Mary Meeker’s 2019 Internet Trends Report


00:04 I know that was applause for Karen not 00:08 for me so thank you for that applause so 00:11 I’m gonna run through these slides many 00:13 of you have seen this before and this is 00:16 a presentation that’s meant to be read 00:18 not presented so the critiques about the 00:22 presentation style are justified here is 00:25 what we’re going to go through I’m going 00:27 to talk about trends with users what’s 00:29 going on with the e-commerce and 00:30 advertising focus on usage trends 00:32 freemium business models what’s going on 00:34 with data growth work education and 00:37 touch on some things that we’re that 00:39 will be I won’t go through all them but 00:41 they’re more they’re more it will be 00:43 more content in the in the deck that has 00:45 posted at bon calm and a tree code as 00:47 well but some things on immigration and 00:49 an up some updates to our report USA Inc 00:51 and look at healthcare and then the 00:54 folks at hill house capital created them 00:56 as usual great presentation on some of 00:58 the trends in China one of the things 01:00 that we do in this report is you’ll see 01:02 a lot of charts that go up into the 01:03 right and they go up into the right 01:05 because those are the trends and the 01:07 markets that were focused on and I’ll 01:09 zip through them pretty quickly but 01:10 you’ll get a sense of scale and scope 01:12 but before I begin I want to thank the 01:14 folks at bond especially Michael Brogan 01:17 and Ansel Parikh who really put a lot of 01:19 sweat equity into this report and have 01:21 taken it across the goal line in 01:22 addition to Kara and all the folks that 01:24 helped us with this report every year 01:26 you know who you are and we’re very 01:27 appreciative so I’m not going to read 01:29 through the side but this is basically 01:32 the context setting for all that we go 01:34 through in the report so Internet users 01:37 at 50% of the global global penetration 01:39 new growth remains harder to find growth 01:42 is slowing up 6% in 2018 versus 7% in 01:45 the prior year new smartphone unit 01:47 shipments actually declined in 2018 you 01:50 can see from the red line what the what 01:52 the growth rate trending looks like 3.8 01:55 billion Internet users in the world 01:57 asia-pacific leads in both users and 02:00 potential there’s still a lot of upside 02:02 in that region China is the largest 02:04 market with 21% of total internet users 02:07 India at 12% in the u.s. at 8% China and 02:10 India have a lot of upside the u.s. does 02:12 not if we look at the global internet 02:14 market cap leaders the u.s. is stable at 02:16 18 02:17 the top 30 and China is stable at seven 02:20 of the top 30 and those are the two 02:21 leading two leading countries where 02:24 Internet innovation is at an especially 02:26 high level if we look at global market 02:28 cap leaders the United States is stable 02:30 at 23 of 30 and tech is stable at 9 of 02:32 30 of that of that group if we look at 02:35 revenue growth for the internet market 02:37 cap leaders it continues to slow as 02:39 events by the the red line up 11 percent 02:41 year-on-year in q1 versus 13 percent in 02:44 q4 if we look at the market cap leaders 02:47 similar trending with 2 percent growth 02:48 in q1 versus 7 percent year to year 02:51 growth in q4 moving on to e-commerce and 02:53 online advertising it’s solid but 02:55 slowing we look specifically at 02:57 ecommerce again the red line shows the 02:59 slowing rates of growth of 12.4% in q1 03:02 versus 12.1 percent in q4 physical 03:05 retail growth is solid at around 2% has 03:08 been at that that around that level for 03:09 a while and e-commerce share gains 03:12 continue at 15% of retail versus 14% a 03:15 year earlier in online advertising this 03:19 is a chart we created a really long time 03:20 ago we thought it would be interesting 03:22 to look at the amount of media time 03:24 spent versus the amount of advertising 03:26 dollars spent mobile hit equilibrium in 03:29 2018 while desktop hit that equilibrium 03:32 point in 2015 if we look at Internet ads 03:35 spending on an annual basis that 03:37 accelerated a little bit in 2018 up 22 03:39 percent but if we look at it as 03:42 according to the leader the leading 03:43 companies and they’re there they’re 03:45 there their results internet average 03:49 revenue has been decelerate on a 03:51 quarterly basis up 20 percent in q1 if 03:53 we look at the at the platforms that are 03:55 out there Google and Facebook continue 03:57 to lead but others are gaining share 04:00 though from a small base but this looks 04:02 at the trends for Amazon Twitter snap 04:04 and Pinterest versus Google and Facebook 04:06 in Internet ad buying programmatic gains 04:09 versus direct continue it’s a variant of 04:12 the majority of ad spending at this 04:15 point and it’s been negatively impacting 04:16 pricing if we look at some of the ads 04:18 share gain drivers and there are many 04:20 but at the top of the list are is is 04:23 better targeting new creative integrated 04:26 commerce and high relevance and these 04:28 are examples from Facebook YouTube 04:29 Pinterest into 04:31 customer acquisition costs are arising 04:35 in many highly competitive and highly 04:37 capitalized sectors this looks at capped 04:39 cost per activation in mobile finance 04:43 app apps globally and the reality is 04:45 customer acquisition costs can’t exceed 04:48 lifetime value for very long and for 04:50 those of you that are in this business 04:51 you know it and you often see it the 04:54 most efficient and effective marketing 04:55 is one’s own product Plus happy 04:57 customers plus recommendations very 05:01 effective and efficient marketing can be 05:02 free trial or free tier one of the best 05:05 examples of this of is Spotify with its 05:08 free user conversion to paid subscribers 05:11 more recently a great example of this is 05:13 zoom free user conversion to paid 05:15 subscribers aver another very effective 05:17 and efficient marketing mechanism can be 05:19 recommendations and stitch fix is one of 05:22 the best examples of recommendations 05:24 both human driven and and AI driven that 05:27 are driving their customer base in their 05:29 revenue there are a couple things in 05:31 advertising that we don’t quite know 05:32 about yet we’ll call them the TBD s we 05:35 don’t quite know what the impact of 05:37 privacy changes will be on ad targeting 05:39 and an emerging area that will be 05:42 important to watch is digital based TV 05:44 ads aided by in hand-in-hand mobiles and 05:47 how that impacts the market for ad 05:49 targeting moving on to internet usage 05:52 solid growth driven again by investment 05:54 in innovation if we look specifically at 05:55 usage digital media usage in the u.s. is 05:58 accelerating up 7% versus 5% growth in 06:01 2017 most of that is on mobile if we 06:04 look at the drivers one is investment 06:06 and it remains robust globally this data 06:08 from Morgan Stanley investment public 06:10 and private into tech companies has been 06:12 very high for two decades or more and if 06:15 we look at innovation for US companies 06:18 and they’ll switch to non-us companies 06:19 that remains robust if we look at device 06:22 time mobile surpassed TV time in 2018 if 06:26 we look at online platforms YouTube and 06:27 Instagram or gaining the most if we look 06:30 at video time digital is up to X in five 06:32 years to 28% of total versus TV if we 06:36 look at short form is specifically on 06:38 short form video specifically on the 06:39 Facebook platform 1.5 billion da use up 06:42 to X in one year if we look at voice 06:44 seven 06:45 million podcast listener ma use up to X 06:48 and four years and also unvoiced 47 06:51 million Amazon echoes is it there’s a 06:53 base of 47 million Amazon echo devices 06:57 up to X and one year 06:59 wearables 52 million users up to X and 07:01 for years on demand 56 million consumers 07:04 in the u.s. up to X and 2 years local 07:07 two hundred thirty six thousand active 07:10 global neighborhoods up to X and two 07:12 years and then the underserved 07:14 population we looked at square seller 07:15 base it’s growing 28 percent faster in 07:18 the lowest vs. highest income MSAs in 07:21 the US if we look outside the US there’s 07:24 especially high innovation in 07:26 data-driven and direct fulfillment 07:27 that’s growing very rapidly in China pen 07:30 duo duo connecting consumer preferences 07:32 and manufacturers 443 million buyers up 07:35 to X and five quarters China mate Wan 07:38 connecting to the consumers and local 07:40 businesses six million merchants up to X 07:41 and two years Latin American rapid 07:44 digitizing delivery eight million orders 07:46 up to X and four months 07:47 Indonesia tokopedia improving product 07:50 delivery across 17,000 islands six 07:53 million merchants up to X and one year 07:54 Southeast Asia shopping mobile first 07:57 social commerce 10 billion and gmv up to 08:00 X in one year in India Reliance Geo 08:03 continues to Marvel expanding offline 08:06 access to e-commerce 307 million 08:08 subscribers up to X and one year 08:10 and data usage is up to X in one year as 08:13 they are offering a broad base of geo 08:15 services for their consumers who are 08:16 picking them up and using it very 08:18 quickly also in an innovation outside 08:21 the US it’s especially strong in 08:22 financial services and that is an 08:27 Alibaba slide on the website with their 08:30 billion users it’s not on here but 08:32 you’ll see it if you go to bond capcom 08:35 thank you very much South Korea toss 12 08:41 million users up to X in one year Europe 08:45 revolute four million users up to X and 08:48 10 months Brazil new bank 9 million 08:50 unique customers up to X in one year 08:52 Latin America Mercado Libre 389 million 08:56 transactions and two up to 08:58 in two years Southeast Asia grab 09:00 rideshare driven digital payments 09:02 transaction value up to X in one year 09:05 and then moving to usage in other ways 09:09 images are increasingly relevant ways to 09:11 communicate images are the oldest form 09:13 of transportable communication 40,000 09:16 years ago the first image oldest-known 09:17 image is a painting in Indonesia for 09:19 centuries people have learned to write 09:21 and share words offline and one to one 09:23 and one to some communication via text 09:26 and numbers is foundational but for 2 09:29 decades people have been ramping image 09:30 and video sharing and video creation and 09:33 sharing offline and often one-to-many 09:35 going back to what we did 40,000 years 09:37 ago image creation the Foundation’s 09:39 continue to ramp if we look at 09:41 smartphone camera base smartphone power 09:42 cellular data use and Wi-Fi reach if we 09:45 look at image sharing the foundations 09:47 continue to ramp image creation and also 09:49 image sharing image creation sharing 09:51 engagement continues to ramp when 09:53 Twitter launched this is Jack’s first 09:54 one of Jack’s first tweets 2006 it was 09:57 text only today more than 50% of tweet 10:01 of tweet impressions or images video or 10:03 other forms of media the platform and 10:06 functionality and usage continues to 10:08 ramp in image creation sharing Instagram 10:10 has absolutely been a leader there as 10:11 has Pinterest and Google is leading with 10:16 computer vision and artificial 10:17 intelligence people are increasingly 10:20 telling stories we edited images and 10:22 videos let’s look at the growth in the 10:25 snap community Lin’s views and image 10:28 based design fluency and storytelling is 10:30 increasingly self-taught and 10:31 collaborative and we’re still in the 10:32 early innings this is an example of what 10:35 canva does with simple collaborative and 10:37 feedback driven design on its service 10:39 this is a great quote from Kevin Systrom 10:41 with Sen twits which summarizes at all 10:43 people have always been visual our 10:46 brains are wired for images writing was 10:48 a hack a detour pictorial languages are 10:50 how we all started to communicate we are 10:53 coming full circle 10:53 instagrams inherent feedback systems 10:56 help users continuously improve their 10:58 communications skills after all would 11:02 you rather have a picture or words about 11:04 the thousand the thousand words about 11:06 the picture okay 11:10 usage I’m not going fast enough clearly 11:13 interactive gaming it’s increasingly 11:16 increasingly relevant way to communicate 11:18 interactive gaming accelerate 2.4 11:20 billion users of 6 percent year-on-year 11:22 in 2018 11:24 interactive gaming innovation is rising 11:26 across platforms it’s real-time play 11:29 talk text and watch its social in nearly 11:33 always if we look at fortnight 250 11:36 million users up to X year-on-year 11:38 across 7 platforms one of the things 11:41 that drove this this business and this 11:43 product a great success 11:44 talking text discord has 250 million 11:47 users up to X year-on-year 11:49 watch in interactive gaining twitch time 11:52 and viewers up to X in two years if we 11:55 look specifically at fortnight battle 11:57 royale is a game environment capped at 11:59 100 million person groups fortnight 12:01 events shared experience is capped at 12:04 100 person groups and voice chat 12:05 collaborative communication capped at 16 12:08 squadmates 12:09 interactive gaming shared environments 12:11 with collective purpose and goals are 12:13 these the new social and friend networks 12:15 recreating reality around play and 12:17 problem solving 12:19 switching to freemium business models 12:21 they’re growing and scaling we’re still 12:23 in the early days and enterprise and 12:24 consumer freemium businesses free user 12:27 experience enables more usage engagement 12:29 social sharing and network effects 12:31 premium user experience drives 12:33 monetization product and innovation 12:35 started in gaming moved to enterprise 12:37 and consumer specifically in gaming 12:40 runescape 2001 more recently epic 12:43 fortnight 2017 freemium gaming is often 12:46 social often mobile and it can be 12:48 transient if we moved to the enterprise 12:50 really started in many ways with Google 12:52 G suite in 2006 most recently zoom 12:54 freemium enterprise collaborative 12:57 business critical and annuity like 12:58 moving to consumer Spotify 2008 canva 13:02 2015 freemium consumers personalized 13:05 efficient often social and annuity like 13:07 freemium business evolution started in 13:10 gaming evolving emerging and consumer 13:12 and enterprise all in we’re just getting 13:14 started 13:14 this looks at the pure play companies 13:18 with freemium business models that have 13:20 more than 10 million paid subscribers 13:23 Gaming epic games Enterprise Dropbox 13:25 Spotify in consumer we think there’s a 13:28 lot more to come one of the key enablers 13:31 of this has been cloud deployment 13:32 revenue growth up fifty eight percent 13:34 year-on-year work at 22 percent of 13:37 workloads up to X and five years and 13:38 interest continues to rise another 13:41 enabler of freemium subscription 13:42 business models as efficient digital 13:44 payments account for more than 50 13:46 percent of day-to-day transactions 13:47 around the world for a a annually 13:50 updated survey from visa data growth is 13:53 changing the way things work rapidly and 13:55 globally data collection analysis and 13:57 utilization is evolving from humans to 13:59 humans and computers before 1995 winning 14:02 businesses use human data insights and 14:04 insights to improve customer experiences 14:06 one of the best examples was IBM focused 14:09 on product development by feet on the 14:11 street customer input drove that to 14:13 great success Nike did that with 14:15 employees who happen to be runners who 14:17 helped him design great products to 14:19 great success Chrysler did it with focus 14:21 groups and discovered that the minivan 14:23 could be a very exciting product and 14:25 turned the company around Intuit did 14:27 this with all with all in top to bottom 14:29 with the in organization from founder to 14:31 CEO to president to engineer focused on 14:35 customer testing in 1990s and 2000’s the 14:39 internet mobile devices and cloud 14:41 emerged post 1995 winning businesses 14:44 used digital data and insights to 14:45 improve customer experiences Capital One 14:48 did this to great effect use customer 14:50 data to optimize its marketing and 14:52 did this better than almost 14:54 anyone else using customer data to 14:57 improve the user experience and optimize 14:58 sales in the 2000s something began to 15:01 happen and that as companies began to 15:03 create products that allowed other 15:05 companies to do this we call them data 15:07 plumbers winning businesses build and 15:10 use data plumbing tools to use digital 15:12 data and insights to improve customer 15:13 experiences hang on and went backwards 15:17 sorry sorry sorry and this is what these 15:20 data plumbing tools are helping 15:21 businesses real-time collect data manage 15:23 connections and optimize data Qualtrics 15:25 is helping fabfitfun collect data to 15:27 understand customer wants and improve 15:29 business processes Salesforce helping 15:32 adidas collect data to increase customer 15:33 input and improve products stripe and 15:36 slack collected 15:37 direct customers subscriber 15:38 relationships plaid and betterment 15:40 collect data to improve customer 15:41 consumer decision-making slack and 15:44 hellofresh manage connections to 15:46 organize internal and external 15:47 communication Twilio helping shot-up 15:50 shopify manage connections to 15:51 communicate with customers and consumers 15:53 via multiple channels segments helping 15:56 Meredith manage connections to organize 15:58 customer data across IT systems 16:00 snowflake helping instacart optimize 16:03 data to improve analytics 16:04 recommendations of personalization 16:06 confluent helping a-kor optimize data to 16:08 respond to customer events at scale look 16:11 or helping Farfetch’d optimize data 16:13 discover business insights and optimize 16:15 fulfillment uipath helping Sumitomo 16:18 Mitsui optimize data to manage data 16:19 growth and eliminate inefficiencies a 16:21 lot of data plumbers helping a lot of 16:24 companies collect data manage 16:25 connections and optimize data this is a 16:28 quote from Frank bein at looker data is 16:30 now fundamental to how people work in 16:33 the most successful companies have 16:34 intelligently integrated into everyone’s 16:36 daily workflow data is the new 16:38 application the data and artificial 16:40 intelligence used properly can improve 16:41 customer satisfaction retail customers 16:44 like liked sharing data if it gives them 16:48 a better experience 91% prefer bayit 16:51 brands that provide personalized offers 16:52 and recommendations 83% willing to 16:55 passively share data in exchange for 16:56 personalized services Mark Zuckerberg is 16:59 has evolved a sinking on a lot of this 17:02 and in early in 2019 said new 17:04 regulations should protect your right to 17:05 choose how your information is used 17:07 while in a being able in companies to 17:09 use information for safety purposes and 17:11 provide services data volume and 17:14 utilization is evolving rapidly and 17:15 broadly this is data from IDC that looks 17:17 at the volume of data that is the data 17:21 volume 13% of structured and tag and is 17:23 rising rapidly data propagation is 17:26 expanding from endpoints to edge to core 17:28 and back and around data stewardship is 17:31 evolving Enterprise surpassed consumer 17:33 in 2018 and cloud is overtaking both if 17:36 we look at data volumes share amia leads 17:38 followed by faster rising China and the 17:40 u.s. is falling it’s a great quote from 17:43 IDC that summarizes that and this is 17:46 from Astro teller at at Google X 17:49 basically was created a chart that 17:52 indicates technology changes is evolving 17:55 faster than human adaptability if it 17:57 feels like we’re all drinking from a 17:58 data firehose it’s because we are 18:02 Internet usage there are concerns and 18:04 there’s goodness usage concern overload 18:07 Adele almost 26% of adults are almost 18:12 constantly online versus 21% three years 18:15 ago social media has lots of positive 18:17 attributes but lots of negative 18:18 attributes in digital media users are 18:21 taking action to reduce their usage and 18:23 businesses are also taking action 18:24 actions to help users monitor their 18:26 usage what’s happened social media usage 18:29 has decelerated up 1% in 2018 versus 6% 18:33 in 2017 another concern is privacy 18:36 privacy concerns are high but they’re 18:38 moderating regulators and businesses are 18:41 improving consumer privacy control in 18:44 digital media encrypted messaging and 18:46 traffic arising rapidly 18:48 another usage concern is problematic 18:50 content and activity more than half of 18:52 humanity and rising is online the 18:54 reality is people prefer negative news 18:57 this is a quote based on a survey in 18:59 2014 and this is a quote from 2019 19:03 no one attempting to derive an estimate 19:05 of the present conditions in New York 19:07 from the front page contents over many 19:08 newspapers could be blamed for 19:10 concluding that society is on the verge 19:12 of deplorable Anarchy 1909 James E 19:15 Rogers problematic content on the 19:19 Internet can be less filtered and more 19:21 amplified images and streaming can be 19:23 more powerful than text algorithms 19:25 algorithms can amplify users on patterns 19:28 social media can amplify trending topics 19:30 traditional media platforms can amplify 19:32 social media trending topics social 19:35 media can amplify bad behavior motivated 19:37 bad actors can amplify ideologies 19:40 unintended bad actors can amplify 19:42 misinformation extreme views can amplify 19:44 polarization with all that the internet 19:47 plant platforms are indeed driving 19:49 efforts to reduce problematic content 19:51 consumers and businesses or driving 19:53 efforts to moderate problematic content 19:55 this is a quote from Susan a CEO of 19:57 YouTube and Brian Murphy at the 19:59 Department of Homeland Security all 20:01 indicating week 20:02 do better but that progress is being 20:05 made but there’s a lot more a lot more 20:07 work to be done with all that the 20:10 perception of the Internet in the u.s. 20:13 eighty-eight percent of people believe 20:14 the Internet has been mostly good for 20:17 them and 70 percent believe the Internet 20:20 has been mostly good for society we’re 20:22 dealing with the age-old challenge of 20:23 amplifying good and minimizing bad and 20:25 it’s taking rapid twists and turns 20:27 global relationships related to 20:29 information and data are evolving 20:31 differently and rapidly it’s a quote 20:34 from Mark Smith at Politico and Brad 20:36 Smith Mark Scott and Brad Smith at 20:38 Microsoft in a sense the world wide web 20:40 I mean as we know it is over in its 20:43 place is something altogether different 20:44 a balkanized splinter net where your 20:46 experience online is determined by local 20:48 regulation we need a new generation of 20:50 laws to govern a new generation of tech 20:52 this is great data from Freedom House 20:55 that looks around the world and partly 20:58 free internet access is rising but free 21:01 not free access is falling this is a 21:03 framework for thinking about the way 21:05 Freedom House looks at this and this is 21:08 some data we compiled with the help from 21:09 a lot of other people that but we call 21:11 it the world wide web as a web of worlds 21:13 driven by rope local regulation and we 21:15 look at markets and the attributes of 21:16 markets with low internet regulation 21:17 like the US and the largest EU economies 21:20 moving to more regulation India and 21:23 China there’s a great piece in foreign 21:26 affairs in September to October of 2018 21:29 that looks at all these markets around 21:31 the world this is a summary of some of 21:32 those highlights an open Internet can 21:35 benefit all constituents consumers want 21:37 to get want to get what they want 21:39 efficiently and inexpensively businesses 21:41 want to sell products and services 21:43 profitably and regulators want to 21:45 protect consumers businesses and social 21:46 institutions in an open Internet online 21:49 reviews can boost multi-sided 21:51 accountability it’s a great quote from 21:52 Brian Chesky at Airbnb safety is our 21:55 number one principle at Airbnb the whole 21:57 thing only works if you feel safe we 21:59 have a few hundred people on there trust 22:00 a safety team who really work with the 22:01 Airbnb community to facilitate that 70 22:04 percent of our guests when they stay on 22:05 air baby leave a review which means we 22:08 build a system that allows the community 22:09 review properties on Airbnb and build 22:11 trust the chart on the right looks at 22:13 the growth and host and guest reviews on 22:15 Airbnb 22:16 reveals actions and reactions are 22:18 amplified on the internet can drive 22:19 transparency and rapid change for 22:21 consumers businesses and regulators this 22:23 looks at Twitter as a communication tool 22:25 for citizens Twitter as a communication 22:28 tool for consumers and businesses and 22:30 social media as a communication tool for 22:33 citizens and regulators the open 22:36 Internet can be messy but effective 22:37 consumer business and regulators key to 22:40 work together to amplify good and 22:41 minimize bad there’s a quote on that and 22:43 are we at the first step in a long 22:45 journey recently as published in Vox 22:48 there was a crowdsource Alvar at 22:50 algorithmic Bill of Rights that was put 22:52 together and these things always start 22:54 in one way shape or form it was good 22:56 that it was endorsed by Jack Dorsey at 22:57 Twitter and I’ll think a lot more to 22:59 come there in a highly regulated highly 23:03 regulated Internet can favor state 23:05 control if we look at freedom of speech 23:08 in the United States it’s a 23:09 long-standing long-standing 23:12 long-standing thing of a lot of 23:14 importance to all of us have a quote 23:16 from 1927 and most recently 2017 23:20 Brandeis in 1927 if there be time to 23:23 expose through discussion the falsehood 23:25 and fallacies to avert the evil by the 23:27 processes of Education the remedy to be 23:30 applied is more speech not enforced 23:32 silence similar things said by Anthony 23:35 Kennedy a Supreme Court justice in 2017 23:38 and this is this contrasts with the 23:41 opinion about free speech and openness 23:44 around the world cyberattacks 23:47 sophistication and scope continue to 23:48 rise state-sponsored after attacks 23:51 arising large-scale data provider tax 23:53 for rising monetary extortion cases 23:55 arising attack the deduction dwell time 23:57 continues to fall cyber attacks 24:00 opportunities are created by online 24:01 system weaknesses two-factor 24:03 authentication incomplete adoption 24:06 limits effectiveness and cyberattacks 24:08 are increasingly focused on sensitive 24:10 data and cyberattacks our effects are 24:12 amplified by state sponsorship with all 24:16 that I’m going to move to some good 24:17 stuff which is work strong economic 24:20 indicators internet enabled services and 24:22 jobs are helping if we look at global 24:24 GDP China and US and India are rising 24:27 your your S is falling 24:29 cross-border trade is at twenty nine 24:31 percent of global GDP it’s foundational 24:33 to the global economy and has been 24:35 growing for many years if we look at 24:38 global relative unemployment concerns 24:40 very high outside the US and low in the 24:43 u.s. in trending lower if we look at the 24:47 view of unemployment concerns around the 24:50 world the u.s. ranks much lower 24:51 unconcerned than many other countries 24:53 and this is an example of how it’s been 24:56 trending lower specifically in in the US 24:58 consumer confidence index is high in 25:00 rising economy and unemployment 25:03 unemployment’s at a 19 year low job 25:05 openings are at an all-time high and 25:06 wages are rising if we look at on-demand 25:09 work it’s creating internet-enabled 25:11 opportunities and efficiencies this 25:13 looks at small business enable payment 25:15 processors specifically Square and 25:16 stripe and their growth this is a quote 25:19 from Tony at door – five percent of 25:21 America’s restaurants business of 800 25:23 billion in annual sales is delivered 25:25 we’re still in the very early innings in 25:27 the development of on-demand delivery 25:28 and services with a lot of opportunity 25:30 to help local merchants I showed this 25:32 slide earlier 56 million on-demand 25:34 consumers 7 million on-demand workers up 25:37 22 percent year-on-year checkers 25:40 platform for on for job applicants more 25:44 than 20 million people have been on the 25:46 platform since 2015 and growing rapidly 25:49 on-demand work is creating internet 25:51 enable benefits people that are getting 25:53 on-demand work were previously 25:55 unemployed they want to learn new skills 25:56 they were underemployed they want 25:58 flexible work hours this looks at the 26:00 trends it’s a lot of the on-demand 26:01 platforms and their growth remote work 26:03 is also creating internet enabled work 26:05 opportunities and efficiency this looks 26:07 at the percent of Americans that work 26:08 remotely at 5 percent versus 3 percent 26:11 in 2000 as a PR is one of the greatest 26:13 examples of this and they they say that 26:17 the the co-founder CEO Wade says with 26:19 well-connected tools and processes any 26:21 remote employee can feel more focused 26:23 productive and in control of their time 26:25 and we believe that to be true benefits 26:27 of remote work number one flexible work 26:29 hours ability to travel and more time 26:32 with family and more time at home with a 26:36 little bit of a smile ask the question 26:38 are we moving to a new world was zoomed 26:40 by day and fortnight 26:41 night online education a market we many 26:45 of us have been hoping for and looking 26:46 at for a long time is really beginning 26:48 to have some big numbers and big growth 26:50 education costs are rising in the US as 26:53 is student debt post-secondary education 26:56 enrollment is slowing in in the US and 26:59 on online education learning offline 27:02 institutions are expanding their reach 27:03 if we look at online education 27:05 enrollment it’s high across a diverse 27:07 base of universities public private 27:09 for-profit and private not-for-profit if 27:12 we look at online education courses top 27:14 offline institutions are ramping their 27:16 online offerings at a very rapid rate 27:18 2,000 most recently University of 27:20 Pennsylvania University of London 27:21 University of Michigan and UC Boulder 27:25 online education and learning platforms 27:27 excuse me the University of Colorado 27:29 Boulder I’ve spent too much time in 27:31 California online education learning 27:33 platforms scaling in different shapes 27:34 and sizes I’m just going to click click 27:37 through a bunch of companies that are 27:38 growing their user bases very rapidly 27:40 and and talk about what the categories 27:43 are online education program managers 27:45 this looks at the growth for you to you 27:47 online education marketplaces Coursera 27:50 online education marketplaces udemy 27:53 online education paying for a post 27:57 graduation income sharing to pay for the 27:59 education lambda school growing rapidly 28:01 their online education learning tools 28:03 check online education learning tools 28:05 Quizlet and also remind if we look 28:09 online education remote video chat VIP 28:12 kid is one of the global leaders here 28:13 with a very impressive growth trajectory 28:15 by jews virtual classrooms in india 28:18 online learning broadcast broad-based 28:21 video youtube educational content 28:23 growing very rapidly online education 28:26 job relevant skills Google’s growth in 28:28 creating certificates for in-demand jobs 28:31 growing rapidly doing that in 28:33 collaboration with Coursera 80% of 28:35 Coursera’s revenue comes from business 28:37 tech and data science people taking 28:40 courses for job relevant schools and the 28:42 number of companies that are paying for 28:44 those classes for their employees 28:46 continues to grow at a rapid pace so 28:49 online education high interest retention 28:51 and completion rates vary the paid 28:53 learners completed a high rate 28:55 the tourists do not create do not 28:57 complete it such a high rate online 28:59 education more growth more users and 29:01 more choices lowering the cost for 29:02 consumers 29:03 this looks at data from Arizona State 29:05 University and the good news for all of 29:07 you I’m about to end and then you can 29:09 look at this stuff online and the way 29:10 it’s supposed to be viewed and I can 29:12 have some water 29:14 immigration yeah is important to us a 29:17 technology leadership and this is just 29:18 an update of a slide we’ve we’ve we’ve 29:20 updated before in the u.s. 60% of the 29:23 most highly valued tech companies are 29:24 founded by first or second generation 29:25 Americans 1.9 million employees this is 29:30 an update to USA Inc just one slide from 29:32 that 61% a USA entitlements account for 29:35 61 percent of government spending versus 29:38 42% 30 years ago and shows no sign of 29:41 stopping that rise no enough pulled some 29:45 great stuff together on health care and 29:46 again like education there are a lot of 29:48 trends that are really moving in the 29:49 right direction digital impact expanding 29:51 across the ecosystem health care we just 29:53 pulled two slides from that from that 29:55 section for here Healthcare is steadily 29:57 digitizing driven by consumers the 30:00 trends are very powerful and I think my 30:02 closing side is a is a slide with a 30:04 quote from Tim Cook healthcare 30:06 innovation Apple hardware and App 30:08 Store’s leveraging research for 30:09 consumers Tim Cook said in January 2019 30:13 if you zoom out into the future and you 30:15 look back and ask the question what was 30:17 Apple’s greatest contribution to mankind 30:19 it will be about health and those are 30:22 big words and with that I’m going to the 30:25 China section very quickly from Hill 30:27 House Capitol we look at WeChat this is 30:30 great stuff WeChat innovation evolution 30:32 from chat too many programs and payments 30:34 Ally pay from payments to a super app 30:36 200,000 many programs a billion users 30:39 70% use three financial services and 30:41 that’s our disclaimer and thank you very 30:43 much

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