Netflix Inc (NFLX) 2017 Q1 法說會逐字稿

Welcome to the Netflix Q1 2017 Earnings Interview. I'm David Wells, CFO. I'm joined today on the company side by Reed Hastings, our CEO; and Ted Sarandos, our Chief Content Officer. Interviewing us today will be Doug Mitchelson from UBS; and Scott Devitt from Stifel, Nicolaus. We will be making forward-looking statements. Actual results may vary. Doug, I think you have the first question. So over to Doug.

歡迎收看 Netflix 2017 年第一季財報訪談。我是財務長大衛威爾斯。今天，我們的執行長里德·黑斯廷斯 (Reed Hastings) 也加入了公司行列。和我們的首席內容官 Ted Sarandos。今天接受我們採訪的是瑞銀集團 (UBS) 的 Doug Mitchelson；和來自尼古拉斯·斯蒂菲爾的斯科特·德維特。我們將做出前瞻性陳述。實際結果可能有所不同。道格，我想你問的是第一個問題。現在輪到道格了。

Actually first question for you, David, and then one for Reed. David, could you just talk a little bit about the net add results in the quarter versus expectations? And any dynamics underlying the second quarter guidance that you want investors to know about?

實際上，大衛，第一個問題是問你的，然後是里德的問題。大衛，您能簡單談談本季的淨增加結果與預期嗎？您希望投資者了解第二季度指導的任何動態嗎？

Well, I think, what's written in the letter and what I will reiterate is that we're not spending too much time understanding any particular quarter. We were with under 100,000 in the U.S., under a couple of hundred thousand in the international versus our expectation. We had a particularly back-weighted first quarter, which we don't usually have, but that explains some of the sort of net adds guidance versus actuals as well, and we have a pretty strong guide for Q1. So I think looking at our Q4, which is one of our strongest quarters ever and a pretty strong Q2 guide, we sort of look across that like we put in the letter and say, "we're still on a great growth path, and our content is working, and we're pleased with international growth and we've got a lot of growth left in the U.S. as well."

嗯，我認為，信中所寫以及我要重申的是，我們不會花太多時間去了解任何特定季度。與我們的預期相比，我們在美國的人數不到 10 萬，在國際上的人數不到幾十萬。我們有一個特別反向加權的第一季度，這是我們通常不會有的，但這也解釋了一些淨增加指導與實際情況的對比，而且我們對第一季有一個相當強大的指導。因此，我認為，看看我們的第四季度，這是我們有史以來最強勁的季度之一，也是相當強勁的第二季度指南，我們有點像我們在信中所說的那樣，「我們仍然走在一條偉大的增長道路上，並且我們的內容正在發揮作用，我們對國際增長感到滿意，而且我們在美國也有很大的增長。”

I mean, is there anything you would highlight in the second quarter in terms of an easy comparison? Last year, you talked about price increase, buzz in the press having a negative impact on U.S. dynamics, the content slate. Anything you'd highlight driving the result?

我的意思是，在簡單比較方面，您在第二季有什麼要強調的嗎？去年，您談到了價格上漲、媒體報導對美國動態和內容板產生負面影響。您有什麼要強調的推動結果的嗎？

Well, the obvious one to talk about, and Ted will talk about in more detail, is the content slate. We talked in our January letter about House of Cards pushing into the second quarter. We've got a particularly full slate in Q2, which relative to Q1 is a little heavier. And then that's comping off of last year's Q1, we had a pretty strong Q1 as well. So I think that sort of explains some of it on the margin. But I think the background trend is just a very strong adoption of Internet streaming. So again, if you look across 12 months' trend, we still got a lot of great growth. We're growing well on track in international. We're continuing to grow in the U.S. And quarter-to-quarter, you'll see some fluctuations and some of that is explained by the contents slate.

嗯，最明顯要談論的就是內容板，泰德將更詳細地談論這一點。我們在一月份的信中談到了《紙牌屋》將進入第二季。我們在第二季的名單特別滿，相對於第一季來說要重一些。與去年第一季相比，我們的第一季也相當強勁。所以我認為這在某種程度上解釋了其中的一些原因。但我認為背景趨勢只是網路串流媒體的廣泛採用。所以，如果你回顧一下 12 個月的趨勢，我們仍然獲得了很大的成長。我們在國際上的發展勢頭良好。我們在美國的業務持續成長，每個季度，您都會看到一些波動，其中一些是由內容清單來解釋的。

And Reed, I probably want to turn to you at a high level. I think you mentioned in the letter you're about to cross the 100 million subscriber mark, you're about a decade into this. And I think in the last quarter's letter, you talked about the next 10 years being tumultuous. And I was hoping you talk a little bit about what you meant by using that word in particular? And what are the challenges and opportunities as you look out over the next decade and target that next 100 million subscribers?

里德，我可能想向您請教高層。我想你在信中提到你即將突破 1 億訂戶大關，距離這個目標已經有十年了。我認為在上個季度的信中，您談到了未來十年的動盪。我希望你能談談你使用這個詞的具體含義是什麼？當您展望未來十年並瞄準下一個 1 億訂戶時，挑戰和機會是什麼？

Well, I'm -- we're super excited, expecting to cross 100 million this weekend. That's a big accomplishment. But it's really just the beginning. When you look at YouTube having 1 billion active users and 1 billion hours every day, when you look at Facebook's multi-billion numbers, we see that the Internet is just a phenomenal opportunity. You know, of course, we're a pay service, not ad supported. We're not as deep in international as those companies. But we definitely see a big opportunity around the world to just continue to do what we've been doing, which is make fantastic content, get people really excited about that content, and then we're just continuing to grow.

嗯，我——我們非常興奮，預計本週末將突破 1 億。這是一項偉大的成就。但這確實只是開始。當你看看 YouTube 擁有 10 億活躍用戶和每天 10 億小時的時間，當你看看 Facebook 的數十億用戶時，我們會發現網路只是一個非凡的機會。當然，您知道，我們是付費服務，不支援廣告。我們的國際化程度不如那些公司。但我們確實看到了世界各地的巨大機會，可以繼續做我們一直在做的事情，即製作精彩的內容，讓人們對這些內容感到真正興奮，然後我們就可以繼續成長。

And just continuing on the role of content, I was wondering if you can talk a little more about the way that content releases do impact seasonality of the business. And as well, new releases of new shows, say, a Dave Chappelle show relative to, say, Season 5 of House of Cards and the differing impacts on gross and net subs.

繼續討論內容的作用，我想知道您是否可以多談談內容發佈如何影響業務的季節性。此外，新節目的新發布，例如與《紙牌屋》第 5 季相關的戴夫·查佩爾 (Dave Chappelle) 節目，以及對總訂閱人數和淨訂閱人數的不同影響。

Scott, I would just say that we've said previously that subsequent seasons of shows that have a big audience that are very popular tend to have more impact on the business than introducing brand-new IP. So that's why in the second quarter, you're seeing new seasons of some of our most popular and most acclaimed shows like House of Cards, Orange is the New Black, Unbreakable Kimmy Schmidt, Bloodline, Master of None, and in the first quarter was pretty heavy on new IP, but we were super pleased to have such a big breakout on 13 Reasons Why. It just came on the last day of the quarter as well as Santa Clarita Diet, A Series of Unfortunate Events, Iron Fist on first season shows. And then something like Dave Chappelle comes along in its own class in terms of excitement for consumers and viewing and excitement around Netflix. And we're looking forward of Dave's -- a third special from David next year.

斯科特，我只想說，我們之前說過，擁有大量觀眾且非常受歡迎的後續劇集往往比引入全新 IP 對業務產生更大的影響。這就是為什麼在第二季度，您會看到一些最受歡迎和最受好評的節目的新季，例如《紙牌屋》、《女子監獄》、《堅不可摧的金米·施密特》、《血統》、《無為大師》，而在第一季非常注重新IP，但我們非常高興《十三個原因》能取得如此大的突破。它剛剛在本季度的最後一天播出，以及第一季節目中的《聖塔克拉麗塔飲食》、《一系列不幸事件》和《鐵拳》。然後，像戴夫·查佩爾 (Dave Chappelle) 這樣的公司在消費者的興奮度以及圍繞 Netflix 的觀看和興奮度方面獨樹一幟。我們期待戴夫的——明年大衛的第三個特別節目。

[ Scott ] ?

[斯科特]？

And you can think of that content as making a little trickier to do the quarterly forecasting but for the first half of this year, we're about 8.25 million net adds, which is what we were last year. So again, it moves itself around. It levels out. So I wouldn't get too focused on predicting each quarter by the content. We're continuing to learn on that. But mostly we're just trying to do better and better shows that are more and more popular.

你可以認為這些內容讓季度預測變得有點棘手，但今年上半年，我們的淨增加量約為 825 萬，這與去年的情況相同。如此一來，它又會自行移動。它趨於平穩。所以我不會太專注於透過內容來預測每季。我們正在繼續學習這一點。但大多數情況下，我們只是想做得越來越好，越來越受歡迎。

And then as it relates to international business, you noted some markets that are doing extremely well outside the U.S. and then other markets that are still progressing. Can you talk about particularly in some of the larger markets where you feel like you're under penetrated, where the largest sources of friction are to increasing the subscriber base in those markets?

然後，就國際業務而言，您注意到美國以外的一些市場表現非常好，而其他市場仍在進步。您能否特別談談在一些較大的市場中，您認為自己的滲透率較低，最大的摩擦來源是增加這些市場的用戶群？

So I would say, and I'll pitch it to Reed afterward, it's not necessarily a source of friction. I mean, we're pretty careful about not talking about specifics by market for competitive reasons. But we have said that we experienced a wide variety of adoption curves in different markets. We've seen some markets come out of the gate really fast. We've seen some that have grown slowly, and then really caught up and seen a great acceleration. So I would say each market's different. Each one seems to have a different word-of-mouth adoption pattern but increasingly, what's new for us is that we're more and more global. And the more that we can release these shows that have wide global appeal, we're getting sort of the benefit of that wide global word of mouth and the network effect of that great scale. I mean, growing to 100 million and beyond of global subscribers is really going to benefit us in having these shows that travel across multiple markets. So I think, we're not particularly focused on any one challenge in the larger markets. I think it's about continuing to make payments available, continuing to improve the product, continuing to improve the content in that market with our global originals being the large part of that. And then, Reed, I don't know if you want to tack on anything there.

所以我想說，這不一定是摩擦的根源，之後我會向里德推銷。我的意思是，出於競爭原因，我們非常謹慎地不談論市場的具體情況。但我們說過，我們在不同市場經歷了各種各樣的採用曲線。我們已經看到一些市場的發展速度非常快。我們看到一些增長緩慢，然後真正趕上並看到了巨大的加速。所以我想說每個市場都是不同的。每一個似乎都有不同的口碑採用模式，但對我們來說，新的一點是我們越來越全球化。我們發布的這些具有廣泛全球吸引力的節目越多，我們就越能從廣泛的全球口碑和大規模的網路效應中獲益。我的意思是，全球訂閱者數量成長到 1 億甚至更多，確實會讓我們受益匪淺，讓這些節目在多個市場上傳播。所以我認為，我們並沒有特別關注更大市場中的任何一項挑戰。我認為這是關於繼續提供支付服務，繼續改進產品，並繼續改進該市場的內容，其中我們的全球原創內容佔了很大一部分。然後，里德，我不知道你是否想補充一些內容。

Yes, Scott, as you might remember, first couple of years in Brazil we were struggling with a number of aspects, in particular getting the right content where our service was getting watched a lot. I think it's pretty parallel to that. And of course, not every market is the same as Brazil. We have to learn market by market. But it's nothing that's very concerning to us. It's just a note that in 3 of the regions, LATAM, Europe and North America, we've got the formula, we're executing [ down ] it. And in Asia, Middle East and Africa, we've still got a bunch of work to do, particularly around getting enough of the right content that people want to view that we get our viewing hours higher and higher.

是的，斯科特，你可能還記得，在巴西的頭幾年，我們在很多方面都遇到了困難，特別是在我們的服務受到廣泛關注的情況下獲取正確的內容。我認為這與此非常相似。當然，並非每個市場都與巴西相同。我們必須逐一市場地了解。但這並不是我們非常關心的事情。需要注意的是，在拉丁美洲、歐洲和北美這 3 個地區，我們已經有了這個公式，我們正在[向下]執行它。在亞洲、中東和非洲，我們還有很多工作要做，特別是要獲得足夠的人們想要觀看的正確內容，從而使我們的觀看時間越來越長。

And just a follow-on to the international topic. There've been several markets where you've launched non-U. S. originals. And was interested in terms of the difficulties or ease with which you're having in finding talent in those markets. And then secondly, in those markets which you're launching originals, the benefit in terms of the halo effect of other markets actually latching onto that content and viewing it that's driving subscribers in those markets as well.

這只是國際話題的後續。您已經在多個非美國市場推出了產品。S.原件。並且對您在這些市場尋找人才時遇到的困難或難易程度感興趣。其次，在您推出原創內容的市場中，其他市場的光環效應所帶來的好處實際上會抓住該內容並觀看它，這也推動了這些市場的訂閱者。

Well, I could tell you about -- we launched this past quarter, Ingobernable, which is a Spanish-language original, starring Kate del Castillo, that had a huge impact on us through our Latin America, but also outside of Latin America and throughout the Spanish-speaking world. And our ability to get in, learn the production infrastructure, learn the -- get to know the talent, have the talent get to know us, that's one of those things that gets a nice accelerator as Netflix becomes better and better known around the world that the top talent in those markets want their shows on Netflix. So nothing is easy but that is something that we've had a lot of good fortune with, finding a great talent and a good shows locally, and it has been having a lot of impact outside of the country of origin.

好吧，我可以告訴你——我們上個季度推出了《Ingobernable》，這是一部西班牙語原創作品，由Kate del Castillo 主演，它對我們整個拉丁美洲產生了巨大影響，但也對拉丁美洲以外的地區和整個地區產生了巨大影響。西班牙語世界。我們有能力進入，了解製作基礎設施，了解人才，讓人才了解我們，這是隨著 Netflix 在世界範圍內變得越來越知名而獲得良好加速器的事情之一這些市場的頂尖人才希望在Netflix 上觀看他們的節目。因此，沒有什麼是容易的，但這是我們非常幸運的事情，在當地找到了優秀的人才和精彩的表演，並且它在原籍國之外產生了很大的影響。

The international arena is a pretty rich topic, but I want to move up to the U.S. But first, Reed, you mentioned consumption. I think, investors would love to have an update on consumption, both in the U.S. and overseas. What is the hours per day on average? Is it still growing for both cohorts year-to-year? Anything you're willing to share at this point in time?

國際舞台是一個相當豐富的話題，但我想談談美國。但首先，里德，你提到了消費。我認為，投資者希望了解美國和海外消費的最新情況。平均每天工作幾小時？這兩個群體的收入是否仍在逐年增加？此時此刻有什麼願意分享的嗎？

Yes. Our viewing is very large and growing, but nowhere near as big as YouTube's, so we definitely got YouTube envy and we've got a lot of room to go. And some of the new shows like Ted was talking about our movie out of Korea, Okja, has great global potential. So we're finding great talent around the world and that's what drives up the viewing.

是的。我們的觀看量非常大，而且還在不斷增長，但遠不及 YouTube，所以我們肯定會受到 YouTube 的羨慕，而且我們還有很大的發展空間。一些新節目，例如泰德正在談論我們的韓國電影《玉子》，它具有巨大的全球潛力。所以我們在世界各地尋找優秀的人才，這就是提高觀看次數的原因。

So I also wanted to hit on the U.S. And so even though a lot of the growth comes from international, when you think about the U.S., a lot of investors are worried about the maturity and whether that sends a signal that you could ultimately have some issues with penetrations overseas. And I think, Reed, it starts with you and the vision for 60 million, 90 million subs, is that still the vision? Ted, as part of that, what do you have to do to execute on getting those subscribers that Reed is looking for? And for David, on that topic, is there anything you see in the trends? I know you want us to not dig into gross adds and churn on a quarterly basis too much, but it's sort of what we do. Is there anything that you're seeing that suggests there's a maturity wall coming anytime soon for the U.S.?

因此，我也想瞄準美國。因此，儘管很多增長來自國際市場，但當你想到美國時，很多投資者都會擔心成熟度，以及這是否會發出一個信號，表明你最終可能會獲得一些增長。海外滲透問題。我認為，里德，這一切始於你和 6000 萬、9000 萬訂閱者的願景，這仍然是願景嗎？泰德，作為其中的一部分，您需要做什麼才能獲得里德正在尋找的訂閱者？對大衛來說，關於這個主題，你在趨勢中看到了什麼嗎？我知道您希望我們不要過度研究總增加額和季度流失率，但這就是我們所做的。您是否看到任何跡象表明美國很快就會出現成熟牆？

The U.S. market is continuing to grow very nicely. I don't see any fixed wall. I mean, of course, every incremental 10 million is a little harder than the last 10 million, but our content keeps getting better, so those forces offset each other. When you look at the last 5 years, everyone's worried every quarter about saturation in the U.S., and we just continued to grow. But it doesn't mean it's going to be inherently forever. But we certainly feel good about the near term as we're expanding and just getting bigger content budget, more shows, more marketing. And so all of that feels very good.

美國市場持續保持良好成長。我沒有看到任何固定的牆。我的意思是，當然，每增加一千萬都會比最後一千萬難一些，但我們的內容不斷變得更好，所以這些力量相互抵消。回顧過去五年，每個季度每個人都擔心美國市場的飽和，而我們卻持續成長。但這並不意味著它本質上會永遠存在。但我們對短期前景肯定感覺良好，因為我們正在擴張，並且獲得了更大的內容預算、更多的節目、更多的行銷。所以這一切感覺非常好。

And a component of that obviously is the international appeal of our global original shows but also finding those sweet spot local original shows that offer some connectivity with the consumers. And for some cases, it will be the thing that introduces them to Netflix programming, and they fall in love with the broader slate of content.

其中一個組成部分顯然是我們的全球原創節目的國際吸引力，但也找到了那些能夠與消費者建立聯繫的本地原創節目的最佳點。在某些情況下，這將是他們了解 Netflix 節目的原因，他們會愛上更廣泛的內容。

And then finally, Doug, on your last one, I wouldn't say anything different from Reed. I mean, if we can get -- my God, if we can get penetration levels outside the U.S. to be anywhere close to the U.S., you're implying multiple hundreds of millions of global subscribers with the U.S. beyond 50%. So I'm not sure I understand that point of the question other than to say that the concern as I hear it voiced is really that we wouldn't be able to get to U.S. levels of penetration outside the U.S. And we've got some markets there that are starting to get there. So I think, we've punched through that sort of concern and anxiety. And now we're really at a phase where we're starting to really benefit from the large pipeline that Ted is building and his team are building, and we're really starting to have some time in multiple markets that are somewhat new to us, as Reed described in Asia.

最後，道格，關於你的最後一個，我不會說任何與里德不同的事情。我的意思是，如果我們能夠——天啊，如果我們能夠讓美國以外的地區的滲透率接近美國，那麼就意味著美國的全球訂戶數量超過 50%。因此，我不確定我是否理解問題的要點，只是說我聽到的擔憂實際上是我們無法在美國以外的地區達到美國的滲透水平，而且我們已經有了一些那裡的市場已經開始到達那裡。所以我認為，我們已經克服了這種擔憂和焦慮。現在我們確實正處於這樣一個階段：我們開始真正受益於 Ted 和他的團隊正在建立的大型管道，並且我們確實開始在多個對我們來說有些陌生的市場上度過一段時間正如里德在亞洲所描述的那樣。

A couple of years ago, Doug, there was a bunch of fear about the 30 million sub wall, with AOL had hit that and HBO had hit that. And the thing is everybody watches TV. And nearly everybody has the Internet, so I don't see anything that's going to stop Netflix from getting to most people in the United States and then eventually, hopefully, most people around the world. But we're not -- we're just going to focus on the every day of making the service better and better.

道格，幾年前，人們對 3000 萬訂閱牆感到非常擔憂，AOL 和 HBO 都曾這麼做過。問題是每個人都看電視。幾乎每個人都擁有互聯網，所以我認為沒有什麼可以阻止 Netflix 吸引美國大多數人，最終有望覆蓋全世界大多數人。但我們不是——我們只是每天專注於讓服務變得越來越好。

The one follow-up to all that, is Ted, are you specifically targeting perhaps older demos, you mentioned international, with the product flow that you're working on?

泰德（Ted）是所有這一切的後續行動，您是否專門針對您提到的國際較舊的演示以及您正在開發的產品流程？

No. The key here, Doug, is you've got this many people an incredible diversity of taste, so you have to have programming that really appeals to a broad demographic. So obviously a show like 13 Reasons Why appeals much younger. Grace and Frankie, which had a really successful third season launch, obviously appeals to an older demographic. But the key is just the people love television. People love to be entertained and the definition of what that thing is that you're in love with is different for each age, for each country and having a lot of that basket increases our chances of having a deep connection with consumers. And so that's why in Q2, we're launching a new season of a show, a new brand-new set of comedy special, documentaries, kids shows every week coming up and it will be -- the chance that you're going to connect with somebody and it becomes their favorite show or the reason they have Netflix, gets higher and higher as you're able to do that.

不。道格，這裡的關鍵是你有這麼多人，他們的品味令人難以置信的多樣化，所以你必須有真正吸引廣大人群的節目。顯然，像《十三個原因》這樣的節目對年輕人來說更有吸引力。《格蕾絲和弗蘭基》第三季的推出非常成功，顯然吸引了老年人。但關鍵是人們喜歡電視。人們喜歡被娛樂，而每個年齡層、每個國家對你所愛的東西的定義都是不同的，擁有很多這樣的籃子會增加我們與消費者建立深厚聯繫的機會。這就是為什麼在第二季度，我們將推出新一季的節目，每週都會推出一套全新的喜劇特別節目、紀錄片、兒童節目，這將是——你有機會與某人建立聯繫，這將成為他們最喜歡的節目或他們擁有Netflix 的原因，隨著你能夠做到這一點，它會變得越來越好。

Sticking to the U.S. and speaking of genres and different types of content, you talked a little bit about Dave Chappelle. Why the sudden increase in standup comedy? What's the price-to-value that you find that you're getting out of that type of content?

回到美國，談到流派和不同類型的內容，你談到了戴夫·查佩爾(Dave Chappelle)。為什麼單口喜劇突然增加？您發現從此類內容中獲得的性價比是多少？

Well, there's always been an interest in standup comedy. It was actually back in early original content days and the Red Envelope Entertainment, it's all we did was produced original standup comedy and acquired documentaries and foreign language films. Always had good luck with it just on a very small scale. And the format lends itself really well to what we're doing in that it's uncensored and it's commercial free, and that it allows for a lot of creative freedom. And the fan base for these folks is very big. So Dave Chappelle, his return to standup comedy was a big event in the culture. And you could [ draw ] serious level and movie level viewing on some of these standup comedy specials if you pick them right and invest in them properly. So these were big-ticket investments, but they're also performing like big-ticket content, so we're thrilled with this so far.

嗯，人們一直對單口喜劇很感興趣。實際上，早在早期的原創內容時代和紅包娛樂公司，我們所做的就是製作原創單口喜劇併購買紀錄片和外語電影。總是在很小的範圍內運氣很好。這種格式非常適合我們正在做的事情，因為它未經審查、無商業廣告，並且允許大量的創作自由。這些人的粉絲群非常龐大。因此，戴夫查普爾（Dave Chappelle）重返單口喜劇是文化界的大事。如果你正確地選擇並適當地投資它們，你可以[吸引]嚴肅級別和電影級別的觀看其中一些單口喜劇特輯。所以這些都是大額投資，但它們的表現也像大額內容，所以到目前為止我們對此感到興奮。

And then family and kids content, Ted, you mentioned a little bit and talk more about that in terms of the interest and extending deeper there. And then on that topic as well, faith-based programming, conservative program, Hollywood does lean a little in one direction. It seems like there's a pocket of opportunity there to serve a very big market.

然後是家庭和孩子的內容，特德，你提到了一點，並更多地談論了興趣和更深入的內容。然後在這個主題上，基於信仰的節目，保守的節目，好萊塢確實有點偏向一個方向。似乎那裡有很多機會可以為一個非常大的市場提供服務。

Yes, absolutely. We're not -- we're trying to find the content that people love, and that's different for everyone, as I said earlier. So the faith-based market is something that we're engaged on the edges, but we're looking to do a lot more. And we're also looking for like our kids and family programming. And the really exciting thing is when you get something that can be viewed by both. So that's the kind of phenomena around Stranger Things, or Fuller House, where you have these co-viewing opportunities that are so rare on TV these days where it's a kid's show that parents enjoy watching and that don't get -- they don't have to cringe when they want with their kids.

是的，一點沒錯。我們不是——我們正在努力尋找人們喜愛的內容，正如我之前所說，這對每個人來說都是不同的。因此，基於信仰的市場是我們所涉足的領域，但我們希望做得更多。我們也在尋找像我們的孩子和家庭節目一樣的節目。真正令人興奮的是當您獲得雙方都可以查看的東西時。這就是《怪奇物語》或《歡樂滿屋》周圍的現象，你有這些共同觀看的機會，這在如今的電視上很少見，因為這是一部父母喜歡看的兒童節目，但他們沒有得到——他們沒有。當他們想和孩子在一起時，不必畏縮。

And then finally on this topic, the Disney deal, how is that progressing? The interest in renewing that content specifically or content like that? And what's your interest in -- I believe there's a Paramount deal that's available in the next few years as well?

最後，關於迪士尼交易這個話題，進展如何？有興趣專門更新該內容或類似內容嗎？你對什麼感興趣──我相信未來幾年也會有派拉蒙的交易？

Like I've said before, our interested in Disney is different than our interest in a Pay 1 output deal from a studio because Disney has really centered their brand on a couple of really important tent poles that performed very well on Netflix, and obviously, performed well around the world. So it's been a great relationship and continues to be a great relationship with Disney as a company producing our Marvel series as well as being their Pay 1 partner and hundred -- several hundred hours of their catalog all the time. So it continues to be a great partnership and they're a great supplier of content that people love, so we'll see.

就像我之前說過的，我們對迪士尼的興趣不同於我們對工作室的Pay 1 產出協議的興趣，因為迪士尼實際上將他們的品牌集中在幾個非常重要的支柱上，這些支柱在Netflix上表現非常好，顯然，在世界各地表現良好。因此，與迪士尼建立了良好的關係，並將繼續保持良好的關係，因為迪士尼是一家製作漫威系列的公司，也是他們的 Pay 1 合作夥伴，並且一直有數百個小時的目錄。因此，這仍然是一個很好的合作夥伴關係，他們是人們喜愛的內容的優秀供應商，所以我們拭目以待。

And while the Marvel series is global, the Disney Pay 1 is just U.S. and Canada, so it's not a global deal.

雖然 Marvel 系列是全球性的，但 Disney Pay 1 僅適用於美國和加拿大，因此這不是全球交易。

From my end, for Reed, over the past few months, it seems like we've had a number of important executives depart Netflix, Chief Product Officer, Neil Hunt; Chief Talent Officer, Tawni Cranz; VP, Global Television, Sean Carey. It seems like an unusual number of departures. Usually, you're the one taking other company's executives. Any comment you want to make around this dynamic?

從我看來，對里德來說，在過去的幾個月裡，我們似乎有一些重要的高階主管離開了 Netflix，例如首席產品長尼爾亨特 (Neil Hunt)；首席人才長 Tawni Cranz；全球電視副總裁 Sean Carey。出發次數似乎不尋常。通常，你是帶走其他公司主管的人。您想對此動態發表什麼評論嗎？

It is unusual. I mean, the last time we had an officer leave Netflix was 2012. So it's quite a while ago. We've got a search on the Chief Talent Officer, insiders and outsiders. And then, we're fortunate to have Greg Peters take over for Neil Hunt. Greg's been a long-term Netflix veteran. Really knows the organization and excited about taking it forward, and that transition will happen in about 3 months from now.

這是不尋常的。我的意思是，我們上一次有高階主管離開 Netflix 是在 2012 年。所以已經是很久以前的事了。我們正在尋找首席人才長、內部人士和外部人士。然後，我們很幸運讓格雷格·彼得斯接替尼爾·亨特。格雷格是 Netflix 的長期資深用戶。真正了解這個組織，並且對推動它向前發展感到興奮，這種轉變將在大約 3 個月後發生。

And so no particular signal that investors should take from this? It just happened to line up this way?

那麼投資者沒有應該從中汲取特別的訊號嗎？就這樣排隊了？

That's correct.

這是正確的。

Ted, you mentioned last quarter that it would be a second-half weighted content slate this year. Can you give us more of a sense of why you feel this way? Obviously, 2Q looks pretty big with both House of Cards and Orange is the New Black. Is the second half going to be even bigger?

泰德，您在上個季度提到今年將是下半年加權內容清單。您能否讓我們更了解您為什麼會有這種感覺？顯然，《紙牌屋》和《女子監獄》的 2Q 看起來都相當大。下半年會更大嗎？

Well, we're introducing a lot of new brands in the second half of the year, including some of our more aggressive moves into the movie business. Bright actually will be in the fourth quarter, which is our big Will Smith film that we think will kind of give consumers and everyone who watches this space a better idea of the kind of things we're up to in the movie space, which is those movies that you would see in the theaters, but they're available to you day in and day out on Netflix, and that they look and feel like movies of that scale.

嗯，我們在下半年推出了許多新品牌，包括我們進軍電影業務的一些更積極的舉措。《光明》實際上將在第四季度上映，這是我們威爾史密斯的大片，我們認為這會讓消費者和觀看這個空間的每個人更好地了解我們在電影空間中所做的事情，也就是那些你會在電影院看到的電影，但你可以日復一日地在 Netflix 上觀看它們，而且它們看起來和感覺起來都像那種規模的電影。

I'm sure you'd love to expound on this topic in detail for the press. Any thoughts on the writers' strike?

我相信您很樂意向媒體詳細闡述這個主題。對於作家罷工有什麼想法嗎？

Look, we're keeping an eye on it like everybody else. And like everybody else, our productions would be impacted if it happens. We may be impacted a little bit less because we're not on such a rigid production schedule. We're not producing for the fall and the summer, we're in year-round production. But some of our productions would be held up in the event of a strike, which our fingers are crossed that, that won't happen.

看，我們像其他人一樣密切關注它。和其他人一樣，如果發生這種情況，我們的製作也會受到影響。我們受到的影響可能會小一點，因為我們沒有嚴格的生產計劃。我們不為秋季和夏季生產，而是全年生產。但如果發生罷工，我們的一些作品將會被擱置，我們祈禱這種情況不會發生。

And the last thing I did want to follow up, because, I think, I let you get away with not giving us an update on the usage trends. Are you guys willing to make any comment on whether usage is still growing in the U.S. and overseas? And what level is that?

我想跟進的最後一件事是因為，我認為，我讓您沒有向我們提供有關使用趨勢的最新資訊。你們願意對美國和海外的使用量是否仍在成長發表評論嗎？那是什麼水平？

Correct. We said that viewing is strong, growing, healthy, but we haven't given specific numbers.

正確的。我們說過收視率強勁、成長、健康，但我們沒有給出具體數字。

Okay. I missed that. I missed that nuance again. So Ted, are you willing to...

好的。我錯過了。我又錯過了那個細微差別。所以特德，你願意...

We did tell you that our subscribers have spent about 0.5 billion hours watching Adam Sandler movies since The Ridiculous Six launch.

我們確實告訴過您，自從《荒唐六人組》推出以來，我們的訂閱者已花費約 5 億小時觀看亞當桑德勒的電影。

And I assume that's a good thing. And I think, that -- Ted, for you, is the originals as a percentage of spend and as a percentage of hours is fairly consistent? Is there an inconsistency there? Anything strategically that you're focused on in that dynamic?

我認為這是一件好事。我認為，泰德，對你來說，原創內容佔支出的百分比和占時間的百分比是否相當一致？這裡面有不一致的地方嗎？在這種動態中，您有什麼策略重點關注的事情嗎？

No, pretty consistent to the investment and the hours of spent -- hours of spent watching. That's why we've said before that the investment in original programming has been efficient. That's what we mean relative to what else you'd spend the money on versus the hours of viewing. So -- and there, we're not driving towards a target of a percent of original programming versus not. We're just trying to find a very great things for people to watch that move our business and grow the subscriber base.

不，與投資和花費的時間（觀看的時間）非常一致。這就是為什麼我們之前說過原創節目的投資是有效的。這就是我們的意思，相對於您花在其他方面的錢與觀看時間的關係。因此，我們並沒有朝著原創節目百分比的目標前進。我們只是想找到一個非常好的東西供人們觀看，從而推動我們的業務並擴大訂戶群。

And I'm going to try to help Doug get an answer on the viewing question. I think there was a disclosure in January, 250 million hours of movie in TV in a single day in January. And the last prior disclosure to that was 125 million, which seemed to be like a run rate. And just wondering if that 250 million was an outlier? Or if that is more of a run rate, currently?

我將盡力幫助道格獲得有關觀看問題的答案。我記得 1 月就曾披露過，1 月的電視電影單日播放時間達到 2.5 億小時。之前最後一次披露的數字是 1.25 億，這似乎是一個運行率。只是想知道這 2.5 億是異常值？或者，如果這更多的是目前的運行率？

It's really not -- the total aggregate viewing as opposed to the median viewing by country is not something internally that's in our metrics pack. And so we don't even track it that closely. It's not that relevant. What we do track on a country-by-country basis is how median viewing at different lifetime slices is. And we continue to see good things in that, continue to see that grow as we have more content.

事實並非如此——與按國家/地區劃分的觀看中位數相比，總觀看次數並不是我們指標包中的內部內容。所以我們甚至沒有那麼密切地跟踪它。這不是那麼相關。我們逐國追蹤的是不同生命週期的觀看中位數。我們繼續看到其中的美好事物，並隨著我們擁有更多內容而繼續看到它的增長。

And Scott, I'd add just like Reed, these are milestones. They're convenient sort of PR milestones in terms of announcing it. And some of that growth is by launching new territories. Now we're more focused on growing each individual user within that territory than we are in terms of a big aggregate number, as Reed said.

史考特，我想像瑞德一樣補充一點，這些都是里程碑。就宣布而言，它們是方便的公關里程碑。其中一些成長是透過開闢新領域來實現的。正如里德所說，現在我們更專注於發展該領域內的每個用戶，而不是龐大的用戶總數。

If we can help you out, I remember that YouTube announced they were 1 billion a day, and when we looked it up, we're little over 1 billion a week. So we've got a long way to go to catch up to YouTube.

如果我們能幫到你的話，我記得 YouTube 宣布每天的瀏覽量為 10 億，當我們查了一下，我們每週的瀏覽量略高於 10 億。因此，要趕上 YouTube，我們還有很長的路要走。

And then downloading is also fairly new phenomenon within Netflix. Speak a little bit more about that, how it's being adopted within accounts. Also, any changes from a technology architecture standpoint that are needed to be done to produce that?

而且下載在 Netflix 中也是相當新的現象。多談談它是如何在帳戶中採用的。另外，從技術架構的角度來看，需要進行哪些更改才能實現這一點？

It's pretty on small impact. I mean, you're not on airplanes or cars that much of your life so it's really nice to have when you use it. But at least in Western and more well-off markets where networks are strong and relatively inexpensive, it's a modest feature. I think, in Asia, it's a little bigger because the networks, you're off of an inexpensive network a lot of the time. But again, as networks get more modern, I think we'll see the downloading, the need for it will go down and down because basically, you want to be able to just click and watch. You don't want to have to think in advance outside of a couple of narrow scenarios like an airplane.

影響很小的情況下還是很漂亮的。我的意思是，你一生中大部分時間都不會乘坐飛機或汽車，所以當你使用它時，擁有它真的很棒。但至少在網路強大且相對便宜的西方和更富裕的市場，這是一個適度的功能。我認為，在亞洲，它的規模要大一些，因為網絡，你很多時候都使用廉價的網絡。但同樣，隨著網路變得更加現代化，我認為我們會看到下載，對它的需求會不斷下降，因為基本上，你希望能夠只需點擊並觀看。您不想在飛機等幾個狹窄的場景之外提前考慮。

And has the re-encoding that was discussed at Mobile World Congress, is that now complete?

世界行動通訊大會上討論的重新編碼現在已經完成了嗎？

No. We're still -- there is no complete when you get to encoding. You just keep getting better and better and better. So we're just continuing on all of that work, so that you can get an incredible picture quality on a very modest data plan on a phone.

不。當你開始編碼時，我們仍然沒有完成。你只是不斷變得越來越好。因此，我們將繼續所有這些工作，以便您可以在手機上以非常有限的數據計劃獲得令人難以置信的圖像品質。

So I'm going to switch to competition and Amazon specifically. Amazon's gone after a David Russell drama series with Robert De Niro, producing the next series for that. These are sort of big tickets, big prices, very talented producers, actors and directors. Reed, when you look at the competitive landscape, anything at all that makes you nervous or that you feel like you have to accommodate? Ted, the fight for talent in Hollywood, any issues with Amazon ramping its originals? And David, on the cost side, could this influence the cost of originals higher than you'd like?

所以我將轉向競爭，特別是亞馬遜。亞馬遜正在追隨羅伯特·德尼羅主演的大衛·拉塞爾電視劇系列，並為此製作了下一個系列。這些都是大門票、大價格、非常有才華的製片人、演員和導演。里德，當你看到競爭格局時，有什麼事情讓你感到緊張或你覺得必須適應嗎？泰德（Ted），好萊塢的人才爭奪戰，亞馬遜提升其原創作品有什麼問題嗎？大衛，在成本方面，這是否會影響原件的成本高於您的預期？

Look at one level, Amazon is an amazing company and doing so many different things. It's really incredible. And then you think of Jeff Bezos in addition to all of Amazon doing a Washington Post and Blue Origin Rocket. So I will say, we do think about all of that and their tremendous track record. On the other hand, they're doing great programming and they'll continue to do that, but I'm not sure if it will really affect us very much because the market is just so vast. Think about it when you watch a show from Netflix and you get addicted to it, you stay up late at night. You're really -- we're competing with sleep on the margin, and so it's a very large pool of time. And a way to see that numerically is that we are a competitor to HBO, and yet over 10 years, we've grown to 50 million and they've continued modestly growing. They haven't [ trunked ]. And so if you think about it is we're not really affecting them, the answer is well, why? And that's because we're like 2 drops of water in the ocean of both time and spending for people. And so Amazon can do great work and it would be very hard for it to directly affect us. It's just home entertainment is not as a zero sum game. And again, HBO's success, despite our tremendous success, is a good way to illustrate that.

從某個層面來看，亞馬遜是一家了不起的公司，做著很多不同的事情。實在是太不可思議了。然後你會想到傑夫貝佐斯以及亞馬遜的所有員工製作的《華盛頓郵報》和藍色起源火箭。所以我想說，我們確實考慮了所有這些以及他們的巨大記錄。另一方面，他們正在做出色的編程，並且他們將繼續這樣做，但我不確定這是否真的會對我們產生很大影響，因為市場是如此巨大。想想看，當您觀看 Netflix 的節目並沉迷其中時，您會熬夜。我們確實在與睡眠競爭，所以這是一個非常大的時間池。從數字上看，我們是 HBO 的競爭對手，但 10 多年來，我們已經成長到 5000 萬，而且他們還在繼續適度增長。他們還沒有[集群]。所以如果你想想我們並沒有真正影響他們，答案是好的，為什麼？那是因為我們就像人們的時間和支出海洋中的兩滴水。因此，亞馬遜可以做得很好，但它很難直接影響我們。只是家庭娛樂並不是零和遊戲。儘管我們取得了巨大的成功，但 HBO 的成功再次很好地說明了這一點。

I would just add there are 500 cable channels. Nearly every one of them have original programming being produced every day. So it's great that there's -- it's an incredible opportunity for producers to have multiple buyers for their programming and a great opportunity for consumers to have a lot more opportunity to find new shows that they're going to love.

我只想補充一下，有線頻道有 500 個。幾乎每一家公司每天都會製作原創節目。因此，這對製作人來說是一個令人難以置信的機會，可以讓他們的節目擁有多個買家，對於消費者來說，這是一個絕佳的機會，可以有更多的機會找到他們喜歡的新節目。

And to Ted's point, I mean, there's more than just Amazon competing for those shows, so even if the show were lower in cost, we would have more content. You wouldn't necessarily -- wouldn't make the decision, I don't think, to reduce the content level. We're already growing operating margin. We're able to grow U.S. margin over the last 4 or 5 years. And now we're switching to growing global operating margin. So we're already operating that delivering that and also growing the content. So I think, sure, I'd love to have shows less expensive but honestly we're more competing with the quality of the show and trying to push and improve the cinematic quality of that show, which is driving -- has more of an influence on the cost of that than the individual competition within the market, absolutely.

對於特德的觀點，我的意思是，競爭這些節目的不僅僅是亞馬遜，所以即使節目的成本較低，我們也會有更多的內容。我認為，你不一定會做出降低內容水平的決定。我們的營業利潤率已經在成長。在過去的四、五年裡，我們能夠提高美國的利潤率。現在我們正在轉向不斷增長的全球營運利潤。因此，我們已經在運營該服務並增加內容。所以我想，當然，我希望演出的費用更便宜，但說實話，我們更多地與演出的質量競爭，並努力推動和提高該節目的電影質量，這正在推動——有更多的其對成本的影響絕對超過市場內的個體競爭。

And Ted, to follow up with your aspect to this, how's your relationship with Hollywood versus a year ago? How would you describe it? Does this dynamic come into play where at some point there'll be a backlash from Hollywood? We always talk about the media companies ultimately looking at Netflix as a competitor competing on online video platform versus them supplying newer content and making a lot of money off? But have you seen a change in that dynamic at all with any of the studios?

泰德（Ted），請問您對此的看法，與一年前相比，您與好萊塢的關係如何？你會如何描述它？這種動態是否會在某個時刻引起好萊塢的強烈反對？我們總是談論媒體公司最終將 Netflix 視為在線視頻平台上的競爭對手，而不是提供更新的內容並從中賺取大量金錢？但您是否看到任何工作室的這種動態發生了變化？

Well, this is probably the most dynamic time of change in the television -- in the history of television industry and how everybody navigates, it feels really important obviously. But we're a -- on top of being a competitor for projects and a competitor for attention, we're an enormous customer of all the studios who would license us their content, sell us their content, who produce original content for us. So I think, the content evolution of the relationship is finding the balance between being a great supplier and a competitor. And the networks and the studios have navigated those waters since the beginning of television.

嗯，這可能是電視行業最有活力的變革時期——在電視行業的歷史上以及每個人的導航方式中，這顯然非常重要。但我們除了成為專案的競爭對手和關注度的競爭對手之外，我們還是所有工作室的巨大客戶，他們會向我們授權他們的內容，向我們出售他們的內容，為我們製作原創內容。所以我認為，這種關係的內容演變是在成為優秀供應商和競爭對手之間找到平衡。自從電視出現以來，網路和製片廠就一直在這些領域中航行。

They have but Hollywood goes through fits and starts and cycles. And right now, we've got writers agitating for more money, the talents' getting a greater share, you've got a lot of cable networks that aren't licensing syndicated content like they used to. There's definitely a lot of change taking place and a lot of folks in Hollywood trying to figure out how exactly to wrestle with you. But I guess to your point, as you've said, things are fine right now.

他們有，但好萊塢會經歷斷斷續續和循環。現在，我們有作家鼓動更多的錢，人才獲得更大的份額，你有很多有線電視網絡不再像以前那樣授權聯合內容。確實發生了很多變化，好萊塢的很多人都在試圖弄清楚如何與你摔角。但我想就你的觀點而言，正如你所說，現在一切都很好。

Yes, we're 10 years in and those fits and starts have started on day 1 and continue today.

是的，我們已經 10 年了，這些間歇性的改變從第一天就開始了，一直持續到今天。

And Ted, I think you would also say that one of the fundamental changes is the globalization of TV. So I think that, that is playing through Hollywood. And I think it's playing through each one of the talent sections of Hollywood. In terms of trying to understand what the value of content that's now applicable to a double the audience globally, say.

泰德，我想你也會說根本的改變之一是電視的全球化。所以我認為，這就是好萊塢的表現。我認為好萊塢的每個人才部門都在發揮作用。比如說，在試圖了解現在適用於全球雙倍受眾的內容的價值。

Correct. And who do you compete with today when in the U.S. we've had incredible success with our Spanish language original, Ingobernable, but also with our Portuguese language original from Brazil, 3%. So the pool of people who are competing for the attention of viewers and ultimately, the attention of buyers has never been bigger.

正確的。今天，在美國，我們與誰競爭？我們的西班牙語原創作品《Ingobernable》以及來自巴西的葡萄牙語原創作品《3%》都取得了令人難以置信的成功。因此，爭奪觀眾注意力並最終吸引買家注意力的人群從未如此之大。

Speaking of studios, it seems like your initiatives with Netflix studio-produced original content seem to be quite unique relative to others. There were some recent media attention. And Ted, I think, you were quoted as suggesting spending several billion dollars in terms of allowing talent to be home when they actually create content. Could you speak a little bit more about that? How do you think that differentiates yourself relative to competitors?

說到工作室，您對 Netflix 工作室製作的原創內容的舉措似乎相對於其他公司來說非常獨特。最近有一些媒體關注。我想，泰德（Ted），有人引用你的建議，建議花費數十億美元，讓人才在實際創作內容時留在家裡。您能多說一點嗎？您認為相對於競爭對手，您如何脫穎而出？

Look, think about it as an extension of our talent-friendly commitments, but also in terms of our commitment to quality. And what we have found in our own business is that if we create a great working environment for an employee, they do the best work of their life. And I think, in the case of production, a lot of that comes off in the performance, which comes off in the screen. So we want to invest in our talent the way we invest in our talent inside of Netflix and create the best shows on television. One way of doing that is not having people travel all around to chase the tax credit. And one thing -- in that article that I have referred to this, it was suggesting that perhaps the state of California could be more effective in building -- investing in infrastructure versus incenting individual productions because when you give people a great place to work, they're going to come work in your state.

看，將其視為我們對人才友善承諾的延伸，也是我們對品質的承諾。我們在自己的企業中發現，如果我們為員工創造良好的工作環境，他們就會做出一生中最好的工作。我認為，就製作而言，很多都體現在表演中，體現在銀幕上。因此，我們希望像投資 Netflix 內部的人才一樣投資我們的人才，打造最好的電視節目。實現這一目標的方法之一就是不要讓人們四處奔走去尋求稅收抵免。有一件事 - 在我提到的文章中，它表明也許加州可以更有效地建立 - 投資基礎設施而不是激勵個人生產，因為當你為人們提供一個很好的工作場所時，他們會來你所在的州工作。

And there's also, I believe, some job postings at least, Netflix studio and the cloud, and it's been discussed also in terms of differentiating and infusing technology into the studio to create content in different ways. Can you expand on that a bit?

我相信，至少還有一些招聘信息，Netflix 工作室和雲，並且還討論瞭如何區分和將技術注入工作室，以不同的方式創建內容。能擴展一下嗎？

It goes along the same lines which is giving people tools, right. Giving people the right -- the best tools to work with. So when you're producing for Netflix, the Netflix studio that you have the most state-of-the-art tools at your disposal to create content and not get stuck in old technology. So we're trying to innovate on things that matter to consumers, but also things that matter to creators.

它遵循同樣的思路，為人們提供工具，對吧。為人們提供正確的－最好的工作工具。因此，當您為 Netflix 製作內容時，您可以使用 Netflix 工作室最先進的工具來創作內容，而不會陷入舊技術的困境。因此，我們正在努力在對消費者重要的事情上進行創新，同時也對創作者重要的事情進行創新。

Does -- and I don't know if this is connected to studio or not, but does the current infrastructure that you have in place, does it allow you to do live and near-live productions?

我不知道這是否與工作室相關，但是您目前擁有的基礎設施是否允許您進行現場和近現場製作？

It would -- we'd have to invest in technology to do it. It's not -- there's nothing that would prevent it from happening. But it's our desires to continue to double down on our consumer proposition of on-demand. I think, it is that kind of freedom that the consumer receives from Netflix of watching what they want whenever they want is part of the value proposition. And live is back to the kind of the old paradigm of appointment television.

我們必須投資技術才能做到這一點。不是——沒有什麼可以阻止它發生。但我們希望繼續加大對消費者按需主張的投入。我認為，消費者從 Netflix 獲得的那種隨時隨地觀看自己想看的內容的自由是價值主張的一部分。直播又回到了預約電視的舊模式。

Can we shift to sort of on that Amazon topic and the international topic combined, I guess, Ted, for you, Amazon building out local content pretty aggressively, particularly India, Japan. India, there is talk of them starting up a studio. And you -- I think for the last couple of years, really espoused this Hollywood strategy of Hollywood content is global in nature and that can drive subscriptions globally. But you're building up a studio here in the United States to pursue that more aggressively. Does it make sense for you to more aggressively build out local studios overseas? And what capacity does the company have to even do that at this point?

我們可以轉向亞馬遜主題和國際主題結合嗎，我想，特德，對你來說，亞馬遜非常積極地建立本地內容，特別是印度和日本。印度，有傳言說他們要開辦工作室。我認為在過去的幾年裡，您確實擁護好萊塢內容的好萊塢策略，其內容本質上是全球性的，可以推動全球訂閱。但你正在美國建立一個工作室，以更積極地追求這個目標。您更積極在海外建立本地工作室是否有意義？目前公司有什麼能力做到這一點？

Well, we're definitely already building our production capabilities outside of the United States. We're today filming local shows in 13 different countries, including India, including Japan. So we are doing it simultaneously. We think it's going to be the combination of the big global interest original programming, complemented with a growing number of local language original series in each country. So we're operating all over the world. We're producing all over the world because that's where our customers are.

嗯，我們肯定已經在美國境外建立了我們的生產能力。今天我們正在 13 個不同的國家拍攝本地節目，其中包括印度和日本。所以我們是同時做的。我們認為這將是全球感興趣的原創節目的結合，並輔以每個國家越來越多的本地語言原創系列。所以我們的業務遍及世界各地。我們在世界各地生產，因為那是我們的客戶所在的地方。

And Ted, maybe you could just talk a little as an example in those -- of a Terrace House, Death Note and Sacred Games to illustrate that.

泰德，也許你可以用露台屋、死亡筆記和神聖遊戲為例來說明這一點。

Well, the different -- the various version of it, obviously, would be something like producing something that would be more on the quality level that you're used to seeing from Hollywood in India, a new series that we're producing coming up called Sacred Games. In Japan, we have a show called Terrace House, that's incredibly popular. More on the unscripted mode as more consistent with the things you say see every day on television in Japan. And then a movie, Death Note, that we're producing today is an epic piece of Japanese manga and anime that we're remaking and reimagining that storyline for the world with more of a western spin. So those -- the different takes on content from around the world opens up the world to a world of storytellers, and that's what's really exciting about doing it.

嗯，不同的——顯然，它的各種版本，就像製作一些質量水平更高的東西，就像你在印度好萊塢看到的那樣，我們正在製作即將推出的新系列稱為神聖遊戲。在日本，我們有一個節目叫《Terrace House》，非常受歡迎。更多關於無腳本模式，因為與您所說的每天在日本電視上看到的內容更加一致。然後，我們今天製作的電影《死亡筆記》是一部日本漫畫和動畫的史詩作品，我們正在為世界重新製作和重新構想這個故事情節，並更多地採用西方風格。因此，這些對來自世界各地的內容的不同看法為講故事的人打開了世界的大門，而這正是這樣做的真正令人興奮的地方。

Doug, I think, it's worth -- sorry, Doug. I think it's worth noting, too, that from our perspective that this isn't a change. What you're seeing is the fulfillment of pipeline that's been building for 2, 2.5 years, and the fact that we're operating in more territories. So I think, Ted, you would say this has been in plans and works for a while. This isn't really a change from what we've been talking about in the past.

道格，我認為，這是值得的——抱歉，道格。我認為也值得注意的是，從我們的角度來看，這並不是一個改變。您所看到的是已經建造了 2 年、2.5 年的管道的實現，以及我們正在更多地區開展業務的事實。所以我想，特德，你會說這已經在計劃中並且已經實施了一段時間了。這與我們過去談論的內容相比並沒有真正的改變。

Yes. We're deep in production in Spain, Italy, Germany for shows that will launch this year. And we're going to continue to grow in that. Our Ingobernable was our second major series for Mexico. We'll have 4 from Brazil. So we're continuing to grow it out and grow that capability domestically and internationally.

是的。我們正在西班牙、義大利和德國深入製作今年推出的節目。我們將在這方面繼續成長。我們的 Ingobernable 是我們在墨西哥的第二個主要係列。我們將有 4 個來自巴西。因此，我們正在繼續發展它，並在國內和國際上增強這種能力。

And do you think 20% local, 80% sort of Hollywood U.S. content is the ratio that still looks good to you today? Or do you think that 20%'s rising as the international markets...

您認為 20% 本地內容、80% 好萊塢美國內容的比例對您來說仍然合適嗎？或者你認為 20% 是隨著國際市場的成長而成長的嗎？

Yes. I think that's the right picture globally, Doug, and not to say that some countries won't be some variance of that. But I'm not seeing a reversal of it in any territory.

是的。道格，我認為這在全球範圍內都是正確的，並不是說某些國家不會有這樣的情況。但我在任何領域都沒有看到這種情況逆轉。

The second topic I want to discuss was mobile and, I think, Neil Hunt before he retired, talked about that since you've launched the rest of world mobile usage of Netflix has really soared, and that there's a lot that you're thinking about in terms of customizing content for mobile or even operationally. Any more details on mobile that any of the 3 of you are willing to share?

我想討論的第二個主題是移動設備，我想 Neil Hunt 在退休前曾談到，自從你們推出以來，Netflix 的移動使用量在世界其他地區確實猛增，並且您正在考慮很多事情關於移動定制內容甚至操作方面的內容。你們三個中的任何一個願意分享有關行動裝置的更多詳細資訊嗎？

Well at first, Neil's still with us for the next couple of months. Second is they're very experimental. Just trying to figure out aspect ratio. So if you think of they were movies originally were very wide screen. When they showed it on televisions that were 4:3. Technology developed pan and scan to be able to make that picture look a little better on a 4:3 screen. And so we're just experimenting with variations of that of trying to figure out how to zoom in to be able to basically have faces be larger. But it's super experimental. It's a neat idea about how to adapt to the future.

好吧，一開始，尼爾在接下來的幾個月裡仍然和我們在一起。其次，它們非常具有實驗性。只是想弄清楚縱橫比。所以如果你認為它們原本是非常寬銀幕的電影。當他們在電視上播放時，比例是 4:3。平移和掃描技術的發展使得圖片在 4:3 螢幕上看起來更好一些。因此，我們只是在嘗試各種變體，試圖弄清楚如何放大才能基本上使臉部變大。但這是超級實驗性的。這是一個關於如何適應未來的好主意。

What we do know, too, is the next 100 million subscribers are going to be far more likely to be watching content on mobile than the first 100 million. Whether or not they want to watch anything differently, we're going to find out.

我們也知道，接下來的 1 億用戶將比前 1 億用戶更有可能在行動裝置上觀看內容。無論他們是否想以不同的方式觀看任何東西，我們都會找出答案。

Let's get one question more from each of you guys.

讓我們再問你們每個人一個問題。

So why don't I take the next one because Scott and I agreed that he would get the last. I'll say for fun, Reed, how much longer to get the next 100 million subscribers if it took 10 years to get the first 100 million?

那我為什麼不拿下一張呢，因為史考特和我同意他會拿最後一張。我會開玩笑地說，里德，如果需要 10 年才能獲得前 1 億訂閱者，那麼需要多長時間才能獲得下一個 1 億訂閱者？

Well, to more than 10, being how you count the streaming, shorter than the first half for sure. Scott?

好吧，按照串流媒體的計算方式，超過 10 個，肯定比上半場短。史考特？

Reed, for you, if you were to liken your current global dominance in global streaming to any army in the history of the globe, what would that be today?

里德，對您來說，如果您將當前在全球串流媒體領域的全球主導地位比作全球歷史上的任何一支軍隊，那麼今天會是什麼？

I got an invitation to go visit Albania, so I may -- you may see some summer photographs from me with members of the Albanian army. But remember that that's all in fun and that Jeff Bewkes has been a great partner for us. So we do kid him and he deserves it, but he really has been a great partner. And we think they will continue to be under AT&T for that matter. Again, that comes back to the nonzero-sum nature of entertainment. And the more we can all do great content, the better. Many different providers, including HBO, including Netflix, will prosper. So it's up to us just to figure out how to provide the best entertainment possible.

我收到了訪問阿爾巴尼亞的邀請，所以我可能——你們可能會看到我和阿爾巴尼亞軍隊成員的一些夏季照片。但請記住，這一切都很有趣，而且傑夫比克斯 (Jeff Bewkes) 一直是我們的出色合作夥伴。所以我們確實欺騙了他，這是他應得的，但他確實是一個很棒的合作夥伴。我們認為他們將繼續受 AT&T 管轄。這又回到了娛樂的非零和本質。我們能做的精彩內容越多越好。許多不同的供應商，包括 HBO，包括 Netflix，都會蓬勃發展。因此，我們需要弄清楚如何提供盡可能最好的娛樂。

Thank you, everyone.

謝謝大家。

Thanks.

謝謝。

Thank you.

謝謝。

Thank you.

謝謝。