Spotify’s New Payment Deal with Google, Investment Opportunities Amid Software’s Turnaround & Instacart CEO Fidji Simo on Quick Commerce 3/24/22

TechCheck

CNBC

Management, Cnbc, Tech, Faang, Investing, Business, Disruptors, Technology

4.5 • 66 Ratings

🗓️ 24 March 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our anchors begin today’s show with CNBC’s Steve Kovach and our Julia Boorstin breaking down the implications of Spotify reaching an agreement with Google for users to pay through either the streaming platform or Google Play Billing. Next, Satori Fund Founder Dan Niles weighs in on the tech bounce, and Morgan Stanley analyst Keith Weiss discusses how to play the ongoing software turnaround. Then, Evercore ISI Director of Internet Research Shweta Khajuria discusses her thoughts on investing in video streaming service Roku. Later, our Deirdre Bosa recaps her recent interview with Instacart CEO Fidji Simo as the delivery company announces plans to build out a network of warehouses to fulfill grocery orders in 15 minutes. Hosted by Simplecast, an AdsWizz company. See https://pcm.adswizz.com for information about our collection and use of personal data for advertising.

Transcript

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0:00.0	I'm Julia Borsden, and you're listening to CNBC's Tech Check. Our show is live weekdays at 11am
0:05.8	Eastern, listen in. Good Thursday morning. Welcome to Tech Check. I'm Carl Kintania with
0:17.1	Dear Drubosa and John Fort. Today, the battle over in-app payments continues.
0:21.9	I get a breakdown of Google's new concessions for Spotify and what that could mean for
0:25.7	Apple and millions of small developers.
0:28.6	Then globalization's counterargument, as Larry Fink calls for an end to 30 years of globalization,
0:34.6	we'll discuss why that may not be as straightforward as you think,
0:37.6	at least when it comes to tech. And here to discuss it all, tech investor Dan Niles,
0:41.6	who's got thoughts on the Fed, stagflation, and whether growth stocks could still be headed
0:46.7	lower from here. Dee? Carl, we're going to kick off today's feed with a break in the battle
0:51.6	over app store payments. Spotify shares on the move after news that the company reached an agreement with Alphabet's Google to enable subscribers to sign up for the service directly through the Google Play Store.
1:01.9	And with investors and regulators like, already watching the space, this could have a ripple effect through a lot of different tech companies.
1:07.7	Julia Borson is joining us to break down that impact. Julia, we're seeing
1:12.2	moves in stock prices as early as this morning. Yes, and look, Spotify shares did spike about
1:18.5	three and a half percent after hours yesterday. They are down lower now, but this is important
1:21.8	because up until now, Spotify made subscribers leave the app and go to its website to sign up to avoid having to pay
1:29.5	Google as much as 30% of Spotify's monthly fee. But now Spotify allowing subscribers to pay through
1:36.9	Google's app, stores billing system, with Google accepting a lower fee is a significant step
1:42.6	towards resolving the battle over app store fees.
1:46.2	Now, Google says this is a pilot that it will expand broadly, and these are concessions in the
1:51.4	face of regulatory scrutiny, which Keybanks says create a, quote, soft landing scenario for app stores
1:57.7	where Google Play can continue generating significant revenue, consumer
	...

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