI MEAN, PEOPLE ARE NOT MEANT TO'}, {'start': '3950.092', 'end': '3954.091', 'text': "BE ASSEMBLY WORKERS, AND A LOT\nOF WHAT WE'VE DONE IN THE PAST"}, {'start': '3954.092', 'end': '3958.091', 'text': 'IN DIGITAL KIND OF PRODUCTION\nWORK IS REALLY JUST QUITE'}, {'start': '3958.092', 'end': '3961.091', 'text': 'MENIAL ASSEMBLY-TYPE WORK. RAJA:\nNO MATTER WHICH WAY YOU LOOK AT'}, {'start': '3961.092', 'end': '3968.091', 'text': 'IT, WE ARE IN A NEW DAWN AT THE\nINTERSECTION OF AI AND JOBS.'}, {'start': '3968.092', 'end': '3973.091', 'text': 'WITH THESE RAPID ADVANCEMENTS,\nCOMPANIES MUST EVOLVE QUICKLY'}, {'start': '3973.092', 'end': '3976.091', 'text': 'TO HAVE ANY HOPE OF KEEPING UP.\nSO, BASED ON YOUR EXTENSIVE'}, {'start': '3976.092', 'end': '3979.091', 'text': "EXPERIENCE AND WHAT YOU ARE\nSEEING AND WHAT YOU'RE"}, {'start': '3979.092', 'end': '3983.091', 'text': 'EXPERIMENTING AND PLAYING WITH,\nWHAT WILL BE YOUR ADVICE TO'}, {'start': '3983.092', 'end': '3986.091', 'text': "MARKETERS? STEPHAN:\nI THINK THERE'S ONLY ONE"}, {'start': '3986.092', 'end': '3990.091', 'text': 'IMPORTANT PIECE OF ADVICE, AND\nTHAT IS, START DOING THINGS'}, {'start': '3990.092', 'end': '3992.091', 'text': "RIGHT NOW.\nYOU KNOW, DON'T PONTIFICATE"}, {'start': '3992.092', 'end': '3995.091', 'text': "ABOUT IT. DON'T WAIT.\nDON'T WATCH OTHER PEOPLE DOING"}, {'start': '3995.092', 'end': '4001.091', 'text': 'IT. GET STUCK IN AND, YOU KNOW,\nSTART LEARNING BY DOING.'}, {'start': '4001.092', 'end': '4002.091', 'text': 'AI IS A VERY INTERESTING\nTECHNOLOGY.'}, {'start': '4002.092', 'end': '4008.091', 'text': "IT'S THE KIND OF TECHNOLOGY\nTHAT, YOU KNOW, SEEMS OBSCURE"}, {'start': '4008.092', 'end': '4011.091', 'text': 'AND MAYBE A LITTLE BIT KIND OF\nINTIMIDATING AT FIRST, BUT AS'}, {'start': '4011.092', 'end': '4014.091', 'text': 'YOU START WORKING WITH IT, YOU\nSTART CHANGING THE WAY THAT YOU'}, {'start': '4014.092', 'end': '4016.091', 'text': 'THINK.\nYOU BECOME MORE AWARE OF HOW'}, {'start': '4016.092', 'end': '4019.091', 'text': 'YOU THINK.\nAND AS SOON AS YOU START'}, {'start': '4019.092', 'end': '4021.091', 'text': 'REALIZING THAT FOR YOURSELF,\nYOU REFLECT BACK ON THE WAY'}, {'start': '4021.092', 'end': '4023.091', 'text': "THAT YOU DO MARKETING, MUCH IN\nTHE SAME WAY THAT YOU'RE"}, {'start': '4023.092', 'end': '4026.091', 'text': 'TALKING ABOUT QUANTUM MARKETING\nAND YOUR POSITIONING AROUND'}, {'start': '4026.092', 'end': '4031.091', 'text': "THAT. YOU START QUESTIONING THE\nTRADITIONAL WAYS THAT YOU'VE"}, {'start': '4031.092', 'end': '4034.091', 'text': 'BEEN DOING MARKETING.\nOR YOU START THINKING ABOUT, AM'}, {'start': '4034.092', 'end': '4036.091', 'text': 'I USING THE BEST DATA OR THE\nRIGHT DATA OR THE RIGHT PROCESS'}, {'start': '4036.092', 'end': '4040.091', 'text': 'TO COME UP WITH THIS\nOPTIMIZATION OR THIS DECISION?'}, {'start': '4040.092', 'end': '4043.091', 'text': "AND SO, I THINK IT'S AN\nINCREDIBLY POWERFUL PROCESS TO"}, {'start': '4043.092', 'end': '4048.091', 'text': 'GO THROUGH, BUT YOU CANNOT DO\nIT THEORETICALLY.'}, {'start': '4048.092', 'end': '4051.091', 'text': 'YOU HAVE TO DO IT PRACTICALLY.\nAND I WOULD SAY THAT APPLIES TO'}, {'start': '4051.092', 'end': '4053.091', 'text': 'THE ENTIRE ORGANIZATION.\nTHIS IS NOT SOMETHING -- YOU'}, {'start': '4053.092', 'end': '4055.091', 'text': "DON'T BECOME AN AI-DRIVEN\nCOMPANY BY HAVING AN AI"}, {'start': '4055.092', 'end': '4058.091', 'text': 'DEPARTMENT.\nYOU HAVE TO DO THIS ACROSS THE'}, {'start': '4058.092', 'end': '4062.091', 'text': 'ENTIRE ORGANIZATION, FROM THE\nCEO, NOT JUST THE CMO OR THE'}, {'start': '4062.092', 'end': '4066.091', 'text': 'COO OR THE CTO, FROM THE CEO\nALL THE WAY DOWN.'}, {'start': '4066.092', 'end': '4069.091', 'text': "AND THAT'S WHEN YOU WILL HAVE\nTHE BIGGEST IMPACT FROM THAT."}, {'start': '4069.092', 'end': '4071.091', 'text': "SO, IF YOU'RE IN AN\nORGANIZATION THAT'S LED BY"}, {'start': '4071.092', 'end': '4075.091', 'text': 'PEOPLE THAT ARE NATURALLY\nCURIOUS AND NATURALLY'}, {'start': '4075.092', 'end': '4079.091', 'text': 'TECHNOLOGICALLY COMFORTABLE,\nTHEN YOU CAN DO THAT EASILY.'}, {'start': '4079.092', 'end': '4091.092', 'text': 'I KNOW SOME ORGANIZATIONS HAVE\nMORE TROUBLE WITH THAT, AND SO'}, {'start': '4226.218', 'end': '4228.217', 'text': '>> ONE OF THE PLAYERS SAID TO\nME, WHY WOULD YOU WANT TO COME'}, {'start': '4228.218', 'end': '4231.217', 'text': 'WORK HERE.\nI SAY YOU COULD SAY THAT BUT I'}, {'start': '4231.218', 'end': '4234.217', 'text': 'WANT TO BUILD THE FUTURE WOMEN\nSPORTS.'}, {'start': '4234.218', 'end': '4235.217', 'text': 'AND I WANT TO BUILD THE MOST\nMODERATE SPORTS LEAGUE IN THE'}, {'start': '4235.218', 'end': '4244.217', 'text': 'WORLD AND WE ARE DOING THAT.\nI FEEL LIKE WE ARE LIVING IN'}, {'start': '4244.218', 'end': '4254.217', 'text': "THE FUTURE BECAUSE FINALLY IT'S\nALL COMING TOGETHER."}, {'start': '4254.218', 'end': '4258.217', 'text': 'GREG SAME CHIEF MARKETING AND\nCOMMUNICATIONS OFFICER OF'}, {'start': '4258.218', 'end': '4260.217', 'text': 'MASTERCARD AND THE BEST-SELLING\nOFFER -- AUTHOR WRITING ABOUT'}, {'start': '4260.218', 'end': '4263.217', 'text': "OUR INDUSTRY'S FUTURE.\nMARKETING WAS FOUNDED ON"}, {'start': '4263.218', 'end': '4269.217', 'text': 'THEORIES AND PRINCIPLES FOR\nMORE THAN -- LONG BEFORE THE'}, {'start': '4269.218', 'end': '4274.550', 'text': 'ADVENT OF THE INTERNET, SOCIAL\nMEDIA OR ARTIFICIAL'}, {'start': '4274.551', 'end': '4275.217', 'text': 'INTELLIGENCE.'}, {'start': '4275.218', 'end': '4278.217', 'text': 'I HAVE HAD A FRONT ROW SEAT AS\nNEW TECHNOLOGIES, CULTURAL'}, {'start': '4278.218', 'end': '4279.217', 'text': 'SHIFTS IN AN EXPLOSION OF DATA\nHAVE DISRUPTED THE WAYS OF'}, {'start': '4279.218', 'end': '4285.217', 'text': 'TRADITIONAL MARKETING.\nTO CONNECT WITH THE SAVVY'}, {'start': '4285.218', 'end': '4287.217', 'text': 'CONSUMERS OF TOMORROW,\nMARKETING AS WE KNOW IT MUST'}, {'start': '4287.218', 'end': '4298.217', 'text': 'TAKE A QUANTUM LEAP FORWARD.\nTHIS IS QUANTUM MARKETING.'}, {'start': '4298.218', 'end': '4301.217', 'text': 'WITH THE GLASSES ARE WITHOUT\nGLASSES?'}, {'start': '4301.218', 'end': '4304.217', 'text': 'I FACT DOWN WITH JULIE, THE\nCREATIVE MARKETING EXPERT'}, {'start': '4304.218', 'end': '4308.217', 'text': "BEHIND THE RISING NATIONAL\nSOCCER WOMEN'S LEAGUE TO SAY"}, {'start': '4308.218', 'end': '4314.217', 'text': 'HOW SPORTS MARKETING IS IN A\nLEAGUE OF ITS OWN.'}, {'start': '4314.218', 'end': '4316.217', 'text': 'VERY WARM WELCOME TO YOU TO THE\nSHOW AND FOR THE BENEFIT OF OUR'}, {'start': '4316.218', 'end': '4320.217', 'text': 'AUDIENCE, WOULD YOU LIKE TO\nGIVE A LITTLE BIT OF A'}, {'start': '4320.218', 'end': '4327.217', 'text': 'BACKGROUND ABOUT YOURSELF AND\nABOUT NWSL? JULIE: CERTAINLY.'}, {'start': '4327.218', 'end': '4328.217', 'text': 'I HAVE BEEN A 20 YEAR MARKETING\nEXECUTIVE AND COMMERCIAL'}, {'start': '4328.218', 'end': '4332.217', 'text': 'EXECUTIVE.\nCURRENTLY I AM THE CHIEF'}, {'start': '4332.218', 'end': '4336.217', 'text': 'MARKETING COMMERCIAL OFFICER OF\nTHE NWSL, WHICH IS THE NATIONAL'}, {'start': '4336.218', 'end': '4337.217', 'text': "WOMEN'S SOCCER LEAGUE, AND I\nHAVE AN INDUSTRY BACKGROUND"}, {'start': '4337.218', 'end': '4341.217', 'text': 'THAT SPANS ENTERTAINMENT,\nSPORTS AND TECH AND HAVING THE'}, {'start': '4341.218', 'end': '4345.217', 'text': 'RIGHT OF A LIFETIME WORKING IN\nPRO SPORTS. RAJA:'}, {'start': '4345.218', 'end': '4346.217', 'text': 'AND YOU HAVE WORKED WITH SOME\nOF THE BIGGEST NAMES ACROSS ALL'}, {'start': '4346.218', 'end': '4353.217', 'text': 'THOSE INDUSTRIES. JULIE:'}, {'start': '4353.218', 'end': '4356.217', 'text': 'I WORKED EARLY ON AT EBAY DOING\nANIMATION.'}, {'start': '4356.218', 'end': '4360.217', 'text': 'I WORKED AT ZYNGA, AND I HELPED\nEARLY ON STARTING A COMPANY'}, {'start': '4360.218', 'end': '4363.217', 'text': 'CALLED THE MARKETING\nENVIRONMENT MY CLIENTS WITH'}, {'start': '4363.218', 'end': '4367.717', 'text': 'TWITTER AND SO FIVE.\nMOST RECENTLY OUTSIDE OF THE'}, {'start': '4367.718', 'end': '4373.717', 'text': 'END OF USL I DID WORK IN\nANOTHER KIND OF FOOTBALL CALLED'}, {'start': '4373.718', 'end': '4375.217', 'text': 'THE NFL. RAJA:'}, {'start': '4375.218', 'end': '4378.217', 'text': 'OBVIOUSLY YOUR EXPERIENCE\nACROSS DIFFERENT TYPES OF'}, {'start': '4378.218', 'end': '4381.217', 'text': 'ORGANIZATIONS, WHAT IS IT ABOUT\nA SPORTS LEAGUE, HOW DIFFICULT'}, {'start': '4381.218', 'end': '4383.217', 'text': 'IS IT AND HOW DIFFERENT IS IT\nFROM EVERYTHING ELSE THAT YOU'}, {'start': '4383.218', 'end': '4388.217', 'text': 'HAVE EXPERIENCED AND MANAGED\nBEFORE? JULIE:'}, {'start': '4388.218', 'end': '4391.217', 'text': 'NOTHING YOU CAN IMAGINE IS AS\nFUN AS WORKING IN PRO SPORTS.'}, {'start': '4391.218', 'end': '4397.217', 'text': 'AND THE REASON I SAY THAT IS,\nWHEN YOU THINK ABOUT THE'}, {'start': '4397.218', 'end': '4399.217', 'text': 'PASSION THAT GOES INTO\nMARKETING, TO AVID FANS, TWO'}, {'start': '4399.218', 'end': '4405.217', 'text': "NEW FANS THAT YOU ARE TRYING TO\nBECOME AVID FANS, IT'S A JOB OF"}, {'start': '4405.218', 'end': '4408.217', 'text': 'A LIFETIME TO BE ABLE TO REALLY\nPROMOTE AND MARKET AND'}, {'start': '4408.218', 'end': '4411.217', 'text': 'COMMERCIALIZE WHAT IS A MOMENT\nIN TIME AND A MOVEMENT THAT IS'}, {'start': '4411.218', 'end': '4415.217', 'text': 'HAPPENING WITH WOMEN SPORTS BUT\nALSO LIVE ENTERTAINMENT.'}, {'start': '4415.218', 'end': '4418.217', 'text': 'IT IS THE MOST ULTIMATE REALITY\nTV BEING ABLE TO SEE OUTCOMES'}, {'start': '4418.218', 'end': '4422.217', 'text': "THAT YOU DON'T KNOW WHAT'S\nHAPPENING."}, {'start': '4422.218', 'end': '4425.217', 'text': 'THE TRAUMA, THE RIVALRY, THE\nINJURY, THE INTENSITY, THE'}, {'start': '4425.218', 'end': '4427.617', 'text': 'FUND, THE JOY AND OF THE\nCOMPETITION THAT COMES FROM'}, {'start': '4427.618', 'end': '4429.297', 'text': 'MARKETING AND CREATING\nCOMMERCIAL OPPORTUNITIES IN PRO'}, {'start': '4429.298', 'end': '4431.217', 'text': "SPORTS.\nI WOULD SAY THAT'S WHAT MAKES"}, {'start': '4431.218', 'end': '4434.217', 'text': 'IT DIFFERENT.\nYOU ARE NOT BEHIND A COMPUTER,'}, {'start': '4434.218', 'end': '4440.217', 'text': 'YOU ARE ON A PITCH, YOU ARE ON\nA FIELD, YOU ARE IN CITIES, YOU'}, {'start': '4440.218', 'end': '4442.217', 'text': 'ARE TALKING OF FANS, YOU ARE\nTALKING OF PARTNERS THAT WANT'}, {'start': '4442.218', 'end': '4445.217', 'text': "TO BE PART OF THIS LEAGUE.\nYOU ARE TALKING A BROADCASTER'S"}, {'start': '4445.218', 'end': '4448.217', 'text': 'THAT WANT TO DISTRIBUTE CONTENT\nSO PEOPLE CAN WATCH THIS LEAGUE'}, {'start': '4448.218', 'end': '4452.217', 'text': 'AND OUR ATHLETES IN THE GAMES\nIN OUR MATCH UPS.'}, {'start': '4452.218', 'end': '4456.217', 'text': "IT'S REALLY JUST SOMETHING THAT\nIS A VERY REMARKABLE EXPERIENCE."}, {'start': '4456.218', 'end': '4459.217', 'text': 'RAJA: YOU HAVE A MULTIPLICITY OF\nSTAKEHOLDERS.'}, {'start': '4459.218', 'end': '4465.217', 'text': 'HOW IS IT MARKETING AND'}, {'start': '4465.218', 'end': '4467.217', 'text': 'ORGANIZATION COMPARED TO ANY\nTRADITIONAL E-COMMERCE'}, {'start': '4467.218', 'end': '4470.217', 'text': 'COMPANIES WERE TRADITIONAL\nMARKETING COMPANIES, IS THERE'}, {'start': '4470.218', 'end': '4474.217', 'text': 'ANYTHING UNIQUE ABOUT THIS,\nANYTHING DIFFERENT? JULIE:'}, {'start': '4474.218', 'end': '4478.217', 'text': 'VERY MUCH SO.\nIF YOU RECALL IN THE EARLY DAYS'}, {'start': '4478.218', 'end': '4481.217', 'text': "OF EBAY THERE WERE BUYERS AND\nSELLERS THAT'S WHAT MAKE THE"}, {'start': '4481.218', 'end': '4483.217', 'text': 'MARKETPLACES, YOU HAD PEOPLE\nTHAT WANTED SOMETHING AND'}, {'start': '4483.218', 'end': '4485.217', 'text': 'PEOPLE WANTED TO SELL SOMETHING\nSO YOU CAME TOGETHER THROUGH'}, {'start': '4485.218', 'end': '4490.217', 'text': 'EBAY AS A PLATFORM.\nI THINK ABOUT HOW FASHIONABLE'}, {'start': '4490.218', 'end': '4494.217', 'text': 'SPORTS IN THE NWSL, OUR\nECOSYSTEM HAS THE PLAYERS, THE'}, {'start': '4494.218', 'end': '4495.217', 'text': 'FANS, THE SPONSOR US IN THE\nPARTNERS THAT MAKE UP THIS'}, {'start': '4495.218', 'end': '4500.217', 'text': 'COMMUNITY.\nTHE BROADCASTERS AND THE OWNERS.'}, {'start': '4500.218', 'end': '4501.217', 'text': 'AND WE HAVE THIS REMARKABLY\nEXCITING NEW GROUP OF OWNERS'}, {'start': '4501.218', 'end': '4507.217', 'text': 'THAT MAKE UP OUR ECOSYSTEM.\nWE ARE NOT JUST MARKETING THE'}, {'start': '4507.218', 'end': '4509.217', 'text': 'FANS, WE ARE MARKETING TO\nSPONSORS, PARTNERS, COMMERCIAL'}, {'start': '4509.218', 'end': '4512.217', 'text': 'OPPORTUNITIES IN USING THE\nSUPPORT OF OUR BROADCAST'}, {'start': '4512.218', 'end': '4514.217', 'text': 'PARTNERS TO GET TO THESE FANS\nAND HONESTLY, THE FANS ARE PART'}, {'start': '4514.218', 'end': '4521.217', 'text': 'OF OUR MARKETING ARMY AS WELL.\nRAJA:'}, {'start': '4521.218', 'end': '4522.217', 'text': 'DEDICATED FANS ARE DRIVING THE\nUNPRECEDENTED SURGE IN BUSINESS'}, {'start': '4522.218', 'end': '4529.217', 'text': 'OPPORTUNITY IN WOMEN SPORTS.'}, {'start': '4529.218', 'end': '4533.217', 'text': 'STUDIES BY WORLD ATHLETICS AND\nWASSERMAN FOUNDED FEMALE'}, {'start': '4533.218', 'end': '4536.217', 'text': 'ATHLETES HAVE 14% LARGER SOCIAL\nMEDIA FOLLOWINGS AND DRIVE'}, {'start': '4536.218', 'end': '4537.217', 'text': 'TWICE THE AMOUNT OF ENGAGEMENT\nON SOCIAL MEDIA THAN THEIR MALE'}, {'start': '4537.218', 'end': '4544.217', 'text': 'COUNTERPARTS.'}, {'start': '4544.218', 'end': '4549.217', 'text': "THE NWSL, WNBA AND WOMEN'S\nCOLLEGE SPORTS ALSO HAD RECORD"}, {'start': '4549.218', 'end': '4555.217', 'text': 'ATTENDANCE IN 2023.\nAND THEY REPORTED THAT 69% OF'}, {'start': '4555.218', 'end': '4556.217', 'text': "WOMEN'S WORLD CUP FANS FIND\nBRANDS MORE APPEALING WHEN THEY"}, {'start': '4556.218', 'end': '4560.217', 'text': 'SPONSOR SPORTS.\nCOMPANIES AROUND THE GLOBE ARE'}, {'start': '4560.218', 'end': '4566.217', 'text': 'TAKING NOTE.'}, {'start': '4566.218', 'end': '4567.217', 'text': 'I THINK IT IS ORANGE, WHICH HAS\nDONE ONE OF THE BEST'}, {'start': '4567.218', 'end': '4573.217', 'text': 'COMMERCIALS I HAVE SEEN WHERE\nTHEY ARE SHOWING MEN PLAYING'}, {'start': '4573.218', 'end': '4577.217', 'text': 'SOCCER OR FOOTBALL AS IT IS\nCALLED IN EUROPE, AND BRILLIANT'}, {'start': '4577.218', 'end': '4582.217', 'text': 'SHOTS, EXTREMELY COMPLEX SHOTS\nAND ALL THAT, THEN THEY PEEL'}, {'start': '4582.218', 'end': '4583.217', 'text': 'AWAY THE LAYER OF AI TO\nACTUALLY REVEAL THAT WHAT YOU'}, {'start': '4583.218', 'end': '4584.217', 'text': 'THOUGHT WERE THESE BRILLIANT\nSHOTS BY MEN WERE ACTUALLY DONE'}, {'start': '4584.218', 'end': '4588.217', 'text': 'BY WOMEN.\nIF YOU REALLY TAKE AWAY THE'}, {'start': '4588.218', 'end': '4593.217', 'text': "BIASES THAT HAVE BEEN INTRINSIC\nFOR SO LONG, THERE'S ABSOLUTELY"}, {'start': '4593.218', 'end': '4598.217', 'text': 'NO DIFFERENCE BETWEEN THE TWO.\nI THINK SOMEWHERE AT THE PIVOT'}, {'start': '4598.218', 'end': '4603.217', 'text': 'HAS BEGUN TO HAPPEN IN THE NWSL\nHAS BEEN A PIONEER IN THE SPACE.'}, {'start': '4603.218', 'end': '4605.217', 'text': 'WHY IS HAPPENING NOW.\nWHY IS THE REALIZATION'}, {'start': '4605.218', 'end': '4607.217', 'text': 'HAPPENING NOW.\nCAN WE JUST WELL A LITTLE BIT'}, {'start': '4607.218', 'end': '4613.217', 'text': "INTO THE CHANGING TREND. JULIE:\nIT'S A GREAT QUESTION."}, {'start': '4613.218', 'end': '4620.217', 'text': 'I THINK ABOUT THAT A LOT.\nTO BE HONEST. I LOOK BACK AND I'}, {'start': '4620.218', 'end': '4623.217', 'text': 'HAVE BEEN FOLLOWING SPORTS, I\nGREW UP IN A VERY RAPID CHICAGO'}, {'start': '4623.218', 'end': '4629.217', 'text': 'FAMILY OF SPORTS FANS AND\nSPORTS FAMILY.'}, {'start': '4629.218', 'end': '4633.217', 'text': 'EVEN MYSELF, AS A KID, I ALWAYS\nPLAYED LITTLE LEAGUE, I PLAYED'}, {'start': '4633.218', 'end': '4634.217', 'text': "BASEBALL WITH THE BOYS AND IT\nWASN'T ANYTHING THAT WAS EVER"}, {'start': '4634.218', 'end': '4640.217', 'text': 'COMMON.\nI THINK WHAT HAS HAPPENED NOW'}, {'start': '4640.218', 'end': '4643.217', 'text': 'IS THE DISTRIBUTION IN BEING\nABLE TO SEE THE CONTENT THROUGH'}, {'start': '4643.218', 'end': '4648.217', 'text': 'SOME OF THE PLATFORMS THAT YOU\nARE ABLE TO ACCESS.'}, {'start': '4648.218', 'end': '4652.217', 'text': "WHETHER IT'S STREAMING, WHETHER\nIT SOCIAL, ALL DIFFERENT"}, {'start': '4652.218', 'end': '4655.217', 'text': 'HIGHLIGHT CHANNELS THAT PEOPLE\nARE ABLE TO SEE HIS FANS.'}, {'start': '4655.218', 'end': '4656.217', 'text': 'CAITLIN CLARK BECAME A STAR\nLONG BEFORE SHE STEPPED FOOT ON'}, {'start': '4656.218', 'end': '4664.217', 'text': 'A WNBA COURT.\nSO FANS FOLLOWED HER ALL'}, {'start': '4664.218', 'end': '4665.217', 'text': 'THROUGH HER SCENT AS AN IOWA\nATHLETE AND ESPN HAD 18, 19'}, {'start': '4665.218', 'end': '4666.982', 'text': 'MILLION PEOPLE WATCHING.'}, {'start': '4666.983', 'end': '4674.041', 'text': "THE FINALS OF THE WOMEN'S FINAL\nFOUR, AND THAT DWARFED THE"}, {'start': '4674.042', 'end': '4675.217', 'text': "MEN'S."}, {'start': '4675.218', 'end': '4679.217', 'text': '>> IOWA SURVIVES CONNECTICUT.\nJULIE:'}, {'start': '4679.218', 'end': '4683.217', 'text': 'IT WAS CLEARLY 5 MILLION MORE\nTHAT WATCH THE WOMEN.'}, {'start': '4683.218', 'end': '4688.217', 'text': 'I THINK WHAT HAPPENED IS THE\nATHLETICISM AND THE TALENT AND'}, {'start': '4688.218', 'end': '4694.217', 'text': 'THE FACT THAT THESE ARE PARLER\nWOMEN -- PARLER WOMEN -- BALLER'}, {'start': '4694.218', 'end': '4697.217', 'text': 'WOMEN WHO ARE OUTSIDE THE LINES\nHAVE NOT HAD THE REPRESENTATION'}, {'start': '4697.218', 'end': '4701.217', 'text': 'TO SEE IT ON THE BROADCAST\nCHANNELS OR THE SOCIAL CHANNELS.'}, {'start': '4701.218', 'end': '4705.217', 'text': 'I THINK BECAUSE THE APERTURE IS\nOPENING WIDER AND PEOPLE ARE'}, {'start': '4705.218', 'end': '4708.217', 'text': 'ABLE TO SEE AND WATCH THIS, YOU\nSEEN OTHER SPORTS LIKE TENNIS'}, {'start': '4708.218', 'end': '4712.217', 'text': "WHERE WE'VE HAD THESE LEGENDS\nFOR YEARS, BUT IN SOME OF THESE"}, {'start': '4712.218', 'end': '4716.217', 'text': 'OTHER SPORTS, IT TOOK REALLY A\nLOT OF WHAT YOU THINK BACK IN'}, {'start': '4716.218', 'end': '4721.217', 'text': 'THE WORLD CUP, IN 2019 WHEN THE\nWOMEN ONE BACK TO BACK.'}, {'start': '4721.218', 'end': '4723.217', 'text': 'THAT BECAME A COMEBACK, THEY\nASCENDED.'}, {'start': '4723.218', 'end': '4727.217', 'text': "1.2 BILLION PEOPLE WATCH THE\nWORLD'S CUP WOMEN IN 2019."}, {'start': '4727.218', 'end': '4730.217', 'text': 'A LOT HAS TO DO WITH IT BEING\nON THE SHOULDERS OF MEDIA AND'}, {'start': '4730.218', 'end': '4733.217', 'text': 'OPENING UP THAT APERTURE\nBECAUSE SOCIAL IS MAKING STARS.'}, {'start': '4733.218', 'end': '4735.217', 'text': 'SOME OF THE STARS WE HAVE IN\nOUR LEAGUE WERE IN THE WNBA AND'}, {'start': '4735.218', 'end': '4740.217', 'text': 'OTHER SPORTS.\nTHEY HAVE MILLIONS OF FOLLOWERS.'}, {'start': '4740.218', 'end': '4741.217', 'text': 'NOW YOU HAVE ACCESS.\nBUT IN THE BEGINNING IT WAS'}, {'start': '4741.218', 'end': '4747.217', 'text': "VERY SMALL.\nI THINK THAT'S WITH HAPPENING,"}, {'start': '4747.218', 'end': '4749.217', 'text': 'PEOPLE ARE SEEING THESE\nATHLETES ON THE STATES THAT'}, {'start': '4749.218', 'end': '4755.217', 'text': 'THEY DESERVE AND FINALLY\nGETTING THAT MOMENT. RAJA:'}, {'start': '4755.218', 'end': '4759.217', 'text': 'FOR DECADES, COMMONLY ACCEPTED\nSTATISTIC STATED THAT WOMEN'}, {'start': '4759.218', 'end': '4760.217', 'text': 'SPORTS RECEIVED ABOUT 3% AND 5%\nOF OVERALL SPORTS MEDIA'}, {'start': '4760.218', 'end': '4766.217', 'text': 'COVERAGE.\nBUT IN 2023, WOMEN SPORTS'}, {'start': '4766.218', 'end': '4767.217', 'text': 'ACCOUNTED FOR ABOUT 32% OF\nSPORTS MEDIA ON STREAMING'}, {'start': '4767.218', 'end': '4772.217', 'text': 'SPECIFICALLY.\nWHILE LINEAR BROADCAST AND'}, {'start': '4772.218', 'end': '4776.217', 'text': 'DIGITAL ARE STILL LAGGING\nBEHIND.'}, {'start': '4776.218', 'end': '4782.217', 'text': 'NUMBERS ARE PROJECTED TO CLIMB.\nHOW DO YOU KEEP THE MOMENTUM'}, {'start': '4782.218', 'end': '4785.217', 'text': 'GOING AND GROWING BECAUSE THERE\nIS SO MUCH COMPETITION FOR THE'}, {'start': '4785.218', 'end': '4791.217', 'text': 'ATTENTION OF CONSUMERS, WHICH\nIS RATHER LIMITED? JULIE:'}, {'start': '4791.218', 'end': '4793.217', 'text': 'THE GREAT THING ABOUT HAVING\nTHE OPPORTUNITY TO MARKET THE'}, {'start': '4793.218', 'end': '4797.217', 'text': 'NWSL IS THE ENTERTAINMENT\nUNFOLDS.'}, {'start': '4797.218', 'end': '4800.217', 'text': "WE DON'T HAVE TO CREATE THE\nENTERTAINMENT, IT'S HAPPENING."}, {'start': '4800.218', 'end': '4802.217', 'text': 'WE JUST HAVE TO SHOW PEOPLE WHO\nTHE PLAYERS ARE, WHO THE MATCH'}, {'start': '4802.218', 'end': '4807.217', 'text': 'OF SARE, WHO THE RIVALRIES.\nTHEY ARE PLAYERS WHO GOT'}, {'start': '4807.218', 'end': '4810.217', 'text': 'TOGETHER LAST WEEK, WE CALLED\nIT THE BATTLE OF THE RMB IN'}, {'start': '4810.218', 'end': '4822.218', 'text': 'BECAUSE IT WAS TWO TEAMS THAT'}, {'start': '4850.345', 'end': '4854.344', 'text': 'RAJA:\nTHE IMPORTANT POINTS THAT ARE'}, {'start': '4854.345', 'end': '4859.344', 'text': 'AT THE FRONT OF THE MIND IS\nTHAT CONSUMERS ARE HAVING'}, {'start': '4859.345', 'end': '4861.344', 'text': 'LESSER AND LESSER INTEREST AND\nENGAGEMENT WITH ADVERTISING.'}, {'start': '4861.345', 'end': '4866.344', 'text': 'SO IN THIS WORLD WERE\nADVERTISING IS BECOMING OVERLY'}, {'start': '4866.345', 'end': '4869.344', 'text': 'CROWDED AND FOR A BRAND TO\nREALLY CUT THROUGH THE CLUTTER'}, {'start': '4869.345', 'end': '4871.344', 'text': 'STAND UP, STAND OUT, CONNECT\nWITH THE CONSUMERS, TELL THE'}, {'start': '4871.345', 'end': '4877.344', 'text': 'STORY, INSPIRE THEM AND\nINFLUENCE THEIR CHOICE IN FAVOR'}, {'start': '4877.345', 'end': '4881.344', 'text': 'OF YOUR BRAND IS GETTING MORE\nAND MORE DIFFICULT.'}, {'start': '4881.345', 'end': '4886.344', 'text': 'HOW DO YOU SEE THESE NEW KINDS\nOF MARKETING PLATFORMS WHERE'}, {'start': '4886.345', 'end': '4887.344', 'text': 'YOU ARE CURATING AND CREATING\nEXPERIENCES THAT CONSUMERS'}, {'start': '4887.345', 'end': '4894.344', 'text': 'TRULY CARE ABOUT THEIR ARE\nPASSIONATE ABOUT IS ACTUALLY'}, {'start': '4894.345', 'end': '4898.344', 'text': 'DOING A FAR BETTER JOB OF\nGIVING PRODUCTIVE RETURNS TO'}, {'start': '4898.345', 'end': '4900.344', 'text': 'THE MARKETERS COMPARED TO\nTRADITIONAL ADVERTISING, WHICH'}, {'start': '4900.345', 'end': '4905.344', 'text': 'I HAVE SEEN HAPPEN TIME AND\nAGAIN? JULIE:'}, {'start': '4905.345', 'end': '4908.344', 'text': 'I COULD TALK FOR DAYS ABOUT THE\nANSWER TO THAT QUESTION.'}, {'start': '4908.345', 'end': '4909.344', 'text': "WHAT I LOVE IS THE FACT THAT WE\nDON'T HAVE TO MARKET THE SAME"}, {'start': '4909.345', 'end': '4915.344', 'text': 'WAY THAT WE USE TO MARKET.\nWHAT USED TO BE SOMETHING THAT'}, {'start': '4915.345', 'end': '4920.344', 'text': 'WORKED 10 YEARS AGO DOES NOT\nWORK THE SAME.'}, {'start': '4920.345', 'end': '4923.864', 'text': 'CUSTOMERS, CONSUMERS, FANS,\nWHATEVER WE CALL THEM, OUR'}, {'start': '4923.865', 'end': '4929.144', 'text': "DEMOGRAPHIC WE ARE GOING AFTER\nMY WORLD'S FANS, THEY ARE NOT"}, {'start': '4929.145', 'end': '4931.344', 'text': 'THE SAME. THEY TOO NOW.'}, {'start': '4931.345', 'end': '4934.344', 'text': "IF IT FEELS LIKE ADVERTISING,\nIT DOESN'T WORK."}, {'start': '4934.345', 'end': '4938.068', 'text': 'PART IS BECAUSE CONSUMERS\nTODAY, THEN STAY IN CUSTOMERS'}, {'start': '4938.069', 'end': '4943.447', 'text': 'ALL KNOW THEY HAVE TO BUY MY\nEYEBALLS IN TIME TO GET MY'}, {'start': '4943.448', 'end': '4946.344', 'text': "ATTENTION.\nIT'S SUCH A MEAN GENERATION."}, {'start': '4946.345', 'end': '4948.344', 'text': "WHAT'S IN IT FOR ME, IS IT\nGOING TO ENGAGE, IT'S GOING TO"}, {'start': '4948.345', 'end': '4956.344', 'text': 'ENLIGHTEN AND ENTERTAIN ME.\nONE OF MY FAVORITE PROGRAMS'}, {'start': '4956.345', 'end': '4959.344', 'text': "THAT WE DID AT THE NWSL WAS\nJUST WHEN I STARTED, AND I'VE"}, {'start': '4959.345', 'end': '4964.344', 'text': 'BEEN HERE ALMOST TWO YEARS,\nEARLY ON WE HAD A BIG GAME AND'}, {'start': '4964.345', 'end': '4968.344', 'text': 'WE ALSO KNEW THAT WE HAD THESE\nGREAT PLAYERS COMING TOGETHER.'}, {'start': '4968.345', 'end': '4969.344', 'text': 'ONE OF THE GREATEST PLAYERS IS\nALEX MORGAN AND SHE PLAYS FOR'}, {'start': '4969.345', 'end': '4976.344', 'text': 'THE SAN DIEGO WAVE.\nWE HAD INVITED WHAT I CALL OUR'}, {'start': '4976.345', 'end': '4977.344', 'text': "LCC'S THAT STAND FOR LIVE\nCONTENT CORRESPONDENCE, ONTO"}, {'start': '4977.345', 'end': '4980.644', 'text': 'THE PITCH AND THEY SHOT A LOT\nOF BEHIND-THE-SCENES.'}, {'start': '4980.645', 'end': '4983.344', 'text': 'WITHIN MOMENTS THEY UPLOADED IT\nINSTANTLY WITHIN FOUR MINUTES'}, {'start': '4983.345', 'end': '4987.344', 'text': 'OF CAPTURING A SHOT OF ALEX\nWITH HER DAUGHTER OR A FAN'}, {'start': '4987.345', 'end': '4991.344', 'text': 'CROWD SEQUENCE WHEN IT WAS SOLD\nOUT WE BROKE A RECORD THAT DAY'}, {'start': '4991.345', 'end': '4997.344', 'text': 'FOR 32,000 PEOPLE IN THE\nSTADIUM AND HAVING THIS FO MO'}, {'start': '4997.345', 'end': '4999.344', 'text': 'MOMENT INSIDE THE PITCH CAME A\nLOT OF MARKETING THAT NOBODY'}, {'start': '4999.345', 'end': '5000.344', 'text': 'KNEW WAS MARKETING BECAUSE IT\nWAS STORYTELLING.'}, {'start': '5000.345', 'end': '5003.575', 'text': "IT'S ABOUT ENGAGING IN ITS A"}, {'start': '5003.576', 'end': '5007.729', 'text': 'LOT ABOUT PULLING YOU INTO OUR\nEXPERIENCES WITH PUSHING'}, {'start': '5007.730', 'end': '5012.344', 'text': 'SOMEONE INTO YOUR SPACE. RAJA:\nYOU ARE MAKING MEMORIES FOR'}, {'start': '5012.345', 'end': '5013.344', 'text': 'PEOPLE, YOU ARE GIVING\nEXPERIENCES FOR PEOPLE THAT ARE'}, {'start': '5013.345', 'end': '5016.955', 'text': 'TRULY MEMORABLE.\nMOST DEVELOPERS TYPICALLY'}, {'start': '5016.956', 'end': '5025.622', 'text': "CANNOT GIVE THAT KIND OF AN\nIMPACT IN CONSUMERS'S MINDS AND"}, {'start': '5025.623', 'end': '5026.344', 'text': 'HEARTS.'}, {'start': '5026.345', 'end': '5030.344', 'text': "WITH THE RISING POPULARITY OF\nSPORTS IN WOMEN'S SOCCER, THERE"}, {'start': '5030.345', 'end': '5034.344', 'text': 'IS A BATTLE AS TO WHO WILL GET\nTHE STREAMING RIGHTS.'}, {'start': '5034.345', 'end': '5037.344', 'text': 'AND THERE ARE STREAMING WARS,\nLITERALLY. JULIE:'}, {'start': '5037.345', 'end': '5042.344', 'text': "OH MY GOODNESS.\nIT'S NOT THAT DISSIMILAR FROM"}, {'start': '5042.345', 'end': '5043.344', 'text': "WHAT I THINK ANY FORM OF\nENTERTAINMENT NOW, IT'S VERY"}, {'start': '5043.345', 'end': '5048.344', 'text': 'ON-DEMAND.\nWE HAVE FOR BROADCAST PARTNERS,'}, {'start': '5048.345', 'end': '5053.344', 'text': 'WE HAVE LINEAR WITH CBS, ABC\nAND ESPN ON THE CABLE SIDE AND'}, {'start': '5053.345', 'end': '5058.344', 'text': 'LINEAR, BUT THEN WE ALSO HAVE\nAMAZON PRIME TO PRIME VIDEO.'}, {'start': '5058.345', 'end': '5060.344', 'text': 'SO WHETHER IT STREAMING, CABLE,\nLINEAR, WE KNOW THAT FANS WILL'}, {'start': '5060.345', 'end': '5064.344', 'text': 'FIND OUR GAMES.\nIT DOES MAKE IT HARD AS A'}, {'start': '5064.345', 'end': '5068.344', 'text': 'MARKETER AND MY TEAM HAS TO\nSPEND A LOT OF TIME ON TUNE IN'}, {'start': '5068.345', 'end': '5073.344', 'text': 'MARKETING BECAUSE IN ADDITION\nTO THOSE FOR PARTNERS, WE HAVE'}, {'start': '5073.345', 'end': '5074.344', 'text': 'A DIRECT TO CONSUMER PRODUCT\nCALLED NWSL PLUS.'}, {'start': '5074.345', 'end': '5079.344', 'text': 'OUR JOB IS TO BUILD AFFINITY\nAND PASSION AROUND THE MATCHUP'}, {'start': '5079.345', 'end': '5082.344', 'text': 'IN THE RIVALRIES AND GETTING\nPEOPLE TO KNOW.'}, {'start': '5082.345', 'end': '5087.344', 'text': '>> THE BEST TO DO IT ON ANY\nSTAGE. JULIE:'}, {'start': '5087.345', 'end': '5090.344', 'text': "I DON'T THINK IT'S THAT HARD\nBECAUSE TODAY'S CONSUMERS ARE"}, {'start': '5090.345', 'end': '5091.344', 'text': 'USED TO HAVING TO GO FIND THEIR\nENTERTAINMENT AND SPORTS IN'}, {'start': '5091.345', 'end': '5097.344', 'text': 'MANY DIFFERENT PLACES. RAJA:'}, {'start': '5097.345', 'end': '5099.344', 'text': 'LOOK AT MULTISENSORY MARKETING,\nNORMALLY MARKETERS ARE ONLY'}, {'start': '5099.345', 'end': '5104.344', 'text': 'FOCUSED ON THE SENSE OF SIGHT\nIN THE SENSE OF SOUND.'}, {'start': '5104.345', 'end': '5110.344', 'text': 'WHAT ABOUT THE OTHER THREE AND\nHOW DO YOU GIVE THEM IMMERSIVE'}, {'start': '5110.345', 'end': '5114.344', 'text': 'EXPERIENCES WHERE ALL THEIR\nSENSES ARE PUTATIVELY TAPPED'}, {'start': '5114.345', 'end': '5115.344', 'text': 'INTO? JULIE:'}, {'start': '5115.345', 'end': '5119.344', 'text': 'ANYBODY WHO GREW UP AS A SPORTS\nFAN WATCHING THE SNOW WE HAVE'}, {'start': '5119.345', 'end': '5123.344', 'text': 'THE BENEFIT OF THE SITE, SOUND\nAND SMELL, THE TACTILE'}, {'start': '5123.345', 'end': '5126.344', 'text': "COMPONENT OF THE SENSES.\nTHERE'S NOTHING LIKE THE FAN"}, {'start': '5126.345', 'end': '5129.344', 'text': 'CROWDS, THE NOISE.\nTHE FANS ARE LIKE ANOTHER'}, {'start': '5129.345', 'end': '5131.344', 'text': 'PLAYER TO OUR TEAMS IN OUR\nSPORT.'}, {'start': '5131.345', 'end': '5134.344', 'text': 'WE NEED THE FANS THERE TO BUILD\nTHE ELECTRIC AND THE ENERGY.'}, {'start': '5134.345', 'end': '5137.344', 'text': 'THE PLAYERS LOVE TO PLAY WITH\nFANS.'}, {'start': '5137.345', 'end': '5140.344', 'text': 'OTHER FANS LIKE TO BE IN THE\nEXPERIENCE.'}, {'start': '5140.345', 'end': '5143.344', 'text': 'THE NOISE OF THAT ELECTRIC\nENERGY IS ONE.'}, {'start': '5143.345', 'end': '5146.344', 'text': 'THE SITE IS A PARADE OF COLORS.\nYOU SEE ALL SORTS OF FACE PAINT.'}, {'start': '5146.345', 'end': '5150.344', 'text': 'YOU SEE PEOPLE WITH THEIR\nSHIRTS OFF IN THE MIDDLE OF'}, {'start': '5150.345', 'end': '5153.344', 'text': 'FEBRUARY OR JANUARY.\nIT IS A MOMENT OF SIGHT, OF'}, {'start': '5153.345', 'end': '5156.344', 'text': 'SPECTACLE THAT YOU WILL SEE\nWITH THE PAGEANTRY THAT COMES'}, {'start': '5156.345', 'end': '5159.344', 'text': 'INSIDE LIVE SPORTS.\nA SMELL, IT COULD BE EVERYTHING'}, {'start': '5159.345', 'end': '5166.344', 'text': 'AS CUT GRASS AFTER THE RAIN.\nIT COULD BE THE HOTDOGS, IT'}, {'start': '5166.345', 'end': '5171.344', 'text': 'COULD BE THE FIREWORKS AFTER A\nSMELL OF WHAT HAPPENS WITH THAT'}, {'start': '5171.345', 'end': '5174.344', 'text': "POST SMOKE.\nIT'S SO MUCH ENVIRONMENTAL THAT"}, {'start': '5174.345', 'end': '5178.344', 'text': "BRINGS YOU IN.\nTHERE'S NOTHING LIKE LIVE"}, {'start': '5178.345', 'end': '5182.344', 'text': 'ENTERTAINMENT BECAUSE YOU ARE\nABLE TO ATTRACT ALL OF THESE'}, {'start': '5182.345', 'end': '5184.344', 'text': 'DIFFERENT EXPERIENTIAL PIECES\nAND DRIVE DEMAND AND THAT'}, {'start': '5184.345', 'end': '5190.344', 'text': 'EXCITEMENT TO MAKE PEOPLE FALL\nIN LOVE WITH YOUR PRODUCT.'}, {'start': '5190.345', 'end': '5194.344', 'text': 'RAJA:\nI CANNOT AGREE WITH YOU MORE'}, {'start': '5194.345', 'end': '5196.344', 'text': 'BECAUSE OF HAVING BEEN\nFORTUNATE ENOUGH TO ATTEND SOME'}, {'start': '5196.345', 'end': '5201.172', 'text': 'OF THESE SPORTING EVENTS.\nIT IS ELECTRIC AND LITERALLY IN'}, {'start': '5201.173', 'end': '5205.999', 'text': 'EVERY SENSE OF YOURS IS SO\nACTIVATED THAT THE COLLECTIVE'}, {'start': '5206.000', 'end': '5210.344', 'text': 'EXPERIENCE IS SO BEAUTIFUL.\nJULIE: IT DOES TRANSPORT YOU.'}, {'start': '5210.345', 'end': '5212.344', 'text': 'YOU CAN REMEMBER IN SPORTS, YOU\nREMEMBER A MOMENT IN MUSIC, YOU'}, {'start': '5212.345', 'end': '5216.344', 'text': 'REMEMBER WHERE YOU WERE WHEN\nYOU HEARD A SONG.'}, {'start': '5216.345', 'end': '5218.344', 'text': 'SO WHEN I HEAR A CERTAIN SONG I\nREMEMBER EXACTLY WHERE I WAS IN'}, {'start': '5218.345', 'end': '5223.344', 'text': 'MY LIFE AT THAT TIME.\nIT BRINGS ME TO THAT BECAUSE OF'}, {'start': '5223.345', 'end': '5227.344', 'text': 'THE WAY MUSIC AND ENTERTAINMENT\nJUST TAKE YOU SOMEWHERE.'}, {'start': '5227.345', 'end': '5230.344', 'text': "AND THAT IS NOT ABLE TO REALLY\nBE REPLICATED AND THAT'S"}, {'start': '5230.345', 'end': '5234.344', 'text': "WHAT’'S SO FUN.\nIT'S THE WORK WITH ALL THESE"}, {'start': '5234.345', 'end': '5235.344', 'text': 'PARTNERS THAT ARE THESE\nMAGNIFICENT BRANDS THAT WON A'}, {'start': '5235.345', 'end': '5240.344', 'text': 'PART OF THAT AND WE COULD COME\nUP WITH EXPERIENCE.'}, {'start': '5240.345', 'end': '5243.344', 'text': 'LIKE WHAT WE DID WITH ADOBE WE\nHAVE A CREATOR PROGRAM AND THEY'}, {'start': '5243.345', 'end': '5249.344', 'text': 'GIVE US TOOLS FOR FANS TO MAKE\nOUR ART AND MAKE CONTENT FOR US'}, {'start': '5249.345', 'end': '5250.344', 'text': "IN MARKETING AND CREATIVE'S AND\nTRAILERS AND POSTERS AND"}, {'start': '5250.345', 'end': '5256.344', 'text': 'EDITORIALS.\nIT JUST SO MUCH FUN TO BE ABLE'}, {'start': '5256.345', 'end': '5259.344', 'text': 'TO GIVE THE FANS OUR PROPERTY\nAND OUR IP.'}, {'start': '5259.345', 'end': '5260.344', 'text': "THAT'S OUR QUANTUM MARKETING\nTHING BECAUSE WE ARE NOT"}, {'start': '5260.345', 'end': '5263.344', 'text': 'CONTROLLING IT.\nWE ARE NOT SAYING YOU CANNOT'}, {'start': '5263.345', 'end': '5266.344', 'text': 'USE OUR IP.\nWE WANT TO GIVE IT TO PEOPLE.'}, {'start': '5266.345', 'end': '5270.344', 'text': "THE TEAMS ARE THEIR BRAND.\nIT'S NOT A COMMAND AND CONTROL"}, {'start': '5270.345', 'end': '5277.344', 'text': 'LIKE YESTERDAY WHEN WE STARTED\nIN OUR CAREERS.'}, {'start': '5277.345', 'end': '5289.345', 'text': '♪'}, {'start': '5333.561', 'end': '5340.560', 'text': 'JUST PITCHES AROUND THE U.S.\nARE FULL IN FANS AND PARENTS'}, {'start': '5340.561', 'end': '5346.560', 'text': 'AND YOUTH ARE GROWING AND SO\nWHEN I THINK ABOUT WHO WE ARE'}, {'start': '5346.561', 'end': '5348.560', 'text': "GOING AFTER, IT'S JUST MORE OF\nSPORTS FAN, YOUNG MILLENNIAL"}, {'start': '5348.561', 'end': '5353.560', 'text': 'GEN Z MEN AND WOMEN AND ALSO\nPEOPLE THAT LIKE THE VALUES OF'}, {'start': '5353.561', 'end': '5357.560', 'text': 'WHAT THE LEAGUE STANDS FOR\nWHICH IS DIVERSITY.'}, {'start': '5357.561', 'end': '5358.560', 'text': 'VERY MUCH ABOUT INCLUSIVITY,\nABOUT REPRESENTATION AND'}, {'start': '5358.561', 'end': '5364.560', 'text': 'STANDING FOR THE SAME VALUES\nTHAT ARE ATHLETES STAND FOR.'}, {'start': '5364.561', 'end': '5369.560', 'text': "RIGHT NOW IT'S SO EXCITING IS\nTHIS CONFLUENCE OF DIVERSITY"}, {'start': '5369.561', 'end': '5373.560', 'text': 'AND INCLUSION COME BUT AT THE\nSAME TIME REPRESENTATION.'}, {'start': '5373.561', 'end': '5375.560', 'text': 'SO WHEREVER SOMEBODY WANTS TO\nFEEL A PART OF.'}, {'start': '5375.561', 'end': '5380.560', 'text': 'PEOPLE WANT TO FEEL INCLUDED\nARE A PART OF SOMETHING BIGGER.'}, {'start': '5380.561', 'end': '5384.560', 'text': "KNOWING WHETHER IT'S NFL OR\nNWSL OR AA MASTERCARD, YOU HAVE"}, {'start': '5384.561', 'end': '5391.560', 'text': 'FANS THAT MAKE UP ALL TYPE OF\nTHE POPULATION OF CUSTOMERS.'}, {'start': '5391.561', 'end': '5396.560', 'text': 'THE BEAUTY OF WHAT WE DO AT THE\nNWSL IS WE ARE PRIDE 365 DAYS.'}, {'start': '5396.561', 'end': '5399.560', 'text': "WE HAVE A LEAGUE THAT DOESN'T\nMATTER WHAT YOU STAND FOR, WHAT"}, {'start': '5399.561', 'end': '5402.560', 'text': "YOU LOOK LIKE.\nIT'S ABOUT, DO YOU LOVE THE"}, {'start': '5402.561', 'end': '5406.560', 'text': 'GAME, DO YOU LOVE THE PLAYERS,\nARE YOU PART OF THIS COMMUNITY,'}, {'start': '5406.561', 'end': '5407.560', 'text': "DO YOU WANT TO BE A PART OF\nWHAT'S THE MOST MODERN"}, {'start': '5407.561', 'end': '5412.560', 'text': 'FUTURISTIC SPORTS LEAGUE IN THE\nWORLD RIGHT NOW.'}, {'start': '5412.561', 'end': '5414.560', 'text': "I THINK IT'S ABOUT HOW YOU SHOW\nUP AND REPRESENT YOUR TEAM, NOT"}, {'start': '5414.561', 'end': '5418.560', 'text': 'ABOUT WHAT YOUR BELIEFS ARE.\nWE WANT EVERYBODY TO FEEL'}, {'start': '5418.561', 'end': '5422.560', 'text': "INCLUDED AND IT'S A WELCOME\nWEEK AND EVERYBODY IS. RAJA:"}, {'start': '5422.561', 'end': '5428.560', 'text': 'WHERE DO YOU SEE THE FUTURE OF\nMARKETING HEADED?'}, {'start': '5428.561', 'end': '5430.560', 'text': "JULIE:\nI'M PROBABLY THE WORST PERSON"}, {'start': '5430.561', 'end': '5432.629', 'text': 'TO ASK.\nI REMEMBER JOINING ANIMATION'}, {'start': '5432.630', 'end': '5437.457', 'text': 'WHEN IT WAS CGI AND MANY PEOPLE\nSAID CGI IS NOT GOING TO BECOME'}, {'start': '5437.458', 'end': '5440.560', 'text': "A THING.\nIT'S GOING TO BE A PROBLEM"}, {'start': '5440.561', 'end': '5444.560', 'text': "BECAUSE YOU CAN'T CAPTURE A\nMOTION WITH THE COMPUTER."}, {'start': '5444.561', 'end': '5447.560', 'text': 'AND I WAS LIKE YOU CAN SAY THAT\nBUT I WILL WORK WITH DREAMWORKS'}, {'start': '5447.561', 'end': '5449.560', 'text': 'AND WE MADE A BILLION DOLLAR\nFRANCHISE WITH SHREK.'}, {'start': '5449.561', 'end': '5451.560', 'text': 'I WENT TO WORK AT EBAY AND A\nCOUPLE COLLEAGUES THAT YOU WILL'}, {'start': '5451.561', 'end': '5455.560', 'text': 'GO WORK IN A FLEA MARKET.\nI SAID YOU COULD SAY THAT BUT I'}, {'start': '5455.561', 'end': '5456.560', 'text': "WILL LEARN, SPIRIT IT WASN'T\nJUST E-COMMERCE, IT WAS PEER TO"}, {'start': '5456.561', 'end': '5461.560', 'text': 'PEER COMMERCE.\nEBAY WAS ABOUT BUYERS AND'}, {'start': '5461.561', 'end': '5464.560', 'text': 'SELLERS COMING TOGETHER AND IT\nWAS NOT POWERED BY A RETAILER.'}, {'start': '5464.561', 'end': '5468.560', 'text': 'THEY WERE A PLATFORM BRINGING\nTO PEOPLE SUPPLY AND DEMAND.'}, {'start': '5468.561', 'end': '5471.560', 'text': 'SIMILAR HAPPEN AT SO IF I WAS\nHOW WOULD WE BE BANKS.'}, {'start': '5471.561', 'end': '5478.560', 'text': 'YOU COULD SAY THAT BUT IT WILL\nBE A DISRUPTER.'}, {'start': '5478.561', 'end': '5482.560', 'text': 'WHEN I THINK ABOUT JOINING\nNWSL, PEOPLE SAY WOMEN SPORTS,'}, {'start': '5482.561', 'end': '5486.560', 'text': 'YOU COME FROM THE NFL.\nONE OF THE PLAYERS SAID TO ME,'}, {'start': '5486.561', 'end': '5489.560', 'text': 'PEOPLE WANT TO GO WORK IN AN\nNFL WHY WOULD YOU WANT TO WORK'}, {'start': '5489.561', 'end': '5493.560', 'text': 'IN AN NWSL AND I SAID, YOU\nCOULD SAY THAT BUT I WANT TO'}, {'start': '5493.561', 'end': '5494.560', 'text': 'BUILD THE FUTURE WOMEN SPORTS\nIN THE MOST MODERATE SPORTS'}, {'start': '5494.561', 'end': '5499.560', 'text': 'LEAGUE IN THE WORLD.\nI FEEL LIKE WE ARE LIVING IN'}, {'start': '5499.561', 'end': '5503.560', 'text': 'THE FUTURE BECAUSE FINALLY THE\nDISTRIBUTION, THE SOCIAL, THE'}, {'start': '5503.561', 'end': '5505.560', 'text': 'ATHLETES, THE FANS, THE\nSPONSORS, THE MEDIA COMPANIES'}, {'start': '5505.561', 'end': '5509.560', 'text': 'IS ALL COMING TOGETHER, WILL I\nTHINK THE FUTURE WILL BE, MORE'}, {'start': '5509.561', 'end': '5514.560', 'text': "OF NOT FOLLOWING THE PAST. MORE\nOF NOT SAYING LET'S NOT JUST"}, {'start': '5514.561', 'end': '5517.560', 'text': "FOLLOW WHAT WAS, LET'S GO BUILD\nTHE FUTURE AND THEN LEAVE A"}, {'start': '5517.561', 'end': '5521.560', 'text': 'TRAIL FOR THE NEXT PEOPLE TO\nFOLLOW BECAUSE I BELIEVE WE'}, {'start': '5521.561', 'end': '5523.560', 'text': "DON'T HAVE TO LOOK BACK AND\nFOLLOW ANYTHING."}, {'start': '5523.561', 'end': '5528.560', 'text': 'WE CAN CREATE OUR OWN RULES AND\nTHEN SEE WHERE THAT GOES. RAJA:'}, {'start': '5528.561', 'end': '5533.560', 'text': 'YOU SAID THAT YOU ARE THE WORST\nPERSON ASKED THIS QUESTION WITH'}, {'start': '5533.561', 'end': '5536.560', 'text': 'THE WAY THE FUTURE IS GOING,\nBUT PROBABLY YOU ARE THE BEST'}, {'start': '5536.561', 'end': '5540.560', 'text': 'PERSON TO WATCH WHERE YOU ARE\nGOING NEXT BECAUSE YOU ARE'}, {'start': '5540.561', 'end': '5552.561', 'text': 'ALWAYS GRAVITATING TO FUTURE,\nWHICH IS ABSOLUTELY FANTASTIC,'}]