May 28, 2024 • 24 mins
Buy now, pay later companies must adhere to credit card rules. TV networks embrace their aging audience with a new mantra: Age doesn’t matter. FDA urged to relax tissue donation ban for gay and bisexual men.
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(00:00):
You're listening to bill Handle on demandfrom KFI AM six forty. You are
listening to the bill Handle showy andthis is KFI bill Handle here Tuesday Morning
Taco Tuesday, May twenty eighth.Joel Larsguard who is with us Sundays from
(00:25):
twelve to two and the show isHow to Money. He's also at how
to Money Joel on social media.And Joel, we've talked about this one.
First of all, Hello, we'vetalked about this a whole lot before.
And that's the model and the companiesbuy now, pay later. And
you've never been a big fan.I always thought by now, pay later,
(00:46):
it's basically a credit card. Andit used to be and I'm thinking
about this, it used to bepay now by later, where you would
have these programs. Would you payin advance and then you saved it up
the money you got the product,which yeah, that is a no brainer.
You just lay away. Yeah,lay away, thank you very much.
(01:08):
And that used to be a verybig model. But now buy now,
pay later, and you've ripped intothese companies. But it's getting better,
isn't it. It is? Yeah, And it's funny. I was
just talking about this with Cono rightbefore I came on with you, and
he's like, don't destroy buy now, pay later. I love buy now,
pay later. I use it tobuy things over time. In this
people have gotten used to using buynow, pay later. And it's funny
(01:30):
when you look at it, justin on its face, it's not the
worst thing in existence, like beingable to pay for something, get the
thing now and pay for it infor easy installments and not pay interest.
And you're like, actually, thatsounds better than a credit card. And
in some ways it was, butin other ways it was leading to like
distinct behavioral problems, like it's reallyhard for people to get the item up
(01:51):
front, pay for it over timeand not say I'm gonna buy more than
I otherwise would, or lead toa slippery slope of taking out buying a
bunch of different thing. So likethis is why buy now, pay later.
Companies are able to make money theygot money from They're able to get
paid by the retailer, retailers thatthey worked alongside, because the retailers know
if we offer buy now, paylater, people are going to spend more
(02:12):
money at our stores. And theother thing I didn't like, and this
is what's changing in the buy Now, Pay Later segment is that you didn't
have the same protections. You weren'tguaranteed the same federal protections when you bought
something on buy Now, Pay Laterthat you got when you used a credit
card. So that to me wasone of the best things about buying with
a credit card, the right todo a chargeback. Like actually I talked
about with Amy last week, AmyKing, she bought something and the item
(02:37):
did not come up come into herhouse as it was described online, and
you have protections. And the goodthing the CFPB Consumer Financial Protection Bureau is
now saying you're going to have thosesame protections you have when you buy with
a credit card with by Now PayLater, which means up to this point,
what you're saying is you had thatcontract. If you were you get
(03:00):
the product and it's five easy payments, which is you see that on TV
all the time, no interest.But if you ended up getting the product
and it wasn't what it was supposedto be, you still had to adhere
to the contract. You couldn't sayno thank you, You couldn't dispute it
like you can with a credit cardcompany. Do I have that right that's
right. Yeah, And even thoughyou didn't have the right, I will
(03:23):
say some of the buy now,pay later companies were already offering that like
a firm, and the CEO hasbeen out front saying, well, listen,
we've been doing this, and sowe think the whole industry should be
regulated in this way. But yeah, I will say, some of the
companies have been doing it, butnot all of them. And so if
you use the wrong buy now,pay later company, you didn't have the
right to say, hey, listen, the item I got was not as
(03:43):
described. Can you help me?Can you can I file a dispute?
Can you look into this on mybehalf? And some of them would just
shrug their shoulders and say, Idon't know, you still got to pay
us. I happened to buy ordid buy a lot of stuff on those
TV offers five easy pay men's foureasy payments and look what you get.
You get six free steak knives andwe're going to throw in an extra pot.
(04:04):
And they always look fantastic. Andby the way, they weren't bad.
Most of the stuff I bought waspretty good, which shows you the
kind of profit margin they have onthis stuff. Is that as popular as
it has been. The like theas scene on TV right yeah, yeah,
all the stuff that's going on,the buy now, pay later model,
(04:24):
which is what that is. Yeah, you get the product right now
and you get the five easy payments. Is that model growing or is it
sort of well, is it flat? Is it going down? I think
the s scene on TV stuff stillexists, maybe, but it's funny how
it's proliferated into other elements of ourlives. So like when you go to
(04:46):
Amazon, for instance, they havekind of like a QVC sort of video
live streaming thing happening at many hoursof the day. So it's amazing,
like what's old becomes new again.It just becomes for the modern era.
And then buy now, pay later. You're right, it's kind of started
as like a TV marketing thing.And now you go to Delta dot com
to buy plane tickets because you're goingsomewhere, and Delta says, hey,
(05:10):
we've made this partnership and you cannow pay off your airfare in four or
five easy installments. And I thinkwe're just getting so used to it.
It's that it becomes a drag onour finances, things that we otherwise like
I love that friction. Feeling thepain of making a purchase is a good
thing. Usually feeling the pain soundsterrible. Please let me avoid the pain.
(05:30):
But when you endure the pain andyou have to go through the psy
psychological reality of paying for the thingyou're getting at the moment you're ordering,
I think there's something really good tothat that it instills a proper understanding of
how we relate to our money.And when we don't feel that pain in
the moment, when we have theeasy installments, just it lends to us
then making decisions we wouldn't otherwise make, and it creates more financial pain on
(05:54):
the back end. And we're seeinglike so many people finding themselves in this
position. Something like forty three percentof folks a new stat just came out
who owe money to one of thebuy now, Pay later companies is behind
on their payments. And then halfof respondents who used buy now, Pay
Later said it allowed them to makea purchase that was more than they could
actually afford. So like we're seeingthat a lot of people think that their
(06:15):
by now pay later spending is outof control. They're buying things that they
otherwise wouldn't and it's because of thefrictionless ease that these companies offer. And
the other thing is too we justdon't know exactly how much money people are
spending in the buy now, paylater arena and how that's impacting their overall
debt load because they don't have toreport some of the most of them are
not reporting to the credit bureaus,and so this is kind of one of
those enigmas, how big, howbad is the problem? And should other
(06:40):
creditors be worried? Should they knowhow much you're spending on buy now,
Pay Later. It's just like reallyinteresting, mostly unregulated segment of the market,
although we are starting to see moreregulations fortunately come into it. Hey
Joel, if you're buying something fiveeasy payments and you either miss a payment
or you're late, this massive interestkick in. So there is It depends
(07:01):
on the model of the specific buynow, pay later company, but yeah,
lots of times there are there arelate payments, there will be interest
on the back end, or they'llbasically cut you off from using the service
altogether too. So that's another problemfor people who get addicted and then they
start missing payments and then hey,maybe I'm gonna use Clara instead of after
pay because they don't know that I'mbehind on my payments over there. So
(07:25):
yeah, you could just be cutoff completely if you become a disreputable customer
to that degree. Okay, Joel, we'll catch you this Sunday, twelve
to two o'clock. How to Moneyand social Media media is at how to
Money, Joel, Joel, thanksfor I know we got you really quickly,
so thanks for joining us for sure. Thanks all ran to catch you
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over the weekend. Now, alittle bit inside inside baseball with advertisers and
demographics and the way we do radioand the way the television people do television.
And this is a story out ofthe Wall Street Journal has to do
with television. But as we arethe poor step sisters, radio is the
poor step sister of TV. Peopledon't realize how influential radio is. But
(08:13):
that's a different issue. So here'swhat's going on. Okay. Every year,
executives are giving annual pitch to advertisers. That is, executives of TV
programs specifically. So you have TNT, TBS, CNN, Food Network,
HGT, all of the networks,ABC, CBS, and what they want
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to do is get the advertisers tobuy into their programs, and for years,
executives built their pitches to advertisers aroundthe idea, you want to reach
younger audiences, and you have TVviewers. The demographics and TV is eighteen
to forty nine years of age.Radio, it depends our sweet spot for
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years in year has been thirty fivefifty four, reaching an audience thirty five
to fifty four adults, which meansmale and female. And if you look
at the various radio stations, forexample, on our sports station, Fox
Sports five seventy primarily male, youwould guess that and the ages I think,
(09:20):
Neil, you know the ages ofthat. You know demographics backwards and
forwards? What is ok But it'snot Fox Sports, It's I'm sorry,
Klac, Yes, am five seven, Yes, I stand corrected. Oh
thank you Dodgers. Yes, yes, I stand corrected because I got a
lot of Fox News here, andso I'm conflating what. Yeah, they're
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going to be on the younger maleside. They're going to okay, start
in eighteen. Okay, they're goingto be primarily on the male side.
Okay. Now, Kiss, forexample, goes for young women, and
the demographic on Kiss is twelve tofifteen years of age. No not,
(10:01):
it's close. Yeah, No,okay, see, you're just correct buying
the buying power of the twelve yearold, which is huge, by the
way. Yeah, And that isexactly the point I'm going to make,
is the buying power. Decades anddecades ago, the advertisers thought that at
(10:24):
fifty five years of age we disappeared. For example, here at KFI it
was thirty five fifty four, nowtwenty five fifty four. That as soon
as someone hits fifty four years ofage, they're no longer buying. And
that is so crazy. And whyis that? Because the most money that
(10:50):
people make in their careers is intheir fifties and half of that decade is
taken off because those people disappear toadvertise. Why because well, how about
this. Here's the reason that wasgiven is by the time you reach reach
fifty five, you're already set inyour ways. You already have the toothpaste
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you're going to use, you alreadyhave the soaps you're going to use,
you're already going to buy the carthat you're going to buy. And you
know what that is. That isa crock. That is a complete croc
and what's happening in the world ofmedia. Well, there's two things happening.
One, the Internet just skewed everything. It's a different way of reaching
(11:31):
audiences, which is probably the bestway you can. I'll talk about that.
And you know what, fifty fiveyears old is not old. Sixty
five years old is not old.Twenty five years ago, maybe sixty five
was old. Yesterday I had lunchand there was a couple there at a
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house, some very dear people tome. And there was a couple who
were in their mid eighties that areabout to take a trip, a hiking
trip. When they were in theirsixties, they used to do these biking
adventures where they would go hundreds ofmiles and camp in their sixties. It's
(12:20):
a whole different world. Something thatwe and that is those of us on
the air and those of us atKFI and those of us in the media
are involved in, of course,is advertising, because advertisers pay the bills.
That's why you get free media.Same thing on the Internet. You
get free internet, and advertisers orin that case, people that buy or
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companies that buy the data, they'repaying for all of it. And it
used to be and this actually startedonly a few decades ago that demographics were
everything still are we want to sellto an agency, for example, there's
two kinds of sales. What wedo here direct where a company hires us
to talk about them and it's fromthe company to you. And then there
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are agencies that buy on behalf ofcompanies and advertise. And when it comes
to the agencies, it's we're lookingat demographics. If we're looking at men
and we want a certain demographic eighteento forty nine, for example, we
go to KLAC five point seventy becausethat's the sports station primarily men. If
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you want to go to us,and we skew older than music stations.
Talk radio just historically skews older.And do we get a lot of agency
business, not as much as theother stations. Why because we skew older.
Because there is this philosophy somehow thatolder people and when I mean older,
fifty five plus older. Can youimagine the agency agencies and media consider
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fifty five year old old old andyou no longer have the money or you
no longer have the ability to discerndifferent brands, and it's just crazy making.
So when I hit fifty five andI'm a baby boomer. I disappeared
from the demographic. No one wasgoing to buy for me. Baby boomers
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my generation have more disposable income thanany other generation that's out there that advertisers
are going for, and we're ignored. I mean that is crazy making.
So things are changing completely, Andhere's why we think about this for a
moment. First of all, brandloyalty. That's the reason that's a bunch
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of car that's croc. If youbuy one car, you're going to buy
the same brand. Well, no, that doesn't happen toothpaste probably, But
then thirty five year olds, you'rebuying the same toothpaste that you did when
you were twenty five years old.So that entire philosophy makes no sense.
So now you have the inner,which is micro targeting. You know,
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what do you buy, where doyou buy it, when do you buy
it? Exactly? And then youhave what we do, and that's the
broad media, and you know,why wouldn't you go after people that actually
spend money? And that philosophy ischanging like crazy. Now you have shows
that effectively go after an older generation. I mean, look at this,
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Okay, median age for TNT viewersfifty six, HGTV sixty six, MTV
fifty one, MSNBC seventy. That'sthe average age of viewers MTV, right,
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I mean the average age is fiftyone. And that's the upper range
of the advertiser. Oh, weknow that's too old in many. I
mean it is completely nuts the waywe're looking at media. Well still,
I mean, look at the numberof people that watch National News and I
watch ABC generally probably eighty percent ofthe commercials are for pharmaceuticals. I love
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the Sialis commercials, the erection commercialswhere you have two people in that bathtub
holding hands and two bathtubs. Ihave no idea how you have sex in
two separate bathtubs. You got meon that one. I'll draw it on
a napkin for you. I thoughtyou were a Lester Holt guy I used
to be. I've switched. Ihave swatched to David Mure. There you
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go, case exactly the case thatI'm making. Exactly. The point is
I am liable to change, andthe advertising agencies didn't even recognize that until
now, and things are changing dramatically. So now I'm being paid attention to
(17:03):
Thank you very much, I likeit. Well, I mean, look
at it twenty five years ago.Sixty five, right, I mean that
was old, hey, sixty fiveyears old, which is ignored, by
the way, by the agencies.All right, look at the amount of
buying that those of us who aresixty five plus. Do you know I
spend money. I spend tons ofmoney. Well, you know when I
(17:29):
have tons of money or at leastdisposable income. Remember, I've got two
kids and who I'm going to spendmoney on for the rest of my life.
But Neil and I have talked aboutthis many times. Neil, you
are well now you're still in thedemo. You're not fifty five. I
actually came to KFI out of thedemo, and I will leave KFI out
(17:53):
of the demo eventually. One day. Yeah, I came in the demo.
I've changed carmakers three times, Iknow, which, incidentally is there
was I was in VW's. Iloved VW's, and then I went and
didn't like the dealer, didn't likethe salesperson, and went and started buying
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BMW's, which I loved. Thatgot an accident. The loaner car was
a GMC truck that I fell inlove with and now I'm GMC. You
know, so I changed. I'vechanged toothpastes, I've changed the odorant.
Wait, yeah, here's that's what. That's the reality. And advertisers starting
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to realize that that's the reality,and they're ignoring the fact that once you
hit fifty five, because remember it'seighteen or thirty five, fifty four,
Once you hit fifty five in ourworld, you stop using credit cards,
you don't buy paper towels anymore,you don't buy insurance, you don't buy
cell phone plans. Those aren't agespecific. I thought it was ridiculous,
(19:03):
you know, the age thing,because can you tell the difference between a
twenty dollars bill that's given to youby someone in their sixties versus someone in
their twenties. Yeah, well,the world is catching up. Advertisers are
catching up, and the TV networksare finally recognizing that, you know,
people that are in their sixties andseventies actually buy stuff, and they can
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buy more stuff than the people intheir thirties and forties. And it took
this long to do it. Okay, Now I want to end the show
with a personal story, and Itend to want people to give me credit
for being a nice guy. Strangelyenough, I do. I know it's
(19:45):
hard to believe. And what Ihave is what I call the elevator philosophy
of life, because I want creditfor being a good guy. I notice
I said credit, not being agood guy, but credit for being a
good guy. And how do Ido that elevator? Well, if I'm
alone in the elevator and the doorstart closing and I see someone rushing to
(20:06):
get into the elevator, I startpressing a button so they think I'm pressing
the stay open door button. I'mactually just pressing the panel. So of
course I'm going to close the elevatordoor on them. I don't want them
to show up. But I getthe credit for being a good guy.
Same thing donating blood. I ama good guy. I want to donate
(20:32):
blood, so I volunteer. Butthen I say, I just came back
from South Africa and had unprotected gaysex with a very good looking South African
man. Sorry, Bill, can'tdo it. You're gay, you came
from Africa. We're not allowed.Those are the FDA rules. They are
(20:52):
changing those rules because you know what, something gay sex does not transmit HIV
anymore, and everybody is tested exactlythe same, and the science is so
specific and so good that the chancesof gay straight trans doesn't matter, transmitting
(21:15):
HIV almost non existent. And thelaws with the FDA are so crazy and
people are saying, experts, lawmakersare saying, wait a minute, you've
got to change this. There weretons of changes put on tissue donation in
twenty twenty two. The FDA hasn'tacted on them, and a lot of
(21:37):
these were set thirty years ago asa means of preventing HIV. They're still
in place. It makes no sensewhatsoever, which means you have gay men
who can't donate and I know can'tdonate tissue and I know that. Okay,
big deal. Well it is abig deal for the gay community.
Remember the transfusion issue. We're somany people were getting transfusion and HIV was
(22:02):
transmitted Arthur Ashe and several others.You know, the biggest population of people
that got blood that was HIV infectedbefore they were able to do all the
tests was here in southern California,West Hollywood, which is next to Cedar
Sinai. And it was the gaycommunity that donated more blood for transfusion than
(22:26):
almost any other community, and they'rethe ones that have been precluded from donating.
Corneas can't donate morgans. You can. You can donate a heart,
but you can't donate a valve ifyou're gay. Corneas have no blood at
all in them, and you can'tdonate. So the laws are completely crazy,
(22:48):
and it's time for the laws tocome on guys, you know.
And I have to figure out someother way of looking like a good guy.
I can't say South African unprotected sexwith a good looking guy. Can't
do that anymore. Okay, Neil, did I not tell you? Yeah?
Your pinion the A hole meter forsure. Thank you very much,
(23:11):
ex excellent, thank you. Okay, separate myself from the program. I
understand. Phone number is eight sevenseven five two zero eleven fifty. I'm
taking phone calls in just a momentoff the air for a handle on the
law. Marginal legal advice. Youcan still listen to the KFI program right
here where any pre KFI program ondemand eight seven seven five two zero eleven
(23:34):
fifty. Catch you tomorrow. Westart all over again with Amy wake up
call at five o'clock and then therest of us come aboard, and we're
out of here right about now.Eight seven seven five two zero eleven fifty.
This is KFI AM six forty Liveeverywhere on the iHeartRadio app. You've
been listening to the Bill Handle Show. Catch my Show Monday through Friday six
(23:56):
am to nine am, and anytimeon demand on the iHeartRadio app.
You're listening to bill Handle on demandfrom KFI AM six forty. You are
listening to the bill Handle showy andthis is KFI bill Handle here Tuesday Morning
Taco Tuesday, May twenty eighth.Joel Larsguard who is with us Sundays from
(00:25):
twelve to two and the show isHow to Money. He's also at how
to Money Joel on social media.And Joel, we've talked about this one.
First of all, Hello, we'vetalked about this a whole lot before.
And that's the model and the companiesbuy now, pay later. And
you've never been a big fan.I always thought by now, pay later,
(00:46):
it's basically a credit card. Andit used to be and I'm thinking
about this, it used to bepay now by later, where you would
have these programs. Would you payin advance and then you saved it up
the money you got the product,which yeah, that is a no brainer.
You just lay away. Yeah,lay away, thank you very much.
(01:08):
And that used to be a verybig model. But now buy now,
pay later, and you've ripped intothese companies. But it's getting better,
isn't it. It is? Yeah, And it's funny. I was
just talking about this with Cono rightbefore I came on with you, and
he's like, don't destroy buy now, pay later. I love buy now,
pay later. I use it tobuy things over time. In this
people have gotten used to using buynow, pay later. And it's funny
(01:30):
when you look at it, justin on its face, it's not the
worst thing in existence, like beingable to pay for something, get the
thing now and pay for it infor easy installments and not pay interest.
And you're like, actually, thatsounds better than a credit card. And
in some ways it was, butin other ways it was leading to like
distinct behavioral problems, like it's reallyhard for people to get the item up
(01:51):
front, pay for it over timeand not say I'm gonna buy more than
I otherwise would, or lead toa slippery slope of taking out buying a
bunch of different thing. So likethis is why buy now, pay later.
Companies are able to make money theygot money from They're able to get
paid by the retailer, retailers thatthey worked alongside, because the retailers know
if we offer buy now, paylater, people are going to spend more
(02:12):
money at our stores. And theother thing I didn't like, and this
is what's changing in the buy Now, Pay Later segment is that you didn't
have the same protections. You weren'tguaranteed the same federal protections when you bought
something on buy Now, Pay Laterthat you got when you used a credit
card. So that to me wasone of the best things about buying with
a credit card, the right todo a chargeback. Like actually I talked
about with Amy last week, AmyKing, she bought something and the item
(02:37):
did not come up come into herhouse as it was described online, and
you have protections. And the goodthing the CFPB Consumer Financial Protection Bureau is
now saying you're going to have thosesame protections you have when you buy with
a credit card with by Now PayLater, which means up to this point,
what you're saying is you had thatcontract. If you were you get
(03:00):
the product and it's five easy payments, which is you see that on TV
all the time, no interest.But if you ended up getting the product
and it wasn't what it was supposedto be, you still had to adhere
to the contract. You couldn't sayno thank you, You couldn't dispute it
like you can with a credit cardcompany. Do I have that right that's
right. Yeah, And even thoughyou didn't have the right, I will
(03:23):
say some of the buy now,pay later companies were already offering that like
a firm, and the CEO hasbeen out front saying, well, listen,
we've been doing this, and sowe think the whole industry should be
regulated in this way. But yeah, I will say, some of the
companies have been doing it, butnot all of them. And so if
you use the wrong buy now,pay later company, you didn't have the
right to say, hey, listen, the item I got was not as
(03:43):
described. Can you help me?Can you can I file a dispute?
Can you look into this on mybehalf? And some of them would just
shrug their shoulders and say, Idon't know, you still got to pay
us. I happened to buy ordid buy a lot of stuff on those
TV offers five easy pay men's foureasy payments and look what you get.
You get six free steak knives andwe're going to throw in an extra pot.
(04:04):
And they always look fantastic. Andby the way, they weren't bad.
Most of the stuff I bought waspretty good, which shows you the
kind of profit margin they have onthis stuff. Is that as popular as
it has been. The like theas scene on TV right yeah, yeah,
all the stuff that's going on,the buy now, pay later model,
(04:24):
which is what that is. Yeah, you get the product right now
and you get the five easy payments. Is that model growing or is it
sort of well, is it flat? Is it going down? I think
the s scene on TV stuff stillexists, maybe, but it's funny how
it's proliferated into other elements of ourlives. So like when you go to
(04:46):
Amazon, for instance, they havekind of like a QVC sort of video
live streaming thing happening at many hoursof the day. So it's amazing,
like what's old becomes new again.It just becomes for the modern era.
And then buy now, pay later. You're right, it's kind of started
as like a TV marketing thing.And now you go to Delta dot com
to buy plane tickets because you're goingsomewhere, and Delta says, hey,
(05:10):
we've made this partnership and you cannow pay off your airfare in four or
five easy installments. And I thinkwe're just getting so used to it.
It's that it becomes a drag onour finances, things that we otherwise like
I love that friction. Feeling thepain of making a purchase is a good
thing. Usually feeling the pain soundsterrible. Please let me avoid the pain.
(05:30):
But when you endure the pain andyou have to go through the psy
psychological reality of paying for the thingyou're getting at the moment you're ordering,
I think there's something really good tothat that it instills a proper understanding of
how we relate to our money.And when we don't feel that pain in
the moment, when we have theeasy installments, just it lends to us
then making decisions we wouldn't otherwise make, and it creates more financial pain on
(05:54):
the back end. And we're seeinglike so many people finding themselves in this
position. Something like forty three percentof folks a new stat just came out
who owe money to one of thebuy now, Pay later companies is behind
on their payments. And then halfof respondents who used buy now, Pay
Later said it allowed them to makea purchase that was more than they could
actually afford. So like we're seeingthat a lot of people think that their
(06:15):
by now pay later spending is outof control. They're buying things that they
otherwise wouldn't and it's because of thefrictionless ease that these companies offer. And
the other thing is too we justdon't know exactly how much money people are
spending in the buy now, paylater arena and how that's impacting their overall
debt load because they don't have toreport some of the most of them are
not reporting to the credit bureaus,and so this is kind of one of
those enigmas, how big, howbad is the problem? And should other
(06:40):
creditors be worried? Should they knowhow much you're spending on buy now,
Pay Later. It's just like reallyinteresting, mostly unregulated segment of the market,
although we are starting to see moreregulations fortunately come into it. Hey
Joel, if you're buying something fiveeasy payments and you either miss a payment
or you're late, this massive interestkick in. So there is It depends
(07:01):
on the model of the specific buynow, pay later company, but yeah,
lots of times there are there arelate payments, there will be interest
on the back end, or they'llbasically cut you off from using the service
altogether too. So that's another problemfor people who get addicted and then they
start missing payments and then hey,maybe I'm gonna use Clara instead of after
pay because they don't know that I'mbehind on my payments over there. So
(07:25):
yeah, you could just be cutoff completely if you become a disreputable customer
to that degree. Okay, Joel, we'll catch you this Sunday, twelve
to two o'clock. How to Moneyand social Media media is at how to
Money, Joel, Joel, thanksfor I know we got you really quickly,
so thanks for joining us for sure. Thanks all ran to catch you
(07:46):
over the weekend. Now, alittle bit inside inside baseball with advertisers and
demographics and the way we do radioand the way the television people do television.
And this is a story out ofthe Wall Street Journal has to do
with television. But as we arethe poor step sisters, radio is the
poor step sister of TV. Peopledon't realize how influential radio is. But
(08:13):
that's a different issue. So here'swhat's going on. Okay. Every year,
executives are giving annual pitch to advertisers. That is, executives of TV
programs specifically. So you have TNT, TBS, CNN, Food Network,
HGT, all of the networks,ABC, CBS, and what they want
(08:35):
to do is get the advertisers tobuy into their programs, and for years,
executives built their pitches to advertisers aroundthe idea, you want to reach
younger audiences, and you have TVviewers. The demographics and TV is eighteen
to forty nine years of age.Radio, it depends our sweet spot for
(08:58):
years in year has been thirty fivefifty four, reaching an audience thirty five
to fifty four adults, which meansmale and female. And if you look
at the various radio stations, forexample, on our sports station, Fox
Sports five seventy primarily male, youwould guess that and the ages I think,
(09:20):
Neil, you know the ages ofthat. You know demographics backwards and
forwards? What is ok But it'snot Fox Sports, It's I'm sorry,
Klac, Yes, am five seven, Yes, I stand corrected. Oh
thank you Dodgers. Yes, yes, I stand corrected because I got a
lot of Fox News here, andso I'm conflating what. Yeah, they're
(09:41):
going to be on the younger maleside. They're going to okay, start
in eighteen. Okay, they're goingto be primarily on the male side.
Okay. Now, Kiss, forexample, goes for young women, and
the demographic on Kiss is twelve tofifteen years of age. No not,
(10:01):
it's close. Yeah, No,okay, see, you're just correct buying
the buying power of the twelve yearold, which is huge, by the
way. Yeah, And that isexactly the point I'm going to make,
is the buying power. Decades anddecades ago, the advertisers thought that at
(10:24):
fifty five years of age we disappeared. For example, here at KFI it
was thirty five fifty four, nowtwenty five fifty four. That as soon
as someone hits fifty four years ofage, they're no longer buying. And
that is so crazy. And whyis that? Because the most money that
(10:50):
people make in their careers is intheir fifties and half of that decade is
taken off because those people disappear toadvertise. Why because well, how about
this. Here's the reason that wasgiven is by the time you reach reach
fifty five, you're already set inyour ways. You already have the toothpaste
(11:11):
you're going to use, you alreadyhave the soaps you're going to use,
you're already going to buy the carthat you're going to buy. And you
know what that is. That isa crock. That is a complete croc
and what's happening in the world ofmedia. Well, there's two things happening.
One, the Internet just skewed everything. It's a different way of reaching
(11:31):
audiences, which is probably the bestway you can. I'll talk about that.
And you know what, fifty fiveyears old is not old. Sixty
five years old is not old.Twenty five years ago, maybe sixty five
was old. Yesterday I had lunchand there was a couple there at a
(11:58):
house, some very dear people tome. And there was a couple who
were in their mid eighties that areabout to take a trip, a hiking
trip. When they were in theirsixties, they used to do these biking
adventures where they would go hundreds ofmiles and camp in their sixties. It's
(12:20):
a whole different world. Something thatwe and that is those of us on
the air and those of us atKFI and those of us in the media
are involved in, of course,is advertising, because advertisers pay the bills.
That's why you get free media.Same thing on the Internet. You
get free internet, and advertisers orin that case, people that buy or
(12:43):
companies that buy the data, they'repaying for all of it. And it
used to be and this actually startedonly a few decades ago that demographics were
everything still are we want to sellto an agency, for example, there's
two kinds of sales. What wedo here direct where a company hires us
to talk about them and it's fromthe company to you. And then there
(13:07):
are agencies that buy on behalf ofcompanies and advertise. And when it comes
to the agencies, it's we're lookingat demographics. If we're looking at men
and we want a certain demographic eighteento forty nine, for example, we
go to KLAC five point seventy becausethat's the sports station primarily men. If
(13:30):
you want to go to us,and we skew older than music stations.
Talk radio just historically skews older.And do we get a lot of agency
business, not as much as theother stations. Why because we skew older.
Because there is this philosophy somehow thatolder people and when I mean older,
fifty five plus older. Can youimagine the agency agencies and media consider
(13:56):
fifty five year old old old andyou no longer have the money or you
no longer have the ability to discerndifferent brands, and it's just crazy making.
So when I hit fifty five andI'm a baby boomer. I disappeared
from the demographic. No one wasgoing to buy for me. Baby boomers
(14:18):
my generation have more disposable income thanany other generation that's out there that advertisers
are going for, and we're ignored. I mean that is crazy making.
So things are changing completely, Andhere's why we think about this for a
moment. First of all, brandloyalty. That's the reason that's a bunch
(14:39):
of car that's croc. If youbuy one car, you're going to buy
the same brand. Well, no, that doesn't happen toothpaste probably, But
then thirty five year olds, you'rebuying the same toothpaste that you did when
you were twenty five years old.So that entire philosophy makes no sense.
So now you have the inner,which is micro targeting. You know,
(15:03):
what do you buy, where doyou buy it, when do you buy
it? Exactly? And then youhave what we do, and that's the
broad media, and you know,why wouldn't you go after people that actually
spend money? And that philosophy ischanging like crazy. Now you have shows
that effectively go after an older generation. I mean, look at this,
(15:28):
Okay, median age for TNT viewersfifty six, HGTV sixty six, MTV
fifty one, MSNBC seventy. That'sthe average age of viewers MTV, right,
(15:50):
I mean the average age is fiftyone. And that's the upper range
of the advertiser. Oh, weknow that's too old in many. I
mean it is completely nuts the waywe're looking at media. Well still,
I mean, look at the numberof people that watch National News and I
watch ABC generally probably eighty percent ofthe commercials are for pharmaceuticals. I love
(16:18):
the Sialis commercials, the erection commercialswhere you have two people in that bathtub
holding hands and two bathtubs. Ihave no idea how you have sex in
two separate bathtubs. You got meon that one. I'll draw it on
a napkin for you. I thoughtyou were a Lester Holt guy I used
to be. I've switched. Ihave swatched to David Mure. There you
(16:41):
go, case exactly the case thatI'm making. Exactly. The point is
I am liable to change, andthe advertising agencies didn't even recognize that until
now, and things are changing dramatically. So now I'm being paid attention to
(17:03):
Thank you very much, I likeit. Well, I mean, look
at it twenty five years ago.Sixty five, right, I mean that
was old, hey, sixty fiveyears old, which is ignored, by
the way, by the agencies.All right, look at the amount of
buying that those of us who aresixty five plus. Do you know I
spend money. I spend tons ofmoney. Well, you know when I
(17:29):
have tons of money or at leastdisposable income. Remember, I've got two
kids and who I'm going to spendmoney on for the rest of my life.
But Neil and I have talked aboutthis many times. Neil, you
are well now you're still in thedemo. You're not fifty five. I
actually came to KFI out of thedemo, and I will leave KFI out
(17:53):
of the demo eventually. One day. Yeah, I came in the demo.
I've changed carmakers three times, Iknow, which, incidentally is there
was I was in VW's. Iloved VW's, and then I went and
didn't like the dealer, didn't likethe salesperson, and went and started buying
(18:15):
BMW's, which I loved. Thatgot an accident. The loaner car was
a GMC truck that I fell inlove with and now I'm GMC. You
know, so I changed. I'vechanged toothpastes, I've changed the odorant.
Wait, yeah, here's that's what. That's the reality. And advertisers starting
(18:36):
to realize that that's the reality,and they're ignoring the fact that once you
hit fifty five, because remember it'seighteen or thirty five, fifty four,
Once you hit fifty five in ourworld, you stop using credit cards,
you don't buy paper towels anymore,you don't buy insurance, you don't buy
cell phone plans. Those aren't agespecific. I thought it was ridiculous,
(19:03):
you know, the age thing,because can you tell the difference between a
twenty dollars bill that's given to youby someone in their sixties versus someone in
their twenties. Yeah, well,the world is catching up. Advertisers are
catching up, and the TV networksare finally recognizing that, you know,
people that are in their sixties andseventies actually buy stuff, and they can
(19:25):
buy more stuff than the people intheir thirties and forties. And it took
this long to do it. Okay, Now I want to end the show
with a personal story, and Itend to want people to give me credit
for being a nice guy. Strangelyenough, I do. I know it's
(19:45):
hard to believe. And what Ihave is what I call the elevator philosophy
of life, because I want creditfor being a good guy. I notice
I said credit, not being agood guy, but credit for being a
good guy. And how do Ido that elevator? Well, if I'm
alone in the elevator and the doorstart closing and I see someone rushing to
(20:06):
get into the elevator, I startpressing a button so they think I'm pressing
the stay open door button. I'mactually just pressing the panel. So of
course I'm going to close the elevatordoor on them. I don't want them
to show up. But I getthe credit for being a good guy.
Same thing donating blood. I ama good guy. I want to donate
(20:32):
blood, so I volunteer. Butthen I say, I just came back
from South Africa and had unprotected gaysex with a very good looking South African
man. Sorry, Bill, can'tdo it. You're gay, you came
from Africa. We're not allowed.Those are the FDA rules. They are
(20:52):
changing those rules because you know what, something gay sex does not transmit HIV
anymore, and everybody is tested exactlythe same, and the science is so
specific and so good that the chancesof gay straight trans doesn't matter, transmitting
(21:15):
HIV almost non existent. And thelaws with the FDA are so crazy and
people are saying, experts, lawmakersare saying, wait a minute, you've
got to change this. There weretons of changes put on tissue donation in
twenty twenty two. The FDA hasn'tacted on them, and a lot of
(21:37):
these were set thirty years ago asa means of preventing HIV. They're still
in place. It makes no sensewhatsoever, which means you have gay men
who can't donate and I know can'tdonate tissue and I know that. Okay,
big deal. Well it is abig deal for the gay community.
Remember the transfusion issue. We're somany people were getting transfusion and HIV was
(22:02):
transmitted Arthur Ashe and several others.You know, the biggest population of people
that got blood that was HIV infectedbefore they were able to do all the
tests was here in southern California,West Hollywood, which is next to Cedar
Sinai. And it was the gaycommunity that donated more blood for transfusion than
(22:26):
almost any other community, and they'rethe ones that have been precluded from donating.
Corneas can't donate morgans. You can. You can donate a heart,
but you can't donate a valve ifyou're gay. Corneas have no blood at
all in them, and you can'tdonate. So the laws are completely crazy,
(22:48):
and it's time for the laws tocome on guys, you know.
And I have to figure out someother way of looking like a good guy.
I can't say South African unprotected sexwith a good looking guy. Can't
do that anymore. Okay, Neil, did I not tell you? Yeah?
Your pinion the A hole meter forsure. Thank you very much,
(23:11):
ex excellent, thank you. Okay, separate myself from the program. I
understand. Phone number is eight sevenseven five two zero eleven fifty. I'm
taking phone calls in just a momentoff the air for a handle on the
law. Marginal legal advice. Youcan still listen to the KFI program right
here where any pre KFI program ondemand eight seven seven five two zero eleven
(23:34):
fifty. Catch you tomorrow. Westart all over again with Amy wake up
call at five o'clock and then therest of us come aboard, and we're
out of here right about now.Eight seven seven five two zero eleven fifty.
This is KFI AM six forty Liveeverywhere on the iHeartRadio app. You've
been listening to the Bill Handle Show. Catch my Show Monday through Friday six
(23:56):
am to nine am, and anytimeon demand on the iHeartRadio app.
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