Netflix Inc (NFLX) 2015 Q2 法說會逐字稿

Hi. Welcome to the Q2 2015 Netflix earnings interview. I'm David Wells, CFO. Joining me today on the Company side is Reed Hastings, our CEO, and Ted Sarandos, our Chief Content Officer.

你好。歡迎收看 Netflix 2015 年第二季財報採訪。我是財務長大衛威爾斯。今天與我一起加入公司的是我們的執行長里德·黑斯廷斯 (Reed Hastings) 和首席內容官特德·薩蘭多斯 (Ted Sarandos)。

Interviewing us today is Mark Mahaney from RBC, and subbing in for Michael Nathanson who couldn't make today is Rich Greenfield, veteran interviewer. So we welcome him back.

今天採訪我們的是來自 RBC 的 Mark Mahaney，而代替今天未能出席的 Michael Nathanson 的是資深訪談者 Rich Greenfield。所以我們歡迎他回來。

Just a reminder that we will be making forward-looking statements. Actual results may vary.

只是提醒您，我們將做出前瞻性陳述。實際結果可能有所不同。

I think it's over to Mark with our first question.

我想馬克的第一個問題已經結束了。

Great, thanks David. This was an upside quarter. Let me go through -- we will go through some of those factors. I'd like to ask you about them. You did 900,000 net adds in the US. You had guided for 600,000. That's an unusual level of upside. What drove it, and how sustainable is it?

太好了，謝謝大衛。這是一個上行的季度。讓我來介紹一下——我們將介紹其中一些因素。我想問你關於他們的事。您在美國淨增加了 90 萬人。你指導了60萬。這是一個不同尋常的上升空間。是什麼推動了它的發展，它的永續性如何？

We think it's content. It's the building momentum of our original content. It's hard to isolate it specifically to that, but given that we've grown at about 600,000 subscribers for the past two years. And this year we're up to 900,000 in Q2, which seasonally is usually a weak quarter for us relative to Q1 and Q3 and Q4. We just had a really strong slate, and I think it showed through in our results, both US and international.

我們認為這是內容。這是我們原創內容的建設動力。很難將其具體與此分開，但考慮到過去兩年我們的訂戶數量增加了約 60 萬名。今年第二季度我們的數量達到了 90 萬人，相對於第一季、第三季和第四季度，從季節性角度來看，這對我們來說通常是一個疲軟的季度。我們的陣容非常強大，我認為這在我們的美國和國際業績中得到了體現。

And then Reed, as a follow-up, you've long talked about 60 million to 90 million potential subs in the US market. Looking at these results and looking what's implied in the guidance for next quarter, it looks like you're on track to add more subs this year in the US than last year. Do you feel better about the upper end of that range? Any comment, any updated thinking on that long-term range?

然後，里德，作為後續行動，您長期以來一直在談論美國市場有 6000 萬到 9000 萬的潛在訂閱者。看看這些結果並看看下個季度的指導中暗示的內容，看起來您今年在美國將比去年增加更多的訂閱者。您對該範圍的上限感覺更好嗎？關於這個長期範圍有什麼評論或最新的想法嗎？

No, Mark. We've been tracking at 5 million to 6 million net adds for several years now, and our hope is that we could just keep that going, 5 million to 6 million every year for a number of years. And then we will be solidly in that range, which will feel great.

不，馬克。幾年來，我們一直在追蹤 500 萬到 600 萬的淨增加量，我們希望能夠保持這種勢頭，多年來每年增加 500 萬到 600 萬。然後我們就會穩定地處於這個範圍內，這感覺很棒。

Reed, when you look at the price that you offer, the actual Netflix price of $9, when you think about the fact that the average subscriber is now using Netflix over two hours a day, it just seems like that price point doesn't really fit with the amount of usage. How do you think about the elasticity of your price point now?

里德，當你看看你提供的價格時，Netflix 的實際價格是 9 美元，當你考慮到現在普通訂戶每天使用 Netflix 超過兩個小時的事實時，這個價格點似乎並沒有真正實現。配合使用量。現在您如何看待價格點的彈性？

Do you either start raising price more often, or do you simply let people increase their price as they take either the 4K plan or they need four subscriptions per account? How fast can we get pricing up now?

您是開始更頻繁地提高價格，還是只是讓人們在選擇 4K 套餐或每個帳戶需要四個訂閱時提高價格？我們現在能多快漲價？

Rich, our entry-level plan in the US is actually $7.99 for our standard-def one-stream plan, so it is incredibly affordable. And that's part of what's propelling our growth. We also want to motivate people to be able to move up to the two-stream and the high-def and also the ultra high-def plan as you referred to.

豐富的是，我們在美國的入門級計劃實際上是標準清晰度單流計劃的 7.99 美元，因此非常實惠。這是推動我們成長的部分原因。我們還希望激勵人們能夠升級到雙流和高清以及您提到的超高清計劃。

Over the last year, we've raised ASP about 5%. We'd like to keep that moving. So we're going to continue to have incentives for people to move up in the plans as suits their usage pattern, but we want to take it very slow. Things are going well, there's no reason to be disruptive. We're not planning anything in the US this quarter. It's really focused on going very steady, very slow. And over the next decade, I think we will be able to have more and more content and add more value, and then to be able to price that appropriately.

去年，我們將平均售價提高了約 5%。我們希望繼續下去。因此，我們將繼續激勵人們根據他們的使用模式升級計劃，但我們希望放慢速度。事情進展順利，沒有理由打擾。本季我們在美國沒有任何計劃。它真的專注於非常穩定、非常緩慢。在接下來的十年中，我認為我們將能夠擁有越來越多的內容並增加更多的價值，然後能夠適當地定價。

But are there other ways that you can increase price or tier pricing beyond 4K and number of subscriptions per household? Are there other choices that you've though about or even tested anywhere globally to drive price or ARPU?

但是，除了 4K 和每戶訂閱數量之外，還有其他方法可以提高價格或分級定價嗎？您是否考慮過或甚至在全球任何地方測試過其他選項來提高價格或 ARPU？

I'm sure there are other ways to do it. The way that we have chosen is working very well for us. So then we tend to focus on the core, getting more content, more streaming, better usability, and the structure on the price tiering's unlikely to change.

我確信還有其他方法可以做到這一點。我們選擇的方式對我們來說非常有效。因此，我們傾向於專注於核心，獲得更多內容、更多串流媒體、更好的可用性，而且價格分層的結構不太可能改變。

A question for Ted. Going into this year, the Company had been saying for a while this is going to be a big original content year. It's showing through in the sub numbers. Does it set up this issue where every other year, you've got this tough comp in terms of new content?

問特德一個問題。進入今年，該公司一直在說這將是原創內容的重要一年。它透過子數字顯示出來。每隔一年，你在新內容方面都會遇到如此艱難的競爭，這是否會造成這個問題？

How do you think about -- how do you follow this act? How robust will the new content be next year? Does each year have to ratchet up higher and higher in order that you don't go down with the subs and the stock and go up with the subs and the stock? How do you steady it out?

您如何看待—您如何遵循這項行為？明年的新內容有多強大？是否每年都必須越來越高，以便您不會隨著潛艇和股票的下跌而隨著潛艇和股票的上漲而上漲？你如何穩定它？

We have two things that are working for us. One, we're launching new shows that have become great brands on their own. But also as these shows grow into their second and third and fourth seasons, they're actually more attractive on their own. So we're adding more breadth of content, more original series, and those series have become bigger and bigger brands that down the road will become subscriber events as they grow.

我們有兩件事對我們有用。第一，我們正在推出新節目，這些節目本身已經成為偉大的品牌。但隨著這些節目進入第二季、第三季和第四季，它們本身實際上更有吸引力。因此，我們正在添加更廣泛的內容、更多原創系列，這些系列已經成為越來越大的品牌，隨著它們的成長，它們將成為訂閱者活動。

And then David, let me ask you one more question just on the US subs. There was a new user interface on the desktop, that much more immersive experience. There were also a lot of competitive launches that maybe gained greater -- increased the focus on the streaming potential, the use case for consumers. Do you get the sense that either of those were materially impactful already or the user interface improvements of those [on the come] in terms of the impact on the sub base?

然後大衛，讓我再問你一個關於美國潛水艇的問題。桌面上有一個新的使用者介面，帶來更身臨其境的體驗。還有許多有競爭力的產品發布，這些產品可能會獲得更大的收益——增加了對串流媒體潛力和消費者用例的關注。您是否感覺到這些中的任何一個已經產生了實質影響，或者那些[即將到來]的使用者介面改進對子基地的影響？

No Mark, generally we don't see when we do a large user interface improvement -- that's a very distributed effect. It's something that we're always focused on improving. Generally it rolls out across our device landscape.

不，馬克，一般來說，當我們進行大規模的用戶介面改進時，我們不會看到——這是一種非常分散的效果。這是我們始終致力於改進的事情。一般來說，它會在我們的設備環境中推廣。

We're pretty proud of a lot of the work that we've done, and in fact, it gets -- imitation is the best form of flattery. And so our user interfaces get imitated quite frequently across the world, and we're glad to be leading and innovating in that space. But it doesn't really translate immediately to subscriber growth. It's really a diffused retention benefit that we see through year over year in terms of the improvements in retention. And then in terms of the competitive announcements, we didn't see anything that was specific that we would point to.

我們對我們所做的許多工作感到非常自豪，事實上，模仿是最好的奉承。因此，我們的用戶介面在世界各地經常被模仿，我們很高興能夠在該領域保持領先和創新。但這並沒有真正立即轉化為用戶成長。這確實是一種分散的保留效益，我們逐年看到保留率的提高。然後就競爭公告而言，我們沒有看到任何我們要指出的具體內容。

Ted, you've talked about wanting to be HBO faster than HBO can become Netflix. When you think about the demographics of your user and how -- if Reed wants to get to 5 million to 6 million subscribers in the US each year going forward for several years, what types of content do you need to create? What are the demographics that you're weakest in that you need to figure out programming to hit beyond just simply the pricing plans that we talked about earlier?

Ted，你曾說過想要成為 HBO 的速度比 HBO 成為 Netflix 的速度還要快。當您考慮用戶的人口統計數據時，如果 Reed 希望在未來幾年內每年在美國獲得 500 萬到 600 萬訂閱者，您需要創建什麼類型的內容？您最薄弱的人口統計數據是什麼，您需要找出計劃來超越我們之前討論的簡單定價計劃？

I think what you're seeing, Rich, is that we're launching content to multiple demographics and all genres. So the reason why you're seeing the kind of engagement that you're seeing is that we're finding content that everyone can love. So not just one show that's meant to appeal to everybody, not a handful of shows that are meant to appeal just to the coast. We're doing shows that are very mainstream comedy, we're doing very elevated shows for some. We're also doing cartoons for kids.

Rich，我認為您所看到的是，我們正在向多種人群和所有類型推出內容。因此，您之所以能看到如此高的參與度，是因為我們正在尋找每個人都喜歡的內容。因此，不僅僅是一個節目旨在吸引所有人，也不是少數節目旨在吸引海岸。我們正在製作非常主流的喜劇節目，我們正在為某些人製作非常高級的節目。我們也為孩子們製作動畫片。

So we really are programming across demographic and not trying to be one thing for all people or not having our brand really define what kind of content that we're doing. You've seen in a few of our recent announcements a traditional four-camera sitcom that we hope will be watched in even bigger than traditional way called The Ranch with Ashton Kutcher, bringing back the cast of Full House for a new show called Fuller House. But we're also doing things that are very edgy, very tough, cinematic shows like Narcos that's premiering next month or the revival of Wet Hot American Summer with an all-star cast with Paul Rudd and Bradley Cooper and Amy Poehler.

因此，我們確實是在針對不同人群進行編程，而不是試圖成為所有人的一件事，或者沒有讓我們的品牌真正定義我們正在做的內容類型。您已經在我們最近發布的一些公告中看到了一部傳統的四鏡頭情景喜劇，我們希望能夠以比傳統方式更大的方式觀看該喜劇，名為《阿什頓·庫徹的牧場》，將《歡樂滿屋》的演員帶回新劇《歡樂滿屋》 。但我們也在做一些非常前衛、非常艱難的電影節目，比如下個月首映的《毒梟》，或者由保羅路德、布萊德利庫柏和艾米波勒主演的全明星陣容的《濕熱美國夏天》的復興。

So it's really programming across demographics. When I said we wanted to get to be HBO before they got to be like Netflix, I meant that we'd have to get very good at original programming before they get really great at the technology and the direct to consumer relationships that they're only starting to invest in now.

所以它確實是跨人口統計的程式設計。當我說我們想在 HBO 變得像 Netflix 之前成為 HBO 時，我的意思是我們必須先擅長原創節目，然後他們才能真正擅長技術和直接與消費者的關係。現在才開始投資。

And Ted, do you want to just mention the success we've been having with Spanish language content in the US?

泰德（Ted），您想提一下我們在美國的西班牙語內容方面的成功嗎？

Absolutely. We've recently expanded beyond -- our own original shows, the only way to watch those shows in Spanish in the US is on Netflix with subtitles and dubs available that we're making for Latin America. And now we've licensed a lot of programming from Latin America into the US and are getting incredible viewing on shows that were successful for us in Mexico that are now drawing huge numbers in the US.

絕對地。我們最近已經擴展到了其他領域——我們自己的原創節目，在美國觀看這些西班牙語節目的唯一方式是在 Netflix 上，並提供我們為拉丁美洲製作的字幕和配音。現在，我們已經將許多拉丁美洲節目授權到美國，我們在墨西哥取得成功的節目獲得了令人難以置信的收視率，而這些節目現在在美國也吸引了大量觀眾。

Again, it is a very different demographic than we've targeted before, and are just barely starting to touch them, but getting hundreds of thousands of hours a day on single shows. So we are really impressed with the relatively quick take up on these shows.

同樣，這是一個與我們之前定位的人群非常不同的人群，而且才剛開始觸及他們，但每天在單一節目上獲得數十萬小時的時間。因此，我們對這些節目相對較快的接受度印象深刻。

And maybe just trying this into international. As you think about the programming that you're now creating across these various segments or demographics, how are you thinking about the ability to leverage the programming, and what is the success of these individual programs overseas versus the US and some of the new markets that you have opened up and how that ties to, David, from a margin standpoint overseas. I think that is a big investor question.

也許只是嘗試將其推向國際。當您考慮現在針對這些不同細分市場或人口統計數據創建的節目時，您如何考慮利用這些節目的能力，以及這些單獨的節目在海外與美國和一些新市場相比的成功程度如何大衛，從海外利潤的角度來看，你已經公開了這一點，以及這與它有何關聯。我認為這是投資者的一個大問題。

The thing that has been very encouraging is that the proportion of international viewing of our series are pretty stacked the way you would expect relative to the subscriber base. So Orange Is the New Black and Sens8 have enjoyed great success all over the whole world, and all of our shows as we launch through differing degrees out indexing in some cases our US subscriber base or slightly under indexing depending on the install base and how US-centric or Latin American-centric the show might be.

非常令人鼓舞的是，我們的劇集的國際觀看比例與訂閱者群的預期相當接近。 《女子監獄》和《Sens8》在全世界都取得了巨大的成功，我們推出的所有節目都在不同程度上超出了索引，在某些情況下，我們的美國訂戶群或稍微低於索引，具體取決於安裝基礎以及美國的方式該節目可能以-或拉丁美洲為中心。

We expect Narcos will be an enormous success throughout everywhere in the world and maybe out index in Latin America given the Brazilian star, Brazilian director and heavy Latin American cast and that we shot the show entirely on location in Colombia. We also think the show will be a huge hit for us in the US. We are seeing that great global storytelling is great storytelling.

鑑於巴西明星、巴西導演和大量拉丁美洲演員陣容，而且我們完全在哥倫比亞拍攝該劇，我們預計《毒梟》將在世界各地取得巨大成功，甚至可能在拉丁美洲取得成功。我們也認為該節目將在美國引起巨大轟動。我們看到，偉大的全球故事敘述就是偉大的故事。

Rich, just a Part B of that question in terms of -- for investors, obviously there are benefits if we produce the show if there is great reach across the world and we can distribute that show and it will be consumed and enjoyed across the world. So there's tremendous benefits there in terms of just the scale of distributing it.

里奇，這只是這個問題的B 部分——對於投資者來說，如果我們製作這個節目，如果它在世界範圍內有很大的影響力，那麼顯然會有好處，而且我們可以分發該節目，並且它會在全世界範圍內被消費和欣賞。 。因此，僅就分發規模而言，就會帶來巨大的好處。

As we see so far, content is being viewed, Western-produced, English language primary content is being consumed in large numbers across the world. There's a lot of similarities in terms of what people like. That's what Ted just talked about.

正如我們到目前為止所看到的，內容正在被觀看，西方製作的英語主要內容正在世界各地被大量消費。人的喜好有很多相似之處。這就是特德剛才談到的。

As we penetrate deeper into markets, there might be a question in terms of do we have to add more of a local mix into that, and that will have implications for our content spending in each market. Right now, what we are seeing is that our current mixture is working across the markets.

隨著我們深入市場，可能會出現一個問題：我們是否必須添加更多本地組合，這將對我們在每個市場的內容支出產生影響。現在，我們看到的是我們當前的組合正在整個市場發揮作用。

By the way, David, I think what's exciting about that is as we add local programming into those territories, that we will be able to find audiences for that around the world on Netflix, not just in that local territory. I think we will be able to find scale in local programming as well.

順便說一句，大衛，我認為令人興奮的是，當我們在這些地區添加本地節目時，我們將能夠在 Netflix 上找到世界各地的觀眾，而不僅僅是在當地地區。我認為我們也將能夠在本地節目中找到規模。

Let me switch over to just -- or follow up on the international questions. One for David, and then a bigger-picture one for Reed.

讓我談談國際議題。一份是給大衛的，另一份是給里德的。

David, you had about 25% upside to the number of net international subs you thought you would have. Was that pure content, or were there other things that really helped in those markets, some marketing efficiencies that you found? A little bit more color, maybe some particular regions of the world that really outperformed versus your numbers?

David，您的國際訂閱人數比您預期的淨國際訂閱人數增加了約 25%。這是純粹的內容，還是有其他真正對這些市場有幫助的東西，您發現了一些行銷效率？多一點顏色，也許世界上某些特定地區的表現確實優於您的數字？

For competitive reasons, we give less color on the international markets. But I would say you're right in the premise of the question being it's a little bit broader than just content driving that.

出於競爭的原因，我們在國際市場上的表現較少。但我想說，你的問題前提是正確的，因為它比僅僅內容驅動的範圍更廣泛一些。

We think we've got some momentum that is based on brand growth in a number of markets as well. And we have a strong launch in Australia as well. So all of those things contributed to the success we saw in upside versus what we thought we were going to see in Q2.

我們認為我們也獲得了一些基於多個市場的品牌成長的動力。我們在澳洲也有強勁的推出。因此，所有這些因素都促成了我們在上行中看到的成功，而不是我們認為在第二季會看到的成功。

And then Reed, big-picture question. There is a series of these international launches you've got aggressively planned it seems like this year and next year.

然後是里德，大局問題。今年和明年，你們已經積極規劃了一系列的國際發布。

Can you just talk about how you plan to manage the execution risk associated with doing that many launches and that many major markets at once? How do you feel about managing the risk of a couple of these markets just going off the rails, not marketed right, not contented right, et cetera?

您能否談談您計劃如何管理與同時進行如此多的發布和如此多的主要市場相關的執行風險？對於管理其中一些市場脫軌、行銷不正確、滿意度不高等風險，您有何看法？

I think that would be unlikely for any material market. If you look at the last four years, we've done a wide variety of launches, now over 50 nations, and we have learned along the way. I'm not too worried about that. We're very focused. I'd also say how we do in the first year in a new market is not that determinate of the long-term. If I think about Brazil, we're pretty weak in the first year, and now it's a rocket ship.

我認為這對於任何材料市場來說都是不太可能的。如果你看看過去四年，我們已經進行了各種各樣的發布，現在已經覆蓋了 50 多個國家，我們一路走來學到了很多東西。我對此不太擔心。我們非常專注。我還想說，我們在新市場第一年的表現並不是長期決定的。如果我想想巴西，我們第一年就相當弱，而現在它就像一艘火箭。

We're going to get in and really start the learning process. What's getting watched? Why? What's generating buzz? Why? And then, in every nation we're learning. And if you think about it, around the world, everybody wants this on demand Internet TV. It's just a better experience than linear TV. So I'm really very confident that internet TV is going to continue to grow.

我們將進入並真正開始學習過程。什麼被關注？為什麼？是什麼引起了轟動？為什麼？然後，在每個國家我們都在學習。如果你想一想，在世界各地，每個人都想要這種點播網路電視。這只是比線性電視更好的體驗。因此，我對網路電視將繼續成長非常有信心。

This is probably a question that we can start with Reed, but you may all have a feeling about. Hulu was a pretty significant failure, I think self-admitted failure in Japan. Curious where did Hulu go wrong? Why will Netflix -- this is one of the biggest -- first major market in Asia you're going into. Why will Netflix be successful in Japan, and what are you going to do differently from the onset?

這可能是我們可以從里德開始的問題，但你們可能都有一個感覺。 Hulu 是一次相當重大的失敗，我認為在日本它已經承認了失敗。好奇Hulu哪裡出了問題？為什麼 Netflix（這是最大的市場之一）會成為您要進入的亞洲的第一個主要市場。為什麼 Netflix 會在日本取得成功？您將從一開始就採取哪些不同的做法？

Hulu had a couple of missteps. But now, today, four years later under new ownership, they are actually growing and seeing some real success in Japan. But the initial missteps were pricing was too high. It was JPY2000 or about $20 at that time a month. It had no local content. So some pretty substantial missteps.

Hulu 有一些失誤。但現在，四年後的今天，在新的所有權下，他們實際上正在成長，並在日本取得了一些真正的成功。但最初的失誤是定價太高。當時每月費用為 2,000 日元，約 20 美元。它沒有本地內容。所以有些相當重大的失誤。

In contrast, our pricing will be more aggressive than theirs was. We will have local content. We may have some local originals. We're really focused on doing a great job. We've got more experience than they had at that time.

相比之下，我們的定價將比他們的更激進。我們將提供本地內容。我們可能有一些本地原創。我們確實專注於做好工作。我們比他們當時有更多的經驗。

And Japan is a unique market because it is very brand sensitive. Japan will probably be our lowest slowest market to get to certain penetration thresholds. But it may be one of our best markets in the long-term because when the Japanese society embraces a brand, it is a very deep connection, very long term. So we're willing to make that investment knowing that it's not the quick route to success that might be in other countries.

日本是一個獨特的市場，因為它對品牌非常敏感。日本可能是我們達到某些滲透門檻最慢的市場。但從長遠來看，它可能是我們最好的市場之一，因為當日本社會接受一個品牌時，這是一種非常深刻、非常長期的聯繫。因此，我們願意進行這項投資，因為我們知道這並不是其他國家成功的捷徑。

And are you seeing the CE companies come out and support you ahead of launch?

您是否看到消費電子公司在發布前站出來為您提供支援？

Yes. The CE companies, Sony and Panasonic and Toshiba, they are all integrating Netflix into their devices. And in fact, if you go today and buy a television in Japan, it is going to have a red Netflix button on it even though we have haven't yet launched.

是的。 CE 公司，索尼、松下和東芝，他們都將 Netflix 整合到他們的設備中。事實上，如果你今天去日本買一台電視機，即使我們還沒推出，它上面也會有一個紅色的 Netflix 按鈕。

Let me -- on the international side, David, if you could talk about the profitability ramps of some of the older markets that Netflix has been in and how they have looked versus either the US historically or some of the other older international markets. What's the profitability ramp look like?

在國際方面，大衛，請您談談 Netflix 所涉足的一些老市場的盈利能力提升情況，以及它們與美國歷史上或其他一些老國際市場相比的情況。獲利能力提升情況如何？

Just like in the US, and we made some comments in the past on Canadian margin getting to a 30% threshold. We've made general steady improvements year over year. We had some headwinds this year with the VAT change in January and with some of the foreign exchange which we've denoted in the letter to give you an indication of the impact on the revenue.

就像在美國一樣，我們過去曾就加拿大利潤率達到 30% 的門檻發表過一些評論。我們逐年取得了整體穩定的進步。今年我們遇到了一些阻力，一月份的增值稅變化以及一些外匯問題，我們在信中指出了這些問題，以便讓您了解對收入的影響。

But I'd say in general, the profile and the margin profile of each market is steady growth. We want to take a measured approach to make sure we're not running ahead too fast and underinvesting in the competitiveness of our offering. But in general, it's steady growth. And in fact, we've made comments before that our consolidated markets, our wave 1 or our first wave of markets were profitable on a consolidated basis, and in this case in this quarter, we expect them to be individually as well.

但我想說，總的來說，每個市場的概況和利潤率都在穩定成長。我們希望採取審慎的方法，以確保我們不會跑得太快，也不會在我們產品的競爭力方面投資不足。但總體而言，它是穩定成長的。事實上，我們之前曾評論過，我們的合併市場、我們的第一波或第一波市場在合併的基礎上是盈利的，在本季度的情況下，我們預計它們也將單獨盈利。

In terms of your guidance going forward, there was a little bit of a surprise to us. Your international operating loss is coming down sequentially even though you do have a bunch of launches. I know some of them are in October.

就您未來的指導而言，我們有點驚訝。儘管您確實推出了一系列產品，但您的國際營運虧損正在連續下降。我知道其中一些是在十月。

I guess the question, and I don't know if you will answer it or not, I doubt that this was the peak international loss quarter, the June quarter. Is it just a timing issue and we really should see the strong content marketing cost behind those launches in the fourth quarter, or did we just peak losses?

我猜這個問題，我不知道你是否會回答，我懷疑這是國際損失高峰季度，即六月季度。這只是一個時間問題，我們真的應該在第四季度看到這些發布背後的強大內容行銷成本，還是我們只是達到了虧損頂峰？

No, you are correct. We tried to walk through that in terms of the timing. We've got a Japanese launch later this quarter. So you're going to see new content expenses and market expenses related to Japan.

不，你是對的。我們試圖根據時間安排來解決這個問題。我們將在本季晚些時候在日本推出。因此，您將看到與日本相關的新內容費用和市場費用。

And then in Q4, you will see Southern Europe, Spain and Italy launch as well, so you've got brand new launches there. So you should expect those losses to continue to work towards that, and then next year we've got rest of world. So you've got some commentary there in terms of we expect those losses to continue to grow through the year.

然後在第四季度，您還將看到南歐、西班牙和義大利也推出，因此您在那裡推出了全新的產品。所以你應該預期這些損失將繼續朝著這個方向努力，然後明年我們就會看到世界其他地方。因此，您收到了一些評論，我們預計這些損失將在今年繼續增長。

And David, is it fair to say in our plans the international losses peak next year?

大衛，在我們的計劃中說明年國際損失將達到高峰是否公平？

Yes. Absolutely.

是的。絕對地。

When you look at a year ago or basically 15 months ago, you were on this videocast talking about your disappointment that you were forced to basically pay for interconnection and sign deals first with Comcast, then Verizon, AT&T and Time Warner Cable. Today, you are announcing that you've convinced Charter Communications as part of their attempted merger or acquisition of Time Warner Cable and Bright House to give up on interconnection fees for at least a term of the potential consent decree.

當你回顧一年前或基本上15 個月前時，你在這個視頻節目中談論了你的失望，因為你被迫支付互連費用並首先與康卡斯特簽署協議，然後是Verizon、AT&T和時代華納有線。今天，您宣布，作為其試圖合併或收購時代華納有線和 Bright House 的一部分，您已說服 Charter Communications 至少在潛在同意令的一段時間內放棄互連費。

Why this issue, was this so important to you? Were you really that worried about these costs that you would support a merger simply to get settlement free peering?

為什麼這個問題對您來說如此重要？您是否真的擔心這些成本，以至於僅僅為了獲得免費對等互連而支持合併？

Rich, I think we've been really clear over the past five years that we saw interconnect fees as the potential next retrans where it starts off at very low numbers and then constantly escalates through a set of price discovery battles that impact consumers with various shutoffs to see who can take the pain. And then in general it sets up an ugly industry structure. And then in fact, settlement free was a much stronger way to go where broadband was great for what they do. We and our competitors have to be great for what we do, and we don't have to pay each other. An so we think that's the right way to go.

Rich，我認為我們在過去五年中已經非常清楚，我們將互連費用視為下一次潛在的重新傳輸，它從非常低的數字開始，然後透過一系列價格發現戰不斷升級，影響消費者的各種關閉看看誰能承受這份痛苦。總的來說，它建立了一個醜陋的行業結構。事實上，免費結算是一種更強大的方式，可以讓寬頻非常適合他們的工作。我們和我們的競爭對手必須在我們所做的事情上表現出色，而且我們不必互相付費。因此我們認為這是正確的做法。

We're thrilled that Charter is willing to commit to that across the entire portfolio. I think that is a very substantial advantage for the public in terms of the growth of broadband in the US. So are really excited about it. What it does is it frees us up from worrying about getting taxed by an ISP, and instead we get to worry about how do we make our experience better for consumers.

我們很高興 Charter 願意在整個產品組合中致力於這一點。我認為，就美國寬頻的發展而言，這對大眾來說是一個非常重大的優勢。所以我們對此感到非常興奮。它的作用是讓我們不必擔心被 ISP 徵稅，而是讓我們擔心如何為消費者提供更好的體驗。

Are there other conditions within Charter or Time Warner that you would like to see adopted from -- the government to adopt as part of a consent decree? And is there any way given how late in the game it is for you to get these types of clauses like settlement free peering into an AT&T DirecTV consent decree.

您希望政府採納《憲章》或時代華納的其他條件作為同意令的一部分嗎？考慮到遊戲已經很晚了，有沒有辦法讓你獲得這些類型的條款，例如免費查看 AT&T DirecTV 同意令。

From a broadband perspective, I think this is the right condition, and so this is the one we're focused on for Charter. And then the government is still working through potential conditions on AT&T Direct, and it would be great from our perspective now that the precedent is set and the details are clear if this merger condition proposed by Charter were also applied by the government to AT&T Direct.

從寬頻的角度來看，我認為這是正確的條件，因此這是我們在憲章中重點關注的條件。然後政府仍在研究 AT&T Direct 的潛在條件，從我們的角度來看，既然先例已經確立，細節也很明確，如果政府也將 Charter 提出的合併條件適用於 AT&T Direct，那就太好了。

Two more questions on international, one either for David or Ted. Can you just focus on the China market? And what are the variables, the key variables that determine when and how you will get into that market?

還有兩個關於國際比賽的問題，一個問大衛，一個問泰德。能不能只關注中國市場？決定您何時以及如何進入該市場的變數、關鍵變數是什麼？

Sure, Mark. I would say China continues to be its own entity in terms of the challenges and the particular characteristics of the market. We're taking our time and being deliberate in finding a path and right model to work. Just continue to stay tuned. We hope to be able to launch a service there next year. We will continue to treat it as its own territory.

當然，馬克。我想說，就市場的挑戰和特徵而言，中國仍然是自己的實體。我們正在慢慢地、深思熟慮地尋找一條可行的道路和正確的模式。請繼續關注。我們希望明年能夠在那裡推出服務。我們將繼續將其視為自己的領土。

We described it, Mark, as a modest investment once we launched. And nothing's changed since we used that word modest about our investment levels.

馬克，我們在推出後將其描述為一項適度的投資。自從我們用「謙虛」這個詞來形容我們的投資水平以來，一切都沒有改變。

Reed, you've had long-term forecasts in terms of subs going back 10 years, and you've generally been -- it seems like you've been pretty right. The trends seem to definitely support this 60 million to 90 million, the ability to park it in there somewhere.

里德，您對 10 年前的潛艇數量進行了長期預測，而且您總體上是 - 看來您的預測非常正確。趨勢似乎肯定支持這 6000 萬到 9000 萬，能夠將其停放在某個地方。

You also seem to have a lot of confidence now about a lot of your international launches, so what's that bogey? How many international subs do you think you can get to at some point in the long term?

您現在似乎對許多國際發布也充滿信心，那麼什麼是忌諱呢？您認為從長遠來看，您可以在某個時候獲得多少國際替補？

It depends upon the time frame I suppose. When we look at the global Internet, if you look at people who are in the future going to be on the Internet, are interested in video entertainment, watch some TV and have enough money to pay for service. That is a very large potential market.

我想這取決於時間範圍。當我們觀察全球網路時，如果你看看未來將上網的人們，他們對視訊娛樂感興趣，看一些電視，並且有足夠的錢來支付服務費用。那是一個非常大的潛在市場。

How much of that we will get, how relevant we will be in Turkey, how relevant we will be in Indonesia. There is very open to question, and it depends on what kind of job we can do, how well we execute. The next couple of years, we will be able to have a clearer picture of how we will do in markets that are quite different from the US.

我們將獲得多少，我們在土耳其的影響力有多大，我們在印尼的影響力有多大。這是非常有爭議的，這取決於我們能做什麼類型的工作，以及我們執行得如何。未來幾年，我們將能夠更清楚地了解我們在與美國截然不同的市場中的表現。

When you think about peering, obviously you did not get Comcast to submit to anything because the deal didn't happen. You had the deal that actually ended up being blocked. Is Comcast still a threat to Netflix given that they are the largest ISP in the country? You actively pushed for their deal to not happen, and they have no rules around interconnection as you look at it?

當你想到對等互連時，顯然你沒有讓康卡斯特屈服於任何事情，因為交易沒有發生。你的交易實際上最終被阻止了。鑑於康卡斯特是美國最大的 ISP，康卡斯特仍對 Netflix 構成威脅嗎？你積極推動他們的交易不要發生，並且在你看來他們沒有關於互連的規則？

There's lots of potential threats, and in some ways that's good for consumers that we have to compete with say Comcast's new offering called Stream. It's a potential threat on the peering interaction. The key thing about the Charter deal is it's all Internet companies that benefit -- us, Hulu, Amazon and HBO Now so that we can all compete for consumers' affection.

有許多潛在的威脅，從某些方面來說，這對消費者有利，我們必須與之競爭，例如康卡斯特的新產品 Stream。這是對等交互的潛在威脅。 Charter協議的關鍵在於，所有網路公司都將從中受益——我們、Hulu、亞馬遜和HBO Now，讓我們可以爭奪消費者的喜愛。

It's that openness to everybody that is the key thing. We can hope that over time Comcast will also get to settlement free. It hasn't happened yet. It's something that we will continue to work on.

對每個人的開放才是關鍵。我們希望隨著時間的推移，康卡斯特也能實現免費和解。這還沒有發生。這是我們將繼續努力的事情。

And maybe a follow-up for Ted. When you think about the potential combinations, you've got John Malone talking pretty openly about Lionsgate and Starz and really wanting to roll up a whole number of companies into one mega content company. You have Fox tried to buy Time Warner, I think they still want to buy Time Warner if Jeff Bewkes was open to it. But is meaningful consolidation of studios, TV studios, a risk or a threat as you look at your access to content?

也許是泰德的後續行動。當你考慮潛在的組合時，你會發現約翰馬龍非常公開地談論獅門影業和 Starz，並且非常希望將許多公司合併為一家大型內容公司。福斯試圖收購時代華納，我認為如果傑夫比克斯對此持開放態度，他們仍然想收購時代華納。但是，當您考慮內容存取時，工作室、電視工作室的有意義的整合是風險還是威脅？

Rich, I really don't think it's a threat. I think it may be inevitable in what's happening around the world today. And I just think the underlying dynamics of being -- having a great supplier relationship with people who create content, they don't change in the ownership structure.

里奇，我真的不認為這是一個威脅。我認為這對於當今世界各地正在發生的事情來說可能是不可避免的。我只是認為潛在的動力是——與內容創作者建立良好的供應商關係，他們的所有權結構不會改變。

Let me follow up, Ted, two content questions. I think, Ted, at con, you said something like 10% of your content spend is now original and you would like it to get to 50%. I think that's consistent with comments you've made in the past. Any updated thoughts on the timing and speed with which you can get to that 50/50 level?

泰德，讓我跟進兩個內容問題。我想，Ted，在 con 上，你說過你現在 10% 的內容支出是原創的，你希望它達到 50%。我認為這與您過去發表的評論是一致的。關於達到 50/50 水平的時間和速度，您有什麼最新的想法嗎？

The intent wasn't to steer you toward a percentage -- it was to steer you away from it, meaning that what we're going to do is continue to grow our content spend on original programming both in absolute numbers and as a percentage of our total spending because it's been working. It's been helping grow the brand, and more importantly, it's been driving viewing hours.

我們的目的不是引導您走向某個百分比，而是引導您遠離它，這意味著我們要做的就是繼續增加我們在原創節目上的內容支出，無論是絕對數量還是百分比。我們的總支出，因為它一直在發揮作用。它一直在幫助品牌發展，更重要的是，它一直在增加觀看時間。

Relative to how else we would spend the money, it's been a very efficient investment to program with original hours versus licensed hours, and that's why we keep pushing that out. I'm not trying to guide you to a specific percentage because at the end of the day, the total content spend doesn't change, just the slices of the pie do.

相對於我們如何花錢，使用原始時間與許可時間進行程式設計是一項非常有效的投資，這就是我們不斷推出這項計畫的原因。我並不是想引導您了解特定的百分比，因為最終，總內容支出不會改變，只是餡餅的各個部分發生了變化。

Sorry, Mark. I would just say that we're still, given our growth rate, able to grow licensed content. We're not yet at a stage where we're sacrificing or cannibalizing one for the other. The numbers that we put in there are characterizing in our long-term letter our future content budgets and the growth of those still allow for the growth of licensed content as well. It's just as Ted said a trade-off in terms of the brand implications and the efficiency for us.

對不起，馬克。我只想說，考慮到我們的成長率，我們仍然能夠增加授權內容。我們還沒到為了另一方而犧牲或蠶食另一方的階段。我們在長期信函中輸入的數字描述了我們未來的內容預算，這些預算的成長仍然允許授權內容的成長。正如 Ted 所說，這是我們品牌影響力和效率之間的權衡。

And I think being a partner with the studios and networks and more importantly being a great source for consumers to watch that programming is always going to be part of our programming mix.

我認為，成為工作室和網路的合作夥伴，更重要的是成為消費者觀看節目的重要來源，永遠將成為我們節目組合的一部分。

And Ted, one more content question and over to Rich. And Rich, if you don't ask Reed for his thoughts on the stock price, I will after that.

泰德（Ted）又問了一個內容問題，然後交給里奇（Rich）。里奇，如果你不問里德對股價的看法，我會在那之後問的。

But Ted, the Disney content that's coming on next year, at a high level, could you explain to us how much of an impact that's going to have on overall content on the site? Do you think that that content that comes on, is it material enough to actually change net sub adds? Just from a high level, what is that content that is coming on, and for a basic Netflix user, what is the so what? How excited should they be?

但是泰德，明年即將推出的迪士尼內容，您能否向我們解釋一下這將對網站的整體內容產生多大的影響？您認為出現的內容是否足以實際改變網路子添加？從較高的層面來看，即將推出的內容是什麼？對於基本的 Netflix 用戶來說，那又怎麼樣呢？他們應該有多興奮？

Disney has situated themselves around a handful of very important, very global tent-pole brands like Lucas Films. Like Pixar. Like Disney Animation. Like Marvel.

迪士尼將自己定位在盧卡斯影業等少數非常重要、非常全球化的支柱品牌。就像皮克斯一樣。比如迪士尼動畫。就像漫威一樣。

That programming causes a great deal excitement for our subscribers both in terms of viewing hours and potentially they could be subscriber events. But more likely, it's about viewing hours and people finding great things to watch. And even things that they watch repeatedly, which is why I think that deal was more important to us than any other studio output deal could have been and maybe one of the few output deals that we pursue going forward because of the nature of that programming, that very specific programming.

該節目為我們的訂閱者帶來了極大的興奮，無論是在觀看時間方面還是在潛在的訂閱者活動方面。但更有可能的是，這與觀看時間和人們發現精彩的內容有關。甚至是他們反覆觀看的內容，這就是為什麼我認為這筆交易對我們來說比任何其他工作室輸出交易都更重要，而且由於節目的性質，這可能是我們未來追求的少數輸出交易之一，那個非常具體的程式設計。

It's very complementary to our growing Marvel relationship with our Daredevil series. And households with children love and trust the Disney brand, and we love the affiliation with it.

這對我們與《夜魔俠》系列不斷發展的漫威關係非常互補。有孩子的家庭熱愛並信任迪士尼品牌，我們也喜歡與它的連結。

Does that -- playing off of that, when you think about Epix which is another output deal that you have a relationship with, you struck a deal five years ago. The first two years were exclusive, it was something that you used to help build Netflix.

是不是——以此為基礎，當你想到 Epix 這是另一個與你有關係的輸出協議時，你五年前就達成了協議。前兩年是獨一無二的，你用它來幫助建立 Netflix。

The last few years it's been nonexclusive, on both Amazon as well as Netflix. Is that important to you anymore as that contract comes up for renewal anywhere near the price you've been reportedly paying?

過去幾年，無論是在亞馬遜還是在 Netflix 上，它都不是獨家的。這對您來說還重要嗎，因為續約合約的價格接近您報道中所支付的價格？

It helped build us, and we certainly helped build Epix. And it does have a long-term conflict, which is I don't think it's in their long-term strategic best interest to have exclusive deals, and it is in ours.

它幫助建立了我們，我們當然也幫助建立了 Epix。這確實存在長期衝突，即我認為獨家交易不符合他們的長期戰略最佳利益，而這符合我們的利益。

So regardless of what happens in the short term, our long-term would be to move more towards exclusive programming, both films and series, and that deal I think would ultimately have a long-term conflict. But we want to have our viewers come to Netflix for great things that they love to watch, but we also want to be differentiated from all the other outlets.

因此，無論短期內發生什麼，我們的長期目標都是更多地轉向獨家節目，包括電影和電視劇，而我認為這項交易最終會產生長期衝突。但我們希望讓觀眾來到 Netflix 觀看他們喜歡觀看的精彩內容，但我們也希望與所有其他媒體有所不同。

So Reed and David, as you think about the stock price, I think we got a tremendous number of people asking, trying to tie back the performance. You're up well over 100% in after-hours trading year to date. Do you sense the same form or do you see the same type of euphoria that you cited in your investor letter not too long ago when you think about the stock price here, or is it warranted given your outperformance in the quarter or even year to date your performance?

所以里德和大衛，當你考慮股價時，我認為我們有很多人在詢問，試圖限制業績。今年迄今為止，您在盤後交易的漲幅遠超 100%。當你思考這裡的股價時，你是否感受到了不久前在投資者信中提到的同樣的形式或看到了同樣類型的欣快感，或者考慮到你在本季度甚至今年迄今為止的優異表現，這是有道理的你的表現？

I think it probably shows why at least I should keep my day job and not try to be a stock picker because when the stock was half this price, I described it as euphoric. So it's a mystery to me. What we focus on is how to get incredible content, stream it beautifully, market it in every country, grow the member base. And I think I'm out of the stock commentary business.

我認為這可能說明了為什麼我至少應該保留我的日常工作而不是試圖成為選股者，因為當股票價格是這個價格的一半時，我將其描述為欣快。所以這對我來說是個謎。我們關注的是如何獲得令人難以置信的內容，精美地傳輸它，在每個國家進行行銷，擴大會員基礎。我想我已經退出股票評論業務了。

Good. Rich, our jobs are safe. David, let's talk about the free cash flow in the quarter. You don't give guidance on free cash flow. Did the free cash flow loss that -- the $230 million or whatever, was that largely what you thought it would be?

好的。富有，我們的工作很安全。大衛，我們來談談本季的自由現金流。您沒有提供有關自由現金流的指導。自由現金流損失——2.3 億美元還是其他什麼——基本上就是你想像的那樣嗎？

Yes. We've done our best to indicate the trend that our free cash flow is going to diverge (technical difficulty). And that's going to get worse as we invest more and more content. So indeed that was expected. You should expect that to continue as we invest heavily in our original content which is more front-end loaded from a cash basis perspective.

是的。我們已盡力表明我們的自由現金流將出現分化的趨勢（技術難度）。隨著我們投入越來越多的內容，情況會變得更糟。這確實是預料之中的。您應該期望這種情況會持續下去，因為我們大量投資於我們的原創內容，從現金基礎的角度來看，這些內容更多是前端加載的。

We've talked in the past about a ratio of content P&L expense to content cash. And that ratio has in terms of cash over the P&L been about 1.2 or 20% higher. It's drifted up to 1.3 and peaked at 1.4. We anticipate that ratio -- it was 1.3 in the quarter. That's still holding. Those comments are still valid and that trend will continue. As we invest in original movies and things that are particularly front-end loaded, you might see that peak at 1.4, but we think that ratio is still a pretty good guide for investors.

我們過去曾討論過內容損益費用與內容現金的比率。就現金與損益而言，這一比率大約高出 1.2 或 20%。它漂移到了 1.3，並達到了 1.4 的峰值。我們預計該比率在本季為 1.3。那還是堅持著這些評論仍然有效，而且這種趨勢將繼續下去。當我們投資原創電影和前端負載特別大的東西時，您可能會看到峰值為 1.4，但我們認為這個比率對投資者來說仍然是一個很好的指導。

And David, you also put a ratio in the transcript or the release about running debt now at 4.6 times LTM EBITDA. I assume you wouldn't have put that in if that wasn't also something that you track. Do you want to comment on the upper and lower bound of acceptable -- upper and lower acceptable bands on that number?

大衛，您還在文字記錄或新聞稿中列出了目前債務負債的比率為 LTM EBITDA 的 4.6 倍。我想如果這不是你跟踪的東西，你就不會把它放進去。您想對可接受的上限和下限發表評論嗎—該數字的可接受上限和下限？

I think we put that in there, Mark, just to make -- not to have people have to do their own math as particularly debt investors on the EBITDA number. The goal of that table is to put things that people will reference and easily want to know up front. That's why we put content commitments in there as well. And that's why we put EBITDA in there.

馬克，我認為我們把它放在那裡只是為了——而不是讓人們必須自己計算 EBITDA 數字，尤其是債務投資者。表格的目標是將人們會參考並且很容易想了解的內容放在前面。這就是為什麼我們也將內容承諾放在那裡的原因。這就是我們將 EBITDA 放在那裡的原因。

I don't think we have a target range on that. We fully expect as we invest more in international and as the international losses pull the consolidated P&L down over the next few quarters that that EBITDA number will get worse. We still have high confidence in profits delivered in 2017.

我認為我們對此沒有目標範圍。我們完全預計，隨著我們在國際上的投資增加，以及國際損失導致未來幾季的合併損益下降，EBITDA 數字將會變得更糟。我們對2017年的獲利依然充滿信心。

And it's back to your earlier question about how our existing international markets are doing from a profit growth perspective. Those markets are starting to grow. Each one is better year on year. The ones that were less -- not profitable last year are going to start to be profitable and then start to contribute meaningfully to profit, and then we will see on the new markets.

這又回到了您先前的問題，即從利潤成長的角度來看，我們現有的國際市場表現如何。這些市場正在開始成長。每一個都一年比一年好。去年獲利較少的企業將開始獲利，然後開始對利潤做出有意義的貢獻，然後我們將看到新市場的情況。

We have a comment on Japan being slow. We have new markets this year growing. So we have a longer-term view on the investments, and that's been validated at least in our earlier waves. So we've got great things to come we think.

我們對日本行動緩慢有評論。今年我們的新市場不斷成長。因此，我們對投資有更長遠的看法，這一點至少在我們早期的投資浪潮中得到了驗證。所以我們認為，我們將會有偉大的事情發生。

When you think about the bundle, we've seen the bundle clearly starting to fray. Every MVPD we hear from is thinking about smaller bundles. We hearing about virtual MVPDs with smaller offerings even if Apple -- whenever Apple tries to get into the space.

當你想到捆綁時，我們會發現捆綁明顯開始磨損。我們聽到的每個 MVPD 都在考慮更小的捆綁包。即使蘋果試圖進入該領域，我們也會聽說虛擬 MVPD 的產品規模較小。

There's clearly this kind of unbundling and then a re-bundling as we see new people put packages together the way Comcast is doing with the Stream that Reed mentioned earlier or even Hulu new packaging in Showtime. Is there a way for Netflix to be part of these new bundles, or do you prefer to just have it be a pure a la carte offering standing on its own?

顯然存在這種分拆，然後重新捆綁，因為我們看到新人將軟體包放在一起，就像里德之前提到的康卡斯特對 Stream 的做法，甚至是 Showtime 中 Hulu 的新包裝一樣。 Netflix 有沒有辦法成為這些新捆綁包的一部分，或者你更喜歡讓它成為一個純粹的獨立點菜服務？

Rich, when we look around the world, NOW TV, Sky's offering is an unbundling, Presto in Australia is an unbundling. Of course you know the US examples, and it's something we've seen broadly which is the rise of Internet TV and the idea that individual apps, being able to choose and all that's coming together.

Rich，當我們環顧世界時，NOW TV、Sky 的產品是一種分拆，澳洲的 Presto 是一種分拆。當然，你知道美國的例子，這是我們廣泛看到的，即網路電視的興起以及個人應用程式、能夠選擇以及所有這些結合在一起的想法。

In terms of being in a bundle, we would always want to be separately priced. We think the service is a great value, and it's up to consumers to choose that. So it might be a billed by a provider. So for example, Orange in France does that, and it's part of your cable -- if you will -- bill. But Netflix is a line item say at $7.99 or whatever the local price is.

就捆綁銷售而言，我們總是希望單獨定價。我們認為這項服務很有價值，這取決於消費者的選擇。因此，這可能是由提供者計費的。舉例來說，法國的 Orange 就這麼做了，而且它是你的有線電視的一部分——如果你願意的話——計費。但 Netflix 是一個訂單項目，價格為 7.99 美元或任何當地價格。

And from a product standpoint, you obviously refreshed the interface for laptops and PCs. Where are we? What are the big things you are thinking about? Where do you go from here in terms of product priorities as you move into 2016?

從產品的角度來看，您顯然刷新了筆記型電腦和個人電腦的介面。我們在哪裡？您正在考慮哪些重大事情？進入 2016 年，您的產品優先順序將如何發展？

The core is really continuing to improve the personalization. Being able to more and more accurately present content on the screen whether that's a TV screen or phone screen that a consumer is just very motivated to click on and watch. We've seen tremendous benefit as we've done more and more of the big data work.

核心確實是持續提升個人化。能夠越來越準確地在螢幕上呈現內容，無論是電視螢幕還是手機螢幕，消費者都非常有動力點擊和觀看。隨著我們完成越來越多的大數據工作，我們已經看到了巨大的好處。

In addition on the user interface, we're always working on performance, usability, testing new ideas. And we've got some pretty cool stuff in the lab with multi-video streams on the television screen. We see if it tests well. I'm pretty optimistic about it. There is a ton to learn as smart TVs get better and faster, as adapters like Chromecast get better. There's a lot of innovation on the hardware side that we are taking advantage of.

除了使用者介面之外，我們還一直致力於效能、可用性、測試新想法。我們在實驗室裡有一些非常酷的東西，可以在電視螢幕上顯示多視訊串流。我們看看它是否測試良好。我對此相當樂觀。隨著智慧電視變得越來越好、越來越快，隨著像 Chromecast 這樣的適配器變得越來越好，有很多東西需要學習。我們正在利用硬體方面的許多創新。

I'd like to get back to a specific question on the ARPU or ASPs. In the script, you mentioned seeing a nice uptake in their HD two-stream plan. Any more color around that, and also on the four digital out plan, the kind of uptake you've seen for that.

我想回到 ARPU 或 ASP 的具體問題。在腳本中，您提到他們的高清雙流計劃得到了很好的採用。圍繞此的任何更多顏色，以及四個數字輸出計劃，您已經看到了這種吸收。

On our top plan, which is the ultra HD four-stream plan, there are two drivers. There are people who have big families and want to watch more than two different screens at a time. And then the driver that we're really optimistic on is ultra HD. So as more and more ultra HD TVs gets sold at major electronics outlets over the next five years, more and more people will want ultra HD.

在我們的頂級計劃（超高清四流計劃）中，有兩個驅動程式。有些人有一個大家庭，想要同時觀看兩個以上不同的螢幕。然後我們真正看好的驅動程式是超高清。因此，隨著未來五年越來越多的超高清電視在主要電子商店銷售，越來越多的人會想要超高清。

Each stream is about 15 megabits per second, so it takes a good quality Internet connection. Of course that's getting more and more reliable. So when we see those coming together, we see over time a significant percentage of our membership upgrading to get the ultra HD service again over the next couple of years.

每個串流的傳輸速度約為每秒 15 兆位，因此需要良好的網路連線品質。當然，這越來越可靠。因此，當我們看到這些融合在一起時，我們會發現隨著時間的推移，我們的會員中有很大一部分會升級，以便在未來幾年內再次獲得超高清服務。

And then one more question on pricing and particularly thoughts on global pricing. I think Reed, you mentioned in Japan trying to come in with an aggressive price point. As you think about all of the different markets you're going into, do you want to offer much lower tiered pricing plans for emerging markets, or do you want to try to maintain price integrity globally?

然後還有一個關於定價的問題，特別是關於全球定價的想法。我想里德，你提到在日本試圖以激進的價格點進入市場。當您考慮要進入的所有不同市場時，您是否想為新興市場提供更較低層次的定價計劃，或者您是否想嘗試在全球範圍內保持價格完整性？

We are somewhere in between. Most of our pricing around the world is pretty close to the US pricing. Now the recent strength in the dollar and of course when you add VAT in in some cultures, in some societies, you have to back that out. If you look at the underlying price structure at this point, we're going for a model where it is pretty similar around the world.

我們介於兩者之間。我們在全球的大部分定價都非常接近美國的定價。現在美元最近走強，當然，當你在某些文化、某些社會中加上增值稅時，你必須將其取消。如果你看看此時的基本價格結構，我們將選擇一個在世界各地都非常相似的模型。

When you think about Sandvine, I've been really surprised by the fact that Amazon, despite a pretty significant ramp in programming, still represents less than you increased your Sandvine bandwidth share over the course of the last six months. What do you attribute the fact to that no one else has really broken in despite some pretty substantial billion-dollar plus programming spend, no one else seems to be closing in on you. Why?

當您想到 Sandvine 時，我真的感到非常驚訝，儘管亞馬遜在編程方面有了相當大的增長，但在過去六個月中，您增加的 Sandvine 頻寬份額仍然少於您。儘管花費了數十億美元以上的程式費用，但沒有其他人真正闖入，但似乎沒有其他人正在接近您，您將這一事實歸因於什麼？為什麼？

I think investors are trying to understand the barrier to entry. What is so different about Netflix? Are you becoming Kleenex for Internet streaming, or how do we explain what's happening?

我認為投資者正在試圖了解進入障礙。 Netflix 有什麼不同？您是否正在成為互聯網串流媒體領域的面紙，或者我們如何解釋正在發生的事情？

Amazon is growing very quickly in terms of total viewing hours. But so are we. And so what's happening is everyone's maintaining their relative share. But the total amount of Internet viewing is growing at a very vigorous rate.

亞馬遜的總觀看時長成長非常快。但我們也是。因此，每個人都在維持自己的相對份額。但網路觀看總量正在以非常強勁的速度成長。

So I think they are experiencing significant success in their investments as is Hulu. I think we will see that with HBO Now because there's this massive move from linear programming on to the Internet.

所以我認為他們和 Hulu 一樣在投資上取得了巨大的成功。我認為我們會透過 HBO Now 看到這一點，因為線性節目正在轉移到網路上。

If you mean why is our share not compressed, that's a series of reasons. That's certainly the brand one, the Kleenex-type reason that you mentioned that leadership, gets conversation about leadership. It's also our only business. So we're totally focused on making a great consumer experience as an entertainment experience, and that's an advantage.

如果你的意思是為什麼我們的份額沒有被壓縮，那就是一系列的原因。這當然是品牌原因，你提到領導力的面紙式原因引發了關於領導力的討論。這也是我們唯一的生意。因此，我們完全專注於打造出色的消費者體驗作為一種娛樂體驗，這是一個優勢。

So there's a number of those factors. And we don't take it for granted. Those kinds of numbers can switch at any time. So we have to really continue to double down to do new things.

所以有很多這樣的因素。我們並不認為這是理所當然的。這些數字可以隨時切換。因此，我們必須繼續加倍努力去做新事情。

I think when you look for example at the original movie work that Ted's been doing, it is pretty incredible. You will see with Beasts of No Nation is very intense Oscar-caliber amazing film. And then with Crouching Tiger and War Machine with Brad Pitt coming, some really major big-ticket studio films debuting on Netflix around the world at the same time. So we're continuing to try to raise the ante to get better at what we do. I think that's the key to continuing to hold on to our share as the whole Internet TV market grows.

我認為，當你看一下泰德一直在製作的原創電影作品時，你會發現它非常令人難以置信。你會看到《無國之獸》是一部非常激烈的奧斯卡等級的精彩電影。隨著布萊德彼特主演的《臥虎藏龍》和《戰爭機器》的上映，一些真正重要的大製作電影將同時在全球 Netflix 上首映。因此，我們將繼續努力提高賭注，以更好地完成我們的工作。我認為，隨著整個網路電視市場的成長，這是繼續保持我們份額的關鍵。

And when you think about the opportunity that you have for Internet TV, is there a way to think about how many more markets you can open up this year? I think you obviously talked about the Q3 launches. Are there Q4 launches that could still happen that have not yet been announced? We've gotten that question from several people.

當你思考網路電視的機會時，有沒有辦法思考今年你還可以開拓多少市場？我認為您顯然談到了第三季的發布。是否還有尚未宣布的第四季發布仍然可能發生？我們已經從幾個人那裡收到了這個問題。

For Q4, we're focused on Spain, Portugal and Italy. Q3 being Japan.

第四季度，我們專注於西班牙、葡萄牙和義大利。 Q3是日本。

Nothing else before year end?

年底前沒有別的事情嗎？

That's right. That's really going to be a big focus item in those markets for us these next two quarters. Nothing else before year end.

這是正確的。對我們來說，未來兩個季度這確實將成為這些市場的一大焦點。年底前沒有別的事。

And is there anything else outside the US that wouldn't actually happen when you talk about international? Are there actual markets, anything of any substance that wouldn't happen in 2016?

當你談論國際時，還有什麼在美國以外實際上不會發生的事情嗎？是否存在 2016 年不會發生的實際市場？

We hope to open the entire rest of the world in 2016. So China, again, we still have some things to figure out. So I suppose that's possible. But in the rest of the world, were pretty confident that will open. And then we will have to see how successful we are in Poland, and to see how successful we are in Indonesia. So there's still a lot of work to do.

我們希望在 2016 年開放世界其他地區。因此，在中國，我們仍然有一些事情需要解決。所以我想這是可能的。但在世界其他地方，我們非常有信心能夠開放。然後我們必須看看我們在波蘭有多成功，以及我們在印尼有多成功。所以還有很多工作要做。

A question for Ted, a specific one just on the Crouching Tiger. I think this question came in. I think that was pushed out, the launch date for that was pushed out. Any color around that?

問特德一個問題，一個關於臥虎藏龍的具體問題。我認為這個問題出現了。我認為這個問題被推遲了，發布日期也被推遲了。周圍有什麼顏色嗎？

And I think that will be the first one that will be released both on Netflix and in theaters, and it sounds like you want to do a few others that way. Is there greater concern on your part to make sure you get it right, or are there other factors?

我認為這將是第一部同時在 Netflix 和戲院上映的電影，而且聽起來你也想以這種方式製作其他一些電影。您是否更關心確保正確行事，還是還有其他因素？

There were a few other factors. One is that we're going to have a premier of Crouching Tiger Hidden Dragon 2 in China. It will premier on several screens in China in 3D, and we wanted to line it up with a better window in that way. Give the film a little more time. We also picked up a couple of extra production days to expand on the scope of the film. We're really happy with how it's coming out, and that window just lined up perfectly.

還有其他一些因素。一是《臥虎藏龍2》將在中國首映。它將在中國的多個螢幕上以 3D 形式首映，我們希望以這種方式將其與更好的窗口對齊。給電影多一點時間。我們還額外花了幾天時間來擴大電影的範圍。我們對它的結果非常滿意，而且那個窗口完美地排列在一起。

On the releasing in theaters, I think for us it's mostly symbolic. I think it's important for people to understand that these movies are not TV movies. They're on the same size and scale and scope of the movies that you see in theaters. So one way to do that is to have them in theaters sometimes.

關於在戲院上映，我認為對我們來說這主要是像徵性的。我認為人們了解這些電影不是電視電影很重要。它們的大小、規模和範圍與您在電影院看到的電影相同。因此，一種方法就是有時讓它們在劇院上映。

I think the movies as they go will be attractive enough that theater owners will want to book them in their theaters at the same time that they're on Netflix. But in terms of -- I wouldn't move around to optimize for the theatrical window. So that's really not the driver. This afforded us to do a premiere a few days early in China and helped to launch the film and the film brand around the world.

我認為這些電影將具有足夠的吸引力，而戲院老闆會希望在 Netflix 上同時在自己的戲院預訂這些電影。但就——我不會四處走動來優化影院窗口。所以這確實不是司機。這使我們能夠提前幾天在中國進行首映，並有助於在全球範圍內推出這部電影和電影品牌。

We probably have time for two more questions here, Mark.

馬克，我們可能還有時間再問兩個問題。

Let me ask one question, and Rich, you get the last one. David, you talked a little bit about the global rights deals. And the implications of that for the P&L. Just a little bit more color there.

讓我問一個問題，里奇，你回答最後一個問題。大衛，你談到了全球版權交易。以及這對損益表的影響。只是那裡的顏色多一點。

Do global rights deals as you do more and more of those, do those allow international margins long-term to rise up and maybe exceed even US levels, and when would we actually see some nice margin boost because of global rights deals. Is that three or four years out?

當你做越來越多的全球版權交易時，這些交易是否會讓國際利潤率長期上升，甚至可能超過美國的水平，我們什麼時候才能真正看到由於全球版權交易而帶來的利潤率大幅提升。那是三、四年了嗎？

Mark, this is probably a combo for Ted as well, so I will take the first part and then he can comment. But generally it will take a while. The move towards a global right will be one that will take a few years to really flow through similarly to our move towards exclusivity.

馬克，這可能也是泰德的一個組合，所以我會講第一部分，然後他可以發表評論。但一般會需要一段時間。走向全球權利的進程將需要幾年的時間才能真正實現，就像我們走向排他性的進程一樣。

And in terms of the P&L implications for international margins, it really is going to be more about the penetration growth and the rate of growth in that market to begin with. But sure, long-term we could see some benefits in terms of back to the earlier questions on the benefits of a global distribution, if we produce a piece of content that is consumed around the world, certainly there are benefits to being able to distribute that globally. And then Ted, I don't know if you have any comments that you wanted to pile on that.

就損益表對國際利潤率的影響而言，首先實際上更多的是該市場的滲透率成長和成長率。但可以肯定的是，從長遠來看，我們可以看到一些好處，回到之前關於全球發行的好處的問題，如果我們製作了一段在世界各地消費的內容，那麼能夠分發肯定會有好處全球範圍內。然後，特德，我不知道你是否有任何想要對此發表的評論。

Just the mechanics of it are simply that we try to gain more marginal subscription revenue and more marginal viewing hours than the marginal cost to pick up the rest of those rights and the rest of those territories. And there's been some -- we've been so encouraged by the international success of all of our original programming and other proof points like seeing Jurassic World open number one in all 66 theatrical markets around the world that if you get the content mix right, you can build the demand for it around the world in a pretty equal basis relative to the population. It's a pretty exciting opportunity, and we think there's a lot more.

其機制很簡單，我們試圖獲得更多的邊際訂閱收入和更多的邊際觀看時間，而不是獲得其餘這些權利和其餘地區的邊際成本。我們所有原創節目在國際上取得的成功以及《侏羅紀世界》在全球 66 個影院市場中排名第一等其他證明點讓我們深受鼓舞，如果內容組合得當，你可以在世界各地相對於人口相當平等的基礎上建立對它的需求。這是一個非常令人興奮的機會，我們認為還有更多機會。

When you look at the programming investments that you have made and the impact it's had on streaming hours, wondering if Reed could give us a quick update on where you stood in the quarter for total global streaming hours across your user base and just how different or how much of a gap is there between what a US subscriber is streaming per day and an international subscriber to understand the impact of your programming.

當您查看您所做的節目投資及其對串流媒體時長的影響時，想知道里德是否可以向我們提供有關您在本季度用戶群中全球串流媒體總時長的快速更新信息，以及有何不同或不同之處。美國訂戶每天的串流內容與國際訂戶每天的串流內容之間存在多大差距，以了解您的節目的影響。

Rich, US varies somewhat from Mexico varies somewhat from Norway, but if you look at them all on a graph, it's a big cloud. They're all pretty similar. The US is not unique compared to the range that we see around the world.

富有，美國與墨西哥有所不同，與挪威有所不同，但如果你在圖表上看它們，你會發現這是一個大雲。他們都很相似。與我們在世界各地看到的範圍相比，美國並不獨特。

With each programming investment, we not only increase the viewing and increase the satisfaction, but we learn -- is that the kind of programming we should do more of. So you really want to think of us as just a learning machine in terms of the programming, the variety of what we've done. We get so much data about how people watch, how fast they watch, that it really propels our programming.

透過每項節目投資，我們不僅增加了觀看次數和滿意度，而且我們了解到——這就是我們應該做更多的節目。因此，就程式設計和我們所做的事情的多樣性而言，您確實希望將我們視為一台學習機器。我們獲得了大量有關人們觀看方式、觀看速度的數據，這確實推動了我們的節目製作。

No update to the [10 billion]?

【百億】沒更新了？

No update to the 10 billion. We will wait till we get to some nice fun and big number. But in terms of binge viewing, of course the most important thing about this call is to let you know that Friday, BoJack Horseman Season 2 launches on Friday. So we hope that everyone will have a great binge weekend on one of the most incredible shows. And it's kind of controversial when I quoted on this call Aaron Paul a couple of years ago, so I will stay away from the bad word. It is a delicious show.

沒有更新到100億。我們會等到一些有趣且大的數字。但就收視率而言，這次電話會議最重要的當然是讓大家知道，《馬男波傑克》第二季將於週五上映。因此，我們希望每個人都能在最令人難以置信的節目之一中度過一個愉快的狂歡週末。幾年前，當我在這次電話會議上引用亞倫·保羅的話時，這是有爭議的，所以我會避免使用髒話。這是一場美味的表演。

Thanks you guys. That is all.

謝謝你們。就這些。