Netflix Inc (NFLX) 2015 Q4 法說會逐字稿

Welcome to the Netflix Q4 2015 earnings call. I'm David Wells, CFO. I'm joined on my right by Reed Hastings, our CEO, and Ted Sarandos, our Chief Content Officer. Interviewing us today will be Peter Kafka from Re/code and Ben Swinburne from Morgan Stanley. Just a reminder, a cautionary statement that we will be making forward-looking statements and actual results may vary. Over to the first interview question.

歡迎參加 Netflix 2015 年第四季財報電話會議。我是財務長大衛威爾斯。在我右邊的是我們的執行長里德·黑斯廷斯 (Reed Hastings) 和我們的首席內容官特德·薩蘭多斯 (Ted Sarandos)。今天採訪我們的是 Re/code 的 Peter Kafka 和摩根士丹利的 Ben Swinburne。請注意，我們將做出前瞻性陳述，但實際結果可能會有所不同。回到第一個面試問題。

I'll start out. Maybe for Reed and the team, let's -- can you reflect on the fourth-quarter results for us that we're all going through right now? In particular, talk about the international strength. You mentioned you were pleased with the October -- September, October launches, so can we infer that the outperformance versus your expectations maybe came from those areas? Or any color you can give us on the international strength to start us off.

我就開始吧。也許對里德和他的團隊來說，讓我們——你能為我們反思一下我們現在正在經歷的第四季度的業績嗎？尤其是講國際實力。您提到您對 10 月、9 月、10 月的發布感到滿意，那麼我們是否可以推斷出超出您預期的表現可能來自這些領域？或者您可以給我們任何關於國際實力的顏色來讓我們開始。

We've got over 50 countries in Q4, so we've had a lot of experience, Ben, at predicting these markets, and then we launched in Japan in early September and Spain, Portugal, and Italy in mid-October. I'd say they've gone very well, as we said in the letter. In terms of the outperformance, it was pretty broad-based, many different contributors around the world to that. What we're seeing basically is that this on demand Internet TV watch whenever and wherever you want, it's very popular wherever you go in the world.

我們在第四季度已經涵蓋了 50 多個國家，因此我們在預測這些市場方面擁有豐富的經驗，Ben，然後我們在 9 月初在日本推出，並於 10 月中旬在西班牙、葡萄牙和義大利推出。我想說，正如我們在信中所說，他們進展順利。就表現而言，它的基礎相當廣泛，世界各地有許多不同的貢獻者。我們所看到的基本上是，這種點播網路電視可以隨時隨地觀看，無論您走到世界的任何地方，它都非常受歡迎。

Just taking that question over to the US for you or also maybe for David, a little bit lighter this quarter than your guidance or budget. Talk to us a little bit about the churn, connects dynamic, and anything you'd want to add around credit card chip sets or any other issues you want to bring up around Q4 performance in the US.

只是將這個問題轉交給美國，為您或大衛，本季比您的指導或預算要輕一些。與我們談談客戶流失、連接動態以及您想在信用卡晶片組方面添加的任何內容，或者您​​想在美國第四季度的表現中提出的任何其他問題。

Q4 I would say was pretty close to our projection. We were literally within hours of it. But so we did anticipate that net additions would be lighter year on year. I would say the credit card was a background issue in Q3, continues to be a background issue. But the larger thing is that it's just the next 50 million are a little harder than the first 50 million in terms of growth, and we're doing everything on the content side, on the product side. We're continuing to improve that service. But you're seeing that the law of large numbers when you grow steady at 5 million, 6 million net additions a year on a larger number, then that percentage growth is smaller year over year, and that's what we predicted and that's what you see in our guide for Q1 as well.

我想說第四季非常接近我們的預測。我們實際上在幾個小時之內就到了。但我們確實預期淨增量年會減少。我想說信用卡是第三季的一個背景問題，並且仍然是一個背景問題。但更重要的是，就成長而言，接下來的 5,000 萬比前 5,000 萬要困難一些，而我們正在內容方面、產品方面做一切事情。我們正在繼續改進該服務。但你會看到，大數定律當你以每年500 萬、600 萬的淨增數穩定成長時，這個數字就更大了，那麼百分比成長會逐年變小，這就是我們的預測，這就是你所看到的也在我們的第一季指南中。

Hey, guys, last quarter you said credit card issues were a background issue. This quarter you say that they're a background issue. How long do you anticipate this is going to be a problem for you? Additionally, any sense of why you're the only major consumer Company that's called this out as a problem?

嘿，夥計們，上個季度您說信用卡問題是一個背景問題。本季您說它們是一個背景問題。您預計這將成為您的問題多久？此外，您是否知道為什麼您是唯一一家將此視為問題的主要消費公司？

Well, I don't think we're -- Peter, this is David. I don't think we're the only one. I think because we're a recurring merchant, anywhere from 5 to 10 basis points, 15 basis points is sensitive to us. We have optimized. We've spent a lot of time optimizing our recurring billing systems and our approach, and so we're very sensitive to it. Again, it's a small thing. I think we want to focus on the larger things and not the small things. We anticipate that the EMV rollout will continue into 2016, into Q1 and Q2, and we'll always have even globally these issues where there's mass reissues of things and disruptions in the recurring systems that we have.

嗯，我不認為我們是──彼得，這是大衛。我不認為我們是唯一的。我認為，因為我們是經常性商人，所以 5 到 10 個基點之間的任何地方，15 個基點對我們來說都很敏感。我們已經優化了。我們花了很多時間來優化我們的定期計費系統和方法，因此我們對此非常敏感。再說一遍，這是一件小事。我認為我們要關注更大的事情而不是小事。我們預計 EMV 的推出將持續到 2016 年第一季和第二季度，即使在全球範圍內，我們也總是會遇到這些問題，即大量重新發布事物以及我們現有的重複系統出現中斷。

So this may fall under the small thing category, but last quarter you added iOS sign ups. Any impact, surprising one way or another from that?

因此，這可能屬於小事類別，但上季度您添加了 iOS 註冊。有什麼影響，令人驚訝嗎？

We've always been able, customers have always been able to sign up on iOS, but they had to do it in the mobile web Safari browser. Now they can do it in app, and it's a positive. It's not transformational, but it's a really nice positive, in particular in new markets as we expand around the world. Where we're less known and less trusted the comfort for customers in terms of using the Apple payment mechanism versus entering their international credit card information is helpful. So think of it as one more in a long list of great payment options that we have.

我們一直能夠，客戶一直能夠在 iOS 上註冊，但他們必須在行動網路 Safari 瀏覽器中進行註冊。現在他們可以在應用程式中做到這一點，這是一個積極的方面。這不是變革性的，但它是一個非常好的積極因素，特別是在我們向全球擴張的新市場中。在我們知名度和信任度較低的地方，讓客戶放心使用 Apple 支付機製而不是輸入國際信用卡資訊是有幫助的。因此，請將其視為我們擁有的一長串出色支付選項中的又一個。

Reed, I want to come back to the outlook and the Q1 guidance, in particular, starting with international. You mentioned in the letter the 2016 markets are -- you're playing the long game here, but the guidance is obviously impressive and well above expectations. Are the 2016 launches a big contributor to what you're expecting in Q1 and for the year internationally? Or is this continued momentum building on the existing markets? Any color you can share there?

里德，我想回到展望和第一季的指導，特別是從國際開始。您在信中提到，2016 年的市場是——您正在打一場持久戰，但指導顯然令人印象深刻，遠高於預期。 2016 年的發布是否對您對第一季和今年國際市場的預期做出了重大貢獻？或者這種持續的勢頭是建立在現有市場的基礎上的嗎？有什麼顏色可以分享嗎？

Yes, it's a lot of both. Obviously, our global guides for over 6 million net additions will be a record for Netflix, and so we're super excited about that. And what's amazing is we're seeing some of our new shows like Making a Murderer not only be huge here in the US, but it's emerging as a big hit around the world for us. You kind of expect Jessica Jones to carry internationally. What's been phenomenal about Ted's team's programming is that these more unusual content titles have also had great draw around the world.

是的，兩者都有很多。顯然，我們的全球指南淨增人數超過 600 萬，這將創下 Netflix 的紀錄，因此我們對此感到非常興奮。令人驚訝的是，我們看到一些新節目，例如《製造殺人犯》，不僅在美國大受歡迎，而且在全世界範圍內也大受歡迎。你有點期望傑西卡瓊斯能夠走向國際舞台。 Ted 團隊的節目的驚人之處在於，這些更不尋常的內容標題也在世界各地產生了巨大的吸引力。

And let me just ask you about the US, just to pick up on David's comments about the next 50 million. So what are you doing as a management team, maybe to Ted on the content side, what is your research telling you about the people who actually don't have Netflix today? Is there some genre that's not being addressed well enough? Is there a distribution decision you guys need to make to go after that? What are you doing to maybe go after that other opportunity in the US market?

讓我問一下美國的情況，順便了解大衛對接下來的 5000 萬人口的評論。那麼，作為一個管理團隊，你在做什麼，也許對 Ted 在內容方面，你的研究告訴你關於今天實際上沒有 Netflix 的人們的哪些信息？是否有一些類型沒有得到足夠好的解決？你們需要做出分配決定嗎？為了尋求美國市場的其他機會，您正在做什麼？

Well, David's a big thinker, so he's thinking about the next 50 million, but I'll stick with the next 5 million. And when we can clearly see the next 5 million, it's -- I've been hearing a lot about it but nothing yet has compelled me to join. And so the big driver is getting people excited about whatever title we have and then making it easy for them to join. Whether it's integrating on the smart TV or integrated into the MVPD set-top or the Apple TV, those are the things that make it easy to fulfill that desire. But the underlying desire is for these new titles, which is why we're so excited about the year coming and the content that Ted's team's put together. Maybe you could talk about some of the big hallmarks we have in the next few months.

嗯，大衛是一個偉大的思想家，所以他正在考慮接下來的 5000 萬，但我會堅持接下來的 500 萬。當我們可以清楚地看到接下來的 500 萬時，我已經聽到了很多關於它的消息，但還沒有什麼能迫使我加入。因此，最大的推動力是讓人們對我們擁有的任何頭銜感到興奮，然後讓他們更容易加入。無論是整合到智慧電視上還是整合到 MVPD 機上盒或 Apple TV 中，這些都可以輕鬆實現這一願望。但潛在的願望是對這些新遊戲的渴望，這就是為什麼我們對即將到來的一年以及 Ted 團隊整理的內容如此興奮。也許您可以談談我們在接下來的幾個月中的一些重大標誌。

Just upcoming in this quarter, you're going to see something that we -- as we were pleasantly surprised by how excited the world is over Fuller House. This upcoming, you asked about different kinds of programming for the next 50 million or 5 million, depending on your level of aggression, that you're getting more and more mainstream in some ways with the programming. But as a function of breadth, as a function of doing more for all tastes. So opening that up to include multi-camera sitcoms like The Ranch, like Fuller House. We have also a really great single camera sitcom with Will Arnett called Flaked and the fourth season of House of Cards. You've got all this kind of breadth. Just in a single quarter we're releasing more programming than most networks will in their whole year.

本季即將推出，您將看到我們的一些東西，因為我們對全世界對《歡樂滿屋》的興奮感到驚訝。在即將到來的節目中，您詢問了未來 5000 萬或 500 萬的不同類型的節目，具體取決於您的侵略程度，您的節目在某些方面變得越來越主流。但作為廣度的功能，作為為各種口味做更多事情的功能。因此，將其開放，包括多鏡頭情境喜劇，如《牧場》、《歡樂滿屋》。我們還有威爾阿奈特主演的一部非常棒的單機情境喜劇《Flaked》和《紙牌屋》第四季。你有這樣的廣度。僅在一個季度內，我們發布的節目就比大多數電視網全年發布的節目還要多。

And being pleasantly surprised that shows that are not necessarily all in English are being embraced by US audiences, which is one of those things that has been rolling around in Hollywood for a long time that US folks don't watch subtitles.

令人驚訝的是，不一定全是英文的節目受到了美國觀眾的歡迎，這是好萊塢長期以來一直流傳的美國人民不看字幕的事情之一。

The continuing success of Narcos in the US, where this primarily Spanish language show that's being watched in enormously mainstream numbers in the US.

《毒梟》在美國持續取得成功，這部主要是西班牙語的節目在美國受到了許多主流觀眾的觀看。

For Reed and Ted, since last quarter, several of your suppliers, most specifically Time Warner and FOX, have been even more explicit about their desire to pull back in the amount of content they sell to you. Has that caused you to accelerate your original programming or were you already on that same trajectory?

對於 Reed 和 Ted 來說，自上個季度以來，您的幾家供應商，尤其是時代華納和福克斯，已經更加明確地表示希望減少向您出售的內容數量。這是否導致您加快了最初的編程速度，或者您已經處於相同的軌道上？

We've been on the trajectory to accelerate original programming. I mentioned a couple weeks ago we're going to launch 600 hours of new original programming this year alone. So it is a function of as our budget continues to grow, as our subscriber base grows, we are licensing programming and we're creating programming. As a percentage of our spend, the original spending is growing, but as an absolute, their licensing dollars are continuing to grow as well. And FOX is an important vendor for us, just like they all are. We're also a very important source of revenue for them.

我們一直走在加速原始程式設計的軌道上。幾週前我提到過，光是今年我們就將推出 600 小時的原創原創節目。因此，隨著我們的預算不斷增長，隨著我們的訂戶群不斷增長，我們正在許可節目並創建節目。作為我們支出的百分比，原始支出正在成長，但從絕對值來看，他們的授權費用也在持續成長。和其他供應商一樣，FOX 對我們來說也是一個重要的供應商。我們也是他們非常重要的收入來源。

If that rhetoric was less intense, if they weren't out there saying, look, we're going to stop selling to SVOD, would you be pulling back on original spending?

如果這種言論不那麼激烈，如果他們沒有說，看，我們將停止向 SVOD 銷售，你會削減原來的支出嗎？

No, I think we've -- the positives that are come from original spending have been tremendous in terms of our international growth, in terms of really distinguishing and differentiating Netflix from an explosion of SVOD services.

不，我認為，就我們的國際成長而言，就真正將 Netflix 與爆炸性的 SVOD 服務區分開來而言，原始支出帶來的正面影響是巨大的。

And then what do you think about the Marvel relationship? Do you see expanding that one or is that going to stay steady where it is right now?

那你對漫威的關係有何看法？您是否認為會擴大這一規模，還是會維持目前的穩定狀態？

It's a pretty expansive relationship already. We have five different series. Going in, we just announced yesterday that we're going to a second season of Jessica Jones. When you look at those five series with multiple seasons, plus the crossover season of The Defenders, it's a huge commitment and all the way along the way you're going to be introducing new characters who have the potential to spin off and grow that relationship even further. So it's very important for Marvel; it's very important for Disney.

這已經是一種相當廣泛的關係了。我們有五個不同的系列。昨天我們剛剛宣布我們將觀看《傑西卡瓊​​斯》的第二季。當你看到這五個系列的多個季節，加上《捍衛者聯盟》的跨界季節時，這是一個巨大的承諾，並且一路走來，你將引入新角色，他們有潛力衍生並發展這種關係更深入。所以這對漫威來說非常重要；這對迪士尼來說非常重要。

And for us.

對於我們來說。

And for us, absolutely.

對我們來說，絕對是如此。

Just Ted, sticking with you on content, why the callout of family programming, emphasis in the letter? Any comment around what you're doing maybe differently there? And now that you have a quarter behind you with some of your movies in the market what did you learn? How does that change your appetite around film?

特德，堅持內容，為什麼在信中強調家庭規劃？對於你正在做的事情有什麼評論可能會有所不同嗎？現在你的一些電影在市場上已經落後了四分之一，你學到了什麼？這如何改變您對電影的興趣？

The reason we called it out is to acknowledge that there is a large volume of specifically of kids programming coming out. When normally people think of Netflix original programming, they'd be thinking about our sophisticated dramas and adult comedies more so than our kids programming. But quietly, we've been amassing a very big selection of original kids programming on Netflix, Kidscreen magazine just voted Netflix the number one outlet for kids programming on television, which we're really proud of. And that's going to continue to grow. We're also looking to grow categories like Fuller House, which are programming that are watched together. Parents watching a show that their kids love, that they don't just tolerate but they enjoy too. And it's a real underserved market, and that's why we called that out specifically.

我們之所以提出這一點，是因為我們承認有大量專門針對兒童的節目正在問世。通常，當人們想到 Netflix 原創節目時，他們會想到我們的精緻電視節目和成人喜劇，而不是我們的兒童節目。但我們一直在悄悄地在 Netflix 上收集了大量精選的原創兒童節目，《Kidscreen》雜誌剛剛將 Netflix 評選為兒童電視節目排名第一的渠道，我們對此感到非常自豪。而且這數字還會持續成長。我們也希望發展像《歡樂滿屋》這樣的類別，這是可以一起觀賞的節目。父母觀看孩子們喜歡的節目，他們不僅能忍受，而且也喜歡。這是一個真正服務不足的市場，這就是我們特別指出的原因。

On the movie side, it was a great first swing I think with Ridiculous 6 and Beasts of No Nation. Beasts of No Nation is in the discussion about the Oscars. It didn't quite make it there, but got picked up nominations in almost every other category. The viewing we are thrilled with around the world and have been -- continue to be thrilled with as we've expanded into new territories, both Ridiculous 6 and Beasts of No Nation are watched in huge numbers in all of our new territories. We're really excited by it, and we've got an aggressive slate in 2016 to keep pushing on it.

在電影方面，我認為《荒唐六號》和《無國之獸》是個很棒的第一次。 《無國之獸》正在討論奧斯卡獎。它沒有完全成功，但幾乎在所有其他類別中都獲得了提名。我們對世界各地的收視率感到興奮，隨著我們擴展到新的地區，我們將繼續為此感到興奮，《荒謬 6》和《無境之獸》在我們所有的新地區都有大量觀眾觀看。我們對此感到非常興奮，並且我們在 2016 年制定了積極的計劃來繼續推動這一目標。

Shifting over to the hours data, Reed, that you gave in Las Vegas and then some in the letter, this comes up every quarter, people trying to understand the penetration growth curve in these international markets. So if you look at the European markets where you gave the subscriber number last fall, I think penetration growth's been relatively light so far, certainly versus, say, the UK, which was much stronger. What are you guys doing, maybe you and David, as you think about trying to accelerate the growth in some of these markets that have been tougher out of the gate? And what are the characteristics that we as investors and analysts should look at in these markets to understand the dynamics that drive these growth rates over time?

轉向小時數據，里德，你在拉斯維加斯提供的，然後是信中的一些數據，每個季度都會出現，人們試圖了解這些國際市場的滲透率成長曲線。因此，如果你看看去年秋天提供的訂戶數量的歐洲市場，我認為到目前為止滲透率增長相對較小，當然與英國等國家相比，英國的滲透率增長要強勁得多。當你們考慮嘗試加速其中一些一開始就比較困難的市場的成長時，你們在做什麼，也許是你們和大衛？作為投資者和分析師，我們應該關注這些市場的哪些特徵，以了解隨著時間的推移推動這些成長率的動態？

The first year in the UK was a really tough market. So it's usually successful for us now, but it's not true that it always was. We saw the same thing in Brazil for different reasons. So being light in the beginning doesn't worry us a bit. And what we've seen in market after market like Spain, Italy, France, Germany, is this building momentum as we do more and more local content. We've got this amazing show Marseille coming out in May that I think will really uplift the way our French members think about us and non-members, in particular. So we're really looking forward to that. So it's a natural building cycle. And I think the way you should model it is pretty consistent growth in all of the territories. The variation is pretty modest, again, if you time adjust it from whenever we launch.

在英國的第一年是一個非常艱難的市場。所以現在對我們來說通常是成功的，但情況並非總是如此。由於不同的原因，我們在巴西看到了同樣的事情。所以一開始很輕並不會讓我們擔心。我們在西班牙、義大利、法國、德國等市場看到，隨著我們製作越來越多的本地內容，這種勢頭正在增強。我們將在五月推出這部精彩的節目《馬賽》，我認為這將真正提升我們的法國會員對我們和非會員的看法。所以我們真的很期待這一點。所以這是一個自然的建築週期。我認為你應該建模的方式是在所有地區保持一致的成長。同樣，如果您從我們發佈時開始調整它，那麼變化相當小。

And just on your time spent number, I think we calculated in the fourth quarter anyway about a 12% increase per average sub year over year, which is impressive given you added a lot of new international markets. Anything you can tell us about the highest versus the lowest and whether all markets are still growing? It would appear that the US is still growing, which is impressive. Maybe you could talk about that a little bit.

就您花費的時間而言，我認為我們在第四季度計算出平均每年同比增長 12％，考慮到您增加了許多新的國際市場，這令人印象深刻。您能告訴我們關於最高與最低的情況以及所有市場是否仍在成長嗎？看來美國仍在成長，這是令人印象深刻的。也許你可以稍微談談這一點。

Well, we're continuing to invest more in content, more in platforms in terms of the performance and the speed and the services growing. So I think it's natural that we're continuing to grow on all those dimensions on the per membership basis as the service matures and the idea. Think about smartphone usage now compared to 10 years ago. Of course, the number of smartphones is up, but the usage and utility is up. I think we've only scratched the surface. Netflix is a tiny percentage of all video viewing today. We have tremendous potential growth ahead of us if we can continue to execute, if we can continue to produce great shows to have this global launch with no snafus. There's a lot of hard execution, but the market potential is really quite large.

嗯，我們將繼續在內容、平台上進行更多投資，以提高效能、速度和服務的成長。因此，我認為隨著服務和理念的成熟，我們在每個會員的基礎上在所有這些維度上繼續發展是很自然的。與 10 年前相比，想想現在的智慧型手機使用情況。當然，智慧型手機的數量正在增加，但使用率和效用也在增加。我認為我們只觸及了表面。 Netflix 在當今所有影片觀看中只佔很小的比例。如果我們能夠繼續執行，如果我們能夠繼續製作精彩的節目，讓這次全球發布順利進行，我們將擁有巨大的成長潛力。執行起來有很多困難，但市場潛力確實相當大。

I would only add that the more content that we're adding, the more likely you're going to land on a show that somebody can't live without. I think that's what you're seeing as we're expanding in not just the volume of content but also the breadth of genres that we're covering in our original shows and our original movies.

我只想補充一點，我們添加的內容越多，你就越有可能登上一個讓人無法離開的節目。我認為這就是您所看到的，因為我們不僅擴大了內容的數量，而且擴大了我們在原創節目和原創電影中涵蓋的類型的廣度。

Reed, when we talked a couple weeks ago, in addition to India you called out Philippines, Saudi Arabia as particularly important markets for you. Anything else you want to emphasize in terms of the 130 plus countries you rolled out a couple weeks ago?

里德，幾週前我們交談時，除了印度之外，您還指出菲律賓、沙烏地阿拉伯是對您來說特別重要的市場。對於幾週前推出的 130 多個國家/地區，您還有什麼想強調的嗎？

Those are a number of countries that have language match, so Philippines a lot of people speak English. We have English-language content. We have subtitles in Arabic. I know we've translated our service in Arabic, so that's a good match for Saudi Arabia. And then in much of the world, Russia, Poland, central and Eastern Europe, we're still only in English. We have got a ways to go over the next two years. We'll keep adding more languages and make the service more relevant. So we look at it in two categories where we've got language match and where we don't yet. We're seeing both at growth but more substantial growth in those obviously where we have language match. And then beyond language, we have work to do on payments in terms of in each country, there are often local payments or different traditions around payments that we'll start to work on. Think of it as we've really begun on the international or global expansion, rather than it's all sewed up and we're all complete on it.

這些國家有很多語言匹配的國家，所以菲律賓很多人都會說英語。我們有英語內容。我們有阿拉伯語字幕。我知道我們已經將我們的服務翻譯成阿拉伯語，因此這非常適合沙烏地阿拉伯。而在世界大部分地區，如俄羅斯、波蘭、中歐和東歐，我們仍然只使用英語。未來兩年我們還有很長的路要走。我們將不斷添加更多語言並使服務更具相關性。因此，我們將其分為兩類：已實現語言匹配和尚未實現語言匹配。我們看到兩者都在成長，但在那些顯然我們有語言匹配的領域，我們看到了更實質的成長。然後，除了語言之外，我們還需要在每個國家/地區的支付方面開展工作，我們將開始處理當地的支付或不同的支付傳統。可以將其視為我們真正開始國際或全球擴張，而不是一切都已縫合完畢，我們已經完成了。

We've had two weeks, right, so we've been two weeks in terms of that launch.

我們已經有兩週時間了，對吧，所以就發布而言，我們已經有兩週時間了。

And what are you thinking about as you move into markets where mobile Internet is sort of the dominant way that people get online? Traditionally people are watching you on a connected TV. What happens when they're used to watching or consuming things on a phone?

當您進入行動互聯網是人們上網的主要方式的市場時，您會想到什麼？傳統上，人們透過連網電視觀看您的表演。當他們習慣在手機上觀看或消費東西時會發生什麼？

Same thing, you just watch Netflix on the phone just like you watch YouTube on the phone. A lot of that phone viewing is on Wi-Fi, because of the data charges. And then what you do on the sailor networks is try to have the most efficient video codex you can have, and we're working hard on that. But think of it as it's the same way that people use other Internet video services like YouTube.

同樣，您只需在手機上觀看 Netflix，就像在手機上觀看 YouTube 一樣。由於數據費用，許多手機觀看都是透過 Wi-Fi 進行的。然後，您在水手網路上所做的就是嘗試擁有最高效的視訊編解碼器，我們正在為此努力。但可以將其視為人們使用 YouTube 等其他網路影片服務的方式。

David, I want to come back and maybe talk a little bit on the numbers. Can you update us on your expected cash burn for 2016? And then help us understand the relationship between content on the -- costs on the P&L versus cash as we move through this year and maybe into 2017?

大衛，我想回來也許談談數字。您能否向我們介紹您 2016 年預期現金消耗的最新情況？然後幫助我們了解今年甚至 2017 年損益表成本與現金的關係？

There's no change here. So we'd said before that we're on pace to burn about $1 billion of cash, mostly on our branded or originals content. That ratio of cash to P&L is about 1.3 to 1.4, and that continues to hold. So you see that it will run up in a peak in certain quarters, if we take delivery of a lot of original content and then runs back down. But I think the 1.3 to 1.4 range of cash to P&L expense will continue to hold. And so far, our expectations of use of cash have been about as expected. You see in the letter that we wrote that we're on pace to use about $1 billion and maybe a little more this year, but we upsized our debt deal last year, about a year ago. And so in terms of timing, we'd be looking at later this year, maybe early next year before we would need to do any more on the capital side.

這裡沒有任何變化。因此，我們之前曾說過，我們將消耗約 10 億美元的現金，主要用於我們的品牌或原創內容。現金與損益的比率約為 1.3 比 1.4，且這一比例將持續保持不變。所以你會看到，如果我們交付大量原創內容，那麼它會在某些季度達到頂峰，然後又回落。但我認為現金與損益支出比率將繼續保持在 1.3 至 1.4 的範圍內。到目前為止，我們對現金使用的預期與預期基本一致。你在我們寫的信中看到，我們今年計劃使用約 10 億美元，甚至可能更多一點，但我們去年（大約一年前）擴大了債務交易規模。因此，就時間安排而言，我們會考慮在今年晚些時候，也許是明年初，然後我們需要在資本方面採取更多行動。

On the US margins, and I realize how you allocate cost between the US and international markets may change over time, but you had a lot more operating leverage last year than perhaps we all thought heading into the year. Yet, you maintain this 2020 guidance of 40% contribution margin. Is that just being conservative or do you expect maybe some change in amortization rate to slow the margin expansion down? What color can you give us about the pace of US margins?

在美國的利潤率上，我意識到你在美國和國際市場之間分配成本的方式可能會隨著時間的推移而改變，但去年你的營運槓桿可能比我們所有人想像的要高得多。然而，您維持 2020 年 40% 邊際貢獻率的指引。這只是保守態度還是您預計攤銷率可能會發生一些變化以減緩利潤率擴張？對於美國利潤率的成長速度，您能給什麼顏色？

Well, not the latter. I would say there are a couple of points on this. One is that to the extent that we launched rest of world and it was a little earlier than maybe 24 months ago that we would have been fully global or near fully global, I would say the US P&L did receive a little bit of relief, right. But that's a one-time thing and that sort of goes away. The second point is we continue to add content and it's added at an efficient level. We look at the hours viewed and what is generated by the content versus the cost, and we continue to see new additions even in the US and markets that are -- have been in place for four to five years now. We continue to see viewership. And Ted talked a little about engaging new audiences. You'll see us do that. For the foreseeable future, we think we can grow both margin and grow the content spend even in markets in the US.

嗯，不是後者。我想說這有幾點。一是，就我們推出世界其他地區而言，我們完全全球化或接近完全全球化的時間比 24 個月前要早一點，我想說美國的損益表確實得到了一點緩解，對吧。但這是一次性的事情，然後就會消失。第二點是我們繼續添加內容，並且是在高效的水平上添加的。我們會考慮觀看時間以及內容與成本的關係，我們會繼續看到新的內容，甚至在美國和已經存在四到五年的市場也是如此。我們繼續看到收視率。泰德談到了吸引新觀眾的問題。你會看到我們這樣做。在可預見的未來，我們認為即使在美國市場，我們也可以提高利潤並增加內容支出。

Back to international. I know you guys aren't going to offer any more guidance on when you might go into China. But when and if you do, do you imagine that you're going to have to restrict or alter the catalog based on censorship or other issues with the Chinese market?

回到國際。我知道你們不會就何時進入中國提供更多指導。但是，如果您這樣做，您是否認為您將不得不根據審查制度或中國市場的其他問題來限製或更改目錄？

Yes, the standards, at least today, they're fluid that the government uses restrict like Game of Thrones reportedly had 10 or 15 minutes from many episodes cut from it. There are issues conforming to those local standards. That's true of all of the Western content that's produced as well as the Chinese content of that market. We'll be on a level playing field with all other services.

是的，至少在今天，政府使用的標準是不穩定的，就像據報導《權力的遊戲》中的許多劇集被刪減了 10 或 15 分鐘。存在符合當地標準的問題。對於該市場上製作的所有西方內容以及中國內容都是如此。我們將與所有其他服務處於公平的競爭環境中。

Same territory, would you have to enter via JV or is there some way you could enter China without doing a JV?

同樣的領土，你必須透過合資企業進入還是有什麼方法可以不透過合資企業進入中國？

There's all different flavors, if you look at how Disney Life or iTunes or others have done. We're talking to different partners, building the relationships. But again, as I mentioned a few days ago, we have a very long-term look, and this could be many years of discussions or it could happen faster than that. We're going to take our time. The clearest example is really the iPhone, which took many years for Apple to get approval for that, and now it's a very large business for Apple. And so our view is if we're looking out for the business a decade from now, we should just be very patient and continue to build those relationships and listen and learn. So we're in no hurry. Most of our time and effort right now is going in, how do we build the Japanese market? How do we build the Philippines market? How do we build the Saudi Arabian market, markets that are open to us and available right now?

如果你看看 Disney Life、iTunes 或其他公司的做法，你會發現各種不同的風格。我們正在與不同的合作夥伴交談，建立關係。但正如我幾天前提到的，我們有一個非常長遠的眼光，這可能需要多年的討論，也可能發生得更快。我們要慢慢來。最明顯的例子就是iPhone，蘋果花了很多年才獲得批准，現在它對蘋果來說是一項非常大的業務。因此，我們的觀點是，如果我們要專注於十年後的業務，我們應該非常有耐心，繼續建立這些關係，並傾聽和學習。所以我們不著急。我們現在大部分的時間和精力都在投入，如何打造日本市場？如何打造菲律賓市場？我們如何建立沙烏地阿拉伯市場，也就是現在向我們開放的市場？

Want to ask about content spending, maybe for David and Ted to comment on. We presume the relationship between subscriber growth and content spend is not linear going forward. As you guys think about growing the US business, how should we think about the pace of growth in content spending? And Ted, is the 50/50 original acquired ratio still your long-term expectation, or have the relationships with the vertically integrated media companies maybe altered that at all?

想詢問內容支出，也許可以讓 David 和 Ted 發表評論。我們認為訂閱者成長和內容支出之間的關係未來並不是線性的。當你們考慮發展美國業務時，我們該如何考慮內容支出的成長速度？ Ted，最初的 50/50 收購比例是否仍然是您的長期預期，或者與垂直整合媒體公司的關係可能​​會改變這種情況嗎？

Let me take the first part, and then I'll throw it to Ted. It's been -- it is true that once you get to $4 billion of spend, the rate of growth is going to slow down. So that is definitely true on the US side. But back to my earlier comment, we still think that there's great content to be added to the US service that is efficient, that will continue to increase the competitiveness and attractiveness of the offering in the US. We're going to continue to add to that, to that service. It's at a slower rate of growth, but it continues to grow. And in time, it's not true yet, but in time, we will be adding more of our original branded content than our licensed content. So today we've been adding both. We've been growing originals rather quickly. We'll continue to grow originals quickly, but you're seeing a lot of that added to the US market. And to the extent that we're successful, and Ted, maybe this is a good transition to you, about finding content that works across markets, there will be a blurring of the lines between what is really US content and what is international content and vice versa.

讓我先講第一部分，然後我會把它交給泰德。確實，一旦支出達到 40 億美元，成長率就會放緩。所以這對美國來說絕對是正確的。但回到我之前的評論，我們仍然認為美國服務中需要添加大量高效的內容，這將繼續提高美國服務的競爭力和吸引力。我們將繼續添加該服務。它的增長速度較慢，但仍在繼續增長。隨著時間的推移，這還不是真的，但隨著時間的推移，我們將添加比授權內容更多的原創品牌內容。所以今天我們將兩者都加入了。我們的原創作品發展得相當快。我們將繼續快速發展原創產品，但你會看到其中許多都進入了美國市場。就我們的成功而言，特德，也許這對你來說是一個很好的過渡，關於尋找跨市場的內容，什麼是真正的美國內容和什麼是國際內容之間的界限將會變得模糊。反之亦然。

I think the art of this is going to be doing something that doesn't feel homogenized for the world, that still feels like great programming for everybody. And then we've had tremendous success so far, like I said with Narcos, a primarily Spanish language show, we're working in countries that speak every different language. And Making a Murderer, as Reed pointed out, in many parts of the world, these kind of true detective documentaries are incredibly popular in primetime television. So we're pleased to see these continue to be real global genres.

我認為這方面的藝術在於做一些不會讓世界感覺同質化的事情，但對每個人來說仍然感覺是很棒的程式設計。到目前為止，我們已經取得了巨大的成功，就像我在《毒梟》（主要是西班牙語節目）中所說的那樣，我們在講各種不同語言的國家/地區開展工作。正如里德指出的那樣，《製造殺人犯》在世界許多地方，這類真正的偵探紀錄片在黃金時段電視中非常受歡迎。因此，我們很高興看到這些仍然是真正的全球流派。

What you asked about, about our suppliers, and I think confrontation is probably overstated. But there's a lot of rhetoric going around right now about how quickly and how aggressively people will license. It's still a very competitive business. I think what happens is that people sell their programming to the highest bidder, and if we are that bidder, we get the programming. If someone else is, they'll get the programming. That's true today and that was true five years ago. So I think what's happening now is we're very pleased with the results of the original spend, and that's what's driving it up, not fear of being cut off on either end.

你問的問題，關於我們的供應商的問題，我認為對抗可能被誇大了。但現在有很多關於人們獲得許可的速度和積極性的言論。這仍然是一個競爭非常激烈的行業。我認為發生的情況是人們將他們的節目賣給最高出價者，如果我們是那個出價者，我們就得到了節目。如果是其他人，他們就會獲得程式設計。今天是這樣，五年前也是如此。所以我認為現在發生的事情是我們對最初支出的結果非常滿意，這就是推動支出的原因，而不是擔心兩端被切斷。

And Ted, just on that point, what should we glean from your Dreamworks extension? Obviously, that's a family genre and I think it's kind of an output deal, you could correct me if you're wrong. I know you don't like output deals. On the same time, the CW renewal has not happened. I think that deal's sort of still out there. Is that an example where you could get something done with an independent studio but not with a vertically integrated one?

特德，就這一點而言，我們應該從你的夢工廠擴展中收集到什麼？顯然，這是一個家庭類型，我認為這是一種輸出交易，如果你錯了，你可以糾正我。我知道你不喜歡輸出交易。同時，CW 續訂尚未發生。我認為這筆交易仍然存在。這是一個你可以透過獨立工作室完成某件事但不能透過垂直整合工作室完成任務的例子嗎？

No, the Dreamworks is not an output in the traditional sense, meaning that we agreed to have certain levels of programming, but we worked together in what that programming is going to be and developing those shows along with Dreamworks. We've been thrilled with the results. We took it into more territories and expanded the number of years of programming that will come through that deal, because it's been working great. And I think on the CW deal, it's just in the process of negotiation. It's not behind in any normal process. And as you know, it's a time-honored tradition to negotiate in the press, so you're seeing some of that from them. And right now, I'd say it's just in the process of negotiation. You should also keep in mind that no matter what happens in the CW deal, is the programming that's currently there remains with us through the run of those series. So it's not like we're going to wake up one day without the programming. And we'd like to make that deal work. It's great programming. We have a great relationship with CBS and Warner Brothers on that deal and we'd like to continue it.

不，夢工廠不是傳統意義上的產出，這意味著我們同意進行一定程度的節目製作，但我們在節目製作方面進行了合作，並與夢工廠一起開發了這些節目。我們對結果感到非常興奮。我們將其帶入了更多領域，並延長了透過該協議進行的專案的年數，因為它一直運作良好。我認為關於 CW 協議，目前還處於談判過程中。它在任何正常過程中都不落後。如你所知，在媒體上進行談判是一個歷史悠久的傳統，所以你從他們身上看到了其中的一些。現在，我想說這只是在談判過程中。您還應該記住，無論 CW 協定發生什麼，當前的節目在這些系列的運行過程中都會保留在我們身邊。所以我們不可能有一天一覺醒來就沒有節目了。我們希望這筆交易能夠成功。這是很棒的程式設計。我們與哥倫比亞廣播公司和華納兄弟在這筆交易上保持著良好的關係，我們希望繼續下去。

Reed, you said you didn't think Time Warner should spin out HBO. But if they ignore your advice, does that change your view of the way HBO would act as a global competitor for you? Do you think they have the ability to do things outside of Time Warner they can't do within Time Warner?

里德，你說過你認為時代華納不該分拆 HBO。但如果他們忽視你的建議，這是否會改變你對 HBO 作為你的全球競爭對手的看法？你認為他們有能力在時代華納之外做在時代華納內部做不到的事嗎？

HBO's been a great competitor, one we admire for a very long time. You might have seen the recent news that they now are offering HBO Now direct to consumer in multiple new nations. They started just in the Nordics, then some countries in Latin America, now in Spain. They will be a formidable global competitor over time, again, independent of their ownership.

HBO 一直是個偉大的競爭對手，我們長期以來一直很欣賞它。您可能已經看到最近的新聞，他們現在正在向多個新國家的消費者直接提供 HBO Now。他們首先從北歐開始，然後是拉丁美洲的一些國家，現在是西班牙。隨著時間的推移，無論其所有權如何，它們都將再次成為強大的全球競爭對手。

And then speaking of competitors, Ted, want to offer a theory about why your competitors at NBC and FOX and other networks spent a lot of time talking about you last week at The Critics Association?

然後談到競爭對手，泰德想提供一個理論，解釋為什麼你的競爭對手在 NBC 和福克斯以及其他電視網上週在評論家協會上花了很多時間談論你？

It might just be putting up a shiny object to deflect, talk about Netflix instead of what's going on in their own networks these days. But I really couldn't tell you why. NBC was a particular puzzle, both because -- mostly because they used, as an example, a show that they produced for us to try to illustrate what was and wasn't working with some data that didn't feel very true to us.

它可能只是放置一個閃亮的物體來轉移注意力，談論 Netflix，而不是現在他們自己的網絡中正在發生的事情。但我實在無法告訴你原因。 NBC 是一個特別的謎題，主要是因為他們使用了一個為我們製作的節目作為例子，試圖說明什麼是有效的，什麼是無效的，以及一些我們感覺不太真實的數據。

Is the talent --

是人才——

It surprised everybody at NBC too I think.

我想這也讓 NBC 的每個人都感到驚訝。

I think it's just a tactical miss, which is kind of funny in the press.

我認為這只是一個戰術失誤，這在媒體上有點有趣。

Does the talent or anyone else still ask for numbers or are they happy now or (multiple speakers)?

人才或其他人是否仍然要求提供數字，或者他們現在高興嗎？（多個發言者）？

No, if you follow the coverage from the TCA, most of them offered up that they're very happy with the relationship and not to be under the kind of weekly ratings pressure that wouldn't matter much to the success anyway. So they're happy not to focus on it.

不，如果你關注 TCA 的報道，你會發現他們中的大多數人都表示他們對這種關係非常滿意，並且不會承受每週收視率的壓力，而這對成功來說並不重要。所以他們很高興不去關注它。

Coming back to David on some of the financials, David, I think you said at CES or at your presentation out in Las Vegas about $120 million of loss a quarter internationally. Just want to level set and make sure that's the right way we should be thinking about the year. And then on raising more capital, you mentioned in the letter you're looking at lowering your cost of capital which we presume would have been the case. What are you referring to specifically there? Is some of the gyrations in the high yield market causing you to think about raising capital differently than you have in the past?

回到大衛的一些財務數據，大衛，我想你在 CES 或拉斯維加斯的演講中說過，國際市場每季虧損 1.2 億美元。只是想設定水平並確保這是我們思考這一年的正確方式。然後，在籌集更多資金方面，您在信中提到您正在考慮降低資本成本，我們認為情況確實如此。你具體指的是什麼？高收益市場的一些波動是否導致您對籌集資金的思考與過去不同？

So on the first question, you heard me right in terms of $120 million. Looking ahead, I would say there's two things that might alter that or not materially but plus or minus $10 million, $20 million. That would be foreign exchange. We continue to have an environment where we're running deep into some pretty heavy headwinds of foreign exchange. If that continues, that might challenge that $120 million upward a little, again, $10 million, $20 million.

所以第一個問題，你沒聽錯，就是 1.2 億美元。展望未來，我想說有兩件事可能會改變這種情況，也可能不會造成重大改變，但會增加或減少 1,000 萬美元、2,000 萬美元。那就是外匯。我們仍然面臨著一些相當嚴重的外匯阻力的環境。如果這種情況持續下去，這可能會挑戰 1.2 億美元的上漲，再一次，1,000 萬美元、2,000 萬美元。

The other thing is just carving out a little bit of room for us. Like I said, we're 14 days, we're two weeks or so into a global launch. We've got lots of markets that we're in early days of setting our level of compelling and competitiveness in our service offering. This year is about investment, and you'll see that. We're focused, we're committed to a global breakeven, but we're also trying to build multi-year businesses in many of these markets. So if we see opportunities, I think there's a little bit of room for us to pursue those later in the year to pour some additional content, marketing, whatever the right mixture of investment is. But it is true. It's about $120 million. It won't meaningfully depart from that too much, but it could be $10 million, $20 million within that.

另一件事就是為我們留一點空間。正如我所說，距離全球發布還有 14 天，也就是兩週左右的時間。我們有很多市場，我們正處於早期確定我們服務提供的吸引力和競爭力水平的階段。今年是關於投資的一年，你會看到這一點。我們專注，致力於實現全球收支平衡，但我們也努力在其中許多市場建立多年業務。因此，如果我們看到機會，我認為我們有一點空間可以在今年稍後追求這些機會，投入一些額外的內容、行銷，無論什麼是正確的投資組合。但這是真的。大約是1.2億美元。它不會偏離太多，但可能會在 1000 萬美元、2000 萬美元之內。

And then you should assume the debt instruments are similar to the ones we've used in the past. We've been very happy with those.

然後你應該假設債務工具與我們過去使用的類似。我們對這些感到非常滿意。

Yes, sorry, Ben. On your last question, nothing's changed there other than our confidence that we'll continue to drive some meaningful profit into 2017, 2018. And to the extent that people are focused on backward-looking financial metrics in terms of creditworthiness, we think that we'll become a better credit risk over time, irrespective of what's happening in the high yield markets. To date, our bonds have traded pretty well.

是的，對不起，本。關於你的最後一個問題，除了我們相信我們將在2017 年和2018 年繼續帶來一些有意義的利潤之外，沒有任何變化。就人們關注信用度方面的向後看的財務指標而言，我們認為我們隨著時間的推移，無論高收益市場發生什麼，信用風險都會變得更好。到目前為止，我們的債券交易狀況良好。

Can I just follow-up, David, on your global breakeven point, I think operating income was down a bit in 2015 versus 2014. But if I look at the 2016 outlook for international losses you just gave us plus some US margin expansion, I think operating income overall should grow a bit off the 2015 base. Maybe I'm thinking about things the wrong way. I just want to --

大衛，我可以跟進一下您的全球盈虧平衡點嗎？我認為2015 年的營業收入比2014 年略有下降。但是，如果我看一下您剛剛給我們提供的2016 年國際虧損前景，再加上美國的一些利潤率擴張，我認為認為整體營業收入應較 2015 年略有成長。也許我思考問題的方式是錯的。我只想 -

No, I think you're doing the right math. But I think that question is a little bit of a modeler in terms of looking at the narrow numbers. That's true in terms of the math. But in general, I would say this year is about our continued international investment. We're not really focused on making sure operating grows. The operating income growth is sort of an outcome of focused on international expansion but also committed to consolidated breakeven.

不，我認為你的數學計算是正確的。但我認為這個問題有點像是建模者從狹隘的數位角度來看的問題。從數學角度來說確實如此。但總的來說，我想說今年是我們持續進行國際投資的一年。我們並不是真正專注於確保營運成長。營業收入的成長是專注於國際擴張但也致力於鞏固損益平衡的結果。

Understood.

明白了。

You guys said you're releasing people from grandfathering this spring, that means price hikes. David or anyone else, are you thinking about ways you might reach out to folks who are going to see their bill go up by $1 or $2 and keeping churn as low as possible?

你們說今年春天要讓人們不再享受祖父待遇，這意味著價格上漲。 David 或其他任何人，您是否正在考慮如何接觸那些將看到帳單上漲 1 或 2 美元並盡可能降低客戶流失率的人？

It's pretty simple. We'll let them know that at a certain date the price change takes effect. So nothing dramatic, pretty straightforward, simple stuff.

這很簡單。我們會讓他們知道價格變動將在某個日期生效。所以沒什麼戲劇性的，非常簡單的事。

Great. Reed, while I've got you here, now you've been able to watch what Amazon's been doing with its bundle and Starz and Hulu, any more thought about attaching yourself to any other over-the-top service in some sort of bundle?

偉大的。里德，既然我已經把你帶到這裡了，現在你已經能夠看到亞馬遜在其捆綁包、Starz 和Hulu 上所做的事情，是否還考慮過以某種捆綁包的形式將自己附加到任何其他頂級服務？

We do direct consumer research, and we haven't been able to detect any significant take rate on those. So we'll continue to watch and learn and detect are people on Hulu taking a lot of Showtime or is it pretty much on the margin.

我們進行了直接的消費者研究，但我們尚未發現這些消費者有任何顯著的接受率。因此，我們將繼續觀察、了解並偵測 Hulu 上的使用者是否佔用了大量 Showtime，或者是否處於邊緣狀態。

But you're not seeing it right now.

但你現在還沒有看到它。

We're not seeing it so far.

到目前為止我們還沒有看到它。

Thanks.

謝謝。

Let's talk a little bit more about the 2016 launches. Can you guys talk about how the go-to-market strategy is for these markets versus, say, prior international markets? Maybe at a high level operationally when you're thinking about markets like India or parts of Africa, what's different about what you're doing here versus what we've seen before?

讓我們多談談 2016 年的發布。你們能談談這些市場的進入市場策略與之前的國際市場相比如何嗎？也許在較高的營運層面上，當您考慮印度或非洲部分地區等市場時，您在這裡所做的事情與我們之前看到的有什麼不同？

It's extremely similar to how we launched Latin America where there's a couple countries that we focused on directly, and there's still some countries that we haven't yet visited four or five years later, but we have a lot of members. So the Internet's a beautiful thing because of its openness. So again, it's very similar to our Latin America launch.

這與我們推出拉丁美洲的方式非常相似，其中有幾個我們直接關注的國家，還有一些國家我們在四、五年後還沒有訪問過，但我們有很多成員。因此，互聯網因其開放性而成為一件美好的事情。再說一次，這與我們在拉丁美洲的推出非常相似。

And anything you're doing on the payment side, since you brought up Latin America, I think that was a challenge initially? I'm sure you've learned a lot. But what can you do proactively in some of these markets to help smooth that for the consumer?

自從你提到拉丁美洲以來，你在支付方面所做的任何事情，我認為這最初都是一個挑戰？我相信你已經學到了很多。但是，您可以在其中一些市場中主動採取哪些措施來幫助消費者順利度過這段時期呢？

I'll take a that one. So I think we've got a pretty robust payments team. We've invested internally in building that out, getting smart in terms of the payment systems across the world. We're pressing on gift cards and prepaid cards that might open up to the market to those people that don't have access to a credit, debit card. But in rest of world, again it's pretty early days, and I think we'll take the approach that we took in Latin America, which is just to look at our next best opportunities to open up additional pockets of the market. We've done this before, not just in LatAm, but in other places. We'll continue with that play book in the rest of the world.

我要一個那個。所以我認為我們擁有一支非常強大的支付團隊。我們在內部進行了投資，以實現這一目標，在全球支付系統方面變得更加智慧。我們正在大力開發禮品卡和預付卡，這些卡可能會向那些無法使用信用卡、金融卡的人開放市場。但在世界其他地區，現在還處於早期階段，我認為我們將採取我們在拉丁美洲採取的方法，即尋找下一個最佳機會來開拓更多市場。我們以前就這樣做過，不只在拉丁美洲，也在其他地方。我們將在世界其他地方繼續這個劇本。

Our partners are another element of this, right. So Reed mentioned iOS. We'll be looking to draft off of large partners in the group in terms of iOS, Android, and other options. And there's a lot of evolution going on in the payments world. I got misquoted at Citi by saying that we're interested in Bitcoin. But what I said was it would be nice to have in 5 to 10 years a borderless currency like Bitcoin. I think those people that are so excited about it are interested in breaking down those barriers and in using the power of the Internet and the Internet age to reduce the friction of payments that are existing today in some of those banking structures. So we'll be drafting off those long term as well. But in the near term, expect us to continue to just knock down the best opportunities in terms of adding local payment methods, credit, debit cards, drafting off partners as well.

我們的合作夥伴是其中的另一個要素，對吧。所以里德提到了iOS。我們將尋求在 iOS、Android 和其他選項方面從該團隊中挑選大型合作夥伴。支付領域正在發生很多變化。我在花旗說我們對比特幣有興趣，這句話被錯誤地引用了。但我想說的是，如果能在 5 到 10 年內擁有像比特幣這樣的無國界貨幣，那就太好了。我認為那些對此如此興奮的人有興趣打破這些障礙，並利用網路和網路時代的力量來減少當今某些銀行結構中存在的支付摩擦。因此，我們也將起草這些長期計劃。但在短期內，預計我們將繼續抓住在添加本地支付方式、信用卡、金融卡以及挑選合作夥伴方面的最佳機會。

Are you guys -- you're participating with T-Mobile in their binge-on program. Are you going to work on Verizon on, I think you're calling it Freebie, I think they announced today?

你們正在參加 T-Mobile 的狂歡節目嗎？你打算在 Verizon 工作嗎？我想你稱之為免費，我想他們今天宣布了？

I don't know enough of the details of Freebie. But generally the great thing what T-Mo is doing is making unlimited video consumption a possibility with freedom from worrying about the data caps. And the quid pro quo from the customer's standpoint on binge-on is that they only get DVD quality on their 4- or 5-inch screen. Which when you look at the DVD quality is actually very, very good. But that's a really unique program that T-Mo's done and it's seeing a great reception amongst our users, and we're seeing viewing going up. And I think T-Mo is seeing some real positive benefits from that. So we hope those kind of programs expand.

我對免費贈品的細節了解不夠。但總的來說，T-Mo 所做的偉大的事情是使無限的影片消費成為可能，並且無需擔心數據上限。從客戶的角度來看，狂歡的交換條件是他們只能在 4 或 5 吋的螢幕上獲得 DVD 品質。當你看 DVD 品質時，實際上非常非常好。但這確實是 T-Mo 所做的一個非常獨特的計劃，並且在我們的用戶中得到了很好的反響，我們看到觀看次數不斷上升。我認為 T-Mo 從中看到了一些真正的積極好處。因此，我們希望此類計劃能夠擴大。

Reed, can you explain why you're comfortable in participating in programs like that and how that differs from stuff you've complained about at Comcast in the past with their data caps?

里德，你能解釋為什麼你願意參加這樣的計畫嗎？這與你過去在康卡斯特抱怨的數據上限有何不同？

Well, it's voluntary on the customer. Any customer of T-Mo's can decide to turn it on or turn it off. That would be a big difference. And then they're not charging any of the providers. It's an open program. Many of our competitors, such as Hulu and HBO are in the program also. But it's an open, no charge program where they're really focused on trying to give the customer some optionality of limited to DVD quality and then you get unlimited viewing, which their customers are choosing in droves.

嗯，這是客戶自願的。 T-Mo 的任何客戶都可以決定打開或關閉它。那將會有很大的不同。然後他們不會向任何提供者收費。這是一個開放的計劃。我們的許多競爭對手，例如 Hulu 和 HBO 也參與了該計劃。但這是一個開放、免費的計劃，他們真正專注於為客戶提供一些僅限於 DVD 品質的選擇，然後你可以無限觀看，這是他們的客戶成群結隊地選擇的。

So you don't feel it's a network putting its thumb and saying we favor this kind of programming from this kind of studio or this kind of service.

所以你不會覺得這是一個網絡豎起大拇指說我們喜歡來自這種工作室或這種服務的這種節目。

Correct. That's the big difference. That's right.

正確的。這就是很大的差別。這是正確的。

Thanks.

謝謝。

Reed, why did you go with the $7.50, $8 price point in these international markets, particularly emerging markets where that's a relatively expensive price? Do you reserve the right to go down market over time as well?

Reed，您為什麼在這些國際市場上選擇 7.50 美元、8 美元的價格點，特別是價格相對昂貴的新興市場？你們是否也保留隨著時間的推移而進入市場低點的權利？

Well we're starting out definitely appealing to elites. I mentioned that in Russia and Eastern Europe we're still in English. In Vietnam and Cambodia we're in English. So we're serving elites. You can think of them as a shorthand as iPhone owners. So they've paid $800 for an iPhone. They're comfortable with entertainment in English. And so for them, $8, $10 is a sweet spot price. Certainly in future years as we do more and more in trying to expand into the mass market, we can look at additional pricing options, but we feel good about our pricing and the value for these global originals right now.

好吧，我們一開始肯定對精英有吸引力。我提到在俄羅斯和東歐我們仍然使用英語。在越南和柬埔寨，我們使用英語。所以我們是為菁英服務的。您可以將他們視為 iPhone 用戶的簡寫。所以他們花了 800 美元買了一部 iPhone。他們習慣用英語來娛樂。所以對他們來說，8 美元、10 美元是最佳價格。當然，在未來幾年，隨著我們越來越多地嘗試擴展到大眾市場，我們可以考慮更多的定價選擇，但我們現在對我們的定價和這些全球原創產品的價值感到滿意。

And just on these international markets, there's been a lot of press coverage on the VPN situation and proxies. Maybe you could walk us through what you are doing as a Company that's going to change your policy from prior periods. And could you envision a situation where that might impact your net adds because you have millions of customers in an international market that suddenly went from having a fake US account to having no access.

僅在這些國際市場上，就有​​大量關於 VPN 情況和代理商的新聞報導。也許您可以向我們介紹您作為一家公司正在做什麼，這將改變您之前時期的政策。您能否想像一種情況，這可能會影響您的淨添加量，因為您在國際市場上擁有數百萬客戶，但突然從擁有假美國帳戶變成無法訪問。

I don't think we'll see any impact. We've always enforced proxy blocking with a black list. Now we've got an expanded and enhanced black list. So I don't think we're going to see any huge change.

我認為我們不會看到任何影響。我們始終透過黑名單強制執行代理阻止。現在我們有了一個擴展和增強的黑名單。所以我認為我們不會看到任何巨大的變化。

Just to be clear, so if you don't think there's going to be any huge change with the VPNs and other proxy work arounds, then why go ahead and do it at all? Is this purely to placate content providers?

需要明確的是，如果您認為 VPN 和其他代理解決方案不會發生任何巨大變化，那麼為什麼還要繼續這樣做呢？這純粹是為了安撫內容提供者嗎？

You can call it placate or you can call it catering to their desires, which they have legitimate desires. If we license content in Canada, it's not fair for us to be or our customers to be getting that if we've only paid for Canada. So we're trying to pay for it all by shifting to global licenses, and we're working with content providers on that. It's perfectly reasonable what the content owners want, and we know there will be some people affected that are using it today which is why we wanted to be open about it. But it's really a continuation of what we've always done now with this enhanced black list and some other techniques.

你可以稱之為安撫，也可以稱之為迎合他們的慾望，他們有合法的慾望。如果我們在加拿大授權內容，如果我們只為加拿大付費，那麼對我們或我們的客戶來說這是不公平的。因此，我們正在嘗試透過轉向全球許可來支付這一切，並且我們正在與內容提供者合作。內容所有者的需求是完全合理的，我們知道今天會有一些受影響的人正在使用它，這就是我們想要公開它的原因。但這確實是我們現在一直使用增強型黑名單和其他一些技術所做的事情的延續。

And remember, all of our originals are fully global. They go live in every country at the same time around the world. Increasingly, we are spending most of our licensing dollars on content that's successful in that way, from small things all the way to big things, like the Oscar-nominated movie The Big Short. We'll have the pay TV window around the world so people will be able to watch that movie on Netflix wherever they are.

請記住，我們所有的原創作品都是全球性的。他們同時在世界各地的每個國家/地區進行直播。我們越來越多地將大部分授權資金花在以這種方式取得成功的內容上，從小事一直到大事，例如奧斯卡提名電影《大空頭》。我們將在世界各地開設付費電視窗口，讓人們無論身在何處都可以在 Netflix 上觀看該電影。

In the past, you've cited piracy as a major competitor. Any concern that the VPN and proxy work-arounds will push some of your users back to piracy?

過去，您曾將盜版視為主要競爭對手。您是否擔心 VPN 和代理解決方案會讓您的一些用戶重新陷入盜版？

If we see that, there's probably so few of them, it's not a big contributor to overall global piracy. Overall global piracy is a big problem. We're working with all the content owners partially to be a great carrot and also to have the other services like HBO and Amazon be great carrots, and so we can work together on this anti-piracy agenda.

如果我們看到這一點，那麼它們的數量可能很少，它對全球盜版的整體貢獻並不大。整體而言，全球盜版是一個大問題。我們正在與所有內容所有者合作，部分是為了成為一個大胡蘿蔔，同時也讓 HBO 和亞馬遜等其他服務成為大胡蘿蔔，這樣我們就可以在反盜版議程上共同努力。

Yes, and I think geo filter hacking and piracy are maybe distant cousins at best. I think of geo filter hacking as people hacking to pay versus piracy where people are hacking not to pay.

是的，我認為地理過濾器駭客攻擊和盜版充其量可能是遠親。我認為地理過濾器駭客攻擊是人們為了支付而進行駭客攻擊，而盜版則是人們為了不支付而進行駭客攻擊。

Curious if you guys could talk about where you're investing on the technology side. I think your long-term letter talked about over $700 million in tech and development in 2016. There's some comments in the letter about complexity based in coding. What I'd love to hear beyond the general areas you're spending money is what are you doing to reduce the required speed or bit rate that's needed to stream and enjoy Netflix? I'm particularly thinking about the 2016 maybe mobile first markets.

很好奇你們是否能談談你們在技術方面的投資方向。我認為您的長期信函談到了 2016 年超過 7 億美元的技術和開發費用。信中對基於編碼的複雜性進行了一些評論。除了您花錢的一般領域之外，我還想知道您正在採取哪些措施來降低串流媒體和欣賞 Netflix 所需的速度或位元率？我特別想到 2016 年可能是行動優先市場。

I think the whole industry is working on these advanced versions of H265 to be able to do very high quality encoding with small bit rates. And so YouTube's made great progress on that. We've made great progress. I think again, people have been working on efficient video encoding for 50 years. It's one of the classic computer science problems, so we're seeing good progress there. We're seeing a lot of progress on our algorithms and being able to rank videos for each person, even better being able to promote to the right person, the right content. Hopefully you've seen some of that in your own experience where the suggestions, that is the billboard at the top of the page, are more often very appropriate and something you're just dying to watch.

我認為整個行業都在致力於 H265 的這些高級版本，以便能夠以小比特率進行非常高品質的編碼。 YouTube 在這方面取得了長足的進步。我們已經取得了很大的進步。我再次想到，人們致力於高效能視訊編碼已有 50 年了。這是經典的計算機科學問題之一，因此我們在這方面看到了良好的進展。我們看到我們的演算法取得了很大進步，能夠對每個人的影片進行排名，甚至能夠更好地向合適的人宣傳合適的內容。希望您在自己的經驗中看到了其中的一些建議，即頁面頂部的廣告牌，通常非常合適，並且是您迫不及待想要觀看的內容。

What are the minimum speeds you think someone's going to need in a market like India on fixed line or on mobile to actually stream Netflix?

您認為在印度這樣的市場上，人們透過固定電話或行動電話實際觀看 Netflix 節目所需的最低速度是多少？

The minimums are around half a megabit, so that's been consistent in the past. It's a fairly low quality picture. It's around 700 or 800 kilobit to be able to do DVD quality.

最小值約為半兆位，因此過去一直如此。這是一張品質相當低的圖片。大約需要 700 或 800 kb 才能達到 DVD 品質。

Thank you.

謝謝。

You guys have said a few times now that the Making of a Murderer surprised you, its success surprised you. Can you talk a bit about why you had more modest expectations for it, and whether that -- the surprise of that success has gone -- had you sort of rethink your modeling?

你們已經說過好幾次了，《殺人犯的製作》讓你們感到驚訝，它的成功讓你們感到驚訝。你能否談談為什麼你對它抱有更溫和的期望，以及這種成功帶來的驚喜是否已經消失，你是否重新考慮了你的建模？

Well it surprised me because I know so little about these things. When I met with the film makers and heard about the murderer sequence was interesting, but I thought it would be a specialty thing. I would say Ted and his team aren't that surprised. They always believed in this content.

嗯，這讓我很驚訝，因為我對這些事情知之甚少。當我與電影製作人會面並聽說兇手序列很有趣時，但我認為這將是一個特殊的事情。我想說泰德和他的團隊並不感到驚訝。他們一直相信這個內容。

It had a -- there was something very special about it from the beginning. When it came to us, it was seven years in the making already. This came to us over three years ago. And recognized then, even before making original docs, that they had something really special on their hands. The surprise has been to see it perform at the level of some of our scripted series. Even our best documentary series have done very, very well but not performed in such mainstream numbers.

它從一開始就有一些非常特別的東西。當它來到我們身邊時，它已經醞釀了七年。這是三年多前我們遇到的。然後，甚至在製作原創文件之前，他們就意識到他們手上有一些非常特別的東西。令人驚訝的是看到它的表現達到了我們一些腳本系列的水平。即使我們最好的紀錄片系列也做得非常非常好，但沒有達到如此主流的水平。

Given that surprise, you thought all right, we're going to sort of rethink how we evaluate some of our shows. Or you're just sort of, this is a happy success and you're happy to move on with it?

考慮到這個驚喜，你認為好吧，我們將重新思考如何評估我們的一些節目。還是你只是覺得，這是一次令人高興的成功，你很高興繼續前進？

It's on the continuum of expanding our genres anyway. So it's only our second documentary series. We started with Chef's Table, which was a very different show. The next documentary series will probably be very different from Making a Murderer as well. In fact, it starts in a couple of weeks, or this week, I'm sorry, Chelsea Handler's Chelsea Does will be our next documentary series.

無論如何，它是在不斷擴展我們的類型。所以這只是我們的第二部紀錄片系列。我們從《廚師的餐桌》開始，這是一個非常不同的節目。下一部紀錄片系列也可能與《製造殺人犯》有很大不同。事實上，它將在幾週後開始，或者這週，對不起，切爾西漢德勒的《切爾西是》將是我們的下一個紀錄片系列。

We should take one more question and then let everyone go.

我們應該再問一個問題，然後讓大家離開。

Real quickly. Ted, I guess for Ted. Your competitors report that you're, in many cases, overspending by a significant amount for original programming as well as repeats. Do you think that gap's going to continue, do you think it's going to increase, or do think eventually fall in line with what they're spending?

真的很快。特德，我想是特德。您的競爭對手報告說，在許多情況下，您在原創節目和重複節目上都超支了很多。您認為這種差距會持續下去嗎？您認為這種差距會擴大嗎？還是認為最終會與他們的支出相符？

First I'd like to thank them for endorsing our spending [to talent]. But the truth of it is the only reason we can, in John's own words, have shock and awe spending for a series is because we get shock and awe viewing on that series. Like David said earlier, the efficiency of the content spend has been great, meaning that we're spending a lot on great shows and they get a lot of viewing relative to licensed programming or relative to other programming as well. So we've been excited about it as part of -- and I think it's a competitive marketplace. Overspending is relative. I'd say if a show like The Get Down, like The Crown, which are relatively expensive shows are successful, it's money well spent the way it was for House of Cards and Orange is the New Black.

首先，我要感謝他們支持我們的[人才]支出。但事實是，用約翰自己的話來說，我們能夠為一部連續劇花費令人震驚和敬畏的唯一原因是因為我們對該系列的觀看感到震驚和敬畏。正如大衛之前所說，內容支出的效率非常高，這意味著我們在精彩的節目上投入了大量資金，並且相對於許可節目或其他節目，它們獲得了很多觀看次數。因此，我們對此感到興奮——我認為這是一個競爭激烈的市場。超支是相對的。我想說的是，如果像《The Get Down》、《The Crown》這樣相對昂貴的劇能獲得成功，那麼這筆錢就像《紙牌屋》和《女子監獄》那樣花得值。

Out of respect for one of our long-time questioners and your colleague Rich Greenfield who had a question about Charter, and was it good if Charter acquires TWC for the Internet industry, the OTT, I'll answer proactively that I think it would be a tremendous positive for the OTT industry because Charter has agreed to a multi-year strong net neutrality policy, something no one else has publicly agreed to. And that that would cover not only the Charter footprint but the Time Warner Cable footprint. And that means that we, Hulu, Amazon and others can compete on an open basis. And so we think it would be a huge step forward for US policy in terms of OTT. Thank you all, Peter, thank you, Ben. We'll talk to you again soon.

出於對我們的一位長期提問者和您的同事Rich Greenfield 的尊重，他對Charter 提出了一個問題，如果Charter 收購互聯網行業的TWC（OTT）是否有利，我會主動回答，我認為這會是一個很好的選擇。這對 OTT 行業來說是一個巨大的積極因素，因為 Charter 同意了一項多年的強有力的網路中立政策，而其他人還沒有公開同意這一點。這不僅涵蓋憲章的足跡，也涵蓋時代華納有線的足跡。這意味著我們、Hulu、亞馬遜和其他公司可以在開放的基礎上競爭。因此，我們認為這將是美國 OTT 政策的一大進步。謝謝大家，彼得，謝謝你，本。我們很快就會再次與您交談。

Thank you.

謝謝。