Cineverse Corp (CNVS) 2025 Q3 法說會逐字稿

Good day everyone. Welcome to Cineverse's third quarter fiscal 2025 financial results conference call. My name is Matt and. I'll be your operator today. (Operator Instructions) Please note that this call is being recorded. I'm allowed to turn the call over to you -- (multiple speakers)

大家好。歡迎參加 Cineverse 2025 財年第三季財務業績電話會議。我的名字是馬特。今天我將擔任您的接線生。（操作員指示）請注意，此通話正在錄音。我可以把電話轉給你——（多位發言者）

Good afternoon, everyone. Thank you for joining us for the Cineverse fiscal year 2025 third quarter financial results conference call. The press release announcing Cineverse's results for the third quarter ending December 31, 2024, is available at the investors' section of the company's website at www.cineverse.com. A replay of this forecast broadcast will also be made available at Cineverse website after the conclusion of this call.

大家下午好。感謝您參加 Cineverse 2025 財年第三季財務業績電話會議。宣布 Cineverse 截至 2024 年 12 月 31 日第三季業績的新聞稿可在公司網站 www.cineverse.com 的投資者部分查閱。本次電話會議結束後，也將在 Cineverse 網站上提供該預測廣播的重播。

Before we begin, I would like to point out that certain statements made on this call contain forward-looking statements. These statements are based on management's current expectations and are subject to risks, uncertainties, and assumptions.

在我們開始之前，我想指出，本次電話會議中的某些陳述包含前瞻性陳述。這些聲明是基於管理層目前的預期，並受風險、不確定性和假設的影響。

The company's periodic reports that are filed with the SEC describe potential risks and uncertainties that could cause the company's business and financial results to differ materially from these forward-looking statements.

本公司向美國證券交易委員會提交的定期報告描述了可能導致公司業務和財務結果與這些前瞻性陳述有重大差異的潛在風險和不確定性。

All the information discussed on this call or as of today, February 13, 2025, Cineverse does not assume any obligation to update any of these forward-looking statements except as required by law.

本次電話會議中討論的所有資訊或截至今天（2025 年 2 月 13 日）的信息，除非法律要求，Cineverse 不承擔更新任何這些前瞻性陳述的義務。

In addition, certain financial information presented in this call represent non-GAAP financial measures. And we encourage you to read our disclosures and the reconciliation tables to applicable GAAP measures and our earnings released carefully as you consider these metrics.

此外，本次電話會議中提供的某些財務資訊代表非公認會計準則財務指標。我們鼓勵您在考慮這些指標時仔細閱讀我們的揭露資訊以及與適用的 GAAP 指標和我們發布的收益的對帳表。

I'm Gary Laffredo, Chief Legal Officer, Secretary, and Senior Adviser at Cineverse. With me today are Chris McGurk, Chairman and CEO; Erick Opeka, President and Chief Strategy Officer; Tony Huidor, Chief Operating Officer and Chief Technology Officer; Mark Lindsey, Chief Financial Officer; Mark Torres, Chief People Officer; and Yolanda Macias, Chief Content Officer, all of whom will be available for questions following the prepared remarks.

我是 Gary Laffredo，Cineverse 的首席法律官、秘書和高級顧問。今天與我在一起的有董事長兼執行長克里斯‧麥古克 (Chris McGurk)；總裁兼首席策略長 Erick Opeka； Tony Huidor，營運長兼技術長；林賽 (Mark Lindsey)，財務長；馬克‧托雷斯 (Mark Torres)，首席人才長；以及首席內容長 Yolanda Macias，他們都將在演講結束後回答問題。

On today's call, Chris will discuss our fiscal year 2025 third quarter highlights, the latest operational developments, outlook, and long-term growth strategy.

在今天的電話會議上，克里斯將討論我們 2025 財年第三季的亮點、最新的營運發展、展望和長期成長策略。

Mark will follow with a review of our results for the fiscal third quarter ended December 31, 2024. And Erick will provide some detail on our streaming business results and operating initiatives before opening the floor for questions.

馬克將隨後回顧我們截至 2024 年 12 月 31 日的第三財季的表現。在回答問題之前，埃里克將詳細介紹我們的串流業務成果和營運計劃。

I will now turn the call over to Chris McGurk to begin.

現在我將把電話轉給克里斯麥古克 (Chris McGurk)。

Thank you, Gary. And thanks everyone for joining us today. This was the strongest quarter in the company's history. We recorded $40.7 million in total revenues, up $27.5 million from the prior year quarter. We generated $7.2 million in net income, a $9.9 million increase from the prior year quarter.

謝謝你，加里。感謝大家今天的出席。這是該公司歷史上最強勁的一個季度。我們的總收入為 4,070 萬美元，比去年同期成長了 2,750 萬美元。我們創造了 720 萬美元的淨收入，比去年同期增加了 990 萬美元。

We recorded $10.8 million in adjusted EBITDA; a $9 million dollar increase from the prior year quarter. Our operating margin was 48% within our targeted range of 45% to 50%.

我們記錄的調整後 EBITDA 為 1,080 萬美元；比去年同期增加了 900 萬美元。我們的營業利益率為 48%，在我們的目標範圍 45% 至 50% 之內。

And as of yesterday, we had more than $13 million in cash on hand and zero debt with a full $7.5 million available on our line of credit with East West Bank. These results were driven in large part by the unprecedented success of Terrifier 3.

截至昨天，我們手頭上有超過 1,300 萬美元的現金，並且沒有任何債務，我們在華美銀行的信用額度高達 750 萬美元。這項成就很大程度上得益於《恐怖份子 3》的空前成功。

But they also reflect strong growth across all of the company's key lines of business. Mark and Erick will speak to our financial results and operating highlights across the full span of our business in just a few minutes.

但它們也反映了公司所有主要業務線的強勁成長。馬克和埃里克將在短短幾分鐘內介紹我們整個業務的財務表現和營運亮點。

I will focus now on what we believe the future holds for our future film releasing and marketing business, which we believe is uniquely poised to be a major source of new revenue and profits for the company on an ongoing basis.

現在我將集中討論我們對未來電影發行和行銷業務的看法，我們相信該業務將持續成為公司新收入和利潤的主要來源。

After stunning the industry in October, when Art the Clown displaced Joaquin Phoenix as the Joker at the top of the box office charts, Terrifier 3 charged on to become the highest grossing non-rated film ever with more than $54 million at the domestic box office, topping previous record holder Renaissance, a film by Beyonce.

十月份，《小丑亞特》取代傑昆菲尼克斯飾演的小丑，榮登票房榜首，震驚業界。

Subsequently, Terrifier 3 has done very strong business in digital sales and Blu-ray and DVD, copying the sales charts there as well. The film debuts tomorrow on our Screambox for our streaming channel. And we are currently reviewing multiple other pay and streaming distribution channel options.

隨後，《恐怖份子 3》在數位銷售、藍光和 DVD 方面表現十分強勁，也抄襲了這些領域的銷售排行榜。該電影將於明天在我們的串流頻道 Screambox 上首映。我們目前正在審查其他多種付費和串流媒體分銷管道選項。

Like all studios, we do not disclose profitability on any individual film basis for both competitive and for participant non-disclosure reasons. However, Terrifier 3 obviously had a huge impact on the results this quarter and should provide significant financial upside in our fiscal fourth quarter and into the next fiscal year.

與所有製片廠一樣，出於競爭和參與者保密的原因，我們不會透露任何單部電影的盈利能力。然而，《恐怖份子 3》顯然對本季的業績產生了巨大影響，並將在我們的第四財季以及下一財年帶來顯著的財務成長。

But perhaps, the biggest long-term upside to the company from the success of Terrifier 3 is that it has opened up a potential new profit line for us, releasing and marketing theatrical films by fully utilizing the unique collection of new media assets that we built over the last few years.

但或許，《恐怖份子 3》的成功對公司最大的長期好處是，它為我們開闢了一條潛在的新利潤來源，即充分利用我們在過去幾年建立的獨特的新媒體資產集合來發行和營銷院線電影。

We demonstrated this to the film industry in stunning fashion. By generating $54 million at the box office with just a $500,000 out of pocket marketing spend to open the movie at number one, a previously unheard-of seat.

我們以令人驚嘆的方式向電影界展示了這一點。該片僅花費 50 萬美元行銷費用就收穫了 5,400 萬美元的票房，榮登榜首，這是一個前所未有的位置。

The shock and awe within the film industry of this performance, particularly at how we were able to hyper effectively utilize our new media assets, including our portfolio of streaming channels, podcast network, Matchpoint advertising technology, and social media strength while spending $0 on national media has led to a deluge of new film releasing and marketing opportunities.

這項成就在電影界引起了強烈震動，尤其是我們能夠高效利用新媒體資產，包括串流媒體頻道、播客網絡、Matchpoint 廣告技術和社交媒體實力，同時在國家媒體上花費 0 美元，這為新電影的發行和行銷創造了大量機會。

As a result, we are now rapidly filling out our go-forward theatrical release late with films targeted at very specific fan bases and with known and successful intellectual property that we can distribute using the same blueprint that drove the success of Terrifier 2 and 3.

因此，我們現在正在迅速充實我們即將上映的電影，這些電影針對的是特定的影迷群體，並且擁有已知和成功的知識產權，我們可以使用推動《恐怖分子 2》和《恐怖分子 3》成功的相同藍圖來發行這些電影。

These films include Silent Night, Deadly Night, where we are partnering with European media powerhouse Studio Canal to release a reinterpretation reboot of this classic controversial horror film for this coming Christmas.

這些電影包括《平安夜，致命夜》，我們將與歐洲媒體巨頭 Studio Canal 合作，於今年聖誕節重新推出這部經典爭議恐怖電影的重新詮釋版。

Also Toxic Avenger, an unrated update of the classic trauma title produced by Legendary Pictures, the major studio behind global hits like Doom, Godzilla versus Kong, Jurassic World, and many of their massive successes and starring Peter Dinklage, Kevin Bacon, and Elijah Wood.

另外還有《毒魔復仇》，這是一部未分級的經典創傷影片更新版，由傳奇影業出品，傳奇影業是《毀滅戰士》、《哥吉拉大戰金剛》、《侏羅紀世界》等全球大片的主要製作公司，以及其中許多獲得巨大成功的影片，主演包括彼特·丁拉基、凱文·貝肯和伊利亞·伍德。

The Toxic Avenger debuted at Fantastic Fest, earning a 92% positive score on Rotten Tomatoes and is slated for release on August 29th of this year. And just yesterday, we announced another horror film for our lineup, Wolf Creek Legacy, the third installment of the classic gritty Australian outback horror film which we will be releasing in the next calendar year.

《毒魔復仇》在奇幻電影節上首次亮相，在爛番茄上收穫了 92% 的好評率，預計將於今年 8 月 29 日上映。就在昨天，我們宣布將推出另一部恐怖片《狼溪遺產》，這是經典澳洲內陸恐怖片的第三部，將於明年上映。

It's very important to note that all three of these films have very strong risk reward profiles and upside economics for senators. Total investment in each movie for both acquisition and marketing costs are expected to be less than that of Terrifier 3.

值得注意的是，這三部電影對參議員來說都具有極高的風險回報和上行經濟效益。預計每部電影的收購和行銷成本總投資將低於《恐怖份子 3》。

Driven again by our unique hyper targeted and cost-efficient approach to theatrical marketing. For example, we anticipate that if Toxic Avenger does only half the box office's Terrifier 3, it will generate about the same bottom line financial results for Cineverse as Terrifier 3 did.

再次受到我們獨特的高度針對性和成本效益的戲劇行銷方法的推動。例如，我們預計，如果《毒魔復仇》的票房僅為《恐怖分子 3》的一半，它為 Cineverse 帶來的最終財務結果也將與《恐怖分子 3》大致相同。

Expect more film announcements soon as we continue to fill our release light with similar properties, as well as films and other genres besides horror, where we believe we can use our ecosystem to hypermarket against very specific fan bases as well.

隨著我們繼續在發行中推出類似影片以及恐怖片以外的其他類型影片，我們期待很快發布更多影片公告，我們相信我們也可以利用我們的生態系統針對特定的粉絲群進行大宗行銷。

In addition, both major studios and other independent studios have clearly recognized the success and strength of our new media ecosystem and are already using it to market their own films as well. Focus Features and Neon both advertised films recently across our network. And we expect more studios to follow suit. This should provide another high potential new and ongoing source of revenues for the company.

此外，大型電影公司和其他獨立電影公司都清楚地認識到我們的新媒體生態系統的成功和實力，並已經開始利用它來行銷自己的電影。Focus Features 和 Neon 最近都透過我們的網路發布了電影廣告。我們期待更多工作室效仿。這將為公司提供另一個具有巨大潛力的新收入來源和持續的收入來源。

We also want to thank Damien Leone and Phil Falcone, who built the Terrifier franchise for creating such an amazing property that helped catalyze all this for Cineverse. Damien is currently working on the script for Terrifier 4, which we fully expect will be another must-see event for the franchise.

我們也要感謝《恐怖片》系列的創始人達米恩·萊昂內 (Damien Leone) 和菲爾·法爾科內 (Phil Falcone)，他們創造瞭如此令人驚嘆的作品，幫助 Cineverse 促成了這一切。達米恩目前正在創作《恐怖份子 4》的劇本，我們完全相信這將是該系列的另一個必看作品。

Finally, our strong balance sheet will help us invest behind growth in our content, technology, streaming, podcasts, and advertising businesses. That said, we are also exploring new financing options to expand our credit availability, particularly for new film releases.

最後，我們強勁的資產負債表將有助於我們投資內容、科技、串流媒體、播客和廣告業務的成長。儘管如此，我們也在探索新的融資選擇，以擴大我們的信貸可用性，特別是對於新電影的發行。

And we are not considering any potential equity offering to support our current business, particularly since we believe we have achieved sustainable profitability and positive cash flow.

我們不考慮任何潛在的股權發行來支持我們目前的業務，特別是因為我們相信我們已經實現了可持續的盈利和正的現金流。

And with that, I'll turn the floor over to Mark to further discuss our financial results.

接下來，我將把發言權交給馬克，進一步討論我們的財務表現。

Thank you, Chris. As Chris noted, this quarter was our strongest quarter in history. Even with massive expectations this quarter, we were still able to be analyst consensus guidance for revenue $40.7 million versus $36.4 million. Net income, $7.2 million versus $5.1 million, diluted EPS $0.34 per share versus $0.31, and adjusted EBITDA $10.8 million versus $8.2 million.

謝謝你，克里斯。正如克里斯所說，本季是我們歷史上最強勁的一個季度。即使本季的預期很高，我們仍能夠根據分析師的一致預期將營收預期控制在 4,070 萬美元而非 3,640 萬美元。淨收入 720 萬美元，而 EBITDA 為 510 萬美元；稀釋每股收益 0.34 美元，而 EBITDA 為 0.31 美元；調整後 EBITDA 為 1080 萬美元，而 EBITDA 為 820 萬美元。

For the quarter, Cineverse reported record revenues of $40.7 million compared to $13.3 million for the same quarter last year or a 207% increase. In addition, compared to our second quarter ended September 30, 2024, revenues increased by $28 million or 220%.

Cineverse 本季報告稱，其收入達到創紀錄的 4,070 萬美元，而去年同期的收入為 1,330 萬美元，增長了 207%。此外，與截至 2024 年 9 月 30 日的第二季相比，營收增加了 2,800 萬美元，即 220%。

While the box office results for Terrifier 3 were the major catalyst for our record revenue this quarter, the remainder of our business also performed exceptionally well. Year over year, our streaming and digital revenues grew by 48%.

雖然《恐怖份子 3》的票房成績是我們本季創下營收紀錄的主要催化劑，但我們其餘業務的表現也非常出色。與去年同期相比，我們的串流媒體和數位收入成長了 48%。

And podcasts and other revenue grew by 138%. In a few minutes, Erick will discuss in further detail the non-Terrifier initiatives that drove these improved results.

播客和其他收入成長了138%。幾分鐘後，埃里克將進一步詳細討論推動這些改善結果的非恐怖分子舉措。

Considering the ancillary revenues associated with Terrifier 3, the continued double-digit growth of our podcast business, improved content licensing opportunities, and expected growth in our direct advertising revenues. We are expecting a material increase in revenue for our fiscal 4th quarter, ended March 31, 2025, compared to the prior year quarter.

考慮到與 Terrifier 3 相關的輔助收入、我們的播客業務持續的兩位數成長、改善的內容授權機會以及我們的直接廣告收入的預期成長。我們預計，截至 2025 年 3 月 31 日的第四財季營收將與去年同期相比大幅增加。

As Chris mentioned, our direct operating margin for the quarter was 48%, which is in line with our previously issued guidance of 45% to 50%. Our improved operating margin is a direct result of our cost optimization initiatives implemented over the last 18 months. We expect our direct operating margin in future quarters to remain in the 45% to 50% range.

正如克里斯所提到的，我們本季的直接營業利潤率為 48%，與我們先前發布的 45% 至 50% 的預期一致。我們的營業利潤率提高是過去 18 個月實施的成本優化措施的直接結果。我們預計未來幾季的直接營業利潤率將維持在45%至50%的範圍內。

SG&A expenses for the quarter were $9.4 million, an increase of $3 million for the third quarter compared to the prior year quarter, primarily driven by an increase in expenses associated with the performance of Terrifier 3.

本季的銷售、一般及行政開支為 940 萬美元，較去年同期增加 300 萬美元，主要由於與 Terrifier 3 的業績相關的開支增加。

As this increase was Terrifier 3 specific, we expect our SG&A expenses to return to a more normalized run rate going forward. Last quarter, we also provided guidance that we expected our SG&A expenses to remain flat and to decrease as a percentage of revenue.

由於這次成長是 Terrifier 3 所特有的，我們預計未來銷售、一般及行政開支將恢復到更正常的運作率。上個季度，我們也提供了指導，預計銷售、一般及行政開支將保持平穩，且佔收入的百分比將下降。

SG&A expenses as a percentage of revenue for the third quarter were 23% compared to 50% last quarter and 48% for the prior year quarter. Again, this improvement is a result of our continued focus on cost optimization initiatives that we've been discussing over the last 18 months.

第三季銷售、一般及行政支出佔營收的百分比為 23%，而上一季為 50%，去年同期為 48%。再次，這項改進是我們持續關注過去 18 個月一直在討論的成本優化措施的結果。

Net income for the quarter was $7.2 million a $9.9 million improvement over the prior year quarter. And adjusted EBITDA was $10.8 million compared to $1.8 million for the same quarter last year.

本季淨收入為 720 萬美元，比去年同期增加 990 萬美元。調整後的 EBITDA 為 1,080 萬美元，而去年同期為 180 萬美元。

We have $6.1 million in cash and cash equivalents on our balance sheet as of December 31, 2024, with $3.8 million outstanding on our $7.5 million working capital facility. As of yesterday, having received most of our Terrifier 3 box office rentals after year end, we had more than $13 million of cash on hand, no debt outstanding, and $7.5 million of available capacity on our working capital facility.

截至 2024 年 12 月 31 日，我們的資產負債表上有 610 萬美元的現金和現金等價物，其中 750 萬美元的營運資金中未償還金額為 380 萬美元。截至昨天，我們已經收到了年底後大部分《恐怖分子 3》的票房租金，我們手頭上有超過 1,300 萬美元的現金，沒有未償還債務，並且我們的營運資金設施有 750 萬美元的可用容量。

In addition, as of December 31, 2024, we have a working capital surplus of $6.8 million, the largest in company history. When reviewing our quarter in cash balances, again, please remember that the majority of the Terrifier 3 cash receipts were received after December 31, 2024.

此外，截至 2024 年 12 月 31 日，我們的營運資金盈餘為 680 萬美元，為公司史上最大的盈餘。在審查我們本季的現金餘額時，請再次記住，大多數 Terrifier 3 現金收入是在 2024 年 12 月 31 日之後收到的。

For the nine months ended December 31, 2024, our net cash provided by operations was $5.0 million, a $7.4 million improvement during the quarter. We expect to be operating cash flow positive for the full fiscal year 2025. In addition, during the quarter, we were able to pay in full the outstanding term loan principal and interest totaling $3.7 million.

截至 2024 年 12 月 31 日的九個月，我們的營運活動淨現金為 500 萬美元，比本季增加了 740 萬美元。我們預計 2025 財年全年經營現金流將為正值。此外，本季度，我們能夠全額支付未償還的定期貸款本金和利息，總額為 370 萬美元。

Subsequent to year end, we reduced our outstanding working capital facility balance to zero. While we are currently debt free with more than $13 million of cash on hand, we are exploring additional opportunities to raise debt capital to improve our financial condition and provide capital to fund our upcoming initiatives which Erick will discuss in further detail.

年底之後，我們將未償還營運資金餘額降至零。雖然我們目前沒有債務，手頭上有超過 1,300 萬美元的現金，但我們仍在探索籌集債務資本的更多機會，以改善我們的財務狀況，並為我們即將推出的計劃提供資金，Erick 將進一步詳細討論這些計劃。

Finally, with the $40.7 million revenue quarter, a $40 million valuation for our content library, which is almost entirely off-balance sheet, we continue to believe that our stock price is undervalued with significant upside even at yesterday's closing price of $4.60 per share.

最後，由於本季營收為 4,070 萬美元，內容庫估值為 4,000 萬美元（幾乎完全不在資產負債表內），我們仍然認為，即使以昨日每股 4.60 美元的收盤價計算，我們的股價仍被低估，且具有顯著的上漲空間。

With that, I'll turn the floor over to Erick to discuss our strategic growth initiatives.

接下來，我將把發言權交給艾瑞克來討論我們的策略成長計畫。

Thank you, Mark. Today I'm going to cover three key areas of our business, an overview of our next generation theatrical strategy, an overview of our digital distribution initiatives, and our technology and advertising business.

謝謝你，馬克。今天，我將介紹我們業務的三個關鍵領域：下一代影院策略概述、數位發行計劃概述以及我們的技術和廣告業務。

First, let's talk about our theatrical strategy. Our approach to theatrical is fundamentally different from the traditional studio model. Instead of chasing 9 figure 10 poles, we're following a moneyball strategy for theatrical releasing, focusing on proven IP and franchises that studios often overlook.

首先，我們來談談我們的劇場策略。我們對戲劇的態度與傳統的工作室模式有著根本的差異。我們不追求9字形10桿，而是遵循戲院發行的金錢球策略，專注於工作室經常忽視的成熟的IP和特許經營權。

These films have already established fan bases, strong ancillary track records, and proven box office performance, vastly reducing our risk and increasing profitability across multiple windows.

這些電影已經建立了粉絲群、強大的輔助記錄和可靠的票房表現，大大降低了我們的風險並提高了多個窗口的盈利能力。

What sets us apart is not just our film selection strategy, but the structural advantages we bring to the table. Our deal structures are fair, ensuring talent creators benefit equally alongside the studio and are aligned to ensure success.

我們的獨特之處不僅在於我們的電影選擇策略，還在於我們帶來的結構優勢。我們的交易結構是公平的，確保人才創造者與工作室平等受益，並保持一致以確保成功。

At the same time, we're going to leverage our significant media assets, proprietary ad tech, and in-house capabilities to dramatically reduce costs and increase efficiencies in the releasing process.

同時，我們將利用我們重要的媒體資產、專有廣告技術和內部能力來大幅降低成本並提高發布流程的效率。

This approach drives higher margins for both Cineverse and our creative partners, making us a highly attractive home for filmmakers and IP holders who are coming in drove to the doors, as Chris described earlier.

正如克里斯之前所描述的，這種方法為 Cineverse 和我們的創意合作夥伴帶來了更高的利潤，使我們成為對蜂擁而至的電影製作人和智慧財產權持有者極具吸引力的家。

Our ability to do this comes from more than a decade of investment in our technology and infrastructure, including machine learning and AI-driven marketing and distribution models. This is a massive moat that our competitors our size simply cannot replicate.

我們能夠做到這一點，得益於十多年來對技術和基礎設施的投資，包括機器學習和人工智慧驅動的營銷和分銷模式。這是一個巨大的護城河，我們的規模相同的競爭對手根本無法複製。

Unlike traditional distributors who rely on expensive broad-reach campaigns, we use data and automation to precision target audiences, ensuring our marketing spend delivers outsized returns.

與依賴昂貴的廣泛行銷活動的傳統經銷商不同，我們使用數據和自動化來精準定位受眾，確保我們的行銷支出帶來豐厚的回報。

Under this model, we're rapidly building a slate towards 8 to 10 wide and specialty theatrical releases per year, putting us on par with the volume of past and present mini majors. For the coming fiscal year, we'll release at least three to four films, reaching the 8 to 10 range within two additional years.

在這種模式下，我們正迅速建立每年 8 到 10 部廣泛和專業戲劇發行的計劃，使我們的數量與過去和現在的小型主要電影相媲美。在即將到來的財政年度，我們將發行至少三到四部電影，並在接下來的兩年內達到八到十部電影的目標。

Titles like The Toxic Avenger, Silent Night, Deadly Night, and Wolf Creek Legacy are perfect examples of how we apply this playbook. Targeting proven theatrical IP with strong cult fan bases and deploying cost efficient marketing and distribution strategies, leveraging our tech and media assets, ensuring they reach their full potential across theatrical, home entertainment, merch, and streaming.

《毒魔復仇》、《平安夜、致命夜》和《狼溪遺產》等影片就是我們如何應用這劇本的完美例子。瞄準擁有強大粉絲群的成熟劇場 IP，部署具有成本效益的行銷和分銷策略，利用我們的技術和媒體資產，確保它們在劇院、家庭娛樂、商品和串流媒體領域充分發揮潛力。

Next, let's discuss our ancillary sales and distribution. For most of 2024, we focused heavily on scaling our fast and ad businesses, which has delivered strong results, as Mark had noted earlier.

接下來，讓我們討論一下我們的輔助銷售和分銷。正如馬克之前提到的，在 2024 年的大部分時間裡，我們都將重點放在擴大快餐和廣告業務上，這已經取得了強勁的業績。

Looking ahead, we're making a major investment in accelerating our subscription business with a focus on doubling its growth rate to the 15% to 20% range by investing in high quality studio titles, cost-efficient exclusives, and originals.

展望未來，我們將大力投資加速我們的訂閱業務，重點是透過投資高品質的工作室作品、具有成本效益的獨家作品和原創作品，將其成長率提高一倍至 15% 至 20%。

While also leveraging the same marketing machine that we're working with on theatrical, we're also committing meaningful capital to customer acquisition for Screambox, Dove, as well as [Pandor], positioning them as premier destinations for genre-specific streaming in their verticals.

在利用我們在影院上使用的相同行銷機器的同時，我們也投入了大量資金來為 Screambox、Dove 以及 [Pandor] 吸引客戶，將它們定位為各自垂直領域特定類型串流媒體的首要目的地。

As of this quarter, our total SVOD subscribers has reached 1.38 million, up 6% year over year. Screambox has seen a 7% increase in subscribers over the past 60 days, and Terrifier 2 viewership was behind that surging 45% in Q3, reinforcing the power of this franchise-driven engagement.

截至本季度，我們的SVOD訂閱用戶總數已達138萬，年增6%。在過去 60 天裡，《Screambox》的訂閱用戶數量增加了 7%，而《Terrifier 2》的觀眾人數在第三季飆升了 45%，進一步證明了該系列劇的影響力。

Meanwhile, our fast channels collectively delivered over 2.1 billion minutes in Q3 with standout performances from Dove, up 30% year over year. Our anime property Yu-Gi-Oh, which was up 1,000% in the quarter over its Q1 launch. And Barney channel continues to excel, which has reached more than 455 million minutes streamed last month alone.

同時，我們的快速頻道在第三季總共提供了超過 21 億分鐘的通話時長，其中 Dove 表現突出，比去年同期成長 30%。我們的動畫作品《遊戲王》本季的銷量比第一季推出時成長了 1,000%。Barney 頻道繼續表現出色，光是上個月的串流播放時間就已超過 4.55 億分鐘。

To further expand our distribution reach, we launched Bob Ross, Comedy Dynamics, Dog Whisperer, and the Dove FAST channels on Google TV's Freeplay. Additionally, we expanded our content partnership with Fubo, adding two more of our ads supported streaming channels, Dog Whisperer with Cesar Millan and GoPro, allowing us to capitalize on the continued growth of fast platforms.

為了進一步擴大我們的發行範圍，我們在 Google TV 的 Freeplay 上推出了 Bob Ross、Comedy Dynamics、Dog Whisperer 和 Dove FAST 頻道。此外，我們擴大了與 Fubo 的內容合作夥伴關係，增加了兩個廣告支援的串流頻道，即與 Cesar Millan 合作的《狗語者》和 GoPro，這使我們能夠利用快速平台的持續成長。

On the transactional side, Terrifier 3 dominated the EST and VOD and physical media sales charts, ranking as the number one sales title for several weeks, beating major studio releases like Joker and Wild Robot.

在交易方面，《恐怖分子 3》在 EST 和 VOD 以及實體媒體銷售排行榜上佔據主導地位，連續數週位居銷售榜首，擊敗了《小丑》和《野性機器人》等主要製片廠發行的電影。

As of tomorrow, Terrifier 3 will premiere on Screambox for an exclusive SVOD window with active discussions underway for a pay one licensing deal with major cable and streaming platforms to further extend the film's reach and maximize its long-term value.

從明天起，《恐怖分子 3》將在 Screambox 上首映，作為獨家 SVOD 窗口，目前正在積極討論與主要有線電視和串流媒體平台達成的付費一鍵許可協議，以進一步擴大影片的影響力並最大化其長期價值。

In addition, we continue to capitalize on merchandizing collectibles through our bloody disgusting brand following successful partnerships and launches with retailers like Spencer's and Walmart. This expansion further monetizes our horror vertical beyond streaming and theatrical and will provide additional revenue streams tied to our most-engaged fan bases.

此外，在與 Spencer's 和沃爾瑪等零售商成功合作並推出新品後，我們繼續透過我們令人作嘔的品牌來推銷商品收藏品。此次擴展將進一步使我們的恐怖片垂直領域超越串流媒體和影院範圍，並為我們最忠實的粉絲群體提供額外的收入來源。

On the technology front, we continue to grow our matchpoint business, past its early stages. And recent results have been promising.

在技​​術方面，我們繼續發展我們的匹配點業務，儘管它已經度過了早期階段。最近的結果令人鼓舞。

We've expanded our sales team in a rapidly scaling our pipeline of customer targets as content distributors and OEMs race to expand their libraries and futureproof operations for AI-driven revenue streams. There's a growing demand for a cost-effective, high-volume solution that can streamline delivery -- deliver monetization and enable AI-driven content enhancement. That's match point.

隨著內容分銷商和 OEM 競相擴展其庫並為 AI 驅動的收入流提供未來保障，我們擴大了銷售團隊，並迅速擴展了客戶目標管道。人們越來越需要一種具有成本效益、大容量的解決方案，它可以簡化交付、實現貨幣化並實現人工智慧驅動的內容增強。這就是賽點。

We recently announced two new scale customers from Matchpoint, including Multicom Entertainment Group, our first distribution client, and Joysauce, a venture-backed streaming service run by experienced entrepreneurs focused on bringing Asian American content to the global streaming ecosystem.

我們最近宣布了 Matchpoint 的兩個新的規模客戶，包括我們的第一個分銷客戶 Multicom Entertainment Group 和 Joysauce，後者是一家由經驗豐富的企業家運營的風險投資支持的串流媒體服務，致力於將亞裔美國人的內容引入全球串流生態系統。

Both clients selected Matchpoint due to its robust and expansive set of features and capabilities that will streamline their business. These partnerships validate Matchpoint's ability to support both established distributors and new fast growing media ventures in navigating the evolving content landscape.

兩位客戶都選擇了 Matchpoint，因為它擁有強大而廣泛的功能和能力，可以簡化他們的業務。這些合作關係證明了 Matchpoint 有能力支持現有經銷商和新興快速發展的媒體企業應對不斷變化的內容格局。

Additionally, our Matchpoint -- our real visual AI initiative that we recently announced is gaining traction. And we're nearing the close of our first deals with major LLM providers. To date, we represent AI training rights for more than 350,000 hours of video and audio content, creating a new revenue stream at the intersection of content and AI monetization.

此外，我們最近宣布的 Matchpoint 真實視覺 AI 計劃正在獲得關注。我們與主要法學碩士 (LLM) 提供者的第一筆交易即將完成。到目前為止，我們擁有超過35萬小時視訊和音訊內容的AI訓練權，在內容和AI貨幣化的交匯處創造了新的收入來源。

This initiative positions Cineverse at the forefront of an emerging opportunity where content owners can license their libraries for AI training, enhancement, and contextualization, and offering a scalable way to capitalize on the evolution of digital media.

這項舉措使 Cineverse 處於新興機會的前沿，內容所有者可以授權他們的庫進行人工智慧訓練、增強和情境化，並提供一種可擴展的方式來利用數位媒體的發展。

Cineverse 360 is evolving into a next-generation SSP, our supply side platform. And we've recently integrated with a major ad buying platform to improve margins and optimize costs and programmatic advertising.

Cineverse 360​​ 正在發展成為下一代 SSP，即我們的供應方平台。我們最近與一個主要的廣告購買平台進行了整合，以提高利潤率並優化成本和程序化廣告。

This is unlocking new opportunities to merge our technologies for additional revenue and premium value. A key example is [Cinecore], a proprietary AI-optimized movie data set, originally built for cineSearch.

這為融合我們的技術以獲得額外收入和額外價值開闢了新的機會。一個關鍵的例子是 [Cinecore]，一個專有的 AI 優化電影資料集，最初是為 cineSearch 建立的。

Cinecore enables precise contextual and content-based ad targeting even in restrictive environments, where user data isn't available. Today, advertisers can't target users based on their favorite films or attributes through an SSP. But we're changing that.

即使在無法取得使用者資料的限制環境中，Cinecore 也能實現精確的上下文和基於內容的廣告定位。如今，廣告主無法透過 SSP 根據用戶喜愛的影片或屬性來定位用戶。但我們正在改變這一現狀。

By leveraging Cinecore, we'll be able to reduce ad costs while enabling highly targeted campaigns with deployment plan for upcoming wide releases and making it commercially available to customers soon after that.

透過利用 Cinecore，我們將能夠降低廣告成本，同時支援高度針對性的宣傳活動，為即將廣泛發布的影片製定部署計劃，並在不久後向客戶推出商業版本。

Meanwhile, our growing ad sales business is seeing meaningful results. October was our biggest revenue month to date. And on Cineverse 360, reflecting strong revenue growth driven by direct and programmatic ad sales.

同時，我們不斷成長的廣告銷售業務也取得了豐碩的成果。十月是我們迄今為止收入最高的月份。Cineverse 360​​ 則反映出由直接和程序化廣告銷售推動的強勁收入成長。

We executed our largest direct ad sales campaign to date in partnership with Focus Features and 13th Floor Entertainment, the December release of Robert Eggers's Nosferatu. This campaign not only expanded revenue but established a playbook for future brand support and immersive experiences.

我們與焦點影業和 13th Floor Entertainment 合作，舉辦了迄今為止最大的廣告直銷活動，以慶祝羅伯特·艾格斯 (Robert Eggers) 的《諾斯費拉圖》12 月上映。這項活動不僅增加了收入，也為未來的品牌支援和沈浸式體驗制定了策略。

In the longer term and for this year, we're focused on developing endeavor-style partnerships with film studios, where they commit to multiple titles up front in exchange for favorable rates and added value. Under these endeavor partnerships, we expect studios to commit to between 6 to 8 wide release films for partnership.

從長遠來看，就今年而言，我們將專注於與電影製片廠建立努力型合作夥伴關係，讓他們預先承諾製作多部影片，以換取優惠的價格和附加價值。在這些努力的合作關係下，我們預計電影公司將承諾合作發行 6 到 8 部電影。

Our direct sales team continues to grow, and we're breaking through to new brands. While entertainment remains our lead vertical, we're now securing deals with advertisers in retail, fashion, travel, and packaged goods.

我們的直銷團隊不斷壯大，我們正在開拓新的品牌。雖然娛樂仍然是我們的主要垂直領域，但現在我們正在與零售、時尚、旅遊和包裝商品領域的廣告商達成交易。

At the same time, we're expanding our podcast advertising base beyond horror, with new content genres launching this year, including comedy, women's lifestyle, wellness, areas that will be our largest driver of new revenue in 2025.

同時，我們正在將播客廣告基礎擴展到恐怖片之外，今年將推出新的內容類型，包括喜劇、女性生活方式、健康等，這些領域將成為我們 2025 年新收入的最大驅動力。

To further drive this growth, we're hiring up a new head of podcast sales to focus on evangelizing the Cineverse podcast network to more brands and buying agencies, accelerating revenue growth beyond the triple-digit growth we already have seen this year.

為了進一步推動這一成長，我們正在聘請一位新的播客銷售主管，專注於向更多品牌和購買機構宣傳 Cineverse 播客網絡，從而加速收入成長，超越我們今年已經看到的三位數成長。

Additionally, we're doubling down on entertainment partnerships, actively engaging the studios as I described, to invest in the non-horror side of our business beyond our core genre business. To date we've had a lot of success on that already. Our advertising customer base has been expanding significantly.

此外，我們正在加倍加強與娛樂公司的合作，積極與我所描述的工作室合作，在我們核心類型業務之外投資非恐怖片業務。到目前為止我們在這方面已經取得了很大成功。我們的廣告客戶群正在大幅擴大。

Recent advertisers include Hulu, Sony Pictures, Macy's, Paramount Plus, Mint Mobile, A24, Quince, and Focus Features. In the coming quarter, we anticipate closing deals with additional studios as well as finance and travel brands.

最近的廣告商包括 Hulu、索尼影業、梅西百貨、Paramount Plus、Mint Mobile、A24、Quince 和 Focus Features。在下個季度，我們預計將與其他工作室以及金融和旅遊品牌達成交易。

Looking ahead, our focus is clear. We will continue expanding our IT-driven theatrical slate, scaling our subscription growth through premium content investment, deepening our direct ad sales relationships, and advancing our AI powered technology initiatives to cement Cineverse as the leader in next generation media distribution.

展望未來，我們的重點很明確。我們將繼續擴大我們的 IT 驅動的影院名單，透過優質內容投資擴大我們的訂閱成長，深化我們的直接廣告銷售關係，並推進我們的人工智慧技術計劃，以鞏固 Cineverse 作為下一代媒體發行領導者的地位。

Ceniverse is not just another distributor. We are a technology-powered media company with a first mover advantage that's becoming increasingly difficult to replicate.

Ceniverse 並非僅僅是一家經銷商。我們是一家科技媒體公司，擁有的先發優勢越來越難以複製。

As we refine our playbook, we're confident that our ability to deliver high impact, high margin films, scale our streaming business, and expand our advertising ecosystem will drive long-term value for shareholders. With that operator, let's open it up for Q&A.

隨著我們完善我們的劇本，我們相信，我們提供高影響力、高利潤的電影，擴大我們的串流媒體業務，並擴大我們的廣告生態系統的能力將為股東帶來長期價值。有了這個操作員，我們就可以開始問答了。

(Operator Instructions)

（操作員指令）

Dan Kurnos, Benchmark.

丹·庫爾諾斯（Dan Kurnos），Benchmark。

And please check to see if you're on mute.

請檢查您是否處於靜音狀態。

Hey, sorry. Can you guys hear me now?

嘿，對不起。你們現在能聽到我的聲音嗎？

Yes. We do.

是的。是的。

Okay. Good. So all right, sorry about that. I spent about a minute talking to myself. Wonderful. Congratulations on the quarter. Fantastic. Obviously, Chris, appreciate the color on Toxic Avenger.

好的。好的。好吧，很抱歉。我花了大約一分鐘自言自語。精彩的。恭喜本季取得佳績。極好的。顯然，克里斯很欣賞《毒魔復仇者》的色彩。

Let me just ask you a couple things in general here. One, and Erick, also the incremental color on the building slate. So first, how do we think about number of screens on release here? Obviously, you guys have canals, so there's potentially some global ramifications to this which you didn't have with T3.

我只想在這裡問您幾個一般性的問題。一，還有艾瑞克，也是建築石板上的增量色。那麼首先，我們如何考慮在此發布的螢幕數量？顯然，你們有運河，因此這可能會產生一些全球性的影響，而 T3 則不會產生這種影響。

So first question, just size of screens, number of screens, and is that going to vary by film or are you guys going to look to kind of build a sort of consistent distribution platform by film size and screen release as you guys build out the film library?

所以第一個問題是，螢幕的大小和數量，這會因電影而異嗎？

Yeah. Thanks, Dan. This is Chris.

是的。謝謝，丹。這是克里斯。

We're looking to follow a release pattern on these films very similar to what we did with Terrifier 3. Trying to get it out on 1,500 to 2,500 screens, which we think is the right amount for these very targeted films.

我們希望在這些電影上採取與《恐怖份子 3》非常相似的發行模式。我們嘗試在 1,500 到 2,500 塊銀幕上放映，我們認為對於這些目標明確的電影來說，這個數字是合適的。

You see the big studios and their wide releases sometimes with 3,500, 4,000 screens. But they do 90% of their business on 1,500 to 2,500 screens.

你會看到大型電影製片廠及其廣泛發行的電影有時擁有 3,500 到 4,000 塊銀幕。但他們 90% 的業務都是在 1,500 到 2,500 塊螢幕上完成的。

So we're going to take a much more targeted approach on these films and targeted an average of about 2000 screens going forward. The good news is that we've got this huge pool of content that we're looking at right now. And we've been very selective with the choices that we've made.

因此，我們將對這些電影採取更有針對性的方式，未來的目標是平均約 2000 塊銀幕。好消息是我們現在擁有大量的內容。我們對於所做的選擇非常謹慎。

You saw the first three Toxic Avenger, Silent Night, Deadly Night, and now, Wolf Creek Legacy. And we're really looking, as I said, for properties that we can clearly follow the same playbook that that we executed on Terrifier, known IP, successful IP, where we know there's a fan base and a very targeted fan base that we know we can get to.

您已經看過前三部《毒魔復仇》、《平安夜》、《致命夜》，現在又看到了《狼溪遺產》。而且正如我所說的，我們真正在尋找的是能夠明確遵循與《恐怖分子》相同的劇本的作品，已知的 IP，成功的 IP，我們知道它擁有粉絲群，而且我們知道我們可以獲得非常有針對性的粉絲群。

And I think you saw based on what I said in my remarks, the economics of these movies were able to pick and choose as well. And we -- we've cut some very favorable deals.

而且我想大家從我的評論中也可以看出，這些電影的經濟效益也是可以選擇的。而且我們—已經達成了一些非常有利的協議。

Toxic Avenger, for instance, as a budget that's many times greater than the budget on Terrifier 3. But our investment level will probably end up being less than what we invested in Terrifier 3 for acquisition and for marketing costs and a really good movie.

以《毒魔復仇》為例，其預算比《恐怖份子 3》高出許多倍。但出於收購、行銷成本和製作一部優秀電影的考慮，我們的投資金額最終可能會低於《恐怖分子3》的投資。

And our upside is a lot greater because basically, we bought the distribution rights in perpetuity. And we don't have a big participant where we're sharing the upside economics with. So we think we can do more deals like that going forward and expect more announcements in that regard soon.

而且我們的優勢更大，因為基本上我們購買了永久的分銷權。而且我們還沒有一個可以與我們分享經濟利益的大參與者。因此我們認為，未來我們可以進行更多類似的交易，並期待很快發布更多相關公告。

Should we think Chris that or their opportunities to kind of just -- in another genre would take a shot at something in another genre, or would you say that more for just the advertising channel?

克里斯，我們是否應該認為，他們的機會只是——在另一種類型中嘗試另一種類型的東西，或者你會說這更多的只是廣告管道？

I didn't hear the first part of your question.

我沒有聽清楚你問題的第一部分。

I asked if you guys would expand into another genre, if you think that this is all going to be in horror or would you expand to another genre or keep that mostly in the advertising side if you were going to move out of the horror genre?

我問過你們是否會擴展到其他類型，如果你們認為這一切都將與恐怖有關，或者如果你們要退出恐怖類型，你們是否會擴展到其他類型或主要將其保留在廣告方面？

Well, obviously, we kind of made our bones in the horror genre. So we're getting a lot of properties coming our way. But we're looking at properties in the family space as well, comedy, urban properties, where we think we've got strength from our channel footprint and our podcast footprint to hypermarket just as we did in Terrifier 3 and where there's a known fan base and known IP.

嗯，顯然我們在恐怖片領域已經累積了一定的經驗。因此，我們獲得了大量的房產。但我們也在關注家庭劇、喜劇和都市劇，我們認為，我們的管道足跡和播客足跡可以擴展到大賣場，就像我們在《恐怖分子 3》中所做的那樣，而且這些劇集擁有知名的粉絲群和知名的 IP。

So I'm very hopeful that in the next few months as we make announcements, you'll see that we're rounding out our portfolio and other genres. But with the same kind of really favorable economics that I've been talking about and in areas where we can exact -- very closely follow the blueprint for success in terms of marketing that we have with Terrifier.

因此，我非常希望，在接下來的幾個月裡，當我們發佈公告時，您會看到我們正在完善我們的產品組合和其他類型。但是，正如我所談論的，在經濟條件真正有利的條件下，我們可以在行銷方面非常密切地遵循 Terrifier 的成功藍圖。

Brian Kintslinger, Alliance Global Partners.

聯盟全球合作夥伴 (Alliance Global Partners) 的 Brian Kintslinger。

Great. Thanks. I got a few questions. What a great quarter and congratulations on your success. You talked about taking on some debt. I assume this is due to the pipeline of opportunities.

偉大的。謝謝。我有幾個問題。這是一個多麼美好的一個季度，祝賀你們取得的成功。您談到了承擔一些債務。我認為這是由於機會的湧現。

In front of you, given the success of Terrifier that we talked about, can you talk about the ranges of prices for relevant horror content, especially for these films you're going to remake? Can you share maybe the average price you paid so far and is there a return on invested capital that you're looking at that you target?

鑑於我們談到的《恐怖份子》的成功，您能否談談相關恐怖內容的價格範圍，特別是您要重拍的這些電影？您能否分享一下您迄今為止支付的平均價格以及您所關注的投資回報率是否達到了目標？

Yeah. Thanks, Brian. This is Chris again. I think I mentioned on this call in the past that our total investment on Terrifier 3 for both acquisition and marketing was less than $5 million or around $5 million. All three other properties that we're talking about now are below that. And our expectation are going to be below that.

是的。謝謝，布萊恩。我又是克里斯。我記得我之前在這次電話會議上提到過，我們對 Terrifier 3 的收購和行銷總投資不到 500 萬美元或大約 ​​500 萬美元。我們現在討論的所有其他三種屬性都低於該值。我們的預期將低於這個數字。

And I think that that's the range that we're talking about. And I think that creates a really unbelievable, positive risk reward profile for us.

我認為這就是我們正在談論的範圍。我認為這為我們創造了真正令人難以置信的正面風險回報狀況。

The -- and your other question was -- and I think the pool is big enough now that we're going to be able to fill up a release late of 8 to 10 movies on a steady-state basis and stick to those economics. We have no desire to step up into the bigger budget, so we don't need to, okay?

您的另一個問題是，我認為現在的電影資源池已經足夠大了，我們可以穩定地補齊 8 到 10 部電影的上映檔期，並堅持這些經濟效益。我們不想增加預算，所以我們不需要，好嗎？

We just have one of the highest return movies in the history of the film business. And we spent less than $5 million and we spent less than a million dollars in marketing all in. And got 54 million at the box office.

我們剛剛製作了電影史上回報率最高的電影之一。我們總共花了不到 500 萬美元，其中行銷費用不到 100 萬美元。並收穫5400萬票房。

If we can do half that or a fraction of that these other properties, we're going to do really well because of the favorable economics that we're looking at here. So I don't know if that answers your question. But we're feeling very good about our space and the kind of be able to generate with that sort of economics.

如果我們能夠將這些其他屬性的一半或一小部分完成，我們就會做得很好，因為我們在這裡看到的是有利的經濟效益。所以我不知道這是否回答了你的問題。但我們對我們的空間以及能夠在這種經濟條件下創造的能力感到非常滿意。

Right.

正確的。

(multiple speakers) Yeah. I was going to say I'll add the other side to this too is as you saw with our partnership with Studio Canal, we'll even bring in partners earlier.

（多位發言者）是的。我想說的是我還要補充一點，正如你看到的那樣，我們與 Studio Canal 的合作，我們甚至會更早引入合作夥伴。

Studio Canal effectively, for example, on Silent Deadly Night that eliminates half of our risk in the project by that partnership, right? So, we're taking this -- like I said earlier on the call of moneyball approach where we're focused on ROI.

例如，在《Silent Deadly Night》中，Studio Canal 就透過這種合作有效地消除了我們專案中一半的風險，對嗎？所以，我們採取這種方式——就像我之前所說的那樣，我們採用金錢球法，並專注於投資回報率。

And while you know, we hope that some of these break out and we will have the ability to push them and ride them if they happen to break out to Terrifier-type levels. It happens. Our competitors have these breakouts happen.

你知道，我們希望其中一些能夠爆發，如果它們恰好爆發到恐怖分子類型的水平，我們將有能力推動它們並駕馭它們。確實有這樣的事。我們的競爭對手也出現了這些突破。

But I think our goal is to have these as Chris described these that we're going for singles and doubles. We're not swinging for the fences on every movie, hoping to have a Terrifier.

但我認為我們的目標是像克里斯所描述的那樣，我們爭取單打和雙打。我們不是在每一部電影中都拼盡全力，希望能看到一部恐怖電影。

And again, I said this on the last call. Maybe he didn't say because we're Brian, because we're releasing movies, it was such an efficient low level of marketing spend and getting the kind of results that we got on Terrifier 2 and Terrifier 3.

我在上次通話中又重複了一遍這個。也許他沒有說因為我們是布萊恩，因為我們發行電影，所以我們以如此低廉的營銷支出高效地取得了《恐怖分子 2》和《恐怖分子 3》那樣的成績。

It creates a much better economic situation for our producer partners, filmmakers who want to come to us because they don't have the usual [$5] to $20 million of marketing in between them and their participation.

這為我們的製片合作夥伴和想要與我們合作的電影製作人創造了更好的經濟狀況，因為他們在參與過程中不需要花費通常的 500 萬美元到 2000 萬美元的營銷費用。

And so, that's been recognized in the business. And it's led to all these opportunities for us are coming our way. And obviously, we like that. We also like the idea that we sort of helped develop a model that we need to prove the concept going forward.

因此，這已得到商界的認可。這給我們帶來了所有這些機會。顯然，我們喜歡這樣。我們也喜歡這樣的想法，即我們幫助開發了一個模型，我們需要這個模型來證明這個概念的未來。

But hopefully, it's going to enable independent filmmakers to get their films released theatrically and get access to more eyeballs. The marketing spin piece has always been, the big bugaboo in the independent film releasing business and hopefully, we cracked the code here.

但希望它能讓獨立電影製作人將他們的電影在戲院上映，並吸引更多觀眾的注意。行銷宣傳一直是獨立電影發產業的一大難題，希望我們能破解其中的秘密。

Thank you. The -- I just wanted to touch on two other pieces of your business. I wasn't quite sure on cineSearch, how that's progressing in terms of monetization? And then on Matchpoint, you announced two deals.

謝謝。我只是想談談您業務的另外兩個部分。我不太清楚 cineSearch 在貨幣化方面進展如何？然後在 Matchpoint，你們宣布了兩項交易。

And I guess can you help frame for what the revenue opportunity for customers like these are? Can you give a range of opportunity?

我想您能幫我分析一下這類客戶的創收機會是什麼嗎？您能提供一系列的機會嗎？

Sure. Well, I can tell you. So first I'll tackle cineSearch. We're -- when we have revealed that product to the market. When we talk about cineSearch, the consumer facing piece that's in demo, anybody can test it out, kick the tires, that's we're not selling that commercial version of the product.

當然。好吧，我可以告訴你。因此，我首先要解決 cineSearch 問題。當我們向市場推出該產品時。當我們談論 cineSearch 時，面向消費者的演示部分，任何人都可以測試它，試用它，但我們出售的不是該產品的商業版本。

What we are selling is the back end and capabilities that allow OEMs and others to effectively, vastly improve their search results and capabilities. So that piece we're in active conversations with a lot of parties today.

我們銷售的是後端和功能，可讓 OEM 和其他方有效且大幅改善其搜尋結果和功能。因此，我們今天正在與許多方面就這一問題進行積極的對話。

We're in development of the second version of the technology that powers that. You know, we expect it to be completed within the next quarter or so. So we think commercial opportunities for that as we get out of the early developmental stages, the R&D stages of this, the full commercialization will start to happen in the next fiscal year.

我們正在開發支援該技術的第二個版本。你知道，我們預計它將在下個季度左右完成。因此，我們認為，隨著我們走出早期開發階段和研發階段，這項技術的商業機會將在下一個財政年度開始全面商業化。

In terms of Matchpoint, we talk about average-customer size. We we're targeting a couple different segments.

就 Matchpoint 而言，我們討論的是平均顧客規模。我們的目標是幾個不同的細分市場。

The SMB segment is a clear segment for us, as well as we are also targeting enterprise. So the average customer value is going to vary depending on the size of customer we target. We -- we've been, talking internally about SMB customers being on the lower 6 figures annual.

中小企業市場對我們來說是一個明確的領域，同時我們也將企業作為目標。因此，平均客戶價值將根據我們目標客戶的規模而變化。我們內部一直在討論中小企業客戶的年度支出是否低於 6 位數。

Sort of target range and you know enterprise customers can be many multiples above that depending on the implementation. The enterprise deals tend to have a more custom or specialized implementation. So I would expect those to be significantly higher than the SMB side.

目標範圍的排序，你知道企業客戶的數量可能會比這個多很多倍，這取決於具體實施情況。企業交易往往具有更客製化或專業化的實施。所以我預計這些會明顯高於 SMB 方面。

That's super helpful.

這非常有幫助。

They could range to millions of dollars. Yeah.

其價值可能高達數百萬美元。是的。

I looked back and you know you have been discussing increased investment to drive subscriber growth. And I know podcasting as well, those are two important pieces of your business. Now, I see the trends and number of people and I'm not sure even downloads.

我回顧過去，知道你們一直在討論增加投資以推動用戶成長。我也知道播客，這是你們業務的兩個重要部分。現在，我看到了趨勢和人數，但我什至不確定下載量。

But where are we in terms of revenue contribution from those as we evaluate the better inventory rates? I haven't seen that in the last couple of quarters. And are you talking about the podcast business or are you talking about the other?

但是當我們評估更好的庫存率時，我們的收入貢獻程度又是如何呢？在過去幾季中我還沒有看到這種情況。您是在談論播客業務還是其他業務？

So, I mean the subscription business I'm curious, what the revenue contribution is in the podcasting business. I'm not sure if I heard how -- where downloads or viewership are. And maybe then, you can discuss how inventory fill rates are improving to drive stronger monetization of your podcasting.

所以，我很好奇訂閱業務對播客業務的收入貢獻是多少。我不確定我是否聽說過——下載量或瀏覽量在哪裡。然後，也許您可以討論如何提高庫存填充率，從而推動播客的更高盈利能力。

Yeah. Sure. So on the podcasting business, we -- the very -- the viewership numbers bounce around month to month. But the high-water mark in the last quarter was about 15 million downloads, so pretty significant audience size and up from where it was trending the prior quarter. I think we were averaging 12.5 or so.

是的。當然。因此，就播客業務而言，我們的收視率每個月都在波動。但上一季的最高下載量約為 1500 萬次，因此受眾規模相當可觀，並且高於上一季的趨勢。我認為我們的平均數是12.5左右。

On the fill rates, there's two pieces to that. There's the programmatic side, I think we're still on the 50%-ish to 55% fill rate on that on programmatic. But we've been bundling our campaign, our inventory into 360 campaigns.

關於填充率，有兩個部分。從程序化方面來看，我認為我們的程序化填充率仍然在 50% 到 55% 之間。但我們一直將我們的活動、我們的庫存捆綁到 360 活動中。

So our fill rates have actually gone up substantially as podcasts, have been a bigger part of the sales mix for our sales team. So, for example, when we do a movie deal for a studio movie, we're bundling, typically the engagement is on the bigger engagements. We're producing some kind of live event or premiere bundling, web, social, CTV, and podcast into one campaign.

因此，隨著播客成為我們銷售團隊銷售組合中更重要的組成部分，我們的填充率實際上大幅上升。舉例來說，當我們為一部製片廠電影簽訂電影交易時，我們會進行捆綁，通常這種合作是針對更大的合作。我們正在製作某種類型的現場活動或首映捆綁活動，將網路、社交、CTV 和播客整合到一個活動中。

So the podcast business has been lifted by that inclusion as part of a bundle, as part of a whole media mix. Our advertisers love it. It's highly differentiated from pure play CTV, which is in, I'm sure is in wide abundance and high availability right now and not very differentiated.

因此，播客業務透過成為捆綁服務的一部分、作為整個媒體組合的一部分而得到了提升。我們的廣告商很喜歡它。它與純粹的 CTV 有很大區別，我確信現在 CTV 非常豐富且可用性很高，而且差異並不大。

So this is a very differentiated approach that's driving up CPMs, just simply because we're bundling it into high [10s] level plus CPM to low 20 CPM when we do those deals. We expect as we bring on direct podcast sellers, which, we've expanded that team pretty dramatically, so far, that the podcast business will less and less of it will be programmatic over time.

因此，這是一種非常差異化的方法，可以提高 CPM，原因很簡單，因為我們在進行這些交易時，將其捆綁到高 [10s] 等級加 CPM 到低 20 CPM。我們預計，隨著我們引入直接播客銷售商，到目前為止，我們已經大大擴展了這個團隊，隨著時間的推移，播客業務的程序化程度將越來越低。

My target for the next 18 to 24 months is to push that to well below 50%. And I think we're already showing a path to that.

我未來 18 到 24 個月的目標是將這一比例降至 50% 以下。我認為我們已經展示了實現這一目標的道路。

Right. And then just quickly on subscriptions, can you give us a sense for revenue contribution? I think last year, you were -- I have to look at my model here, about [3.5-ish] per quarter in revenue. Are we much higher than today? Are we in a similar path that you've highlighted the intend to increase your investments and drive that growth?

正確的。然後簡單談談訂閱問題，您能告訴我們其收入貢獻嗎？我想去年，你必須看看我的模型，每季的收入約為 [3.5 左右]。我們比今天高很多嗎？我們是否處於類似的道路上，正如您所強調的增加投資和推動成長的意圖？

Yeah. I think -- so I think that's where we have been. That's the rearview mirror kind of look. I think our target for the year would be to get that to double-digit plus growth. I think we were clocking in at 6%, 7% for the prior year. I think the goal is to get that up to 15%-plus.

是的。我認為——所以我認為這就是我們所處的位置。那是後視鏡的樣子。我認為我們今年的目標是實現兩位數以上的成長。我認為我們去年的成長速度是 6% 到 7%。我認為目標是將這一比例提高到 15% 以上。

So you know you can kind of back into that number. But that's the focus for this year is really to make that a growth catalyst. We had spent -- we'd put most of our capital towards scaling the theatrical, the emerging theatrical business and some other initiatives.

所以您知道您可以回到該數字。但今年的重點是真正將其打造為成長催化劑。我們已經把大部分資金投入到擴大戲劇規模、新興戲劇業務和一些其他項目。

But we're -- we really see the subscription business as a very good investment and a deployment of capital for this year, given some of the market dynamics we're seeing.

但考慮到我們看到的一些市場動態，我們確實認為訂閱業務是今年非常好的投資和資本配置。

Great. Thank you, guys.

偉大的。謝謝你們。

Thank you, Brian.

謝謝你，布萊恩。

Thank you for your question. There are no further questions remaining. So I'll pass the conference back to the management team for any closing remarks.

感謝您的提問。沒有其他問題了。因此，我將把會議交還給管理團隊，以便他們可以做結束語。

Thank you. This is Chris. So thank you all for joining us today. And as always, please feel very free to reach out to Julie Milstead with any additional questions you might have. And we look forward to speaking to you all again on our next quarterly call in June. Thank you.

謝謝。這是克里斯。感謝大家今天的參與。和往常一樣，如果您有任何其他問題，請隨時聯繫 Julie Milstead。我們期待在 6 月的下一次季度電話會議上再次與大家交談。謝謝。

That concludes today's conference call. Thank you for your participation. You may not disconnect your lines.

今天的電話會議到此結束。感謝您的參與。您不能斷開您的線路。