迪士尼 (DIS) 2024 Q4 法說會逐字稿

Good day, everybody and welcome to The Walt Disney Company fourth-quarter and full-year 2024 financial results conference call.

大家好，歡迎參加華特迪士尼公司 2024 年第四季和全年財務業績電話會議。

(Operator Instructions) Please note today's event is being recorded.

（操作員說明）請注意今天的活動正在錄製中。

I would now like to turn the conference over to Carlos Gomez, Executive Vice President, Treasurer and Head of Investor Relations.

我現在將會議交給執行副總裁、財務主管兼投資者關係主管 Carlos Gomez。

Please go ahead.

請繼續。

Good morning.

早安.

It's my pleasure to welcome everyone to The Walt Disney Company's fourth-quarter 2024 earnings call.

我很高興歡迎大家參加華特迪士尼公司 2024 年第四季財報電話會議。

Our press release, Form 10-K and management's posted prepared remarks were issued earlier this morning and are available on our website at www.disney.com/investors.

我們的新聞稿、表格 10-K 和管理層發布的準備好的評論已於今天上午早些時候發布，可在我們的網站 www.disney.com/investors 上獲取。

Today's call is being webcast, and a replay and transcript as well as the fourth-quarter earnings presentation will all be made available on our website after the call.

今天的電話會議正在網路直播，重播和文字記錄以及第四季度收益演示將在電話會議結束後在我們的網站上提供。

Before we begin, please take a note of our cautionary statement regarding forward-looking statements on our Investor Relations website.

在我們開始之前，請注意我們投資者關係網站上有關前瞻性陳述的警告聲明。

Certain statements on this call, including financial estimates or statements about our plans, guidance or expectations and drivers such as future revenues, profitability, earnings, subscribers, demand, investment, content offerings and acceptance, cash position, cost structure and capital allocation and other statements that are not historical in nature may constitute forward-looking statements under securities laws.

本次電話會議的某些陳述，包括財務估計或有關我們的計劃、指導或期望和驅動因素的陳述，例如未來收入、盈利能力、收益、訂戶、需求、投資、內容提供和接受、現金狀況、成本結構和資本分配等非歷史性的陳述可能構成證券法規定的前瞻性陳述。

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.

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

Forward-looking statements are subject to a variety of risks and uncertainties, and actual results may differ materially from the results expressed or implied in light of a variety of factors.

前瞻性陳述受到各種風險和不確定性的影響，實際結果可能因多種因素而與明示或暗示的結果有重大差異。

These factors include, among others, economic or industry conditions, competition, execution risks, including in connection with our business plans, potential strategic transactions and our content, cost savings, the market for advertising, our future financial performance and legal and regulatory development.

這些因素包括經濟或行業狀況、競爭、執行風險（包括與我們的業務計劃、潛在策略交易和我們的內容相關的風險）、成本節約、廣告市場、我們未來的財務表現以及法律和監管發展。

For more information about key risk factors, please refer to our Investor Relations website, the press release issued today, and the risks and uncertainties described in our Form 10-K, Form 10-Q, and other filings with the Securities and Exchange Commission.

有關關鍵風險因素的更多信息，請參閱我們的投資者關係網站、今天發布的新聞稿，以及我們向美國證券交易委員會提交的表格10-K、表格10-Q 和其他文件中描述的風險和不確定性。

Also note that when discussing our results and outlook, we will refer to non-GAAP measures.

另請注意，在討論我們的績效和前景時，我們將參考非公認會計準則衡量標準。

A reconciliation of non-GAAP measures that are referred to on this call to the most comparable GAAP measures can be found on our Investor Relations website.

本次電話會議中提到的非公認會計準則衡量標準與最具可比性的公認會計準則衡量標準的調節表可以在我們的投資者關係網站上找到。

Joining me this morning are Bob Iger, Disney's Chief Executive Officer; and Hugh Johnston, Senior Executive Vice President and Chief Financial Officer.

今天早上和我一起來的還有迪士尼執行長鮑勃艾格 (Bob Iger)。休‧約翰斯頓 (Hugh Johnston)，資深執行副總裁兼財務長。

Following introductory remarks from Bob, we will be happy to take your questions.

在鮑伯的介紹性發言之後，我們很樂意回答您的問題。

So with that, I will now turn the call over to Bob.

因此，我現在將把電話轉給鮑伯。

Good morning.

早安.

As I reflect on the two years since I returned to the company, I'm incredibly proud of how much progress we've made.

當我回顧回到公司的兩年以來，我對我們所取得的進步感到無比自豪。

We've emerged from a period of considerable challenges and disruption, and we're well positioned for growth.

我們已經度過了一段充滿挑戰和顛覆的時期，並且已經做好了實現成長的準備。

We put in place specific strategies to generate growth across our businesses, and our solid results this quarter are a clear indication they've been successful.

我們制定了具體的策略來促進我們業務的成長，本季穩健的業績清楚地表明他們已經取得了成功。

Given the momentum we see, we believe we can continue to drive healthy growth beyond this year, including our expectation of high single-digit adjusted EPS growth in fiscal 2025, accelerating to double-digit adjusted EPS growth in fiscal 2026 and '27.

鑑於我們看到的勢頭，我們相信我們可以在今年之後繼續推動健康成長，包括我們對2025 財年調整後每股收益高個位數成長的預期，並在2026 財年和27 財年加速達到兩位數調整後每股收益成長。

I'm especially grateful to my leadership team and everyone at Disney, who has played a role in setting us on this path for a new era of growth.

我特別感謝我的領導團隊和迪士尼的每個人，他們為我們走上新增長時代的道路發揮了作用。

On the creative front, our renewed strength is a result of the extensive work we began two years ago to restore creativity to the center of the company.

在創意方面，我們的新實力得益於我們兩年前開始為恢復公司核心創造力而進行的廣泛工作。

In television, our branded series and general entertainment programming are performing exceptionally well, growing new audiences and winning an unprecedented number of accolades, including a record-breaking 60 Emmy Awards.

在電視領域，我們的品牌劇集和一般娛樂節目表現異常出色，吸引了新觀眾並贏得了空前數量的榮譽，包括創紀錄的 60 項艾美獎。

In film, we're extremely proud of our performance at the summer box office, fueled by the top two movies of the year to date, Inside Out 2 and Deadpool & Wolverine.

在電影方面，我們對夏季票房表現感到非常自豪，這得益於今年迄今最熱門的兩部電影《腦筋急轉彎 2》和《死侍與金鋼狼》。

We're excited to close out the year with two other highly anticipated titles, Moana 2 and Mufasa: The Lion King.

我們很高興以另外兩款備受期待的遊戲《莫阿娜 2》和《木法沙：獅子王》來結束這一年。

Looking to 2025, we have an extremely promising content slate, including Captain America: Brave New World, Lilo and Stitch, The Fantastic Four: First Steps, Zootopia 2 and Avatar: Fire and Ash.

展望2025 年，我們的內容非常有前途，包括《美國隊長：美麗新世界》、《星際寶貝》、《神奇四俠：第一步》、《瘋狂動物城2》和《阿凡達：火與灰》 。

Worth noting that a successful Disney movie today drives more value than it ever has in the past with our increased number of consumer touch points, extending the reach and impact of our world-class storytelling, from streaming to parks and resorts, cruise ships, consumer products and games.

值得注意的是，今天一部成功的迪士尼電影比以往任何時候都帶來更多的價值，因為我們增加了消費者接觸點的數量，擴大了我們世界級故事講述的範圍和影響力，從流媒體到公園和度假村、遊輪、消費者產品和遊戲。

This multiplier effect means that the system economics of our movie business has never been stronger.

這種乘數效應意味著我們電影事業的系統經濟性從未如此強大。

Disney's Experiences segment continues to be the gold standard for the industry, and we have an investment strategy that is highly targeted in terms of projects, locations and IP and is designed to drive operating income growth and attractive returns.

迪士尼的體驗業務仍然是該行業的黃金標準，我們的投資策略在專案、地點和智慧財產權方面具有高度針對性，旨在推動營業收入成長和有吸引力的回報。

This all comes at a time when the footprint of our Parks and Experiences is growing with six locations that attract guests from across the world, we have multiple exciting expansions currently in the works.

這一切發生之際，我們的公園和體驗中心的足跡不斷擴大，擁有六個吸引來自世界各地的遊客的地點，我們目前正在進行多項令人興奮的擴建。

After we unveil the Disney Treasure next week, Disney Cruise Line's fleet will grow to a total of six ships with seven additional ships currently in development.

下週推出迪士尼寶藏號後，迪士尼遊輪公司的船隊數量將增加至六艘，目前還有七艘正在開發中。

Plus our collaboration with Epic Games will allow us to integrate our popular brands and franchises in a transformational new games and entertainment universe.

此外，我們與 Epic Games 的合作將使我們能夠將我們的熱門品牌和特許經營權整合到一個變革性的新遊戲和娛樂世界中。

Meanwhile, we ended the quarter with 174 million Disney+ Core and Hulu subscriptions.

同時，本季結束時，我們的 Disney+ Core 和 Hulu 訂閱量為 1.74 億。

And in five short years, we've built Disney+ into a streaming destination unlike any other with more than 120 million Core subscribers.

在短短五年內，我們已將 Disney+ 打造成一個與眾不同的串流媒體目的地，擁有超過 1.2 億核心訂閱者。

And with the addition of Hulu on Disney+, it is the ultimate collection of high-quality content for every member of the household, from our extensive library of branded and general entertainment titles to news and live event.

隨著 Hulu 在 Disney+ 上的加入，它為每個家庭成員提供了高品質內容的終極集合，從我們廣泛的品牌和一般娛樂內容庫到新聞和現場活動。

We have invested to make our already profitable streaming business a significant growth driver for the company.

我們進行了投資，使我們已經獲利的串流媒體業務成為公司的重要成長動力。

And we're strengthening that streaming offering even more on December 4 with the introduction of an ESPN tile on Disney+.

12 月 4 日，我們在 Disney+ 上推出 ESPN 板塊，進一步加強串流媒體服務。

This is the beginning of an exciting new era for ESPN.

這是 ESPN 激動人心的新時代的開始。

We have secured rights to many of the most popular sports for years to come at a time when the value of live sports is undeniable, contributing to an industry-leading portfolio of sports programming for Disney.

在體育賽事直播的價值無可否認的時代，我們已在未來幾年獲得了許多最受歡迎體育賽事的轉播權，為迪士尼打造行業領先的體育節目組合做出了貢獻。

And this integrated streaming experience moves us one step closer to bringing a full sports offering to Disney+ in the US as we prepare for the launch of ESPN's flagship DTC offering in early fall of 2025.

在我們準備於 2025 年秋初推出 ESPN 的旗艦 DTC 服務之際，這種整合的串流體驗使我們更接近向美國 Disney+ 提供完整的體育節目。

Taken as a whole, we have a lot to be proud of, both from a creative and a financial standpoint.

總的來說，無論是從創意或財務角度來看，我們都有很多值得自豪的地方。

And as we look to fiscal '25 and beyond, we are confident in our continued ability to drive sustained growth and create shareholder value through our world-class portfolio of asset.

展望 25 財年及以後，我們對透過世界級的資產組合推動持續成長和創造股東價值的持續能力充滿信心。

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

現在我們很樂意回答您的問題。

Thanks Bob.

謝謝鮑勃。

As we transition to Q&A, we ask that you please try to limit yourselves to one question in order to help get us through as many questions as possible today.

當我們轉向問答時，我們要求您盡量將自己限制在一個問題上，以便幫助我們今天解決盡可能多的問題。

And with that operator, we're ready to take the first question.

有了這個操作員，我們就準備好回答第一個問題了。

(Operator Instructions) Ben Swinburne, Morgan Stanley.

（操作員指示）Ben Swinburne，摩根士丹利。

Good morning and thank you for all the detailed disclosure in the documents this morning and for filing the K along with earnings.

早安，感謝您今天早上在文件中詳細披露的資訊以及提交 K 和收益的資訊。

Appreciate it.

欣賞它。

Bob, I feel like the ESPN flagship launch is in many ways the last big strategic pivot of your content assets to streaming after you've already accomplished that on the entertainment side.

鮑勃，我覺得 ESPN 旗艦產品的發佈在很多方面都是您在娛樂方面已經實現這一目標之後，將內容資產轉向串流媒體的最後一個重大戰略支點。

I know it was interesting you guys were guiding to sports OI growth in '26, which will be the first year of that product.

我知道你們在 26 年指導運動 OI 的成長很有趣，這將是產品的第一年。

You also have the NBA costs to absorb.

你還需要消化 NBA 的成本。

You talked a little bit about it in the prepared release this morning, but can you give us a sense for what you think that product is going to do for sports fans, for ESPN fans and how it moves the ball forward, sorry for the bad pun, in terms of customer experience and ultimately drives that segment as you look out beyond '25?

您在今天早上準備的新聞稿中對此進行了一些討論，但是您能否告訴我們您認為該產品將為體育迷、ESPN 球迷帶來什麼以及它如何推動球前進，對於不好的事情深表歉意雙關語，就客戶體驗而言，並最終推動該細分市場的發展，因為您展望 25 年後？

Because obviously, the linear challenges are well known on the ESPN side.

因為顯然，線性挑戰在 ESPN 方面是眾所周知的。

And I don't know if I could just get Hugh to give us some color on the acceleration in Experiences OI he's expecting in '25 from what we're seeing right now.

我不知道我是否可以讓 Hugh 給我們一些關於體驗 OI 加速的信息，他從我們現在所看到的情況來看，他預計 25 年會出現 OI 體驗加速的情況。

That would be certainly helpful.

這肯定會有幫助。

Thanks a lot.

多謝。

Thanks, Ben.

謝謝，本。

I'll address the ESPN question that you asked.

我將回答您提出的 ESPN 問題。

I think as you look at flagship, you have to consider that it is ESPN like it has never appeared before for the consumer, meaning it will have not only basically the basic ESPN services, which is coverage of live sports and studio shows and commentary, but it'll have many, many other features like betting fully integrated.

我認為當你看到旗艦產品時，你必須考慮到它是ESPN，就像它以前從未出現在消費者面前一樣，這意味著它不僅具有基本的ESPN 服務，即體育直播和演播室節目和評論的報道，但它還會有很多很多其他功能，例如完全整合的投注。

But I think one of the things that hasn't been appreciated yet is that when you apply technology to the presentation of sports, almost anything is possible.

但我認為尚未受到重視的一件事是，當你將技術應用於體育賽事的呈現時，幾乎一切皆有可能。

So imagine AI-driven personalized sports center as a feature, for instance.

例如，想像人工智慧驅動的個人化運動中心作為一個功能。

Imagine essentially being able to tailor your sports experience, not just watching SportsCenter, but in a thoroughly personalized way.

想像一下，本質上能夠客製化您的體育體驗，不僅僅是觀看體育中心，而是以一種完全個性化的方式。

I think essentially, it will be designed to serve the consumer in the most compelling way ESPN has ever served the consumer.

我認為本質上，它將旨在以 ESPN 有史以來最引人注目的方式為消費者提供服務。

The other thing I think you have to look at just in terms of being optimistic about the migration is that live is extremely, extremely attractive to advertisers today and live sports in particular.

我認為您必須對遷移持樂觀態度的另一件事是，直播對當今的廣告商來說非常非常有吸引力，尤其是體育直播。

So if you look at what's going on today, not just with ratings, but with interest from advertisers and then you look at the ad technology that we've already built and that we're continuing to improve, and you consider what that can do in an app-based world, not just in a linear world, the value we can deliver not just to our viewers or customers but also to our advertisers will be very compelling.

因此，如果你看看今天發生的事情，不僅僅是收視率，還有廣告商的興趣，然後你看看我們已經建立的、我們正在繼續改進的廣告技術，你會考慮它可以做什麼在基於應用程式的世界中，而不僅僅是在線性世界中，我們不僅可以為觀眾或客戶提供價值，而且可以為我們的廣告商提供非常引人注目的價值。

So highly customized, highly mobile, fully integrated with all kinds of features and in my opinion, the best product the consumer has ever seen in sports.

如此高度客製化、高度移動、完全整合各種功能，在我看來，這是消費者在運動中見過的最好的產品。

Yeah.

是的。

Hey, Ben, it's Hugh.

嘿，本，我是休。

Obviously, for Experiences OI, we guided to 6% to 8% for the year.

顯然，對於體驗 OI，我們今年的目標是 6% 到 8%。

Q1 will be negatively impacted, of course, by the combination of the two hurricanes as well as the pre-launch cost for the Treasure.

當然，第一季將受到兩次颶風以及寶藏號發射前成本的負面影響。

So Q1 will be negative.

所以 Q1 將為負。

As we move through the course of the year, we'll move to positive in Q2 and then see further strengthening over the course of the year.

當我們度過這一年的過程時，我們將在第二季度轉向正值，然後在這一年中看到進一步的加強。

The drivers on that are, number one, obviously, the Treasure is coming in and we'll see continued strengthening from that.

顯然，第一大驅動力是寶藏即將到來，我們將看到它的持續增強。

Number two are we overlap our Q4 labor cost in Disneyland Resort.

第二，我們重疊了迪士尼樂園度假區第四季的勞動成本。

So that will be a positive from a lapse perspective.

因此，從失誤的角度來看，這將是正面的。

And then number three, we do expect the consumer to gradually strengthen through the course of the year.

第三，我們確實預期消費者將在這一年中逐漸增強。

We also know that the bookings that we have in the back half of the year are positive right now.

我們也知道，今年下半年的預訂量目前是正面的。

So we're optimistic about how bookings are looking as we get into the back half of next year.

因此，我們對明年下半年的預訂感到樂觀。

So hopefully, that's helpful.

希望這會有所幫助。

Thanks, Ben.

謝謝，本。

Operator.

操作員。

Next question, please?

請下一個問題？

Jessica Reif Ehrlich, BofA Securities.

傑西卡·雷夫·埃利希，美國銀行證券公司。

Thank you.

謝謝。

Can you provide an outlook on consolidated advertising growth in coming years?

您能否對未來幾年的綜合廣告成長做出展望？

You have so many tools in your tool chest like ad tech capabilities, as you mentioned, Bob.

正如您所提到的，鮑勃，您的工具箱中有很多工具，例如廣告技術功能。

But on one hand, you have the linear challenge.

但一方面，你面臨線性挑戰。

And on the complete opposite end, you have the growth of entertainment and sports and streaming.

而在完全相反的一端，娛樂、體育和串流媒體的成長。

And then secondly, could you give us some color on CapEx next year because it looks like free cash flow will be modestly down?

其次，您能否給我們一些有關明年資本支出的信息，因為看起來自由現金流將略有下降？

I spoke with Rita Ferro, who runs global ad sales for the company yesterday, just to get some up-to-the-minute flavor or color on what's going on in the market.

昨天，我與負責該公司全球廣告銷售的 Rita Ferro 進行了交談，只是為了了解市場上正在發生的事情的最新情況。

One of the things that she said, by the way, is that linear is very strong right now.

順便說一句，她說的其中一件事是，線性現在非常強大。

One of the reasons for that, by the way, is live and also because it provides -- linear provides a differentiated audience than streaming.

順便說一句，原因之一是直播，而且還因為它提供了與串流媒體不同的觀眾。

And the way we integrate those businesses, not just from a programming perspective or technology perspective, but from an advertising perspective gives us some interesting leverage in the business and enables us to offer advertisers a much broader, even deeper offering in terms of avails.

我們整合這些業務的方式，不僅從程式設計角度或技術角度，而且從廣告角度，為我們提供了一些有趣的業務槓桿，使我們能夠為廣告商提供更廣泛、更深入的服務。

So it's basically, the combination of both is working for us.

所以基本上，兩者的結合對我們來說是有效的。

We're also programming them in an integrated way.

我們還以整合的方式對它們進行編程。

So if you look at the fact that ESPN uses ABC to program the NFL on Monday nights in a simulcast way, significant amount of college football, you'll note when the season opens, NBA will continue to have a great presence on ABC.

因此，如果你看看 ESPN 使用 ABC 在周一晚上以聯播方式對 NFL 進行節目，大量的大學橄欖球比賽，你會注意到，當賽季開始時，NBA 將繼續在 ABC 上有大量的報導。

So we're not only offering the advertiser a differentiated audience and live, but you're also offering the consumer that, meaning the ability to watch sports on multiple platforms.

因此，我們不僅為廣告商提供了差異化的受眾和直播，而且還為消費者提供了這種服務，這意味著能夠在多個平台上觀看體育賽事。

Bottom line, it's working.

最重要的是，它正在發揮作用。

Hugh?

休？

You're on mute, Hugh.

你處於靜音狀態，休。

Sorry.

對不起。

So yeah, Jessica, I'll add to that as well.

是的，傑西卡，我也會補充這一點。

As you know, in 2024, advertising were 3%.

如您所知，2024 年，廣告費用為 3%。

We expect to be at or stronger than that as we enter 2025.

進入 2025 年，我們預計將達到或超過這一水平。

As Bob mentioned, in particular, the ad tech stack that we've put together or our ability to deliver the right ads more effectively to consumers, particularly in the streaming business is a competitive advantage that we've built, and it's owned and is proprietary to Disney.

正如鮑勃特別提到的，我們整合的廣告技術堆疊或我們更有效地向消費者提供正確廣告的能力，特別是在串流媒體業務中，是我們建立的競爭優勢，它是我們擁有的並且是迪士尼專有。

So we certainly feel optimistic about our ability to gain share in advertising based on that.

因此，我們當然對基於此獲得廣告份額的能力感到樂觀。

By the way, one thing I don't think is appreciated is that we're also working well selling inventory with Google and YouTube.

順便說一句，我認為沒有被重視的一件事是，我們在與 Google 和 YouTube 的庫存銷售方面也合作得很好。

Basically, offering advertisers to buy those platforms a differentiated audience through a trade desk mechanism.

基本上，透過交易台機制為廣告主提供購買這些平台的差異化受眾。

And our ad tech obviously enables us to do that.

我們的廣告技術顯然使我們能夠做到這一點。

Thanks, Jessica.

謝謝，傑西卡。

Operator, our next question, please.

接線員，請我們下一個問題。

Robert Fishman, MoffettNathanson.

羅伯特‧菲什曼，莫菲特‧內森森。

Great.

偉大的。

Thank you.

謝謝。

Bob, since hiring Adam Smith from YouTube, anything you can share about his priorities and how that can impact the future of Disney+ or the other streaming products?

鮑勃，自從從 YouTube 聘請亞當史密斯以來，您能分享他的優先事項嗎？

And then, Hugh, can you maybe just share your confidence in achieving the strong double-digit margins beyond 10% in DTC in fiscal '26?

然後，Hugh，您能否分享一下您對於在 26 財年 DTC 實現超過 10% 的強勁兩位數利潤率的信心？

And because that guidance doesn't include Hulu Live, maybe just help us think about the future of that product, please.

因為指南不包括 Hulu Live，所以也許只是幫助我們思考產品的未來。

Thank you.

謝謝。

Thanks for the question.

謝謝你的提問。

Adam is already hard at work and making progress in improving the technology across all of our streaming businesses.

Adam 已經在努力工作，並在改善我們所有串流媒體業務的技術方面取得了進展。

And he's got a number of priorities.

他有很多優先事項。

One, obviously, is flagship.

顯然，其中之一是旗艦。

Another is we noted in our comments earlier, that we're launching an ESPN tile on Disney+ on December 4.

另一個是我們在先前的評論中指出，我們將於 12 月 4 日在 Disney+ 上推出 ESPN 板塊。

So he's working on that.

所以他正在努力。

In addition to that, personalization, customization, designed initially to improve engagement just basically by adding stronger recommendation engine capabilities on the home page.

除此之外，個人化、客製化最初的設計目的只是透過在主頁上添加更強大的推薦引擎功能來提高參與度。

We're already seeing increased engagement in a very short period of time.

我們已經看到在很短的時間內參與度增加。

He's going after password sharing.

他正在尋找密碼共享。

We launched in LatAm just this week, and we now are -- we have password sharing or anti-password sharing initiatives, I think, at over approximately 130 countries.

我們本週剛在拉丁美洲推出，現在我們在大約 130 多個國家/地區開展了密碼共享或反密碼共享計劃。

So that's also on his list.

所以這也在他的名單上。

We're unifying tech stacks, including media serving and our entire ad stack across Disney+ and Hulu and basically a lot more.

我們正在統一技術堆棧，包括媒體服務以及我們在 Disney+ 和 Hulu 上的整個廣告堆疊等等。

Obviously, what we're doing here is designed not only to create a better customer experience, but to increase engagement and reduce churn.

顯然，我們在這裡所做的不僅是為了創造更好的客戶體驗，也是為了提高參與度並減少客戶流失。

Yeah.

是的。

And Robert, in terms of your answer on confidence around achieving the double-digit margins, it's probably best to go back to the building blocks as to how we get there.

羅伯特，就您對實現兩位數利潤率的信心的回答而言，最好還是回到我們如何實現這一目標的基礎上。

Number one, we're looking to continue to grow subscribers as we have.

第一，我們希望繼續增加訂閱者。

And the thing I'd remind you of in that regard, given the point that we're at in many ways that the DTC business shares a lot of the characteristics of a software business where an incremental subscriber has very, very high margins attached to them because it's relatively low incremental cost.

在這方面我要提醒您的是，考慮到我們在很多方面都認為 DTC 業務與軟體業務有很多共同特徵，其中增量訂戶擁有非常非常高的利潤因為它的增量成本相對較低。

So continuing to grow subscribers, number one.

因此，訂閱者的持續成長是第一位的。

Number two, we certainly look to continue to increase pricing in line with the value that we're providing to consumers.

第二，我們當然希望繼續提高定價，以符合我們為消費者提供的價值。

And a lot of the growth that we're seeing right now is because of the exceptional content that's coming out of both the movie and the TV studios, that's obviously our proprietary content.

我們現在看到的成長很大程度上是因為電影和電視工作室都提供了出色的內容，這顯然是我們的專有內容。

So that will certainly enable us to increase pricing over time.

因此，這肯定會讓我們隨著時間的推移提高定價。

Number three, as Bob mentioned, a lot of Adam's priorities around product updates and features that will increase engagement and reduce churn, including improving the recommendation engine is certainly going to be a benefit to our growth, increasing our ad monetization as I was just discussing with the ad tech that we've built.

第三，正如鮑伯所提到的，亞當圍繞產品更新和功能的許多優先事項將提高參與度並減少客戶流失，包括改進推薦引擎肯定會對我們的成長有利，增加我們的廣告貨幣化，正如我剛才討論的那樣使用我們建立的廣告技術。

And then, of course, international continues to be a significant opportunity.

當然，國際化仍然是一個重要的機會。

So add all of that together, we wouldn't have given you the guidance that we did if we didn't have confidence in delivering.

因此，將所有這些加在一起，如果我們沒有信心交付，我們就不會為您提供我們所做的指導。

Thanks, Robert.

謝謝，羅伯特。

Operator, next question, please.

接線員，請下一個問題。

Steven Cahall, Wells Fargo.

史蒂文卡霍爾，富國銀行。

Thank you.

謝謝。

So a multiyear guide is really impressive, and it's helpful since there are so many moving pieces of the segment.

因此，多年期指南確實令人印象深刻，而且很有幫助，因為該細分市場有很多移動的部分。

Over the last five years or so, I think Disney investor experience with guidance has at times been mixed under prior management.

在過去五年左右的時間裡，我認為迪士尼投資者的指導經驗在先前的管理下有時是好壞參半的。

So just wondering how we should think about the ideological approach here to guidance as it relates to some of the conservatism that you've baked in.

因此，我想知道我們應該如何思考此處的指導意識形態方法，因為它與您所認同的一些保守主義有關。

And in broad terms, is the acceleration in EPS growth from fiscal '25 to fiscal '26, is that basically just comping the flagship launches and the hurricanes and that sort of thing?

從廣義上講，從 25 財年到 26 財年，每股收益成長是否加速，這基本上只是與旗艦產品發布和颶風之類的事情相比較嗎？

And then just on flagship, just how do we think about maybe what the year one launch costs are?

然後就旗艦產品而言，我們如何考慮第一年的發布成本是多少？

What the ARPU of that product could be?

該產品的 ARPU 可能是多少？

And when do you think you might be able to get to breakeven on that product?

您認為該產品什麼時候可以達到收支平衡？

Thank you.

謝謝。

So why don't I handle the guide?

那我為什麼不處理指南呢？

In terms of the way that we're thinking about it, it's really driven by a couple of things.

就我們思考它的方式而言，它實際上是由幾件事驅動的。

Number one is obviously the significant improvement in DTC where we've invested a considerable amount of money in building that product.

第一個顯然是 DTC 的顯著改進，我們投入了大量資金來建立該產品。

And number two, it's in light of the significant investments that we've made and are going to continue to make in Parks, in Cruise Ships and even in consumer products.

第二，這是考慮到我們已經並將繼續在公園、遊輪甚至消費品領域進行的重大投資。

So as we've thought about those investments, we've obviously talked about the results that we've seen and we feel very, very positively about those results.

因此，當我們考慮這些投資時，我們顯然已經討論了我們所看到的結果，並且我們對這些結果感到非常非常積極。

What we thought it was also very fair to give to investors not just operational results, but an expectation as to what we expect these investments to return, hence, the guidance.

我們認為，向投資者提供的不僅是營運結果，而且是我們對這些投資回報的預期，因此也是非常公平的。

Rather than just focus it on the narrow pieces, although we've given you, I think, good segment detail, we thought it was also important to give you a picture of the overall company.

我認為，雖然我們已經為您提供了詳細的細分市場信息，但我們認為讓您了解整個公司的情況也很重要，而不是僅僅關注狹窄的部分。

So philosophically, because we've invested, we do feel like it's appropriate for us to give you a multiyear look because these investments are obviously multiyear in nature.

因此，從哲學上講，因為我們已經進行了投資，所以我們確實覺得給您多年期的視角是合適的，因為這些投資本質上顯然是多年期的。

In terms of our confidence in delivering it, obviously, we've got confidence in it and otherwise, we wouldn't do it.

就我們交付它的信心而言，顯然，我們對此有信心，否則我們不會這樣做。

We know it's important to deliver the guidance that we give, and that's why we've given it.

我們知道提供我們提供的指導非常重要，這就是我們提供指導的原因。

So as it relates to flagship, I think it's a bit early to be talking about ARPU on flagship.

因此，就旗艦產品而言，我認為現在談論旗艦產品上的 ARPU 還為時過早。

We do think that product will be additive to us in 2026.

我們確實認為該產品將在 2026 年為我們帶來附加功能。

And yeah, there will be an investment, and that's part of the 2025 guide.

是的，將會有一項投資，這是 2025 年指南的一部分。

But that investment, we're looking to pay back relatively quickly in '26.

但我們希望在 26 年相對較快地收回投資。

If I add to that, we have considerable visibility on our content pipeline as well.

如果我補充一點，我們對內容管道也有相當大的了解。

And one of the things that we've seen lately that is heartening is that when we have success in a feature film or even when there is expected success, the consumption of basically prior films or movies that have been made prior to the one that's coming out goes up, spikes significantly on the platform.

我們最近看到的一件令人振奮的事情是，當我們在一部長片中取得成功，甚至是預期的成功時，基本上之前的電影或在即將上映的電影之前製作的電影的消費out 上升，平台上大幅飆升。

So if you were to look at the numbers for Inside Out 1 as Inside Out 2's trailer hit or what's happening with the first Moana film or what's happening with a number of Marvel properties since Deadpool & Wolverine came out and I could go on and on, it's quite interesting for us in terms of raising consumption.

因此，如果你看看《腦筋急轉彎1》和《腦筋急轉彎2》預告片的銷量，或是第一部《莫阿娜》電影的情況，或是自《死侍與金鋼狼》問世以來許多漫威系列作品的情況，我可以繼續說下去，就提高消費而言，這對我們來說非常有趣。

So as we look ahead, I noticed some of the films in '25, which is going to end with Zootopia and Avatar.

因此，當我們展望未來時，我注意到 25 年的一些電影將以《瘋狂動物城》和《阿凡達》結束。

And then you look at '26 and you consider that we've got a Star Wars film, Mandalorian, an Avengers film, a live action version of Moana and on and on.

然後你看看'26，你會認為我們有一部星際大戰電影、曼達洛人、一部復仇者聯盟電影、真人版的莫阿娜等等。

We feel that, one, we're confident in our ability to execute those films in a way that will serve us well, both qualitatively and commercially.

我們認為，第一，我們有信心以一種無論在品質上還是在商業上都對我們有利的方式來拍攝這些電影。

And two, we have a strong sense that they're going to enable us to strengthen our streaming performance significantly as well as we're currently seeing with the films that we're putting out.

第二，我們有一種強烈的感覺，它們將使我們能夠顯著增強我們的串流媒體效能，就像我們目前正在上映的電影一樣。

Thanks, Steve.

謝謝，史蒂夫。

Operator, our next question, please.

接線員，請我們下一個問題。

John Hodulik, UBS.

約翰‧霍杜里克，瑞銀集團。

Great.

偉大的。

Thanks.

謝謝。

Two, if I could.

兩個，如果可以的話。

First of all, Bob, it looks like Comcast is going to move ahead with a spinoff of the cable networks.

首先，鮑勃，看來康卡斯特將繼續推動有線電視網絡的分拆。

And I know you guys have looked at something similar in the past, maybe on the linear entertainment side.

我知道你們過去也看過類似的東西，也許是在線性娛樂方面。

Is that something that you guys could revisit either as part of the more industry move?

作為更多產業舉措的一部分，你們可以重新審視這一點嗎？

And then maybe more broadly, does the change in the administration, does that change your view on opportunities with regard to M&A?

然後也許更廣泛地說，政府的變化是否會改變您對併購機會的看法？

And then secondly, maybe for Hugh, I know you guys get this question every quarter but just give us an update on your view on the impact that the launch of the Epic Universe is going to have.

其次，也許對於休來說，我知道你們每個季度都會收到這個問題，但請告訴我們您對史詩宇宙的推出將產生的影響的最新看法。

It looks like that's going to hit early summer, just as you're expecting an acceleration in the Parks business, just how you expect that to impact the mid-year and that acceleration in Experiences.

看起來這將在初夏到來，正如您期望公園業務的加速一樣，您也期望這將如何影響年中和體驗的加速。

Thanks.

謝謝。

John, Hugh and I will both take the question as it relates to divestitures or consolidation.

約翰、休和我都會回答這個與資產剝離或合併有關的問題。

I'll start on the consolidation front.

我將從整合方面開始。

In 2017 -- late 2017, when we announced initially that we were acquiring assets from 20th Century Fox, we specifically mentioned that we were doing so through the lens of streaming.

2017 年—2017 年底，當我們最初宣布要從 20 世紀福斯收購資產時，我們特別提到我們是透過串流媒體的方式這樣做的。

We saw a world where streaming was going to proliferate, and we knew we needed not only more content but more distribution.

我們看到了一個串流媒體將會激增的世界，我們知道我們不僅需要更多的內容，還需要更多的分發。

And with that came just a tremendous amount of content.

隨之而來的是大量的內容。

We've talked about it -- when you talk about 60 Emmys, so much of that came from that acquisition or when we talk about Avatar as a for instance, that came from that acquisition.

我們已經討論過了——當你談論 60 項艾美獎時，其中很大一部分來自於那次收購，或者當我們談論《阿凡達》時，它就來自於那次收購。

I could go on and on.

我還可以繼續說下去。

In addition to that, people forget, that came with control of Hulu and ultimately, ownership of Hulu.

除此之外，人們忘記了，這是隨著對 Hulu 的控制以及最終對 Hulu 的所有權而來的。

That distribution packaged well, integrated well with Disney+ has enabled us to achieve the numbers we have achieved, which is approximately 174 million global subscribers and an ability to really see into the future of streaming through a very optimistic lens.

該發行版包裝精美，與 Disney+ 完美集成，使我們能夠實現我們所取得的數字，即全球訂閱者數量約為 1.74 億，並且能夠透過非常樂觀的視角真正看到串流媒體的未來。

So in a way, we've already consolidated.

所以在某種程度上，我們已經整合了。

And while I think we'll always look opportunistically at opportunities as we've proven in the past, we certainly don't shy away from those.

雖然我認為我們總是會機會主義地尋找機會，正如我們過去所證明的那樣，但我們當然不會迴避這些機會。

We, in many respects, have already consolidated.

我們在很多方面已經實現了整合。

We don't really need more assets right now, either from a distribution or from a content perspective to thrive in basically a disruptive media world.

無論是從發行或內容的角度來看，我們現在確實不需要更多的資產來在基本上顛覆性的媒體世界中蓬勃發展。

Got it.

知道了。

And John, I'll answer the divestiture piece as well as your question on Epic.

約翰，我將回答剝離問題以及您關於 Epic 的問題。

Regarding divestitures, one of the first things I did when I came in as CFO of PepsiCo was to take a look at whether there was an opportunity here to create value through divestitures.

關於資產剝離，當我擔任百事公司財務長時，我做的第一件事就是看看這裡是否有機會透過資產剝離創造價值。

And candidly, I just didn't see one, and I spent a considerable amount of time studying it first from a financial perspective.

坦白說，我只是沒有看到，我花了相當多的時間首先從財務角度研究它。

And it's always easy to play with spreadsheets and make the math look like there's value creation.

使用電子表格總是很容易，並使數學看起來可以創造價值。

But at the end of the day, there's two things to consider.

但歸根究底，有兩件事需要考慮。

Number one is what are the prices you would get?

第一是你能得到的價格是多少？

And then number two, what's the frictional cost operationally of separating those assets?

第二，分離這些資金的營運摩擦成本是多少？

And as I went through the math on both, it was pretty clear to me that there wasn't a value-creating opportunity for Disney.

當我對兩者進行計算時，我很清楚迪士尼沒有創造價值的機會。

I can't speak to other companies and what opportunities they have with the assets they have, but I absolutely did not see that for Disney.

我無法與其他公司談論他們擁有的資產有什麼機會，但我絕對沒有看到迪士尼有這樣的機會。

Regarding Epic, we did model that into our expectations for the Experiences outlook.

關於 Epic，我們確實將其模型化為我們對體驗前景的期望。

As I mentioned earlier, the early bookings that we have next summer are actually positive.

正如我之前提到的，我們明年夏天的提前預訂實際上是積極的。

So that's certainly a positive indicator.

所以這當然是一個正面的指標。

We also looked at the history of other attractions opening up and other parks opening up in Florida.

我們還研究了佛羅裡達州其他景點開放和其他公園開放的歷史。

And it's generally been beneficial to us.

一般來說，這對我們是有益的。

So that is all very much captured in the guide that we provided.

我們提供的指南中充分體現了這一點。

Thanks John.

謝謝約翰。

Operator, next question, please.

接線員，請下一個問題。

Michael Morris, Guggenheim.

麥可·莫里斯，古根漢。

Thank you.

謝謝。

Good morning, guys.

早安，夥計們。

A couple of questions.

有幾個問題。

First, with respect to content production, you've been focused on quality over quantity -- have you been -- as you've been strengthening the core of the business.

首先，在內容製作方面，你們一直專注於品質而不是數量——是嗎——因為你們一直在加強業務的核心。

How are you thinking about growth in spend into that pipeline going forward, both in '25 and maybe just the pace of content growth beyond that?

您如何看待未來該管道的支出成長，無論是在 25 年，還是在此之後的內容成長速度？

And then secondly, appreciate the listing of the new projects that you have on the Experiences side.

其次，欣賞您在體驗方面所擁有的新項目的清單。

You have a number of footprint expansions, especially in the US.

您的足跡不斷擴大，尤其是在美國。

So when you think about the longer-term return on these investments, how much of that is driven by really expanding capacity and accommodating more guests maybe versus driving the pricing power at the Parks because you have this great new attraction?

因此，當您考慮這些投資的長期回報時，其中有多少是由真正擴大容量和容納更多客人驅動的，而不是因為擁有這個偉大的新景點而推動公園的定價能力？

Thank you.

謝謝。

I'll take this.

我要這個。

The content production side, we feel we have a great hand.

在內容製作方面，我們覺得我們有很大的優勢。

But as we look to grow our streaming business, we believe there will be opportunities and even the need for us to do some selective investing outside the United States, notably in EMEA and in APAC.

但當我們尋求發展串流媒體業務時，我們相信我們將有機會甚至需要在美國以外的地區進行一些選擇性投資，特別是在歐洲、中東和非洲和亞太地區。

We've slowed down our investment in those markets.

我們已經放慢了對這些市場的投資。

And in fact, we're being careful about our overall investment until we get the technology right, until we improve the technology.

事實上，我們對整體投資非常謹慎，直到我們獲得正確的技術，直到我們改進技術。

Because clearly, if we can use technology to reduce churn, which we're already doing, then in reality, what we're doing is we're increasing return, our investment in content.

因為顯然，如果我們能夠利用技術來減少客戶流失（我們已經在這樣做），那麼實際上，我們正​​在做的就是增加回報，也就是我們對內容的投資。

So we don't want to spend on the content side until we're confident that we can get the necessary returns on those investments.

因此，在我們確信能夠從這些投資中獲得必要的回報之前，我們不想在內容方面花錢。

But we know as we look to grow our streaming business that prioritizing markets outside the United States with specific content in those markets will be part of that strategy.

但我們知道，當我們尋求發展串流媒體業務時，優先考慮美國以外的市場並在這些市場中提供特定內容將成為該策略的一部分。

I don't think you should consider those investments to be enormous in nature by any stretch of the imagination because we know that we're making content that has global application.

我認為你不應該認為這些投資本質上是巨大的，因為我們知道我們正在製作具有全球應用的內容。

If you look at just the movies that I mentioned as for instance, that worked not in all markets, but in most markets, that we don't have to spend as much as some of our competitors.

例如，如果你只看我提到的那些電影，它們並非在所有市場都有效，但在大多數市場都有效，我們不必像一些競爭對手那樣花那麼多錢。

And as there's movies -- it's not just the franchise value, as they become more successful, obviously, they drive more value as well.

正如電影一樣，這不僅僅是特許經營權的價值，隨著它們變得更加成功，顯然它們也帶來了更多的價值。

Yeah, Mike.

是的，麥克。

And just to add to Bob's comments on that, we have modeled in some incremental growth in content spend but not enough to be significantly disruptive to the overall cash flow or algorithm for the company, but we have absolutely modeled that in because we do view international as a terrific opportunity.

只是為了補充鮑勃對此的評論，我們已經模擬了內容支出的一些增量增長，但不足以對公司的整體現金流或演算法產生重大破壞，但我們絕對已經模擬了這一點，因為我們確實認為國際化作為一個絕佳的機會。

Regarding your question on Experiences and particularly the parks pricing versus attendance, what we projected in is a balance of both.

關於您關於體驗的問題，特別是公園定價與參觀人數的問題，我們預計是兩者的平衡。

So I don't want to get into specific numbers on it.

所以我不想透露具體數字。

But we're not assuming it's going to be just price or it's just going to be attendance.

但我們並不認為這只是價格或出席人數。

There will be a balance of both.

兩者將會達到平衡。

And frankly, we'll have the ability to flex that as we learn our way into it.

坦白說，當我們學習如何進入它時，我們將有能力靈活運用它。

But I think we've got it modeled reasonably conservatively.

但我認為我們已經對其進行了相當保守的建模。

Thanks, Mike.

謝謝，麥克。

Next question, please.

請下一個問題。

David Karnovsky, JPMorgan.

大衛卡諾夫斯基，摩根大通。

Hey, thank you for the question and forward commentary.

嘿，謝謝您的提問和轉發評論。

One area that understandably received less focus in the outlook was linear network.

可以理解的是，線性網路是展望中較少受到關注的領域。

Interested to understand better how you built the multiyear forecast, how you thought about managing that business over the next several years.

有興趣更深入了解您如何建立多年預測，以及您如何考慮在未來幾年管理該業務。

And then just relatedly, the first call post the DirecTV agreement.

與此相關的是，第一次通話發布了 DirecTV 協議。

Can you speak to any important impact to Disney, how we should think of that deal structure as a template going forward versus some other deals you've done in the recent past like Charter?

您能談談對迪士尼的任何重要影響嗎？

Thanks.

謝謝。

I'll handle that one, David.

我會處理這個的，大衛。

Regarding linear, we modeled that it would continue to decline.

關於線性，我們建模它會繼續下降。

The beauty of the position we find ourselves in right now with roughly 175 million streaming consumers is we have a bit of a natural hedge in the way that our portfolio operates.

我們目前擁有約 1.75 億串流媒體消費者，其優勢在於我們的投資組合運作方式具有一定的自然對沖能力。

So to the degree that people leave linear and choose to go to streaming route, generally speaking, they're going to be coming our way.

因此，就人們離開線性並選擇串流媒體路線的程度而言，一般來說，他們將會朝著我們的方向發展。

And we have obviously terrific ways to monetize those.

我們顯然有很好的方法來將這些貨幣化。

So as that evolves based on consumer choice, I think we're well positioned if they decide to stay linear for longer.

因此，隨著消費者選擇的不斷發展，我認為如果他們決定更長時間地保持線性，我們就處於有利地位。

I think we're well positioned if they decide to move over to the streaming side.

我認為，如果他們決定轉向串流媒體領域，我們就處於有利位置。

And frankly, with what we've put on the service and what the plans that we have to put more things on the service, I think in many ways, we're a must-have platform inside of most household.

坦白說，根據我們在服務上的投入以及我們必須在服務上投入更多內容的計劃，我認為在很多方面，我們都是大多數家庭的必備平台。

Regarding DirecTV, like all of these deals, they're basically uniquely crafted to the situation of that particular partner.

至於 DirecTV，就像所有這些交易一樣，它們基本上是根據特定合作夥伴的情況專門設計的。

So I wouldn't try to read through any of that into any other deals.

因此，我不會嘗試將其中任何內容解讀到任何其他交易中。

I think it's a good deal for us.

我認為這對我們來說是一筆好交易。

I think it's a good deal for them, and we both feel good about where we've gone.

我認為這對他們來說是一筆很好的交易，我們都對我們所取得的成就感到滿意。

But I think these things are generally going to be somewhat bespoke.

但我認為這些東西通常都是客製化的。

Thanks, David.

謝謝，大衛。

Operator, next question, please.

接線員，請下一個問題。

Laurent Yoon, Bernstein.

洛朗‧尹，伯恩斯坦。

Thank you for taking the question.

感謝您提出問題。

It's great to see continuing momentum in streaming and the margin expansion story is certainly very promising.

很高興看到串流媒體的持續發展勢頭，而且利潤率擴張的故事肯定非常有前途。

Building on your comments around the building blocks of that growth, could you provide some color on how much of that growth is subscriber growth versus pricing in the foreseeable future and of course, 2025 -- fiscal year 2025, in particular?

根據您對成長構成要素的評論，您能否提供一些說明，說明在可預見的未來，當然是 2025 年（尤其是 2025 財年），用戶成長與定價在成長中佔多少比例？

And on a related question, local language content seems paramount to a very important to increase engagement in local market.

在一個相關的問題上，本地語言內容似乎對於增加本地市場的參與至關重要。

And we see your competitors expanding local content perhaps more than what we see on Disney platforms.

我們看到您的競爭對手擴展本地內容的程度可能比我們在迪士尼平台上看到的還要多。

So do you have plans to be more aggressive in international expansion with more locally tailored content?

那麼您是否計劃透過更多本地客製化內容來更積極地進行國際擴張？

Thank you.

謝謝。

Sure.

當然。

Happy to address those.

很高興解決這些問題。

Regarding streaming, we expect our growth to come from a balance of pricing as well as

關於串流媒體，我們預計我們的成長將來自定價的平衡以及

[growth].

[生長]。

It may tilt slightly towards pricing.

它可能會稍微向定價傾斜。

And again, we're going to read the market, and we can react to it as it plays out.

再說一遍，我們將閱讀市場，並在市場發展時對其做出反應。

But our expectation right now is it will be both subs and pricing a little bit more tilted towards pricing.

但我們現在的預期是，潛水艇和定價都將更傾向於定價。

Regarding local content, I'm not sure I have much more to add to what Bob had already mentioned, which is we do see it as valuable.

關於本地內容，我不確定除了鮑伯已經提到的內容之外我還有更多要補充的內容，我們確實認為它很有價值。

We actually do a reasonable amount of that already, particularly in APAC with some of the Korean dramas that we do, and we also do some in Latin America.

事實上，我們已經做了相當多的事情，特別是在亞太地區，我們製作了一些韓劇，我們也在拉丁美洲做了一些。

But as Bob mentioned, we don't want to invest too heavily there until we feel like we're comfortable with the product such that we'll have the churn operating at right levels.

但正如鮑伯所提到的，我們不想在那裡投入太多，直到我們覺得我們對產品感到滿意，這樣我們才能將客戶流失率控制在適當的水平。

So that's my expectation.

這就是我的期望。

I'll add to that.

我會補充一點。

We had two $1 billion movies so far this year, actually the only two in the industry.

今年到目前為止，我們有兩部價值 10 億美元的電影，實際上是業界僅有的兩部。

The box office that those movies garnered came from all over the world.

這些電影獲得的票房來自世界各地。

So those movies resonate in those markets.

所以這些電影在這些市場上引起了共鳴。

And if you look at some of our competitors who don't have movies of basically of that quality or that level of success, they have to spend more in local content because they don't have that.

如果你看看我們的一些競爭對手，他們基本上沒有那種品質或那種成功水平的電影，他們必須在本地內容上花費更多，因為他們沒有這些。

The other thing I would just want to say about pricing is it's not just about raising pricing.

關於定價我想說的另一件事是，這不僅僅是提高定價。

It's about moving consumers to the advertiser-supported side of the streaming platform.

這是為了將消費者轉移到串流媒體平台的廣告商支援的一側。

So right now, in the United States, about 60% of all new subs are going to -- are buying our streaming services, advertiser support or AVOD.

因此，目前在美國，大約 60% 的新訂閱者將購買我們的串流媒體服務、廣告商支援或 AVOD。

I think right now, I think it's 37% of total subs in the US are AVOD subs -- and 37% in the US and 30% globally.

我認為現在，美國 37% 的訂閱者是 AVOD 訂閱者，美國為 37%，全球為 30%。

So the pricing that we recently put into place, which has increased pricing was actually designed to move more people in the AVOD direction because we know the ARPU and interest in it from advertisers and streaming has grown.

因此，我們最近制定的定價，提高了定價，實際上是為了讓更多的人轉向 AVOD 方向，因為我們知道 ARPU 以及廣告商和串流媒體對它的興趣已經增長。

Thanks, Laurent.

謝謝，洛朗。

Operator, next question, please.

接線員，請下一個問題。

Tim Nollen, Macquarie.

提姆諾倫，麥格理。

Hi.

你好。

Thanks very much.

非常感謝。

Could you please address the topic of divestitures in India?

能談談印度資產剝離的話題嗎？

I think you mentioned in the guidance a few lines that incorporate those.

我認為您在指南中提到了包含這些內容的幾行內容。

I just wonder if there's anything more to add to adjustments we should make for the sale of the assets in India.

我只是想知道我們在出售印度資產時是否還應該做出更多調整。

And then relatedly, what are the -- what is the business going to look like for you in India?

與此相關的是，您在印度的業務會是什麼樣子？

I think you're going to retain a stake with Reliance.

我認為您將保留信實集團的股份。

Just talk a little bit about your presence in India post the divestiture or the partial sale, please.

請簡單談談您在剝離或部分出售後在印度的業務。

Yeah.

是的。

Happy to address that.

很高興解決這個問題。

We're very, very excited about the deal with Reliance.

我們對與 Reliance 的交易感到非常非常興奮。

Obviously, they're a terrific company and have huge presence in India.

顯然，他們是一家出色的公司，在印度擁有巨大的影響力。

Going forward, we will have a percentage ownership

展望未來，我們將擁有一定比例的所有權

--

--

I was supposed to disclose those AVOD numbers

我應該透露那些 AVOD 號碼

--

--

We'll have a percentage ownership in the high-30s.

我們的持股比例將在 30 左右。

And obviously, the Reliance people with their share of ownership will be managing the business.

顯然，擁有部分所有權的 Reliance 人員將負責管理這項業務。

In terms of the specific implications on Disney's financials, we did anticipate closing.

就對迪士尼財務的具體影響而言，我們確實預計關閉。

We've got it included in the guidance.

我們已將其包含在指南中。

To the degree that you have more detailed questions around that, I'm sure the Investor Relations team can help you model that out.

如果您對此有更詳細的問題，我相信投資者關係團隊可以幫助您解決這個問題。

Thanks, Tim.

謝謝，蒂姆。

Operator, we have time for one last question.

接線員，我們還有時間回答最後一個問題。

Bryan Kraft, Deutsche Bank.

布萊恩·克拉夫特，德意志銀行。

Thank you.

謝謝。

Good morning.

早安.

I wanted to ask just one on Parks and one on Disney+.

我只想問一個關於公園的問題和一個關於迪士尼+的問題。

So on Parks, is the softness in domestic behind you at this point?

那麼帕克斯，國內的疲軟現在已經過去了嗎？

It seems like performance there was better than you expected when you reported back in August.

看起來表現比您八月份報告時預期的要好。

And on the international side, it seems like there was some new softness that showed up in 4Q in the international parks.

在國際方面，第四季國際公園似乎出現了一些新的疲軟跡象。

So in light of that, I just wanted to ask how we should think about international growth going forward?

有鑑於此，我只想問我們應該如何看待未來的國際成長？

And then my question on Disney+ really has to do with the sub growth in the quarter, which was strong in international Core subs.

然後，我關於 Disney+ 的問題確實與本季的子市場成長有關，國際核心子市場的子市場成長強勁。

Was there anything chunky in the quarter like a wholesale relationship coming online?

本季是否有類似批發關係之類的大事發生？

Or is this seasonality?

或者說這是季節性的？

I know there was a similar jump in 4Q '23, or was it some other factor?

我知道 23 年第四季也有類似的跳躍，還是有其他因素？

Thank you.

謝謝。

Sure.

當然。

Happy to take those, Bryan.

很高興接受這些，布萊恩。

You're right.

你說得對。

In domestic, we certainly feel like the consumer is strengthening.

在國內，我們確實感覺到消費者正在加強。

As I mentioned earlier, we obviously saw growth in domestic parks and certainly feel very positively about that.

正如我之前提到的，我們顯然看到了國內公園的成長，並且對此感到非常積極。

And that's our expectation going forward is a gradual strengthening in the consumer.

我們對未來的預期是消費者的逐漸增強。

Regarding international, two factors.

就國際而言，有兩個因素。

Number one, the Olympics in Paris, that whenever there is an Olympics in the city that we have a park, we typically see an attendance hit, and that's exactly what we saw.

第一，巴黎奧運會，每當我們有公園的城市舉辦奧運會時，我們通常會看到觀眾人數激增，而這正是我們所看到的。

And we saw that coming, which is why we indicated that to you back on the Q3 call in terms of our expectation.

我們看到了這一點的到來，這就是為什麼我們在第三季電話會議上根據我們的預期向您表明了這一點。

In addition to that, we saw some consumer softness in Shanghai.

除此之外，我們也看到上海的消費者疲軟。

Candidly, we expect that to be temporary, and we expect that to bounce back as well.

坦白說，我們預計這只是暫時的，並且我們預計也會反彈。

But it was nothing that should be concerning for the long term regarding the Parks.

但從長遠來看，對於公園來說，這並不是什麼值得擔心的事情。

Regarding international subs, no, nothing chunky.

至於國際潛水艇，不，沒什麼厚重的。

This was good solid additions to the subscriber base in international.

這對國際用戶群來說是一個很好的堅實補充。

So we came off of Q3 and obviously had considerable success in adding subs in Q4.

因此，我們在第三季結束後，顯然在第四季度添加替補方面取得了相當大的成功。

Thanks, Bryan, and thanks, everyone, for your questions.

謝謝布萊恩，也謝謝大家提出的問題。

We want to thank you again for joining us and wish everyone a good rest of the day.

我們再次感謝您加入我們，並祝福大家有個愉快的一天。

Thank you.

謝謝。

This concludes today's conference call, and we thank you all for attending today's presentation.

今天的電話會議到此結束，我們感謝大家參加今天的示範。

You may now disconnect your lines and have a wonderful day.

您現在可以斷開線路並度過美好的一天。