tv Bloomberg West Bloomberg July 7, 2015 8:30pm-9:01pm EDT
ge all of taylor swift's music videos interviews, and more. xfinity is the destination for all things taylor swift. emily: surveymonkey names bill veghte as its new chief executive. we have an exclusive interview with him. i am emily chang and this is "bloomberg west." coming up, samsung comes up short on its galaxy push. plus, what could end up being it biggest asset. and the greek debt crisis is ahead. first to help me -- surveymonkey has a new leader after the
unexpected death of their ceo in may. bill veghte takes over as ceo on august 3. he served as chief strategy and operating officer at hp after spending 20 years at microsoft. facebook coo sheryl sandberg joins, saying she wants to revise her late husband's vision. what does it all mean for surveymonkey's future? bill joins me from palo alto. thanks for joining me. i know this is bittersweet for you. you and david go back for 30 years. he was going to name you to the company's board before he died. i would love to hear more about your relationship with him. bill: thanks, emily. dave was an amazing person. a special person and a great friend over 30 years. as you know dave well, you know
he is a person that has passion for people and ideas. i remember when he first discovered surveymonkey, he said bill, i found this great company. it's a beautiful business that has so much potential in front of it. as you highlighted, it's a very smart person and a relentless evangelist. i agreed to join the board and was looking forward to help him and the rest of the board buildout what i think is a remarkable opportunity. emily: i understand they considered 75 candidates in and outside silicon valley. what was the recruitment process like, and when and why did you consider this position? bill: kudos to the board. this is a very difficult situation, and they went through a very disciplined and focused process to make sure they got the right person for the job.
it was something they knew, the relationship i had with dave -- i had discussions with them as i was joining the board. shortly after his death, we discussed the possibility of me considering being a candidate for the job. i went through the process just like everybody else. emily: sheryl sandberg also joining the board. we know that dave and sheryl where true partners and she wants to help realize dave's vision. she says the common thread in your work is to increase the reach of global and great businesses. how influential do you see sheryl in helping shape the future of surveymonkey? bill: sheryl, as you know well is an absolutely amazing person and gifted business leader. it would be a to have her and david on the board as counselors and advisors and board members
as we pursue the opportunity embedded within surveymonkey. emily: dave was on her show many many times. he spoke about wanting to go public, but was waiting for the right time. take a listen to what he told us. dave: we know there is a lot of cost in terms of, not going public, but being public in terms of how you manage your business on a quarterly basis versus making greater long-term investment. when those benefits outweigh those costs, we will go public. emily: do you plan to take surveymonkey public, bill? and what is your timeline? bill: i think that dave's comments, were as always perfect and eloquently stated. [laughter] emily: okay, how about this -- he was beloved by so many in silicon valley, and especially his employees. there were strong internal candidates for the job.
how do you balance realizing his vision and also realizing yours -- and what is that vision? bill: what attracted dave to surveymonkey and what caused me to fall in love with the company is the fact that what he has grown it into his the world leaders online survey company. what that gives companies and individuals the opportunity is to have a more economic and more intimate conversation with customers, with the constituencies they serve. the opportunity is to go from an online survey company to an insight platform. and insight platform that can accelerate and provide a much better framework for people, whether it is individuals or organizations, to make better decisions. as you discussed with dave on your show, you could see the shift already. with benchmarks, it's great to
have a net promoter score. but it's much more interesting when you have a net motor score that you can compare to other companies. other companies in similar verticals. what they were doing with salesforce.com, since they were surveying customers on the basis of the outcomes of the surveys they translated that directly into a sales opportunity, and thus a sales result. what surveymonkey can do is go from an online survey company to an online platform and fundamentally help individuals and companies have a much more efficient dialogue with their most important constituency, which is their customer. emily: what's the first thing you plan to do, bill, when you take over in august? bill: the first thing i plan to do is listen. this is a company that had a tragic event that forced a leadership change. but it is doing so many things well, and my job is to amplify and support the things that they are doing well.
and as opportunities present themselves, help them as a partner and servant leader to accelerate their growth and the opportunities in front of us. emily: bill, you have a big shoes to fill, but it is exciting to have you on board. we will be following you as you take this on. incoming surveymonkey ceo bill veghte, thanks so much. citigroup is betting on the bitcoin bandwagon, sort of. they developed their own crypto currency called citicoin. they created three separate block coins for tests. they say this is a way to eventually civil fight cross-border transactions. now to this crisis in greece. one athens started managed to raise $4 million.
the company focuses on delivering localized contest for businesses and hopes to double its engineering team in greece by the end of the. other startups not so lucky. many are using prepaid american credit cards to pay their bills. coming up, what the world's biggest electronic maker needs to do to turn itself around. we'll talk about what is next for samsung. and what it's like to snap a go pro onto a great white shark. will talk about this shark week. ♪
emily: a story we are watching -- investors fleeing from all things china, even in the u.s. china stocks plunging the most in four years. at one point, alibaba tumbled. both rebounded, but closed significantly lower. beijing has been trying a handful of options to try and stop a selling spree that has so far right $3.2 trillion in value from stocks. samsung taking a slide. the seventh quickly profit drop, with operating income down 4%.
a slump in sales is mostly to blame. the s6 edge was hoped to steer some customers away from apple but it has not happened otherwise. here to talk more is bob o'donnell and korea economic institute senior director. i will start with you -- this is happening with samsung again and again. is it all because they overshot demand for the galaxy s6? >> no, with this reflects is that samsung is at the end of many business trends. they were the first to come out with big screens smartphones which is now the standard. unfortunately, they are starting to be the first to suffer from the fact that the market is getting pretty saturated. emily: right. >> that's what we are starting
to see reflected here. as people buy these larger phones and we move away from being subsidized, people are going to be buying big phones, hold onto them longer, which will slow down a demand. emily: how much did they overshoot demand for the s6? they were expecting what, four times, when they got as much as the same? >> they were expecting galaxy s6 to sell four for every one of the galaxy 6 edge. there was a much greater demand for the edge, but they do not have the production in place. we hope to have another factory online in the next couple months, but right now they are not able to keep deman the popular products. emily: you think the market is going to peak. >> i do. i think the worldwide market peaks around 2017, 2018.
a lot of the growth that is still available is on the really low end in china, india, and a lot of these developing markets. samsung is not okay there, but that is where you see people like xiaomi and micromax having much more success. emily: and they are doing it cheaper. >> that's exactly right. emily: if the smartphone market is going to peak, isn't apple going to feel the pinch too? >> not necessarily. troy: in many ways, is a fashion item and a luxury good. at the height of the market, apple is able to maintain its margins. samsung is squeezed with apple the top and xiaomi and micromax at the bottom. emily: i want to talk more about the apparent heir at samsung.
how optimistic are you for him turning around this company? bob: i think it's a challenge. they are very interesting to look at. you have all these different pieces of companies, that when you see them side-by-side, they almost don't act like part of the same company. but at the very top of the chain, where the lee family is presiding over things, they do have a lot of control. that structure in korea has served them very well. i think we will continue to see it. but there is a long term question, can they maintain that? emily: and samsung directs so many different businesses. troy, you have a interesting three about where jay lee could take this company next? troy: he is in essence looking at what it takes to make prego trips -- microchips. he is hoping not to move into
pharmaceuticals in terms of being an innovative company with new medicines, but providing all of the products pharmaceutical companies need to make their medicines. moving into the biotech eras this could be a growing aspect for samsung in the future. emily: interesting is that a company that makes chips would be a good fit to make ingredients for drugs. always good to have you both on the show, thanks so much for stopping by. sharks -- the beachgoers worst nightmare, of course. in north carolina, there have been eight shark attacks in just the last month. but on the discovery network sharks are the stars of this week. we talked about the perils of shooting these sharp toothed creatures. >> for me, the two coolest things about my jobs are the sharks, the cameras, and all the
technology involved. especially with little cameras like go pro, you can put them essentially anywhere. that has revolutionized how we can capture different shots. we put it go pro on the fin of a shark at the neptune islands and he swam around and filmed another shark. it was a pretty sketchy moment. i fell in the water trying to put it on. then cut to commerical. you will have to watch to see what i mean. the predator hunts the same way they have for many millions of years. the only thing changing is the technology using that we can use to capture new insights into their behavior. the fact is anyone can come out and grab the camera, go pro, whatever they want, and filmed their own shark week. to me, i feel like a cinema scientist. anywhere from infrared cameras thermal cameras. drones are amazing.
i captured nice great white sharks breaching on my phone. the red epic shoots 6k resolution. i also have a phantom a flag which shoots 1000 frames per second at 4k. you can slow down at the bite of the shark or the jump or a breach to 50-100 slower than the speed of light. it's helping scientists learn about their behavior. shark week lets me do all of. emily: better him than me. lead photographer for discoveries shark week. one week in apple music. is it hitting the right notes with listeners? we will renew a special "bloomberg west" discussion. and a nasa telescope captures pictures of an elusive black hole. find out just how many after the break. ♪
emily: it is time now for the daily byte, one number that tells a whole lot. and it is five -- the number of black holes seen by nasa's new array. the new star can monitor the black holes via the x-rays that they can it. researchers believe there could be millions of black holes dotting the universe, like an intergalactic colander. and has been one week since apple issued its own streaming music services, taking a bite out of spotify and google play.
it is free for 30 days, but after that, apple is charging $9.99 per month. senior vice president at nielsen joined me. steven, i will start with you, what is the verdict? steve: it looks great so far. a lot of people are traveling to apple music. we don't see anything impacted on downloads at this point. emily: your review is a bit more mixed than that. not everything looks great compared to you. >> sure, i think apple nailed the song selection. they have at least as many as anybody else, if not more. i'm not sold on the interface. spofity and others have their own problems, but apple's system is harder to navigate and use on
a daily basis than competitors. emily: interesting, david, you have covered music industry for a number of years. how worried should spotify be? they had a lead in the app store for a year and a half. david: this is bringing streaming to more people. it's bringing more people into the ecosystem of streaming. they can learn to discover and play music more often. people are spending more time listening to music. services like this just increases the profile of streaming music. emily: steven, some quotes from your review -- "it's like a 40-year-old wearing abercrombie & fitch." explain. steven: sure, i think they built apple music on top of itunes to a large degree. on your computer, you are using itunes, on your phone you are
using apple music. there are a lot of shiny new interfaces and colorful new screens, but at the bottom of it, it doesn't service usability. it may look nice, or in some cases maximize, but it should be more about utility rather than whiz bang appearance. emily: it was a little much for me in the middle of a workday. maybe for when i go clubbing once a year, if i make it out once a year. what do you think about beat one, this is the most hyped part of the service. is it all that it is cracked up to be? david: a brings personality to music, and personality to a service -- there are a lot of streaming services that have played list or have simulcasts or built upon things people like to listen to. but they are trying new things and also giving it a lot of personality.
people on the air have a lot of personality. emily: steven, on the other hand, it feels like "your parents pretending to be cool until you come back after curfew." steven: it seems like they are trying to be cool and in touch. it is sort of jarring. people listening to beat one are not used to that. i think the personalities are great and people coming through in the curated playlist are also a huge treat. i've never seen curated playlists that are this good. emily: let's talk about that for a moment. both of us were at wwdc. we talked about apple and the importance of human curation. is this better than my pandora playlist? david: it is, in my view.
machines don't necessarily make better playlist then machines or vice versa. in this case, apple hired the right people. they pulled editors from people like pitchfork and rolling stones, and in some cases, collaborated with those publications. people who really know music and what people are listening to. it uses the right people and the right algorithm when you need it. emily: i will keep listening and see if it works better for me. thank you both. that does it today from san francisco. tomorrow, i'll be joined by the former cto of quip, brett taylor. much more ahead on "bloomberg west". ♪
♪ >> from our studios in new york city, this is "charlie rose." charlie: greek voters took to the polls on sunday. a referendum last week. the vote resulted in a resounding rejection of austerity. more than 60% voted against the terms set by the international creditors. officials warned greece could be ejected from the eurozone.