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Transcript for Vero social network app is taking on Facebook

Hey everyone I’m Rebecca Jarvis ABC’s chief business technology and economics correspondent happy Friday this is real is. And we’re joined today by the founder and CEO. A new apple relatively new app. Called bear oh I’m in her area welcome to real Betis thank you still and I’m excited to talk to you because at this moment in time. FaceBook this week. Reached a critical juncture the CEO and founder Mark Zuckerberg was before congress talking about privacy and that is the foundation of why you created vero. Which you believe could be the next FaceBook so tell us about first of all what Barrow is. We’ll pharaohs and use social network. And that is at free. It is subscription based making our users our customers. And we don’t do any data mining to target them. For a protest so Harry did it make money on us. It is a subscription based service so what that means is we’ll be charging. Art users a yearly fee. We’re looking to make it extremely affordable. And we’ll be announcing to tells us. Soon so you better around 2015 was was the official lot yes of aero and now you have four million followers. Form unions for a million users exactly four million users. On the out how is it and other NB actual. Way that you make money so FaceBook makes its money on advertising. They’re making billions of dollars a year on advertising 98%. Of their sales come from pat rapid. Your hoping to do this through subscription fee is. Eventually that you say will be yearly so not necessarily monthly but yearly subscription it and subscription Smith’s. How how is a different other than that idea how is it different from FaceBook. So we’ve built. We built Ferrell for people to be able to connect with each other and share the things that they love. A lot more than just photos and video. People love to share music that they they’re listening to movies and TV shows that watching book’s that they read. Places they discover. Things that they find alive we make this very easy and seamless for the user. And we let them Taylor who they get Teixeira. And that’s an important thing in in pharaoh is that. We ask our users set their friends as you they’re close friends friends or acquaintances. This allows him to beat themselves with the people in their lives. OK so you have this differentiation. Which FaceBook doesn’t necessarily have at this point if you want to share something. It’s out for the public consumption whereas here. It it’s more specific you can be more explicit. What makes you think when in a world that we live in there have been many challengers that have coming on to FaceBook that you could actually be the next FaceBook. What we never set out to do you and data privacy company. We set out to build a platform. For users to use. I have and find useful in their lives and be able to connect more authentically with each other and find communities that they love. By making. The feeds chronological for example you don’t miss anything that somebody has post it. You don’t need to boost your post to reach your audience so rather than have to build up your audience and then have to. Paid to reach them you reach a 100% of your audience. If they’re willing to go through the chronology of everything that exists in there and it actually what it does is is it makes people. Think about what they want to follow that interest them. And the things that come from people are. Really the people’s passions and what they look to share. We have a really cool feature though incite the which is you can filter out the posts that you. Don’t really like from somebody so if you see a post that your not enjoying somebody who keeps posting and you wanna secretly block them from showing up in your feet you can do that. Yes and because we have different categories of post so you have photos and video and music and movies. You could come across a user that where you really enjoyed their photography. But don’t really like there movie recommendations. So you can turn their movie. Posts off. Without them knowing and without offending. The same thing goes for somebody who may be posting too many pictures of something you’re not you know not enjoying you can just turn off their photos. And she the other posts at their post. For the influencers that our our on the platform who. And why are they getting discovered how do you. Make yourself known in sight of the app. So we have a couple of quarters when we discover somebody who’s doing very interest in things that we feel. You Ferrell community. Would want to know about we feature them in our future image which is completely. Cure rated buy a house nobody pays us to do. To do that that’s surely arc generation. What’s been very uninteresting to seal and Ferro is how much people are sociable. And so we have a future where you can go to somebody’s profile. Tap on the option menu. And introduced them to your audience. Sir if you’d discover somebody in trusting on Barrow you can always let them know just like in real life. People have been using that post so much and. So I think this person is cool and I want all of the people who are in my friend group to know that this person I think is cool. Exactly and you can choose whom to share that with maybe something that you find that’s interest into you you don’t want the whole world to know about. You have the same audience select her as I mentioned before so it’s completely up to you. As you know bearer you know others. There’s potentially a massive impact from social media as it is already on the entire world. And some would argue that that impact has ban to our detriment as opposed to being positive. How do you make sure. In one side of the aero that there isn’t a spread of lies or fake news or manipulation of people. Because even though are not necessarily giving anybody from the outside those keys and saying here’s the user that you can target with this type of of manipulation and people still can potentially produce that information in that con tent and put it out at least for their audience to see. Yeah. I mean there there are problems that you consult with technology and others to catch. When somebody says something that’s on true. Technology. Can really stop them from saying. What what. You what technology could do if in the hands of the wrong people can spreads information. More easily. That is done on existing platforms because those platforms have algorithms have decided. What kinds of content that you see it other than the content that you all into. With Farrow the only information that you’ve seen the only posts. That are presented in your feet. Are the ones that Q how follows. And from the people put your fault. And so it’s very contained if somebody you find out the same things that are not correct you on followed. Do you I think one of the issues of the current air is that not everyone is aware of what is and is not correct. And there are people who are coming from the best of intentions that still are unknowingly sharing misinformation. Do you see yourself down the road having any limitations on that tape that they are there limitations currently on what people can share on. So our community guidelines are clear if you. Ever. Act like you are somebody else or. Could use things are not correct. Willfully and you knowingly. Then we step in and moderate. And that can be anything from deleting a single post. Or canceling an account.

This transcript has been automatically generated and may not be 100% accurate.

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