Netflix Inc (NFLX) 2017 Q3 法說會逐字稿

Good afternoon, and welcome to the Netflix Q3 2017 Earnings Interview.

下午好，歡迎來到 Netflix 2017 年第三季財報採訪。

I'm Spencer Wang, Vice President of Investor Relations and Corporate Development.

我是投資人關係與企業發展副總裁 Spencer Wang。

Joining me today are CEO, Reed Hastings; CFO, David Wells; Chief Content Officer, Ted Sarandos; and Chief Product officer, Greg Peters.

今天加入我的是執行長 Reed Hastings；財務長大衛威爾斯；首席內容官 Ted Sarandos；首席產品長 Greg Peters。

Our interviewer this quarter is Doug Mitchelson from UBS.

本季我們的訪談者是來自瑞銀的 Doug Mitchelson。

Before we begin, we will be making forward-looking statements, and actual results may vary.

在開始之前，我們將做出前瞻性陳述，實際結果可能會有所不同。

With that, let me kick it over to Doug for his first question.

那麼，讓我把第一個問題交給道格。

Thank you, Spencer.

謝謝你，史賓塞。

Good afternoon, everybody.

大家下午好。

I'm going to ask a question for each of you, and then we'll start rotating by topic.

我將向你們每個人問一個問題，然後我們將開始按主題輪流討論。

Reed, for you to start, it was another strong third quarter.

里德，首先，這又是一個強勁的第三季。

Do you feel like we're hitting some sort of inflection point with streaming video?

您是否覺得我們正在遇到串流媒體影片的某種拐點？

You have your digital peers, soon perhaps competitors, pivoting to Hollywood video.

你的數位同行，也許很快就會成為競爭對手，轉向好萊塢視訊。

We have a slew of SVOD services that will be launching over the next couple of quarters.

我們將在接下來的幾季推出大量 SVOD 服務。

You have the traditional media companies thinking about diving into direct-to-consumer themselves.

傳統媒體公司正在考慮自己涉足直接面向消費者的領域。

Do you see a real sort of inflection point in the marketplace?

您是否看到市場出現真正的轉折點？

Well, Wall Street loves inflection points, so I'd love to say yes.

嗯，華爾街喜歡拐點，所以我很樂意說是的。

But no, I think it's pretty much steady growth.

但不，我認為這是相當穩定的成長。

I mean, we've seen new competitors, increased streaming around the world, new devices, new formats, it's just been a continuous evolution.

我的意思是，我們看到了新的競爭對手、世界各地串流媒體的增加、新設備、新格式，這只是一個持續的演變。

You know we started streaming 10 years ago now.

你知道我們十年前就開始直播了。

We're now completing our 11th year of streaming.

我們的串流媒體現已迎來第 11 年。

So I'd say, overall, more of the same and continued great success for streaming.

所以我想說，總的來說，串流媒體的表現更加相似，並且持續取得巨大成功。

Ted, takeaways for you from the third quarter.

特德，第三季的要點。

What surprised you?

什麼讓你感到驚訝？

What was better?

什麼更好？

What was worse than expected?

什麼比預期更糟？

Well, Doug, I was pleasantly surprised and relieved in our kind of continuing expansion of our original programming verticals, including releasing an adult animated comedy, in -- with Big Mouth, a big feature film like Meyerowitz.

好吧，道格，我對我們原創節目垂直領域的持續擴展感到驚喜和欣慰，包括發布一部成人動畫喜劇，與《大嘴》一樣，是一部像邁耶羅維茨這樣的大型故事片。

It's being -- getting very well received critically and being watched by a lot by -- in big numbers all around the world.

它在世界各地受到了廣泛的批評和關注。

David Fincher's new series, Mindhunter; and an Italian original, Suburra, that we shot in Rome all in Italian for our Italian and European customers but also for our Netflix users around the world.

大衛芬奇的新系列《心靈獵人》；義大利原創作品《Suburra》是我們在羅馬以義大利語拍攝的，為義大利和歐洲客戶以及世界各地的 Netflix 用戶拍攝。

So it's just kind of a continuing breadth of things that are working well for our subscribers I'm excited about.

因此，這只是一種持續廣泛的事情，對我們的訂閱者來說效果很好，我對此感到興奮。

Greg, for you to set the table, any learnings from your time in Asia, specifically the Japan launch, and how that's informing your strategy as you get started in the early days here as Global Product Manager?

格雷格（Greg），請您介紹一下您在亞洲的經歷，特別是在日本的發布，以及這對您作為全球產品經理的早期開始的戰略有何影響？

Sure.

當然。

I spent a lot of time there, obviously trying to grow the service, producing and launching new content, and that experience allows me to bring those lessons back to the work that we do in product.

我在那裡花了很多時間，顯然是在嘗試發展服務、製作和推出新內容，這種經驗使我能夠將這些經驗教訓帶回我們在產品中所做的工作中。

So I'm looking forward to putting more investment in how we support content, how do we invest in technology to improve the efficiency and effectiveness of the team -- the work that Ted's team is doing, producing great content at scale.

因此，我期待在如何支援內容、如何投資技術以提高團隊的效率和有效性方面進行更多投資——Ted 的團隊正在做的工作，大規模製作精彩的內容。

Also to change the product experience that we have, to do a better job at promoting content that has little built-in awareness so we can sell those new original series and films more effectively.

另外，為了改變我們現有的產品體驗，更好地宣傳那些幾乎沒有內在意識的內容，這樣我們就可以更有效地銷售這些新的原創系列和電影。

But then also to continue to evolve the product experience that we have today to be effective at meeting the needs of the next 100 million, 200 million members so it can be as compelling as it is for the 100 million members we have today.

但也要繼續發展我們今天擁有的產品體驗，以有效滿足未來 1 億、2 億會員的需求，使其像我們今天擁有的 1 億會員一樣具有吸引力。

And I think we'll talk through some of that as we get deeper into the Q&A.

我想當我們深入問答時我們會討論其中的一些內容。

And Spencer, I'm going to combine the last question between Ted and you on Millarworld, first company acquisition ever.

斯賓塞，我將結合特德和您之間關於 Millarworld 的最後一個問題，這是有史以​​來第一家公司收購。

Can you discuss the strategy and how we should measure ROI on that deal?

您能否討論一下該策略以及我們應如何衡量該交易的投資報酬率？

Sure, Doug.

當然，道格。

With respect to Millarworld, a couple of things to highlight for you.

關於 Millarworld，有幾件事需要向您強調。

The first is, I think you can tell from our track record, we -- this is the first acquisition we've done in our 20-year history.

首先，我想你可以從我們的業績記錄中看出，這是我們 20 年歷史上進行的首次收購。

So I think, from that, you can take that we have a very strong bias to build over buy.

所以我認為，從這一點來看，我們有非常強烈的傾向建立過度購買。

Secondly, we remain very, very focused, so we're not looking to diversify into new businesses but rather looking opportunistically at intellectual property and other content assets that can help enhance our content library and also accelerate our growth.

其次，我們仍然非常非常專注，因此我們不尋求多元化發展新業務，而是機會主義地尋找智慧財產權和其他內容資產，以幫助增強我們的內容庫並加速我們的成長。

So overall, I think you should expect us to be selective, but opportunistic as it pertains to M&A.

因此，總體而言，我認為您應該期望我們在併購方面具有選擇性，但會投機取巧。

Yes.

是的。

I'd say Mark and Millarworld had incredible concentration of original projects that we were already kind of circling on the TV side and on the feature side.

我想說，Mark 和 Millarworld 對原創項目有著令人難以置信的關注，我們已經在電視方面和專題片方面圍繞這些項目進行了討論。

And so we just -- we were -- had us look deeper into their track record of original content creation and the roles that they played in creating really iconic films in -- that we think we can continue to build on, so we're excited about it.

所以我們只是 - 我們 - 讓我們更深入地了解他們的原創內容創作記錄以及他們在創作真正標誌性電影中所扮演的角色 - 我們認為我們可以繼續發展，所以我們對此感到興奮。

Do you see a series of other acquisitions that have similar characteristics?

您是否看到一系列具有類似特徵的其他收購？

Well, obviously we're looking at a lot of things, so -- and when there can be these kind of efficiencies, meaning that much creativity under one roof, we'll definitely want to explore that.

嗯，顯然我們正在考慮很多事情，所以——當可以實現這種效率時，意味著在一個屋簷下有這麼多的創造力，我們肯定會想要探索這一點。

And so I wanted to switch to the third quarter a little bit more.

所以我想多切換到第三季。

I think, David, this one might be for you but perhaps Ted as well.

我想，大衛，這可能適合你，但也許也適合泰德。

It was a relatively content-light quarter.

這是一個內容相對較少的季度。

Not that a lot of content wasn't released but when you compare it to the third quarter of last year, it looked a little bit lighter in terms of important original exclusives.

並不是說很多內容沒有發布，而是當你將其與去年第三季進行比較時，就重要的原創獨家內容而言，它看起來要輕一些。

Yet the results were very strong again.

然而結果再次非常強勁。

I know, in the second quarter, you talked about some uncertainty as to how much was driven by content versus just growth in the overall streaming marketplace.

我知道，在第二季度，您談到了一些不確定性，即有多少內容是由內容驅動的，而不是整個串流媒體市場的成長。

And it seems the third quarter, the answer is really -- it's the streaming marketplace.

看來第三季度，答案確實是——串流媒體市場。

Am I reading that right?

我讀得對嗎？

I think so.

我想是這樣。

I mean, I've been pretty consistent in, quarter-after-quarter, the base force that really is the strongest force is the continued adoption of Internet TV and entertainment.

我的意思是，我每個季度都非常一致地認為，真正最強大的基本力量是網路電視和娛樂的持續採用。

And that tends to drive the lion's share of our net additions.

這往往會推動我們淨增量的大部分。

When we try to explain the quarter-to-quarter perturbations or some of the lumpiness in our net additions, we tend to use explanations that sort of focus on the incremental, which could be content slate or a particular title that had some notable strength.

當我們試圖解釋季度間的擾動或淨增量中的一些波動時，我們傾向於使用關注增量的解釋，這可能是內容板或具有某些顯著優勢的特定標題。

But I think, in general, it is the continued adoption of Internet entertainment that is driving our growth, and it's really helped more and more by the increasing strength of our content slate.

但我認為，總的來說，網路娛樂的持續採用正在推動我們的成長，而且我們的內容實力不斷增強，這確實越來越有幫助。

Notably, our global originals are helping drive that.

值得注意的是，我們的全球原創性正在幫助推動這一目標。

And you saw that show up in the second quarter with all of the growth that we saw on the international line over and above what we thought we might do, but that was continued momentum carried forward from the second quarter as well.

你看到第二季度出現了這種情況，我們在國際航線上看到的所有成長超出了我們的預期，但這也是第二季延續的持續勢頭。

It's interesting, because I think we've been wondering for a while, the last few quarters, you've talked about having some content strength or some titles that were surprised that perhaps pulled forward growth.

這很有趣，因為我認為我們已經想知道有一段時間了，在過去的幾個季度中，您談到了擁有一些內容強度或一些令人驚訝的標題，這些標題可能會推動成長。

Whereas maybe you're getting to the critical mass where instead there's a carryover from strengths in previous quarters.

然而，也許你已經達到了臨界點，而前幾季的優勢卻延續。

And, as you said, it might level out from year-to-year.

而且，正如您所說，它可能會逐年趨於平穩。

So do you think we're hitting that critical mass of content?

那麼您認為我們的內容數量達到了臨界值嗎？

And if so, how do you forecast the fourth quarter?

如果是這樣，您如何預測第四季？

It's a strong content slate year-to-year in our view.

我們認為，這是一個逐年強大的內容板。

And Ted might follow up with that, just to see if he agrees or disagrees.

特德可能會跟進，只是為了看看他是否同意。

Do you no longer sort of use new big original content like Stranger Things 2 as a driver of your forecasts?

您是否不再使用《怪奇物語 2》等新的大型原創內容作為您預測的驅動力？

Well, I think it's -- you're pointing out that it's hard, right?

嗯，我認為——你指出這很難，對吧？

As we continue to grow, the large background force, again, is the adoption of Internet entertainment.

隨著我們不斷成長，巨大的背景力量再次是網路娛樂的採用。

But when we try to explain quarter-to-quarter changes, it becomes a little bit harder.

但當我們試圖解釋逐季度的變化時，事情就變得有點困難了。

And it's hard even for our own team to ascribe certain incremental growth, and we do the best that we can.

即使對於我們自己的團隊來說，也很難歸因於一定的增量成長，但我們會盡力而為。

But it is of note that this year in particular will be sort of the flattest growth that we've seen from Q1, Q2, Q3.

但值得注意的是，今年將是我們從第一季、第二季、第三季以來看到的最平坦的成長。

So you've got strengthening content slate and growing content releases -- number of releases, paired with a seasonal pattern, paired with very strong adoption globally and growing global adoption of Internet entertainment, and you get to a little bit of a hard pattern to discern.

因此，你已經得到了加強的內容板和不斷增長的內容髮布——發布的數量，與季節性模式相結合，與全球範圍內非常強勁的採用率和互聯網娛樂的全球採用率不斷增長相結合，你會遇到一個有點困難的模式辨別。

But we're just pleased that this year's growth, if you back away from the quarters and you look at just the 4 quarters, this year, we're growing nearly to 22 million global net additions off of -- up from 19 million, and that was up from prior year.

但我們很高興今年的成長，如果你不看季度，只看 4 個季度，今年我們的全球淨增量將從 1900 萬增長到近 2200 萬，這比去年有所增加。

So in general, the background trend is just increasing growth and increasing adoption.

所以總的來說，背景趨勢只是成長和採用率的提高。

And then, Ted, over to you for the content comments.

然後，特德，請您發表內容評論。

Yes, I think -- I mean, I think it might be just a reflection of the steady drumbeat of high-quality content that people are watching that are not necessarily all concentrated in the same pockets.

是的，我認為——我的意思是，我認為這可能只是人們正在觀看的高品質內容的穩定鼓動的反映，而這些內容不一定都集中在同一個口袋裡。

We had 3 different films that -- released this quarter that, if viewing was buying a movie ticket, would be sizable successes in Death Note, Naked and To the Bone.

我們在本季發行了 3 部不同的電影，如果觀看相當於購買電影票，那麼《死亡筆記》、《裸體》和《骨頭》將取得巨大成功。

So I mean and probably very little audience crossover between them.

所以我的意思是，他們之間可能很少有觀眾交叉。

And it -- so that's kind of the benefit, I think, of the steady output of great new original programming coming nearly every day on Netflix.

我認為，這就是 Netflix 幾乎每天都會穩定產出精彩的原創原創節目的好處。

And then, David, last question in this line of questioning.

然後，大衛，這一系列提問中的最後一個問題。

When you think about the fourth quarter guidance, can you just discuss for investors what swing factors you do see in there?

當您考慮第四季度的指導時，您能否向投資者討論您在其中看到的波動因素？

Obviously, there might be some price increase churn, you do have some big content like Stranger Things 2 coming.

顯然，價格可能會上漲，但確實有一些大內容，例如《怪奇物語 2》即將推出。

What were the factors that are driving the guidance for the fourth quarter?

推動第四季指引的因素有哪些？

Sure.

當然。

I mean, so one primary factor is just the pricings we had.

我的意思是，一個主要因素就是我們的定價。

Again, we had un-grandfathering last year.

去年我們再次取消了祖父政策。

We've got price this year.

今年我們有價格了。

We have great content coming with Stranger Things 2, Crown 2 and more that Ted will talk about, but some big strong content releases.

我們有《怪奇物語 2》、《皇冠 2》等精彩內容，泰德將談論這些內容，但也發布了一些重要的內容。

And we have just the sort of perturbations that we've seen.

我們也遇到了我們所見過的那種擾動。

Last year was the largest quarter we've ever had, so we're comping off the largest Q4 we've ever had.

去年是我們有史以來最大的季度，因此我們正在比較有史以來最大的第四季度。

And this is our best guess, and we've been wrong in the past, but it's our best guess of the next 90 days.

這是我們的最佳猜測，過去我們都錯了，但這是我們對未來 90 天的最佳猜測。

So why don't we switch to pricing?

那我們為什麼不轉向定價呢？

So for Reed and for David, can you discuss the pricing strategy broadly?

那麼對於里德和大衛來說，你們能廣泛地討論一下定價策略嗎？

And then I'll have some follow-ups.

然後我會有一些後續行動。

Price is all relative to value.

價格都是與價值相關的。

We're continuing to increase the content offering, and we're seeing that reflected in viewing around the world.

我們正在繼續增加提供的內容，我們看到這一點反映在世界各地的觀看中。

So we try to maintain that feeling that consumers have that we're a great value in terms of the amount of content we have relative to the prices.

因此，我們努力讓消費者感覺到我們的內容數量相對於價格非常有價值。

And of course, we maintained our $7.99 standard def program or EUR 7.99 in the Eurozone at that incredibly low price.

當然，我們維持了 7.99 美元的標準清晰度計劃，或歐元區的 7.99 歐元，價格非常低。

So we've got a great range now, super value-oriented in standard def, super premium is great stuff, and the 4K.

所以我們現在有一個很大的範圍，超價值導向的標準清晰度，超高級是很棒的東西，還有4K。

And I definitely -- I was watching Mindhunter last night on my Dolby Vision 4K TV, and if you haven't tried it yet, you've really got to try this HDR TV.

當然，我昨晚在我的杜比視界 4K 電視上觀看了 Mindhunter，如果您還沒有嘗試過，那麼您真的必須嘗試這款 HDR 電視。

It is just unbelievable how beautiful the picture looks.

這幅畫看起來多麼美麗，真是令人難以置信。

David, anything on your end in terms of sort of why now?

大衛，你有什麼關於為什麼現在的事情嗎？

Anything that this suggests in terms of the pace of content spend, particularly on the cash side?

這對內容支出的速度（尤其是現金方面）有何暗示？

And one more on that, David.

還有一點，大衛。

It seems, at least from what I've seen so far, a lot of the price increases have been really hitting the big and perhaps more mature markets or at least the more developed countries.

至少從我迄今為止所看到的情況來看，許多價格上漲似乎確實影響了大的、也許更成熟的市場，或至少是更發達國家。

Is that right?

是對的嗎？

Is that the strategy, to take up price in developed countries because the emerging markets are -- have revenue driven through sub growth?

這就是在已開發國家提高價格的策略嗎？因為新興市場的收入是透過低成長驅動的嗎？

Well, I -- back to what Reed said, I mean it's really about slow and steady.

好吧，我——回到里德所說的，我的意思是，這確實是緩慢而穩定的。

I mean, we've been in no hurry.

我的意思是，我們並不著急。

We're in no hurries.

我們不著急。

Many investors have sort of criticized us in the past for being underpriced, and I think, for us, we want to make sure that we do this commensurate with value, like Reed said.

過去，許多投資者批評我們定價過低，我認為，對我們來說，我們希望確保我們所做的事情與價值相稱，就像里德所說。

And as we take up the content library value, as we're doing more global originals that people have exclusively and only on Netflix, there's a great association of that value, and we think that we can grow that value and that price slowly and steadily over time.

當我們利用內容庫的價值時，當我們製作更多人們在Netflix 上獨家擁有的全球原創作品時，這種價值之間存在很大的關聯，我們認為我們可以緩慢而穩定地增長這種價值和價格隨著時間的推移。

Doug, we're really going to take the spending up next year.

道格，明年我們真的會增加支出。

(inaudible) membership growth and partially from the opportunity.

（聽不清楚）會員數量的成長部分來自於機會。

Yes, I mean, I shouldn't let that go without addressing that there's no timing correlation between our intent to grow content and to grow content spending and the price increases.

是的，我的意思是，如果沒有解決我們增加內容的意圖和增加內容支出與價格上漲之間沒有時間相關性的問題，我就不應該放棄這一點。

I mean, this has been planned for a long time, and so we're sort of growing and slowly growing and planning the business steadily.

我的意思是，這已經計劃了很長時間，所以我們正在成長，慢慢成長並穩定地規劃業務。

So we've assumed that we're going to grow ASP slowly over time, and we're taking the content up with that as well.

因此，我們假設我們將隨著時間的推移緩慢成長 ASP，並且我們也會增加內容。

I think a great pattern to keep an eye on, too, Doug, is that, yes, we're excited that next quarter we're going to release new seasons of established great shows like Stranger Things and The Crown, but this -- and most recently, we released new season 1s of brand-new shows like Atypical, like Big Mouth, like Mindhunter that Reed had mentioned already, and like Ozark that I think are a -- it's a steady drumbeat again of the next show you can't live without and the new season of that show that we have to keep going and keep building on.

道格，我認為一個值得關注的模式是，是的，我們很高興下個季度我們將推出《怪奇物語》和《王冠》等老牌精彩劇集的新一季，但是——最近，我們發布了全新劇集的新第一季，例如《非典型》、《大嘴》、里德已經提到的《心靈獵人》，以及我認為是的《黑錢勝地》——這又是下一齣戲的穩定鼓點，你可以沒有這個節目我們就活不下去，我們必須繼續前進並繼續發展。

And just to make sure we address it in terms of taking up price in developed markets versus undeveloped markets, is that right?

只是為了確保我們透過提高已開發市場與不發達市場的價格來解決這個問題，對嗎？

Or are we just really seeing the price increases in the developed markets so far and it's sort of more of a global strategy?

或者到目前為止，我們真的只是看到已開發市場的價格上漲，而且這更像是一種全球策略？

Well, in terms of how you define a developed market, I mean, we've raised price earlier in the year in Brazil, in other parts of Latin America.

嗯，就如何定義已開發市場而言，我的意思是，我們今年稍早提高了巴西和拉丁美洲其他地區的價格。

So I don't think you can cleanly sort of divide it.

所以我認為你不能清楚地劃分它。

It is true that we may not choose to raise price in a market that we're only a year -- 18 months old in, specifically around markets that we didn't have a tailored library launch.

確實，我們可能不會選擇在我們剛進入一年到 18 個月的市場中提高價格，特別是在我們沒有推出客製化庫的市場周圍。

We had a -- we chose to launch global with sort of an -- all at once in a global library and we're specifically increasing the engagement and the library quality in many of those markets, if not all.

我們選擇在全球圖書館中一次推出全球服務，並且我們特別提高了其中許多市場（如果不是全部）的參與度和圖書館品質。

But we may choose in those markets that -- to make the decision that we haven't grown value fast enough and, to be on a slower track with pricing in those markets.

但我們可能會在這些市場中選擇——做出我們價值成長速度不夠快的決定，並且在這些市場的定價上放慢腳步。

The last question on the price increase is taking the higher tier up $2.

關於價格上漲的最後一個問題是將較高等級的價格上漲 2 美元。

And the question I get asked a lot is whether password-sharing is an issue.

我經常被問到的問題是密碼共享是否是一個問題。

How high is it on the priority list for the company?

它在公司的優先事項清單中有多高？

Is the reflection that the higher tier's going up $2, while the middle tier is going up $1 and the lower tier 0, is that you're making password-sharing more expensive?

較高層上漲 2 美元，而中間層上漲 1 美元，較低層上漲 0 美元，這是否反映出您正在使密碼共享變得更加昂貴？

Greg, do you want to take that?

格雷格，你想接受這個嗎？

Sure.

當然。

I think with regard to the priority, password sharing isn't a huge issue for us right now.

我認為就優先順序而言，密碼共享目前對我們來說並不是一個大問題。

It's not a huge priority to go try and take significant measure to try and stem it.

嘗試採取重大措施來阻止它並不是一個重要的優先事項。

We think that a broader spread in pricing better reflects the value that we're delivering in the higher tiers, the 4K, the HDR, the awesomeness that Reed mentioned in Mindhunter, so really, you're just seeing us push that spread farther apart to try and address that value [for us].

我們認為，更廣泛的定價差異更好地反映了我們在更高級別、4K、HDR、Reed 在《Mindhunter》中提到的令人驚嘆的價值，所以實際上，你只是看到我們將這種差異推得更遠嘗試[為我們]解決這個價值。

So let's switch over to the content access for a little bit, Ted.

那麼，特德，讓我們暫時切換到內容存取。

And before I start asking about all the competitors trying to win over shows that you might want, just any update on your content slate, how the development process is scaling?

在我開始詢問所有試圖贏得您可能想要的節目的競爭對手之前，您的內容板是否有任何更新，開發過程是如何擴展的？

I think we've got a pretty good visibility on the fourth quarter, but do you see a strong first half '18 coming?

我認為我們對第四季度的前景非常看好，但是您認為 18 年上半年會表現強勁嗎？

Yes, definitely.

當然是。

And we're really excited.

我們真的很興奮。

We'll wrap up this year with our biggest original film project yet with Bright, which is Will Smith starring with Joel Edgerton and directed by David Ayer.

我們將以《Bright》迄今為止最大的原創電影項目作為今年的結局之作，該項目由威爾·史密斯與喬爾·埃哲頓主演，大衛·艾爾執導。

And it's a big-budget event movie that I think people will start seeing the potential for this original movie initiative that it can be done on the big -- on the enormous scale that we have on the television side.

這是一部大預算的電影，我認為人們會開始看到這個原創電影倡議的潛力，它可以在電視方面進行大規模的製作。

What I'm also really excited about is we're ramping up our local language original production.

讓我真正興奮的是我們正在加強本地語言原創製作。

So you're seeing new series in local languages, just recently in Italy, upcoming in Germany with Dark, and we've had incredible success in those markets with those shows.

所以你會看到當地語言的新劇集，最近在義大利，即將在德國推出《Dark》，我們透過這些節目在這些市場取得了令人難以置信的成功。

And they could -- those shows are continuing to travel outside, which is really exciting for us that, those shows, we can put more production scale behind them because they're being watched in markets much larger than just the country of origin.

他們可以——這些節目繼續在國外傳播，這對我們來說真的很令人興奮，因為我們可以在這些節目背後投入更多的製作規模，因為它們在比原產國大得多的市場上受到觀看。

That, on top of our kind of steady drumbeat of new original series that is -- yes, you are correct, it's becoming a much more competitive marketplace, but we've been really happy with our results in that competitive marketplace.

那，除了我們對新原創系列的穩定鼓吹之外，是的，你是對的，它正在成為一個競爭更加激烈的市場，但我們對我們在這個競爭市場中的結果感到非常滿意。

Any concerns around access to content, particularly with Hollywood?

對於內容的獲取（尤其是好萊塢的內容）有任何擔憂嗎？

Of course, the big news since you reported last is Disney going direct-to-consumer and pulling back on the Pay 1 window with you here in the United States and Canada, but also having the Disney Channel content in there.

當然，自您上次報道以來的重大新聞是迪士尼直接面向消費者，並取消了美國和加拿大的 Pay 1 窗口，但也保留了迪士尼頻道的內容。

I think Bob Iger said he's going in hot in terms of his OTT launch in a couple of years on that Disney service.

我認為鮑勃艾格說過，幾年後他將在迪士尼服務上推出 OTT 服務。

Any concerns that, not only the Disney content going away could have an impact on Netflix and its value to subscribers, but also that other traditional media companies might follow suit?

您是否擔心，迪士尼內容的消失不僅會影響 Netflix 及其對訂戶的價值，其他傳統媒體公司也可能會效仿？

So I think everyone's going to have their own strategies, and it's exciting that everyone is trying to make over-the-top television better and better.

所以我認為每個人都會有自己的策略，令人興奮的是每個人都在努力讓頂級電視變得越來越好。

I think that is good for all of us.

我認為這對我們所有人都有好處。

And we just have to focus on creating content that our members can't live without and get excited about every month.

我們只需專注於創造我們的會員無法沒有的內容，並且每個月都會感到興奮。

So that's really the -- and not get too distracted by the competitive landscape around us.

所以這確實是——不要因為我們周圍的競爭環境而分心。

And whether or not one of our partners decide to produce for us or to compete with us, that's really a choice that they have to make based on their own business.

無論我們的合作夥伴決定為我們生產還是與我們競爭，這實際上都是他們必須根據自己的業務做出的選擇。

And we're thrilled that more people are doing it, because I think it's great for the -- for innovation, I think it's great for consumers to have a lot of choice, and that we just have to be the best choice out there.

我們很高興有更多的人這樣做，因為我認為這對創新來說是一件好事，我認為對消費者來說有很多選擇是一件好事，而我們必須成為那裡最好的選擇。

And I think that's not different -- the environment isn't a lot different than it is in the television world, where Fox produces for ABC and NBC produces for Fox.

我認為這並沒有什麼不同——環境與電視世界沒有太大不同，福克斯為 ABC 製作，NBC 為福克斯製作。

And so I think that those choices get made on a case-by-case basis.

所以我認為這些選擇是根據具體情況做出的。

I'm not worried about access, Doug, because we have long-term agreements with all these players.

道格，我並不擔心訪問權限，因為我們與所有這些玩家都有長期協議。

The shows that we have are [run of series].

我們的節目是[連續劇]。

So if somebody chooses not to renew a deal here and there, the series that are successful on Netflix ride out as long as they exist in that second window.

因此，如果有人選擇不時不時地續約，Netflix 上成功的劇集只要存在於第二個窗口，就會被淘汰。

By an interesting way of example, something like Walking Dead.

舉個有趣的例子，像是《陰屍路》。

That -- the deal with AMC expired 2 years ago, and Walking Dead continues to be a successful show on Netflix, and will, as long as that show is being produced.

與 AMC 的協議已於兩年前到期，而《陰屍路》仍然是 Netflix 上的成功劇集，而且只要該劇還在製作中，它就會繼續取得成功。

And just to quantify, Doug, what Ted was saying.

道格，只是為了量化泰德所說的話。

Our commitments at the end of quarter were $17 billion over the next several years, so that helps sort of put another sort of level of quantification for you on that.

我們在季度末承諾在未來幾年內投入 170 億美元，因此這有助於為您提供另一種量化水平。

And we also have the benefit of our growing library of produced content, of which the net book value at the end of quarter was about $2.5 billion.

我們也受惠於我們不斷成長的製作內容庫，其中季末的淨圖書價值約為 25 億美元。

And just one more thing to add would be we're -- included in all these transitions are we're coproducing content with CBS All Access, by way of example, with the Star Trek series, Star Trek: Discovery.

還要補充的一件事是，我們正在與 CBS All Access 共同製作內容，例如，與《星際爭霸戰》系列《星際爭霸戰：發現號》一起製作內容。

So it's a rapidly changing environment for sure.

所以這肯定是一個快速變化的環境。

And Doug, Disney is a great brand with great content, but internationally, we have it only in The Netherlands, Australia and Canada.

道格，迪士尼是一個很棒的品牌，擁有豐富的內容，但在國際上，我們只在荷蘭、澳洲和加拿大擁有它。

And you saw how big our international growth was in most of the world without the Disney content.

您會看到，在沒有迪士尼內容的情況下，我們在世界大部分地區的國際成長有多大。

So although it's got an enormously significant brand in terms of its significance relative to growth, you can see that we've done very well at international without it.

因此，儘管就其相對於成長的重要性而言，它擁有一個非常重要的品牌，但你可以看到，如果沒有它，我們在國際上也做得很好。

We'll have to partner with them when they're ready to.

當他們準備好時，我們必須與他們合作。

I think that it's an interesting dynamic because, increasingly, the license content seems to be going to either Hulu or you have a Disney situation with OTT.

我認為這是一個有趣的動態，因為越來越多的授權內容似乎要么流向 Hulu，要么流向 OTT 的迪士尼。

So I think investors are struggling with Netflix as you look farther and farther down the road that major U.S. media companies might be licensing less and less to Netflix.

因此，我認為投資者正在與 Netflix 作鬥爭，因為你會看到美國主要媒體公司向 Netflix 提供的授權可能會越來越少。

But you have a strategy of more and more original content.

但你有一個策略，就是提供越來越多的原創內容。

And I'm curious, how do you sort of derive the confidence that your ramp in original exclusives on Netflix will offset any loss of licensing content in the future?

我很好奇，您如何確信 Netflix 原創獨家內容的成長將抵消未來授權內容的損失？

Well, what I'm confident of is that it will not be an erratic shift.

嗯，我有信心的是，這不會是個不穩定的轉變。

Because like I said, we have these long-term agreements, and those deals kind of run out as we're ramping up.

因為就像我說的，我們有這些長期協議，而隨著我們的擴張，這些協議就會耗盡。

And that has been pretty -- a pretty smooth transition to date.

到目前為止，這已經相當順利了。

I think that the -- in those partnerships that, where there's still a lot of value that I'm sure producers and networks and studios are evaluating, is something like Riverdale.

我認為，在這些合作關係中，我確信製作人、人脈和工作室正在評估的價值仍然很大，就像《Riverdale》一樣。

Where having Riverdale on Netflix in the second window meant an enormous audience growth for it in Season 2. In fact, 400% audience increase on CW from Season 1 to Season 2 and the only thing different from that and This Is Us is Riverdale was on Netflix.

在Netflix 上播出《Riverdale》意味著第二季的觀眾數量會大幅增長。事實上，從第一季到第二季，CW 的觀眾數量增加了400%，唯一不同的是《This Is Us is Riverdale》在播出Netflix。

So I think people will have to look at that and look at those trade-offs in value and to see where -- when does a partnership become too competitive and make those decisions when the threat of the competition outweighs the value of the partnership.

因此，我認為人們必須審視這一點，審視這些價值的權衡，看看夥伴關係在哪裡、什麼時候變得過於競爭，並在競爭的威脅超過夥伴關係的價值時做出這些決定。

And Ted, how big was this increase in This Is Us, season-to-season, given that it was on Hulu for back season?

泰德，考慮到休季在 Hulu 上播出，《我們這一天》每一季的增幅有多大？

I don't know.

我不知道。

It wasn't -- nowhere near the 400%.

但事實並非如此——遠未達 400%。

It was up from season 1 but not -- nowhere near 400%.

比第一季有所上升，但並沒有上升——遠未達到 400%。

I think Jeff Bezos has said that he's looking for the next Game of Thrones.

我認為傑夫貝佐斯已經說過他正在尋找下一部《權力的遊戲》。

Any sense that perhaps Amazon is shifting programming strategy, and that would have any impact on Netflix at all?

有沒有感覺亞馬遜正在改變節目策略，這會對 Netflix 產生任何影響？

So is Richard Plepler, looking for the next Game of Thrones.

理查普萊普勒也在尋找下一部《權力的遊戲》。

So is Ted Sarandos, so is everybody.

特德·薩蘭多斯也是如此，每個人也是如此。

The -- I mean, there is a lot of disruption going on at Amazon.

我的意思是，亞馬遜發生了很多混亂。

It is an interesting sort of lesson that you can't just necessarily buy success in Hollywood.

這是一個有趣的教訓，你不一定能在好萊塢買到成功。

And you've had some success obviously, and I don't want to belabor the point too much in this forum for investors, but I would be interested if you could sort of discuss what you're doing and how it's sustainable in terms of continuing to create high-quality content when others are struggling.

顯然，你已經取得了一些成功，我不想在這個論壇上為投資者過多闡述這一點，但如果你能討論一下你正在做的事情以及它如何在以下方面可持續發展，我會很感興趣：當其他人陷入困境時，繼續創造高品質的內容。

I think it's an extension of our employee and corporate culture around freedom of responsibility.

我認為這是我們員工和企業文化圍繞著責任自由的延伸。

It attracts the best and brightest, and I think we've created a place where people want to come and create.

它吸引了最優秀、最聰明的人，我認為我們已經創造了一個人們願意前來創造的地方。

They've heard from their friends, they've seen it from their peers that they've been able to come and do the best work of their lives.

他們從朋友那裡聽到，從同事那裡看到，他們能夠來這裡，做他們一生中最好的工作。

And that is -- seems to be quite repeatable.

這似乎是相當可重複的。

So we keep building on that by giving the resources for a content creator to come and have a great professional experience.

因此，我們在此基礎上不斷發展，為內容創作者提供資源，讓他們獲得良好的專業體驗。

And that is something that we keep betting on where I think other people want to try to replicate the heavy-handedness of the network model that we've avoided so successfully.

這是我們一直押注的地方，我認為其他人想要嘗試複製我們已經成功避免的網路模型的高壓。

For Reed and Ted, the Wall Street Journal reported, I believe, last week, that the board of Weinstein was considering selling the company or shutting down its business.

對於里德和泰德，《華爾街日報》上週報道稱，韋恩斯坦董事會正在考慮出售公司或關閉其業務。

Does the situation at Weinstein impact Netflix at all?

韋恩斯坦的情況會對 Netflix 產生影響嗎？

And if the company was put up for sale, given the sort of the massive intellectual property and the studio that resides there, would Netflix be interested?

如果該公司被出售，考慮到其擁有大量智慧財產權和工作室，Netflix 會感興趣嗎？

In -- interested in acquisition?

對收購有興趣？

Yes.

是的。

There's a lot of smoke to clear from what's happening there.

那裡發生的事情有很多煙霧需要清除。

Our business with The Weinstein Company is pretty arm's distance, and we have a second window -- the [output] deal on their films, post theatrical and some second window television agreements with them.

我們與韋恩斯坦公司的業務相當遙遠，而且我們還有第二個窗口——他們的電影的[輸出]協議、影院後期協議以及與他們的一些第二窗口電視協議。

So it's not material in either way.

所以無論哪種方式它都不重要。

It would be extremely unlikely for us to be a bidder for the firm.

我們極不可能成為該公司的競購者。

Why don't we switch over to Greg?

我們為什麼不換成格雷格呢？

So Greg, on the product side, can you give us what should consumers of Netflix expect in terms of changes over the next -- the short to midterm, now that you're here?

那麼，Greg，在產品方面，既然您已經來到這裡，您能否告訴我們 Netflix 的消費者對未來（中短期）變化的期望是什麼？

Tons of changes.

大量的變化。

I think one of the ones that I'm most excited about is there's a tremendous opportunity, I think, to morph the product experience to be more and more effective at explaining to our members what's great about one of the original shows that Ted's team is making, and making that connection with this new novel IP.

我認為我最興奮的事情之一是，我認為有一個巨大的機會來改變產品體驗，以便越來越有效地向我們的會員解釋 Ted 團隊製作的原創節目之一的優點。並與這個新的小說IP 建立聯繫。

I think there's a huge opportunity to use all sorts of new forms of assets, video in surprising ways to make those connections.

我認為這是一個巨大的機會，可以以令人驚訝的方式使用各種新形式的資產、影片來建立這些聯繫。

And what would you say your priority list is right now?

您認為您現在的優先事項清單是什麼？

Priority list is supporting Ted and his team in making great content, at increasing scale, changing that consumer experience, to do a better job at promoting those new series.

首要任務是支持 Ted 和他的團隊製作精彩的內容，擴大規模，改變消費者體驗，更好地推廣這些新系列。

It's making better use of the marketing that we do, too, so we can actually provide technical support to our marketing team to really provide the right message on the right channel at the right time for the right consumers that are targeting and programmatic there as well.

它也更好地利用了我們所做的營銷，因此我們實際上可以為我們的營銷團隊提供技術支持，以便在正確的時間在正確的渠道上為目標和程序化的正確消費者提供正確的信息。

Also, better leveraging our partners, both for new acquisition and engaging our members.

此外，更好地利用我們的合作夥伴進行新收購並吸引我們的會員。

And finally, making sure, again, that the product continues to be really, really effective at evolving to respond to the new needs of the consumers, the next 100 million, 200 million members that we'll have.

最後，再次確保產品能夠真正、真正有效地不斷發展，以滿足消費者（我們將擁有的下一個 1 億、2 億會員）的新需求。

So we make sure we keep an eye to that shifting global set of use cases and requirements.

因此，我們確保密切關注不斷變化的全球用例和需求。

And just add something about Proximus and T-Mobile.

加入一些有關 Proximus 和 T-Mobile 的內容。

Yes, I mean, one of the things we're super excited about is the work we're doing on bundling.

是的，我的意思是，我們非常興奮的事情之一就是我們在捆綁方面所做的工作。

We started in Europe with Proximus, with SFR/Altice; and we just launched in the United States, T-Mobile here, and we're very, very excited about leveraging our partners to find efficient ways for our members to basically hear -- our new members to be, I should say, to find out about our service and sign up and pay very, very effectively.

我們首先在歐洲推出了 Proximus、SFR/Altice；我們剛剛在美國 T-Mobile 推出，我們非常非常興奮能夠利用我們的合作夥伴找到有效的方式讓我們的會員基本上聽到——我應該說，我們的新會員將找到了解我們的服務並非常非常有效地註冊並付款。

And I think, to some extent, you're touching on mobile access.

我認為，在某種程度上，您正在觸及行動訪問。

And when investors think about addressing Asia, they immediately think to mobile.

當投資者考慮進軍亞洲市場時，他們會立即想到行動領域。

Does the company, at this point -- sort of jump-ball, Reed, David, if you have any comments -- think about mobile as part of the addressable market as part of the TAM?

目前，該公司（Reed、David，如果您有任何意見的話，有點跳球）是否認為移動是可尋址市場的一部分，也是 TAM 的一部分？

Or is the focus still broadband and pay-TV households?

或者焦點仍然是寬頻和付費電視家庭？

I think, for sure we do.

我想，我們肯定會這樣做。

It's just how much -- where we are in the cycle of both learning and addressing that market.

這只是我們在學習和應對市場的循環中所處的位置。

And Reed and David comment differently, but we for sure think that's part of the great global opportunity in terms of Internet-delivered entertainment.

里德和大衛的評論不同，但我們確信這是網路娛樂領域巨大的全球機會的一部分。

David Wells can tell you that I'm often complaining when we see internal metrics with number of broadband households as the TAM because I think about it as number of people.

David Wells 可以告訴您，當我們將寬頻家庭數量視為 TAM 的內部指標時，我經常抱怨，因為我將其視為人數。

And so it's very much all people on the planet will get the benefit of the Internet over the next 20 years, and we hope that all of them will get to enjoy Netflix also.

因此，未來 20 年，地球上的所有人都將受益於互聯網，我們希望所有人也能享受 Netflix 的樂趣。

And so then, Greg, back to you.

那麼，格雷格，回到你身邊。

How are you making the service work better on mobile?

您如何使服務在行動裝置上更好地運作？

Any specifics around how much room there is on encoding and all the fun engineering, things like that?

關於編碼和所有有趣的工程等方面有多少空間的具體細節？

Sure.

當然。

So we're definitely focused on making mobile both effective from a user acquisition perspective, so new members, but also from a member engagement perspective.

因此，我們絕對致力於使行動裝置既從用戶獲取的角度（即新會員）有效，又從會員參與的角度有效。

So for those members who don't have a Smart TV at home or maybe want to watch something while they're on the go, we want to make that a great experience.

因此，對於那些家裡沒有智慧電視或可能想在旅途中觀看某些內容的會員，我們希望讓其成為一次很棒的體驗。

So as you mentioned, one of the things that we're working very hard on is making sure that the encodes that we're using are super-efficient so that we can provide a really, really high-quality video experience, and with lesser and less bits.

正如您所提到的，我們正在努力做的事情之一就是確保我們使用的編碼非常高效，以便我們能夠提供真正、真正高質量的視頻體驗，並且用更少的資源。和更少的位。

And just to give you an example, one data point as to how low we've gotten this.

舉個例子，透過一個數據點來說明我們的這一水準有多低。

If you take something like anime, which is super-efficient from an encoding perspective, we can now provide an amazing quality -- video quality experience on mobile for anime titles at 150 kilobits per second, which is practically unheard of previously.

如果你以動漫為例，從編碼的角度來看，它的效率非常高，我們現在可以在行動裝置上以每秒150 kb 的速度為動漫標題提供令人驚嘆的品質視訊品質體驗，這在以前幾乎是聞所未聞的。

So we're super excited about pushing those numbers down and making that mobile experience as great as we can.

因此，我們非常高興能夠降低這些數字並盡可能提供出色的行動體驗。

Since Reed brought up T-Mobile, there's a lot of investor questions about the new distribution deal here in the United States with T-Mobile.

自從里德提到 T-Mobile 以來，投資者對 T-Mobile 在美國的新分銷協議提出了許多疑問。

If you could walk through the deal at all, again, a bit of a jump-ball, but I think perhaps David and Spencer, more in your court.

如果你能徹底完成這筆交易，那麼，再一次，有點跳躍，但我認為也許大衛和斯賓塞，更多地在你的法庭上。

And how are you going to measure ROI and the benefits of that relationship?

您將如何衡量投資報酬率和這種關係的好處？

Sure.

當然。

So I can jump in and David can fill out.

這樣我就可以加入，大衛可以補充。

But to sort of pull it back a little bit, Doug, in our partnerships ultimately what we're trying to do is make Netflix easier for customers to sign up for and to access and to enjoy.

但道格，稍微退一步說，在我們的合作關係中，我們最終要做的是讓客戶更容易註冊、存取和享受 Netflix。

So the T-Mobile partnership is an extension of that.

因此，與 T-Mobile 的合作夥伴關係是這項合作關係的延伸。

Beyond that, the economic arrangements we generally don't get into.

除此之外，我們通常不會參與經濟安排。

We have said, broadly speaking, in our BD partnerships, there are marketing components and marketing benefits that we share.

我們說過，從廣義上講，在我們的 BD 合作夥伴關係中，我們分享一些行銷成分和行銷優勢。

To the extent -- from a financial reporting perspective, those marketing costs are in our marketing expense line.

在某種程度上，從財務報告的角度來看，這些行銷成本屬於我們的行銷費用項目。

To the extent that there's a billing relationship and the partner bills on our behalf, those payment processing costs are in our cost of revenues alongside our other payment processing expenses.

如果存在計費關係並且合作夥伴代表我們計費，則這些付款處理成本與其他付款處理費用一起計入我們的收入成本。

And Spencer, if I've forgotten to download a film, what's my chance of streaming on airplanes?

史賓塞，如果我忘記下載一部電影，我在飛機上觀看串流媒體的機會有多大？

And what's our progress on that front?

我們在這方面的進展如何？

It's getting better, Reed.

情況正在好轉，里德。

So we are partnering with airlines, and we just recently announced at the APEX conference at the end of September that we'll be leveraging all the great work that Greg's team has done with those more efficient encodes.

因此，我們正在與航空公司合作，我們最近在 9 月底的 APEX 會議上宣布，我們將利用 Greg 團隊在這些更有效率的編碼方面所做的所有出色工作。

And in early 2018, we'll be opening those up to airlines that partner with us, so that we can help them more efficiently use their bandwidth in-flight.

2018 年初，我們將向與我們合作的航空公司開放這些服務，以便我們可以幫助他們更有效地在飛行中使用頻寬。

And in that case, we hope that airlines will begin to support and promote in-flight streaming, which we think is a benefit for our mutual customers.

在這種情況下，我們希望航空公司開始支援和推廣機上串流媒體，我們認為這對我們共同的客戶有利。

It will hopefully delight passengers as they fly and experience Netflix, and we think it's good for our brand.

希望它能讓乘客在飛行和體驗 Netflix 時感到高興，我們認為這對我們的品牌有好處。

And generally, more engagement is good for retention for Netflix.

一般來說，更多的參與度有利於 Netflix 的保留。

So what does the company have to do in the markets where it's still early stage, where Netflix penetration is still low, beyond just localization?

那麼，除了在地化之外，該公司還必須在仍處於早期階段、Netflix 滲透率仍然較低的市場上做些什麼呢？

And I would be curious if, David, in 2018 you had sort of a percentage of the addressable market that might be localized just to give investors some help on that end.

我很好奇，大衛，在 2018 年，你是否擁有一定比例的潛在市場，可以進行在地化，只是為了在這方面為投資者提供一些幫助。

What does Netflix have to do?

Netflix 需要做什麼？

Is it local programming from Ted?

這是 Ted 的本地節目嗎？

Is it Greg continuing to work on encoding and more efficient bit rates?

Greg 是否繼續致力於編碼和更有效率的比特率？

Is it just waiting for the market to develop?

難道只是等待市場發展嗎？

We're certainly not waiting for anything, Doug.

我們當然不會等待任何事情，道格。

We're aggressively moving on all those fronts of better streaming on the tech side, more relevant content.

我們正在積極推動技術方面更好的串流媒體、更相關的內容等所有方面的工作。

But again, if you have been an investor in Netflix for a number of years, you'll remember our launch in Latin America and how we built out, stayed focused on Mexico and Brazil.

不過，如果您多年來一直是 Netflix 的投資者，您就會記得我們在拉丁美洲的推出以及我們如何發展並專注於墨西哥和巴西。

And we're doing the same thing in Asia.

我們正在亞洲做同樣的事情。

So we know how to run this play.

這樣我們就知道如何演好這齣戲了。

There're specific lessons we have to learn about which content, how to get that developed, that we're working on.

我們必須學習一些具體的課程，了解我們正在研究哪些內容、如何發展這些內容。

But again, the partnership model, we've got that in every nation around the world.

但同樣，合作夥伴模式，我們在世界上每個國家都有這種模式。

So I think we're making really good progress.

所以我認為我們正在取得非常好的進展。

It's just going to take some time to iterate on the content as we did in Latin America 5 years ago.

只是需要一些時間來迭代內容，就像我們 5 年前在拉丁美洲所做的那樣。

Before I leave the product discussion, I did want to get in one more on with Greg on AWS.

在結束產品討論之前，我確實想與 Greg 進一步討論 AWS 上的問題。

Are you wedded to that platform?

您已加入該平台嗎？

I think Google and Microsoft are trying to make strides.

我認為谷歌和微軟正在努力取得進展。

I would just say that AWS has been a great partner for us and we really have enjoyed using their infrastructure.

我只想說，AWS 一直是我們的優秀合作夥伴，我們非常喜歡使用他們的基礎設施。

The -- thank you for the enlightenment.

- 謝謝你的啟發。

David, switching over to you.

大衛，切換給你。

Just on some of the key financial metrics, again, just to reaffirm our early discussion.

再次重申一些關鍵的財務指標，只是為了重申我們先前的討論。

Any change to the outlook across margins, 40% by -- in the not-too-distant future, free cash flow, anything that you would like to update?

在不久的將來，利潤率前景是否會發生任何變化，40%，自由現金流，您想更新什麼？

Well, I think one thing that's of note is the 40% U.S. contribution margin was our youthful target, say, a year to 2 years ago as we grew out U.S. profitability and we had international losses.

嗯，我認為值得注意的是，40% 的美國邊際貢獻率是我們年輕的目標，比如說，在一兩年前，當時我們在美國的盈利能力不斷增長，但在國際上卻出現了虧損。

You fast forward to that, and we sort of approached that target 3 years early.

你快轉到這個目標，我們提前三年就達成了這個目標。

We were able to turn international profitable, which will stay profitable on a consolidated basis going forward.

我們能夠在國際市場中實現盈利，並將在未來的綜合基礎上保持盈利。

So we've switched to global operating margin, and we really are optimizing the business around global operating margin.

因此，我們已經轉向全球營運利潤率，並且我們確實正在圍繞全球營運利潤率優化業務。

So you'll see us shift some spending back and forth, notably marketing.

所以你會看到我們來回轉移一些支出，尤其是行銷支出。

I think I've indicated in the past that U.S. marketing has gone up on an absolute basis as we see the benefits and we test around some of the more benefits of promoting our original content.

我想我過去已經說過，美國的營銷已經絕對上升，因為我們看到了好處，並且我們測試了推廣我們的原創內容的一些更多好處。

I think you'll see that increase again in '18.

我想你會在 18 年看到這種增長。

And so we really are focused around growing operating margin.

因此，我們確實專注於提高營業利潤率。

We're 7% this year, well on track and guiding to be on track for that and continued growth forward, and we'll specify that in January.

今年我們的成長率為 7%，進展順利，並引導我們朝著這個目標和持續成長前進，我們將在 1 月具體說明這一點。

But we were able to grow from 4% to 7% this past year to give you some indication of that growth.

但去年我們的成長率從 4% 成長到 7%，為您提供了一些成長跡象。

Do you have a sense as of now what the 2018 working capital burden might be for building out your original content slate?

現在您是否知道 2018 年用於構建原創內容的營運資金負擔可能是多少？

I mean, I think you've got about $3 billion or so a year of revenue growth.

我的意思是，我認為每年的收入成長約為 30 億美元。

Ted likes to spend an incremental $1 billion, at least in terms of amortization hitting the income statement it seems each year, and that gives investors $2 billion to play with.

泰德喜歡增加 10 億美元的支出，至少每年的攤銷額都會達到損益表，這為投資者提供了 20 億美元的投資空間。

And you obviously have other OpEx, but the big plug -- the big number that we have trouble calculating, of course, is that working capital burden.

顯然還有其他營運支出，但最大的問題——當然，我們難以計算的大數字是營運資金負擔。

And do you know, at this point, what -- do you have a line of sight on that?

你知道嗎，此時此刻，你對此有什麼看法嗎？

Yes.

是的。

I mean, we obviously have a much better idea, given that we're 3 months away -- or 2 months away, 2.5 from next year.

我的意思是，我們顯然有一個更好的想法，因為距離明年還有 3 個月，或 2 個月，即 2.5 個月。

I would say, and without sort of backing us into a corner of giving you a specific number for next year, we're going to spend $7 billion to $8 billion on a P&L basis on content.

我想說的是，在不提供大家明年具體數字的情況下，我們將在內容上花費 70 億至 80 億美元（以損益計算）。

And in the past, the markup, or the working capital ratio markup on content cash to P&L has been somewhere in that 1.4 to 1.5 range.

過去，內容現金與損益的加價或營運資本比率加價一直在 1.4 到 1.5 的範圍內。

This year, it'll be about 1.5.

今年，這個數字大約是1.5。

We really do enjoy the benefits of owned productions, and you'll -- you're seeing us move more and more of our mix, our content mix, to owned productions.

我們確實享受自有作品的好處，而且您會看到我們將越來越多的組合、內容組合轉移到自有作品中。

So I think that 1.5 becomes around 1.55, again on average.

所以我認為 1.5 會變成 1.55 左右，再次平均。

There's a lot of lumpiness in these numbers as things tend to shift around from quarter-to-quarter but we know it's going to be higher.

這些數字有很多波動，因為情況往往會隨著季度的變化而變化，但我們知道它會更高。

And the $7 billion to $8 billion in content spend with a little bit of a markup in the ratio.

70 億至 80 億美元的內容支出比例略有上升。

The offset there is operating profit growth, but you guys run your models, and I think that's given you enough direction in terms of getting towards directionally where working capital and free cash flow goes next year.

營業利潤成長是抵銷因素，但你們運行自己的模型，我認為這為你們明年的營運資本和自由現金流的方向提供了足夠的方向。

The -- and the 2 dynamics you've had in place is approaching about 50% original content by 2020.

到 2020 年，您所採取的第二個動力將接近 50% 左右的原創內容。

And to the extent the company grows faster than expected, the content spending might also increase.

如果公司的成長速度快於預期，內容支出也可能會增加。

Are those still in play?

那些還在玩嗎？

They are.

他們是。

And I would just say to socialize that 50% or provide a little bit more context around it, it's becoming increasingly sort of -- to a Netflix subscriber, when they see a Netflix brand on the piece of content, that feels like an original.

我只想說，將這 50% 進行社交化或提供更多相關背景信息，對於 Netflix 訂閱者來說，當他們在內容中看到 Netflix 品牌時，感覺就像是原創的。

To us, we have sort of different subclassifications, whether we own it and made it or we licensed it.

對我們來說，我們有不同的子分類，無論是我們擁有並製造它還是我們授權它。

At the end of the day, to the consumer, what's important is that it's exclusive and only on Netflix.

歸根結底，對於消費者來說，重要的是它是獨家的且僅在 Netflix 上提供。

But I would say that 50% number that we've talked about in the past, that could be higher in the future as we accelerate more and more content development and as we like the benefits of owned production.

但我想說的是，我們過去討論過的 50% 的數字，隨著我們加速越來越多的內容開發以及我們喜歡自有製作的好處，未來這個數字可能會更高。

But Ted, I don't know if you'd have something different you would add.

但是特德，我不知道你是否會添加一些不同的內容。

No, that -- I would say that, that's accurate and that's the trend, for sure.

不，我想說的是，這是準確的，這肯定是趨勢。

Ted, I think, as we're talking about content spending, it naturally makes me wonder what you're going to spend it on.

特德，我想，當我們談論內容支出時，我自然會想知道你將把錢花在什麼地方。

Any update on sort of 2 categories.

關於 2 個類別的任何更新。

One, international; how that's doing in terms of creating more and more local content, how that's scaling, what kind of percentage of budget are we talking about now or in a few years, and then similarly for movies.

一、國際化；在創建越來越多的本地內容方面效果如何，其規模如何，我們現在或幾年後談論的預算百分比是多少，電影方面也是如此。

Well, I'd say, on the international originals, the -- we enjoy a lot of production efficiencies in producing outside of the United States, so we can produce in a higher volume and bring kind of higher and higher production standards to those markets.

嗯，我想說，就國際原創而言，我們在美國以外的生產中享有很高的生產效率，因此我們可以進行更高的產量，並為這些市場帶來越來越高的生產標準。

So we've been really thrilled with our ability to do that.

因此，我們對我們能夠做到這一點感到非常興奮。

Greg mentioned earlier about anime, just by way of example.

格雷格之前提到動畫，只是舉個例子。

We have more than 30 original anime projects in various states of production these days.

目前，我們有超過 30 個處於不同製作狀態的原創動漫項目。

So I'm just going to give you some sense of the scale.

所以我只是想讓你們了解一下規模。

And then the series work that we're doing is, in the case of Italy, is not a -- just a -- Suburra is not just a show that you're going to see in Italy.

然後，就義大利而言，我們正在做的系列工作不是——只是——《蘇布拉》不僅僅是你將在義大利看到的一場演出。

It is a show that looks and feels very much like a Narcos, like a House of Cards, like a big global original, it just happens to be in Italian.

這是一部看起來和感覺都非常像毒梟、紙牌屋、大型全球原創作品的劇，只是碰巧是義大利語。

So we're producing at larger and larger scale outside the United States, inside the United States.

因此，我們在美國境外和美國境內的生產規模越來越大。

And on the movie side, we're going to -- we'll -- we've -- this past quarter, we've released 8 original films.

在電影方面，我們將——我們將——我們已經——上個季度，我們發行了 8 部原創電影。

We plan on about 80 coming up next year, and they range anywhere from the $1 million Sundance hit, all the way up to something on a much larger scale like we're seeing on Bright at the end of this year and Irishman, that's in production right now with Martin Scorsese, that should be in early '19.

我們計劃明年上映大約 80 部影片，範圍從聖丹斯電影節 100 萬美元的大片，一直到規模更大的影片，就像我們今年年底在《光明》和《愛爾蘭人》中看到的那樣。目前正在與馬丁·史柯西斯合作製作，應該是在19 年初。

And that leads me to wonder about sort of cost of content because you're scaling up the number of hours and the number of titles and, at the same time, we keep hearing about inflation, certainly for the best content in Hollywood.

這讓我想知道內容的成本，因為你在增加小時數和標題數量，同時，我們不斷聽到通貨膨脹，尤其是好萊塢最好的內容。

Any sort of comments on the Shonda Rhimes deals specifically, but more broadly, is content cost inflation something that could become an issue for Netflix at some point?

關於 Shonda Rhimes 的任何評論都具體涉及，但更廣泛地說，內容成本通膨是否會在某個時候成為 Netflix 的一個問題？

Yes, I'm sorry if I'm a broken record on this one, Doug, but I get asked this a lot and I feel like I might say the same thing a lot, which is that I compare it a lot to professional sports.

是的，如果我在這方面打破了記錄，我很抱歉，道格，但我經常被問到這個問題，我覺得我可能會說很多同樣的事情，那就是我經常將其與職業運動進行比較。

Where it gets very competitive for the handful of superstars, but overall player personnel costs are pretty predictable.

對於少數超級巨星來說，競爭非常激烈，但整體球員人員成本是可以預測的。

And I think this case, it's those big unicorn shows.

我認為這個案例就是那些大型獨角獸表演。

The price of any one of them might go up in a more competitive market.

在競爭更加激烈的市場中，其中任何一種的價格都可能上漲。

But general content costs are quite predictable.

但一般內容成本是可以預測的。

So -- and we're like -- and the thing about Shonda Rhimes, as you mentioned earlier, is creating a place where she wants to create, where she knows that she could spread her wings a little wider, where she can get outside of the network box a little bit, had a lot more to do with her attractiveness to Netflix than we just had to outbid ABC.

所以——我們就像——關於珊達·萊姆斯（Shonda Rhimes）的事情，正如你之前提到的，正在創造一個她想要創造的地方，在那裡她知道她可以把她的翅膀展得更寬一些，在那裡她可以出去網絡盒子的一點點，與她對 Netflix 的吸引力有很大關係，而不僅僅是我們必須高於 ABC 的出價。

And I -- so as we continue to attract world-class talent like that, that will also attract more world-class talents like that.

我——因此，當我們繼續吸引這樣的世界級人才時，也將吸引更多這樣的世界級人才。

And Doug, (inaudible) I would say, from an investor perspective, hopefully what gives investors confidence is our -- in terms of our ability to manage content cost inflation is if you look at the long-term trend in our business, we've grown the content budget, we've grown the content library and made it better, but revenues have grown faster, which is what's driven the profit improvement and the margin improvement over the years.

道格（聽不清楚）我想說，從投資者的角度來看，希望給予投資者信心的是我們——就我們管理內容成本通膨的能力而言，如果你看看我們業務的長期趨勢，我們'我們增加了內容預算，擴大了內容庫並使其變得更好，但收入增長更快，這是多年來推動利潤改善和利潤率改善的原因。

That's what I was going to say.

這就是我想說的話。

So we faced this content cost escalation over the last 3 years, or at least the speculation of it.

因此，我們在過去三年中面臨著內容成本的上升，或至少是這樣的猜測。

So what Spencer said.

史賓塞是這麼說的。

The -- one thing I find interesting, and sort of switching over to sports rights for a moment with a question for Reed.

我覺得有趣的一件事是，暫時轉向體育版權，並向里德提出一個問題。

Because I think I sort of know what the answer is going to be up front, but I still want to position the question because I wanted -- I was hoping you would engage on it.

因為我想我事先就知道答案是什麼，但我仍然想提出這個問題，因為我想——我希望你能參與其中。

And that is that you just had Facebook bid $0.5 billion for multiyear digital rights for the IPL in India.

也就是說，Facebook 剛出價 5 億美元購買印度 IPL 的多年數位版權。

Obviously, Amazon's on the air right now with Thursday Night Football here in the United States.

顯然，亞馬遜現在正在美國直播《週四橄欖球之夜》。

And I think there's an anticipation by investors that there'll be more and more bidding by video platforms on sports rights.

我認為投資者預計視訊平台將越來越多地競購體育賽事轉播權。

And of course, we all know that Netflix has indicated in the past that it's sort of not right for you, but this reminds me a little bit of when you were switching from DVDs to streaming that you really sort of waited back, not necessarily so much in the weeds, but for the marketplace to evolve to the point where it was the right time for you to pursue it.

當然，我們都知道 Netflix 過去曾表示這有點不適合你，但這讓我想起了當你從 DVD 切換到串流媒體時，你確實在等待，但不一定如此雜草叢生，但市場發展到了你追求它的正確時機。

So I'm trying to understand just what the trigger points are for Netflix as it looks longer term at sports content.

因此，我試圖了解 Netflix 的觸發點是什麼，因為它著眼於更長遠的體育內容。

Well, we'll have to see over the next 10 years, Doug, what those trigger points might be hypothetically at some point.

好吧，道格，我們必須在未來 10 年裡看看假設的某個時刻這些觸發點可能是什麼。

In the near term, we have so much going on in the global expansion of movies, unscripted, series, documentaries.

短期內，我們在電影、無劇本、連續劇、紀錄片的全球擴張方面發生了很多事情。

We're just running 100 miles an hour doing our thing around the world.

我們只是以每小時 100 英里的速度在世界各地做我們的事情。

And so nothing to really talk about that's interesting in the near term.

因此，短期內沒有什麼值得真正談論的有趣的事情。

The other question that we end up asking a lot but we still want to do it, Amazon is likely to launch some sort of ad product in the first half of next year, and it's not clear if it's a pre-roll or post-roll or banners or sponsorships or what-have-you.

我們最終問了很多但我們仍然想做的另一個問題，亞馬遜可能會在明年上半年推出某種廣告產品，目前還不清楚它是前貼片還是後貼片或橫幅或贊助或任何你有的東西。

My understanding is they're still trying to figure it out.

我的理解是他們仍在努力解決這個問題。

And given that you have emerging markets that perhaps require lower price points than the developed world, any updated thoughts on pursuing advertising at some point?

考慮到新興市場可能需要比已開發國家更低的價格，對於在某個時候進行廣告有什麼最新的想法嗎？

Often, the right strategy for a challenger brand, which is Amazon in the case of streaming video, is to try many things because they're not sure.

通常，對於挑戰者品牌（例如串流影片領域的亞馬遜）來說，正確的策略是嘗試很多事情，因為他們不確定。

Just copying Netflix is not going to typically get someone very far.

僅僅複製 Netflix 通常不會讓某人走得太遠。

The leader's role is to really -- as that famous phrase is, to keep the main thing the main thing.

領導者的角色是真正——正如那句著名的短語所說的那樣——讓主要的事情成為主要的事情。

And so our focus is not expanding in new ads at all.

因此，我們的重點根本不是擴大新廣告。

Our focus is on doing even better content, getting better partnerships, better mobile streaming.

我們的重點是製作更好的內容、獲得更好的合作關係、更好的行動串流媒體。

We just have to have the discipline to keep doing what we're doing at many times the scale.

我們只需要有紀律，繼續做我們正在做的事情，規模要大很多倍。

And if we do that, things will work out really well for our global customer base and, thus, for our investors.

如果我們這樣做，我們的全球客戶群以及我們的投資者都會得到很好的結果。

And then Doug, I think we have time for one last question.

然後道格，我想我們有時間回答最後一個問題。

The -- well, it was interesting because I had 2 that I was going to go with.

嗯，這很有趣，因為我要帶兩個。

So for Reed, I'm going to let you try to divide between the 2 of them.

所以對里德來說，我會讓你嘗試在他們兩個之間進行分割。

And one was, I was curious, I think there's -- investors are really focusing on competition and access to content these days as the market really evolves.

其中之一是，我很好奇，我認為隨著市場的真正發展，投資者現在真正關注競爭和內容獲取。

And so one was I was sort of curious if you'd wrap up with the sustainable competitive advantages for Netflix.

因此，我有點好奇你是否會總結 Netflix 的可持續競爭優勢。

And I think, separately, I was going to ask a regulation question, Reed, and that is that when you look at sort of content overseas and local quotas, when you think about what some of your peers are going through around scale issues, is there anything on the regulatory side regarding those 2 specific issues that Netflix is focused on right now?

我想，里德，我想單獨問一個監管問題，那就是，當你查看海外和本地配額的內容時，當你考慮一些同行正在經歷的規模問題時，是關於Netflix 目前關注的這兩個具體問題，監管方面有什麼建議嗎？

Well, Doug, you're very good about staying in character.

嗯，道格，你非常善於保持本色。

We've all got our Stranger Things sweaters on because we're celebrating both the amazing content that's coming in 10 days or so, and also Target's great promotional strategy.

我們都穿上了《怪奇物語》毛衣，因為我們正在慶祝 10 天左右即將推出的精彩內容，同時也慶祝 Target 出色的促銷策略。

We're learning how to do merchandising.

我們正在學習如何進行推銷。

We've got some amazing displays and amazing materials out at Target.

我們在塔吉特 (Target) 推出了一些令人驚嘆的展示品和令人驚嘆的材料。

And Ted, do you want to tell us a little bit about Stranger Things?

泰德，你想告訴我們一些關於《怪奇物語》的事嗎？

Well, October 27, we'll be releasing the new season of Stranger Things, which gives you -- answers the question, how are you spending your Halloween?

好吧，10 月 27 日，我們將發布新一季的《怪奇物語》，這將回答您的問題：您將如何度過萬聖節？

And if -- you too can get one of these ugly sweaters from Target for your next Christmas ugly sweater party.

如果——你也可以從 Target 購買一件醜陋的毛衣，參加下一次聖誕節醜陋的毛衣派對。

But it really celebrates the spirit of the show in a great way, and we can't wait for the show to come out, which is not only an enormous hit in the United States, but it is equally international across with our membership base.

但它確實以一種很好的方式頌揚了該劇的精神，我們迫不及待地想這部劇的上映，它不僅在美國引起了巨大的轟動，而且在我們的會員基礎上也同樣具有國際影響力。

So we are thrilled for Stranger Things coming this month.

因此，我們對本月即將推出的《怪奇物語》感到非常興奮。

And Greg, what are we doing on product to support Stranger Things?

格雷格，我們在產品上做了哪些工作來支持《怪奇物語》？

We're doing an amazing job by taking over big parts of the site to basically connect our members with this great show and show off how incredible content it is.

我們做得非常出色，接管了網站的大部分內容，基本上將我們的會員與這個精彩的節目聯繫起來，並展示了它是多麼令人難以置信的內容。

And Doug, to answer your question on scale, I'm sure others are figuring things out.

道格，為了回答你的問題，我相信其他人正在解決問題。

What we're continuing to do is work with Amazon as well as investing in Open Connect and being able to handle all of the growth that we anticipate.

我們繼續做的是與亞馬遜合作以及投資 Open Connect，並能夠應對我們預期的所有成長。

And we've had a pretty good track record of that for the last 10 years, so I wouldn't worry about that particularly.

過去 10 年我們在這方面有著良好的記錄，所以我不會特別擔心這一點。

Thank you, everyone, for joining us on the call, and look forward to talking to you more over the quarter.

感謝大家加入我們的電話會議，並期待在本季與您進行更多交談。