迪士尼 (DIS) 2017 Q3 法說會逐字稿

Welcome to The Walt Disney Company Q3 FY '17 Earnings Conference Call.

歡迎來到華特迪士尼公司 17 財年第三季度收益電話會議。

My name is Karen.

我的名字是凱倫。

I will be your operator for today's call.

我將是您今天電話的接線員。

(Operator Instructions) Please note that this conference is being recorded.

（操作員說明）請注意，正在錄製此會議。

I will now turn the call over to Lowell Singer, Senior Vice President of Investor Relations.

我現在將把電話轉給投資者關係高級副總裁 Lowell Singer。

Lowell, you may begin.

洛厄爾，你可以開始了。

Good afternoon, and welcome to The Walt Disney Company's Third Quarter 2017 Earnings Call.

下午好，歡迎來到華特迪士尼公司 2017 年第三季度財報電話會議。

About 25 minutes ago, we issued 2 press releases, both our earnings release and a press release announcing our acquisition of majority ownership of BAMTech and 2 upcoming direct-to-consumer streaming services.

大約 25 分鐘前，我們發布了 2 份新聞稿，包括我們的收益發布和宣布我們收購 BAMTech 的多數股權和 2 項即將推出的直接面向消費者的流媒體服務的新聞稿。

Both of those releases are available on our website at www.disney.com/investors.

這兩個版本都可以在我們的網站 www.disney.com/investors 上找到。

Today's call is also being webcast, and a recording and transcript will also be available on our website.

今天的電話會議也進行了網絡直播，我們的網站上也將提供錄音和文字記錄。

Joining me for today's call are Bob Iger, Disney's Chairman and Chief Executive Officer; and Christine McCarthy, Senior Executive Vice President and Chief Financial Officer.

和我一起參加今天電話會議的有迪士尼董事長兼首席執行官鮑勃·艾格 (Bob Iger)；高級執行副總裁兼首席財務官 Christine McCarthy。

Bob will lead off, followed by Christine, and then of course, we'll be happy to take your questions.

Bob 將首先發言，隨後是 Christine，當然，我們很樂意回答您的問題。

So with that, I'll turn the call over to Bob, and we'll get started.

因此，我將把電話轉給鮑勃，我們將開始。

Thanks, Lowell, and good afternoon, everyone.

謝謝，洛厄爾，大家下午好。

Besides today's earnings release, which Christine will detail after my remarks, we're also announcing a major strategic shift in the way we distribute our content.

除了今天的收益發布（克里斯汀將在我的發言後詳細說明）之外，我們還宣布了內容分發方式的重大戰略轉變。

We're excited by this change and see it as an important logical way for us to take advantage of the combination of our strong brands with the technological evolution the entire media business is undergoing.

我們對這一變化感到興奮，並將其視為我們利用強大品牌與整個媒體業務正在經歷的技術發展相結合的重要邏輯方式。

It's been clear to us for a while that the future of this industry will be forged by direct relationships between content creators and consumers.

我們很清楚，這個行業的未來將由內容創作者和消費者之間的直接關係打造。

Given our incomparable collection of strong brands that are recognized and respected the world over, no one is better positioned to lead the industry into this dynamic new era, and we're accelerating our strategy to be at the forefront of this transformation.

鑑於我們無與倫比的強大品牌系列在世界範圍內得到認可和尊重，沒有人比我們更有能力引領行業進入這個充滿活力的新時代，我們正在加快我們的戰略，以走在這一轉型的前沿。

Last year, we acquired a substantial stake in BAMTech to help us scale and monetize our streaming capabilities.

去年，我們收購了 BAMTech 的大量股份，以幫助我們擴展流媒體功能並從中獲利。

Since then, we've been increasingly impressed with the platform, the leadership and the potential to drive growth.

從那時起，我們對該平台、領導力和推動增長的潛力印象越來越深刻。

So much so that we're investing an additional $1.6 billion to increase our stake from 33% to 75% and acquire control of the company.

如此之多，以至於我們額外投資 16 億美元，將我們的股份從 33% 增加到 75%，並獲得對公司的控制權。

This move gives us immediate access to the team and the technology we need to deliver the highest-quality direct-to-consumer experience, which ultimately gives us much greater control of our own destiny in a rapidly changing market.

此舉使我們能夠立即接觸到我們需要的團隊和技術，以提供最高質量的直接面向消費者的體驗，最終使我們能夠在瞬息萬變的市場中更好地控制自己的命運。

As a direct result of this acquisition, we're greatly expanding our plans for the first ESPN-branded direct-to-consumer service.

作為此次收購的直接結果，我們正在極大地擴展我們的第一個 ESPN 品牌直接面向消費者服務的計劃。

We're creating a more robust multi-sport package, which will give sports fans access to more live sports, 10,000 additional events annually, including Major League Baseball, the National Hockey League, Major League Soccer, Grand Slam tennis and college sports.

我們正在創建一個更強大的多運動包，這將使體育迷可以觀看更多現場體育賽事，每年還有 10,000 場額外賽事，包括美國職業棒球大聯盟、全國曲棍球聯盟、美國職業足球大聯盟、大滿貫網球和大學體育。

Additionally, we'll make individual sports packages available for purchase, including MLB.

此外，我們將提供個人體育套餐供購買，包括 MLB。

TV, NHL.

電視，NHL。

TV and MLS Live.

電視和 MLS 直播。

Subscribers will access the new service through an enhanced version of the current ESPN app, which millions of fans already use for sports news and programming.

訂戶將通過當前 ESPN 應用程序的增強版訪問新服務，數百萬粉絲已經使用該應用程序獲取體育新聞和節目。

We'll fully integrate the new subscription service into the same app as part of our strategy to create the premier digital destination for sports.

我們將把新的訂閱服務完全整合到同一個應用程序中，作為我們打造一流數字體育目的地戰略的一部分。

Consumers who are pay TV subscribers will also be able to access the ESPN television networks in the same app on an authenticated basis.

付費電視用戶的消費者也將能夠在經過身份驗證的基礎上在同一應用程序中訪問 ESPN 電視網絡。

Ultimately, we envision this will become a dynamic sports marketplace that will grow and be increasingly customizable, allowing sports fans to pick and choose content that reflects their personal interests.

最終，我們設想這將成為一個充滿活力的體育市場，它將不斷發展並越來越可定制，允許體育迷挑选和選擇反映他們個人興趣的內容。

Our new direct ESPN service will be available to consumers in early 2018.

我們將於 2018 年初向消費者提供新的直接 ESPN 服務。

Of course, one of the most compelling brands for a direct-to-consumer product is Disney.

當然，直接面向消費者的產品最引人注目的品牌之一是迪士尼。

And to that end, we will launch a Disney-branded streaming service in 2019, which will be unlike anything else in the market.

為此，我們將在 2019 年推出迪士尼品牌的流媒體服務，這將不同於市場上的任何其他服務。

The new service will become the exclusive home in the U.S. for subscription video-on-demand viewing of the newest live action and animated movies from Disney and Pixar, beginning with the 2019 slate, which includes Toy Story 4, the sequel to Frozen and The Lion King from Disney live action, along with other highly anticipated movies.

這項新服務將成為美國獨家訂閱視頻點播觀看迪士尼和皮克斯最新真人電影和動畫電影的地方，從 2019 年開始，其中包括《玩具總動員 4》、《冰雪奇緣》的續集和《冰雪奇緣》來自迪士尼真人版的獅子王，以及其他備受期待的電影。

We'll also be making a substantial investment in original movies, original television series and short-form content for this platform, produced by our Studio, Disney Interactive and Disney Channel teams.

我們還將對該平台的原創電影、原創電視劇和短片內容進行大量投資，由我們的工作室、迪士尼互動和迪士尼頻道團隊製作。

Subscribers will also have access to a vast collection of films and television content from our library.

訂戶還可以訪問我們圖書館的大量電影和電視內容。

With this strategic shift, we'll end our distribution agreement with Netflix for subscription streaming of new releases beginning with the 2019 calendar year theatrical slate.

隨著這一戰略轉變，我們將終止與 Netflix 的分銷協議，從 2019 日曆年的戲劇名單開始訂閱新版本的流媒體。

These announcements mark the beginning of what will be an entirely new growth strategy for the company, one that takes advantage of the opportunities the changing media and technology industries provide us to leverage the strength of our great brands.

這些公告標誌著公司全新增長戰略的開始，該戰略利用不斷變化的媒體和技術行業為我們提供的機會來利用我們偉大品牌的實力。

Turning to another major growth area for us.

轉向我們的另一個主要增長領域。

Today's results reflect our aggressive investment in our Parks and Resorts business.

今天的業績反映了我們對公園和度假村業務的積極投資。

Given the success of these investments and their continued attractive returns, we're continuing to leverage our great intellectual property in numerous investments across our Parks and Resorts businesses.

鑑於這些投資的成功及其持續的誘人回報，我們將繼續利用我們偉大的知識產權對我們公園和度假村業務的眾多投資。

Over the last decade, we have transformed Disney California Adventure, doubled the size of our cruise fleet, brought the phenomenal world of Pandora to life in Orlando and opened the spectacular Shanghai Disney Resort, which has already welcomed more than 13 million guests.

在過去的十年裡，我們改造了迪士尼加州冒險樂園，將我們的郵輪船隊規模擴大了一倍，將潘多拉的非凡世界帶到了奧蘭多，並開放了壯觀的上海迪士尼度假區，該度假區已經接待了超過 1300 萬遊客。

Looking ahead, we'll open Star Wars: Galaxy's Edge in Disneyland and Disney World in 2019, and we just announced an immersive Star Wars-themed hotel in Orlando as well.

展望未來，我們將於 2019 年在迪士尼樂園和迪士尼世界開設星球大戰：銀河邊緣，我們剛剛宣佈在奧蘭多開設一家身臨其境的星球大戰主題酒店。

The most popular attraction in Shanghai Disneyland is our e-ticket TRON Lightcycle experience, and we're bringing the same attraction to Disney World as part of our ongoing expansion there.

上海迪士尼樂園最受歡迎的景點是我們的電子票 TRON Lightcycle 體驗，我們將把同樣的景點帶到迪士尼世界，作為我們在那裡持續擴張的一部分。

We're also transforming Epcot with new attractions based on Ratatouille and Guardians of the Galaxy.

我們還通過基於料理鼠王和銀河護衛隊的新景點改造未來世界。

We're making some important investments in Disneyland Paris, including transforming the existing Hotel New York into our first Marvel-themed hotel.

我們正在對巴黎迪士尼樂園進行一些重要投資，包括將現有的紐約酒店改造成我們的第一家漫威主題酒店。

And we're adding 3 incredible new ships to the award-winning Disney Cruise fleet, all of which will be completed by 2023.

我們正在為屢獲殊榮的迪士尼遊輪船隊增加 3 艘令人難以置信的新船，所有這些都將在 2023 年完工。

Before I turn the call over to Christine, I want to mention some of the movies we're looking forward to from our Studio.

在我把電話轉給克里斯汀之前，我想提一下我們工作室期待的一些電影。

We've got 4 movies from Marvel in the next fiscal year alone: Thor: Ragnarok; Black Panther; Avengers: Infinity War; and Ant-Man and the Wasp.

僅在下一個財政年度，我們就有 4 部 Marvel 電影：雷神：諸神黃昏；黑豹;復仇者聯盟：無限戰爭；和蟻人與黃蜂女。

The full Marvel development activity extends well into the next decade.

完整的 Marvel 開發活動延伸到下一個十年。

We've got a lot of fantastic animation on the way, starting with Pixar's Coco and The Incredibles 2. Additionally, highly anticipated sequels to Frozen, Wreck-It Ralph and Toy Story are in production.

從皮克斯的《尋夢環遊記》和《超人總動員 2》開始，我們已經製作了許多精彩的動畫。此外，備受期待的《冰雪奇緣》、《無敵破壞王》和《玩具總動員》的續集正在製作中。

We're also looking forward to A Wrinkle in Time from Disney live action as well as live action versions of Mulan, Dumbo and The Lion King.

我們也期待迪士尼真人版的《時光倒流》以及真人版的《花木蘭》、《小飛象》和《獅子王》。

And coming soon from a galaxy far, far away, Star Wars: The Last Jedi will be in theaters this December, followed by a Han Solo origin story next year and Episode IX in 2019.

星球大戰：最後的絕地武士很快就會從遙遠的銀河系上映，將於今年 12 月上映，接下來是明年的漢索羅起源故事和 2019 年的第九集。

The studio slate is the strongest we've ever had, reflecting the valuable intellectual property we acquired in the last decade and the array of talent at our Studio business.

工作室名單是我們有史以來最強大的，反映了我們在過去十年中獲得的寶貴知識產權以及我們工作室業務中的人才隊伍。

And with that, I'm going to turn the call over to Christine to talk about our quarter.

有了這個，我要把電話轉給克里斯汀來談談我們的季度。

And then we'll be happy to take your questions.

然後我們很樂意回答您的問題。

Christine?

克里斯汀？

Thanks, Bob, and good afternoon, everyone.

謝謝鮑勃，大家下午好。

Earnings per share for the third quarter, excluding certain items affecting comparability, were $1.58, down 2% compared to last year.

第三季度每股收益（不包括某些影響可比性的項目）為 1.58 美元，比去年同期下降 2%。

As I mentioned during last quarter's earnings call, we expected a number of factors to adversely impact our third quarter results, the largest of which was higher programming expenses at ESPN due to the first year of the new NBA contract.

正如我在上一季度的財報電話會議上提到的那樣，我們預計許多因素會對我們第三季度的業績產生不利影響，其中最大的因素是由於新 NBA 合同的第一年，ESPN 的節目費用增加。

I'll discuss the impact of these factors in greater detail as I go through the individual segment results.

在查看各個細分結果時，我將更詳細地討論這些因素的影響。

Let's start with Parks and Resorts where operating income was up 18% in the third quarter, driven by growth in our international operations.

讓我們從公園和度假村開始，在我們國際業務增長的推動下，第三季度營業收入增長了 18%。

Results at our domestic operations were comparable to Q3 last year.

我們國內業務的業績與去年第三季度相當。

Third quarter segment results benefited from the timing of the Easter holiday, which fell entirely in Q3 this year compared to Q2 last year.

第三季度分部業績受益於復活節假期的時機，與去年第二季度相比，今年第三季度的業績完全下滑。

We estimate the timing of Easter drove an $80 million benefit to operating income and accounted for about 8 percentage points of the 18% growth in segment operating income.

我們估計復活節的時機為營業收入帶來了 8000 萬美元的收益，佔分部營業收入 18% 增長的約 8 個百分點。

The growth in our international operations was due primarily to the absence of preopening expenses at Shanghai Disney Resort and improved results at Disneyland Paris.

我們國際業務的增長主要是由於上海迪士尼度假區沒有開業前的費用以及巴黎迪士尼樂園的業績有所改善。

As Bob mentioned, we feel very good about how Shanghai Disney Resort has performed during its first full year of operations, and we expect the resort to be modestly profitable for the fiscal year.

正如 Bob 提到的，我們對上海迪士尼度假區在其第一個完整運營年度的表現感到非常滿意，我們預計該度假區在本財年將實現適度盈利。

At Disneyland Paris, the resort's 25th anniversary celebration helped drive growth in guest spending and attendance.

在巴黎迪士尼樂園，度假村 25 週年慶典幫助推動了遊客消費和遊客人數的增長。

Late in the third quarter, we increased our ownership in Disneyland Paris to 100%.

第三季度末，我們將巴黎迪士尼樂園的所有權增加到 100%。

We are encouraged by the resort's third quarter results, and as Bob mentioned, we are making investments to drive future growth.

我們對度假村第三季度的業績感到鼓舞，正如 Bob 所提到的，我們正在進行投資以推動未來的增長。

On our domestic business, higher guest spending and attendance drove 6% revenue growth.

在我們的國內業務方面，更高的客人消費和出勤率推動了 6% 的收入增長。

But the increase in revenue was offset by higher expenses to support higher volume and new attractions, including Pandora - The World of Avatar at Animal Kingdom and Guardians of the Galaxy – Mission: BREAKOUT!

但收入的增加被更高的支出所抵消，以支持更高的容量和新的景點，包括潘多拉 - 動物王國的阿凡達世界和銀河護衛隊 - 任務：突破！

at Disney California Adventure as well as costs associated with an 18-day dry-dock of the Disney Fantasy.

迪士尼加州冒險樂園的費用以及與迪士尼幻想號 18 天干船塢相關的費用。

Attendance at our domestic parks was up 8% in the quarter, benefiting from the timing of the Easter holiday, which accounted for about 3 percentage points of that growth.

受益於復活節假期的時間，我們國內公園的上座率在本季度增長了 8%，佔增長的 3 個百分點左右。

Per capita spending in our domestic parks was up 2%.

我們國內公園的人均消費增長了 2%。

At our domestic hotels, per room spending was up 8% while occupancy was down 2 percentage points to 88%.

在我們的國內酒店，每間客房的支出增長了 8%，而入住率下降了 2 個百分點至 88%。

If you adjust for rooms not available due to refurbishments, occupancy would be comparable to prior year.

如果您對因翻新而無法入住的客房進行調整，入住率將與上一年持平。

So far this quarter, domestic resort reservations are pacing down 3% versus prior year, driven by reduced room inventory due to conversions and ongoing room refurbishments, while booked rates are up 6%.

本季度到目前為止，由於轉換和正在進行的房間翻新導致房間庫存減少，國內度假村預訂量比去年同期下降了 3%，而預訂率上升了 6%。

Segment operating margin was about 24% for the third quarter, up 120 basis points over Q3 last year.

第三季度的部門營業利潤率約為 24%，比去年第三季度增長 120 個基點。

We estimate the favorable timing of Easter accounted for approximately 120 basis points of margin expansion in the quarter.

我們估計復活節的有利時機佔本季度利潤率增長約 120 個基點。

At Studio Entertainment, operating income was lower in the quarter as growth in television distribution was more than offset by lower theatrical and home entertainment results.

在 Studio Entertainment，本季度的營業收入較低，因為電視發行的增長被較低的影院和家庭娛樂業績所抵消。

While our Studio is having another phenomenal year with over $2.1 billion in operating income year-to-date, I'll remind you, last year, the Studio delivered record profitability.

雖然我們的工作室又迎來了一個非凡的一年，年初至今的營業收入超過 21 億美元，但我要提醒您，去年，工作室實現了創紀錄的盈利能力。

The decline in theatrical distribution during the third quarter reflects the performance of key titles in Q3 last year, including Captain America: Civil War, The Jungle Book, Finding Dory and Alice Through the Looking Glass compared to Guardians of the Galaxy Vol.

第三季度影院發行量的下降反映了去年第三季度主要影片的表現，包括美國隊長：內戰、叢林之書、海底總動員和愛麗絲鏡中奇遇記與銀河護衛隊相比。

2, Pirates of the Caribbean: Dead Men Tell No Tales and Cars 3 in Q3 this year.

2、今年Q3的加勒比海盜：死無對證和汽車總動員3。

Home entertainment results also faced a difficult comparison as they reflected the phenomenal sales of Star Wars: The Force Awakens in the quarter last year compared to very strong sales of Rogue One: A Star Wars Story this year.

家庭娛樂業績也面臨著艱難的比較，因為它們反映了去年第四季度《星球大戰：原力覺醒》的驚人銷量，而今年《俠盜一號：星球大戰外傳》的銷量非常強勁。

At Media Networks, our cable and broadcasting businesses generated lower operating income in the third quarter compared to last year.

在 Media Networks，我們的有線電視和廣播業務在第三季度的營業收入低於去年。

Cable results were driven by a decrease at ESPN where higher programming expense and lower advertising revenue more than offset growth in affiliate revenue.

有線電視業績受到 ESPN 業績下滑的推動，ESPN 的節目費用增加和廣告收入減少抵消了附屬公司收入的增長。

As we've discussed, ESPN is in the first year of its new NBA contract, and about $400 million of the $600 million year 1 cost step-up was incurred in Q3.

正如我們所討論的，ESPN 正處於其新 NBA 合同的第一年，第一年 6 億美元的成本增加中約有 4 億美元發生在第三季度。

Total cable expense growth for the third quarter came in at 14%, about 2 percentage points better than the 16% we discussed on our last call.

第三季度總有線電視費用增長率為 14%，比我們在上次電話會議上討論的 16% 高出約 2 個百分點。

Ad revenue at ESPN was down 8% in the third quarter as higher rates were more than offset by a decrease in impressions.

ESPN 的廣告收入在第三季度下降了 8%，因為更高的費率被印像數的減少所抵消。

During the third quarter, ESPN had 2 fewer NBA Finals games and 3 fewer conference playoff games compared to last year.

在第三節，與去年相比，ESPN 少了 2 場 NBA 總決賽和 3 場聯盟季后賽。

We estimate this impact was roughly equivalent to the decline in ad revenue compared to the prior year.

我們估計這種影響大致相當於廣告收入與上一年相比的下降。

So far this quarter, ESPN cash ad sales are pacing down compared to prior year.

本季度到目前為止，ESPN 現金廣告銷售與去年同期相比正在放緩。

Turning to Broadcasting.

轉向廣播。

Third quarter operating income reflected lower advertising revenue and higher programming costs, partially offset by higher affiliate revenue.

第三季度營業收入反映較低的廣告收入和較高的節目成本，部分被較高的附屬收入所抵消。

Ad revenue at the ABC Network was down 5% for the third quarter as higher pricing was more than offset by a decrease in impressions.

ABC 網絡的廣告收入在第三季度下降了 5%，因為較高的定價被展示次數的減少所抵消。

Quarter to date, primetime scatter pricing at the ABC Network is running 11% above upfront levels.

本季度至今，ABC 網絡的黃金時段分散定價比前期水平高出 11%。

We continue to see nice growth in Broadcasting affiliate revenue, driven primarily by higher rates.

我們繼續看到廣播聯盟收入的良好增長，這主要是由更高的費率推動的。

Total Media Networks affiliate revenue was up 2% in the quarter due to growth at both cable and broadcasting.

由於有線電視和廣播業務的增長，本季度媒體網絡附屬公司的總收入增長了 2%。

The increase in affiliate revenue was driven by about 7 points of growth due to higher rates, partially offset by approximately a 3.5-point decline due to a decrease in subscribers.

由於較高的費率，附屬公司收入增長約 7 個百分點，部分被訂戶減少約 3.5 個百分點的下降所抵消。

I'll note that year-to-date, the impact of sub losses on the growth in affiliate revenue is less than 3 percentage points.

我會注意到，今年迄今，子損失對聯屬網絡營銷收入增長的影響不到 3 個百分點。

At Consumer Products & Interactive Media, operating income was up 12% in the third quarter due primarily to an increase in our merchandise licensing business, which was driven by lower cost in the quarter compared to last year.

在消費品和互動媒體方面，第三季度的營業收入增長了 12%，這主要是由於我們的商品許可業務的增長，這是由於本季度的成本低於去年同期。

Operating income growth came in a little lower than we had planned.

營業收入增長略低於我們的計劃。

And while we still anticipate OI growth for the second half of the fiscal year, we don't expect these results to be sufficient to drive growth at Consumer Products & Interactive Media for the full year.

雖然我們仍預計本財年下半年的 OI 增長，但我們預計這些結果不足以推動全年消費品和互動媒體的增長。

During the third quarter, we repurchased 22.3 million shares for $2.4 billion.

第三季度，我們以 24 億美元回購了 2230 萬股股票。

Fiscal year-to-date, we've repurchased 64.3 million shares for approximately $6.8 billion, and we are on track to repurchase between $9 billion to $10 billion for the full year.

本財年迄今，我們已經以約 68 億美元的價格回購了 6430 萬股股票，我們有望在全年回購 90 億至 100 億美元的股票。

And with that, I'll now turn the call back over to Lowell for Q&A.

有了這個，我現在將把電話轉回洛厄爾進行問答。

All right.

好的。

Christine, thanks.

克里斯汀，謝謝。

Operator, we're ready for the first question.

接線員，我們準備好了第一個問題。

(Operator Instructions) And we do have our first question from Ben Swinburne from Morgan Stanley.

（操作員說明）我們確實收到了來自摩根士丹利的 Ben Swinburne 的第一個問題。

A lot of news today.

今天新聞很多。

I guess, Bob, to start out with, can you talk a little bit about the ESPN over-the-top service and whether you've had any discussions with your MVPD providers in how this may fit or not fit into their retail offerings?

我想，鮑勃，首先，你能談談 ESPN 的頂級服務嗎？你是否與你的 MVPD 供應商討論過這可能適合或不適合他們的零售產品？

And along those lines, as you head into a renewal cycle, obviously, there's a lot of focus on your pricing power.

沿著這些思路，當你進入更新周期時，很明顯，你的定價能力受到了很多關注。

Did this offer change your perspective on pricing power for the network?

此優惠是否改變了您對網絡定價權的看法？

You've shifted away from your historical distribution model a bit here.

您在這裡稍微偏離了您的歷史分配模型。

But obviously, a lot of media companies have already gone through this process: HBO, CBS, et cetera.

但很明顯，很多媒體公司已經經歷了這個過程：HBO、CBS 等等。

So how are you thinking about -- is there a relationship between your core distributors and this new ESPN service that you're bringing to market?

那麼，您如何考慮——您的核心分銷商與您要推向市場的這項新 ESPN 服務之間是否存在關係？

Had conversation -- we have not had conversations with our distributors.

進行了對話——我們還沒有與我們的經銷商進行過對話。

We -- as we enter a new round of distribution negotiations, we have all the confidence in the world in our ability to strike deals that are favorable to the company given the strength of the product that we offer, particularly the strength of the brands.

我們——當我們進入新一輪的分銷談判時，鑑於我們提供的產品的實力，尤其是品牌的實力，我們對世界充滿信心，相信我們有能力達成對公司有利的交易。

If you look very specifically at ESPN, we still see it as a must-have service for the multichannel providers because of the array of product that ESPN has licensed and what they produce as original programming for the service.

如果您非常具體地觀察 ESPN，我們仍然將其視為多頻道提供商的必備服務，因為 ESPN 已獲得許可的產品系列以及他們為該服務製作的原創節目。

We have seen, as I think many of you have, a pretty interesting and dramatic increase in, I'll call it, app-based media consumption.

我們已經看到，我認為你們中的許多人已經看到了非常有趣和顯著的增長，我稱之為基於應用程序的媒體消費。

Much of it is on over-the-top, direct-to-consumer services.

其中大部分是在頂級的、直接面向消費者的服務上。

And in our 33% investment in BAM a year ago, we got a real good perspective or gained a good perspective on just how strong the -- and high-quality that product is and felt that given the trends that we're seeing in the marketplace, given the strength of the ESPN brand and given how robust this platform is, it gave us an opportunity to really take advantage of all of this, so the combination of all these things.

在我們一年前對 BAM 的 33% 投資中，我們獲得了一個真正好的視角，或者獲得了一個很好的視角，了解該產品的強度和質量，並認為鑑於我們在市場，考慮到 ESPN 品牌的實力和這個平台的強大程度，它讓我們有機會真正利用所有這些，所以所有這些東西的結合。

And so we accelerated our right-to-buy control of the service, basically so that we could have even more control of our own destiny.

因此，我們加快了對服務的購買權控制，基本上這樣我們就可以更好地控制自己的命運。

But it's also something that the partners of BAMTech, notably Major League Baseball and National Hockey League, concurred with.

但 BAMTech 的合作夥伴，尤其是美國職業棒球大聯盟和國家冰球聯盟，也同意這一點。

And so this gives us the ability to launch a new service, one that we've been talking about, but that will be even more robust than the one we anticipated.

因此，這使我們能夠推出一項我們一直在談論的新服務，但它將比我們預期的更強大。

In the first year of operation, it should offer consumers approximately 10,000 additional live sporting events over what ESPN offers on its linear networks.

在運營的第一年，與 ESPN 在其線性網絡上提供的內容相比，它應該為消費者提供大約 10,000 場額外的現場體育賽事。

This is a combination of the contribution of the partners as well as what BAMTech has licensed as well as what ESPN will provide and has also licensed to BAMTech.

這是合作夥伴的貢獻以及 BAMTech 已授權的內容以及 ESPN 將提供並已授權給 BAMTech 的內容的組合。

We're creating a one-app experience so that from a consumer perspective, there's a real ease of use and ease of navigation so that you can -- as an ESPN fan, you can use -- go to one app, look at scores and highlights, as you know, ESPN provides, authenticate it to watch the linear networks or buy up or buy an additional amount of live sports programming basically in the same experience on the same service.

我們正在創建一種單一應用程序體驗，以便從消費者的角度來看，真正易於使用和導航，這樣你就可以——作為一名 ESPN 粉絲，你可以使用——轉到一個應用程序，查看比分並且強調，如您所知，ESPN 提供驗證它以觀看線性網絡或購買或購買額外數量的現場體育節目，基本上在相同的服務上以相同的體驗。

That's essentially it.

基本上就是這樣。

It does give us optionality in the future.

它確實給了我們未來的選擇權。

If we see changes in the distribution model, if we see either greater erosion or bigger opportunity to migrate the linear networks to a more direct-to-consumer proposition, we certainly have the technology to do it, and it can be done under relatively seamless circumstances.

如果我們看到分銷模式發生變化，如果我們看到更大的侵蝕或更大的機會將線性網絡遷移到更直接面向消費者的提議，我們當然有技術做到這一點，並且可以在相對無縫的情況下完成情況。

But we're not currently anticipating doing that as we launch this new app.

但在我們推出這款新應用時，我們目前並沒有預料到會這樣做。

That's very helpful.

這很有幫助。

And just on the Disney-branded direct-to-consumer service, Bob.

就在迪士尼品牌的直接面向消費者的服務上，鮑勃。

As I'm sure you're well aware, one of the beauties of Netflix model is it's global, and so you're talking about a massive footprint to leverage your content.

我相信你很清楚，Netflix 模式的優點之一是它是全球性的，所以你正在談論一個巨大的足跡來利用你的內容。

Are you thinking in the same way about the Disney-branded service?

您是否以同樣的方式考慮迪士尼品牌的服務？

You mentioned the change in your pay TV pay one rights with Netflix in the U.S. But how are you thinking about the global opportunity and what you need to do on the content side globally?

您提到了美國 Netflix 的付費電視付費電視轉播權的變化。但是您如何看待全球機遇以及您需要在全球內容方面做些什麼？

Well, one of the beauties of the Disney brand is just how global it is and how strong the fan base of Disney is globally.

好吧，迪士尼品牌的優點之一就是它的全球化程度以及迪士尼在全球範圍內的粉絲群有多強大。

Interestingly enough, Netflix did not have global rights to our Disney movies.

有趣的是，Netflix 沒有我們迪士尼電影的全球版權。

They bought opportunistically in certain markets.

他們在某些市場上投機取巧。

So what we see doing on the Disney front is we will take our Disney-branded and Pixar-branded movies that had been part of the Netflix pay agreement, starting with the calendar 2019 slate.

因此，我們在迪士尼方面看到的做法是，從 2019 年的日曆開始，我們將採用作為 Netflix 付費協議一部分的迪士尼品牌和皮克斯品牌的電影。

By the way, that will include Lion King, Frozen 2 and Toy Story, among others.

順便說一下，這將包括《獅子王》、《冰雪奇緣 2》和《玩具總動員》等。

We'll migrate those, in effect, pay-window Disney Pixar movies to a subscription Disney-branded service.

實際上，我們會將那些付費窗口的迪士尼皮克斯電影遷移到迪士尼品牌的訂閱服務。

We'll also tap into a vast library of movies and television shows that have been made by the company, the channel and the studio over the years, and we'll invest significantly in original movies and television shows exclusively for this subscription service.

我們還將利用公司、頻道和工作室多年來製作的大量電影和電視節目，我們將大量投資於原創電影和電視節目，專門用於此訂閱服務。

We'll also roll out the service in multiple markets outside the United States, but it will vary from market to market based on existing distribution agreements and different market dynamics.

我們還將在美國以外的多個市場推出該服務，但根據現有的分銷協議和不同的市場動態，它會因市場而異。

But I think you have to think about a Disney-branded direct-to-consumer subscription service as a global product, even though we're being more specific today about launching a domestic product in the latter part of 2019.

但我認為你必須將迪士尼品牌的直接面向消費者的訂閱服務視為一種全球產品，儘管我們今天更具體地說是在 2019 年下半年推出國內產品。

And our next question comes from Michael Nathanson from MoffettNathanson.

我們的下一個問題來自 MoffettNathanson 的 Michael Nathanson。

Bob, I have 2 for you.

鮑勃，我有 2 個給你。

One, on the Netflix content and then on ESPN.

第一，關於 Netflix 內容，然後是 ESPN。

For Netflix, you haven't mentioned yet what you're going to do with Lucasfilm and Marvel titles.

對於 Netflix，您還沒有提到您將如何處理 Lucasfilm 和 Marvel 的作品。

Will those stay on a pay one service?

那些會繼續使用付費服務嗎？

And if so, why not go direct right now?

如果是這樣，為什麼不現在直接去呢？

And then I have an ESPN question.

然後我有一個 ESPN 問題。

Well, what we're saying specifically is that the Disney-branded app will have the Disney and Pixar films.

好吧，我們特別要說的是迪士尼品牌的應用程序將擁有迪士尼和皮克斯的電影。

The disposition of the Marvel and Lucas or Star Wars films, we have not determined yet.

漫威和盧卡斯或星球大戰電影的處置，我們還沒有確定。

We've had a discussion internally about what -- how best to bring them to the consumer.

我們在內部討論過什麼——如何最好地將它們帶給消費者。

It's possible we'll continue to license them through a pay service like Netflix, but it's premature to say exactly what we will do.

我們有可能繼續通過像 Netflix 這樣的付費服務向他們授權，但現在說我們將做什麼還為時過早。

We certainly have that opportunity.

我們當然有這樣的機會。

There's been talk about launching a proprietary Marvel service and Star Wars service, but we're mindful of the volume of product that would go into those services, and we want to be careful about that.

一直在談論推出專有的 Marvel 服務和 Star Wars 服務，但我們注意到將進入這些服務的產品數量，我們希望對此保持謹慎。

We've also thought about including Marvel and Star Wars as part of the Disney-branded service.

我們還考慮過將漫威和星球大戰作為迪士尼品牌服務的一部分。

But there, where we want to be mindful of the Star Wars fan and the Marvel fan and to what extent those fans are either overlapped with Disney fans or they're completely basically separate or incremental to Disney fans.

但是在那裡，我們要注意星球大戰粉絲和漫威粉絲，以及這些粉絲在多大程度上與迪士尼粉絲重疊，或者他們基本上完全獨立或增量於迪士尼粉絲。

So it's all in discussion.

所以一切都在討論中。

What we will say is that Disney Pixar will definitely be part of this and not be part of any other pay-window distributor in the United States.

我們要說的是，迪士尼皮克斯肯定會成為其中的一部分，而不是美國任何其他付費窗口分銷商的一部分。

The disposition of Marvel and Star Wars, we'll announce at a later date when we've determined what to do.

漫威和星球大戰的處置，我們會在確定要做什麼的時候公佈。

Okay.

好的。

And then on ESPN in your announcement today.

然後在 ESPN 上發表今天的聲明。

What will change on the WatchESPN app?

WatchESPN 應用程序會發生什麼變化？

It's partly authenticated.

它已部分驗證。

And also, you offer a lot of content on the ESPN3 service, which isn't really a channel, but you've given more content to it.

而且，你們在 ESPN3 服務上提供了很多內容，這並不是一個真正的頻道，但你們已經提供了更多內容。

So how did WatchESPN evolve as you go more direct with your BAMTech idea?

那麼，當您更直接地使用 BAMTech 想法時，WatchESPN 是如何發展的？

Well, we don't intend to migrate product off the primary linear services.

好吧，我們不打算將產品從主要線性服務中遷移出來。

We've already licensed product to BAM that ESPN has licensed from third parties, and we will increase the amount of ESPN product that will be part of this service, particularly a lot of college sports.

我們已經將 ESPN 從第三方獲得許可的產品授權給 BAM，我們將增加 ESPN 產品的數量，這些產品將成為這項服務的一部分，尤其是很多大學體育項目。

We're not getting specific yet about exactly what will come from where.

我們還沒有具體說明從哪裡來的東西。

But I did mention 10,000 live events.

但我確實提到了 10,000 個現場活動。

That is basically the estimate that we've got based on the inventory that we've taken on how many sporting events will be available for this very specific subscription service.

這基本上是我們根據我們對這項非常具體的訂閱服務將有多少體育賽事可用的清單得出的估計。

Let me take a step back for a minute, just to give you some -- a little bit of perspective about BAM, too.

讓我退後一步，只是為了給你一些 - 一點關於 BAM 的觀點。

What impressed us about BAM was, first of all, it's the most robust live streaming platform out there.

BAM 讓我們印象深刻的是，首先，它是目前最強大的直播平台。

When you think about live sports and how much a sporting event live is consumed basically concurrently by the masses, you needed a very, very robust technology platform to serve that.

當您考慮體育直播以及大眾基本上同時消費了多少體育賽事直播時，您需要一個非常非常強大的技術平台來提供服務。

BAM is the only one out there that has that.

BAM 是唯一擁有該功能的產品。

In addition, they have great, essentially, customer management systems and technology.

此外，他們基本上擁有出色的客戶管理系統和技術。

That's everything from onboarding and retention, to credit card management, to password management.

這是從入職和保留到信用卡管理再到密碼管理的一切。

They also have good ad technology.

他們也有很好的廣告技術。

Think about the opportunities in terms of dynamic ad insertion as for instance, and they basically have a very, very strong data management as well and the ability for us to mine user data so that we can get greater customization and personalization.

想想動態廣告插入方面的機會，例如，它們基本上也有非常非常強大的數據管理以及我們挖掘用戶數據的能力，以便我們可以獲得更大的定制和個性化。

So this is something, when we talk about the current ESPN app, while that app is a very robust app, it didn't have nearly the robust amount of product on it that I just described that enable us to do the kind of things that we want to do.

所以這是一些東西，當我們談論當前的 ESPN 應用程序時，雖然該應用程序是一個非常強大的應用程序，但它幾乎沒有我剛才描述的那麼強大的產品數量，使我們能夠做那種事情我們想做。

So as you think about the app going forward, think about one app, it looks pretty similar to the app that you've got now, except it can do a lot more, all the things that I just described.

所以當你考慮未來的應用程序時，想想一個應用程序，它看起來與你現在擁有的應用程序非常相似，除了它可以做更多，所有我剛才描述的事情。

You can use it as an authenticated subscriber of a multichannel service which basically gives you access to the direct to the streams of the ESPN channels, or you can buy up or buy additional sports products through the subscription.

您可以將其用作多頻道服務的認證訂戶，該服務基本上可以讓您直接訪問 ESPN 頻道的流媒體，或者您可以通過訂閱購買或購買額外的體育產品。

But again, it's the same seamless experience.

但同樣，這是同樣的無縫體驗。

And there will be upsell opportunities for us as well.

我們也會有追加銷售的機會。

So you'll watch a highlight.

所以你會看到一個亮點。

If you want to buy -- maybe part of the game is going on live, if you want to buy that game, you'll be able to buy it directly through the app or subscribe to the service directly through the app.

如果你想購買——也許遊戲的一部分正在直播，如果你想購買那個遊戲，你可以直接通過應用程序購買或直接通過應用程序訂閱服務。

It's basically a one-stop shopping for the consumer, and it's one-stop shopping for us in terms of our ability to manage the consumer that wants to consume sports through ESPN.

它基本上是消費者的一站式購物，就我們管理想要通過 ESPN 消費體育的消費者的能力而言，它是我們的一站式購物。

Our next question comes from Doug Mitchelson from UBS.

我們的下一個問題來自瑞銀的 Doug Mitchelson。

Bob, continuing along this theme.

鮑勃，繼續這個主題。

I'm just curious, are there restrictions in your current MVP deals that hold you back from taking ESPN over-the-top, the main channel, until you are fully through the renewal cycle?

我只是好奇，在您當前的 MVP 交易中是否有限制您在完全通過續訂週期之前阻止您使用 ESPN 的主要渠道？

And I'm curious if you envision distributors partnering with you to bundle and sell these services with their broadband or video services.

我很好奇您是否設想分銷商與您合作，將這些服務與他們的寬帶或視頻服務捆綁銷售。

And then I've got a follow-up.

然後我有一個後續行動。

I'm not going to comment specifically about the agreement.

我不打算具體評論該協議。

There are elements to the agreement that -- well, first of all, if we wanted to take ESPN direct, we could.

該協議的一些要素是——好吧，首先，如果我們想直接接受 ESPN，我們可以。

There are elements to the distribution agreements that they have -- that we have that would cause us to -- if we were to bring the service direct to the consumer or create some, I'll call them, suboptimal circumstances for us.

他們擁有的分銷協議中有一些要素——我們擁有的這些要素會導致我們——如果我們要將服務直接提供給消費者或創造一些，我稱之為對我們而言次優的環境。

I'm not going to get into detail about that.

我不打算對此進行詳細說明。

If we were to create a direct-to-consumer app that had the linear services, just as Netflix is distributed by multichannel servers out there or products out there, we would give our distributors an opportunity to distribute our app and other third parties as well.

如果我們要創建一個具有線性服務的直接面向消費者的應用程序，就像 Netflix 由那裡的多渠道服務器或那裡的產品分發一樣，我們會給我們的分銷商一個機會來分發我們的應用程序和其他第三方.

Do you think that ESPN is -- we all think it's about $7 or $8 within the bundle.

你認為 ESPN 是——我們都認為捆綁包中的價格約為 7 美元或 8 美元。

Do you think there's an opportunity for this direct-to-consumer service to show that ESPN is undervalued within the bundle?

您認為這種直接面向消費者的服務是否有機會表明 ESPN 在捆綁服務中的價值被低估了？

Do you think it's fairly priced within the bundle based on your research?

根據您的研究，您認為捆綁包中的價格合理嗎？

I think you're kind of leading the witness a little bit there.

我認為你在某種程度上引導了證人。

I'm not going to get -- I'm not going to comment on our pricing today or our potential pricing power going forward.

我不會 - 我不會評論我們今天的定價或我們未來的潛在定價能力。

The ESPN brand is still very strong.

ESPN 品牌仍然非常強大。

As you look at the array of sports that ESPN has licensed, whether it's major sports from the NFL to the NBA to Major League Baseball to all the college packages or the great tennis that we have, it's a very high-quality service that, I think, is very much in demand from consumers.

當您查看 ESPN 授權的一系列體育項目時，無論是從 NFL 到 NBA 到美國職業棒球大聯盟的主要體育項目，再到所有大學套餐，還是我們擁有的偉大網球，它都是一項非常高質量的服務，我認為，消費者的需求非常大。

It obviously has suffered a bit from the overall impact of digital technology and new forms of media consumption on the ecosystem.

它顯然受到了數字技術和新媒體消費形式對生態系統的整體影響。

One of the reasons that we're doing this is because of the trends that we're seeing.

我們這樣做的原因之一是因為我們看到的趨勢。

But another reason that we're doing it is because of the strength of the brand and the opportunity that this technology and the consumer trends that the technology has created are providing.

但我們這樣做的另一個原因是品牌的實力以及這項技術和技術創造的消費趨勢所提供的機會。

It's not just a defensive move; it's an offensive move.

這不僅僅是防禦性舉措；這是一個進攻性的舉動。

If I could ask one quick follow-up on the Disney service.

如果我能問一個關於迪士尼服務的快速跟進。

Where will the team that runs that service be housed?

運行該服務的團隊將安置在哪裡？

Will they be within one of the Disney units?

他們會在迪士尼單位之一嗎？

Will they and the programming team that's going to be doing the original TV and movie content be housed in a new unit?

他們和將要製作原創電視和電影內容的編程團隊會被安置在一個新單元中嗎？

We're creating a -- basically a management team that BAM will report to.

我們正在創建一個——基本上是一個 BAM 將向其報告的管理團隊。

Well, actually, we're creating a board because we'll have a couple of outside owners.

好吧，實際上，我們正在創建一個董事會，因為我們會有幾個外部所有者。

I will be Chairman of that board, and we'll manage essentially the technology platform that is BAM.

我將成為該委員會的主席，我們將主要管理 BAM 技術平台。

ESPN will control, in effect, its own destiny in terms of, let's call it, the programming of the app and the disposition of sports rights, et cetera and so on, and then we will create a team that will manage the Disney side, too.

實際上，ESPN 將控制自己的命運，我們可以這樣稱呼它，應用程序的編程和體育權利的處置等等，然後我們將創建一個團隊來管理迪士尼方面，也。

But the Studio, the Disney Channel team and our interactive team will all create products specifically for that Disney-branded subscription product.

但工作室、迪士尼頻道團隊和我們的互動團隊都將專門為迪士尼品牌的訂閱產品製作產品。

And I'll be directly involved on both sides.

我將直接參與雙方。

And our next question comes from Alexia Quadrani from JPMorgan.

我們的下一個問題來自摩根大通的 Alexia Quadrani。

Bob, you're having so much success with your Studio IP, not just the box office, but driving growth in the parks as well.

Bob，你的 Studio IP 取得了巨大的成功，不僅僅是票房，還推動了公園的發展。

I guess, now that you have another or let's say different outlet for growth with the announced Disney streaming service, is there a consideration to increase your investment even further in the Studio?

我想，現在您有了另一個或可以說是不同的渠道來通過宣布的迪士尼流媒體服務實現增長，是否考慮進一步增加您對工作室的投資？

Yes.

是的。

What we're going to be doing, I think you have to look at it in a different way, but it's a good question.

我們將要做什麼，我認為你必須以不同的方式看待它，但這是一個很好的問題。

We are going to be using our capital increase, and it will represent increased spending that we hope to get a little bit more specific about either in the next earnings call or sometime in a later date when we have a little bit more visibility.

我們將使用我們的增資，這將代表增加的支出，我們希望在下一次財報電話會議上或在以後的某個時間，當我們有更多的知名度時，能夠更具體地說明這一點。

But we've already begun the development process at the Disney Channel and at the Studio to create original TV series and original movies for this service.

但我們已經在迪士尼頻道和工作室開始開發流程，為這項服務製作原創電視劇和原創電影。

So if the Studio makes, let's call it, roughly 10 films a year or distributes 10 films a year, that includes Marvel and Pixar and Star Wars and Disney-branded and Disney Animation, we've commissioned them to make -- to produce more films with the incremental films being produced very, very specifically and very exclusively for this service.

因此，如果工作室每年大約製作 10 部電影或發行 10 部電影，其中包括漫威、皮克斯、星球大戰、迪士尼品牌和迪士尼動畫，我們已經委託他們製作——製作更多正在為這項服務非常、非常具體和非常專門地製作帶有增量電影的電影。

So this will represent a larger investment in Disney-branded intellectual property, both TV and movies.

因此，這將代表對迪士尼品牌知識產權（包括電視和電影）的更大投資。

And then just a follow-up for Christine, if I may.

如果可以的話，然後只是克里斯汀的後續行動。

The 3.5% sub loss I think you highlighted, just -- I assume that's a net number with some of the current streaming services out there sort of offsetting the traditional linear decline.

我認為你強調了 3.5% 的子損失，只是 - 我假設這是一個淨數字，其中一些當前的流媒體服務在某種程度上抵消了傳統的線性下降。

Any color on how notable those maybe net adds either are now or likely to become in the coming quarters from what you see?

從您所看到的情況來看，這些淨增加現在或可能在未來幾個季度變得多麼引人注目的任何顏色？

No, that is a net number, Alexia, and there were additional M -- digital MVPDs this quarter that helped that number.

不，這是一個淨數字，Alexia，本季度還有額外的 M - 數字 MVPD 幫助了這個數字。

And our next question comes from Todd Juenger from Sanford Bernstein.

我們的下一個問題來自 Sanford Bernstein 的 Todd Juenger。

It's probably no surprise, following along similar themes.

遵循類似的主題可能並不奇怪。

Kind of a quickie and then a bigger one.

有點快，然後更大。

Let me do the -- just -- so the quickie.

讓我做 - 只是 - 所以很快。

Just to confirm, I think this is probably clear.

只是為了確認，我認為這可能很清楚。

I just would love to confirm it with your relationship with Netflix.

我只是想通過您與 Netflix 的關係來確認這一點。

So other than the specific output that you'd identified from Disney and Pixar and then we talked about Marvel and Lucasfilm, all the other relationships you have with Netflix in terms of licensed ABC content and kids content and original content for Netflix, is it safe to assume that you intend to continue partnering with them and doing work with them as it makes sense over the future?

因此，除了您從迪士尼和皮克斯確定的特定輸出，然後我們談到了漫威和盧卡斯影業，您與 Netflix 在許可的 ABC 內容和兒童內容以及 Netflix 的原創內容方面的所有其他關係，是否安全假設您打算繼續與他們合作並與他們一起工作，因為這對未來有意義嗎？

Or is there any change to that?

或者有什麼改變嗎？

And I do have a follow-up.

我確實有後續行動。

There's no change from our side.

我們這邊沒有變化。

I can't speak for them, but we've had a great relationship with them.

我不能代表他們說話，但我們與他們的關係很好。

We've made a decision some years back to license them the Studio output deal.

幾年前，我們已經決定授權他們使用 Studio 輸出協議。

They paid us well for that, and they did well as well.

他們為此付出了很多，他們也做得很好。

It represented real anchor programming for Netflix before they had an opportunity to ramp up their own original production, which they've obviously done aggressively and quite successfully.

它代表了 Netflix 真正的主播節目，在他們有機會提升自己的原創作品之前，他們顯然已經積極地完成了這一點並且非常成功。

The Marvel relationship is a perfect example of how well we've done with them in terms of creating original product.

與 Marvel 的關係是一個完美的例子，說明我們在創造原創產品方面與他們合作得如何。

That's been very mutually beneficial.

這是非常互惠互利的。

It's done well for them, and they leveraged the strength of the Marvel brand.

這對他們來說做得很好，他們利用了漫威品牌的力量。

And it's done well for us as we mind our IP and obviously made money from it.

它對我們來說做得很好，因為我們關注我們的 IP 並且顯然從中賺錢。

They have also licensed a number of ABC shows.

他們還獲得了一些 ABC 節目的許可。

We hope they'll continue to do that.

我們希望他們能繼續這樣做。

This doesn't represent a change, except on the Disney Pixar side.

這並不代表變化，除了迪士尼皮克斯方面。

And as I cited earlier, possibly on the output deal for Marvel and Star Wars films, which we're still discussing and debating.

正如我之前提到的，可能是關於漫威和星球大戰電影的輸出協議，我們仍在討論和辯論。

Okay.

好的。

Fair enough.

很公平。

The follow-up.

後續行動。

I'm struggling with how exactly to phrase this, so I'll do my best.

我正在為如何準確地表達這一點而苦苦掙扎，所以我會盡力而為。

When you think about major strategic shifts that you've announced in terms of your distribution, obviously, your peers and competitors will be expected to react and respond as well.

當你考慮你在分銷方面宣布的重大戰略轉變時，顯然，你的同行和競爭對手也會做出反應和回應。

And so I know you won't comment on what you expect them to do.

所以我知道你不會評論你期望他們做什麼。

But I guess, I just -- I'm -- surely you've thought through different scenarios that this could play out, and the reactions ripple through the industry.

但我想，我只是 - 我 - 當然你已經通過不同的場景考慮過這可能會發生，並且反應會波及整個行業。

I guess, the specific, best way I can phrase the question is: a, can a specific concern that many people have is, if this causes more of your peers and competitors to go direct themselves, that you could imagine a nonsports, better quality direct offering coming to be in some way that would perhaps be appealing to lots of households who maybe don't care about sports and maybe that would be bad for ESPN.

我想，我能表達這個問題的具體的、最好的方式是：a，許多人的一個具體問題是，如果這導致更多的同行和競爭對手自己直接行動，那麼你可以想像一個非體育的、質量更好的以某種方式直接提供可能會吸引許多可能不關心體育的家庭，這可能對 ESPN 不利。

Have you -- any new thinking -- or have you thought through the pros and cons that this -- just -- would love your thoughts on those types of scenarios.

您有沒有任何新想法，或者您是否考慮過利弊，這會喜歡您對這些類型的場景的想法。

I'm still trying to get -- figure out what was a peer and who's a competitor.

我仍在努力弄清楚什麼是同行，誰是競爭對手。

We've kicked around a number of scenarios here.

我們在這裡討論了許多場景。

And frankly, it's -- the discussion that we've had isn't something that we necessarily want to disclose to the outside world.

坦率地說，我們進行的討論並不一定要向外界披露。

Frankly, I'm not sure that this step is going to make much of a difference in terms of the -- we'll call it the disposition or the health of the multichannel ecosystem.

坦率地說，我不確定這一步是否會在 - 我們稱之為多渠道生態系統的配置或健康方面產生很大的不同。

I think there are forces, whether they're technological in nature or sociological or economic in nature, out there that are changing the way media is consumed in general.

我認為有一些力量，無論是技術性的，還是社會學或經濟性的，正在改變媒體消費的一般方式。

And I don't think this is either going to hasten them or exacerbate things in any way.

而且我認為這不會以任何方式加速或惡化事情。

What it does do, though, is a couple of things: First of all, it gives us the ability to leverage the strength of our brands, which a lot of our peers and competitors do not have.

不過，它確實做了幾件事：首先，它使我們能夠利用我們的品牌優勢，這是我們的許多同行和競爭對手所沒有的。

Secondly, it gives us what I'll call optionality.

其次，它給了我們我所說的選擇性。

It's a word I have not used very much in my life, but it gives us the flexibility really to move our product to the consumer in many new ways, ways that we've not been able to do before because of just how strong this platform is that we bought control of.

這是一個我一生中用得不多的詞，但它使我們能夠真正靈活地以許多新方式將我們的產品推向消費者，這些方式是我們以前無法做到的，因為這個平台非常強大是我們買的控制權。

We're very excited about that.

我們對此感到非常興奮。

We think it sets this company up well, no matter what changes occur, in the media ecosystem.

我們認為，無論發生什麼變化，這家公司在媒體生態系統中的地位都很好。

I think if there's a headline, it would be: one, Disney leveraging its brands to take advantage of technological and consumer trends and giving us flexibility if there are major shifts or continuing changes that occur in the marketplace, which I don't -- right now, no one else has.

我認為如果有一個標題，那就是：第一，迪士尼利用其品牌來利用技術和消費趨勢，並在市場發生重大變化或持續變化時為我們提供靈活性，但我沒有——現在，沒有人有。

Welcome to the club of people who use the word optionality.

歡迎來到使用可選項這個詞的人俱樂部。

Our next question comes from Omar from Credit Suisse.

我們的下一個問題來自瑞士信貸的奧馬爾。

Just a couple for me.

對我來說只是一對。

First, to Christine maybe.

首先，也許是給克里斯汀。

I wanted to ask about the guidance that you've given that you'll have your fee earnings dilution from the 2 years from the BAMTech acquisition.

我想問一下你給出的指導意見，即從 BAMTech 收購後的 2 年裡，你的費用收入將被稀釋。

I wonder whether, Christine, you could just maybe help us understand sort of how much we might see in '18 and '19.

我想知道，克里斯汀，你是否可以幫助我們了解我們在 18 年和 19 年可能會看到多少。

Obviously, there's the consolidation impact from adding service to your income statement, but then the release also mentioned investment in the Disney-branded service.

顯然，將服務添加到您的損益表會產生合併影響，但隨後發布還提到了對迪士尼品牌服務的投資。

So maybe you could just walk us through the '18 and '19 impact of those 2 elements.

所以也許你可以帶我們了解一下這兩個元素對 18 年和 19 年的影響。

And then just while you're thinking about that, maybe one for Bob.

然後就在你考慮的時候，也許是給鮑勃的。

I have a question about the appetite for sports rights, costs within ESPN in the context of the new service.

我有一個關於在新服務背景下 ESPN 內部對體育轉播權和成本的興趣的問題。

So I guess, the question is, do you think that your historical strategy of acquiring a very broad range of rights across multiple sports, big and small, will remain the case long term in the context of the new service?

所以我想，問題是，您是否認為在新服務的背景下，您在多種體育項目（無論大小）中獲得廣泛權利的歷史策略是否會長期保持不變？

Or do you think having a direct relationship with consumers and being able to tailor a service more closely to individuals might change that?

還是您認為與消費者建立直接關係並能夠更貼近個人地定制服務可能會改變這種情況？

Sure.

當然。

Thanks, Omar.

謝謝，奧馬爾。

If you're talking about dilution as it relates to the acquisition of BAMTech, what we've said so far is that it will be modest for the next couple of years.

如果你談論的是與收購 BAMTech 相關的稀釋，那麼我們到目前為止所說的是未來幾年它會適度。

We may get more specific on that when we come back at our year-end conference call in November.

當我們在 11 月的年終電話會議上回來時，我們可能會更具體地說明這一點。

But right now, we're just going to leave it as modestly dilutive.

但現在，我們只是讓它適度稀釋。

You've also asked about the investments that we'll be making in this new offering and how that would impact '18.

您還詢問了我們將在這個新產品中進行的投資以及這將如何影響 18 年。

I think what you're asking is, would it impact '18 earnings?

我想你問的是，它會影響 18 年的收益嗎？

And the answer is there will be additional investment.

答案是會有額外的投資。

We've not yet fully concluded what that is and the sequencing and timing of that spend.

我們尚未完全確定那是什麼以及支出的順序和時間安排。

There will also be content as well as investment spending for technology.

還將有內容以及技術投資支出。

So the combination of those is something that we'll be prepared to speak with you more specifically later this year.

因此，我們準備在今年晚些時候更具體地與您討論這些內容的組合。

And to your -- the second part of your question.

對於您的問題的第二部分。

This acquisition and the subsequent launching of the service give us yet another way to reach consumers a fairly compelling way; in effect, an incremental way to monetize sports rights.

這次收購和隨後推出的服務為我們提供了另一種吸引消費者的方式，一種相當有吸引力的方式；實際上，這是一種將體育權利貨幣化的漸進方式。

With that, we have, we think, more of an opportunity to license sports rights for this service.

因此，我們認為，我們有更多機會為這項服務獲得體育版權許可。

Just as BAMTech has been in the market licensing sports for its subscription service, we'll continue to do that under us.

正如 BAMTech 一直在市場上為其訂閱服務授權體育運動一樣，我們將繼續在我們的領導下這樣做。

Our next question comes from Jessica Reif Cohen from Bank of America, Merrill Lynch.

我們的下一個問題來自美林美國銀行的 Jessica Reif Cohen。

Just a couple of follow-ups on the direct-to-consumer service and then a different topic.

只是一些關於直接面向消費者服務的跟進，然後是一個不同的話題。

Do you have any thoughts on pricing for either of the services?

您對這兩種服務的定價有什麼想法嗎？

And will you include advertising?

你會包括廣告嗎？

Or is it 100% subscription?

還是 100% 訂閱？

And the last part of this direct-to-consumer is, are you considering premium VOD, a premium VOD window as part of this?

這個直接面向消費者的最後一部分是，你是否正在考慮高級 VOD，一個高級 VOD 窗口作為其中的一部分？

And then the separate topic on advertising.

然後是關於廣告的單獨主題。

The market pricing seems to be very strong, but almost no company has been able to take advantage of the pricing, obviously due to ratings issues.

市場定價似乎非常強勁，但幾乎沒有公司能夠利用定價，顯然是由於評級問題。

In your view, how much is measurement?

在您看來，衡量標準是多少？

Or is it the lack of capture from nonlinear viewing?

或者是非線性觀察缺乏捕捉？

And could you talk about what you're doing currently to kind of fix whatever you -- however you see that problem?

你能談談你目前正在做什麼來解決你遇到的任何問題——無論你看到那個問題嗎？

Okay.

好的。

Well, multiple questions.

好吧，多個問題。

First of all -- oh, you mentioned something about pay window.

首先——哦，你提到了一些關於付費窗口的事情。

We're not planning to put our movie to use this service to encroach on the theatrical window, if that's what you're asking.

我們不打算讓我們的電影使用這項服務來侵占影院窗口，如果那是你的要求的話。

We do hope to use this service to give people the ability to buy to download to own or download to rent Disney movies in the window prior to pay, which used to be called the home video window.

我們確實希望使用這項服務，讓人們能夠在付費前的窗口（以前稱為家庭視頻窗口）購買並下載自己的或下載並租借迪士尼電影。

There's no reason why we shouldn't be doing that.

我們沒有理由不這樣做。

But the priority here is this is a direct-to-consumer product, a subscription product.

但這裡的重點是這是一種直接面向消費者的產品，一種訂閱產品。

We do not intend on the Disney product to have advertising.

我們不打算在迪士尼產品上有廣告。

Obviously, we do on the BAMTech side.

顯然，我們在 BAMTech 方面這樣做。

I mentioned earlier, they have some really strong ad technology, and there are some great capabilities there and great opportunity to do a better job at monetizing, I'll call it, sports consumption but through the sale of advertising.

我之前提到過，他們有一些非常強大的廣告技術，那裡有一些強大的能力和很好的機會來更好地貨幣化，我稱之為體育消費，但通過廣告銷售。

I think -- I'm not sure I completely understand the last part of your question partially because I was concentrating on answering the first few parts of the question.

我想 - 我不確定我是否完全理解你問題的最後一部分，部分原因是我專注於回答問題的前幾部分。

But was that about methodology, Jessica?

但這與方法論有關嗎，傑西卡？

I mean, average the pricing for the -- generally, every media company that has reported has talked about how strong their pricing and scatter pricing is.

我的意思是，平均定價——一般來說，每家報導過的媒體公司都在談論他們的定價和分散定價有多強大。

But you can't -- you and everyone else can't take advantage of it because ratings have been so weak.

但你不能——你和其他人都不能利用它，因為收視率一直很低。

Is it all measurements?

都是測量嗎？

Or is it the lack of capture of nonlinear viewing?

或者是非線性觀看缺乏捕捉？

And what are you doing to kind of take advantage of a relatively strong market?

你在做什麼來利用相對強勁的市場？

What will you change?

你會改變什麼？

We've had -- we've definitely had some ratings challenges at ABC.

我們已經 - 我們在 ABC 肯定遇到了一些收視率挑戰。

So while the scatter marketplace, as Christine noted, has been relatively strong, we obviously have been taking advantage of the marketplace as much as we could have because of our ratings issues.

因此，正如克里斯汀指出的那樣，儘管分散市場相對強勁，但由於我們的評級問題，我們顯然一直在盡可能多地利用市場。

So I think the first thing that's got to change is we've got to have better performance.

所以我認為首先要改變的是我們必須有更好的表現。

There's a whole other side to monetization, which you alluded to.

您提到的貨幣化還有另一面。

We've had some great, for instance, great consumption of our product in a C3, C7 window, and we would hope that particularly C7, who knows what we'll ever monetize beyond that, would improve in terms of our ability to monetize.

例如，我們在 C3、C7 窗口中對我們的產品進行了大量消費，我們希望特別是 C7，它知道我們將在此之外獲利甚麼，能夠提高我們的獲利能力.

We also note that the entire, I'll call it, traditional TV ecosystem is disadvantaged in terms of sale of advertising because of our lack of access to consumer data.

我們還注意到，由於我們無法訪問消費者數據，整個傳統電視生態系統在廣告銷售方面處於不利地位。

And that's something that we've got to improve.

這是我們必須改進的地方。

We've had -- first, on the ESPN front, we've had some really good success monetizing ESPN out of home and also some success monetizing what we've been doing on the WatchESPN app or streaming.

我們已經 - 首先，在 ESPN 方面，我們已經取得了一些非常好的成功，將 ESPN 在戶外貨幣化，也成功地將我們在 WatchESPN 應用程序或流媒體上所做的事情貨幣化。

The technology that we're gaining through BAM gives the ability to improve that significantly, significantly.

我們通過 BAM 獲得的技術能夠顯著改善這一點。

How we leverage it to the ABC business, I'm not 100% sure at this point, but I think I've answered your question at least best I could.

我們如何將它用於 ABC 業務，目前我還不是 100% 確定，但我想我至少已經盡可能地回答了你的問題。

There are a variety of dynamics at stake in terms of why monetization of the ABC side isn't as strong as it could be, though.

不過，就為什麼 ABC 方面的貨幣化沒有達到應有的強度而言，存在多種因素。

Our next question comes from Jason Bazinet from Citigroup.

我們的下一個問題來自花旗集團的 Jason Bazinet。

I just had a question for Mr. Iger.

我剛剛有一個問題要問艾格先生。

Philosophically, on pricing of these over-the-top apps, it seems like there's at least a handful of ways you could approach it.

從哲學上講，關於這些頂級應用程序的定價，似乎至少有幾種方法可以解決。

The one is maybe the way Amazon or Netflix do it where you could argue it's underpriced and they're either trying to drive prime memberships or gain first-mover advantage.

一個可能是亞馬遜或 Netflix 這樣做的方式，你可以說它的價格被低估了，他們要么試圖推動主要會員資格，要么獲得先發優勢。

There's another model where the pricing is set to sort of insulate you from cannibalization risk, maybe the way your Hulu service at $40 is launched where you're sort of agnostic what the consumer does.

還有另一種模式，其定價設置可以使您免受蠶食風險的影響，也許就像您以 40 美元的價格推出 Hulu 服務一樣，您對消費者的行為一無所知。

I think CBS's apps are sort of similar to that.

我認為 CBS 的應用程序與此類似。

And then there's a third way you could price, which is just to profit-maximize on that stand-alone app, right, based on whatever your assessment is of the right price to maximize revenues.

然後還有第三種定價方式，就是根據您對實現收入最大化的正確價格的評估，在該獨立應用程序上實現利潤最大化，對吧。

Can you just talk philosophically about how you're thinking about the retail price of these various apps, whether it's ESPN or Disney?

您能否從哲學上談談您如何看待這些不同應用程序的零售價，無論是 ESPN 還是迪士尼？

We've given it a lot of thought, but we're -- it's premature for us to make any announcements, frankly, because we're still considering a number of different factors.

我們已經考慮了很多，但坦率地說，現在發布任何公告還為時過早，因為我們仍在考慮許多不同的因素。

Some, by the way, that you cited.

順便說一句，你引用了一些。

Clearly, our -- this is a real priority for us as a company in terms of getting it right.

顯然，我們的 - 這是我們作為一家公司在正確處理方面的真正優先事項。

Not just getting it right from a program perspective, meaning the product itself; getting it right from a user interface perspective, which BAMTech will obviously provide us with; but also getting it right in terms of pricing and distribution.

不僅僅是從程序的角度來看，這意味著產品本身；從用戶界面的角度來看，這是 BAMTech 顯然會為我們提供的；但也要在定價和分銷方面做到正確。

What we're going to go for here is significant distribution because we believe one way to be successful in the long run is for both of these services to reach a maximum number of people.

我們在這裡要做的是大量分發，因為我們相信從長遠來看，成功的一種方法是讓這兩種服務都達到最大數量的人。

That shouldn't suggest a huge discount of what might -- we might be able to charge, but it should suggest at least initially a very reasonable approach to our pricing.

這不應該暗示我們可能會收取的費用有很大的折扣，但它應該至少在最初建議我們採用非常合理的定價方法。

We don't necessarily enter this with a notion that we're going to cannibalize our existing businesses significantly, but we have had a discussion about whether our pricing strategy could have an impact one way or the other on that.

我們不一定會以我們將大幅蠶食現有業務的想法進入這一領域，但我們已經討論過我們的定價策略是否會以一種或另一種方式產生影響。

And again, because we haven't named a price for these yet, we haven't determined it, we have ranges here, obviously, because we've done some modeling.

再一次，因為我們還沒有為這些命名價格，我們還沒有確定它，我們這裡有範圍，顯然，因為我們已經做了一些建模。

I think when we do, we'll give you the benefit of our thinking in exactly what it is we're trying to accomplish.

我認為當我們這樣做時，我們會讓您從我們的想法中受益，而這正是我們正在努力實現的目標。

But I think you have to look at both of these as huge priorities for the company.

但我認為你必須將這兩者視為公司的首要任務。

This is -- I would characterize this as extremely important, very, very significant strategic shift for us.

這是——我認為這對我們來說是極其重要、非常、非常重要的戰略轉變。

We talked a lot about trends about direct to consumer, particularly intellectual property, creators and owners having the ability to reach consumers directly.

我們談了很多關於直接面向消費者的趨勢，特別是知識產權、創造者和所有者能夠直接接觸消費者。

When you have a strong fan base like Disney has or ESPN, that creates all forms of other opportunities in terms of tapping into customer passion for the brand and connection to the customer.

當你擁有像迪士尼或 ESPN 這樣強大的粉絲群時，就可以利用客戶對品牌的熱情和與客戶的聯繫來創造各種形式的其他機會。

And again, I'm going to put this at the top of our list in terms of company strategic priorities over the next number of years.

再一次，我將把它放在我們未來幾年公司戰略優先事項列表的首位。

Our next question comes from Steven Cahall from Royal Bank of Canada.

我們的下一個問題來自加拿大皇家銀行的 Steven Cahall。

Just maybe switching gears to the parks for a few minutes.

也許只是換檔去公園幾分鐘。

Maybe the first question is, you've kind of continued to defy gravity on the incremental margin at parks, and it looks like bookings are pretty strong domestically for the upcoming quarter.

也許第一個問題是，你一直在挑戰公園增量利潤率的引力，看起來下個季度國內的預訂量相當強勁。

So is there any reason to think that those sort of 20% to 30% incremental margins are not sustainable?

那麼有什麼理由認為這種 20% 到 30% 的增量利潤率是不可持續的呢？

And then separately, I think the comment on Shanghai was kind of an upgrade in terms of profitability versus the previous comment of being breakeven this year.

然後，我認為對上海的評論在盈利能力方面比之前關於今年盈虧平衡的評論有所提升。

So what do you think tracked ahead of your expectations for the year to deliver that result?

那麼，您認為今年實現這一結果的預期是什麼？

Okay, Steve.

好的，史蒂夫。

I'll take the Parks margin question.

我將回答帕克斯保證金問題。

You are seeing nice margins.

你看到了不錯的利潤率。

There has been consistent improvement on a quarterly basis.

每個季度都有持續的改善。

What you saw this quarter was the contribution of our international park operations kicking in, both Shanghai as well as Disneyland Paris.

您在本季度看到的是我們國際公園業務的貢獻，包括上海和巴黎迪士尼樂園。

So I think it's fair to assume that the management of the Parks segment is very committed to driving improvement in margin.

因此，我認為可以公平地假設公園部門的管理層非常致力於推動利潤率的提高。

And when you look at the investments we're making and the cadence with which we have new attractions opening over the next couple of years, we expect those margins to stay strong and hopefully stay on the trajectory they're on now.

當您查看我們正在進行的投資以及我們在未來幾年開設新景點的節奏時，我們預計這些利潤率將保持強勁，並希望保持在他們現在的軌道上。

On the Shanghai front.

在上海戰線上。

When we opened the park, we were confident that we had built a great product, but we didn't know exactly how the market would react.

當我們開園時，我們有信心打造了一個很棒的產品，但我們並不知道市場會如何反應。

And then now, over a year of operation, the market has reacted really well.

然後現在，經過一年多的運作，市場反應非常好。

To begin with, I mentioned earlier on the call, we had 13 million visitors so far.

首先，我之前在電話中提到過，到目前為止，我們有 1300 萬訪客。

Secondly, guest satisfaction is extremely high.

其次，客人滿意度極高。

Length of stay is a couple of hours longer per stay than -- or per visit than we had anticipated.

每次逗留或每次訪問的逗留時間比我們預期的要長幾個小時。

And about 2/3 of our visitation is coming from outside the Shanghai area.

我們約有 2/3 的訪問量來自上海地區以外。

So as I've said before, this is basically a national tourist destination.

所以正如我之前所說，這基本上是一個國家旅遊目的地。

So it is a very, very well-received product in China.

所以它在中國是一個非常非常受歡迎的產品。

And the nice news is, of course, we have plenty of opportunity for expansion.

當然，好消息是我們有很多擴張的機會。

And in fact, some of the expansion construction is already underway, and Toy Story Land is going to open up next year.

事實上，一些擴建工程已經在進行中，玩具總動員樂園將於明年開放。

In terms of the specific impact to the bottom line, obviously, when you have attendance at the level that we have, that obviously is a reason why the profitability is higher.

就對底線的具體影響而言，顯然，當您的出勤率達到我們的水平時，這顯然是盈利能力更高的原因。

We've had extremely high occupancy in our hotels.

我們酒店的入住率非常高。

On the merch side and the food and beverage side, a little bit less than we had expected but not appreciably.

在商品方面以及食品和飲料方面，比我們預期的要少一些，但並不明顯。

And so the overall effect of great guest satisfaction and substantially greater visitation is an operation that in its first 14 months of service is more profitable than we anticipated.

因此，客人滿意度高和訪問量大幅增加的整體效果是一項在其服務的前 14 個月內比我們預期更有利可圖的運營。

Our last question comes from Dan Salmon from BMO Capital Markets.

我們的最後一個問題來自 BMO Capital Markets 的 Dan Salmon。

Bob, if we take a step back and look at the announcements here around BAMTech, around the direct-to-consumer apps, and in addition, around significantly more investment in originals and exclusives for those services.

鮑勃，如果我們退後一步，看看這裡圍繞 BAMTech 發布的公告，圍繞直接面向消費者的應用程序，此外，關於對這些服務的原創和獨家投資的顯著增加。

Obviously, you've mentioned the Netflix deal, which you do not aim to renew.

顯然，你提到了 Netflix 的交易，你並不打算續簽。

There are some moving pieces here in what you do with Star Wars and Marvel IP.

在您對星球大戰和漫威 IP 所做的工作中，這裡有一些動人的片段。

But as we think about your operating income estimates, what are the other sort of key variables impacting your licensing revenue, impacting your programming and production expenses that we should sort of have in our heads as we think about the impacts of the significant change to improve the company over the long term?

但是，當我們考慮您的營業收入估算時，影響您的許可收入、影響您的編程和製作費用的其他類型的關鍵變量是什麼？長期看公司？

I would think about pace of global rollout, as we talked about earlier.

正如我們之前談到的，我會考慮全球推出的速度。

But what are the other things that you think are the key variables we should have in mind?

但是您認為我們應該牢記的關鍵變量還有哪些？

I don't want to sound imperative.

我不想听起來勢在必行。

I can't give you much guidance there.

我不能在那裡給你太多指導。

I can only say that you have to look at, first of all, I'll call it, our product cycle.

我只能說你首先要看，我稱之為我們的產品週期。

With the slate of Marvel films that goes well into the next decade and the same with the Star Wars -- on the Star Wars front and probably the strongest slate of Disney films that we've ever had in development, you have to consider the options from a revenue-generating perspective that, that provides us in multiple windows and multiple ways, whether it is licensed to third parties in a variety of forms or whether it's proprietary on our services, meaning subscription, et cetera and so on.

漫威電影的名單將進入下一個十年，星球大戰也是如此——在星球大戰方面，可能是我們開發中最強大的迪士尼電影名單，你必須考慮這些選擇從創收的角度來看，它為我們提供了多個窗口和多種方式，無論它是否以各種形式許可給第三方，或者它是否是我們服務的專有，即訂閱等。

I also think you have to consider global trends in the direction of, as I said earlier, app-based media consumption over direct-to-consumer OTT services, which gives us the ability to improve our fortunes in terms of how we monetize the great IP and the strong brands that we have, whether it's in increased advertising revenue, whether it's in the -- basically the value creation proposition of knowing the consumer better and mining data more effectively, whether it's in basically creating stronger bonds or stronger brand affinity.

我還認為你必須考慮全球趨勢，正如我之前所說，基於應用程序的媒體消費超過直接面向消費者的 OTT 服務，這使我們能夠在如何將偉大的媒體貨幣化方面改善我們的命運IP 和我們擁有的強大品牌，無論是在增加廣告收入方面，還是在 - 基本上是更好地了解消費者和更有效地挖掘數據的價值創造主張，無論是在基本上建立更牢固的聯繫或更強的品牌親和力。

We've got this unbelievably passionate base of Disney consumers worldwide.

我們在全球擁有令人難以置信的熱情迪士尼消費者群。

And virtually all of our businesses, except theme parks, we've never had the opportunity to even connect with them directly and know who they are.

事實上，我們所有的業務，除了主題公園，我們從來沒有機會直接與他們聯繫並了解他們是誰。

And it's high time that we got into the business, particularly with the technology available to us, to accomplish that.

現在是我們涉足這項業務的時候了，尤其是利用我們可用的技術來實現這一目標。

Once we do, and this gives us the ability to do it, then I think the monetization possibilities are extraordinary for this company.

一旦我們做到了，這讓我們有能力做到這一點，那麼我認為這家公司的貨幣化可能性是非凡的。

There will be some sacrifices.

會有一些犧牲。

Obviously, if you -- as you move product from, I'll call it, a licensed to third-party model to a self-distributed model, you're forgoing the licensing revenue that you would get for whatever revenues you generate by all the things that I just described.

顯然，如果你 - 當你將產品從我稱之為許可給第三方的模型轉移到自分發模型時，你將放棄所有你產生的任何收入所獲得的許可收入我剛才描述的事情。

We believe that ultimately, I can't give you an idea of when or how long, the profitability, the revenue-generating capability of this initiative is substantially greater than the business models that we're currently being served by.

我們相信，最終，我無法讓您了解該計劃的盈利能力和創收能力何時或多長時間大大超過我們目前所服務的商業模式。

Thank you, Dan, and thanks again, everyone, for joining us today.

謝謝丹，再次感謝大家今天加入我們。

Note that a reconciliation of non-GAAP measures that were referred to on this call to equivalent GAAP measures can be found on our Investor Relations website.

請注意，可以在我們的投資者關係網站上找到本次電話會議中提到的非 GAAP 措施與等效 GAAP 措施的對賬。

I'll also remind you that certain statements on this call may constitute forward-looking statements under the securities laws.

我還要提醒您，根據證券法，本次電話會議的某些陳述可能構成前瞻性陳述。

We make these statements on the basis of our views and assumptions regarding future events and business performance at the time we make them, and we do not undertake any obligation to update these statements.

我們根據我們對未來事件和業務績效的看法和假設做出這些陳述，我們不承擔更新這些陳述的任何義務。

Forward-looking statements are subject to a number of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors, including those contained in our annual report on Form 10-K and our other filings with the Securities and Exchange Commission.

前瞻性陳述受多種風險和不確定因素的影響，實際結果可能與明示或暗示的結果存在重大差異，原因包括我們的 10-K 表格年度報告和其他文件中包含的各種因素與證券交易委員會。

This concludes today's call.

今天的電話會議到此結束。

Have a great rest of the day, everyone.

祝大家今天休息愉快。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's conference.

今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。