How to Make a Skype Call on Amazon Echo Device


Hey everyone. I’m Max Dalton, and in this video I’m going
to show you how to link your Skype account to Amazon Alexa, and make a Skype call on
an Amazon Echo device. In late 2018, Amazon made it possible to link
your Skype account to the Amazon Alexa service. After linking your Skype account to Alexa,
you can then use voice commands to have Alexa make Skype-to-Skype calls or Skype-to-mobile
or Skype to landline calls on your Amazon Echo device. While Skype to Skype calls won’t incur any
charges, Skype to either mobile or landline calls will require you to purchase minutes
on Skype. As an alternative to Skype to mobile or landline
calls, you can still use the Alexa-to-Alexa calling service at no cost. Now let’s walk through the steps to link your
Skype account to Amazon Alexa, and to make a Skype call on an Amazon Echo device. Step 1. Tap to launch the Amazon Alexa app on your
smart device. Your Amazon Alexa home screen opens. Step 2. Tap the “Menu” icon in the upper left corner
of the screen. The menu icon features three horizontal lines. A menu flies in from the left side of the
screen. Step 3. Tap “Settings” in the menu. The Settings menu appears. Step 4. Tap “Communications” in the Alexa Preferences
section. The Communication screen appears. Step 5. Tap “Skype” in the Accounts section. The Skype Calling with Alexa screen appears. Step 6. Tap “Sign In” at the bottom of the Skype Calling
with Alexa screen. A Microsoft account sign in screen appears. Step 7. Enter the username associated with the Skype
account you want to connect to, and then tap “Next.” Enter the password associated with that account
and then tap “Sign In” on the next screen. The next screen asks if you want to give the
Amazon Alexa app permission to access your Skype information. Step 8. Tap “Yes” to give the Alexa app permission
to access your Skype information. A Skype is Linked screen appears. Tap “Done” at the bottom of this screen. You’ll be routed to your Skype account information
screen in the Amazon Alexa app. You can now have your Alexa devices call your
Skype friends. Example commands include, “Alexa, call Jackie”
or “Alexa, call Jackie on Skype.” Congratulations! You now know how to link your Skype account
to Amazon Alexa, and how to make a Skype call on an Amazon Echo device. Thanks for watching. Leave your thoughts and questions in the comments
section below. If you liked what you saw here, click the
video link on the right side of the screen to check out another video, or click the logo
on the left side of the screen to subscribe to this channel to see more great videos like
this one.

CNN Report! The Age Of Amazon And How Jeff Bezos Became World’s Richest Person???


♪>>HI, THERE, WHO ARE YOU?>>I’M JEFF BEZOS.>>WHAT IS YOUR CLAIM TO FAME?>>I’M THE FOUNDER OF AMAZON.COM.>>WHAT BEGAN AS AN ONLINE BOOKSTORE — >>A MILLENNIA FROM NOW, PEOPLE ARE GOING TO LOOK BACK AND SAY WOW. >>– HAS BECOME A VIRTUAL EMPIRE. >>AMAZON REALLY IS ARGUABLY THE MOST SUCCESSFUL COMPANY IN THE HISTORY OF BUSINESS. >>WOW, THAT’S SAYING A LOT.>>THIS IS THE BEGINNING OF E-COMMERCE. >>YOU GUYS DIDN’T EVEN KNOW IF THIS THING WAS GOING TO WORK. >>WE HAD A PRETTY GOOD INSTINCT. >>IF YOU MAKE THE BEST SERVICE ONLINE, PEOPLE WILL COME.>>THIS IS A COMPANY THAT WANTS TO CONTROL THE INFRASTRUCTURE.>>AS COMPUTERS CONTINUE TO GET CHEAPER, WE WILL LAYER INNOVATION ON TOP OF THAT.>>IT’S PLAUSIBLE THAT AMAZON WILL KNOW YOU BETTER THAN YOU KNOW YOURSELF.>>ALEXA. >>IT’S IN OUR HOMES. >>SHOULD PEOPLE TRUST THAT IT WON’T BE USED AGAINST THEM IN SOME WAY THAT THEY DON’T AUTHORIZE?>>ABSOLUTELY. >>AT OUR FINGERTIPS?>>AMAZON WEB SERVICES TOOK OVER THE WEB BASICALLY IN A DECADE.>>DOES HAVING THAT MUCH POWER GIVE YOU PAUSE?>>THAT’S A SIGNIFICANT RESPONSIBILITY. WE’RE AWARE OF THAT. >>AND NOW IT FUELS OUR ECONOMY.>>AMAZON IS AMERICA’S SECOND TRILLION DOLLAR COMPANY NOW.>>THE COMPANY IS NOW WORTH ALMOST AS MUCH AS THE ENTIRE ECONOMY OF AUSTRALIA.>>IS AMAZON TOO BIG? >>I DON’T THINK AMAZON IS TOO BIG. >>I THINK THEY HAVE MONOPOLY POWER. >>AMAZON HAS BECOME AN INVASIVE SPECIES.>>SO YOU THINK AMAZON SHOULD BE BROKEN UP. >>OH, 100%. >>A JOURNEY. >>IT’S A BUSINESS MIRACLE. >>AND A LEADER UNLIKE ANY OTHER. >>THIS IS BLUE MOON.>>I ASKED PEOPLE AT AMAZON TO WAKE UP EVERY MORNING AFRAID, WAKE UP TERRIFIED, BE AFRAID OF OUR CUSTOMERS. THOSE ARE THE PEOPLE WE HAVE TO PAY ATTENTION TO.>>A CNN SPECIAL REPORT. >>I CAN GUARANTEE YOU ONE THING, IT WILL BE FUN. >>”THE AGE OF AMAZON.” ♪>>HOW HAS THE RETAIL INDUSTRY CHANGED DURING THIS RISE OF AMAZON?>>WELL, YOU HAVE THIS GREAT WHITE SHARK THAT’S KIND OF LOOMING OFFSHORE. >>GREAT WHITE SHARK?>>THIS THING DOES AND CAN EAT EVERYTHING. >>DESPITE HOLDING ONLY A SMALL FRACTION OF GLOBAL RETAIL SALES, TODAY AMAZON TAKES CLAIM FOR NEARLY 50 CENTS OF EVERY DOLLAR SPENT IN ONLINE E-COMMERCE IN THE UNITED STATES, AN ASTOUNDING MARKET DOMINANCE. YOU’VE CALLED WHAT JEFF BEZOS HAS BUILT A MIRACLE. >>MIRACLE. IT’S ONE OF THE — MAYBE THE GREATEST BEFORE IT GETS ALL THROUGH.>>LEGENDARY INVESTOR WARREN BUFFETT CALLED HIMSELF AN IT YA IDIOT FOR NOT INVESTING IN AMAZON EARLIER. WARREN BUFFETT TOLD ME JUST A FEW WEEKS AGO, THE RISE OF AMAZON IN HIS VIEW IS A MIRACLE. IS IT A MIRACLE?>>IT’S A BUSINESS MIRACLE. YOU WOULDN’T THOUGHT THAT ALMOST A TRILLION DOLLAR COMPANY WOULD BE FORMED IN 25 YEARS, THAT IT WOULD DISRUPT SO MANY DIFFERENT THINGS AND CREATE SO MANY DIFFERENT THINGS AND IT’S STILL A GROWING MACHINE. SO, YEAH, IT’S A BUSINESS MIRACLE.>>MIRACLE SEEMS LIKE IT’S AN ACT OF GOD AND AMAZON HAS BEEN ANYTHING BUT. I THINK IT’S THE APPLICATION OF BUSINESS WISDOM OVER A LONG PERIOD OF TIME. >>BRAD STONE HAS BEEN STUDYING AMAZON AND WRITING ABOUT ITS GROWTH SINCE THE LATE 90s. >>YOU’RE WRITING ANOTHER BOOK ABOUT AMAZON. WHERE DOES THAT BIK UP?>>THE EVERYTHING STORE AND IN ABOUT 2011, AND THERE WAS SO MUCH STORY LEFT TO TELL. THE COMPANY IS ABOUT FOUR TIMES LARGER THAN IT WAS THEN AND SO MUCH HAS HAPPENED. >>IN ADDITION TO SELLING MILLIONS OF PRODUCTS, AMAZON ALSO MANUFACTURERS THOUSANDS OF ITS OWN PRODUCTS FOR THE AMAZON MARKETPLACE. EVERYTHING FROM BATTERIES TO LUGGAGE TO MOTOR OIL. >>MORE THAN HALF OF WHAT SOLD ON AMAZON COMES FROM A CONTRIBUTION OF MOM AND POP SELLERS TO BIGGER OPERATION THAT IS ARE SELLING DIRECTLY TO AMAZON CUSTOMERS ON THEIR OWN AND AMAZON IS JUST TAKING A CUT.>>A SELLER, A MANUFACTURER, A MARKETPLACE AND JUST THE BEGINNING OF AMAZON’S REACH.>>THEY’RE MAKING INVESTMENTS IN HEALTH CARE. >>YOU’RE TRYING TO FIX THAT, MAKE IT BETTER WITH JAMIE DIAMOND AND JEFF BEZOS. WHAT SHOULD AMERICA EXPECT THE THREE OF YOU CAN DO ON HEALTH CARE?>>WE’LL DO OUR BEST. IT’S A $3.4 TRILLION INDUSTRY. >>IN FINANCE.>>WHAT WOULD YOUR OVER/UNDER BE ON AMAZON BECOMING A BANK ONE DAY?>>I THINK IT’S — I REALLY DON’T KNOW.>>EVEN A CATEGORY LIKE ONLINE ADVERTISING, THEY’RE THE THIRD BIGGEST PLATFORM FOR ADS IN THE U.S. ONLY AFTER GOOGLE AND FACEBOOK.>>TELEVISION, WHO’S THE SECOND LARGEST SPENDER ON TELEVISION IN THE WORLD RIGHT NOW, AMAZON.>>HOW BIG DO YOU GUYS WANT TO BE?>>IT HAS BEEN REPORTED THAT AMAZON SPENDS $5 BILLION A YEAR ON ORIGINAL AND LICENSED CONTENT. AM I IN THE BALLPARK. >>I CAN’T CONFIRM NOR DENY THAT. >>OKAY.>>THEAY DELIVERY POSSIBLE.>>THERE ARE SOME WHO SAY THAT AMAZON KILLED TRADITIONAL RETAIL. HOW DO YOU SEE IT?>>WE’RE TRYING TO DO IS INVENT FOR CUSTOMERS. WE LOOK AT THINGS THAT WE CAN MAKE BETTER BY INNOVATION.>>I WOULD DESCRIBE AMAZON IN MEDICAL TERMS, AN OPPORTUNIST INFECTION. WERE SOME OF THESE COMPANIES GOING OUT OF BUSINESS ANYWAYS, YEAH, BUT AMAZON MADE THE DECLINE MUCH FASTER.>>IN PART, BY REIMAGINING THE PHYSICAL STORE EXPERIENCE WITH THEIR OWN AMAZON-BRANDED RETAIL STORES.>>AMAZON IS NOW THE ONLY FIRM IN THE WORLD THAT CAN REALLY PERFORM CONSISTENTLY WHAT I REFER TO IS JEDI MIND TRICKS. WHEN THEY ANNOUNCED THE ACQUISITION OF WHOLE FOODS, KROGER DECLINED A THIRD.>>STACEY MITCHELL IS CODIRECTOR OF THE INSTITUTE FOR LOCAL SELF-RELIANCE, A NON-PROFIT THAT STUDIES ECONOMIC CONCENTRATION. >>A HANDFUL OF BIG COMPANIES HAVE TAKEN OVER LARGE SWATHS OF OUR ECONOMY. >>WE TRY TO UNDERSTAND AMAZON BY TALKING ABOUT ALL OF THE DIFFERENT BUSINESSES IT’S IN. THIS IS A COMPANY THAT WANTS TO CONTROL THE INFRASTRUCTURE, THE RAILS THAT OTHER COMPANIES NEED TO USE IN ORDER TO GET TO MARKET.>>THE INFRASTRUCTURE — >>INFRASTRUCTURE LETS ENTREPRENEURS DO AMAZING THINGS.>>IN ADDITION TO THE RETAIL PLATFORM, THE CLOUD IS ANOTHER AREA THAT’S INFRASTRUCTURE.>>SPEED IS REALLY IMPORTANT PART OF THE CULTURE AT AMAZON.>>WE’RE TRYING TO ENABLE REALLY ANY COMPANY OR ANY GOVERNMENT TO RUN THEIR TECHNOLOGY INFRASTRUCTURE ON TOP OF OUR TECHNOLOGY INFRASTRUCTURE PLATFORM. >>THE LESSER KNOWN PART OF AMAZON, AMAZON’S CLOUD BUSINESS HAS BEEN INSTRUMENTAL TO THE COMPANY’S BOTTOM LINE.>>AMAZON WEB SERVICES TOOK OVER THE WEB BASICALLY IN A DECADE. >>WHEN TECHNOLOGY JOURNALIST STARTED NOTICING THE GROWING FOOTPRINT OF AMAZON IN HER FAMILY’S LIFE, SHE DECIDED TO TRY AN EXPERIMENT, TO LIVE WITHOUT AMAZON.>>I WORKED WITH THIS TECHNOLOGIST WHO BUILT A TOOL FOR ME THAT JUST PREVENTED ANY OF MY DWEVICES FROM TALKING TO AMAZON SERVERS. THAT PREVENTED ME FROM USING AMAZON WEB SERVICES.>>NOT SURPRISING GIVEN THAT AWS POWERS ONE-THIRD OF THE WORLD’S CLOUD.>>NETFLIX, THE CIA ALL RELY ON AMAZON WEB SERVICES. >>IT’S IMPOSSIBLE TO AVOID. >>AMAZON HAS BECOME AN INVASIVE SPECIES, 100%. >>NEXT, HOW BEZOS DID IT.>>HONG KONG, JAPAN, >>BY 2012 YOU WOULD BE HARD PRESSED TO FIND SOMEONE WHO HADN’T HEARD OF JEFF BEZOS. >>THE GODFATHER OF THE VIRTUAL BOOKSTORE.>>THE EVERYTHING STORE — >>WHILE RESEARCHING HIS BOOK, THIS JOURNALIST FOUND THAT PERSON. >>I SAID, I’M WRITING A BOOK ABOUT AMAZON AND ABOUT THIS GUY NAMED JEFF BEZOS AND I WOULD LIKE TO TALK TO YOU FOR IT. AND HE HAD NO IDEA WHAT I WAS TALKING ABOUT.>>THAT PERSON WAS JEFF BEZOS’S BIOLOGICAL FATHER. >>I WAS LIKE, WELL, HE’S YOUR SON. AND HE WAS PERPLEXED. AND I SAID WHEN YOU WERE IN HIGH SCHOOL, YOU KNOW, YOU HAD A SON NAMED JEFF. AND HE SAID, IS HE STILL ALIVE? AND I WAS LIKE, YEAH, HE’S ONE OF THE WEALTHIEST GUYS IN THE WORLD. >>JEFF BEZOS WAS BORN IN NEW MEXICO IN 1964. HIS MOTHER WAS A JUNIOR IN HIGH SCHOOL WHEN SHE AND HER BOYFRIEND BECAME PARENTS.>>SHE DOESN’T TALK ABOUT IT THAT MUCH, MY MOM HAD ME WHEN SHE WAS 17 YEARS OLD. I’M PRETTY SURE THAT WASN’T COOL IN 1964 TO BE A PREGNANT MOM IN HIGH SCHOOL. >>BUT BY THE TIME JEFF TURNED TWO, HIS MOTHER AND BOYFRIEND HAD SPLIT UP. AND JACKIE WAS LEFT TO RAISE HER SON ON HER OWN.>>LOOK AT JEFF. LOOK AT THAT HAIR AND THE GLASSES. >>ONE OF BEZOS’S CLOSEST FRIENDS FROM HIGH SCHOOL REMEMBERS JACKIE AS A LOVING AND DETERMINED MOTHER.>>JACKIE IS THE TOUGHEST, HARDEST WORKING PERSON I’VE EVER MET AND THE MOST LOYAL, AND JEFF GETS THAT FROM JACKIE.>>JACKIE BEZOS WAS CLEARLY THE FORCE IN JEFF’S LIFE. A FIERCELY PROTECTIVE MOTHER WHO GOT JEFF INTO THE BEST SCHOOLS AND GOT HIM THE BEST OPPORTUNITIES AND SHE ALSO RECOGNIZED I THINK JEFF’S ABILITIES EARLY ON.>>JACKIE AND JEFF WOULDN’T BE A FAMILY OF TWO FOR LONG. SOON, JACKIE WOULD FALL IN LOVE WITH A CUBAN IMMIGRANT. THEY MARRIED WHEN JEFF WAS 4.>>MY FATHER ADOPTED ME WHEN I WAS ABOUT 4 YEARS OLD. I HAVE THE WORLD’S BEST DAD.>>JEFF BEZOS IS AN OUTSTANDING STUDENT.>>BEZOS’S ACADEMIC AMBITIONS WOULD LEAD HIM TO THE TOP OF HIS HIGH SCHOOL CLASS AND THEN TO PRINCETON UNIVERSITY.>>I WENT TO PRINCETON SPECIFICALLY TO STUDY PHYSICS, BUT A COUPLE OF YEARS INTO IT, I REALIZED THAT I WASN’T SMART ENOUGH TO BE A PHYSICIST. AND THEN I TRANSFERRED TO COMPUTER SCIENCE WHICH I LOVED AND NEVER LOOKED BACK.>>AFTER COLLEGE, BEZOS LANDED ON WALL STREET, AT THE HEDGE FUND DE SHAW WHERE HE WOULD MEAN HIS SOON TO BE WIFE, MACKENZIE. >>HE CALLED ME UP ONE DAY AND SAID I’M GETTING MARRIED. AND I SAID TO WHO?>>JUST SIX MONTHS AFTER THEY BEGAN DATING, BEZOS AND MACKENZIE WERE MARRIED AND BEZOS CONTINUED TO RISE THROUGH THE RANKS WHERE HE BEGAN TO EXPLORE A NEW MEDIUM, THE INTERNET. >>IT SPANS THE GLOBE LIKE A SUPERHIGHWAY. IT’S CALLED INTERNET. >>I STARTED LOOKING AT THE INTERNET AND I FOUND THIS INCREDIBLE FACT.>>JEFF BEZOS SAW THAT WEB ACTIVITY HAS JUMPED 230,000% IN A SHORT PERIOD OF TIME. THAT WAS THE DING, DING, DING IN HIS HEAD. >>I THINK HE WAS ABLE TO SEE THAT THE WEB WAS GROWING AND IT WOULD CREATE A NEW SET OF BUSINESS OPPORTUNITIES. >>JEFF CALLED ME AND HE SAID, MACKENZIE AND I ARE QUITTING OUR JOBS AND WE’RE MOVING TO SEATTLE AND WE’RE STARTING A COMPANY. AND I SAID, GREAT, WHAT ARE YOU GOING TO DO? HE SAID WE’RE GOING TO SELL BOOKS. I SAID NICE. HE SAID ON THE INTERNET. I SAID COOL. WHAT’S THE INTERNET?>>IN 1994, THEN 30-YEAR-OLD JEFF BEZOS DITCHED HIS WALL STREET JOB, BORROWED HIS FATHER’S CAR AND DROVE WITH HIS WIFE MACKENZIE TO BELLEVUE, WASHINGTON, JUST OUTSIDE SEATTLE. AND INSIDE THAT GARAGE, JEFF BEZOS STARTED HIS OWN COMPANY, AN ONLINE BOOKSTORE. BY THE END OF THE YEAR, THAT COMPANY HAD A NAME, AMAZON.>>I WENT TO WWW.AMAZON.COM AND STARTED SEARCHING FOR BOOKS AND WAS IMMEDIATELY HOOKED.>>THANK YOU FOR CALLING AMAZON.COM. >>BY THE TIME SHE WAS HIRED IN 1996 TO RUN MARKETING, AMAZON HEADQUARTERS HAD MOVED FROM THE BEZOS’ GARAGE TO ACTUAL OFFICES IN DOWNTOWN SEATTLE. >>IT WAS A START-UP FEEL. THE FIRST BUILDING, IT WAS A DUMP. JEFF THOUGHT IT WAS TOO FANCY FOR US. THERE WAS NO AIR-CONDITIONING. STAINED CARPETS, BUT WE LOVED IT.>>THE FIRST THING THAT YOU DID WHEN YOU STARTED AT AMAZON IS YOU BUILT YOUR OWN DESK.>>GREG JOINED AMAZON IN 1997, WORKING IN PRODUCT MANAGEMENT AND MARKETING FOR BOOKS. TODAY HE RUNS AMAZON INTO HOLLYWOOD, PRIME VIDEO. >>TELL PEOPLE WHAT DOOR DESKS ARE. >>IT WAS FRUGAL. IT’S A GOOD SYMBOL OF THE MIND SET THAT JEFF WANTED TO CREATE. WE HAD TO BE RESOURCEFUL AND CREATIVE.>>BUT IN ORDER TO EXPAND BEYOND BOOKS, WAY BEYOND BOOKS, BEZOS NEEDED CAPITAL AND A LOT OF IT.>>AMAZON.COM JUMPED $5 ON ITS FIRST DAY OF TRADING. >>IN THE MIDDLE OF THE DOT COM FRENZY, AMAZON WENT PUBLIC. >>THIS IS DAY ONE. THIS IS THE VERY BEGINNING.>>DAY ONE. IT’S ALWAYS DAY ONE BECAME THE BOS BEZOS MANTRA.>>I LIKE BABE RUTH CALLING HIS HOME RUN SHOT.>>BEZOS WOULD STICK TO THAT LONG-TERM THINKING, EVEN DURING AMAZON’S TOUGHEST TIMES. >>AMAZON’S STOCK HAS LOST MUCH OF ITS LUSTER. >>AMAZON PRICE STOCK PRICE TUMBLED LOSING MORE THAN 90% OF ITS VALUE IN THE NEXT TWO YEARS.>>THERE WERE FAMOUS ANALYSTS WHO SAID AMAZON WOULD RUN OUT OF MONEY. BUT IT WAS A HARD TIME, THEY WERE LOSING A LOT OF EXECUTIVES.>>OUR FIRST ANNOUNCEMENT IS A COMPLETE VIDEO GAME STORE. >>FACING INTENSE PRESSURE, BEZOS PUSHED AHEAD RIGHT INTO NEW MARKETS. >>TOMORROW, WE LAUNCHED THESE FOUR NEW STORES.>>PEOPLE WERE AMAZINGLY CUSTOMER FOCUSED. THEY FELT LIKE THEY WERE INVENTING AND BREAKING NEW GROUND.>>BUT WITH NEW INVENTORY CAME NEW PROBLEMS. HOW TO STORE AND SHIP ALL OF IT. SO YOU’RE REFERRED TO AS THE OTHER JEFF.>>THAT’S MY NAME. I THINK IT’S GREAT. I GREW UP AS A PROGRAMMER, THAT’S ME. >>JEFF HAS BEEN WITH AMAZON FOR 20 YEARS AND RARELY GIVES TELEVISION INTERVIEWS. HE’S ONE OF BEZOS’ TOP EXECUTIVES. BUT BACK IN 1999 WHEN HE FIRST JOINED AMAZON, HE USED HIS BACKGROUND IN MANUFACTURING TO TRANSFORM AMAZON DELIVERY INTO WHAT WOULD BECOME AMAZON PRIME.>>YOU GUYS DIDN’T EVEN KNOW IF THIS THING WAS GOING TO WORK, TRUE?>>WE DIDN’T KNOW FOR SURE THAT CUSTOMERS WOULD LOVE IT, BUT WE HAD A PRETTY GOOD INSTINCT. >>BOTH OF YOU, BOTH JEFFS ARE BIG RISK-TAKERS. IS THAT RIGHT?>>I THINK. I THINK PRIME, AT THE TIME, WAS A BIG RISK.>>TODAY IT’S ESTIMATED THAT MORE THAN HALF OF U.S. HOUSEHOLDS ARE PRIME MEMBERS.>>WHAT SHOULD THAT TELL US ABOUT HOW IMPORTANT PRIME IS TO AMAZON’S SUCCESS?>>I THINK IT’S VERY IMPORTANT. BUT IT’S NOT THE ONLY THING THAT’S IMPORTANT FOR ITS SUCCESS.>>THEY SAY ABOUT YOU THAT YOU’RE THE MOST POWERFUL MAN IN THE CLOUD. DO YOU LIKE THAT DESCRIPTION?>>THE MAN BEHIND AMAZON’S CLOUD NEXT. ♪>>>JEFF BEZOS, THE RICHEST MAN IN THE WORLD, BUT THEY SAY ABOUT YOU THAT YOU’RE THE MOST POWERFUL MAN IN THE CLOUD. DO YOU LIKE THAT DESCRIPTION?>>I DON’T THINK OF IT THAT WAY.>>IN THE HEART OF AMAZON’S SEATTLE CAMPUS I MET WITH ANDY JASSY, ONE OF JEFF BEZOS’S TOP LEADERS, THE CEO OF AWS, THE MAN WHO BUILT AMAZON’S CLOUD.>>WE’RE IN THE SPHERES WHICH IS KIND OF AN AMAZING PLACE WHEN YOU LOOK AROUND. IT’S A PLACE THAT AMAZONENS CAN COME AND DO WORK. IT’S REALLY NICE TO BE ABLE TO GET AWAY FROM WHAT YOU’RE DOING EVERY DAY AND BE INSPIRED BY WHAT’S AROUND YOU.>>WHOSE IDEA WAS THIS?>>I THINK IT WAS JEFF’S IDEA.>>BUT AMAZON WEB SERVICES, THAT WAS JASSY’S IDEA. AN IDEA SO POWERFUL, IT’S NOW PERHAPS AMAZON’S MOST VALUABLE BUSINESS. >>IT GENERATES AN UNUSUAL AMOUNT OF MARGIN FOR AMAZON. >>THE BEST MARGINS FOR AMAZON, PERIOD. >>AND IT’S CHANGED ENTERPRISE COMPUTING. >>I THINK IT IS FAIR TO SAY MANY PEOPLE WATCHING THIS HAVE NO IDEA WHAT AWS IS. WHERE DID IT COME FROM?>>THERE WERE A FEW THINGS GOING ON THAT MADE US THINK THAT THIS WAS AN INTERESTING IDEA.>>MOST NOTABLY, JASSY REALIZED THAT IN ORDER TO CONTINUE EXPERIMENTING AND EXPANDING, AMAZON’S COMPUTING TECHNOLOGY WOULD HAVE TO MOVE A LOT FASTER.>>IF YOU NEED A SERVER TO TRY AND EXPERIMENT, TYPICALLY IT TAKES YOU 10 TO 18 WEEKS TO GET THAT SERVER. WITH THE CLOUD, YOU CAN SPIN OFF THOUSANDS OF SERVERS IN MINUTES. WE FIGURED IF WE NEEDED IT, OTHER COMPANIES NEEDED IT AS WELL. >>IN THE SAME WAY THAT AMAZON TRANSFORMED THE SPEED OF SHIPPING PHYSICAL PRODUCTS, AWS HAS DONE THE SAME FOR DATA. >>THE CLOUD IS NOT UP THERE, IT’S IN MACHINES SITTING ON THE GROUND ALL AROUND THE WORLD AND THEY’RE STORING ALL OF THIS CONTENT AND SHIPPING IT OUT TO WEB USERS.>>WHAT STRIKES ME IS THAT IT WORKED AND THEN YOU HAD A SEVEN-YEAR LEAD ON ALL OF YOUR COMPETITORS. >>THIS IS LIKE THE GREATEST PIECE OF BUSINESS LUCK IN THE HISTORY OF BUSINESS SO FAR AS I KNOW. >>WHY DID NO ONE FOLLOW QUICKLY?>>IT’S A REALLY GOOD QUESTION AND I DON’T KNOW IF WE KNOW THE ANSWER FOR SURE. IN THE BEGINNING, A LOT OF COMPANIES WOULD POOH-POOH THE CLOUD AND SAY NO ONE WAS GOING TO USE IT FOR INTERESTING. WHEN THE VALUE PROPOSITION IS THAT GOOD, YOU CAN HOWL AT THE WIND ALL YOU WANT, BUT YOU CAN’T FIGHT GRAVITY. >>13 YEARS LATER, THE CLOUD IS NOW A $70 BILLION INDUSTRY. AND WHILE COMPETITORS HAVE EMERGED, AMAZON CONTINUES TO DOMINATE WITH A SEEMINGLY ENDLESS LIST OF CUSTOMERS FROM FORTUNE 500 COMPANIES TO, YES, CNN, EVEN SECRETIVE GOVERNMENT AGENCIES, INCLUDING THE CIA. >>THE CLOUD IS CRUCIAL TO THE ECONOMY, IT’S NOW CRUCIAL TO NATIONAL SECURITY. DO YOU THINK THERE SHOULD BE MORE FEDERAL REGULATION OF IT?>>GOVERNMENTS ARE GOING TO MAKE THEIR OWN DECISIONS ON WHAT THEY FEEL LIKE THEY NEED TO REGULATE AND WHAT THEY FEEL LIKE THEY DON’T NEED TO REGULATE. AND WE EXPECT GOVERNMENTS WILL WANT TO UNDERSTAND HOW WE’RE OPERATING AS MORE AND MORE WORKLOADS ARE BEING PUT ON TOP OF AWS. >>FOR NOW, THE FEDERAL GOVERNMENT IS BUSY DECIDING HOW MUCH MORE OF THE NATION’S MOST SENSITIVE DATA IT WANTS TO PLACE IN AMAZON’S HANDS.>>WE THINK IT’S SIMPORTANT FOR THE DEPARTMENT OF DEFENSE TO HAVE ACCESS TO THE MOST CUTTING-EDGE TECHNOLOGY. WE HAVE OVER 3,000 GOVERNMENT AGENCIES USING AWS. THAT’S A SIGNIFICANT RESPONSIBLE. WE’RE AWARE OF THAT. >>BUT MOST AMERICANS ARE NOT AWARE OF THE EXTENT TO WHICH OUR GOVERNMENT, OUR ECONOMY, AND OUR HOMES NOW RELY ON AMAZON.>>ALEXA, POPCORN.>>STARTING POPCORN.>>ALTHOUGH A VASTLY DIFFERENT KIND OF TECHNOLOGY, ALEXA, LIKE THE CLOUD, HAS UNLEASHED ITS OWN REVOLUTION. >>WE LAUNCHED WITH 13 SKILLS. NOW WE HAVE OVER 80,000 SKILLS. ALEXA CAN DO OVER A MILLION THINGS. >>TONY REED HAS BEEN WITH AMAZON FOR 21 YEARS AND HEADED ALEXA’S INTRODUCTION TO THE WORLD. >>YOU HAVE SAID THAT VOICE IS THE TECHNOLOGY THAT IN YOUR WORDS WE DIDN’T KNOW WE NEEDED. WHY?>>IT’S SO NATURAL. THIS IS OUR NATURAL USER INTERFACE. >>VOICE IS GOING TO QUICKLY EMERGE AS ONE OF THE PRIMARY WAYS THAT WE INTERFACE WITH MACHINES. AND THIS IS HAPPENING FASTER THAN A LOT OF ANALYSTS EVEN PROJECTED.>>ALEXA, TELL ME THE NEWS ON CNN.>>WHAT IT MEANS IS THAT WE ARE TALKING MORE THAN WE’RE TYPING. AND IF IT’S THE CASE, THEN WE HAVE A VERY CLOSE AND PERSONAL RELATIONSHIP WITH THESE COMPANIES. BUT HOW CLOSE IS TOO CLOSE AND WHO EXACTLY IS LISTENING?>>ALEXA, STOP. >>WHAT DOES AND DOESN’T ALEXA RECORD?>>ALEXA ONLY RECORDS AFTER SHE HEARS THE WAKE WORD. >>WHO AT AMAZON HEARS WHAT I TELL ALEXA. >>A SMALL GROUP OF PEOPLE WHO DO SOME GROUND TRUTHING. THEY TAKE VERY SMALL SUBSETS SO HELP TRAIN THE MODELS THAT GO BACK INTO IMPROVING SPEECH TECHNOLOGY.>>THERE ARE PEOPLE ON THE OTHER END.>>THIS MAN IS ONE OF THEM, DURING HIS SEVEN-MONTH CONTRACT AT AMAZON, HE ANALYZED ALEXA COMMANDS GONE WRONG. HE WORKS IN ARTIFICIAL INTELLIGENCE AT MICROSOFT. >>AMAZON IS LISTENING TO WHAT YOU TELL ALEXA. I BELIEVE THAT EVERYTHING THAT THEY DO IS BASED ON QUALITY ASSURANCE. BUT PEOPLE SHOULD KNOW THAT. I THINK THAT THAT IS SOMETHING THAT IS NOT ADVERTISED.>>WHAT DO YOU SAY TO THOSE FOLKS WHO THINK, OH, MY GOSH, SOMEONE IS LISTENING TO ME?>>IT’S IMPORTANT FOR CUSTOMERS TO UNDERSTAND THAT — WE’RE NOT LISTENING TO THEM. IT’S A VERY, VERY SMALL PERCENTAGE THAT IS CARVED OFF FOR ENSURING THAT THE MODELS ARE DOING — THAT THEY’RE SUPPOSED TO DO. >>BUT IF YOU’RE ONE OF THE ESTIMATED 66 MILLION AMERICANS WHO USE A VOICE ASSISTANCE SPEAKER, YOU KNOW THAT VOICE TECHNOLOGY TODAY IS FAR FROM PERFECT. >>MANY PEOPLE HAVE HEARD THE STORY OF THE COUPLES’ CONVERSATION THAT GOT RECORDED WITHOUT THEM TRIGGERING ALEXA AND EMAILED TO A CONTACT OF THEIRS. HOW DOES SOMETHING LIKE THAT HAPPEN?>>IN THAT PARTICULAR CASE ALEXA DID WHAT IT THOUGHT THE CUSTOMER WAS INTENDING ALEXA TO DO. AND IN THE END, WE STILL GOT IT WRONG. THEY’RE DEFECTS FROM US AND WE TRY TO LEARN FROM THOSE. >>IS THERE A DAY THAT YOU FORESEE WHERE YOU CAN 100% GUARANTEE THAT WON’T HAPPEN AGAIN?>>THERE’S NO TECHNOLOGY THAT WORKS 100% OF THE TIME. WE SHOULD STRIVE TOWARDS THAT, WHICH WE ARE.>>I THINK THE PROBLEM IS THE LAW. WE HAVE A VERY WEAK LEGAL FRAMEWORK AROUND PRIVACY THAT DOESN’T GIVE CONSUMERS A LOT OF RIGHTS UNLESS YOU’RE MONITORING THE TRAFFIC, YOUR NETWORK, YOU CAN’T KNOW WHAT’S HAPPENING IN THE BACKGROUND. YOU HAVE TO TRUST WHAT THE COMPANY IS TELLING YOU THEY’RE DOING. >>SHOULD PEOPLE TRUST THAT IF PARTS OF THEIR CONVERSATION ARE LISTENED TO, THAT IT WON’T BE USED AGAINST THEM IN SOME WAY THAT THEY DON’T AUTHORIZE?>>ABSOLUTELY.>>NEXT.>>THE MOST IMPORTANT THING THAT WE’VE DONE OVER THE LAST 20 YEARS IS EARN TRUST WITH CUSTOMERS.>>BUT IS THAT TRUST IN ♪>>>I THINK THE MOST IMPORTANT THING THAT WE’VE DONE OVER THE LAST 20 YEARS IS EARN TRUST WITH CUSTOMERS. WE’VE WORKED HARD TO DO THAT. [ APPLAUSE ]>>TODAY, AMERICANS TRUST AMAZON WITH JUST ABOUT EVERYTHING. >>IF YOU’RE A CONSUMER, IT’S HARD NOT TO LOVE AMAZON.>>ACCORDING TO A 2018 STUDY, AMAZON IS THE SECOND-MOST TRUSTED INSTITUTION IN THE COUNTRY, SECOND ONLY TO THE U.S. MILITARY.>>IS THERE ANY SIGN THAT THAT TRUST IS ERODING?>>I THINK THERE’S A GENERAL EROSION OF TRUST ACROSS ALL OF BIG TECH. >>COMPANIES LIKE AMAZON THAT MADE BILLIONS OF PROFITS DID NOT PAY ONE NICKEL IN FEDERAL INCOME TAX. >>HOW IS IT THAT AMAZON IS PAYING LESS THAN TAXES THAN YOU AND YOUR FAMILY. >>TECHNICALLY IT’S MORE COMPLICATED. AMAZON DOES PAY STATE TAXES AND IT HAS PAID FEDERAL TAXES IN THE PAST, BUT IT’S TAKEN ADVANTAGE OF TAX BREAKS. >>WE PAY ALL OF THE TAXES WE’RE REQUIRED TO PAY. WE PAY 2.6 BILLION IN CASH TAXES IN THE LAST TWO YEARS. IF LAST YEAR WE PAID NO TAX, IT WAS BECAUSE THE LAW REQUIRED US TO PAY NO TAX. SINCE 2011 WE’VE INVESTED $200 BILLION IN THE U.S. IN INFRASTRUCTURE FOR FULFILLMENT AND SOLAR FARMS AND WIND FARMS, THESE ARE THE KINDS OF INVESTMENT THAT IS THE TAX CODE WAS TRYING TO STIMULATE, BUT THAT ENDS UP BEING A DEDUCTION THAT MEANS WE DIDN’T PAY ANY TAX LAST YEAR. >>BUT IT’S NOT JUST TAXES THAT HAVE PEOPLE QUESTIONING AMAZON’S BUSINESS PRACTICES. IN 2017, YALE LAW STUDENT PUBLISHED AMAZON’S ANTI-TRUST PARADOX, A PAPER IN THE YALE LAW JOURNAL THAT REFRAMED THE NATIONAL CONVERSATION ON ANTI-TRUST LAW IN AMERICA. >>WHEN YOU HAVE A SITUATION WHEN A SINGLE COMPANY IS EFFECTIVELY ABLE TO SET IF TERMS OF THE MARKETPLACE, THAT’S A SITUATION WHERE WE SHOULD WORRY ABOUT THE MARKET NOT BEING COMPETITIVE.>>CRITICS ARGUE THAT AMAZON’S PLATFORM HAS BECOME SO DOMINANT, ANYONE LOOKING TO SELL PRODUCTS ONLINE IS PRACTICALLY FORCED TO SELL THERE. >>IF YOU WANT TO REACH CONSUMERS ONLINE AND YOU’RE NOT SELLING ON AMAZON, YOU’RE GIVING UP HALF THE MARKET RIGHT OUT OF THE GATE. >>QUESTIONS HAVE BEEN RAISED ABOUT THE DATA AMAZON COLLECTS FROM ALL OF ITS MARKETPLACE SELLERS. >>WE SEE AMAZON MINES THEIR DATA, WATCHES WHAT THEY’RE SELLING WELL AND BECOMES A SELLER IN THE CATEGORY ITSELF. IT’S A VERY DIFFICULT ENVIRONMENT IN ORDER TO SUCCEED IN. >>BUT THE MAN IN CHARGE OF THE AMAZON MARKETPLACE SEES IT MUCH DIFFERENTLY.>>WE DON’T USE ANY DATA ABOUT SPECIFIC ITEMS THAT’S NOT AVAILABLE TO THE WORLD BY JUST LOOKING AT OUR WEBSITE.>>WHICH MAY BE TRUE, BUT AMAZON KNOWS HOW TO ACCESS AND ANALYZE ITS DATA BETTER THAN ANYONE ELSE. >>DOES AMAZON GIVE PRIORITY TO ITS PRIVATE LABEL IN SEARCH?>>WE PRIORITIZE THE THINGS THAT CUSTOMER WANTS. >>IN A RECENT HEARING ON CAPITOL HILL, AN AMAZON ATTORNEY WENT A STEP FURTHER AND CATEGORICALLY DENIED THE CLAIM. >>WE DO NOT USE THEIR INDIVIDUAL DATA WHEN WE’RE MAKING DECISIONS TO LAUNCH PRIVATE BRANDS. OUR INCENTIVE IS TO HELP THE SELLER SUCCEED. >>THIRD-PARTY VENDORS MAKE UP MORE THAN HALF OF AMAZON’S ONLINE SELLERS HELPING TO FUEL ITS DOMINANCE. >>WORLDWIDE RETAIL IS SOMETHING LIKE $30 TRILLION. WE’RE ABOUT 1% OF THAT. >>YOU’RE ABOUT 1% OF WORLDWIDE RETAIL, BUT YOU’RE ABOUT 50% OF U.S. E-COMMERCE. >>NO CUSTOMER THAT I’VE TALKED TO WAKES UP IN THE MORNING AND SAYS, WHAT AM I GOING TO BUY FROM E-COMMERCE TODAY AND THEN SAYS WHAT AM I GOING TO BUY FROM THE STORE TODAY. THEY SAY, WHAT DO I NEED OR WHAT DO I WANT. >>WHAT DO YOU SAY TO FOLKS WHO SAY I LIKE AMAZON, BUT IT DID KILL MOM AND POP SHOPS. >>I DON’T THINK IT KILLED MOM AND POP SHOPS. THERE’S PLENTY OF EVIDENCE THAT MOM AND POP SHOPS ARE THRIVING. >>BUT ACCORDING TO A STUDY BY THE INSTITUTE FOR LOCAL SELF-RELIANCE, 90% OF MORE THAN 850 SMALL BUSINESSES SURVEYED SAY AMAZON HAS HAD A NEGATIVE IMPACT ON THEIR REVENUE.>>WE’VE SEEN THIS SHARP DECLINE IN THE NUMBER OF SMALL BUSINESSES ACROSS A LOT OF DIFFERENT INDUSTRIES. WE’RE NOW CREATING NEW BUSINESSES AT ABOUT ONE-THIRD THE RATE WE WERE IN THE 1980s.>>AND WASHINGTON HAS STARTED TO TAKE NOTICE. THE JUSTICE DEPARTMENT ANNOUNCED IT IS CONDUCTING A BROAD ANTI-TRUST REVIEW OF THE ONLINE MARKETPLACE WHILE CONGRESS HAS ALSO LAUNCHED ITS OWN INVESTIGATION OF BIG TECH INCLUDING AMAZON.>>I THINK THEY’RE BEHAVING LIKE A MONOPOLY. LIKE THEY HAVE MONOPOLY POWER. >>THE INTERNET THAT HAS BECOME INCREASINGLY — >>DAVID CICILLINE IS LEADING THE PROBE. >>WE CAN SET THE STATUTORY FRAMEWORK AND PROVIDE THE RESOURCES AND THE REGULATORY GUIDANCE TO MAKE CERTAIN THAT COMPETITION EXISTS IN ALL OF THESE SPACES. >>REGULATORS IN EUROPE HAVE HAD THEIR EYES ON BIG TECH FOR SOME TIME. >>AMAZON HAS TO REPAY THE TAX BENEFIT — >>THIS PAST JULY, THE EU’S TOP ANTI-TRUST OFFICIAL, FORMALLY LAUNCHED AN INVESTIGATION OF AMAZON’S MARKETPLACE. SO I ASKED THE CEO OF CONSUMER FOR AMAZON FLAT-OUT, DOES AMAZON GIVE PRIORITY TO ITS PRIVATE LABEL IN SEARCH AND HE SAID TO ME, WE PRIORITIZE THINGS THAT CUSTOMERS WANT. >>WE DON’T TAKE WHAT YOU SAY FOR GRANTED. WE WANT TO SEE THE EVIDENCE. AND A LOT OF PEOPLE WHO WANT TO SELL WHAT PEOPLE WANT. SO WE WOULD LIKE TO SEE, HOW DOES THIS DUAL RELATIONSHIP WORK THAT YOU’RE BOTH THE HOST AND THE COMPETITOR. THAT’S THE KEY QUESTION HERE.>>IF YOU’RE JEFF BEZOS, HOW FREAKED OUT WOULD YOU BE ABOUT EUROPEAN REGULATORS RIGHT NOW?>>I THINK THEY ARE FREAKED OUT.>>YOU THINK THAT AMAZON SHOULD BE BROKEN UP. >>100%. >>WE HAVE INTENSE COMPETITION EVERYWHERE IN THE WORLD, IN EVERY ONE OF OUR BUSINESSES. THE MAIN QUESTION FOR ME IS WHY?>>IS AMAZON TOO BIG?>>I DON’T THINK AMAZON IS TOO BIG AND I THINK IF YOU LOOK AT MOST OF THE BUSINESS SEGMENTS IN WHICH WE OPERATE, WE’RE A RELATIVELY SMALL PERCENTAGE OF THE TOTAL MARKET SEGMENT.>>WHAT DO YOU MAKE OF THE CALLS TO BREAK UP AMAZON?>>I THINK THAT’S A SILLY IDEA AND CONCEPT. AMAZON IS DOING A LOT OF GOOD THINGS FOR A LOT OF PEOPLE. THEY HAVE A LOT OF COMPETITORS. >>ONE OF THOSE POTENTIAL COMPETITORS IS JAMIE DIAMOND, CEO OF AMERICA’S LARGEST BANK.>>JEFF BEZOS TRIED TO HIRE YOU.>>YEAH. >>WE FIRST HAD LUNCH AND WE HIT IT OFF AND WE’VE BEEN FRIENDS EVER SINCE. >>ARE YOU MORE PARTNERS OR COMPETITORS WITH AMAZON?>>WE’RE PARTNERS. WE DO BUSINESS TOGETHER. WE HAVE — >>I KNOW. >>WE DO A BUNCH OF STUFF.>>SINCE 2002, J.P. MORGAN CHASE HAS PARTNERED WITH AMAZON ON A CONSUMER CREDIT CARD, YET DOOIMD REMAINS ACUTELY AWARE OF AMAZON’S ABILITY TO DISRUPT NEW MARKETS. >>YOU DID CREATE A TEAM, I THINK IT WAS 2017, TO THINK ABOUT AMAZON. >>IT WAS ALL OF THEM. >>ALL OF THE INTERNET GIANTS.>>ALL OF THEM. WHAT WOULD YOU DO? HOW WOULD YOU LOOK AT IT? HOW MIGHT WE WANT TO PARTNER?>>COMPETITOR, PARTNER, OR BOTH, DIAMOND WARNS THAT THE DAYS OF AN UNREGULATED TECH INDUSTRY MAY BE NUMBERED.>>WHAT’S COMING?>>I’M NOT WARNING THEM LIKE THEY’RE BAD. I’M SAYING THEY BETTER GET READY FOR THIS. IF THEY’RE NOT GEARED UP FOR THAT, I THINK THEY ARE GEARING UP FOR IT, THEY SHOULD BE.>>FOR HIS PART, JEFF BEZOS SEEMS CONFIDENT IN HIS COMPANY’S ABILITY TO BATTLE WHATEVER STORM MAY BE COMING.>>WE ARE SO INVENTIVE THAT WHATEVER REGULATIONS ARE PROMULGATED OR HOWEVER IT>>>THIS THE MIDST OF HISTORIC HOLLYWOOD, AMAZON IS THE NEW KID ON THE BLOCK. WHERE ARE WE? THIS IS ICONIC. >>CULVER STUDIOS. THIS IS THE “GONE WITH THE WIND” HOUSE. >>IT’S NOW THE HOME OF AMAZON PRIME VIDEO. >>IT’S THE HOME OF AMAZON PRIME VIDEO, EXACTLY. >>THE WORLDWIDE VICE PRESIDENT OF PRIME VIDEO, AMAZON’S VIDEO STREAMING SERVICE. ♪ I’M JUST A MAN ♪ WHO CAME UP WITH THAT IDEA? TO CREATE THE VIDEO?>>JEFF SAID, WHAT IF WE LICENSED A BUNCH OF CONTENT AND MADE IT AVAILABLE AT NO ADDITIONAL CHARGE TO PRIME MEMBERS? AND EVERYONE SORT OF LOOKED AT EACH OTHER AND LOOKED AT HIM AND THOUGHT, OKAY, THAT’S AN INTERESTING IDEA. PEOPLE PLAY CMAY COME FOR THE SG BUT STAY FOR THE ENTERTAINMENT. >>IS THE GOAL TO WIN OSCARS OR SELL MORE PAPER TOWELS?>>PEOPLE WHO ENGAGE WITH PRIME VIDEO CONVERT FROM FREE TRIALS TO PAID MEMBERSHIP AT A HIGHER RATE, RENEW THEIR MEMBERSHIPS AT A HIGHER RATE AND SHOP MORE. >>DID YOU KNOW IT WAS GOING TO WORK?>>OF COURSE, NOT. ♪>>THIS PHONE IS GORGEOUS. I CAN’T WAIT FOR YOU TO GET YOUR HANDS ON IT. >>IN JEFF BEZOS’ MIND, ANY RISK ON BEHALF OF THE CUSTOMER IS A RISK WORTH TAKING. >>WHEN WE’VE MADE MISTAKES, WE MADE DOOZIES LIKE THE FIRE PHONE AND MANY THINGS THAT DIDN’T WORK OUT, WE DON’T HAVE ENOUGH TIME FOR ME TO LIST ALL OF OUR FAILED EXPERIMENTS, BUT THE BIG WINNERS PAY FOR THOUSANDS OF FAILED EXPERIMENTS.>>BACK IN 2009, HART WHO HAS BEEN WITH AMAZON SINCE 1997, GOT A BEHIND-THE-SCENES TAKE ON HOW THE AMAZON FOUNDER THINKS, SPENDING TWO YEARS IN A COVETED ROLE AS BEZOS’ SHADOW. WHAT’S THE MOST IMPORTANT LESSON JEFF BEZOS TAUGHT YOU DURING THAT TIME?>>THE INCREDIBLY HIGH STANDARDS HE HAS FOR WHAT AMAZON IS CAPABLE AND WHAT THE PEOPLE OF AMAZON — >>YOU THINK THE BAR IS HIGHER, IT CAN BE HIGHER. >>EXACTLY. >>THE SECRET SAUCE OF AMAZON, THE NUMBER ONE THING THAT’S MADE US SUCCESSFUL BY FAR IS OBSESSIVE COMPULSIVE FOCUS ON THE CUSTOMER AS OPPOSED TO OBSESSION OVER THE COMPETITOR.>>WHEN YOU LOOK AT AMAZON AND JEFF, THEY’RE ALWAYS — THAT IS SO PARAMOUNT AND, YOU KNOW, TRANSCENDS ALMOST ALL OTHER THINGS SO YOU LEARN FROM THAT. >>HAS HE AFFECTED THE WAY YOU RUN YOUR BANK?>>OH, SURE. WE HAD A BUNCH OF PRODUCTS AND SERVICES WHERE YOU CLICK ON IT, YOU HAVE TO WAIT A SECOND. AND WE DIDN’T REALLY THINK ABOUT IT VERY MUCH UNTIL I WAS READING SOMETHING ABOUT AMAZON. I SAID, MY GOD, WE’RE JUST — WE GOT TO BE MUCH FASTER. >>WE’RE TOO SLOW. >>WE’RE TOO SLOW. >>THAT EXACTING CULTURE HAS BROUGHT AMAZON EXTRAORDINARY CUSTOMER SATISFACTION, IT HAS ALSO BROUGHT ON HARSH CRITICISM FROM SOME OF ITS WORKERS.>>THE CULTURE IS COMPETITIVE AND CUTTHROAT, I WOULD SAY. >>MT. EVEREST, 29,029 FEET. >>ANTONIO PETTIT WORKED ON A SEVEN-MONTH CONTRACT FOR AMAZON’S ALEXA TEAM. >>NOT A LOT OF CARE SEEMS TO BE TAKEN TO ENSURE THAT, YOU KNOW, PEOPLE AREN’T JUST BURNING OUT WORKING THERE. THAT’S WHAT I SEE NOT ALWAYS TAKEN INTO ACCOUNT IS THE COST OF HAVING THIS CONVENIENCE IS OFTENTIMES BUILT ON THE BACKS OF THE PEOPLE WHO ARE WORKING AT AMAZON.>>TALK A LITTLE BIT ABOUT THE CULTURE. THERE WAS THAT 2015 “NEW YORK TIMES” ARTICLE ABOUT CULTURE HERE AT AMAZON. AND EMPLOYEES SAYING THAT IT CAN BE CUT-THROAT AND CAN BE RELENTLESS. WHEN YOU READ THAT, WHAT DID YOU THINK?>>I THINK IT WAS QUITE SKEWED AND I THINK IF YOU HAVE A COMPANY WITH SEVERAL HUNDRED THOUSAND PEOPLE LIKE WE DO, IF YOU WANT TO WRITE A CERTAIN PERSPECTIVE, FIND SOME PEOPLE TO SUPPORT IT, YOU CAN REALLY WRITE ALMOST ANYTHING YOU WANT.>>BUT THE “TIMES” INTERVIEWED MORE THAN 100 CURRENT AND FORMER AMAZON EMPLOYEES INCLUDING EXECUTIVES ACROSS DEPARTMENTS. DESCRIBING, QUOTE, SOMETIMES PUNISHING ASPECTS OF THEIR WORKPLACE. COMPLAINTS HAVE ALSO COME FROM WORKERS AT FULFILLMENT CENTERS. >>THESE JOBS ARE HARD. YOU KNOW, PEOPLE ARE STANDING IN THE SAME SPOT FOR EIGHT, TEN, HOURS A DAY, MAYBE DURING PEAK SEASON. THERE ARE COMPLAINTS ABOUT LIMITED BREAKS. THERE ARE COMPLAINTS ABOUT JUST THE QUOTAS AND THE GOALS.>>JUST THIS PAST JULY, WAREHOUSE WORKERS IN MINNESOTA LAUNCHED A PRIME DAY STRIKE DURING ONE OF AMAZON’S BUSIEST DAYS OF THE YEAR. YOU’RE AWARE OF SOME OF THE CRITICISM THAT SOME AMAZON EMPLOYEES HAVE BROUGHT AGAINST THE COMPANY FROM POOR WORKING CONDITIONS TO INCREASED PRESSURE AT THE TIME, GET IT DONE, GET IT DONE, GET IT DONE. WHAT’S YOUR RESPONSE TO THAT?>>THAT DOESN’T IN TOTAL DESCRIBE THE EXPERIENCE THAT I HELPED TO BUILD. ONE OF THE THINGS THAT WE DID WAS BRING THE SAFETY PROGRAMS FROM THE BEST MANUFACTURERS IN THE WORLD INTO RETAIL WHICH HADN’T BEEN DONE BEFORE. THE BENEFITS THAT FOLKS IN THE WAREHOUSES AND FULFILLMENT CENTERS GET ARE THE SAME BENEFITS THAT MY FAMILY HAS ACCESS TO. >>AMAZON ALSO RAISED WAGES IN 2018 FOR ALL U.S. WORKERS TO AT LEAST $I15 AN HOUR FOLLOWING PRESSURE FROM LAWMAKERS INCLUDING CONGRESSWOMAN ALEXANDRIA OCASIO-CORTEZ AND SENATOR BERNIE SANDERS WHO AT THE TIME PRAISED AMAZON’S DECISION.>>I WANT TO GIVE CREDIT WHERE CREDIT IS DUE. I WANT TO CONGRATULATE MR. BEZOS FOR DOING EXACTLY THE RIGHT THING.>>IN BEZOS’ WORDS, WE LISTENED TO OUR CRITICS. CRITICS HAVE ALSO CALLED ON AMAZON TO INCREASE DIVERSITY AT ITS HIGHEST LEVELS OF LEADERSHIP. WOULD AMAZON ARGUABLY BE EVEN MORE SUCCESSFUL IF IT HAD MORE WOMEN, MORE MINORITIES, NEAR THE TOP?>>NO DOUBT. WOMEN ARE THE PRIMARY SHOPPERS THAT IT’S A HUGE PART OF THEIR BUSINESS. SO THE FACT THAT IT HASN’T BEEN A MALE-DRIVEN ORGANIZATION PROBABLY DOES CREATE SOME BLIND SPOTS. >>IF YOU LOOK BELOW JEFF’S LEADERSHIP LEVEL, THERE ARE VERY, VERY INFLUENTIAL, IMPORTANT, WOMEN BUT DO WE WANT AND NEED MORE? ABSOLUTELY. AND ESPECIALLY IN THE POCKETS WHERE WE KNOW WE CAN IMPROVE.>>IMPROVING AND MAINTAINING AMAZON’S COMPANY CULTURE HAS KEPT MANY EMPLOYEES LIKE ANDY FROM EVER LEAF VING. >>I’VE BEEN AT THE COMPANY FOR 22 YEARS NOW AND I WOULD TELL YOU THE CULTURE IS THE PRIMARY REASON I REMAIN HERE. IT IS A PLACE WHERE YOU’RE ENCOURAGED TO THINK CREATIVELY, WHERE THERE IS NO CEILING TO WHAT YOU CAN PURSUE, WHERE WE’RE WILLING TO MAKE BIG INVESTMENTS AND MAKE BIG BETS AND COMMIT TO THEM FOR LONG PERIODS OF TIME.>>A UNIQUELY AMAZONIAN CULTURE. MADE POSSIBLE BY BEZOS’ RELENTLESS FOCUS ON THE FUTURE.>>I GET TO INVENT, I GET TO LIVE TWO TO THREE YEARS IN THE FUTURE. >>IS THERE SOMETHING ABOUT JEFF BEZOS THAT MAKES HIM MARKEDLY DIFFERENT THAN ALMOST ANY OTHER LEADER ON THE PLANET?>>YOU BECOME A GOOD OUTLIER, END UP BEING A GREAT INVENTOR, A ♪>>>IN DOWNTOWN SEATTLE, YOU CAN HARDLY TURN A CORNER WITHOUT SE SEEING OR HEARING AMAZON’S IMPACT.>>AMAZON HAS TAKEN OVER.>>I CALL IT AMAZONVILLE.>>IN 2010, YOU KNOW, I THINK WE HAD 30% UNEMPLOYMENT IN THE CONSTRUCTION TRADES. I THINK PEOPLE WERE SAYING, BOY, WOULDN’T IT BE NOIN ICE TO HAVE CRANES? BY 2013 PEOPLE WERE SAYING WHAT’S UP WITH ALL THE CRANES?>>FOR AS MANY CRANES AS THERE ARE IN SEATTLE TODAY, THERE ARE JUST AS MANY PERSPECTIVES. ON WHAT AMAZON’S GROWTH HAS MEANT FOR THE CITY.>>AMAZON HAS IMPACTED US IN A POSITIVE WAY. >>IT’S A POSITIVE AND A NEGATIVE.>>JOBS. OPPORTUNITY.>>I THINK IT’S BEAUTIFUL.>>DOES NOTHING TO HELP THE CITY AT ALL.>>IT’S GROWING FAST.>>JUST TAKES AND TAKES AND TAKES.>>I THINK YOU’LL FIND A LOT OF PEOPLE HERE WILL BE VERY ANGRY AT AMAZON.>>MIKE McGINN WAS ELECTED MAYOR OF SEATTLE IN 2009. RIGHT AS AMAZON’S DOWNTOWN EXPANSION WAS ACCELERATING.>>WE ALL KNEW THERE WAS GOING TO BE AN EXPANSION, BUT I THINK, WE SAID, BOY, THEY MIGHT GO FROM 5,000 EMPLOYEES TO 20,000. BUT THEY WENT TO 45,000. >>AFTER LOSING A RE-ELECTION BID IN 2013, McGINN RAN FOR MAYOR AGAIN IN 2017 AND LOST TO A CANDIDATE WHO RECEIVED MONEY FROM A PAC SUPPORTED BY AMAZON. ISN’T AMAZON LARGELY RESPONSIBLE FOR MUCH OF THE JOB GROWTH DURING YOUR TERM AS MAYOR?>>ACTUALLY, WE SAW JOB GROWTH IN MANY PLACES AND, AGAIN, THAT’S A POSITIVE. WE WANTED THAT JOB GROWTH. >>BUT A LOT FROM AMAZON. >>SURE. IT’S A LOT FROM AMAZON.>>AMAZON’S GROWTH IN SEATTLE HAS BEEN GOOD FOR BUSINESS, BEEN GOOD FOR THE FLOWER SHOP, THE BARBERSHOP. THERE’S A RIPPLE EFFECT THAT CREATES ECONOMIC OPPORTUNITY FOR OTHERS.>>OPPORTUNITY, HOWEVER, NOT SHARED BY ALL.>>IT’S GREATLY IMPACTED THE COST OF LIVING WITH RENT. ESPECIALLY. PUSHING PEOPLE OUT, ESPECIALLY FROM NEIGHBORHOODS LIKE THIS. >>FROM A BUSINESS POINT OF VIEW, I REALIZED THE WHEELS OF PROGRESS HAVE TO KEEP TURNING. ON THE OTHER SIDE, IT DOES NOT MAKE THE PEOPLE WHO ARE BEING PUSHED OUT FEEL VERY GOOD ABOUT IT.>>GOT A BIG IMBALANCE IN SEATTLE BETWEEN THE NUMBER OF JOBS THAT WE’VE CREATED AND WELCOMED HERE AND THE AMOUNT OF HOUSING THAT WE BUILT SO WHEN YOU HAVE THAT IMBALANCE, YOU’RE GOING TO GET AN AFFORDABILITY CRISIS. WE HAVE ONE TODAY IN SEATTLE. >>SINCE 2010, THE NUMBER OF HOMELESS IN SEATTLE HAS INCREASED NEARLY 34%. TO ADDRESS THE CRISIS, THE CITY COUNCIL PROPOSED A HEAD TAX IN 2017 THAT WOULD TAX SEATTLE’S BIGGEST COMPANIES $275 PER EMPLOYEE. BUT HEAVY RESISTANCE FROM AMAZON AND THE SEATTLE BUSINESS COMMUNITY LED THAT SAME CITY COUNCIL TO REVERSE ITS DECISION. ULTIMATELY KILLING THE FUNDING MEASURE.>>I WOULD SAY THAT, YOU KNOW, THINGS LIKE THE HEAD TAX IN SEATTLE I THINK ARE SUPER DANGEROUS FOR CITIES TO IMPLEMENT. >>THEY FOUGHT IT. >>THEY FOUGHT IT HARD. AND THEY WON.>>IT IS NO SURPRISE TO ME THAT AMAZON — >>COUNCIL MEMBER. >>SAWANT IS A CITY COUNCIL MEMBER AND ONE OF THE FEW ELECTED SOCIALISTS IN THE COUNTRY. SHE WAS A LEADING VOICE IN THE MOVEMENT TO PASS SEATTLE’S MINIMUM WAGE INCREASE INPAY! AMAZON HAS GOT TO PAY! IT’S VERY CLEAR TO ORDINARY PEOPLE IN SEATTLE THAT WE NEED A TAX ON BIG BUSINESS LIKE AMAZON. BIG BUSINESS, BIG TECH, BIG DEVELOPERS, MAKE ALL THE PROFITS AND ARE MAKING LIFE UNLIVABLE FOR THE REST OF US IN THIS CITY.>>DO YOU THINK AMAZON’S DONE ENOUGH TO CUSHION THE IMPACT OF ITS GROWTH ON HOME PRICES IN SEATTLE?>>WELL, FIRST OF ALL, OUR OBJECTIVE WAS TO TAKE CARE OF CUSTOMERS SO IF WE’VE BEEN SUCCESSFUL AT THAT, WHICH MEANS WE’VE NEEDED TO HIGHER MORE EMPLOYEES AND BUILD OUT OUR HEADQUARTERS, THAT’S A GOOD THING. IT’S NOT LIKE WE BUILT THIS HEADQUARTERS UNDER A SHROUD AND RIPPED IT OFF AND SAID, YOU KNOW, TA-DA. THIS WAS BUILT OVER YEARS. SO THE COMMUNITY HAD THE TIME WITH US TO, YOU KNOW, TO PLAN FOR THIS GROWTH. I BELIEVE THAT WE’LL — THE CITY OF SEATTLE WORKING WITH US, WE’LL GET THIS RIGHT. WE WANT TO BE A GREAT CORPORATE CITIZEN.>>IN ADDITION TO MARY’S PLACE, A PERMANENT HOMELESS SHELTER SET TO OPEN INSIDE ONE OF AMAZON’S NEW BUILDINGS, AMAZON ANNOUNCED $8 MILLION MORE IN DONATIONS TO HOMELESS CHARITIES. STILL, SOME SAY, FOR ONE OF THE RICHEST COMPANIES IN THE WORLD, IT NEEDS TO DO MORE.>>THEY ARE GOING TO DO WHAT THEY WANT FOR THEIR BOTTOM LINE. IF YOU WANT SOMETHING THAT IS SOCIALLY BENEFICIAL, WE ARE GOING TO HAVE TO FIGHT FOR IT AS ORDINARY PEOPLE. LOOK AT WHAT HAPPENED IN NEW YORK CITY. >>IN THE FALL OF 2017, AMAZON DECIDED IT WANTED A NEW PLACE TO CALL HOME. A SECOND NORTH AMERICAN HEADQUARTERS. AND IN TYPICAL JEFF BEZOS FASHION, THEY WEREN’T JUST GOING TO PICK A CITY LIKE MOST COMPANIES. AMAZON WOULD HOLD A YEAR-LONG COMPETITION BUT THE SEEMINGLY IRRESISTIBLE PRIZE, AMAZON’S HQ2 AND THE POTENTIAL FOR 50,000 NEW JOBS. >>MUCH LIKE AMAZON, LAS VEGAS IS TRULY UNIQUE.>>AFTER A 14-MONTH SEARCH AND MORE THAN 200 BIDS FROM CITIES ACROSS THE COUNTRY — >>NEW YORK AND VIRGINIA WERE THE BIG WINNERS OF THE AMAZON HQ2 HUNGER GAMES. >>EYE-POPPING INCENTIVES FOR AMAZON INCLUDING A HELIPAD AT ITS PLANNED NEW YORK LOCATION.>>AMAZON HAS GOT TO GO!>>BUT IN QUEENS, NEW YORK, THE WINNERS HIGH WORE OFF QUICKLY. DAYS AFTER THE ANNOUNCEMENT, VOCAL RESIDENTS, UNION AND COMMUNITY LEADERS, LED PROTESTS OVER THE $3 BILLION TAX BREAK FOR THEIR NEW NEIGHBOR. >>WE’RE NEW YORKERS. YOU CAN’T WALK ALL OVER US.>>BECAUSE OF THE NOISE FROM LAWMAKERS, AMAZON KIND OF DECIDED TO TURN THE CAR AROUND. THAT IT WASN’T WORTH THIS FIGHT.>>THREE MONTHS LATER, AMAZON ABRUPTLY CANCELED ITS PLANS FOR NEW YORK’S HQ2.>>WE GOT A CALL THIS MORNING SAYING WE’RE TAKING OUR BALL AND WE’RE GOING HOME. I’VE NEVER SEEN ANYTHING LIKE IT.>>THINK IT’S INCREDIBLE. I MEAN, IT SHOWS THAT EVERYDAY AMERICANS STILL HAVE THE POWER TO ORGANIZE AND FIGHT FOR THEIR COMMUNITIES.>>I THINK IT’S A BIG LOSS FOR NEW YORK CITY.>>I THINK IF ANYTHING, AMAZON CAME AWAY LOOKING EVEN MORE POWERFUL. THEY WERE ABLE TO SAY NO TO NEW YORK CITY.>>PLUS, AMAZON WASN’T FEXACTLY WALKING AWAY EMPTY HANDED. >>THEY NOW HAVE ACCESS TO SOME — >>ALL THIS DATA. >>ALL THIS DATA. >>FRISCO IS PRIME TO HAVE YOU.>>THERE ARE OVER 200 CITIES ACROSS THE COUNTRY THAT BID ON THE HQ2, AND THEY PUT TOGETHER THESE BIG PACKAGES OF ALL OF THIS INFORMATION. THINGS LIKE WHERE ARE FUTURE INFRASTRUCTURE INVESTMENTS GOING TO GO, WHAT’S THE DISTRIBUTION OF OUR POPULATION THAT HAS DIFFERENT KINDS OF EDUCATION DEGREES? SO NOW AMAZON HAS THIS INFORMATION ABOUT ALL OF THESE DIFFERENT CITIES AND IT’S GOING TO PUT THAT TO REALLY PRODIGIOUS USE IN THE COMING YEARS AS IT THINKS ABOUT WHERE TO PUT A NEW WAREHOUSE OR NEW OFFICE OR RETAIL STORE. NO ONE ELSE HAS THAT.>>R. >>>COMING UP — >>I WISH THEM LUCK. IT’S GOING TO BE A BEAUTY.>>AMAZON, JEFF BEZOS, AND THE OTHER WASHINGTON.>>I THINK OWNERSHIP OF THE POST HAS RISKS FOR>>>IT WAS 2013 AND ONE OF THE COUNTRY’S LEADING NEWSPAPERS WAS IN SERIOUS TROUBLE.>>THE 2008 FINANCIAL CRISIS WAS DEVASTATING. WE’D BEEN THROUGH A LOT OF RECESSIONS, BUT WE’D NEVER SEEN ANYTHING LIKE THIS.>>THE “WASHINGTON POST” HAD BEEN OWNED BY THE GRAHAM FAMILY SINCE 1933 BUT NOW IT WAS STRUGGLING TO SURVIVE.>>I WAS TRYING TO FIGURE OUT HOW A NEWSPAPER THAT HAD BEEN SUCCESSFUL IN PRINT COULD BE SUCCESSFUL IN THE DIGITAL WORLD.>>SO DON GRAHAM, CHAIRMAN OF THE “POST” AT THE TIME, TALKED TO EVERYONE HE COULD IN SILICON VALLEY. >>I TALKED TO STEVE JOBS. I TALKED TO GATES. I TALKED TO MARK ZUCKERBERG. I TALKED TO THE FOUNDERS OF GOOGLE. I TALKED TO JEFF. OVER AND OVER AGAIN. I REMEMBER THAT IT WAS SMART, SENSIBLE, AND NOT FULL OF HIMSELF.>>BEZOS CAME WITH THE INFLUENTIAL ENDORSEMENT OF WARREN BUFF FET.>>WARREN AT THAT TIME WAS ON OUR BOARD. WARREN SAID JEFF BEZOS IS THE BEST C EO IN THE UNITED STATES. >>REALLY?>>YAERNGS. YEAH. >>GRAHAM MADE AN OFFER AND BEZOS TOOK IT. >>IN A SURPRISE MOVE THE “WASHINGTON POST” IS BEING SOLD TO THE FOUNDER AND CEO OF AMAZON.COM, JEFF BEZOS. >>IT THE NEWSPAPER IN THE CAPITAL CITY OF THE MOST IMPORTANT COUNTRY IN THE WORLD. THE “WASHINGTON POST” HAS AN INCREDIBLY IMPORTANT ROLE TO PLAY IN THIS DEMOCRACY. I KNOW THAT WHEN I’M 90, IT’S GOING TO BE ONE OF THE THINGS I’M MOST PROUD OF.>>BUT SKEPTICS WONDERED IF BEZOS HAD A DIFFERENT STRATEGY AT PLAY.>>I THINK HIS INTENTIONS ARE GOOD. REPUBLICAN BILLIONAIRES BUY FOOTBALL TEAMS. DEMOCRATIC BILLIONAIRES BUY NEWSPAPER. IT’S ALSO A PRETTY DIFFERENT HEAT SHIELD , IF A LIBERAL NEWSPAPER IS NOT IF FAVOR OF ANTITRUST AGAINST BEZOS, IT’S JUST A FANTASTIC WAY TO PUT SHEEP’S CLOTHING AROUND A WOLF.>>AND OVER THE NEXT FIVE YEARS, BEZOS INVESTED EVEN MORE IN THE NATION’S CAPITAL. PURCHASING THE LARGEST HOME IN THE CITY. CHOOSING ITS SUBURBS FOR AMAZON’S SECOND HEADQUARTERS. AND SPENDING MORE ON LOBBYING THAN ANY OTHER TECH COMPANY SO FAR THIS YEAR.>>AMAZON IS ONE OF THE SINGLE MOST INFLUENTIAL COMPANIES IN WASHINGTON. >>DO YOU THINK OWNING THE “WASHINGTON POST” HAS GIVEN BEZOS MORE CLOUT AMONG THE POLITICAL CLASS HERE IN WASHINGTON?>>NO. AS THE OWNER OF AMAZON, JEFF COULD HARDLY HAVE MORE CLOUT IF HE WANTED TO EXERCISE IT. BUT I SEE NO EVIDENCE THAT JEFF IS USING THE “WASHINGTON POST” TO ADVANCE ANY POLITICAL INTEREST.>>AND CURRENT EXECUTIVES AT THE “POST” HAVE STATED REPEATEDLY THAT BEZOS IS NOT INVOLVED IN ANY EDITORIAL DECISIONS. HAS IT EVER BEEN A CONCERN FOR YOU AT ALL THAT THE INTEREST OF AMAZON COULD HAVE MOTIVATED THE PURCHASE OF THE “POST”?>>I SUPPOSE THAT’S POSSIBLE BUT I THINK OWNERSHIP OF THE “POST” HAS RISKS FOR AMAZON AS WELL AS BENEFITS. THE RISK IS THAT WHEN THE “POST” WRITES A NEGATIVE ARTICLE ABOUT A POLITICIAN, ABOUT A GOVERNMENT, IT CAN MAKE PEOPLE UNHAPPY.>>I THINK THE “WASHINGTON POST” IS A RUSSIAN ASSET. IT’S PUT THERE FOR THE BENEFIT, THE “WASHINGTON POST,” OF AMAZON. THAT’S MY OPINION AND I THINK IT’S A DISGRACE. >>PRESIDENT TRUMP HAS MADE A HABIT OF HURLING UNSUBSTANTIATED ALLEGATIONS AT AMAZON AND BEZOS ON TWITTER. ACCUSING HIM OF LOBBYING THROUGH THE “WASHINGTON POST.” CALLING THE PAPER “FAKE NEWS” AND CLAIMING AMAZON IS SCAMMING THE U.S. POSTAL SERVICE. WHAT STARTED THE BEEF BETWEEN PRESIDENT TRUMP AND JEFF BEZOS?>>I THINK FUNDAMENTALLY THIS IS ABOUT THE “WASHINGTON POST,” IT’S A VERY INFLUENTIAL NEWSPAPER. IT’S A PAPER THAT COVERS TRUMP VERY CRITICALLY, AND RIGHTLY SO. AS A RESULT, TRUMP LASHES OUT. >>I HAVE SEEN OTHER PRESIDENTS DO THE SAME THING.>>FROM NOW ON, NO REPORTER FROM THE “WASHINGTON POST” IS EVER TO BE IN THE WHITE HOUSE. IS THAT CLEAR?>>THERE WAS A MAN NAMED RICHARD M. NIXON WHO WAS VERY DIRECT AND VERY PERSONAL IN WHAT HE FELT ABOUT THE “WASHINGTON POST” SO PRESIDENT TRUMP IS DOING WHAT AN AWFUL LOT OF POLITICIANS HAVE DONE OVER THE YEARS.>>EARLIER THIS YEAR TRUMP ALSO TOOK AIM AT BEZOS’ PERSONAL LIFE AFTER THE “NATIONAL ENQUIRER” LEAKED REVEALING TEXT MESSAGES BETWEEN BEZOS AND THE WOMAN HE WAS SAYING ONE DAY AFTER HE’D ANNOUNCED HIS SEPARATION FROM HIS WIFE, MACKENZIE. PRESIDENT TRUMP WEIGHED IN. >>I WISH HIM LUCK. IT’S GOING TO BE A BEAUTY.>>BEZOS WROTE IN A MEDIUM POST THAT HE SUSPECTED POLITICS MIGHT BE IN PLAY IN THE “INQENQUIRER” REPORTING. >>HE WANTED TO SAY SO. THE “ENQUIRER” AIM TO HIM AND SAID WE HAVE ALL THESE PHOTOS AND COULD SHARE IT UNLESS YOU STOP ACCUSING US OF POLITICAL MOTIVATIONS TO THE MAGAZINE WANTED TO SHUT BEZOS UP. >>BUT INSTEAD BEZOS RELEASED EMAILS FROM THE “ENQUIRER” TO HIS TEAM AND ACCUSED THEM OF BLACKMAIL ANDERS TORSION.>>I WAS SHOCKED. I THINK A LOT OF PEOPLE AROUND HIM WERE SHOCKED. THIS IS NOT SOMEONE WHOSE PERSONAL LIFE HAD DRAWN A LOT OF ATTENTION. >>NO. >>A SITUATION THAT WAS EXTRAORDINARY. >>IN A STATEMENT, THE TABLOID TOLD CNN, “THE NATIONAL ENQUIRER” ACTED LAWFULLY AND STANDS BY THE RACKSY OF OUR REPORTING.”>>TO THIS DAY IT’S STILL A MYSTERY ABOUT EXACTLY WHAT HAPPENED WITH THE “INQENQUIRER””>>YET THE SCANDAL PLACED BEZOS IN AN ENTIRELY NEW LIGHT. >>I THINK HE THOUGHT AND PROBABLY BELIEVED PRETTY STRONGLY THAT HE WAS DOING THE RIGHT THING. BY CONFRONTING THIS — THIS ABUSIVE MEDIA POWER. >>I THINK IT WAS HANDLED BRILLIANTLY. I THINK THERE’S A RESERVOIR OF GOOD WILL TOWARD JEFF BEZOS BECAUSE HE’S BEEN SEEN AS A RESPONSIBLE STEWARD OF THE “WASHINGTON POST.” I THINK HIS PERSONAL REPUTATION HAS PROBABLY NEVER BEEN STRONGER. >>THE “MEDIUM” POST THAT SURPRISED EVERYONE WITH VERY SERIOUS ALLEGATIONS OF BLA BLACKMAIL. I’M INTERESTED IF THAT HAS AFFECTED AMAZON AT ALL OR CHANGED AT ALL HOW HE LEADS AMAZON. >>IT HASN’T CHANGED HOW HE LEADS. JEFF IS AS ENGAGED AS HE’S BEEN FOR YEARS. THIS IDEAS ARE JUST AS CLEVER. I WATCHED HIM GIVE MESSAGES TO OUR TEAMS, ALL-HANDS MEETINGS, SMALLER GROUP MESSAGES, THE MESSAGES ARE SPOT-ON. HE’S THE SAME JEFF I WORKED ALONGSIDE FOR 20 YEARS AND I HOPE HE STAYS THE SAME JEFF.>>>COMING UP, THE FUTURE OF AMAZON. IT’S PLAUSIBLE THAT AMAZON WILL PRETTY SOON KNOW YOU BETTER THAN YOUR SPOUSE DOES, BETTER THAN YOUR KIDS DO, BETTER THAN YOU KNOW YOURSELF.>>>TEN, NINE, EIGHT, SEVEN, SIX, FIVE, FOUR, COMMAND START. >>IN 2015 — >>ENGINE RUNNING. >>– JEFF BEZOS TOOK A GIANT LEAP INTO A NEW FRONTIER. >>AND LIFTOFF.>>JEFF BEZOS RECENTLY SAID THAT BLUE ORIGIN, HIS SPACE VENTURE, IS THE MOST IMPORTANT THING HE’S WORKING ON. WHY?>>BECAUSE I THINK HE THINKS OF IT AS A LONG-TERM SOLUTION FOR HUMANITY’S BIGGEST PROBLEMS.>>IT’S TIME TO GO BACK TO THE MOON, THIS TIME TO STAY.>>BEZOS NOW SPENDING A BILLION DOLLARS A YEAR OF HIS OWN MONEY EXPLORING SPACE. AND WHILE HIS ROCKET SHIPS DON’T SAY “AMAZON” TODAY, THAT MAY CHANGE SOONER THAN WE THINK. >>AND LIFTOFF.>>THINK WE’LL EVER HAVE AMAZON FULFILLMENT CENTERS ON THE MOON?>>THAT’S A VERY GOOD QUESTION.>>AMAZON RECENTLY WON A PATENT FOR A FLOATING WAREHOUSE THAT COULD STORE DRONES 45,000 FEET INTO SPACE. ONE OF MANY STRANGER THAN FICTION IDEAS AMAZON HAS IN THE WORKS.>>THEY’RE DEEP IN RESEARCH NOW ON RECOGNIZING NOT ONLY WHO YOU ARE BUT WHAT YOU ARE IN THAT MOMENT IN TIME.>>ACCORDING TO “BLOOMBERG,” AMAZON IS WORKING ON A WEARABLE DEVICE THAT CAN READ HUMAN EMOTIONS.>>VOICE PROFILES GIVE YOU THE ABILITY TO TEACH ALEXA YOUR VOICE. >>USING A BASELINE OF YOUR BIOMETRICS — >>ALEXA, CLOSE THE SHADES, PLEASE. >>YOU KNOW, ARE YOU DEPRESSED?>>ALEXA, TELL ROOMBA TO START CLEANING. >>ARE YOU HAPPY? ARE YOU MANIC? HAVE YOU HAD A STROKE AND DON’T REALIZE IT YET? DO YOU HAVE EARLY ONSET PARK PARKINSON’S?>>ALEXA, TURN THE TV ON. >>THIS IS ALL DISCOVERABLE IF THERE’S A BIG ENOUGH DATABASE OF YOUR VOICE. >>ALEXA, TELL MY COFFEE MACHINE TO PREPARE — >>HEALTH CARE IS CLEARLY IN THE NEXT BIG BUSINESS THEY WANT TO OFFER. THEY ACQUIRED THIS COMPANY CALLED PILLPACK WHICH DISTRIBUTES DRUGS. >>IT’S YOUR MEDICATION MADE EASY. >>THEY’RE WORKING ON WAYS TO TURN ALEXA INTO A DOCTOR IN YOUR HOME. >>IT’S FLAPLAUSIBLE THAT AMAZOR ANY OF THE OTHER BIG TECH COMPANIES WILL PRETTY SOON KNOW YOU BETTER THAN YOUR SPOUSE DOES, BETTER THAN YOUR KIDS OR PARENTS DO, BETTER THAN YOU KNOW YOURSELF. OR YOU’RE WILLING TO ADMIT.>>AMAZON KNOWS OUR FOOD INTAKE. ITLONG-AWAITED DRONE DELIVERY SYSTEM.>>YOU HAVE TO BE REALLY GOOD AT THIS SO CUSTOMER CAN TRUST IT COMPLETELY. REGULATORS CAN TRUST — >>RYOU HAVE TO MAKE THE DRONES EVEN SMARTER. >>YES . 60% TO 080% OF THE ITEMS WE SHI COULD BE SHIPPED BY THE DRONES WE’RE WORKING ON. >>ALL OF THAT CONVENIENCE, EXPERTS SAY, COULD COME AT EXPONENTIALLY HIGHER COST TO OUR PRIVACY. IN THE CASE, FOR EXAMPLE, OF AMAZON, AMAZON HAS INCREDIBLY POWERFUL IMAGE RECOGNITION TECHNOLOGY.>>PEOPLE REALLY LOVE THIS IMAGE RECOGNITION SERVICE. >>AT THE MOMENT, WE DON’T HAVE ANY CASELAW THAT ANSWERS THE QUESTION, WHO OWNS YOUR FACE?>>YET, AMAZON’S FACIAL RECOGNITION SOFTWARE IS ALREADY BEING USED BY LAW ENFORCEMENT ACROSS THE COUNTRY. DRAWING CRITICISM FROM THE ACLU.>>LET’S THINK ABOUT WHAT THOSE POWERS COL ERS COULD MEAN IN TH OF THE GOVERNMENT. >>AND AMAZON’S OWN EMPLOYEES WHO SAY THE POWERFUL TECHNOLOGY MUST BE CAREFULLY REGULATED BEFORE IT’S PUT TO BROAD USE. >>YOU HAVE BEEN PRETTY OPEN ABOUT THE FACT THAT THIS IS A SERVICE THAT COULD DO HARM, IN YOUR WORDS. THERE HAVE BEEN CONCERNS ABOUT RACIAL AND GENDER DISCRIMINATION. HOW DO YOU PROTECT AGAINST THAT?>>WE GIVE PRETTY CLEAR GUIDANCE TO THE LAW ENFORCEMENT AGENCIES THAT THEY SHOULD ONLY USE THE PREDICTIONS THAT COME BACK FROM OUR FACIAL RECOGNITION TECHNOLOGY IF THEY HAVE CONFIDENCE LEVELS OF AT LEAST 99% AND THEN ONLY AS ONE ALMOST OF A HUMAN-DRIVEN DECISION, BUT I ALSO UNDERSTAND WHY PEOPLE ARE CONCERNED AND I ALSO THINK THAT IT’S VERY REASONABLE FOR GOVERNMENTS TO PUT REGULATIONS IN PLACE THAT PROVIDE EXTRA GUIDELINES FOR HOW THE TECHNOLOGY SHOULD BE USED.>>BUT WHAT IF THE PROBLEM IS NOT THE USER BUT THE ARTIFICIAL INTELLIGENCE TAKING OVER ALL OF BIG TECH AND ITS POTENTIAL FOR BIAS? WOMEN OF COLOR ARE FAR MORE LIKELY TO HAVE THE SECONDARY SCREENING AT AN AIRPORT THAN MEN OR CAUCASIAN WOMEN BECAUSE YOU LOOK LIKE AN ANOMALY TO A SYSTEM THAT FOR THE MOST PART WAS BUILT BY A WHOLE BUNCH OF PEOPLE WHO MAYBE AREN’T RACIST BUT NEVER OCCURRED TO THEM — >>A WHOLE BUNCH OF WHITE MEN. >>CORRECT.>>ONE REASON ANOTHER TECH GIANT, GOOGLE, HAS BEEN HESITANT TO BRING THIS TECHNOLOGY TO MARKET SO SWIFTLY. GOOGLE HAS CHOSEN, AT LEAST FOR NOW, NOT TO SELL FACIAL RECOGNITION TECHNOLOGIES WHILE YOUR COMPETITORS LIKE AMAZON ARE MOVING FULL STEAM AHEAD.>>WE REALIZE THERE ARE POTENTIAL CASES IN WHICH THERE ISN’T A CLEAR REGULATORY FRAMEWORK AROUND HOW TECHNOLOGY CAN BE USED. THAT GIVES US PAUSE.>>AS OPPOSED TO SOME COMPANIES WHO ARE BACKING AWAY FROM SUPPORTING THE GOVERNMENT, WE ARE UNWAVERING IN OUR SUPPORT TO SERVE GOVERNMENT.>>IS IT WORTH TO GIVEN WHAT AMAZON HAS BROUGHT TO THE WORLD?>>SO THE QUESTION IS IS AMAZON A NET GOOD? 100% YES, BUT THE PROBLEM IS THE WORD, “NET.” FOSSIL FUELS ARE A NET POSITIVE FOR SOCIETY BUT WE STILL HAVE EMISSION STANDARDS. PESTICIDES ARE A NET POSITIVE FOR US BUT WE STILL HAVE AN FDA. AMAZON HAS BEEN A NET POSITIVE. DOES THAT MEAN THEY SHOULDN’T BE BROKEN UP WHEN THEY BECOME NONCOMPETITIVE? THEY SHOULD BE BROKEN UP. >>I WOULD ARGUE IF YOU FORCE THE COMPANIES TO BREAK APART, YOU COULD SAY THAT THAT’S A NATIONAL SECURITY ISSUE BECAUSE, QUITE FRANKLY, WE ALL RELY ON THESE COMPANIES. WE NEED AMAZON. WE NEED GOOGLE. WE NEED APPLE. WE NEED MICROSOFT. SO THE QUESTION IS, WHERE DO WE GO FROM HERE?>>MY HAVE ON THIS IS VERY SIMPLE, ALL BIG INSTITUTIONS OF ANY KIND ARE GOING TO BE AND SHOULD BE SCRUTINIZED EXAMINED, SCRUTINIZED. >>WE HAVE CUSTOMERS TO SERVE. >>5 25 YEAR SINCE THE AGE OF AMAZON GONE, BEZOS’ BOOKSTORE IS A NATIONAL INSTITUTION AND SCRUTINY IS EXACTLY WHAT IT’S GETTING. >>YOU’RE TELLING US, SIR, UNDER OATH, AMAZON DOES NOT USE ANY OF THAT DATA TO FAVOR AMAZON PRODUCTS?>>FROM ITS EVER-EXPANDING SIZE TO ITS IMPACT ON THE PLANET. YET, NOTHING IS SLOWING AMAZON DOWN. IS IT UNPARALLELED?>>THERE ARE ONLY A HANDFUL OF SO MANY THINGS HAVE GROWN LIKE THIS AND BEEN IN SO MANY BUSINESSES, INVENTED SO MANY THINGS AND INVENTED THEIR OWN TECHNOLOGY TO ACCOMPLISH WHAT THEY WANTED TO DO. >>YEAH. >>STILL A GROWING MACHINE.>>JEFF BEZOS IS A VISIONARY AND YOU CAN QUESTION WHETHER OR NOT EVERY DECISION BEING MADE IS THE RIGHT ONE FOR WHAT’S IN THE BEST INTEREST OF HUMANITY, BUT I CANNOT THINK OF VERY MANY OTHER PEOPLE ALIVE TODAY OR IN RECENT HISTORY THAT ARE AS CAPABLE AND AS GIFTED IN LONG-RANGE THINKING AS BEZOS IS.>>WE’RE NOW BIG ENOUGH TO HURT THIS PLANET. WE HAVE TO USE THE RESOURCES OF SPACE. WHEN THAT IS POSSIBLE, WHEN THE INFRASTRUCTURE IS IN PLACE, JUST AS IT WAS FOR ME IN 1994 TO START AMAZON, YOU WILL SEE AMAZING THINGS HAPPEN. AND IT WILL HAPPEN FAST. I GUARANTEE IT. ♪>>>THIS IS “CNN TONIGHT.” I’M LAURA COATES IN FOR DON LEMON AND TONIGHT, PRESIDENT TRUMP’S WRAP WRAPPING UP HIS ATTACKS ON CONGRES

Building An Amazon Business


I’m just off to Australia to speak to a bunch of
200 Amazon entrepreneurs, and I’m going to talk to them about being everywhere online, and why it’s so important for them to build a personal brand. A lot of people who
are attracted to Amazon entrepreneurship are
quite mechanicky types, I think is the best way to describe them. People who are very good at detail because you have to be, to be successful on Amazon. And so, the problem with
those kind of people is they’re generally speaking, not very keen to get
in front of the camera. And so, they’ll be a good
proportion of the 200 audience who won’t want to do the be
everywhere online system, and who won’t want to get
in front of the camera. So what would I give them
as advise for if they think they’ve got a
face for radio instead? I would say for them to
start a podcast instead because if you don’t want to
sit in front of the camera and talk to the cameras,
as if it’s one person, your best friend, like I can, then the best way to go
is to have a podcast. Now if you’ve got a
product or service that’s quite boring, some people come up to me and tell me their product or service is quite boring, then how can you make
a podcast out of that? Well, you can interview people who your ideal customer or client would be interested in hearing from, and it doesn’t have to be all
about you and your product and service at all. I know someone who is an accountant, who has accounting software, and who works with people online on their accounts bookkeeping. And they run a very successful podcast by interviewing the kind of people that their ideal client would be interested in. So if you don’t have a face for TV, but you might have a face for radio, then that’s the way to go. Start a podcast. (slow instrumental music)

Is Amazon Too Big?


This video is sponsored by Brilliant! The first 200 to use the link in the description
get 20% off the annual subscription. Elizabeth Warren wants to break up Amazon,
Facebook, Google, and Apple. The argument goes, roughly, like this: Tech
companies have gotten really big, really fast. And they’ve abused that power by favoring
their own products over their competitors. Therefore, once a company reaches a certain
size, it shouldn’t be allowed to own both the products and the platform on which they’re
sold. In English, Amazon can’t sell the Kindle
on its own website, and Apple has to pick between owning Music and iMovie and News or
the App Store itself. Now, whether Warren is 100% serious or mostly
just generating publicity for her presidential campaign, she isn’t alone. This is only the latest part of a much bigger
movement. We’re at an inflection point in history,
where new, fast, Silicon Valley is crashing in to slow, old, government. Everywhere, all at once, the power and influence
of big tech companies are being questioned: Google was recently fined $1.7 billion in
Europe for being anticompetitive. Sprint is trying to merge with T-Mobile, despite
significant push back. Facebook has, well, continued to be Facebook. And Spotify has launched an all-out attack
against Apple for what it claims is unfair treatment. So, who’s right – Apple or Spotify? Google, or the EU? Facebook, or, literally everyone else? First, we need to understand why these companies
have such a huge advantage. And how, in just a few years, Amazon went
from being synonymous with “cheap, convenient shopping”, to a scary, political, nebulous
Walmart-like mega-corporation. Let’s say you wanna start a grocery store. Maybe you know a little bit about merchandising. Maybe you come from a long line of grocers
so selling produce is just in your blood. The other kids were playing with fire trucks
and trains but you, you were daydreaming about the retail implications of The Engel Curve. Anyway, the bad news is that the grocery business
sucks. Like, famously so. If you’re lucky, you might manage a profit
margin of 3%. Unless you have some revolutionary way of
arranging bananas on the shelf, you’re just one of a thousand stores, which customers
have no special loyalty towards. You don’t see a lot of “Proud mother of
a Safeway shopper” bumper stickers. But – there is money to be made at the very,
very top. If you can become a Kroger, or a Whole Foods,
or Trader Joe’s, well, that’s a different story. The trick is surviving long enough that you
sell lots of things, so you can, (a), turn around to the companies making those things
and say “Hey, we’d like to buy 3,000 stores worth of your bananas, can you make us a deal?”, and, (b), cut out the middle man by creating
your own generic brand. With size comes leverage, which lets you buy
cheaper, and, ultimately, make more money. But, again, the problem is getting there. Competing with established companies in any
industry usually means losing a lot of money for a long time with only the hope of making
it back in the future. But don’t give up on your dream quite yet. Here’s an idea: Forget groceries for now,
let’s just find some way of making money. Like, I don’t know, selling cloud storage
to enterprise customers! It’s a good business, no one else is doing
it very well, and, in a few years, you’ll have so much money, you can come back to your
dream of starting a grocery store. What does cloud storage have to do with selling
grapes? Is that really the most exciting thing you
could be doing? Pretty much nothing and probably not. But who cares! Money is money, and as long as it makes more
than the grocery store loses, you can afford to slowly grow it into an empire, even while
it isn’t yet profitable. This, if you haven’t noticed, is my very
crude way of describing Amazon. It started as a book company, but Bezos had
no special love for books. That was always just a good way of generating
capital for his real dream. Today, books are a footnote. The new distraction is called Amazon Web Services
– AWS. If you’re already familiar, bear with me
for a sec. A few videos back I said:>A thousand downloads
don’t cost any more than one. Scale is (nearly) unlimited. My point was: it’s a whole lot easier to
sell a thousand note-taking apps than it is a thousand actual notebooks because software
is made of bits, and bits don’t cost money. Which, is mostly true in that context, but,
not totally accurate in practice. Consider the scale at which some companies
operate: Out of all the bandwidth, from every phone
and every computer, in every country, 15% is just people watching Netflix. 15%! Even Uber, which, in theory just connects
the nearest driver to the nearest rider, stores over 100 petabytes of data – or 100,000,000
GB. It also fluctuates dramatically. Every startup dreams of hitting the front
page of Reddit, Unless you’re the engineer, in which case you have a heart attack trying
to keep up with such a huge spike in views. Companies, and, especially, startups with
limited budgets, have a tough choice: Either buy too much capacity, Or save money
and hope they don’t get too popular. At least, until AWS. Amazon realized it could solve this problem
with a service: Only pay for what you actually use. If your business suddenly explodes in popularity,
no problem, just pay a little more. Turn the handle for more data, as you would
water or electricity. Amazon takes care of the rest, the same way
we outsource building windmills to electric companies. Now, if we look at its total revenue, and
then divide it by source, it’s pretty much what you’d expect: Amazon is mostly an online
store and you’re probably wondering why we’re talking so much about AWS. But what about its income? Where is it actually making a profit? This is where it gets interesting. Now, Amazon looks like a cloud storage company
with an online retail business on the side. In the 4th quarter of 2018, AWS accounted
for 58% of the company’s operating income. It alone made more money than McDonalds. So, yeah, it sells lots of USB cables and
bananas, but that’s not where the money is. AWS is camouflage. It makes the company look good overall and
conceals how much money it loses. One business subsidizes another. And this is where it gets tricky. Because, if you’re one of the other grocery
stores, you’re thinking “This isn’t really fair – how can we compete with someone
who doesn’t even need to make a profit?” Safeway and Publix don’t have a $25 billion
a year cloud storage businesses. When they sell bananas, they have to, like,
ya know, make money. This is how, one after another, Amazon enters
and dominates a new industry. It plays by a fundamentally different set
of rules. Turns out it’s a whole lot easier when you’re
not super worried about the whole profit thing. Of course, predatory pricing, when a company
lowers its prices to starve out the competition, isn’t a new idea. But once they’ve done so, companies usually
raise their prices again – that’s the whole point. Amazon, on the other hand, has always kept
its prices low. It’s not playing the long game, it’s playing
the looooong game. Here’s it’s revenue, and here’s it’s
profit. The company touches more money than ever – it
just doesn’t keep it. Profit has stayed around 0 because it’s
more interested in growth. That’s the loophole. In this essay, researcher Lina Khan explains
how, since the ‘70s, antitrust law has used short-term prices to determine whether a company
is being anticompetitive. In other words, sure, Amazon is big, it’s
dominant, and it’s killing lots of competitors. But it’s prices are low, so it flies under
the radar. You might be thinking – so what? If a company uses its size to save you and
me money, isn’t that a good thing? But when products are subsidized, either by
another profitable business like AWS, or, Venture Capitalists burning money for the
sake of growth, they don’t have to compete on their own. Products win not because they’re the best
but because they’re funded by someone, or something, unrelated. For example, on iPhone, Apple has the Platform
Advantage. It controls which apps are allowed on the
App Store, and doesn’t have to give up 30% of its revenue or follow the same rules, as
everyone else. If you’re Clash of Clans, this may seem
like a relatively small price to pay for access to 1.3 billion users. For someone like Spotify, it’s a very different
story. Music streaming is the digital equivalent
of a grocery store – Spotify has such tiny margins that giving Apple 30% breaks the entire
business model. And even if Apple didn’t make a dime from
its Music or News apps, it might still offer them just to attract users to the iPhone. Spotify needs to make money, but Apple Music
just doesn’t. Apple’s apps, therefore, almost certainly
have more users than they “should”. Which is not saying they’re good or bad,
but that some number of people, maybe 1, maybe 1 million, use the service only because Apple
had an unfair advantage in putting it in front of them. Likewise, Amazon has the Platform Advantage
on its website. At some point it realized, hey, wait a second,
if we have all the data, and we control what people see, why on earth are we sending customers
to someone else’s product? So now it competes with its own sellers, on
everything from batteries to backpacks and keyboards. But wait, how is that different than any other
generic brand? Target has Up&Up, and Walmart, Great Value,
but no one’s complaining they have an unfair advantage. The difference is lock-in. It’s much easier to switch grocery stores
than it is between iPhone and Android. Companies like Facebook will always say “Look,
you chose to use our service, you chose to give us your information, didn’t you quit
your job, become a lawyer and read our 3,000-page terms of service?” But that’s not really true. We made one, unrelated choice, like buying
an iPhone or Android, which required that we make a bunch of other choices later on. Nobody knows what they’re getting into. And this will only happen more as companies
get even bigger. Amazon is an extreme example because AWS is
really profitable and groceries are really not, but entering new categories with the
resources you already have is kind of what a company is. You might start by making smartphones but
then use that money to sell refrigerators. Fast-forward a few years and now you sell
life insurance and container ships. Samsung is less a brand and more a Buy-N-Large,
E-Corp conglomerate. Like Amazon, it barely makes sense to think
of it as a single, unified company. One division sells parts for the iPhone. Another fiercely competes against that very
same device. Even Apple is moving in this direction. It may not be in the business of refrigerators,
but you now buy your iPhone with an Apple credit card, download Apple apps, back them
up on Apple’s cloud, and watch Apple-branded TV-shows. But there’s also a benefit to this integration. One of the bests feature of the iPhone is
that it’s all designed by one company, as one, coherent product. Because Apple owns both Music and iOS, they’re
easier to use, more convenient, and more powerful together. And because you have no choice but to use
Apple’s App Store, your phone is more secure and your data more private. Now, of course, you may disagree. For some, having more freedom might be worth
the trade-off for privacy and security. But that doesn’t diminish its value for
the rest of us. In other words, breaking up some of these
companies would actually mean a worse experience for you and me. And if your “consumer protection” proposal
makes our lives worse, it’s probably a bad one. The EU has shown – time and time and time
again – that governments can make technology worse simply because they don’t understand
it – even with the best intentions. So, what’s the solution? I don’t know. If anything, we’ve learned you should be
skeptical of any simple solution to a problem this big. Instead, here are some ideas: First, we need to expand the scope of what
qualifies as anticompetitive behavior. Low prices don’t mean the customer isn’t
being harmed. On the other hand, closed, locked-down markets
like the App Store aren’t necessarily always a bad thing. Second, we need to reexamine some mergers
and acquisitions. It happens all the time: An exciting young
startup gains some traction only to just be bought by a Google or an Amazon. Sometimes we never heard from it again. Founders are incentivized to sell their companies
– to the tune of billions of dollars. But society at large would be better off with
more competition. The key is balancing the benefit we all get
from the scale of companies like Amazon, with the drawbacks of their immense political and
economic power. Many of these ideas to break-up tech companies
are designed only to get headlines. But a real solution requires a deeper, mathematical
understanding of the problem, of the type you can learn on Brilliant.org. Their pitch is simple: Sure, you can spend
hours reading textbooks, but that’s not how most of us learn. We need examples, challenges, and pictures. Their courses on Science, Math, and Computer
Science are interactive and you can do the problems a few minutes at a time. Even if you’re just waiting in line, you
can quickly do one of their Daily Challenges. I just had to take a 17-hour flight, so I
was glad to see you can now download courses to use offline. Use the link in the description to sign up
for free. The first 200 people will get 20% off the
annual premium subscription so you can view all the Daily Challenges and take all their
problem-solving courses.

Amazon wants you to start a business to deliver its packages


new this morning a big announcement from Amazon the online retailers now giving people the chance to launch their own delivery service Amazon released the details overnight the program allows entrepreneurs the chance to lease vans and uniforms and deliver packages straight from the retailer the company says business owners will need to invest ten thousand dollars to get started but could end up making up to three hundred thousand dollars a year we know everybody’s shopping on Amazon all the time yeah I just bought Direct I just bought my first outfit off the Amazon I’m scared I get it tonight I’ll let you know if it worked out I’ll be waiting

Amazon employees protest on Prime Day in Minnesota


MELISSA: OKAY, GO AHEAD. PULL UP THERE FOR ME. WALKING OUT ON PRIME DAY. SUSAN LI IS ON LOCATION AT AN AMAZON FULFILL PLANE CENTER WHERE WORKERS ARE ON STRIKE. TELL ME ABOUT THAT. REPORTER: WE’RE HERE IN SHAKOPEE, 25 MINUTES FROM MINNEAPOLIS AT AN AMAZON FULFILLMENT CENTER. TWO DAYS OF PRIME DAY KICKED OFF. ALSO AN OPPORTUNE TIME FOR THESE WORKERS TO GET THEY’RE MESSAGE HEARD. WHAT MESSAGE THEY WANT TO SEND TO AMAZON IS ABOUT THE WORKER ENVIRONMENTS, THE PRODUCTIVITY QUOTAS IN PARTICULAR WHERE ONE WORKER WE SPOKE TO SAID SHE NEEDS TO FILL 600 BOXES IN 60 MINUTES, WHICH SHE CONTENDS IS HARD ON HER BODY PHYSICALLY AND STRESSFUL AS WELL. ANOTHER POINT THEY ARE CONTENDING WITH AMAZON, THEY WANT MORE FULL-TIME POSITIONS. RECENTLY THEY SAY AMAZON HAS BEEN HIRING MORE TEMPORARY STAFF. THEY WANT FULL-TIME JOBS THAT HAVE BENEFITS. THEY ARE NOT PROTESTING THE FACT IT IS ABOUT PAY BECAUSE AMAZON AS YOU KNOW MOVED UP THE MINIMUM WAGE TO $15 AN HOUR. THEY TOLD US HERE AT THIS FACILITY THE AVERAGE PAYS 16 TO DOLLARS WITH BENEFITS. WE CAUGHT UP WITH THE SENIOR SPOKESPERSON FOR AMAZON OPERATIONS, WE ASKED WHAT ABOUT THESE WORKERS, GOING ON STRIKE, WALKOUTS ON SIX HOURS ON PROBABLY ONE OF THE MOST BUSIEST DAYS FOR AMAZON? WILL THERE BE RETALIATION FROM THE COMPANY?>>WE HAVE ZERO TOLERANCE POLICY WHEN IT COMES TO RETALIATION. NO EMPLOYEE WILL FEEL THAT. WE RESPECT THEIR RIGHTS TO DO SO. WE ENCOURAGE THEM TO COME INSIDE AND HAVE CONVERSATIONS WITH US ON AREAS THAT THEY COMPETE FOR IMPROVEMENT BUT THE FACT THEY KNOW WE ALREADY PROVIDE GREAT WORKING CONDITIONS. IT IS, THIS IS ALL BEING CONJURED BY OUTSIDE ORGANIZATIONS WHO HAVE A BUSINESS CAUSE TO DEFAME AMAZON. REPORTER: AMAZON DID INVITE US IN. WE GOT THE FIRST LOOK INSIDE THE SHAKOPEE FULL TILLMENT CENTER ON TWO BUSY DAYS OF PRIME SALES. WE CAN’T SPEAK TO SPOKESPEOPLE ACCORDING TO ORGANIZERS. WE’LL GET MORE ACCESS TO THEM IN A BET. HEAR WHAT THEIR CONCERNS ARE. MELISSA: ASHLEY AND I WERE SITTING WATCHING, THEY HAD THE SAME QUESTION, THERE DOESN’T LOOK LIKE A TON OF PEOPLE BEHIND YOU. HOW MANY PROTESTERS ARE THERE? REPORTER: FROM WHAT WE SEE RIGHT NOW, 100 WERE EXPECTED. 1500 ARE EMPLOYED AT THIS FULFILLMENT CENTER. 100, 1500. LOOKS LIKES THERE IS AROUND 40 TO 45. SPEAKING TO SOME OF THOSE IN THIS PICKET LINE, ACTUALLY A LOT OF THEM DON’T ACTUALLY WORK AT THIS AMAZON FULFILLMENT CENTER. WE’LL GET MORE ANSWERS IN JUST A

CNN Analystic Full Policy About The Amazon Monopoly and the Problem with Jeff Bezos’ Business Model


♪>>HI, THERE, WHO ARE YOU?>>I’M JEFF BEZOS.>>WHAT IS YOUR CLAIM TO FAME?>>I’M THE FOUNDER OF AMAZON.COM.>>WHAT BEGAN AS AN ONLINE BOOKSTORE — >>A MILLENNIA FROM NOW, PEOPLE ARE GOING TO LOOK BACK AND SAY WOW. >>– HAS BECOME A VIRTUAL EMPIRE. >>AMAZON REALLY IS ARGUABLY THE MOST SUCCESSFUL COMPANY IN THE HISTORY OF BUSINESS. >>WOW, THAT’S SAYING A LOT.>>THIS IS THE BEGINNING OF E-COMMERCE. >>YOU GUYS DIDN’T EVEN KNOW IF THIS THING WAS GOING TO WORK. >>WE HAD A PRETTY GOOD INSTINCT. >>IF YOU MAKE THE BEST SERVICE ONLINE, PEOPLE WILL COME.>>THIS IS A COMPANY THAT WANTS TO CONTROL THE INFRASTRUCTURE.>>AS COMPUTERS CONTINUE TO GET CHEAPER, WE WILL LAYER INNOVATION ON TOP OF THAT.>>IT’S PLAUSIBLE THAT AMAZON WILL KNOW YOU BETTER THAN YOU KNOW YOURSELF.>>ALEXA. >>IT’S IN OUR HOMES. >>SHOULD PEOPLE TRUST THAT IT WON’T BE USED AGAINST THEM IN SOME WAY THAT THEY DON’T AUTHORIZE?>>ABSOLUTELY. >>AT OUR FINGERTIPS?>>AMAZON WEB SERVICES TOOK OVER THE WEB BASICALLY IN A DECADE.>>DOES HAVING THAT MUCH POWER GIVE YOU PAUSE?>>THAT’S A SIGNIFICANT RESPONSIBILITY. WE’RE AWARE OF THAT. >>AND NOW IT FUELS OUR ECONOMY.>>AMAZON IS AMERICA’S SECOND TRILLION DOLLAR COMPANY NOW.>>THE COMPANY IS NOW WORTH ALMOST AS MUCH AS THE ENTIRE ECONOMY OF AUSTRALIA.>>IS AMAZON TOO BIG? >>I DON’T THINK AMAZON IS TOO BIG. >>I THINK THEY HAVE MONOPOLY POWER. >>AMAZON HAS BECOME AN INVASIVE SPECIES.>>SO YOU THINK AMAZON SHOULD BE BROKEN UP. >>OH, 100%. >>A JOURNEY. >>IT’S A BUSINESS MIRACLE. >>AND A LEADER UNLIKE ANY OTHER. >>THIS IS BLUE MOON.>>I ASKED PEOPLE AT AMAZON TO WAKE UP EVERY MORNING AFRAID, WAKE UP TERRIFIED, BE AFRAID OF OUR CUSTOMERS. THOSE ARE THE PEOPLE WE HAVE TO PAY ATTENTION TO.>>A CNN SPECIAL REPORT. >>I CAN GUARANTEE YOU ONE THING, IT WILL BE FUN. >>”THE AGE OF AMAZON.” ♪>>HOW HAS THE RETAIL INDUSTRY CHANGED DURING THIS RISE OF AMAZON?>>WELL, YOU HAVE THIS GREAT WHITE SHARK THAT’S KIND OF LOOMING OFFSHORE. >>GREAT WHITE SHARK?>>THIS THING DOES AND CAN EAT EVERYTHING. >>DESPITE HOLDING ONLY A SMALL FRACTION OF GLOBAL RETAIL SALES, TODAY AMAZON TAKES CLAIM FOR NEARLY 50 CENTS OF EVERY DOLLAR SPENT IN ONLINE E-COMMERCE IN THE UNITED STATES, AN ASTOUNDING MARKET DOMINANCE. YOU’VE CALLED WHAT JEFF BEZOS HAS BUILT A MIRACLE. >>MIRACLE. IT’S ONE OF THE — MAYBE THE GREATEST BEFORE IT GETS ALL THROUGH.>>LEGENDARY INVESTOR WARREN BUFFETT CALLED HIMSELF AN IT YA IDIOT FOR NOT INVESTING IN AMAZON EARLIER. WARREN BUFFETT TOLD ME JUST A FEW WEEKS AGO, THE RISE OF AMAZON IN HIS VIEW IS A MIRACLE. IS IT A MIRACLE?>>IT’S A BUSINESS MIRACLE. YOU WOULDN’T THOUGHT THAT ALMOST A TRILLION DOLLAR COMPANY WOULD BE FORMED IN 25 YEARS, THAT IT WOULD DISRUPT SO MANY DIFFERENT THINGS AND CREATE SO MANY DIFFERENT THINGS AND IT’S STILL A GROWING MACHINE. SO, YEAH, IT’S A BUSINESS MIRACLE.>>MIRACLE SEEMS LIKE IT’S AN ACT OF GOD AND AMAZON HAS BEEN ANYTHING BUT. I THINK IT’S THE APPLICATION OF BUSINESS WISDOM OVER A LONG PERIOD OF TIME. >>BRAD STONE HAS BEEN STUDYING AMAZON AND WRITING ABOUT ITS GROWTH SINCE THE LATE 90s. >>YOU’RE WRITING ANOTHER BOOK ABOUT AMAZON. WHERE DOES THAT BIK UP?>>THE EVERYTHING STORE AND IN ABOUT 2011, AND THERE WAS SO MUCH STORY LEFT TO TELL. THE COMPANY IS ABOUT FOUR TIMES LARGER THAN IT WAS THEN AND SO MUCH HAS HAPPENED. >>IN ADDITION TO SELLING MILLIONS OF PRODUCTS, AMAZON ALSO MANUFACTURERS THOUSANDS OF ITS OWN PRODUCTS FOR THE AMAZON MARKETPLACE. EVERYTHING FROM BATTERIES TO LUGGAGE TO MOTOR OIL. >>MORE THAN HALF OF WHAT SOLD ON AMAZON COMES FROM A CONTRIBUTION OF MOM AND POP SELLERS TO BIGGER OPERATION THAT IS ARE SELLING DIRECTLY TO AMAZON CUSTOMERS ON THEIR OWN AND AMAZON IS JUST TAKING A CUT.>>A SELLER, A MANUFACTURER, A MARKETPLACE AND JUST THE BEGINNING OF AMAZON’S REACH.>>THEY’RE MAKING INVESTMENTS IN HEALTH CARE. >>YOU’RE TRYING TO FIX THAT, MAKE IT BETTER WITH JAMIE DIAMOND AND JEFF BEZOS. WHAT SHOULD AMERICA EXPECT THE THREE OF YOU CAN DO ON HEALTH CARE?>>WE’LL DO OUR BEST. IT’S A $3.4 TRILLION INDUSTRY. >>IN FINANCE.>>WHAT WOULD YOUR OVER/UNDER BE ON AMAZON BECOMING A BANK ONE DAY?>>I THINK IT’S — I REALLY DON’T KNOW.>>EVEN A CATEGORY LIKE ONLINE ADVERTISING, THEY’RE THE THIRD BIGGEST PLATFORM FOR ADS IN THE U.S. ONLY AFTER GOOGLE AND FACEBOOK.>>TELEVISION, WHO’S THE SECOND LARGEST SPENDER ON TELEVISION IN THE WORLD RIGHT NOW, AMAZON.>>HOW BIG DO YOU GUYS WANT TO BE?>>IT HAS BEEN REPORTED THAT AMAZON SPENDS $5 BILLION A YEAR ON ORIGINAL AND LICENSED CONTENT. AM I IN THE BALLPARK. >>I CAN’T CONFIRM NOR DENY THAT. >>OKAY.>>THEAY DELIVERY POSSIBLE.>>THERE ARE SOME WHO SAY THAT AMAZON KILLED TRADITIONAL RETAIL. HOW DO YOU SEE IT?>>WE’RE TRYING TO DO IS INVENT FOR CUSTOMERS. WE LOOK AT THINGS THAT WE CAN MAKE BETTER BY INNOVATION.>>I WOULD DESCRIBE AMAZON IN MEDICAL TERMS, AN OPPORTUNIST INFECTION. WERE SOME OF THESE COMPANIES GOING OUT OF BUSINESS ANYWAYS, YEAH, BUT AMAZON MADE THE DECLINE MUCH FASTER.>>IN PART, BY REIMAGINING THE PHYSICAL STORE EXPERIENCE WITH THEIR OWN AMAZON-BRANDED RETAIL STORES.>>AMAZON IS NOW THE ONLY FIRM IN THE WORLD THAT CAN REALLY PERFORM CONSISTENTLY WHAT I REFER TO IS JEDI MIND TRICKS. WHEN THEY ANNOUNCED THE ACQUISITION OF WHOLE FOODS, KROGER DECLINED A THIRD.>>STACEY MITCHELL IS CODIRECTOR OF THE INSTITUTE FOR LOCAL SELF-RELIANCE, A NON-PROFIT THAT STUDIES ECONOMIC CONCENTRATION. >>A HANDFUL OF BIG COMPANIES HAVE TAKEN OVER LARGE SWATHS OF OUR ECONOMY. >>WE TRY TO UNDERSTAND AMAZON BY TALKING ABOUT ALL OF THE DIFFERENT BUSINESSES IT’S IN. THIS IS A COMPANY THAT WANTS TO CONTROL THE INFRASTRUCTURE, THE RAILS THAT OTHER COMPANIES NEED TO USE IN ORDER TO GET TO MARKET.>>THE INFRASTRUCTURE — >>INFRASTRUCTURE LETS ENTREPRENEURS DO AMAZING THINGS.>>IN ADDITION TO THE RETAIL PLATFORM, THE CLOUD IS ANOTHER AREA THAT’S INFRASTRUCTURE.>>SPEED IS REALLY IMPORTANT PART OF THE CULTURE AT AMAZON.>>WE’RE TRYING TO ENABLE REALLY ANY COMPANY OR ANY GOVERNMENT TO RUN THEIR TECHNOLOGY INFRASTRUCTURE ON TOP OF OUR TECHNOLOGY INFRASTRUCTURE PLATFORM. >>THE LESSER KNOWN PART OF AMAZON, AMAZON’S CLOUD BUSINESS HAS BEEN INSTRUMENTAL TO THE COMPANY’S BOTTOM LINE.>>AMAZON WEB SERVICES TOOK OVER THE WEB BASICALLY IN A DECADE. >>WHEN TECHNOLOGY JOURNALIST STARTED NOTICING THE GROWING FOOTPRINT OF AMAZON IN HER FAMILY’S LIFE, SHE DECIDED TO TRY AN EXPERIMENT, TO LIVE WITHOUT AMAZON.>>I WORKED WITH THIS TECHNOLOGIST WHO BUILT A TOOL FOR ME THAT JUST PREVENTED ANY OF MY DWEVICES FROM TALKING TO AMAZON SERVERS. THAT PREVENTED ME FROM USING AMAZON WEB SERVICES.>>NOT SURPRISING GIVEN THAT AWS POWERS ONE-THIRD OF THE WORLD’S CLOUD.>>NETFLIX, THE CIA ALL RELY ON AMAZON WEB SERVICES. >>IT’S IMPOSSIBLE TO AVOID. >>AMAZON HAS BECOME AN INVASIVE SPECIES, 100%. >>NEXT, HOW BEZOS DID IT.>>HONG KONG, JAPAN, AUSTRALIA. THIS IS DAY ONE. THIS IS THE VERY BEGINNING. ♪ ♪ ♪ ♪ ♪ ♪ ♪ Applebee’s handcrafted burgers>>BY 2012 YOU WOULD BE HARD PRESSED TO FIND SOMEONE WHO HADN’T HEARD OF JEFF BEZOS. >>THE GODFATHER OF THE VIRTUAL BOOKSTORE.>>THE EVERYTHING STORE — >>WHILE RESEARCHING HIS BOOK, THIS JOURNALIST FOUND THAT PERSON. >>I SAID, I’M WRITING A BOOK ABOUT AMAZON AND ABOUT THIS GUY NAMED JEFF BEZOS AND I WOULD LIKE TO TALK TO YOU FOR IT. AND HE HAD NO IDEA WHAT I WAS TALKING ABOUT.>>THAT PERSON WAS JEFF BEZOS’S BIOLOGICAL FATHER. >>I WAS LIKE, WELL, HE’S YOUR SON. AND HE WAS PERPLEXED. AND I SAID WHEN YOU WERE IN HIGH SCHOOL, YOU KNOW, YOU HAD A SON NAMED JEFF. AND HE SAID, IS HE STILL ALIVE? AND I WAS LIKE, YEAH, HE’S ONE OF THE WEALTHIEST GUYS IN THE WORLD. >>JEFF BEZOS WAS BORN IN NEW MEXICO IN 1964. HIS MOTHER WAS A JUNIOR IN HIGH SCHOOL WHEN SHE AND HER BOYFRIEND BECAME PARENTS.>>SHE DOESN’T TALK ABOUT IT THAT MUCH, MY MOM HAD ME WHEN SHE WAS 17 YEARS OLD. I’M PRETTY SURE THAT WASN’T COOL IN 1964 TO BE A PREGNANT MOM IN HIGH SCHOOL. >>BUT BY THE TIME JEFF TURNED TWO, HIS MOTHER AND BOYFRIEND HAD SPLIT UP. AND JACKIE WAS LEFT TO RAISE HER SON ON HER OWN.>>LOOK AT JEFF. LOOK AT THAT HAIR AND THE GLASSES. >>ONE OF BEZOS’S CLOSEST FRIENDS FROM HIGH SCHOOL REMEMBERS JACKIE AS A LOVING AND DETERMINED MOTHER.>>JACKIE IS THE TOUGHEST, HARDEST WORKING PERSON I’VE EVER MET AND THE MOST LOYAL, AND JEFF GETS THAT FROM JACKIE.>>JACKIE BEZOS WAS CLEARLY THE FORCE IN JEFF’S LIFE. A FIERCELY PROTECTIVE MOTHER WHO GOT JEFF INTO THE BEST SCHOOLS AND GOT HIM THE BEST OPPORTUNITIES AND SHE ALSO RECOGNIZED I THINK JEFF’S ABILITIES EARLY ON.>>JACKIE AND JEFF WOULDN’T BE A FAMILY OF TWO FOR LONG. SOON, JACKIE WOULD FALL IN LOVE WITH A CUBAN IMMIGRANT. THEY MARRIED WHEN JEFF WAS 4.>>MY FATHER ADOPTED ME WHEN I WAS ABOUT 4 YEARS OLD. I HAVE THE WORLD’S BEST DAD.>>JEFF BEZOS IS AN OUTSTANDING STUDENT.>>BEZOS’S ACADEMIC AMBITIONS WOULD LEAD HIM TO THE TOP OF HIS HIGH SCHOOL CLASS AND THEN TO PRINCETON UNIVERSITY.>>I WENT TO PRINCETON SPECIFICALLY TO STUDY PHYSICS, BUT A COUPLE OF YEARS INTO IT, I REALIZED THAT I WASN’T SMART ENOUGH TO BE A PHYSICIST. AND THEN I TRANSFERRED TO COMPUTER SCIENCE WHICH I LOVED AND NEVER LOOKED BACK.>>AFTER COLLEGE, BEZOS LANDED ON WALL STREET, AT THE HEDGE FUND DE SHAW WHERE HE WOULD MEAN HIS SOON TO BE WIFE, MACKENZIE. >>HE CALLED ME UP ONE DAY AND SAID I’M GETTING MARRIED. AND I SAID TO WHO?>>JUST SIX MONTHS AFTER THEY BEGAN DATING, BEZOS AND MACKENZIE WERE MARRIED AND BEZOS CONTINUED TO RISE THROUGH THE RANKS WHERE HE BEGAN TO EXPLORE A NEW MEDIUM, THE INTERNET. >>IT SPANS THE GLOBE LIKE A SUPERHIGHWAY. IT’S CALLED INTERNET. >>I STARTED LOOKING AT THE INTERNET AND I FOUND THIS INCREDIBLE FACT.>>JEFF BEZOS SAW THAT WEB ACTIVITY HAS JUMPED 230,000% IN A SHORT PERIOD OF TIME. THAT WAS THE DING, DING, DING IN HIS HEAD. >>I THINK HE WAS ABLE TO SEE THAT THE WEB WAS GROWING AND IT WOULD CREATE A NEW SET OF BUSINESS OPPORTUNITIES. >>JEFF CALLED ME AND HE SAID, MACKENZIE AND I ARE QUITTING OUR JOBS AND WE’RE MOVING TO SEATTLE AND WE’RE STARTING A COMPANY. AND I SAID, GREAT, WHAT ARE YOU GOING TO DO? HE SAID WE’RE GOING TO SELL BOOKS. I SAID NICE. HE SAID ON THE INTERNET. I SAID COOL. WHAT’S THE INTERNET?>>IN 1994, THEN 30-YEAR-OLD JEFF BEZOS DITCHED HIS WALL STREET JOB, BORROWED HIS FATHER’S CAR AND DROVE WITH HIS WIFE MACKENZIE TO BELLEVUE, WASHINGTON, JUST OUTSIDE SEATTLE. AND INSIDE THAT GARAGE, JEFF BEZOS STARTED HIS OWN COMPANY, AN ONLINE BOOKSTORE. BY THE END OF THE YEAR, THAT COMPANY HAD A NAME, AMAZON.>>I WENT TO WWW.AMAZON.COM AND STARTED SEARCHING FOR BOOKS AND WAS IMMEDIATELY HOOKED.>>THANK YOU FOR CALLING AMAZON.COM. >>BY THE TIME SHE WAS HIRED IN 1996 TO RUN MARKETING, AMAZON HEADQUARTERS HAD MOVED FROM THE BEZOS’ GARAGE TO ACTUAL OFFICES IN DOWNTOWN SEATTLE. >>IT WAS A START-UP FEEL. THE FIRST BUILDING, IT WAS A DUMP. JEFF THOUGHT IT WAS TOO FANCY FOR US. THERE WAS NO AIR-CONDITIONING. STAINED CARPETS, BUT WE LOVED IT.>>THE FIRST THING THAT YOU DID WHEN YOU STARTED AT AMAZON IS YOU BUILT YOUR OWN DESK.>>GREG JOINED AMAZON IN 1997, WORKING IN PRODUCT MANAGEMENT AND MARKETING FOR BOOKS. TODAY HE RUNS AMAZON INTO HOLLYWOOD, PRIME VIDEO. >>TELL PEOPLE WHAT DOOR DESKS ARE. >>IT WAS FRUGAL. IT’S A GOOD SYMBOL OF THE MIND SET THAT JEFF WANTED TO CREATE. WE HAD TO BE RESOURCEFUL AND CREATIVE.>>BUT IN ORDER TO EXPAND BEYOND BOOKS, WAY BEYOND BOOKS, BEZOS NEEDED CAPITAL AND A LOT OF IT.>>AMAZON.COM JUMPED $5 ON ITS FIRST DAY OF TRADING. >>IN THE MIDDLE OF THE DOT COM FRENZY, AMAZON WENT PUBLIC. >>THIS IS DAY ONE. THIS IS THE VERY BEGINNING.>>DAY ONE. IT’S ALWAYS DAY ONE BECAME THE BOS BEZOS MANTRA.>>I LIKE BABE RUTH CALLING HIS HOME RUN SHOT.>>BEZOS WOULD STICK TO THAT LONG-TERM THINKING, EVEN DURING AMAZON’S TOUGHEST TIMES. >>AMAZON’S STOCK HAS LOST MUCH OF ITS LUSTER. >>AMAZON PRICE STOCK PRICE TUMBLED LOSING MORE THAN 90% OF ITS VALUE IN THE NEXT TWO YEARS.>>THERE WERE FAMOUS ANALYSTS WHO SAID AMAZON WOULD RUN OUT OF MONEY. BUT IT WAS A HARD TIME, THEY WERE LOSING A LOT OF EXECUTIVES.>>OUR FIRST ANNOUNCEMENT IS A COMPLETE VIDEO GAME STORE. >>FACING INTENSE PRESSURE, BEZOS PUSHED AHEAD RIGHT INTO NEW MARKETS. >>TOMORROW, WE LAUNCHED THESE FOUR NEW STORES.>>PEOPLE WERE AMAZINGLY CUSTOMER FOCUSED. THEY FELT LIKE THEY WERE INVENTING AND BREAKING NEW GROUND.>>BUT WITH NEW INVENTORY CAME NEW PROBLEMS. HOW TO STORE AND SHIP ALL OF IT. SO YOU’RE REFERRED TO AS THE OTHER JEFF.>>THAT’S MY NAME. I THINK IT’S GREAT. I GREW UP AS A PROGRAMMER, THAT’S ME. >>JEFF HAS BEEN WITH AMAZON FOR 20 YEARS AND RARELY GIVES TELEVISION INTERVIEWS. HE’S ONE OF BEZOS’ TOP EXECUTIVES. BUT BACK IN 1999 WHEN HE FIRST JOINED AMAZON, HE USED HIS BACKGROUND IN MANUFACTURING TO TRANSFORM AMAZON DELIVERY INTO WHAT WOULD BECOME AMAZON PRIME.>>YOU GUYS DIDN’T EVEN KNOW IF THIS THING WAS GOING TO WORK, TRUE?>>WE DIDN’T KNOW FOR SURE THAT CUSTOMERS WOULD LOVE IT, BUT WE HAD A PRETTY GOOD INSTINCT. >>BOTH OF YOU, BOTH JEFFS ARE BIG RISK-TAKERS. IS THAT RIGHT?>>I THINK. I THINK PRIME, AT THE TIME, WAS A BIG RISK.>>TODAY IT’S ESTIMATED THAT MORE THAN HALF OF U.S. HOUSEHOLDS ARE PRIME MEMBERS.>>WHAT SHOULD THAT TELL US ABOUT HOW IMPORTANT PRIME IS TO AMAZON’S SUCCESS?>>I THINK IT’S VERY IMPORTANT. BUT IT’S NOT THE ONLY THING THAT’S IMPORTANT FOR ITS SUCCESS.>>THEY SAY ABOUT YOU THAT YOU’RE THE MOST POWERFUL MAN IN THE CLOUD. DO YOU LIKE THAT DESCRIPTION?>>THE MAN BEHIND AMAZON’S CLOUD NEXT. ♪>>>JEFF BEZOS, THE RICHEST MAN IN THE WORLD, BUT THEY SAY ABOUT YOU THAT YOU’RE THE MOST POWERFUL MAN IN THE CLOUD. DO YOU LIKE THAT DESCRIPTION?>>I DON’T THINK OF IT THAT WAY.>>IN THE HEART OF AMAZON’S SEATTLE CAMPUS I MET WITH ANDY JASSY, ONE OF JEFF BEZOS’S TOP LEADERS, THE CEO OF AWS, THE MAN WHO BUILT AMAZON’S CLOUD.>>WE’RE IN THE SPHERES WHICH IS KIND OF AN AMAZING PLACE WHEN YOU LOOK AROUND. IT’S A PLACE THAT AMAZONENS CAN COME AND DO WORK. IT’S REALLY NICE TO BE ABLE TO GET AWAY FROM WHAT YOU’RE DOING EVERY DAY AND BE INSPIRED BY WHAT’S AROUND YOU.>>WHOSE IDEA WAS THIS?>>I THINK IT WAS JEFF’S IDEA.>>BUT AMAZON WEB SERVICES, THAT WAS JASSY’S IDEA. AN IDEA SO POWERFUL, IT’S NOW PERHAPS AMAZON’S MOST VALUABLE BUSINESS. >>IT GENERATES AN UNUSUAL AMOUNT OF MARGIN FOR AMAZON. >>THE BEST MARGINS FOR AMAZON, PERIOD. >>AND IT’S CHANGED ENTERPRISE COMPUTING. >>I THINK IT IS FAIR TO SAY MANY PEOPLE WATCHING THIS HAVE NO IDEA WHAT AWS IS. WHERE DID IT COME FROM?>>THERE WERE A FEW THINGS GOING ON THAT MADE US THINK THAT THIS WAS AN INTERESTING IDEA.>>MOST NOTABLY, JASSY REALIZED THAT IN ORDER TO CONTINUE EXPERIMENTING AND EXPANDING, AMAZON’S COMPUTING TECHNOLOGY WOULD HAVE TO MOVE A LOT FASTER.>>IF YOU NEED A SERVER TO TRY AND EXPERIMENT, TYPICALLY IT TAKES YOU 10 TO 18 WEEKS TO GET THAT SERVER. WITH THE CLOUD, YOU CAN SPIN OFF THOUSANDS OF SERVERS IN MINUTES. WE FIGURED IF WE NEEDED IT, OTHER COMPANIES NEEDED IT AS WELL. >>IN THE SAME WAY THAT AMAZON TRANSFORMED THE SPEED OF SHIPPING PHYSICAL PRODUCTS, AWS HAS DONE THE SAME FOR DATA. >>THE CLOUD IS NOT UP THERE, IT’S IN MACHINES SITTING ON THE GROUND ALL AROUND THE WORLD AND THEY’RE STORING ALL OF THIS CONTENT AND SHIPPING IT OUT TO WEB USERS.>>WHAT STRIKES ME IS THAT IT WORKED AND THEN YOU HAD A SEVEN-YEAR LEAD ON ALL OF YOUR COMPETITORS. >>THIS IS LIKE THE GREATEST PIECE OF BUSINESS LUCK IN THE HISTORY OF BUSINESS SO FAR AS I KNOW. >>WHY DID NO ONE FOLLOW QUICKLY?>>IT’S A REALLY GOOD QUESTION AND I DON’T KNOW IF WE KNOW THE ANSWER FOR SURE. IN THE BEGINNING, A LOT OF COMPANIES WOULD POOH-POOH THE CLOUD AND SAY NO ONE WAS GOING TO USE IT FOR INTERESTING. WHEN THE VALUE PROPOSITION IS THAT GOOD, YOU CAN HOWL AT THE WIND ALL YOU WANT, BUT YOU CAN’T FIGHT GRAVITY. >>13 YEARS LATER, THE CLOUD IS NOW A $70 BILLION INDUSTRY. AND WHILE COMPETITORS HAVE EMERGED, AMAZON CONTINUES TO DOMINATE WITH A SEEMINGLY ENDLESS LIST OF CUSTOMERS FROM FORTUNE 500 COMPANIES TO, YES, CNN, EVEN SECRETIVE GOVERNMENT AGENCIES, INCLUDING THE CIA. >>THE CLOUD IS CRUCIAL TO THE ECONOMY, IT’S NOW CRUCIAL TO NATIONAL SECURITY. DO YOU THINK THERE SHOULD BE MORE FEDERAL REGULATION OF IT?>>GOVERNMENTS ARE GOING TO MAKE THEIR OWN DECISIONS ON WHAT THEY FEEL LIKE THEY NEED TO REGULATE AND WHAT THEY FEEL LIKE THEY DON’T NEED TO REGULATE. AND WE EXPECT GOVERNMENTS WILL WANT TO UNDERSTAND HOW WE’RE OPERATING AS MORE AND MORE WORKLOADS ARE BEING PUT ON TOP OF AWS. >>FOR NOW, THE FEDERAL GOVERNMENT IS BUSY DECIDING HOW MUCH MORE OF THE NATION’S MOST SENSITIVE DATA IT WANTS TO PLACE IN AMAZON’S HANDS.>>WE THINK IT’S SIMPORTANT FOR THE DEPARTMENT OF DEFENSE TO HAVE ACCESS TO THE MOST CUTTING-EDGE TECHNOLOGY. WE HAVE OVER 3,000 GOVERNMENT AGENCIES USING AWS. THAT’S A SIGNIFICANT RESPONSIBLE. WE’RE AWARE OF THAT. >>BUT MOST AMERICANS ARE NOT AWARE OF THE EXTENT TO WHICH OUR GOVERNMENT, OUR ECONOMY, AND OUR HOMES NOW RELY ON AMAZON.>>ALEXA, POPCORN.>>STARTING POPCORN.>>ALTHOUGH A VASTLY DIFFERENT KIND OF TECHNOLOGY, ALEXA, LIKE THE CLOUD, HAS UNLEASHED ITS OWN REVOLUTION. >>WE LAUNCHED WITH 13 SKILLS. NOW WE HAVE OVER 80,000 SKILLS. ALEXA CAN DO OVER A MILLION THINGS. >>TONY REED HAS BEEN WITH AMAZON FOR 21 YEARS AND HEADED ALEXA’S INTRODUCTION TO THE WORLD. >>YOU HAVE SAID THAT VOICE IS THE TECHNOLOGY THAT IN YOUR WORDS WE DIDN’T KNOW WE NEEDED. WHY?>>IT’S SO NATURAL. THIS IS OUR NATURAL USER INTERFACE. >>VOICE IS GOING TO QUICKLY EMERGE AS ONE OF THE PRIMARY WAYS THAT WE INTERFACE WITH MACHINES. AND THIS IS HAPPENING FASTER THAN A LOT OF ANALYSTS EVEN PROJECTED.>>ALEXA, TELL ME THE NEWS ON CNN.>>WHAT IT MEANS IS THAT WE ARE TALKING MORE THAN WE’RE TYPING. AND IF IT’S THE CASE, THEN WE HAVE A VERY CLOSE AND PERSONAL RELATIONSHIP WITH THESE COMPANIES. BUT HOW CLOSE IS TOO CLOSE AND WHO EXACTLY IS LISTENING?>>ALEXA, STOP. >>WHAT DOES AND DOESN’T ALEXA RECORD?>>ALEXA ONLY RECORDS AFTER SHE HEARS THE WAKE WORD. >>WHO AT AMAZON HEARS WHAT I TELL ALEXA. >>A SMALL GROUP OF PEOPLE WHO DO SOME GROUND TRUTHING. THEY TAKE VERY SMALL SUBSETS SO HELP TRAIN THE MODELS THAT GO BACK INTO IMPROVING SPEECH TECHNOLOGY.>>THERE ARE PEOPLE ON THE OTHER END.>>THIS MAN IS ONE OF THEM, DURING HIS SEVEN-MONTH CONTRACT AT AMAZON, HE ANALYZED ALEXA COMMANDS GONE WRONG. HE WORKS IN ARTIFICIAL INTELLIGENCE AT MICROSOFT. >>AMAZON IS LISTENING TO WHAT YOU TELL ALEXA. I BELIEVE THAT EVERYTHING THAT THEY DO IS BASED ON QUALITY ASSURANCE. BUT PEOPLE SHOULD KNOW THAT. I THINK THAT THAT IS SOMETHING THAT IS NOT ADVERTISED.>>WHAT DO YOU SAY TO THOSE FOLKS WHO THINK, OH, MY GOSH, SOMEONE IS LISTENING TO ME?>>IT’S IMPORTANT FOR CUSTOMERS TO UNDERSTAND THAT — WE’RE NOT LISTENING TO THEM. IT’S A VERY, VERY SMALL PERCENTAGE THAT IS CARVED OFF FOR ENSURING THAT THE MODELS ARE DOING — THAT THEY’RE SUPPOSED TO DO. >>BUT IF YOU’RE ONE OF THE ESTIMATED 66 MILLION AMERICANS WHO USE A VOICE ASSISTANCE SPEAKER, YOU KNOW THAT VOICE TECHNOLOGY TODAY IS FAR FROM PERFECT. >>MANY PEOPLE HAVE HEARD THE STORY OF THE COUPLES’ CONVERSATION THAT GOT RECORDED WITHOUT THEM TRIGGERING ALEXA AND EMAILED TO A CONTACT OF THEIRS. HOW DOES SOMETHING LIKE THAT HAPPEN?>>IN THAT PARTICULAR CASE ALEXA DID WHAT IT THOUGHT THE CUSTOMER WAS INTENDING ALEXA TO DO. AND IN THE END, WE STILL GOT IT WRONG. THEY’RE DEFECTS FROM US AND WE TRY TO LEARN FROM THOSE. >>IS THERE A DAY THAT YOU FORESEE WHERE YOU CAN 100% GUARANTEE THAT WON’T HAPPEN AGAIN?>>THERE’S NO TECHNOLOGY THAT WORKS 100% OF THE TIME. WE SHOULD STRIVE TOWARDS THAT, WHICH WE ARE.>>I THINK THE PROBLEM IS THE LAW. WE HAVE A VERY WEAK LEGAL FRAMEWORK AROUND PRIVACY THAT DOESN’T GIVE CONSUMERS A LOT OF RIGHTS UNLESS YOU’RE MONITORING THE TRAFFIC, YOUR NETWORK, YOU CAN’T KNOW WHAT’S HAPPENING IN THE BACKGROUND. YOU HAVE TO TRUST WHAT THE COMPANY IS TELLING YOU THEY’RE DOING. >>SHOULD PEOPLE TRUST THAT IF PARTS OF THEIR CONVERSATION ARE LISTENED TO, THAT IT WON’T BE USED AGAINST THEM IN SOME WAY THAT THEY DON’T AUTHORIZE?>>ABSOLUTELY.>>NEXT.>>THE MOST IMPORTANT THING THAT WE’VE DONE OVER THE LAST 20 YEARS IS EARN TRUST WITH CUSTOMERS.>>BUT IS THAT TRUST IN AMAZON ERODING?>>♪>>>I THINK THE MOST IMPORTANT THING THAT WE’VE DONE OVER THE LAST 20 YEARS IS EARN TRUST WITH CUSTOMERS. WE’VE WORKED HARD TO DO THAT. [ APPLAUSE ]>>TODAY, AMERICANS TRUST AMAZON WITH JUST ABOUT EVERYTHING. >>IF YOU’RE A CONSUMER, IT’S HARD NOT TO LOVE AMAZON.>>ACCORDING TO A 2018 STUDY, AMAZON IS THE SECOND-MOST TRUSTED INSTITUTION IN THE COUNTRY, SECOND ONLY TO THE U.S. MILITARY.>>IS THERE ANY SIGN THAT THAT TRUST IS ERODING?>>I THINK THERE’S A GENERAL EROSION OF TRUST ACROSS ALL OF BIG TECH. >>COMPANIES LIKE AMAZON THAT MADE BILLIONS OF PROFITS DID NOT PAY ONE NICKEL IN FEDERAL INCOME TAX. >>HOW IS IT THAT AMAZON IS PAYING LESS THAN TAXES THAN YOU AND YOUR FAMILY. >>TECHNICALLY IT’S MORE COMPLICATED. AMAZON DOES PAY STATE TAXES AND IT HAS PAID FEDERAL TAXES IN THE PAST, BUT IT’S TAKEN ADVANTAGE OF TAX BREAKS. >>WE PAY ALL OF THE TAXES WE’RE REQUIRED TO PAY. WE PAY 2.6 BILLION IN CASH TAXES IN THE LAST TWO YEARS. IF LAST YEAR WE PAID NO TAX, IT WAS BECAUSE THE LAW REQUIRED US TO PAY NO TAX. SINCE 2011 WE’VE INVESTED $200 BILLION IN THE U.S. IN INFRASTRUCTURE FOR FULFILLMENT AND SOLAR FARMS AND WIND FARMS, THESE ARE THE KINDS OF INVESTMENT THAT IS THE TAX CODE WAS TRYING TO STIMULATE, BUT THAT ENDS UP BEING A DEDUCTION THAT MEANS WE DIDN’T PAY ANY TAX LAST YEAR. >>BUT IT’S NOT JUST TAXES THAT HAVE PEOPLE QUESTIONING AMAZON’S BUSINESS PRACTICES. IN 2017, YALE LAW STUDENT PUBLISHED AMAZON’S ANTI-TRUST PARADOX, A PAPER IN THE YALE LAW JOURNAL THAT REFRAMED THE NATIONAL CONVERSATION ON ANTI-TRUST LAW IN AMERICA. >>WHEN YOU HAVE A SITUATION WHEN A SINGLE COMPANY IS EFFECTIVELY ABLE TO SET IF TERMS OF THE MARKETPLACE, THAT’S A SITUATION WHERE WE SHOULD WORRY ABOUT THE MARKET NOT BEING COMPETITIVE.>>CRITICS ARGUE THAT AMAZON’S PLATFORM HAS BECOME SO DOMINANT, ANYONE LOOKING TO SELL PRODUCTS ONLINE IS PRACTICALLY FORCED TO SELL THERE. >>IF YOU WANT TO REACH CONSUMERS ONLINE AND YOU’RE NOT SELLING ON AMAZON, YOU’RE GIVING UP HALF THE MARKET RIGHT OUT OF THE GATE. >>QUESTIONS HAVE BEEN RAISED ABOUT THE DATA AMAZON COLLECTS FROM ALL OF ITS MARKETPLACE SELLERS. >>WE SEE AMAZON MINES THEIR DATA, WATCHES WHAT THEY’RE SELLING WELL AND BECOMES A SELLER IN THE CATEGORY ITSELF. IT’S A VERY DIFFICULT ENVIRONMENT IN ORDER TO SUCCEED IN. >>BUT THE MAN IN CHARGE OF THE AMAZON MARKETPLACE SEES IT MUCH DIFFERENTLY.>>WE DON’T USE ANY DATA ABOUT SPECIFIC ITEMS THAT’S NOT AVAILABLE TO THE WORLD BY JUST LOOKING AT OUR WEBSITE.>>WHICH MAY BE TRUE, BUT AMAZON KNOWS HOW TO ACCESS AND ANALYZE ITS DATA BETTER THAN ANYONE ELSE. >>DOES AMAZON GIVE PRIORITY TO ITS PRIVATE LABEL IN SEARCH?>>WE PRIORITIZE THE THINGS THAT CUSTOMER WANTS. >>IN A RECENT HEARING ON CAPITOL HILL, AN AMAZON ATTORNEY WENT A STEP FURTHER AND CATEGORICALLY DENIED THE CLAIM. >>WE DO NOT USE THEIR INDIVIDUAL DATA WHEN WE’RE MAKING DECISIONS TO LAUNCH PRIVATE BRANDS. OUR INCENTIVE IS TO HELP THE SELLER SUCCEED. >>THIRD-PARTY VENDORS MAKE UP MORE THAN HALF OF AMAZON’S ONLINE SELLERS HELPING TO FUEL ITS DOMINANCE. >>WORLDWIDE RETAIL IS SOMETHING LIKE $30 TRILLION. WE’RE ABOUT 1% OF THAT. >>YOU’RE ABOUT 1% OF WORLDWIDE RETAIL, BUT YOU’RE ABOUT 50% OF U.S. E-COMMERCE. >>NO CUSTOMER THAT I’VE TALKED TO WAKES UP IN THE MORNING AND SAYS, WHAT AM I GOING TO BUY FROM E-COMMERCE TODAY AND THEN SAYS WHAT AM I GOING TO BUY FROM THE STORE TODAY. THEY SAY, WHAT DO I NEED OR WHAT DO I WANT. >>WHAT DO YOU SAY TO FOLKS WHO SAY I LIKE AMAZON, BUT IT DID KILL MOM AND POP SHOPS. >>I DON’T THINK IT KILLED MOM AND POP SHOPS. THERE’S PLENTY OF EVIDENCE THAT MOM AND POP SHOPS ARE THRIVING. >>BUT ACCORDING TO A STUDY BY THE INSTITUTE FOR LOCAL SELF-RELIANCE, 90% OF MORE THAN 850 SMALL BUSINESSES SURVEYED SAY AMAZON HAS HAD A NEGATIVE IMPACT ON THEIR REVENUE.>>WE’VE SEEN THIS SHARP DECLINE IN THE NUMBER OF SMALL BUSINESSES ACROSS A LOT OF DIFFERENT INDUSTRIES. WE’RE NOW CREATING NEW BUSINESSES AT ABOUT ONE-THIRD THE RATE WE WERE IN THE 1980s.>>AND WASHINGTON HAS STARTED TO TAKE NOTICE. THE JUSTICE DEPARTMENT ANNOUNCED IT IS CONDUCTING A BROAD ANTI-TRUST REVIEW OF THE ONLINE MARKETPLACE WHILE CONGRESS HAS ALSO LAUNCHED ITS OWN INVESTIGATION OF BIG TECH INCLUDING AMAZON.>>I THINK THEY’RE BEHAVING LIKE A MONOPOLY. LIKE THEY HAVE MONOPOLY POWER. >>THE INTERNET THAT HAS BECOME INCREASINGLY — >>DAVID CICILLINE IS LEADING THE PROBE. >>WE CAN SET THE STATUTORY FRAMEWORK AND PROVIDE THE RESOURCES AND THE REGULATORY GUIDANCE TO MAKE CERTAIN THAT COMPETITION EXISTS IN ALL OF THESE SPACES. >>REGULATORS IN EUROPE HAVE HAD THEIR EYES ON BIG TECH FOR SOME TIME. >>AMAZON HAS TO REPAY THE TAX BENEFIT — >>THIS PAST JULY, THE EU’S TOP ANTI-TRUST OFFICIAL, FORMALLY LAUNCHED AN INVESTIGATION OF AMAZON’S MARKETPLACE. SO I ASKED THE CEO OF CONSUMER FOR AMAZON FLAT-OUT, DOES AMAZON GIVE PRIORITY TO ITS PRIVATE LABEL IN SEARCH AND HE SAID TO ME, WE PRIORITIZE THINGS THAT CUSTOMERS WANT. >>WE DON’T TAKE WHAT YOU SAY FOR GRANTED. WE WANT TO SEE THE EVIDENCE. AND A LOT OF PEOPLE WHO WANT TO SELL WHAT PEOPLE WANT. SO WE WOULD LIKE TO SEE, HOW DOES THIS DUAL RELATIONSHIP WORK THAT YOU’RE BOTH THE HOST AND THE COMPETITOR. THAT’S THE KEY QUESTION HERE.>>IF YOU’RE JEFF BEZOS, HOW FREAKED OUT WOULD YOU BE ABOUT EUROPEAN REGULATORS RIGHT NOW?>>I THINK THEY ARE FREAKED OUT.>>YOU THINK THAT AMAZON SHOULD BE BROKEN UP. >>100%. >>WE HAVE INTENSE COMPETITION EVERYWHERE IN THE WORLD, IN EVERY ONE OF OUR BUSINESSES. THE MAIN QUESTION FOR ME IS WHY?>>IS AMAZON TOO BIG?>>I DON’T THINK AMAZON IS TOO BIG AND I THINK IF YOU LOOK AT MOST OF THE BUSINESS SEGMENTS IN WHICH WE OPERATE, WE’RE A RELATIVELY SMALL PERCENTAGE OF THE TOTAL MARKET SEGMENT.>>WHAT DO YOU MAKE OF THE CALLS TO BREAK UP AMAZON?>>I THINK THAT’S A SILLY IDEA AND CONCEPT. AMAZON IS DOING A LOT OF GOOD THINGS FOR A LOT OF PEOPLE. THEY HAVE A LOT OF COMPETITORS. >>ONE OF THOSE POTENTIAL COMPETITORS IS JAMIE DIAMOND, CEO OF AMERICA’S LARGEST BANK.>>JEFF BEZOS TRIED TO HIRE YOU.>>YEAH. >>WE FIRST HAD LUNCH AND WE HIT IT OFF AND WE’VE BEEN FRIENDS EVER SINCE. >>ARE YOU MORE PARTNERS OR COMPETITORS WITH AMAZON?>>WE’RE PARTNERS. WE DO BUSINESS TOGETHER. WE HAVE — >>I KNOW. >>WE DO A BUNCH OF STUFF.>>SINCE 2002, J.P. MORGAN CHASE HAS PARTNERED WITH AMAZON ON A CONSUMER CREDIT CARD, YET DOOIMD REMAINS ACUTELY AWARE OF AMAZON’S ABILITY TO DISRUPT NEW MARKETS. >>YOU DID CREATE A TEAM, I THINK IT WAS 2017, TO THINK ABOUT AMAZON. >>IT WAS ALL OF THEM. >>ALL OF THE INTERNET GIANTS.>>ALL OF THEM. WHAT WOULD YOU DO? HOW WOULD YOU LOOK AT IT? HOW MIGHT WE WANT TO PARTNER?>>COMPETITOR, PARTNER, OR BOTH, DIAMOND WARNS THAT THE DAYS OF AN UNREGULATED TECH INDUSTRY MAY BE NUMBERED.>>WHAT’S COMING?>>I’M NOT WARNING THEM LIKE THEY’RE BAD. I’M SAYING THEY BETTER GET READY FOR THIS. IF THEY’RE NOT GEARED UP FOR THAT, I THINK THEY ARE GEARING UP FOR IT, THEY SHOULD BE.>>FOR HIS PART, JEFF BEZOS SEEMS CONFIDENT IN HIS COMPANY’S ABILITY TO BATTLE WHATEVER STORM MAY BE COMING.>>WE ARE SO INVENTIVE THAT WHATEVER REGULATIONS ARE PROMULGATED OR HOWEVER IT WORKS, THAT>>>THIS THE MIDST OF HISTORIC HOLLYWOOD, AMAZON IS THE NEW KID ON THE BLOCK. WHERE ARE WE? THIS IS ICONIC. >>CULVER STUDIOS. THIS IS THE “GONE WITH THE WIND” HOUSE. >>IT’S NOW THE HOME OF AMAZON PRIME VIDEO. >>IT’S THE HOME OF AMAZON PRIME VIDEO, EXACTLY. >>THE WORLDWIDE VICE PRESIDENT OF PRIME VIDEO, AMAZON’S VIDEO STREAMING SERVICE. ♪ I’M JUST A MAN ♪ WHO CAME UP WITH THAT IDEA? TO CREATE THE VIDEO?>>JEFF SAID, WHAT IF WE LICENSED A BUNCH OF CONTENT AND MADE IT AVAILABLE AT NO ADDITIONAL CHARGE TO PRIME MEMBERS? AND EVERYONE SORT OF LOOKED AT EACH OTHER AND LOOKED AT HIM AND THOUGHT, OKAY, THAT’S AN INTERESTING IDEA. PEOPLE PLAY CMAY COME FOR THE SG BUT STAY FOR THE ENTERTAINMENT. >>IS THE GOAL TO WIN OSCARS OR SELL MORE PAPER TOWELS?>>PEOPLE WHO ENGAGE WITH PRIME VIDEO CONVERT FROM FREE TRIALS TO PAID MEMBERSHIP AT A HIGHER RATE, RENEW THEIR MEMBERSHIPS AT A HIGHER RATE AND SHOP MORE. >>DID YOU KNOW IT WAS GOING TO WORK?>>OF COURSE, NOT. ♪>>THIS PHONE IS GORGEOUS. I CAN’T WAIT FOR YOU TO GET YOUR HANDS ON IT. >>IN JEFF BEZOS’ MIND, ANY RISK ON BEHALF OF THE CUSTOMER IS A RISK WORTH TAKING. >>WHEN WE’VE MADE MISTAKES, WE MADE DOOZIES LIKE THE FIRE PHONE AND MANY THINGS THAT DIDN’T WORK OUT, WE DON’T HAVE ENOUGH TIME FOR ME TO LIST ALL OF OUR FAILED EXPERIMENTS, BUT THE BIG WINNERS PAY FOR THOUSANDS OF FAILED EXPERIMENTS.>>BACK IN 2009, HART WHO HAS BEEN WITH AMAZON SINCE 1997, GOT A BEHIND-THE-SCENES TAKE ON HOW THE AMAZON FOUNDER THINKS, SPENDING TWO YEARS IN A COVETED ROLE AS BEZOS’ SHADOW. WHAT’S THE MOST IMPORTANT LESSON JEFF BEZOS TAUGHT YOU DURING THAT TIME?>>THE INCREDIBLY HIGH STANDARDS HE HAS FOR WHAT AMAZON IS CAPABLE AND WHAT THE PEOPLE OF AMAZON — >>YOU THINK THE BAR IS HIGHER, IT CAN BE HIGHER. >>EXACTLY. >>THE SECRET SAUCE OF AMAZON, THE NUMBER ONE THING THAT’S MADE US SUCCESSFUL BY FAR IS OBSESSIVE COMPULSIVE FOCUS ON THE CUSTOMER AS OPPOSED TO OBSESSION OVER THE COMPETITOR.>>WHEN YOU LOOK AT AMAZON AND JEFF, THEY’RE ALWAYS — THAT IS SO PARAMOUNT AND, YOU KNOW, TRANSCENDS ALMOST ALL OTHER THINGS SO YOU LEARN FROM THAT. >>HAS HE AFFECTED THE WAY YOU RUN YOUR BANK?>>OH, SURE. WE HAD A BUNCH OF PRODUCTS AND SERVICES WHERE YOU CLICK ON IT, YOU HAVE TO WAIT A SECOND. AND WE DIDN’T REALLY THINK ABOUT IT VERY MUCH UNTIL I WAS READING SOMETHING ABOUT AMAZON. I SAID, MY GOD, WE’RE JUST — WE GOT TO BE MUCH FASTER. >>WE’RE TOO SLOW. >>WE’RE TOO SLOW. >>THAT EXACTING CULTURE HAS BROUGHT AMAZON EXTRAORDINARY CUSTOMER SATISFACTION, IT HAS ALSO BROUGHT ON HARSH CRITICISM FROM SOME OF ITS WORKERS.>>THE CULTURE IS COMPETITIVE AND CUTTHROAT, I WOULD SAY. >>MT. EVEREST, 29,029 FEET. >>ANTONIO PETTIT WORKED ON A SEVEN-MONTH CONTRACT FOR AMAZON’S ALEXA TEAM. >>NOT A LOT OF CARE SEEMS TO BE TAKEN TO ENSURE THAT, YOU KNOW, PEOPLE AREN’T JUST BURNING OUT WORKING THERE. THAT’S WHAT I SEE NOT ALWAYS TAKEN INTO ACCOUNT IS THE COST OF HAVING THIS CONVENIENCE IS OFTENTIMES BUILT ON THE BACKS OF THE PEOPLE WHO ARE WORKING AT AMAZON.>>TALK A LITTLE BIT ABOUT THE CULTURE. THERE WAS THAT 2015 “NEW YORK TIMES” ARTICLE ABOUT CULTURE HERE AT AMAZON. AND EMPLOYEES SAYING THAT IT CAN BE CUT-THROAT AND CAN BE RELENTLESS. WHEN YOU READ THAT, WHAT DID YOU THINK?>>I THINK IT WAS QUITE SKEWED AND I THINK IF YOU HAVE A COMPANY WITH SEVERAL HUNDRED THOUSAND PEOPLE LIKE WE DO, IF YOU WANT TO WRITE A CERTAIN PERSPECTIVE, FIND SOME PEOPLE TO SUPPORT IT, YOU CAN REALLY WRITE ALMOST ANYTHING YOU WANT.>>BUT THE “TIMES” INTERVIEWED MORE THAN 100 CURRENT AND FORMER AMAZON EMPLOYEES INCLUDING EXECUTIVES ACROSS DEPARTMENTS. DESCRIBING, QUOTE, SOMETIMES PUNISHING ASPECTS OF THEIR WORKPLACE. COMPLAINTS HAVE ALSO COME FROM WORKERS AT FULFILLMENT CENTERS. >>THESE JOBS ARE HARD. YOU KNOW, PEOPLE ARE STANDING IN THE SAME SPOT FOR EIGHT, TEN, HOURS A DAY, MAYBE DURING PEAK SEASON. THERE ARE COMPLAINTS ABOUT LIMITED BREAKS. THERE ARE COMPLAINTS ABOUT JUST THE QUOTAS AND THE GOALS.>>JUST THIS PAST JULY, WAREHOUSE WORKERS IN MINNESOTA LAUNCHED A PRIME DAY STRIKE DURING ONE OF AMAZON’S BUSIEST DAYS OF THE YEAR. YOU’RE AWARE OF SOME OF THE CRITICISM THAT SOME AMAZON EMPLOYEES HAVE BROUGHT AGAINST THE COMPANY FROM POOR WORKING CONDITIONS TO INCREASED PRESSURE AT THE TIME, GET IT DONE, GET IT DONE, GET IT DONE. WHAT’S YOUR RESPONSE TO THAT?>>THAT DOESN’T IN TOTAL DESCRIBE THE EXPERIENCE THAT I HELPED TO BUILD. ONE OF THE THINGS THAT WE DID WAS BRING THE SAFETY PROGRAMS FROM THE BEST MANUFACTURERS IN THE WORLD INTO RETAIL WHICH HADN’T BEEN DONE BEFORE. THE BENEFITS THAT FOLKS IN THE WAREHOUSES AND FULFILLMENT CENTERS GET ARE THE SAME BENEFITS THAT MY FAMILY HAS ACCESS TO. >>AMAZON ALSO RAISED WAGES IN 2018 FOR ALL U.S. WORKERS TO AT LEAST $I15 AN HOUR FOLLOWING PRESSURE FROM LAWMAKERS INCLUDING CONGRESSWOMAN ALEXANDRIA OCASIO-CORTEZ AND SENATOR BERNIE SANDERS WHO AT THE TIME PRAISED AMAZON’S DECISION.>>I WANT TO GIVE CREDIT WHERE CREDIT IS DUE. I WANT TO CONGRATULATE MR. BEZOS FOR DOING EXACTLY THE RIGHT THING.>>IN BEZOS’ WORDS, WE LISTENED TO OUR CRITICS. CRITICS HAVE ALSO CALLED ON AMAZON TO INCREASE DIVERSITY AT ITS HIGHEST LEVELS OF LEADERSHIP. WOULD AMAZON ARGUABLY BE EVEN MORE SUCCESSFUL IF IT HAD MORE WOMEN, MORE MINORITIES, NEAR THE TOP?>>NO DOUBT. WOMEN ARE THE PRIMARY SHOPPERS THAT IT’S A HUGE PART OF THEIR BUSINESS. SO THE FACT THAT IT HASN’T BEEN A MALE-DRIVEN ORGANIZATION PROBABLY DOES CREATE SOME BLIND SPOTS. >>IF YOU LOOK BELOW JEFF’S LEADERSHIP LEVEL, THERE ARE VERY, VERY INFLUENTIAL, IMPORTANT, WOMEN BUT DO WE WANT AND NEED MORE? ABSOLUTELY. AND ESPECIALLY IN THE POCKETS WHERE WE KNOW WE CAN IMPROVE.>>IMPROVING AND MAINTAINING AMAZON’S COMPANY CULTURE HAS KEPT MANY EMPLOYEES LIKE ANDY FROM EVER LEAF VING. >>I’VE BEEN AT THE COMPANY FOR 22 YEARS NOW AND I WOULD TELL YOU THE CULTURE IS THE PRIMARY REASON I REMAIN HERE. IT IS A PLACE WHERE YOU’RE ENCOURAGED TO THINK CREATIVELY, WHERE THERE IS NO CEILING TO WHAT YOU CAN PURSUE, WHERE WE’RE WILLING TO MAKE BIG INVESTMENTS AND MAKE BIG BETS AND COMMIT TO THEM FOR LONG PERIODS OF TIME.>>A UNIQUELY AMAZONIAN CULTURE. MADE POSSIBLE BY BEZOS’ RELENTLESS FOCUS ON THE FUTURE.>>I GET TO INVENT, I GET TO LIVE TWO TO THREE YEARS IN THE FUTURE. >>IS THERE SOMETHING ABOUT JEFF BEZOS THAT MAKES HIM MARKEDLY DIFFERENT THAN ALMOST ANY OTHER LEADER ON THE PLANET?>>YOU BECOME A GOOD OUTLIER, END UP BEING A GREAT INVENTOR, GREAT THINKER, GREAT TEAM BUILDER AND OBVIOUSLY VERY FLEXIBLE. THAT’S KIND OF RARE. >>>COMING UP, HOW AMAZON TRANSFORMED SEATTLE. >>I THINK YOU’LL FIND A LOT OF PEOPLE HERE WILL BE VERY ANGRY AT AMAZON. ♪>>>IN DOWNTOWN SEATTLE, YOU CAN HARDLY TURN A CORNER WITHOUT SE SEEING OR HEARING AMAZON’S IMPACT.>>AMAZON HAS TAKEN OVER.>>I CALL IT AMAZONVILLE.>>IN 2010, YOU KNOW, I THINK WE HAD 30% UNEMPLOYMENT IN THE CONSTRUCTION TRADES. I THINK PEOPLE WERE SAYING, BOY, WOULDN’T IT BE NOIN ICE TO HAVE CRANES? BY 2013 PEOPLE WERE SAYING WHAT’S UP WITH ALL THE CRANES?>>FOR AS MANY CRANES AS THERE ARE IN SEATTLE TODAY, THERE ARE JUST AS MANY PERSPECTIVES. ON WHAT AMAZON’S GROWTH HAS MEANT FOR THE CITY.>>AMAZON HAS IMPACTED US IN A POSITIVE WAY. >>IT’S A POSITIVE AND A NEGATIVE.>>JOBS. OPPORTUNITY.>>I THINK IT’S BEAUTIFUL.>>DOES NOTHING TO HELP THE CITY AT ALL.>>IT’S GROWING FAST.>>JUST TAKES AND TAKES AND TAKES.>>I THINK YOU’LL FIND A LOT OF PEOPLE HERE WILL BE VERY ANGRY AT AMAZON.>>MIKE McGINN WAS ELECTED MAYOR OF SEATTLE IN 2009. RIGHT AS AMAZON’S DOWNTOWN EXPANSION WAS ACCELERATING.>>WE ALL KNEW THERE WAS GOING TO BE AN EXPANSION, BUT I THINK, WE SAID, BOY, THEY MIGHT GO FROM 5,000 EMPLOYEES TO 20,000. BUT THEY WENT TO 45,000. >>AFTER LOSING A RE-ELECTION BID IN 2013, McGINN RAN FOR MAYOR AGAIN IN 2017 AND LOST TO A CANDIDATE WHO RECEIVED MONEY FROM A PAC SUPPORTED BY AMAZON. ISN’T AMAZON LARGELY RESPONSIBLE FOR MUCH OF THE JOB GROWTH DURING YOUR TERM AS MAYOR?>>ACTUALLY, WE SAW JOB GROWTH IN MANY PLACES AND, AGAIN, THAT’S A POSITIVE. WE WANTED THAT JOB GROWTH. >>BUT A LOT FROM AMAZON. >>SURE. IT’S A LOT FROM AMAZON.>>AMAZON’S GROWTH IN SEATTLE HAS BEEN GOOD FOR BUSINESS, BEEN GOOD FOR THE FLOWER SHOP, THE BARBERSHOP. THERE’S A RIPPLE EFFECT THAT CREATES ECONOMIC OPPORTUNITY FOR OTHERS.>>OPPORTUNITY, HOWEVER, NOT SHARED BY ALL.>>IT’S GREATLY IMPACTED THE COST OF LIVING WITH RENT. ESPECIALLY. PUSHING PEOPLE OUT, ESPECIALLY FROM NEIGHBORHOODS LIKE THIS. >>FROM A BUSINESS POINT OF VIEW, I REALIZED THE WHEELS OF PROGRESS HAVE TO KEEP TURNING. ON THE OTHER SIDE, IT DOES NOT MAKE THE PEOPLE WHO ARE BEING PUSHED OUT FEEL VERY GOOD ABOUT IT.>>GOT A BIG IMBALANCE IN SEATTLE BETWEEN THE NUMBER OF JOBS THAT WE’VE CREATED AND WELCOMED HERE AND THE AMOUNT OF HOUSING THAT WE BUILT SO WHEN YOU HAVE THAT IMBALANCE, YOU’RE GOING TO GET AN AFFORDABILITY CRISIS. WE HAVE ONE TODAY IN SEATTLE. >>SINCE 2010, THE NUMBER OF HOMELESS IN SEATTLE HAS INCREASED NEARLY 34%. TO ADDRESS THE CRISIS, THE CITY COUNCIL PROPOSED A HEAD TAX IN 2017 THAT WOULD TAX SEATTLE’S BIGGEST COMPANIES $275 PER EMPLOYEE. BUT HEAVY RESISTANCE FROM AMAZON AND THE SEATTLE BUSINESS COMMUNITY LED THAT SAME CITY COUNCIL TO REVERSE ITS DECISION. ULTIMATELY KILLING THE FUNDING MEASURE.>>I WOULD SAY THAT, YOU KNOW, THINGS LIKE THE HEAD TAX IN SEATTLE I THINK ARE SUPER DANGEROUS FOR CITIES TO IMPLEMENT. >>THEY FOUGHT IT. >>THEY FOUGHT IT HARD. AND THEY WON.>>IT IS NO SURPRISE TO ME THAT AMAZON — >>COUNCIL MEMBER. >>SAWANT IS A CITY COUNCIL MEMBER AND ONE OF THE FEW ELECTED SOCIALISTS IN THE COUNTRY. SHE WAS A LEADING VOICE IN THE MOVEMENT TO PASS SEATTLE’S MINIMUM WAGE INCREASE INPAY! AMAZON HAS GOT TO PAY! IT’S VERY CLEAR TO ORDINARY PEOPLE IN SEATTLE THAT WE NEED A TAX ON BIG BUSINESS LIKE AMAZON. BIG BUSINESS, BIG TECH, BIG DEVELOPERS, MAKE ALL THE PROFITS AND ARE MAKING LIFE UNLIVABLE FOR THE REST OF US IN THIS CITY.>>DO YOU THINK AMAZON’S DONE ENOUGH TO CUSHION THE IMPACT OF ITS GROWTH ON HOME PRICES IN SEATTLE?>>WELL, FIRST OF ALL, OUR OBJECTIVE WAS TO TAKE CARE OF CUSTOMERS SO IF WE’VE BEEN SUCCESSFUL AT THAT, WHICH MEANS WE’VE NEEDED TO HIGHER MORE EMPLOYEES AND BUILD OUT OUR HEADQUARTERS, THAT’S A GOOD THING. IT’S NOT LIKE WE BUILT THIS HEADQUARTERS UNDER A SHROUD AND RIPPED IT OFF AND SAID, YOU KNOW, TA-DA. THIS WAS BUILT OVER YEARS. SO THE COMMUNITY HAD THE TIME WITH US TO, YOU KNOW, TO PLAN FOR THIS GROWTH. I BELIEVE THAT WE’LL — THE CITY OF SEATTLE WORKING WITH US, WE’LL GET THIS RIGHT. WE WANT TO BE A GREAT CORPORATE CITIZEN.>>IN ADDITION TO MARY’S PLACE, A PERMANENT HOMELESS SHELTER SET TO OPEN INSIDE ONE OF AMAZON’S NEW BUILDINGS, AMAZON ANNOUNCED $8 MILLION MORE IN DONATIONS TO HOMELESS CHARITIES. STILL, SOME SAY, FOR ONE OF THE RICHEST COMPANIES IN THE WORLD, IT NEEDS TO DO MORE.>>THEY ARE GOING TO DO WHAT THEY WANT FOR THEIR BOTTOM LINE. IF YOU WANT SOMETHING THAT IS SOCIALLY BENEFICIAL, WE ARE GOING TO HAVE TO FIGHT FOR IT AS ORDINARY PEOPLE. LOOK AT WHAT HAPPENED IN NEW YORK CITY. >>IN THE FALL OF 2017, AMAZON DECIDED IT WANTED A NEW PLACE TO CALL HOME. A SECOND NORTH AMERICAN HEADQUARTERS. AND IN TYPICAL JEFF BEZOS FASHION, THEY WEREN’T JUST GOING TO PICK A CITY LIKE MOST COMPANIES. AMAZON WOULD HOLD A YEAR-LONG COMPETITION BUT THE SEEMINGLY IRRESISTIBLE PRIZE, AMAZON’S HQ2 AND THE POTENTIAL FOR 50,000 NEW JOBS. >>MUCH LIKE AMAZON, LAS VEGAS IS TRULY UNIQUE.>>AFTER A 14-MONTH SEARCH AND MORE THAN 200 BIDS FROM CITIES ACROSS THE COUNTRY — >>NEW YORK AND VIRGINIA WERE THE BIG WINNERS OF THE AMAZON HQ2 HUNGER GAMES. >>EYE-POPPING INCENTIVES FOR AMAZON INCLUDING A HELIPAD AT ITS PLANNED NEW YORK LOCATION.>>AMAZON HAS GOT TO GO!>>BUT IN QUEENS, NEW YORK, THE WINNERS HIGH WORE OFF QUICKLY. DAYS AFTER THE ANNOUNCEMENT, VOCAL RESIDENTS, UNION AND COMMUNITY LEADERS, LED PROTESTS OVER THE $3 BILLION TAX BREAK FOR THEIR NEW NEIGHBOR. >>WE’RE NEW YORKERS. YOU CAN’T WALK ALL OVER US.>>BECAUSE OF THE NOISE FROM LAWMAKERS, AMAZON KIND OF DECIDED TO TURN THE CAR AROUND. THAT IT WASN’T WORTH THIS FIGHT.>>THREE MONTHS LATER, AMAZON ABRUPTLY CANCELED ITS PLANS FOR NEW YORK’S HQ2.>>WE GOT A CALL THIS MORNING SAYING WE’RE TAKING OUR BALL AND WE’RE GOING HOME. I’VE NEVER SEEN ANYTHING LIKE IT.>>THINK IT’S INCREDIBLE. I MEAN, IT SHOWS THAT EVERYDAY AMERICANS STILL HAVE THE POWER TO ORGANIZE AND FIGHT FOR THEIR COMMUNITIES.>>I THINK IT’S A BIG LOSS FOR NEW YORK CITY.>>I THINK IF ANYTHING, AMAZON CAME AWAY LOOKING EVEN MORE POWERFUL. THEY WERE ABLE TO SAY NO TO NEW YORK CITY.>>PLUS, AMAZON WASN’T FEXACTLY WALKING AWAY EMPTY HANDED. >>THEY NOW HAVE ACCESS TO SOME — >>ALL THIS DATA. >>ALL THIS DATA. >>FRISCO IS PRIME TO HAVE YOU.>>THERE ARE OVER 200 CITIES ACROSS THE COUNTRY THAT BID ON THE HQ2, AND THEY PUT TOGETHER THESE BIG PACKAGES OF ALL OF THIS INFORMATION. THINGS LIKE WHERE ARE FUTURE INFRASTRUCTURE INVESTMENTS GOING TO GO, WHAT’S THE DISTRIBUTION OF OUR POPULATION THAT HAS DIFFERENT KINDS OF EDUCATION DEGREES? SO NOW AMAZON HAS THIS INFORMATION ABOUT ALL OF THESE DIFFERENT CITIES AND IT’S GOING TO PUT THAT TO REALLY PRODIGIOUS USE IN THE COMING YEARS AS IT THINKS ABOUT WHERE TO PUT A NEW WAREHOUSE OR NEW OFFICE OR RETAIL STORE. NO ONE ELSE HAS THAT.>>R. >>>COMING UP — >>I WISH THEM LUCK. IT’S GOING TO BE A BEAUTY.>>AMAZON, JEFF BEZOS, AND THE OTHER WASHINGTON.>>I THINK OWNERSHIP OF THE POST HAS RISKS FOR AMAZON AS WELL AS BENEFITS. Choosing my car insurance was
the easiest decision ever. I switched to GEICO and
saved hundreds.>>>IT WAS 2013 AND ONE OF THE COUNTRY’S LEADING NEWSPAPERS WAS IN SERIOUS TROUBLE.>>THE 2008 FINANCIAL CRISIS WAS DEVASTATING. WE’D BEEN THROUGH A LOT OF RECESSIONS, BUT WE’D NEVER SEEN ANYTHING LIKE THIS.>>THE “WASHINGTON POST” HAD BEEN OWNED BY THE GRAHAM FAMILY SINCE 1933 BUT NOW IT WAS STRUGGLING TO SURVIVE.>>I WAS TRYING TO FIGURE OUT HOW A NEWSPAPER THAT HAD BEEN SUCCESSFUL IN PRINT COULD BE SUCCESSFUL IN THE DIGITAL WORLD.>>SO DON GRAHAM, CHAIRMAN OF THE “POST” AT THE TIME, TALKED TO EVERYONE HE COULD IN SILICON VALLEY. >>I TALKED TO STEVE JOBS. I TALKED TO GATES. I TALKED TO MARK ZUCKERBERG. I TALKED TO THE FOUNDERS OF GOOGLE. I TALKED TO JEFF. OVER AND OVER AGAIN. I REMEMBER THAT IT WAS SMART, SENSIBLE, AND NOT FULL OF HIMSELF.>>BEZOS CAME WITH THE INFLUENTIAL ENDORSEMENT OF WARREN BUFF FET.>>WARREN AT THAT TIME WAS ON OUR BOARD. WARREN SAID JEFF BEZOS IS THE BEST C EO IN THE UNITED STATES. >>REALLY?>>YAERNGS. YEAH. >>GRAHAM MADE AN OFFER AND BEZOS TOOK IT. >>IN A SURPRISE MOVE THE “WASHINGTON POST” IS BEING SOLD TO THE FOUNDER AND CEO OF AMAZON.COM, JEFF BEZOS. >>IT THE NEWSPAPER IN THE CAPITAL CITY OF THE MOST IMPORTANT COUNTRY IN THE WORLD. THE “WASHINGTON POST” HAS AN INCREDIBLY IMPORTANT ROLE TO PLAY IN THIS DEMOCRACY. I KNOW THAT WHEN I’M 90, IT’S GOING TO BE ONE OF THE THINGS I’M MOST PROUD OF.>>BUT SKEPTICS WONDERED IF BEZOS HAD A DIFFERENT STRATEGY AT PLAY.>>I THINK HIS INTENTIONS ARE GOOD. REPUBLICAN BILLIONAIRES BUY FOOTBALL TEAMS. DEMOCRATIC BILLIONAIRES BUY NEWSPAPER. IT’S ALSO A PRETTY DIFFERENT HEAT SHIELD , IF A LIBERAL NEWSPAPER IS NOT IF FAVOR OF ANTITRUST AGAINST BEZOS, IT’S JUST A FANTASTIC WAY TO PUT SHEEP’S CLOTHING AROUND A WOLF.>>AND OVER THE NEXT FIVE YEARS, BEZOS INVESTED EVEN MORE IN THE NATION’S CAPITAL. PURCHASING THE LARGEST HOME IN THE CITY. CHOOSING ITS SUBURBS FOR AMAZON’S SECOND HEADQUARTERS. AND SPENDING MORE ON LOBBYING THAN ANY OTHER TECH COMPANY SO FAR THIS YEAR.>>AMAZON IS ONE OF THE SINGLE MOST INFLUENTIAL COMPANIES IN WASHINGTON. >>DO YOU THINK OWNING THE “WASHINGTON POST” HAS GIVEN BEZOS MORE CLOUT AMONG THE POLITICAL CLASS HERE IN WASHINGTON?>>NO. AS THE OWNER OF AMAZON, JEFF COULD HARDLY HAVE MORE CLOUT IF HE WANTED TO EXERCISE IT. BUT I SEE NO EVIDENCE THAT JEFF IS USING THE “WASHINGTON POST” TO ADVANCE ANY POLITICAL INTEREST.>>AND CURRENT EXECUTIVES AT THE “POST” HAVE STATED REPEATEDLY THAT BEZOS IS NOT INVOLVED IN ANY EDITORIAL DECISIONS. HAS IT EVER BEEN A CONCERN FOR YOU AT ALL THAT THE INTEREST OF AMAZON COULD HAVE MOTIVATED THE PURCHASE OF THE “POST”?>>I SUPPOSE THAT’S POSSIBLE BUT I THINK OWNERSHIP OF THE “POST” HAS RISKS FOR AMAZON AS WELL AS BENEFITS. THE RISK IS THAT WHEN THE “POST” WRITES A NEGATIVE ARTICLE ABOUT A POLITICIAN, ABOUT A GOVERNMENT, IT CAN MAKE PEOPLE UNHAPPY.>>I THINK THE “WASHINGTON POST” IS A RUSSIAN ASSET. IT’S PUT THERE FOR THE BENEFIT, THE “WASHINGTON POST,” OF AMAZON. THAT’S MY OPINION AND I THINK IT’S A DISGRACE. >>PRESIDENT TRUMP HAS MADE A HABIT OF HURLING UNSUBSTANTIATED ALLEGATIONS AT AMAZON AND BEZOS ON TWITTER. ACCUSING HIM OF LOBBYING THROUGH THE “WASHINGTON POST.” CALLING THE PAPER “FAKE NEWS” AND CLAIMING AMAZON IS SCAMMING THE U.S. POSTAL SERVICE. WHAT STARTED THE BEEF BETWEEN PRESIDENT TRUMP AND JEFF BEZOS?>>I THINK FUNDAMENTALLY THIS IS ABOUT THE “WASHINGTON POST,” IT’S A VERY INFLUENTIAL NEWSPAPER. IT’S A PAPER THAT COVERS TRUMP VERY CRITICALLY, AND RIGHTLY SO. AS A RESULT, TRUMP LASHES OUT. >>I HAVE SEEN OTHER PRESIDENTS DO THE SAME THING.>>FROM NOW ON, NO REPORTER FROM THE “WASHINGTON POST” IS EVER TO BE IN THE WHITE HOUSE. IS THAT CLEAR?>>THERE WAS A MAN NAMED RICHARD M. NIXON WHO WAS VERY DIRECT AND VERY PERSONAL IN WHAT HE FELT ABOUT THE “WASHINGTON POST” SO PRESIDENT TRUMP IS DOING WHAT AN AWFUL LOT OF POLITICIANS HAVE DONE OVER THE YEARS.>>EARLIER THIS YEAR TRUMP ALSO TOOK AIM AT BEZOS’ PERSONAL LIFE AFTER THE “NATIONAL ENQUIRER” LEAKED REVEALING TEXT MESSAGES BETWEEN BEZOS AND THE WOMAN HE WAS SAYING ONE DAY AFTER HE’D ANNOUNCED HIS SEPARATION FROM HIS WIFE, MACKENZIE. PRESIDENT TRUMP WEIGHED IN. >>I WISH HIM LUCK. IT’S GOING TO BE A BEAUTY.>>BEZOS WROTE IN A MEDIUM POST THAT HE SUSPECTED POLITICS MIGHT BE IN PLAY IN THE “INQENQUIRER” REPORTING. >>HE WANTED TO SAY SO. THE “ENQUIRER” AIM TO HIM AND SAID WE HAVE ALL THESE PHOTOS AND COULD SHARE IT UNLESS YOU STOP ACCUSING US OF POLITICAL MOTIVATIONS TO THE MAGAZINE WANTED TO SHUT BEZOS UP. >>BUT INSTEAD BEZOS RELEASED EMAILS FROM THE “ENQUIRER” TO HIS TEAM AND ACCUSED THEM OF BLACKMAIL ANDERS TORSION.>>I WAS SHOCKED. I THINK A LOT OF PEOPLE AROUND HIM WERE SHOCKED. THIS IS NOT SOMEONE WHOSE PERSONAL LIFE HAD DRAWN A LOT OF ATTENTION. >>NO. >>A SITUATION THAT WAS EXTRAORDINARY. >>IN A STATEMENT, THE TABLOID TOLD CNN, “THE NATIONAL ENQUIRER” ACTED LAWFULLY AND STANDS BY THE RACKSY OF OUR REPORTING.”>>TO THIS DAY IT’S STILL A MYSTERY ABOUT EXACTLY WHAT HAPPENED WITH THE “INQENQUIRER””>>YET THE SCANDAL PLACED BEZOS IN AN ENTIRELY NEW LIGHT. >>I THINK HE THOUGHT AND PROBABLY BELIEVED PRETTY STRONGLY THAT HE WAS DOING THE RIGHT THING. BY CONFRONTING THIS — THIS ABUSIVE MEDIA POWER. >>I THINK IT WAS HANDLED BRILLIANTLY. I THINK THERE’S A RESERVOIR OF GOOD WILL TOWARD JEFF BEZOS BECAUSE HE’S BEEN SEEN AS A RESPONSIBLE STEWARD OF THE “WASHINGTON POST.” I THINK HIS PERSONAL REPUTATION HAS PROBABLY NEVER BEEN STRONGER. >>THE “MEDIUM” POST THAT SURPRISED EVERYONE WITH VERY SERIOUS ALLEGATIONS OF BLA BLACKMAIL. I’M INTERESTED IF THAT HAS AFFECTED AMAZON AT ALL OR CHANGED AT ALL HOW HE LEADS AMAZON. >>IT HASN’T CHANGED HOW HE LEADS. JEFF IS AS ENGAGED AS HE’S BEEN FOR YEARS. THIS IDEAS ARE JUST AS CLEVER. I WATCHED HIM GIVE MESSAGES TO OUR TEAMS, ALL-HANDS MEETINGS, SMALLER GROUP MESSAGES, THE MESSAGES ARE SPOT-ON. HE’S THE SAME JEFF I WORKED ALONGSIDE FOR 20 YEARS AND I HOPE HE STAYS THE SAME JEFF.>>>COMING UP, THE FUTURE OF AMAZON. IT’S PLAUSIBLE THAT AMAZON WILL PRETTY SOON KNOW YOU BETTER THAN YOUR SPOUSE STRANGER THAN FICTION IDEAS AMAZON HAS IN THE WORKS.>>THEY’RE DEEP IN RESEARCH NOW ON RECOGNIZING NOT ONLY WHO YOU ARE BUT WHAT YOU ARE IN THAT MOMENT IN TIME.>>ACCORDING TO “BLOOMBERG,” AMAZON IS WORKING ON A WEARABLE DEVICE THAT CAN READ HUMAN EMOTIONS.>>VOICE PROFILES GIVE YOU THE ABILITY TO TEACH ALEXA YOUR VOICE. >>USING A BASELINE OF YOUR BIOMETRICS — >>ALEXA, CLOSE THE SHADES, PLEASE. >>YOU KNOW, ARE YOU DEPRESSED?>>ALEXA, TELL ROOMBA TO START CLEANING. >>ARE YOU HAPPY? ARE YOU MANIC? HAVE YOU HAD A STROKE AND DON’T REALIZE IT YET? DO YOU HAVE EARLY ONSET PARK PARKINSON’S?>>ALEXA, TURN THE TV ON. >>THIS IS ALL DISCOVERABLE IF THERE’S A BIG ENOUGH DATABASE OF YOUR VOICE. >>ALEXA, TELL MY COFFEE MACHINE TO PREPARE — >>HEALTH CARE IS CLEARLY IN THE NEXT BIG BUSINESS THEY WANT TO OFFER. THEY ACQUIRED THIS COMPANY CALLED PILLPACK WHICH DISTRIBUTES DRUGS. >>IT’S YOUR MEDICATION MADE EASY. >>THEY’RE WORKING ON WAYS TO TURN ALEXA INTO A DOCTOR IN YOUR HOME. >>IT’S FLAPLAUSIBLE THAT AMAZOR ANY OF THE OTHER BIG TECH COMPANIES WILL PRETTY SOON KNOW YOU BETTER THAN YOUR SPOUSE DOES, BETTER THAN YOUR KIDS OR PARENTS DO, BETTER THAN YOU KNOW YOURSELF. OR YOU’RE WILLING TO ADMIT.>>AMAZON KNOWS OUR FOOD INTAKE. ITLONG-AWAITED DRONE DELIVERY SYSTEM.>>YOU HAVE TO BE REALLY GOOD AT THIS SO CUSTOMER CAN TRUST IT COMPLETELY. REGULATORS CAN TRUST — >>RYOU HAVE TO MAKE THE DRONES EVEN SMARTER. >>YES . 60% TO 080% OF THE ITEMS WE SHI COULD BE SHIPPED BY THE DRONES WE’RE WORKING ON. >>ALL OF THAT CONVENIENCE, EXPERTS SAY, COULD COME AT EXPONENTIALLY HIGHER COST TO OUR PRIVACY. IN THE CASE, FOR EXAMPLE, OF AMAZON, AMAZON HAS INCREDIBLY POWERFUL IMAGE RECOGNITION TECHNOLOGY.>>PEOPLE REALLY LOVE THIS IMAGE RECOGNITION SERVICE. >>AT THE MOMENT, WE DON’T HAVE ANY CASELAW THAT ANSWERS THE QUESTION, WHO OWNS YOUR FACE?>>YET, AMAZON’S FACIAL RECOGNITION SOFTWARE IS ALREADY BEING USED BY LAW ENFORCEMENT ACROSS THE COUNTRY. DRAWING CRITICISM FROM THE ACLU.>>LET’S THINK ABOUT WHAT THOSE POWERS COL ERS COULD MEAN IN TH OF THE GOVERNMENT. >>AND AMAZON’S OWN EMPLOYEES WHO SAY THE POWERFUL TECHNOLOGY MUST BE CAREFULLY REGULATED BEFORE IT’S PUT TO BROAD USE. >>YOU HAVE BEEN PRETTY OPEN ABOUT THE FACT THAT THIS IS A SERVICE THAT COULD DO HARM, IN YOUR WORDS. THERE HAVE BEEN CONCERNS ABOUT RACIAL AND GENDER DISCRIMINATION. HOW DO YOU PROTECT AGAINST THAT?>>WE GIVE PRETTY CLEAR GUIDANCE TO THE LAW ENFORCEMENT AGENCIES THAT THEY SHOULD ONLY USE THE PREDICTIONS THAT COME BACK FROM OUR FACIAL RECOGNITION TECHNOLOGY IF THEY HAVE CONFIDENCE LEVELS OF AT LEAST 99% AND THEN ONLY AS ONE ALMOST OF A HUMAN-DRIVEN DECISION, BUT I ALSO UNDERSTAND WHY PEOPLE ARE CONCERNED AND I ALSO THINK THAT IT’S VERY REASONABLE FOR GOVERNMENTS TO PUT REGULATIONS IN PLACE THAT PROVIDE EXTRA GUIDELINES FOR HOW THE TECHNOLOGY SHOULD BE USED.>>BUT WHAT IF THE PROBLEM IS NOT THE USER BUT THE ARTIFICIAL INTELLIGENCE TAKING OVER ALL OF BIG TECH AND ITS POTENTIAL FOR BIAS? WOMEN OF COLOR ARE FAR MORE LIKELY TO HAVE THE SECONDARY SCREENING AT AN AIRPORT THAN MEN OR CAUCASIAN WOMEN BECAUSE YOU LOOK LIKE AN ANOMALY TO A SYSTEM THAT FOR THE MOST PART WAS BUILT BY A WHOLE BUNCH OF PEOPLE WHO MAYBE AREN’T RACIST BUT NEVER OCCURRED TO THEM — >>A WHOLE BUNCH OF WHITE MEN. >>CORRECT.>>ONE REASON ANOTHER TECH GIANT, GOOGLE, HAS BEEN HESITANT TO BRING THIS TECHNOLOGY TO MARKET SO SWIFTLY. GOOGLE HAS CHOSEN, AT LEAST FOR NOW, NOT TO SELL FACIAL RECOGNITION TECHNOLOGIES WHILE YOUR COMPETITORS LIKE AMAZON ARE MOVING FULL STEAM AHEAD.>>WE REALIZE THERE ARE POTENTIAL CASES IN WHICH THERE ISN’T A CLEAR REGULATORY FRAMEWORK AROUND HOW TECHNOLOGY CAN BE USED. THAT GIVES US PAUSE.>>AS OPPOSED TO SOME COMPANIES WHO ARE BACKING AWAY FROM SUPPORTING THE GOVERNMENT, WE ARE UNWAVERING IN OUR SUPPORT TO SERVE GOVERNMENT.>>IS IT WORTH TO GIVEN WHAT AMAZON HAS BROUGHT TO THE WORLD?>>SO THE QUESTION IS IS AMAZON A NET GOOD? 100% YES, BUT THE PROBLEM IS THE WORD, “NET.” FOSSIL FUELS ARE A NET POSITIVE FOR SOCIETY BUT WE STILL HAVE EMISSION STANDARDS. PESTICIDES ARE A NET POSITIVE FOR US BUT WE STILL HAVE AN FDA. AMAZON HAS BEEN A NET POSITIVE. DOES THAT MEAN THEY SHOULDN’T BE BROKEN UP WHEN THEY BECOME NONCOMPETITIVE? THEY SHOULD BE BROKEN UP. >>I WOULD ARGUE IF YOU FORCE THE COMPANIES TO BREAK APART, YOU COULD SAY THAT THAT’S A NATIONAL SECURITY ISSUE BECAUSE, QUITE FRANKLY, WE ALL RELY ON THESE COMPANIES. WE NEED AMAZON. WE NEED GOOGLE. WE NEED APPLE. WE NEED MICROSOFT. SO THE QUESTION IS, WHERE DO WE GO FROM HERE?>>MY HAVE ON THIS IS VERY SIMPLE, ALL BIG INSTITUTIONS OF ANY KIND ARE GOING TO BE AND SHOULD BE SCRUTINIZED EXAMINED, SCRUTINIZED. >>WE HAVE CUSTOMERS TO SERVE. >>5 25 YEAR SINCE THE AGE OF AMAZON GONE, BEZOS’ BOOKSTORE IS A NATIONAL INSTITUTION AND SCRUTINY IS EXACTLY WHAT IT’S GETTING. >>YOU’RE TELLING US, SIR, UNDER OATH, AMAZON DOES NOT USE ANY OF THAT DATA TO FAVOR AMAZON PRODUCTS?>>FROM ITS EVER-EXPANDING SIZE TO ITS IMPACT ON THE PLANET. YET, NOTHING IS SLOWING AMAZON DOWN. IS IT UNPARALLELED?>>THERE ARE ONLY A HANDFUL OF SO MANY THINGS HAVE GROWN LIKE THIS AND BEEN IN SO MANY BUSINESSES, INVENTED SO MANY THINGS AND INVENTED THEIR OWN TECHNOLOGY TO ACCOMPLISH WHAT THEY WANTED TO DO. >>YEAH. >>STILL A GROWING MACHINE.>>JEFF BEZOS IS A VISIONARY AND YOU CAN QUESTION WHETHER OR NOT EVERY DECISION BEING MADE IS THE RIGHT ONE FOR WHAT’S IN THE BEST INTEREST OF HUMANITY, BUT I CANNOT THINK OF VERY MANY OTHER PEOPLE ALIVE TODAY OR IN RECENT HISTORY THAT ARE AS CAPABLE AND AS GIFTED IN LONG-RANGE THINKING AS BEZOS IS.>>WE’RE NOW BIG ENOUGH TO HURT THIS PLANET. WE HAVE TO USE THE RESOURCES OF SPACE. WHEN THAT IS POSSIBLE, WHEN THE INFRASTRUCTURE IS IN PLACE, JUST AS IT WAS FOR ME IN 1994 TO START AMAZON, YOU WILL SEE AMAZING THINGS HAPPEN. AND IT WILL HAPPEN FAST. I GUARANTEE IT. ♪>>>THIS IS “CNN TONIGHT.” I’M LAURA COATES IN FOR DON LEMON AND TONIGHT, PRESIDENT TRUMP’S WRAP WRAPPING UP HIS ATTACKS ON CONGRESSWO WOMAN RASHIDA TLAIB, DEMOCRAT. SHE AND ILHAN OMAR WERE DENIED PERMISSION YESTERDAY TO VISIT ISRAEL DUE TO THEIR SUPPORT OF A BOYCOTT AGAINST THE COUNTRY OVER ITS POLICIES. AND IT WAS PRESIDENT TRUMP WHO ENCOURAGED ISRAEL TO DO THAT.

“I’ve MADE billions of dollars of FAILURES” – Jeff Bezos’s (@JeffBezos) Top 10 Rules Volume 2


– I’ve made billions
of dollars of failures, at Amazon.com. Literally billions of dollars of failures. It’s easy to have ideas; it’s very hard to turn an idea
into a successful product. Do something you’re very passionate about. And don’t try to chase what is kind of the hot passion of the day. (whoosh) – He’s best known as the
founder, chairman, and CEO of Amazon.com. He’s also the founder of Blue Origin, a human space flight company. He’s currently listed as
the third wealthiest person in the world, with a net
worth of $72.8 billion. He’s Jeff Bezos, and here’s my take on his
Top Ten Rules of Success, Volume Two. Also guys, as you’re watching, if you hear something that
really resonates with you, please leave it down
in the comments below, and put quotes around it, so other people can be inspired. Also when you write it down, it’s much more likely to
lock into yourself as well. Enjoy. (whoosh) (inspirational music) (whoosh) – My job, one of my jobs
as the leader of Amazon, is to encourage people to be bold. And people love to focus on
things that aren’t yet working. And that’s good, that’s human nature, that kind of divine discontent
can be very helpful. But it’s incredibly hard to
get people to take bold bets. And you need to encourage that. And if you’re going to take bold bets, they’re going to be experiments. And if they’re experiments, you don’t know ahead of time
that they’re going to work. Experiments are, by their
very nature, prone to failure. But big successes, a few big successes, compensate for dozens and dozens
of things that didn’t work. So bold bets AWS, Kindle, Amazon Prime, our third party seller business. All of those things are examples
of bold bets that did work, and they pay for a lot of experiments. I’ve made billions of dollars
of failures at Amazon.com. Literally, billions of
dollars of failures. You might remember Pets.com, or Cozmo. I’d give myself a root canal
with no anesthesia very easily. None of those things are fun. But they also don’t matter. What really matters, is companies that don’t
continue to experiment, companies that don’t embrace failure, they eventually get in
the desperate position, where the only thing they can do is make a kind of Hail Mary bet at the very end of their
corporate existence. Whereas companies that are, you know, making bets all along, even big bets, but not a bet the company bets. I don’t believe in bet the company bets. That’s when you’re desperate. That’s the last thing you can do. (whoosh) We know, from our past experiences, that big things start small. The biggest oak starts from an acorn. And if you want to do anything new, you’ve got to be willing
to let that acorn grow into a little sapling, and
then finally into a small tree, and then maybe one day, it’ll
be a big business on its own. – And in fact, that’s one of your mottos for one of your initiatives. And forgive my pronunciation in Latin, but gradatim ferociter. What does that mean to you? – Well, it means step by step ferociously. And it’s the motto for Blue Origin. Basically, you can’t skip steps, you have to put one foot
in front of the other, things take time, there are no shortcuts. But you want to do those steps
with passion and ferocity. (whoosh) I think probably our most important piece of intellectual property
is our brand name. And I think this is very important for anybody who’s going
to start a company, or marketing invention to understand, is that brands for companies are like reputations for people. And reputations are
hard-earned and easily lost So, the most important
intellectual property that a company can have, is for us, it’s Amazon. It’s that name, but what it stands for. We work very hard to earn trust. You can’t ask for trust, you just have to do it the
hard way, one step at a time. You make a promise, and
then fulfill the promise. You say “we’ll deliver
this to you tomorrow,” and we actually deliver it tomorrow. (laughing) And if you do that over and over again, then it ultimately, you can
instill your company’s name with the reputation. And that’s, I think, sometimes
people talk about brands in this very amorphous way. But for me, I like to
think of it as a person, and what is the reputation
that that person has, and how have they earned that reputation? (whoosh) I think stress, you can be, one of the things that’s very
important to note about stress is that stress primarily
comes from not taking action over something that you
can have some control over. So, if I find that some particular thing is causing me to have stress, that’s a warning flag for me. What it means is, there’s something that I haven’t completely identified, perhaps in my conscious mind, that is bothering me, and I haven’t yet taken any action on it. I find, as soon as I identify it, and make the first phone call, or send off the first email message, or whatever it is that we’re going to do to start to address that situation, even if it’s not solved, the mere fact that we’re addressing it, dramatically reduces any
stress that might come from it. So stress comes from ignoring things that you shouldn’t be ignoring,
I think in large part. So stress doesn’t come. People get stress wrong all
the time, in my opinion. Stress doesn’t come from
hard work, for example. You can be working incredibly
hard, and loving it. Likewise, you can be out of work, and incredibly stressed, over that. And likewise, if you kind
of use that as an analogy for what I was just talking about, if you’re out of work, but you’re going through
a disciplined approach of a series of job interviews and so on and are working to remedy that situation, you’re going to be a lot less stressed than if you’re just worrying
about it and doing nothing. (whoosh) If you’re giving great
customer experience, and the only way to do
that is with happy people. You can’t do it with a
set of miserable people, watching the clock all day. – So does that include work-life balance, and all those things? – Yes, but I teach three
leadership classes a year at Amazon, well part of
it, they’re bigger classes but I come in and teach a session. And I always talk about work-life balance, except I like to use the
phrase work-life harmony, rather than balance, because to me, balance
implies a strict trade, whereas, I find that,
when I am happy at work, I come home more energized,
I’m a better husband, a better dad. And when I’m happy at home,
I come in a better boss, and better colleague. You can be out of work, and have terrible work-life balance. Even though you’ve got
all the time in the world, you can just feel like, oh my
god, you know, I’m miserable, and you would be draining energy. And so you have to find that harmony, it’s a much better word. And I think for most people, it’s about meaning. People want to know that
they’re doing something interesting and useful. And for us, because of the challenges that
we have chosen for ourselves, we get to work in the future. And it’s super fun to work in the future, for the right kind of person. (whoosh) It’s easy to have ideas. It’s very hard to turn an idea
into a successful product. There are a lot of steps in between, it takes persistence, relentlessness. So, I always tell people who think they want to be entrepreneurs, you need a combination of
stubborn relentlessness, and flexibility. And you have to know when to be which. And basically you need to
be stubborn on your vision, because otherwise it’ll
be too easy to give up. But you need to be very
flexible on the details. Because as you go along
pursuing your vision, you’ll find that some of your
pre-conceptions were wrong. And you’re going to need to be
able to change those things. So I think taking an idea successfully all the way to the market and turning it into a real
product that people care about really improves people’s lives. It’s a lot of hard work. (whoosh) I had some family role models,
and I had some other people, you know some sort of
historical role models that I looked at too. So certainly my grandfather was
a serious role model for me. I just had spent so much time, you learn different
things from grandparents than you learn from parents. I would encourage anybody
to try to spend time not only with their parents,
but with their grandparents. And I also had two people
I always would read about were Thomas Edison, and Walt Disney. Those were sort of my
two biographical heroes. (laughing) I’ve always been interested
in inventors and invention. And Edison, of course,
just for a little kid, and probably for adults too, I
still feel this way at least, is not only the symbol of that,
but the actual fact of that. The just incredible inventor. I’ve always felt that
there’s a certain kind of important pioneering that goes on from an inventor like Thomas Edison. And then Disney was a
different sort of thing. He also, a real pioneer and
inventor, and doing new things. But it seemed to me that he
had this incredible capability to create a vision, that he could get a large
number of people to share. Because the things that Disney invented, like Disneyland, the
theme parks, and so on, they were such big visions, that no single individual, unlike a lot of the things
that Edison worked on, no single individual
could ever pull them off. And Walt Disney really was able
to get a big team of people working in a concerted direction. (whoosh) I don’t really remember
the exact day or anything, but when I was in college, is
when I started thinking about wanting to be an entrepreneur someday. So I was not the kid
with the lemonade stand. I wasn’t one of these kids who was always trying to raise money. I always wanted to be a
scientist when I was little. But I’d also always loved computers. I was lucky, ’cause at
my age this was unusual to have access to a mainframe computer from my elementary school
when I was in 4th grade, and quickly learned that
there was a pre-programmed Star Trek game on that computer, so I never did anything
except play Star Trek with that computer, so I don’t
know how formative that was. It certainly helped my Star
Trek knowledge considerably. (audience laughing) But I’ve always loved computers. Somewhere in college, I started
watching some of the people who were setting up college
pizza delivery services, and kind of the core entrepreneurs, and thinking, you know, this looks like a really fun thing to do. (whoosh) Science is a very rare idea, that can be done by a single individual. Almost everything that is
going to change the world, solve a problem, improve something, these are usually big efforts, and they require a team working together to really get something important done. And that has been the story of Amazon.com. Every step along the way,
we’ve had a team here that is making this work. Even at the smallest scale, you have to figure out how to
get help from your friends, from your family members,
from people that you can hire in those early days. I think without that, it would never work. (whoosh) Do something you’re very passionate about. And don’t try to chase what
is the hot passion of the day. I think we actually saw this, I think you see it all over the place in many different contexts. I think we saw it in the
Internet world quite a bit, where, at the sort of peak
of the Internet mania, in say 1999, we found people who were very passionate, somebody that kind of left that job, and decided I’m going to do
something in the Internet. Because it’s almost like the
1849 gold rush, in a way. You find that people, you go
back and study the history of the 1849 gold rush. You find that at that time, everybody who was within
shouting distance of California was, they might have been a doctor, but they quit being a doctor, and they started panning for gold. (laughing) And that almost never works. Even if it does work,
according to some metric, financial success, or
whatever it might be. I suspect it leaves you
ultimately unsatisfied. So you really need to be
very clear with yourself, and I think one of the
best ways to do that, is this notion of projecting
yourself forward to age 80, looking back on your life, and trying to make sure you’ve minimized the number of regrets you have. That works for career decisions, it works for family decisions. I have a 14-month-old son, and it’s very easy for me to, if I think about myself when I’m 80, I know I want to watch
that little guy grow up. I don’t want to be 80 and think shoot, I missed that whole thing, and I don’t have the kind
of relationship with my son that I wished I had, and so on and so on. So if you think about that, so I guess another thing that
I would recommend to people, is that they always take
a long-term point of view. And I think this is something about which there’s a lot of controversy. There’s something a lot of people and I’m just not one of them, believe that you should live for the now. I think what you do, is you think about the great
expansive time ahead of you, and try to make sure that
you’re planning for that in a way that is going to
leave you ultimately satisfied. This is just my, this is
the way it works for me. Everybody needs to find
that for themselves. So, I think there are a lot
of paths to satisfaction. And you need to find
one that works for you. (whoosh) – Thank you guys
(inspirational music) so much for watching, I’d love to know what did
you think of this video? And in general what do you think of our Volume Two series? Leave it down in comments below, I’m super curious to find
out what you have to say. Also I’d love to learn, what
did you take from this video? What did you learn from Jeff today? Which clip resonated the most with you, and what are you going to
immediately apply to your life or your business somehow? Please leave it down in the comments, and I’m going to join in the discussion. Finally, I wanted to
give a quick shout out to Carolyn Owens. Thank you so much, Carolyn, for
picking up a copy of my book “Your One Word,” and posting
a picture of it on Twitter. I really really really
appreciate the support, and I hope you’re enjoying the read. So thank you guys so much for watching, I believe in you, I hope you
continue to believe in yourself and whatever your one word is. Much love, and I’ll see you soon. (whoosh) – The best defense to
speech that you don’t like about yourself, as a public figure, is to develop thick skin. It’s really the only effective defense, because you can’t stop it. You know you are going
to be misunderstood. If you’re doing anything
interesting in the world, you’re going to have critics. If you absolutely can’t tolerate critics, then don’t do anything
new, or interesting. (audience laughing) And then you can insulate yourself. Then think how wonderful your life– – Is that the Bezos principle? – Yeah. Usually people, if you see something, I don’t know, you’re
kind of a public figure, you’ve probably, things have
probably been written about you that you didn’t think were nice. – That’s true. – And, my advice if
you came to me and said “Jeff, somebody wrote this and
it really hurt my feelings. What should I do?” I would say, go stand on a street corner. In a crowded urban area. And watch all the people walk by. And think about what
they’re thinking about. I bet you none of those
people are thinking about you. If you stay on that street corner, and really in your mind, you
can do this thought experiment. Like, okay, there’s a
woman who just walked by. What is she actually thinking about? Maybe what she’s going to
cook for dinner that night. Or the argument that she had
with one of her employees. Or, whatever it is. It’s not about us. – A lot of small book publishers, and other smaller companies, worry that the power of
Amazon, give them no chance. – You’ve got to earn
your keep in this world. When you invent something new, if customers come to the party, it’s disruptive to the old way. – But I mean, there are areas
where your power’s so great, and your margin, you’re
prepared to make it so thin. You can drive people out of business, and you have that kind of strength, and people worry, is Amazon
ruthless in their pursuit of market share? – The Internet is disrupting
every media industry, Charlie. People can complain about that, but complaining is not a strategy. Amazon is not happening to book selling, the future is happening to book selling.

Amazon getting into video game-watching business


) IT LOOKS LIKE WATCHING PEOPLE PLAY VIDEO GAMES ISNT JUST POPULAR BUT IT’S VERY VALUABLE AS WELL. ) AMAZON IS CASHING IN – SPENDING NEARLY A BILLION DOLLARS TO PURCHASE “TWITCH” – A WILDLY POPULAR SITE WHERE 50- MILLION PEOPLE A MONTH WATCH PEOPLE PLAY VIDEO GAMES. EACH MONTH MILLIONS OF PEOPLE TUNE INTO TWITCH TO WATCH FRIENDS AND STRANGERS PLAY VIDEO GAMES, INCLUDING COMPETITIVE TOURNAMENTS. AN ACQUISITION BY AMAZON AND THE LOFTY PRICE TAG WOULD SEEM TO VALIDATE THE RISE OF GAMING AS A SPECTATOR SPORT. ADVERTISERS ARE OFTEN WILLING TO SPEND TOP DOLLAR TO REACH AUDIENCES LURED BY LIVE SPORTING EVENTS. ) WE’VE HEARD OF THE SMART WATCH HOW ABOUT THE SMART SHIRT AND RALPH LAUREN HAS UNVEILED A NEW HI-TECH TEE-SHIRT. THE “POLO TECH SHIRT” CONTAINS BUILT-IN SENSORS… WHICH MONITOR THE WEARERS HEARTBEAT, BREATHING, AND STRESS LEVEL. THE COMPRESSION SHIRT WILL BE SEEN ON SOME OF THE THE BALL BOYS AT THIS YEAR’S U.S. OPEN TENNIS TOURNAMENT. ) THE SHIRT IS SAID TO LOOK ALMOST LIKE ANY OTHER SPORTS SHIRT. RALPH LAUREN TAKING US INTO THE FUTURE. FOR TODAY’S TECH TREDNS REPORT – I’M ERIN OVALLE.