Prof G Markets: The Writers’ Strike, the Art of the Earnings Call, & Microsoft’s Nuclear Fusion Bet

[@bryanbytes]

Breaking: Ponzi scheme decides not to do business in US

[@TedNemeth]

Love the podcast. Thanks guys.

[@coinrotator]

Last line of the show is right. Stop catastrophizing ai and start learning how to leverage it. Great show as always.

[@andybaldman]

The only people leveraging AI will be corporations and governments. Have fun trying to compete with that.

[@veronicamaine3813]

There is very little to leverage that's why the writers aren't that concerned. Ai is fundamentally un-useable for most cases - they only way to use it to is to know enough about something to know when to call bullshit - It is a word calculator, nothing more - there is no intelligence. It is really not anywhere near as big a threat as people make out. Basically, its a tech hype cycle fuelled by the techheads in silicone valley (who are ideological invested), and, when it inevitably fails to fulfill its promises, it will start another AI winter. Basically think of VR hype ten years ago, and you have the trajectory of AI. Can it prove dangerous? absolutely, (its already encouraged at least one person to kill themselves) but is to going to take the jobs of writers? doctors? teachers? No. simply no. Its superclippy, thats it. How much did you enjoy clippy? Adam Conover has done a couple episodes about it and it basically confirms what I and many others thought (although the eugenics basis of much of the ideology behind it is a concern, but thats tech fanboys for you).

[@sguttag]

I'm writing as I'm listening so you may cover this later in the podcast. I think a key thing that writers will not cave on are on residuals. How many writers in the room based on the type of content that is being worked upon may be negotiable but residuals will need to be figured out in the streaming world. How to figure out what is a fair/reasonable and a means of how to calculate that needs to be figured out. As to unions. By and large, they are necessary evils. Without them you will squash the middle class and depress income, overall. Unfortunately, most unions are like mini-governments that have all of the political in-fighting that our political system "enjoys." By and large, a union member gets more out of their dues than they do with taxes to their government and have more say in what goes on than they do with a government or company. Where unions have worked, among other places, have been in Hollywood and they can stop an industry when things seem unfair between the worker bee and the higher ups. I think you are wrong on the power of the unions in Hollywood. They can and will shut it down. The directors are going to be next at the end of June and then the actors are going to be after that. You are going to have a hard time making any content for film or tv/streaming without the people that actually make it. You'll have "reality tv" with amatures. As mentioned above, I think there is room for negotiation on pay and quantity of people but there will need to be a residual component that has a feeling of fairness.

[@matthewhopkins5701]

Day 1 of asking Prof G team to do a listener submitted market Q&A (would be great content)

[@oohmybuddha123]

keep on touching yourself scott!

[@duskrider1724]

I just went back and watched Do "We Need Unions? | Chart of the Week" and I would be interested in a deep dive on how Scott thinks the government can replace unions.

[@writemeyers]

This is about unions in general and the movement to wipe them out and no one wants to acknowledge it.

[@anneahlert2997]

It's important to make this point: Scott tried talking like he knows what goes on behind the scenes in a writers' room, but he doesn't have a single writers credit on his IMDB page. The industry has changed substantially since Covid, and whereas writers used to have more power (even in 2017), they are now part of a large room of gig workers producing text for projects that other people have already decided. The writers are also being asked to do half the work for less pay than before. Imagine if your boss cut your hours down to 20/week, but didn't pay you more and expected you to still pay your bills-- AND still be available on a whim for issues about your work. You can't work another job, because you have to be "on call" for that one. That's one of the issues the writers are facing now. And yes, someday ChatGPT will do my job as well as I do. (I'm an Editor.) But that day is not today, and it won't be tomorrow, either. A.I. content cannot grasp the pathos and soul of humanity. Until then, I still need to pay my bills. Two things that people who do not work in the Arts do not realize are: 1) How much of SAG and WGA content you consume every day, and how little 98% of the people in that industry have traditionally been reimbursed for it. The Robert Downey Jr.s, George R.R. Martins, and Chris Pines of Hollywood are the exceptions, not the rule. The average salary for a Hollywood Scriptwriter is less than $42K/year, and the average salary for a working actor is less than $35K/year-- in California, where the cost of living is among the highest in the nation. 2) How much things have changed since Covid. It used to be that if you wrote for a TV series, that series would be 22-26 episodes (giving you that many guaranteed work hours). That series would most likely get sold into syndication and reruns (giving you income from the sale of it into new markets). As it ran in syndication, you would get residuals from that, too. So a writer could count on some income from it, the same as for writing a book that got translated and sold in other countries. But streaming series are only 6-8 episodes for a "season," and almost never go into syndication. They stay on the same platform. Even worse, the AMPTP does not want to let anyone see their steaming numbers. Imagine writing a book and your publisher won't let you know how many copies they sold, for paying you the royalties they agreed to in your contract. You're just supposed to *trust them* that they were paying you honestly. Because that is what the Studios want writers and actors to do-- just trust them. The Studios are REFUSING to make their viewer numbers available. Does a "struggling" company refuse to show their book sales numbers to the authors? Does a "stuggling" studio refuse to show their viewership numbers to their actors? Can a "struggling" industry pay hundreds of millions of dollars to their executives, and sit back for MONTHS, bragging about "starving them out and leaving [their workers] homeless"? Because that's what you're seeing now.

[@jet4tv]

NICE!!! This PodCast is a must see!!! Not sure why millions are not watching here on YT

[@FGD135]

Always a pleasure

[@jopowicz]

Screw those people. Cringe Nation is behind you Big Dawg and Boy Wonder!

[@whogonnacheckmeboo]

Analyzing the situation from a broader perspective, it's essential to consider the power dynamics at play. The skepticism around unions' effectiveness seems to stem from their perceived inability to adequately represent the labor force. However, it's important to remember that unions are often the only form of collective bargaining power that workers have against large corporations. Their effectiveness can be hampered by numerous factors, including legal restrictions, corporate pushback, and societal attitudes towards organized labor. The decline in median weekly pay for writers, especially when adjusted for inflation, is a concerning trend. This is happening in an industry where the CEOs of TV companies are earning around $40 million a year. This stark contrast in compensation highlights the income inequality that is prevalent in many sectors, not just the television industry. While it's true that not all unions may operate effectively, it's also true that without them, workers often have little power to negotiate better pay or working conditions. The issue here isn't necessarily about the effectiveness of unions per se, but rather about the imbalance of power between labor and capital. When CEOs earn exponentially more than the workers, it's a clear indication of this imbalance. The irony and hypocrisy lie in the acceptance of high CEO compensation as a given, while questioning the legitimacy of unions fighting for fair pay for workers. If we accept that CEOs deserve their high remuneration because it's contractually agreed upon, then we should also respect the contracts that unions negotiate for their members. In conclusion, it's crucial to scrutinize and critique unions, but it's equally important to recognize their role in advocating for workers' rights. As we navigate the technological advancements of the 21st century, we must ensure that these developments are used to promote equality and fairness in the workplace, rather than exacerbating existing disparities 18:19

[@seanwelch71]

Beard projections for Q3. Prof. G shaves off 100% of his beard, gains two years of life and long term appeal. I'm buying.

[@BodyByBenSLC]

I support the writers and hope they get everything they asked for. That being said, it's not an important job. If 90% of TV, streaming, Movies, KZbin, tik tok disappeared tomorrow the world would be a better place. We need teachers and engineers and senior care and plumbers. I work I the trades we are desperate for people. We don't need a another late night show or streaming service.

[@blackswan135]

Great show, I agree with the hype around certain tech- just a thought - I started a 3D Printing service company 3 years ago- and have seen 10x growth- driven by adoption in mainstream manufacturing. At a macro level it is difficult to see the commercial / consumer appeal from hobbiest 3D printers, but at an industrial level the machines are delivering the sauce. There won't be a 3D printer in every home, but 3D printing is affecting all the products in the home. Great show, thanks for the insights

[@kyleolson9636]

The first personal computers were released in the early 70s. PCs in every home wasn't common until the 90s. The first personal 3d printers were released in the early 2010s. We have another decade or two of development, consolidation, and price drops before we can tell if 3d printers in every (or at least most middle class) homes will become a reality.

[@mshark2205]

An excellent episode! Totally agree on Satya

[@jim2376]

Counting down the days to a trip to Costa Rica? My retirement home. Disfrutalo, Eduardo. Pura vida.

[@wes_m]

32:45 That escalated quickly....

[@Veryperceptivecat]

I love how Scott casually confuses Ed for Kara

[@JacobBassett]

Stop the cringe jokes? I thought that is why I was here! I want the news, a perspective on it, and a chuckle. Thanks for the smiles!

[@thehouse2620]

great info thx

[@neiltropolis]

Thank you.

[@Feliz_BroDad]

Ed 17:19 is forgetting about steaming revenue.. of course depending on what #’s your adding up .. the reason the compensation of the ceo is so high is not from the theater or cable companies but rather streaming … hellloooo.. it sends a message that we are not here together but I’m here to work you to death while I reap the rewards ..(ceo) maybe remove a few members off the board to cut costs and let one of the writers work on the board .. structure the company differently, equity or anything… movies and shows are still a huge part of American culture! You have to give these guys a reason to produce good work; equity or something… people will work as hard as they are paid.. management will just have to set the bar higher or terminate..

[@jeffteza8644]

Great comment Prof G re: CEO Comp, I've been on boards and headed comp committee's and witnessed the same inflation. The forces are strong to not t-off the CEO That said, there are (were?) examples like James Senegal at Costco that set good examples. When Jack left GE in 2001 he got a $417M severance including Yankee tix... come on GE comp committee WTF? Immelt got $211 in 2017 after running the company into the ground pretending he was Buffett in the insurance business.

[@abates3747]

the "holding your nose" for CEO pay is just bullshit though. There are talented business people for fractions of those prices. It's just a fact.

[@ClaudiaT.Robinson]

what was the source of "This week's number" 334k?

[@ConAntonakos]

Good prediction on Tucker and Twitter.

[@QQ55_]

47:08 So, are all successful American companies. Would Google or Microsoft have achieved the same level of success if they were based in Russia, Saudi Arabia, or any developing country? The fact is, American companies benefit from operating in a country with the largest economy, superpower status, and a stable governance system, which is a privilege not available to 99.5% of the world. This evidence suggests that American companies generally have a significant advantage (as demonstrated by their success).

[@fashionman998899]

Your audio is a little quiet. I always have to jack up the volume to listen to your podcast compared to others on youtube

[@writemeyers]

I realize it's gauche to read comments on one's own channel but I'm taking a shot because it's such a thoughtful channel. Accepting the toxicity of the current corporate environment and just saying, "well, Capitalism" is convenient. It's easy to exploit workers for profit when there's literally no context for previous regulation or antitrust in a digital environment. This is basic worker exploitation whether at Starbucks or Paramount. I guess it won't ultimately matter until it starts affecting you, eh?

[@gentrydavidson]

Replace ED with AI

[@andrewlm5677]

That AI is viewed as such a potent idea at the moment (even though it is far from something new and is obviously still not fully cooked) seems meaningful about the state of the investing world - if it is actually driving up the perceived value of these companies I would say that is very much a bubble

[@GamerGuy51]

Not sure if it matters but Bob odenkirk is a really good writer... Not just an actor..

[@duncanmaclennan9624]

9:02 "Its hard to do business in the US"..... for traditional business. The SEC has made running a crypto business a regulatory sh*tshow

[@josephhuether1184]

Hand-held, voice activated, AI managed nuclear fusion!!! What’s not to like? I-fusion!!!

[@spudboy007]

Would like to hear what you all think about the recent economic collapses of new-media companies (ie. Vox, Buzzfeed, Vice). These groups losing to bigger media companies is almost the opposite logic to the case of writers losing to influencers in entertainment. It seems as though traditional media is stamping out grassroots/influencer type journalism.

[@flakeyjay]

Reality TV is what drove me away from traditional TV and to Scotts point I could not stand paying for cable to get 95% of channels I just could not give a sh*t about. I also spend a lot of my time watching content on youtube, because I find more interesting content that you will never find on TV.

[@jimyesjim6314]

Listen up Kids: "AI's not going to take your job. Someone who understands AI is going to take your job"...

[@duncanmaclennan9624]

9:40 "Cant exist within a strong regulatory system" .... there IS NO strong/clear regulatory system for crypto in the US. Thats why its so hard to operate: uncertainty. Read up fellas, its front page crypto news

[@rolfjacobson833]

great

[@AnberThe]

Why don’t people mention Bard? It’s not like Chat GTP is the only thing out there. I personally use Bard primarily.

[@mshark2205]

Because ChatGPT came out the first with a consumer ready product and captured the dominant mindshare in generative A.I.

[@rocqitmon]

tell someone who does in fact care...

[@AnberThe]

@@rocqitmon Thanks but, I already told your mom

[@adamcastelli9262]

Let's go.

[@andy_ppp]

“The KZbin K-Hole” me too man, me too.

[@investingjim2801]

"Red Pilled" , "Post-Truth" . I did not expect those words coming out of Scott's mouth. Next, we will hear him say, "Repent and Believe like Dillion".

[@investingjim2801]

Havel argues that ideology in a totalitarian system is used to create a "post-truth" world. In this world, truth is whatever the ruling party says it is. This allows the ruling party to control people's thoughts and behavior.

[@davidng2699]

The writers on strike and Starbucks baristas should swap jobs for 6mths just to see if they are any happier.

[@ehlava]

I like hearing Eds takes. he been doing his homework

[@thekikiroom]

Icahn kills me 😂

[@CarlHartman-k2x]

What percentage of Tucker Carlson's previous Fox TV viewership are on Twitter? I would bet it's a small percentage who will jump over.

[@andybaldman]

He’ll draw new crackpots.

[@davefassett9431]

Succession of big tech sounds like a great idea, but Succession is very fictionalized with made up brands, so how do you do that with big tech and still be relatable to the audience?

[@Kav1an]

To be honest, writing quality on TV shows and movies have plummeted in the past decade or so. It’s hard to feel sorry for that industry

[@andybaldman]

Apple TV is bigger than ever. The shows all suck though.

[@kyleolson9636]

That is a consequence of what the studios are doing to writers. They are given less work on each show and are spread thin, so the quality drops.

[@osmbsmy.706]

Isn't the revelation from AI that creative talent is becoming much more valuable? Comedy especially seems beyond the grasp of these language models. Assuming the writers lose this battle, and suffer attrition from their jobs, this seems like a good time to suck up the talent that will becoming increasingly more valuable. Teach them and force them to use AI to leverage their talent and taste. Actors should be more scared than writers whose narrative taste is verifiably refined. A quick education and you could crank out shows for twitter/youtube/tiktok with these newly freed up minds at pennies per advertising minute.

[@kev9617]

57:10 cute reductive way to excuse the downfall of the working class. lmao

[@kapdolkim1914]

Hell, the only reason I watch this show is for G's off the wall sex humor. Screw those people telling you differently. More. High some whacker writers to help out.

[@andybaldman]

I want him to whip it out on camera.

[@cory_aqua]

Hahn?…We enjoy the “jokes” 😅

[@TedOtis]

🎼 Old McDonald had a farm, AI AI AI AI AI oh🎶

[@KK-pm7ud]

Theon Greyjoy. Reek.

[@jim2376]

A full length screenplay sells from around $70,000 and upwards of $150,000, meaning the average feature film script clocks in at just over $100,000.

[@kpwand]

Screenplays can sell up to seven figures.

[@jim2376]

@@kpwand Nice payday. Got an example and the author's name?

[@Patrick-bu5vy]

Never bet against Bill Gates.

[@aristidesiliopoulos7041]

No healthcare finance news?everyone in america is impacted?

[@ScottyE515]

He cant seriously still be in a Union for a Federally Mandated $25/hr.

[@cjmillington]

Not here for the CEO bootlicking and apologism at the expense of the working classes.

[@crocobaur5407]

at least u'r funny

[@Kaodusanya]

so you want to live in one of the most expensive city in the world to do a job you can do remotely?

[@paxdriver]

Oh the cringe is funny. It's definitely funny.

[@BillBSET]

uh, they are mostly producing and posting what I refer to as 'Home Movies" ... Eventually, home movies are just too boring and people stop watching ... remember 8mm, super8, ie, Home Movies ... and watching uncle joe's shoes as his sonycam hangs on his shoulder ...

[@BillBSET]

Of course I was apparently wrong about reality television it stuck around a lot longer than I thought it would.,. Not Enough time in a lifetime to watch some idiot try to start a fire or chase some pretty girl around the set

[@BillBSET]

And you gotta be right, the writers are just going to take a bath in the short-term for sure. And when the world shifts again, there will be a smaller pool of writers and those guys will get paid quite a bit more because they're going to cut it to the bone. And those that remain might get a good salary. :-) Profit at any cost

[@furmanodell]

A more progressive tax structure is a bad idea. Already half the population of America has no skin in the game. The issue isn't income inequality, the issue is upward mobility.

[@kevinl20082008]

Sundar Pachai needs to be fired.

[@andybaldman]

Don’t be evil.

[@itspossible2015]

30:24 bro talks about writers living on "poverty level" wages while adjusting his $150 RayBan Clubmaster sunglasses. Kid has no idea what 'poverty' really means.

[@cjmillington]

Have some empathy for these people. Their world is their world, their careers are being taken from them.

[@gentrydavidson]

Prof G is great, his co-host, not so much.... Awkward reading

[@Kaodusanya]

I think thats the point, you need the straight man who laughs at everything, but Prof G is the real show

[@mbg9650]

Is it what you really enjoy are spicy jokes!