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Chapter 1: What is the main topic discussed in this episode?
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You love me.
I do. You love the dog. Sadly, sadly, sadly, it's the worst relationship of my life and my finest. Hi, everyone. This is Pivot from New York Magazine and the Vox Media Podcast Network. I'm Kara Swisher.
And I'm Scott Galloway.
Wow, that was really good. And we're recording this episode in front of a live audience here at the Adweek House at Cannes Lions International Festival of Creativity. Is that what it's called? All right, fine. We're doing that. Welcome, everybody. So let's just start. Scott, we haven't seen each other at all, correct? Not even slightly.
Yeah, no, it's a great can. I mean, we'd love to see you.
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Chapter 2: What are the key trends in the creator economy discussed at Cannes?
talented entrepreneurs and capital just shrug their arms and leave.
But is it even possible at this point? Because these companies are sort of barreling to IPOs, despite the fact that, for example, SpaceX has really taken yet another fall. We talked on Monday about this, but it took a decent fall again.
It's still up from the IPO. It's trading at 120 times revenues. We'd kill for their problems.
Yeah, I get that. But do you see it? Is there a way to catch up in any way? for other parts of the world to do so? Or are these the companies that will?
Well, Europe has some great companies. And actually, my prediction I'm going to talk about, I think the hottest IPO of the digital of this month is actually going to be a European company. And I'll talk about that in predictions. Look, they have some great companies. I do think there's going to be a lot of talent The team of the best players wins.
And I think you're going to see a trend where the most talented people in Europe used to have one goal, get out. It's like my homeland or my father's homeland, Scotland, my dad used to joke, what do the most talented people in Scotland have in common? They left. And I do think that the rivers of flow of human capital benefit Europe right now.
I think there's a lot of people who are thinking, you know what, maybe I'll put off going to the Bay Area. Maybe I'll put off going to the Gulf, moving. The youngest, talented, most aggressive, ambitious people used to get to the biggest city in their nation. then to London, then to San Francisco and New York.
I think a lot of human capital and financial capital is going to come back to Europe because of lifestyle. And two, because Europe has been left for dead, the valuations are really low.
So they're low. So you can take advantage of this. But they've got to have a government that gets out of the way in some fashion, although not to the extent that ours does, presumably.
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Chapter 3: How is Meta planning to enter the prediction market space?
People probably lost somebody. People do have disposable income. The economy has been fairly strong. And people want to get out and touch grass. And I think they're just having a really healthy gag reflex over isolation.
Yeah, I do think there's a gag reflex over social media and everything else. It's interesting, Gary Vaynerchuk here now says analog is in versus, which I was like, no shit, Sherlock. It's really, but the idea of,
of the idea that this pushing away, I have long thought that social media is gonna decline rather precipitously, especially among young people and become more of a, you know, cause you're starting to see tech companies like Google just invested in A24, which I thought was in, everyone lost their minds in Hollywood. They thought they were gonna pull their data.
I think they're using it to try to figure out how to do better storyboarding, how to use AI, and how to figure out how to change the movie making process, which isn't such a bad idea to use those tools. Although Hollywood does have a gag reflex to all of these things in favor of these in real life cinema experiences.
Yeah, I think both can be true because if you look at, I don't understand, people go on Instagram to find out about a yogurt store they'll spend 40 minutes in line for. So that's a combination of the two things. The downside of the IRL trend is the following, and that is I mean, there's a couple of things.
You're about to see tables in Mykonos and Ibiza increase 40-50% in price this summer because there's about to be 12,000 new millionaires in the Bay Area through Anthropix, SpaceX, and OpenAI. And if you're a 36-year-old who got a CS degree from Carnegie Mellon, quite frankly, you didn't have the most social capital in high school, quite frankly.
and you wake up and you've been broke and you've been paying your student loans and you wake up after the IPO and you're worth $11 million, you're not going to Disneyland, you're going to Ibiza and you're seeing black coffee. The flush of douchebag money about to roll over
about to roll over europe's this summer is going to be just frightening and the other thing that's really kind of sad about this is the reason why these concerts and these music festivals can charge two three five grand for vip tickets is because 20 and 30 somethings when i was 20 something and 30 something you know what i was doing with all my money i was saving for a house and
And I worry that 20 and 30 somethings have just stopped saving for a house. They've just given up. They're like, okay, we are not going to save 200 grand for a house. Houses are 2 million. Star homes are $2 million.
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Chapter 4: What challenges does Europe face in breaking free from U.S. tech dominance?
It's out of Italy, which is interesting, really good human capital. And there's about a thousand of these companies that never quite made it across the goal line. And the most fascinating thing about their numbers is 88% of their revenue is recurring revenue. All of these companies are subscription. So basically, this is SaaS meets Berkshire Hathaway. I like the fact that it's out of Italy.
I like the fact that it's not AI.
So it's just a simple cleanup.
Two and a half billion in revenues. It'll go out at seven to eight times revenues. I think this company will have the largest pop of any internet tech IPO of the month. That's pricing next week.
It's a classic is what's happening here.
Well, it's essentially, there's a value in these brands. They still have very loyal audiences. And they also grew up in a time where capital was cheap. So quite frankly, there's a lot of fat to cut. And these guys are executing like crazy. And once they have a public stock, think about how big the list is of companies that were once hot and they're still good companies.
And they spent billions of dollars of venture capital aggregating audiences.
Yeah, like Red Envelope, for example. Oh, sorry.
Why are you so hostile to that? Jesus Christ.
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