Netflix Inc (NFLX) 2017 Q4 法說會逐字稿

Good afternoon, and welcome to Netflix Q4 2017 Earnings Interview.

下午好，歡迎來到 Netflix 2017 年第四季財報採訪。

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 Todd Juenger from Bernstein.

本季我們的訪談者是來自 Bernstein 的 Todd Juenger。

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

不過，在我們開始之前，請記住，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 turn it over to Todd for his first question.

接下來，讓我把第一個問題交給托德。

Thanks, Spencer.

謝謝，史賓塞。

Just to get things rolling before we get into the details, and one thing that makes this quarter different than other quarters is, technically, we're putting a close on one year and entering another.

在我們討論細節之前，為了讓事情順利進行，本季與其他季度不同的一點是，從技術上講，我們將結束一年並進入下一年。

So I thought it might be a useful time more than usual to check in and, I guess, with each of you actually in order maybe, Greg and Ted Reed, and just if you can share the couple biggest things you learned in 2017, and how that's informing your key priorities going forward into the new year, 2018.

所以我認為這可能是一個比平常更有用的時間來簽到，我想，格雷格和特德·里德，也許你們每個人都按順序進行了交流，如果你們能分享一下你們在2017 年學到的最重要的事情，這將如何影響您進入 2018 年新的一年的關鍵優先事項。

I think that'd be a great way to get started.

我認為這是一個很好的開始方式。

Greg, I think you're up first.

格雷格，我想你先起來了。

Sure.

當然。

I think looking back over the last year, I'm just tremendously excited at seeing the range of opportunities that are in front of us and that the technology that we're investing in can continue to provide incremental benefits and experience which we see through our AB testing.

我認為回顧過去的一年，我非常興奮地看到我們面前的一系列機會，並且我們投資的技術可以繼續提供增量效益和經驗，我們透過我們的業務看到了這一點。 AB 測試。

So most excited that we have just so much more runway in front of us.

最令人興奮的是我們面前有更多的跑道。

And I'd say we've had a kind of good reinforcement of the value of experimentation getting out from just the core of television and film into things more like unscripted and other projects that are proving that we could do things well across a broad variety of different things as long as we keep doing what we started doing.

我想說，我們已經很好地強化了實驗的價值，從電視和電影的核心擴展到更多的無劇本和其他項目，這些項目證明我們可以在各種各樣的領域做好事情只要我們繼續做我們開始做的事情，就可以做不同的事情。

We just hire great people, give them the resources to make great content and get out of their way.

我們只是聘請優秀的人才，為他們提供製作精彩內容的資源，並讓他們擺脫困境。

And Todd, for me, it's much more continuous coming up on 20 years here than it is broken up in annual chunks.

托德，對我來說，在這裡的 20 年裡，它比每年分解的要連續得多。

But certainly, our expansion around the world is phenomenal.

但可以肯定的是，我們在世界各地的擴張是驚人的。

We're continuing to invest in shows around the world.

我們將繼續投資世界各地的演出。

Dark was a big highlight.

黑暗是一大亮點。

We'll have more of those from around the world in Q1.

第一季我們將有更多來自世界各地的人。

And so we're learning better and better about how to be an effective global company, both for consumers, for governments and for content producers.

因此，我們正在越來越多地學習如何成為一家有效的全球公司，無論是對消費者、政府還是內容製作者而言。

Terrific.

了不起。

Thanks.

謝謝。

I just realized I left David out of the order there.

我剛剛意識到我把大衛排除在那裡了。

But don't worry, I'll give you plenty of questions similar to that along the way, David.

但別擔心，大衛，我會一路上給你很多類似的問題。

(inaudible)

（聽不清楚）

But speaking of growth around the world, the most -- not important, but the biggest metric investors often look for a first in your results is subscriber growth.

但說到全球範圍內的成長，最重要的指標——雖然不重要，但卻是投資人經常在業績中尋找第一的最大指標——用戶成長。

Clearly, subscriber net additions came in well ahead of your own forecast for the quarter.

顯然，本季用戶淨增量遠遠超出了您自己的預測。

I guess, an obvious question is sort of why and where.

我想，一個明顯的問題是為什麼和在哪裡。

You addressed that a little bit in your letter, saying it was broad-based.

您在信中提到了這一點，並稱其基礎廣泛。

I think you cited original content slate and the growth of Internet TV.

我認為您引用了原創內容板和網路電視的成長。

But I got to ask -- a chance just for anybody who wants to expand on that a little bit how you did so much better coming out of the quarter than you even thought you would going into the quarter.

但我必須問——對於任何想要擴展這一點的人來說，這是一個機會，你在本季的表現如何比你在本季的預期要好得多。

Ted, do you want to take that about the role of the big titles?

泰德，你想了解大標題的作用嗎？

Well, the great thing is that the -- our -- the big players in that -- in Q1, the film Bright, and certainly Stranger Things Season 2, not only landed really well with viewers and consumers but also are perfectly global, meaning that the watching was distributed almost exactly like our member base is.

嗯，最棒的是，我們的主要參與者在第一季度，電影《光明》，當然還有《怪奇物語》第二季，不僅在觀眾和消費者中獲得了良好的口碑，而且完全是全球性的，這意味著觀看的分佈幾乎與我們的會員群完全一樣。

So when -- a good story told well is a global product.

因此，當一個講得好的故事成為全球產品時。

And other key things in Q4, were, as you pointed out, just the continued growth of Internet TV.

正如您所指出的，第四季度的其他關鍵事情就是網路電視的持續成長。

And we see that because Hulu's also growing, YouTube is also growing.

我們看到，由於 Hulu 也在成長，YouTube 也在成長。

And so it's great that we're keeping up with this big Internet-driven transformation and that we're pleasing our members with this extraordinary 8 million-net add quarter.

因此，我們能夠跟上這一由互聯網驅動的重大變革，並且透過這個非凡的 800 萬淨增季度讓我們的會員感到滿意，這真是太好了。

And Todd, just to annotate Ted and Reed, one thing is we were a little conservative going into Q4 with price changes, and so it reflects a little bit of tempering of our expectations going through there.

托德（Todd），只是為了解釋特德（Ted）和里德（Reed），一件事是，我們在進入第四季度時對價格變化有點保守，因此這反映出我們對該季度的預期有所緩和。

But given the broad scale strength of the content offering and then the global strength, you put those 2 things together and you end up with the quarter that we had in Q4, which was great.

但考慮到內容提供的廣泛規模實力以及全球實力，將這兩件事放在一起，最終會得到我們第四季度的季度，這非常棒。

Makes sense.

說得通。

I definitely want to talk a little bit about the pricing here in a minute.

我絕對想稍後談談這裡的定價。

But before we move on to that, you talked about broad-based basically global growth.

但在我們繼續討論之前，您談到了廣泛基礎的全球成長。

Can I ask specifically about a couple of geographies?

我可以具體詢問幾個地理位置嗎？

I understand broad-based means them all, but Asia has been one particular gigantic region, I know, a particular focus for your company.

我知道基礎廣泛意味著所有這些，但我知道亞洲一直是一個特別巨大的地區，也是你們公司的一個特別關注點。

Anything you'd want to point out specifically in Asia in the quarter, or more broadly over the course of those couple quarters that are going well or not well that we should know about?

您想特別指出本季度亞洲的任何事情，或者更廣泛地說在這幾個季度中進展順利或進展不佳的事情，我們應該知道嗎？

Well, I think, Todd, we're not going to do regional breakouts.

好吧，我想，托德，我們不會進行區域突破。

I won't give you specifics on it.

我不會給你具體細節。

But we definitely are seeing success, as you all know, and your channel checks and other things tell it in the different markets.

但正如你們所知，我們確實看到了成功，你們的通路檢查和其他事情在不同的市場上也證明了這一點。

And when we compare it to Latin America several years ago, we're very pleased with the progress that we're making through India, through Southeast Asia, through Japan -- and Japan.

當我們將其與幾年前的拉丁美洲進行比較時，我們對我們在印度、東南亞、日本以及日本所取得的進展感到非常滿意。

So really all across the board, we're seeing growth penetrations that look like the first couple of years of Latin America, which, as you know, has worked out very well for the company.

因此，從整體上看，我們看到的成長滲透看起來就像拉丁美洲的前幾年，正如你所知，這對公司來說效果非常好。

And it's worth pointing out, Todd, that we're now lapping 2 years in our global launch.

托德，值得指出的是，我們的全球發布已經過去兩年了。

So for many of these markets, we launched with a global product, not localized, not tailored to the specific market.

因此，對於其中許多市場，我們推出了全球產品，而不是在地化產品，也不是針對特定市場量身定制的產品。

We've added some languages along the way.

我們一路上添加了一些語言。

We're adding content along the way.

我們正在不斷添加內容。

But for many of these markets, they still reflect some relative youth in terms of how long we've been in the market relative to, say, Latin America, where we're 5 and 6 years in, and Europe, where we're 4 years in, in some of the larger markets and a little bit younger in the smaller markets in Europe.

但對於其中許多市場來說，就我們進入市場的時間而言，相對於我們進入市場的時間而言，它們仍然相對年輕，例如，相對於拉丁美洲（我們進入了5 到6 年）和歐洲（我們進入了歐洲）四年後，在一些較大的市場中，在歐洲較小的市場中，時間稍微年輕一些。

Makes sense.

說得通。

And one of the things that you did not cite in investor letter, at least in terms of sub growth, was -- at least in the paragraph about sub growth, was some of the plans you have with partners, MVPD partners and ISP partners.

您在投資者信中沒有提到的一件事，至少在次級增長方面，是——至少在有關次級增長的段落中，是您與合作夥伴、MVPD 合作夥伴和ISP 合作夥伴制定的一些計劃。

You did talk about that in a different section, but you didn't cite it referring to the sub growth.

您確實在不同的部分中談到了這一點，但您沒有引用它來指代子增長。

Can you talk a little bit about what contribution those partnerships made to sub growth in the quarter?

您能否談談這些合作關係對本季的次級成長做出了哪些貢獻？

Even help us box sort of what percentage, if you will, of sort of net adds are on those sorts of relationships or its total members are on those [such] relationships?

如果您願意的話，甚至可以幫助我們框出這些關係中的淨添加百分比，或者這些關係中的總成員百分比？

Help us understand what a -- proportion to your subscriber base and growth those type of deals are.

幫助我們了解這些類型的交易在您的訂閱者基礎和成長中所佔的比例。

Well, Netflix continues to be a sort of multi-impression sale.

好吧，Netflix 仍然是一種多重印象銷售。

And so if somebody joins us through a partner, it isn't necessarily because that partner did a specific promotion, but it might be just the most convenient collection mechanism for that.

因此，如果有人透過合作夥伴加入我們，並不一定是因為該合作夥伴進行了特定的促銷活動，但這可能只是最方便的收集機制。

That said, the importance of partnerships has grown as we get embedded in more ISPs and more CE devices and more consumer electronics and things like that.

也就是說，隨著我們嵌入更多的 ISP、更多的消費性電子設備以及更多的消費性電子產品和類似產品，合作關係的重要性也隨之增加。

So I'll pitch it to Greg at this point, but I would say, Todd, it continues to be a meaningful contributor, but not a dominant contributor in terms of being a major channel for us in terms of acquisition, again, relative to what I said about Netflix being a multi-impression sale.

所以我會在這一點上向格雷格推銷，但我想說，托德，它仍然是一個有意義的貢獻者，但就成為我們收購方面的主要渠道而言，相對於我所說的Netflix 是一種多重印象銷售。

And then, Greg, if you want to...

然後，格雷格，如果你想…

Yes.

是的。

I -- briefly, I mean, I think that's right.

我——簡單地說，我的意思是，我認為這是對的。

It's all that sort of stops along the way in the customer journey.

這是客戶旅程中的所有此類網站。

And one of the things that's working for us well is to shave off friction at each of those different points.

對我們來說最有效的事情之一就是消除每個不同點的摩擦。

So whether it's payments or access for engagement, how you sign up.

因此，無論是付款還是參與訪問，都取決於您的註冊方式。

And so while those partners aren't the dominant source of acquisition for us, they still remain important, and we'll continue to invest in them globally.

因此，儘管這些合作夥伴並不是我們收購的主要來源，但它們仍然很重要，我們將繼續在全球範圍內對它們進行投資。

The only other thing to add there, Todd, is, as you know, most of the MVPDs and ISPs are regional, so any one single partnership isn't particularly material to our global net additions.

Todd，唯一要補充的另一件事是，如您所知，大多數 MVPD 和 ISP 都是區域性的，因此任何單一合作夥伴關係對於我們的全球淨增量都不是特別重要。

Greg, when you think about the next couple of years where essentially all smart TVs have Netflix, how do you think about the potential in the MVPD space?

Greg，當您想到未來幾年基本上所有智慧電視都將配備 Netflix 時，您如何看待 MVPD 領域的潛力？

Kind of roughly what percentage on a global basis are we?

我們在全球的比例大約是多少？

What might we become over 5 or 10 years?

5年或10年後我們會變成什麼？

Yes.

是的。

And we think essentially in MVPD or the operator set-top box integrations that we are doing, we're way younger than we are in TV, for example.

例如，我們認為，本質上，在 MVPD 或我們正在做的運營商機上盒整合方面，我們比電視領域年輕得多。

But unlike TV, these operator integrations have a whole bunch of consumer benefits that we haven't really been able to realize in the TV space, when you think about payment integration.

但與電視不同的是，當你考慮支付整合時，這些營運商集成為消費者帶來了許多我們在電視領域無法真正實現的好處。

Also, it's a different demographic.

此外，這是一個不同的人口統計。

Typically, Smart TV purchasers are more towards the front end of the technology adoption curve.

通常，智慧電視購買者更傾向於技術採用曲線的前端。

And being on a set-top box from an operator allows us to be in the place where a lot of folks are consuming linear TV and more traditional and catching a little bit more of the later adopter.

透過營運商提供的機上盒，我們可以處於許多人消費線性電視和更傳統的電視的位置，並吸引更多後來的採用者。

And then making it super easy for them to sign up by just actually adding Netflix to their bill.

然後，只需將 Netflix 添加到他們的帳單中，就可以讓他們非常輕鬆地進行註冊。

Or even more, what we're looking at now is packaging Netflix into one of those operator offerings so they just get it as part of a bundle that they're purchasing for the operator.

或者更重要的是，我們現在正在考慮將 Netflix 打包到這些運營商的產品之一中，這樣他們就可以將其作為為運營商購買的捆綁包的一部分來獲取。

So I think we'll see that grow in importance, but again, we're a couple of years behind where we are in Smart TVs today.

因此，我認為我們會看到這一點變得越來越重要，但同樣，我們在智慧電視領域落後了幾年。

Got it.

知道了。

One final one on those, if you don't mind, probably for David.

最後一個，如果你不介意的話，可能是給大衛的。

Just how should we think about the unit economics of one of those subscribers for Netflix, especially, I guess comes to mind, in terms of subscriber acquisition cost, getting a subscriber on your own versus through a partner, but then also any sort of churn or engagement differences that you've been yet to be able to observe about the lifetime value of those 2 different types of customers?

我們應該如何考慮 Netflix 訂閱者之一的單位經濟效益，尤其是，我想，在訂閱者獲取成本方面，您自己獲得訂閱者與透過合作夥伴獲得訂閱者的成本，以及任何形式的流失或您尚未觀察到這兩種不同類型客戶的終身價值的參與度差異？

So the headline would be consistent.

這樣標題就會保持一致。

I don't think -- there's nothing different about those sort of new cohorts and new partnerships that were joining that is different than the ones we've had before.

我不認為——這些新加入的群體和新夥伴關係與我們以前的夥伴關係沒有什麼不同。

But there is a churn benefit.

但有一個流失的好處。

Especially if you're thinking about Netflix being bundled in with a consistently lower-churn product, that has a positive benefit to the lifetime value of that subscriber.

特別是如果您考慮將 Netflix 與持續低流失率的產品捆綁在一起，這會對訂閱者的終身價值產生積極的好處。

And I had one final one, specifically on subs, before we get probably onto pricing.

在我們可能開始定價之前，我還有最後一項，特別是潛水艇方面的。

What you think about the U.S. specifically?

您對美國具體有何看法？

I guess, the question would be, who is left who is not subscribing to Netflix?

我想，問題是，剩下誰不訂閱 Netflix？

Who are these new subscribers that you continue to add?

您繼續新增的這些新訂閱者是誰？

Where are they coming from?

他們來自哪裡？

One might think maybe they're among a slightly older demographic.

人們可能會認為他們可能是年齡稍大的人群之一。

I don't know if that's a myth or whether there's some truth to that.

我不知道這是神話還是有一定道理。

But if there's some truth to that, how are you attracting the subscribers -- or these members who are just now deciding to sign up for Netflix?

但如果這確實有道理，那麼您如何吸引訂閱者——或者那些剛剛決定註冊 Netflix 的會員呢？

Who are they?

他們是誰？

And should we have confidence you can keep hitting those elusive groups that have eluded you so far?

我們是否應該有信心您能夠繼續打擊那些迄今為止您未能找到的難以捉摸的群體？

Well, as you recall, Todd, it was 5 years ago when we said we thought the market, the U.S., would be somewhere between 60 and 90 million.

托德，你還記得嗎，5 年前我們曾說過，我們認為美國市場的人口將在 6000 至 9000 萬人之間。

We're still at only 55 million.

我們仍然只有 5500 萬。

So a ways to go just to cross into the bottom of our expectation range.

因此，要跨越我們的期望範圍的底部，還有一種方法。

And then we continue, as Greg said, to make it easier to access.

然後，正如格雷格所說，我們繼續使其更容易訪問。

And then the real driver is to make the big titles bigger.

真正的推動力是讓大遊戲變得更大。

So what happens is so many people are talking about Bright or Stranger Things 2 or The Crown that, that's what pulls in people who haven't yet joined, is all their friends are talking about the shows.

因此，許多人都在談論《光明或怪奇物語 2》或《王冠》，這就是吸引尚未加入的人的原因，因為他們所有的朋友都在談論這些節目。

That's the dominant accelerator.

這是主導的加速器。

Fair enough.

很公平。

And I think you're addressing like Grace and Frankie, which launched its new season this week, which clearly reaches an older demographic, but it keeps getting broader and bigger every year, meaning that it's -- even though it was intended for a specific older demographic, young people love it as well.

我認為你所說的就像《格蕾絲和弗蘭基》一樣，該劇本週推出了新一季，顯然是針對年齡較大的人群，但它每年都在變得更廣泛、更大，這意味著它——儘管它是針對特定人群的老年人口，年輕人也喜歡它。

They're discovering it through word-of-mouth from a lot of new sources.

他們透過許多新來源的口碑發現了它。

So I think back when we talked about that market size back then, that it's a very fluid market in terms of what demographics of people are watching content on the Internet.

因此，我回想起當時我們談論市場規模時，就觀看網路內容的人口統計而言，這是一個非常流動的市場。

Got it.

知道了。

Got to talk about pricing a bit, right?

必須談談定價，對吧？

So another big thing that happened in the quarter was a, significant on a percentage basis, pricing increase across most of your plans across most of the world.

因此，本季發生的另一件大事是，以百分比計算，全球大部分地區的大多數計劃的價格都有所上漲。

You, I think, made a remark earlier that, that drove some of your cautiousness in your subscriber guide.

我認為，您早些時候曾說過這樣的話，這促使您在訂閱者指南中表現出一些謹慎態度。

It doesn't seem to have affected subscribers in the way that you've -- was implied in your guidance.

它似乎並沒有像您在指導中暗示的那樣影響訂閱者。

So any learnings -- and fair to say -- so any impact at all that we should think about, either maybe on churn or on -- as a barrier to new adds?

那麼，公平地說，我們應該考慮的任何影響，無論是對客戶流失還是對新添加的障礙？

And then anything different on the mix of the popularity of different plans now that there's a bigger spread between the prices around the world?

既然世界各地的價格差異更大，那麼不同計劃的受歡迎程度有什麼不同嗎？

So a lot in that question, but I guess I'm trying just to figure out what we can take away from the experience with the price increase.

這個問題有很多，但我想我只是想弄清楚我們可以從價格上漲的經驗中得到什麼。

Well, let's see.

好吧，走著瞧。

We moved from roughly EUR 10 to EUR 11 in Europe or $10 to $11 in the U.S., so it's about a 10% increase.

我們在歐洲從大約 10 歐元升至 11 歐元，在美國從 10 美元升至 11 美元，因此上漲了約 10%。

And we saw very little effect on sign-ups and growth and, thus, as you said, the really strong results.

我們發現對註冊和成長的影響很小，因此，正如您所說，結果非常強勁。

And you could take away from that, that our content is just making us to be really a primary focus for consumers' entertainment.

您可以從中得出結論，我們的內容只是讓我們真正成為消費者娛樂的主要焦點。

And so our responsibility is then to take that increased revenue and turn that into even better content.

因此，我們的責任是利用增加的收入並將其轉化為更好的內容。

That's the fundamental deal.

這是根本性的協議。

And consumers are tolerant as long as something's improving.

只要事情有所改善，消費者就會容忍。

So what we have to do is push ourselves to just keep doing more incredible content, downloading, easy to use, all the things that we're doing and, thus, continue to earn the trust and affection of consumers.

因此，我們要做的就是推動自己繼續做更多令人難以置信的內容、下載、易於使用，以及我們正在做的所有事情，從而繼續贏得消費者的信任和喜愛。

So we've been doing that very well.

所以我們在這方面做得很好。

But we're always cautious on it and we have no plans to like try to repeat that in any way in the near term.

但我們對此始終保持謹慎態度，而且我們不打算在短期內以任何方式重複這種做法。

So it's really just focusing now on the quality of the experience and the enjoyment.

所以現在真正關注的是體驗和享受的品質。

I think you said before, and please correct me if I have it wrong, that investors should think about sort of a mid-single-digit CAGR in terms of average price.

我想你之前說過，如果我說錯了，請糾正我，投資人應該考慮平均價格的中個位數複合年增長率。

Is that still the way investors -- so assuming I had that right, is that -- is there any change to that based on your experience in the quarter?

這仍然是投資者的方式嗎？假設我是對的，根據您在本季度的經驗，這種情況是否有任何變化？

I think, the tricky thing, because it really has to be a reflection of the underlying quality of the experience on a relative basis.

我認為，這是一件棘手的事情，因為它確實必須在相對的基礎上反映體驗的潛在品質。

So as long as we're able to continue to improve our content and our whole experience at a remarkable rate, which we could in viewing hours and things like that, then asking our customers to help us fund that at higher levels is reasonable.

因此，只要我們能夠以驚人的速度繼續改進我們的內容和我們的整體體驗，我們可以在觀看時間和類似的事情上做到這一點，那麼要求我們的客戶幫助我們在更高水平上提供資金是合理的。

But if we weren't gaining relative value for the customers, then we wouldn't be changing prices.

但如果我們沒有為客戶獲得相對價值，那麼我們就不會改變價格。

So think of us as -- the North Star is not the financial plan, it's the customer satisfaction.

因此，將我們視為——北極星不是財務計劃，而是客戶滿意度。

But the big way to improve the customer satisfaction even further is to ask to get paid a little bit more on the current service so that we can make it even better.

但進一步提高客戶滿意度的重要方法是要求在當前服務的基礎上多付一點錢，以便我們能夠做得更好。

Right.

正確的。

The people come up with that value proposition based on how much time they're watching Netflix and how much they're loving that time.

人們根據觀看 Netflix 的時間以及他們對這段時間的喜愛程度來提出這一價值主張。

So speaking of content, you clearly have confidence that your investments in content are paying off.

因此，說到內容，您顯然有信心您在內容上的投資正在獲得回報。

You can point to growing subscribers, growing pricing.

您可以指出訂閱者的成長和定價的成長。

You've telegraphed to almost $8 billion of P&L content spend for the coming years.

您已預期未來幾年的損益內容支出將接近 80 億美元。

Let me start with this question.

我先從這個問題開始吧。

Why is that the right number?

為什麼這個數字是正確的？

Why not, if it's -- why not $9 billion or $10 billion?

為什麼不呢，如果是——為什麼不是 90 億美元或 100 億美元？

Or why not $6 million or $7 billion?

或者為什麼不是 600 萬或 70 億美元？

How do you circle in on that range of spend as being where you're comfortable for the next year, at least?

您如何確定至少明年您感到滿意的支出範圍？

Well, at any given time, that is the question, right?

嗯，在任何特定時間，這都是一個問題，對吧？

What is the right number?

正確的數字是多少？

And the big one we find is that as we keep investing in our content and we're growing hours of viewing and growing hours of engagement and growing net subs, then it's a -- you're getting good return on the investment.

我們發現最重要的一點是，隨著我們不斷對內容進行投資，觀看時間不斷增加，參與時間不斷增加，淨訂閱人數不斷增加，那麼您將獲得良好的投資回報。

And the question is the -- why this number is the right number is that you don't want to get too far ahead of that number.

問題是——為什麼這個數字是正確的數字是因為你不想超出這個數字太多。

So we keep investing forward based on the confidence of how we're doing.

因此，我們基於對自己表現的信心繼續向前投資。

And at some point that we're seeing -- we're not growing viewing hours, we're not growing subs, we're not growing enjoyment, then you've hit a point of diminishing returns, we just haven't seen that yet.

在某些時候，我們看到——我們沒有增加觀看時間，我們沒有增加訂閱者，我們沒有增加享受，然後你就達到了收益遞減的點，我們只是沒有看到那還沒有。

And Todd, it is $8 billion as you pointed out for this year, but it will definitely, of course, be higher in 2019 and 2020.

托德，正如您指出的，今年是 80 億美元，但 2019 年和 2020 年肯定會更高。

So don't think of it as $8 billion as some new plateau.

因此，不要將 80 億美元視為某個新的平台。

Instead, it's just a point in time as we grow both the revenue and our content budget.

相反，這只是我們增加收入和內容預算的一個時間點。

And one of the things that you are seeing us do, Todd, along those lines is to increase marketing somewhat slightly relative to content to multiply the value of that content across the business.

托德，你看到我們做的事情之一就是稍微增加與內容相關的行銷，以倍增該內容在整個業務中的價值。

But that is an indication where we're seeing feedback that, hey, spending a little bit more on marketing is actually going to be better for the business overall because it amplifies the value of the content.

但這表明我們看到的反饋是，嘿，在行銷上多花一點錢實際上對整體業務來說會更好，因為它放大了內容的價值。

When we think about the $8 billion, $9 billion, $10 billion and growing, as investors, how should we think about the execution risk associated with that?

當我們思考 80 億美元、90 億美元、100 億美元以及不斷增長的資金時，作為投資者，我們應該如何考慮與之相關的執行風險？

That is a lot of projects to manage, a lot more than Netflix used to manage last year and 5 years ago.

需要管理的專案很多，比 Netflix 去年和 5 年前管理的專案還要多。

How much time do you spend thinking about that?

你花了多少時間思考這個問題？

And how much of a concern to -- from an investor standpoint, do we get in terms of your ability to execute on that much spend?

從投資人的角度來看，我們對你們執行這麼多支出的能力有多少擔憂？

Well, we have been doubling the effort every year for the last 5 years year-on-year.

嗯，在過去的五年裡，我們每年都在加倍努力。

So -- and a way to look at it is, the investment that we try to make is we try to make sure that we're restricting ourselves to the real core executive skill set, which is picking great people, both picking great executives to help shepherd these projects but also picking great creatives and great projects to run with.

因此，看待這個問題的一種方式是，我們試圖進行的投資是，我們試圖確保我們將自己限制在真正的核心管理技能範圍內，即挑選優秀的人才，同時挑選優秀的高管來幫助引導這些項目，同時挑選優秀的創意人員和優秀的項目來運作。

And if I had the same number of people at the same quality levels as I did 5 years ago, I'd be anxious.

如果我擁有與 5 年前相同數量、相同品質水準的人員，我會感到焦慮。

But we've been ramping ourselves up and ramping up our work with creators to continue to keep scaling the business.

但我們一直在不斷提升自己，並加強與創作者的合作，以繼續擴大業務規模。

But our focus on is to continue to do it at the same level that we have year-on-year, even in double -- with 100% increase in volume.

但我們的重點是繼續保持與去年同期相同的水平，甚至翻倍——銷量增長 100%。

Let's talk about Bright a little bit.

我們來談談布萊特吧。

It's a -- it's obviously a…

這是一個——這顯然是一個…

It's an epic moment, an incredible story.

這是一個史詩般的時刻，一個令人難以置信的故事。

That's the word we're looking for, Todd.

這就是我們要找的詞，托德。

That's the word.

就是這個詞。

Yes.

是的。

There's a lot of words.

有很多話。

And the critics had some other words for it, but your members seem to have loved it.

批評家對此還有其他的說法，但你們的成員似乎很喜歡它。

So I just wondered if you can help us reconcile that.

所以我只是想知道你是否可以幫助我們協調一致。

How can a film project -- how can you reconcile the disconnect between the critical response to that film and what I think you portrayed as a very positive member response to that film, so much so that you green lit a sequel?

一個電影項目如何調和對該電影的批評性反應與我認為您所描繪的對該電影的非常積極的會員反應之間的脫節，以至於您為續集開了綠燈？

How do you reconcile that?

你如何協調這一點？

What's going on with that?

這是怎麼回事？

Yes, the consumer response, the viewer response to the film has been great.

是的，消費者和觀眾對這部電影的反應都非常好。

And every kind of internal measurement that we look at in terms of viewing and reach, we said it's one of our most-watched pieces of original content, meaning TV show or film, that we've ever had on Netflix.

我們在收視率和覆蓋率方面進行的各種內部衡量都表明，這是我們在 Netflix 上觀看次數最多的原創內容（即電視節目或電影）之一。

And if you look at all the kind of external indicators around how people feel about the movie, user reviews on Rotten Tomatoes or user ratings on IMDb, you see a very, very positive experience with that film.

如果你觀察人們對這部電影的感受、爛番茄上的用戶評論或 IMDb 上的用戶評分等所有外部指標，你會發現這部電影帶來了非常非常積極的體驗。

So the way to reconcile it is, that critics are an important part of the kind of artistic process but are not -- they're pretty disconnected from the commercial prospects of a film.

因此，調和它的方法是，評論家是這種藝術過程的重要組成部分，但事實並非如此——他們與電影的商業前景相當脫節。

So the way you look at it is -- we look at it is, if people are watching this movie and loving it, that is the measurement of success.

所以你看待它的方式是——我們看待它的是，如果人們觀看這部電影並喜歡它，那就是成功的衡量標準。

And if the critics get behind it or don't, that is a select group of kind of social media influencers that you look at who are talking to a specific audience.

無論批評者支持與否，你都會看到一群精選的社群媒體影響者，他們正在與特定受眾交談。

So I would say, Todd, from an investor standpoint, you want to focus on things like Google Trends relative to other movies like Jumanji or something that opened up at the same time.

所以我想說，托德，從投資者的角度來看，你想關注谷歌趨勢等相對於其他電影（如《勇敢者遊戲》或同時上映的電影）的事情。

And the critics are pretty disconnected from the mass appeal, especially remembering that we're moving [with] the international at this point and most of those critical reviews you read are English language and usually just U.S.

批評者與大眾的吸引力相當脫節，特別是要記住我們現在正在與國際接軌，而你讀到的大多數批評評論都是英語，通常只是美國的。

Speaking a little more broadly about the film budget altogether, I think you've talked about some rather ambitious plans.

更廣泛地談論電影預算，我認為您已經談論了一些相當雄心勃勃的計劃。

Seems to me, at least for -- just for 2018, I think I've heard 80 individual film projects on the slate, something like that...

在我看來，至少在 2018 年，我想我已經聽說過 80 個單獨的電影項目，類似這樣的…

That's in productions and acquisitions, yes.

是的，這就是生產和收購。

Got it.

知道了。

Bright is an example, I think, you -- of a bigger sort of tent pole sort of -- I don't know if you'd use that word, but it's obviously a big cornerstone film.

我認為《光明》是一個例子，你是一個更大的帳篷桿的例子，我不知道你是否會使用這個詞，但這顯然是一部重要的基石電影。

Not all 80 of those films are going to be like that, but just the success of Bright, what does that -- how does that shape your thought about what the profile of your movie slate goes for?

並非所有 80 部電影都會如此，但光是《光明》的成功，這意味著什麼——這如何影響了你對你的電影名單的看法？

And any -- of the $7 billion, $8 billion of content spend, are you willing to share like how much of that roughly is for what you would call films?

在 70 億美元、80 億美元的內容支出中，您是否願意分享其中大約有多少用於所謂的電影？

Ted -- there's probably a portion for me and a portion for Ted.

泰德——可能有一部分給我，一部分給特德。

So Ted, let me take the...

所以特德，讓我來…

Sure.

當然。

I know the success of Bright is awesome for us.

我知道 Bright 的成功對我們來說很棒。

It doesn't necessarily change our outlook in terms of how much more we're going to do on the film front.

這並不一定會改變我們對在電影方面將做多少事情的看法。

Ted has a portion already set aside for films.

特德已經預留了一部分用於電影。

I think he hasn't really changed that.

我認為他並沒有真正改變這一點。

I think it probably increases his confidence in that portion set aside, but I'll let him answer.

我認為這可能會增加他對預留部分的信心，但我會讓他回答。

But in terms of -- from an investor standpoint, feature films are an important aspect of our service that we think we need to get right and provide.

但從投資者的角度來看，長片是我們服務的一個重要方面，我們認為我們需要正確對待並提供這項服務。

And it's a portion of that spend, but we don't talk in specifics about the exact proportion of the spend.

這是支出的一部分，但我們不會特別談論支出的確切比例。

And then, Ted, you could comment on...

然後，特德，你可以評論...

Yes.

是的。

I would say the good -- the profile of our original films range anywhere from a movie like I Don't Feel at Home in This World Anymore, that was a very low-budget film that opened at The Sundance Film Festival and ultimately won The Sundance Film Festival last year, all the way up to the kind of tent-pole sci-fi action movie like Bright.

我想說的是，我們的原創電影的形像多種多樣，從像《我在這個世界不再感到賓至如歸》這樣的電影，那是一部在聖丹斯電影節上上映並最終贏得了最佳預算的電影。去年的聖丹斯電影節，一直到了像《光明》這樣的科幻動作片。

And what we've seen is that each one of these milestones or budget milestone is that we've had reinforcement in the performance of those films to increase our confidence that we -- that this form of subscription is a good way to monetize content at all different budget ranges, including the largest budget ranges for films, where I would say a while ago I would've said, "Look, I'm highly confident we can make small films work well in Netflix, and then next year I'll be more confident that we do medium film as well on Netflix." But we've seen success at every one of these budget profiles, and we're really excited that we can continue to push that out and please more and more people if we're not constrained to small-budget films.

我們所看到的是，這些里程碑或預算里程碑中的每一個都是我們對這些電影的表現進行了強化，以增強我們的信心，即這種形式的訂閱是透過內容貨幣化的好方法。所有不同的預算範圍，包括電影的最大預算範圍，不久前我會說，「看，我非常有信心我們可以讓小電影在Netflix 上表現良好，然後明年我」我們會更有信心在Netflix 上製作中等電影。”但我們已經看到了每一個預算項目的成功，我們真的很興奮，如果我們不局限於小預算電影，我們可以繼續推出這項計畫並取悅越來越多的人。

Connected to all this to me, just the sheer volume of output that continues to be added to the service every day.

對我來說，與這一切相關的只是每天不斷添加到服務中的巨大輸出量。

There was a sentence or paragraph in the investor letter that talked about -- and David mentioned this before, about increasing marketing spend faster than increasing revenue.

投資人信中有一句話或一段話談到──大衛之前也提到過，行銷支出的增加速度快於收入增加的速度。

A clause that put -- you put in there that caught my attention said, because our testing, something to that, says that this would be a good thing to do.

你放在那裡的一個條款引起了我的注意，因為我們的測試表明這將是一件好事。

Greg maybe, or whoever wants to -- can you tell us a little more about what that testing is?

也許是格雷格，或任何願意的人——你能告訴我們更多關於測試是什麼的資訊嗎？

What are you testing?

你在測試什麼？

Why does it give you confidence that there's a good return on this marketing spend?

為什麼它讓您相信這種行銷支出會帶來良好的回報？

We'd love to learn about that a little bit.

我們很想了解一點。

Sure.

當然。

I think, as you're aware, we use experimentation and testing to inform as much of the business as we possibly can.

我認為，正如您所知，我們透過實驗和測試來盡可能為業務提供資訊。

And it's been super exciting to actually bring that experimentation into marketing and marketing around supporting these big-title brands and how we can expose them to both members and nonmembers and grow viewing and acquisition through those approaches.

圍繞著支持這些大品牌以及我們如何將它們向會員和非會員展示並透過這些方法增加觀看和購買，真正將這種實驗帶入行銷和行銷中是非常令人興奮的。

So we basically run the same kinds of experiments and have determined from that, that this is a great way to spend that money to support our growth.

因此，我們基本上進行了相同類型的實驗，並從中確定，這是花錢支持我們成長的好方法。

And Todd, that is all accurate.

托德，這一切都是準確的。

We look at it as additive input on top of the service.

我們將其視為服務之上的附加輸入。

And our sort of Holy Grail dream is that the service was so good at promoting the new content in such relevant ways that we wouldn't have to spend externally.

我們的聖杯夢想是，該服務非常擅長以相關的方式推廣新內容，以至於我們不必在外部花錢。

So think of it as a little bit of a competition between Greg and Kelly Bennett spending to see who can drive the growth of the titles most effectively.

因此，可以將其視為格雷格和凱莉貝內特之間的支出競賽，看看誰能最有效地推動遊戲的成長。

And as we are right now, it still is a really good financial investment to increase on the marketing, and that may continue to be so but we're always also trying to improve the product and the organic reach, social and PR of the title marketing, where you end up having to spend less on paid marketing.

就我們現在而言，增加行銷仍然是一項非常好的財務投資，而且可能會繼續如此，但我們也一直在努力改進產品以及遊戲的有機影響力、社交和公關行銷，您最終不必在付費行銷上花費更少。

But we really, as you can understand, steer by the data, where we're doing these city-level or country-level experiments to see what are the efficient ways and productive ways to get, say, Bright viewing very large.

但正如你所理解的，我們實際上是根據數據進行指導的，我們正在城市級別或國家級別進行實驗，以了解什麼是有效的方法和富有成效的方法，可以使明亮的觀看範圍變得非常大。

Or a title that we recently had, End of the (expletive)ing World, and that's been incredible for us with not much marketing, and then we're boosting on it.

或者我們最近的一個標題，（咒罵的）世界的終結，這對我們來說是令人難以置信的，沒有太多的行銷，然後我們正在推動它。

So again, we have titles at all different ranges.

再說一遍，我們擁有所有不同範圍的標題。

And we want to get people talking about those titles amongst their friends so that you get those social dynamics which then help us grow.

我們希望讓人們在他們的朋友中談論這些頭銜，這樣你就可以獲得這些社會動力，從而幫助我們成長。

And Ted, you want to (inaudible)

泰德，你想要（聽不清楚）

I've been anxious not to say that title the entire call.

我一直很擔心在整個通話過程中不要說這個標題。

So [you're welcome].

所以[不客氣]。

(inaudible) broadcast.

（聽不清楚）廣播。

(inaudible) there have been shows that have benefited greatly from the marketing test and other shows that the site is perfectly efficient promoting like, to your point, which is -- it tells us there's a fertile ground to learn more, for sure.

（聽不清楚）已經有一些節目從行銷測試中受益匪淺，而其他節目則表明該網站的推廣效果非常有效，就像您的觀點一樣，它告訴我們，當然有一個了解更多信息的沃土。

Yes.

是的。

And Todd, just to add, I mean, that increase in marketing spend is obviously embedded in our operating margin guidance.

托德，我想補充一點，我的意思是，行銷支出的增加顯然已包含在我們的營業利潤指導中。

So our -- we've committed to about 300 basis points of an increase in operating margin, so that's obviously factored in that increased marketing.

因此，我們承諾將營業利潤率提高約 300 個基點，因此這顯然已考慮到行銷力度的增加。

We didn't plan it.

我們沒有計劃。

That's a perfect tee up for one ridiculously mundane sort of accounting question I wanted to ask before we left content, so I guess, Spencer or David, there was a write-off in the quarter, I guess that's sort of run-in-the-mill business.

這是一個完美的準備，可以解決我在離開內容之前想問的一個極其平凡的會計問題，所以我想，斯賓塞或大衛，這個季度有一個沖銷，我想這有點磨合- 工廠業務。

Anything you want to say about that?

對此你有什麼想說的嗎？

But then more broadly, you've had another year of experience.

但更廣泛地說，你又獲得了一年的經驗。

Anything about the amortization scheme for the value of content and the way that shapes that you've learned that would change or -- because that definitely affects perhaps margins going forward.

任何關於內容價值的攤銷方案以及你所學到的塑造方式都會改變，或者——因為這肯定會影響未來的利潤率。

No, I don't think there's much to add to that, Todd.

不，我認為沒有什麼可補充的，托德。

So as we've always said, as is -- we've written in our content accounting overview slide deck on the IR website, we do evaluate our content library for impairment.

因此，正如我們一直所說的那樣，我們在 IR 網站上的內容會計概述幻燈片中寫道，我們確實評估了我們的內容庫是否存在損害。

And when we do abandon a project, in this case some unreleased projects, we do write down the value of that.

當我們放棄一個項目時，在這種情況下是一些未發布的項目，我們會記下其價值。

So we thought, from an investor transparency perspective, that, that would be a good thing to highlight this quarter but really not a material factor in the quarter because, as you saw from the results, we did exceed our operating income and contribution profit targets.

因此，我們認為，從投資者透明度的角度來看，這將是本季突出顯示的一件好事，但實際上並不是本季度的實質因素，因為正如您從結果中看到的那樣，我們確實超越了營業收入和貢獻利潤目標。

These types of business write-downs are an ongoing facet of Ted's world in terms of producing content.

就內容製作而言，這些類型的業務減記是 Ted 世界中持續存在的一個面向。

But we just hadn't had one of this magnitude and related to the societal reset around sexual harassment.

但我們還沒有經歷過如此大規模的事件，並且與圍繞性騷擾的社會重置有關。

So it was somewhat unusual in that respect.

所以從這方面來說，這有些不尋常。

And I think it's probably a good indicator too of, when you have a lot of projects going, high-profile projects that the -- we've gotten moved away from much concentration risk of any one project having a material impact.

我認為這也可能是一個很好的指標，當你有很多專案正在進行時，我們已經擺脫了任何一個具有重大影響的專案的高度集中風險。

All right.

好的。

Segueing on to the topic of industry consolidation and what's going on with Disney, Fox, which some investors are probably wondering why it took me so long to get to that.

繼續討論行業整合的話題以及迪士尼、福克斯的情況，一些投資者可能想知道為什麼我花了這麼長時間才談到這個話題。

Kind of several questions about that, but maybe just start at the high level.

對此有幾個問題，但也許只是從高層開始。

I guess maybe, Reed, just Disney is trying to acquire Fox.

里德，我想也許迪士尼正試圖收購福斯。

What are your thoughts?

你怎麼看？

Well, I was as surprised as anyone else that Fox was willing to sell and to have all those cable networks together in one bundle gives them tremendous pricing power against MVPD, so I could see the attractiveness of it.

嗯，我和其他人一樣驚訝福克斯願意出售並將所有這些有線電視網絡捆綁在一起，這給了他們對抗 MVPD 的巨大定價能力，所以我可以看到它的吸引力。

And then they're also putting together a Disney direct-to-consumer service, which we think will be very successful because Disney has super strong brands.

然後他們還推出了迪士尼直接面向消費者的服務，我們認為這將非常成功，因為迪士尼擁有超級強大的品牌。

And so we'll see -- we don't see it as a threat to us any more than Hulu has been, but it's a great opportunity for them.

因此，我們不會像 Hulu 那樣將其視為對我們的威脅，但這對他們來說是一個很好的機會。

And will it trigger a wave of consolidations?

是否會引發一波整合浪潮？

That's possible.

這是可能的。

But honestly, we try as much as possible to focus on our own consumers.

但老實說，我們盡可能地關注我們自己的消費者。

How do we do the shows that we can do and grow our business?

我們如何做我們能做的節目並發展我們的業務？

And these kind of big U.S. media company mergers are pretty peripheral to us.

這些美國大型媒體公司的合併對我們來說是相當次要的。

So you wouldn't expect us to be very involved in that.

所以你不會指望我們會積極參與其中。

There's a very common question among investors which is, well, there's a fair amount of Disney- and Fox-owned content on the Netflix service, and investors wonder whether there's a risk that, that will be taken away from you.

投資者中有一個非常普遍的問題，那就是 Netflix 服務上有相當多的迪士尼和福克斯擁有的內容，投資者想知道這些內容是否有被剝奪的風險。

So I guess I'd like to ask that question.

所以我想我想問這個問題。

And to the extent, in your answer, you could help to quantify, to the extent there is some content that might be at risk over time, how much...

在某種程度上，在你的回答中，你可以幫助量化，隨著時間的推移，有些內容可能會面臨風險，有多少...

You shouldn't think of it as risk.

您不應該將其視為風險。

I think we have strategically, and they have strategically, been moving in this direction for a long time.

我認為我們和他們長期以來一直在戰略上朝著這個方向前進。

It was one of the reasons we entered into original programming was that if we got to the place where networks didn't want to sell us their content in second windows, that we would be replacing that with our own -- by creating our own original programming.

It was one of the reasons we entered into original programming was that if we got to the place where networks didn't want to sell us their content in second windows, that we would be replacing that with our own -- by creating our own original程式設計.

And that is kind of -- it's playing out in that direction.

這就是──事情正在朝這個方向發展。

The things that are on the site today, most of those are kind of run-of-series deals, so a thing like American Crime Story, with The People v. O.J. The -- as long as they keep making those -- that -- those shows, they continue on Netflix.

今天網站上的內容，大部分都是連續劇的交易，所以像《美國犯罪故事》和《The People v. O.J.》這樣的內容。只要他們繼續製作那些節目，他們就會繼續在 Netflix 上播放。

The -- our Marvel series that Disney produces for us, we own those shows and they run through -- they run until we cancel them.

迪士尼為我們製作的漫威系列，我們擁有這些節目，它們會一直播放，直到我們取消為止。

So there's no risk of surprise, I should put it that way, that the content would come -- would be coming in lower volume from Disney and Fox.

因此，我應該這樣說，迪士尼和福斯的內容將會減少，這並不存在令人意外的風險。

That was coming in that direction for a long time.

很長一段時間以來，這個方向一直朝著這個方向發展。

And to reinforce that point, the $17.7 billion of commitments on the -- that we have is exactly that.

為了強調這一點，我們已經做出了 177 億美元的承諾。

It's multiple years of content that we have licensed.

這是我們已授權多年的內容。

And when we say we own those Marvel shows, we get to use them for a very long time.

當我們說我們擁有這些漫威劇集時，我們可以使用它們很長一段時間。

But the underlying copyright in that case is still owned by the Marvel side.

但該案的底層版權仍歸漫威方所有。

And for example, Todd, on the Pay 1 deal -- movie deal we have with Disney in the U.S., that won't get renewed, clearly.

例如，托德，關於 Pay 1 協議——我們與美國迪士尼簽訂的電影協議，顯然不會續約。

They'll keep that.

他們會保留那個。

But again, in most countries of the world, we don't have the Pay 1 movie deal so -- from Disney.

但同樣，在世界上大多數國家，我們沒有迪士尼的 Pay 1 電影協議。

So we don't look at that of itself as hugely material.

所以我們並不認為它本身是非常重要的。

It's great content, but we're able to grow without it just fine.

這是很棒的內容，但即使沒有它我們也能成長。

I wonder if your level of -- I don't know if it's concern is a good word, your level of that thinking you do on this issue would change if you thought about this expanding further, right?

我想知道你的擔憂程度是否——我不知道這種擔憂是否是一個好詞，如果你考慮到這個問題進一步擴大，你在這個問題上的思考程度會改變，對嗎？

So some investors believe, well, this is just a start.

因此，一些投資者認為，這只是一個開始。

Now Warner's, now Universal, I mean, all of these companies are going to start rethinking their own strategies with their pay-TV windows, where they want their content and...

現在是華納，現在是環球，我的意思是，所有這些公司都將開始重新思考自己的付費電視窗口策略，他們希望在其中提供內容並...

The big bet they have to make -- I would say the big bet they have to make to us, can they make more money licensing their content to us or somebody else than they -- by having their own services and managing their own services?

他們必須做出的大賭注——我想說他們必須對我們做出的大賭注，透過擁有自己的服務並管理自己的服務，他們能否將其內容許可給我們或其他人比他們賺更多的錢？

That remains to be seen.

這還有待觀察。

CBS, for example, is taking a middle road where it's got All Access with a bunch of shows but then they licensed Star Trek to us internationally, which funds most of the production.

例如，哥倫比亞廣播公司(CBS)走的是一條中間道路，它通過一系列節目獲得了All Access，但隨後他們將《星際迷航》授權給我們在國際上使用，這為大部分製作提供了資金。

So think of it as an evolving mix.

因此，請將其視為一種不斷發展的組合。

Fundamentally, if we can monetize content really well, then people will sell to us because we can pay them.

從根本上來說，如果我們能夠很好地將內容貨幣化，那麼人們就會向我們出售產品，因為我們可以付錢給他們。

And that's ultimately the core economic driver.

這最終是核心經濟驅動力。

And of course, a lot of what Ted's been forecasting and working on these past 5 years is going directly to producers and talent where we're not going through those other aggregators.

當然，Ted 在過去 5 年裡所做的預測和工作中的許多內容都是直接面向製作人和人才的，而我們不會透過其他聚合商。

So our exposure's significantly less than it used to be, and we're feeling good about the path we're on.

因此，我們的曝光度明顯低於以前，而且我們對自己所走的道路感覺良好。

And you made it clear, both in the letter and your opening remarks, in terms of competition from the new Disney direct-to-consumer services, your opinion on that is well understood, I think.

您在信中和開場白中都明確表示，就迪士尼新的直接面向消費者服務的競爭而言，我認為您對此的看法是很好理解的。

Let me ask you this nuance.

讓我問你這個細微差別。

Is there anything to learn -- it seems like Disney might be considering more of a stratified type of consumer offering.

有什麼值得學習的嗎？迪士尼似乎可能正在考慮更多地提供分層的消費者產品。

We don't know for sure, but it seems maybe there would be sort of more of a kids/family type of service and then maybe a more adult type of service, maybe a sports type of service.

我們不確定，但似乎可能會有更多兒童/家庭類型的服務，然後可能會有更多成人類型的服務，也許是體育類型的服務。

Do you think that there's a market out there that is more interested in sort of a more narrow service at a lower price compared to Netflix, which is a more broad concept, I think?

您認為與 Netflix 相比，是否存在一個市場對價格更低、範圍更窄的服務更感興趣，我認為 Netflix 是一個更廣泛的概念？

Is there anything about that, that is informing how you think about the space?

這有什麼可以告訴你如何看待這個空間嗎？

Well, that's a great illustration of the benefits of competition.

嗯，這很好地說明了競爭的好處。

Everyone knows the cost of competition.

每個人都知道競爭的成本。

But the benefits are your competitors are challenger brands, so they don't tend to follow your strategy of, if you call us the leader in streaming.

但好處是你的競爭對手是挑戰者品牌，所以如果你稱我們為串流媒體領域的領導者，他們往往不會遵循你的策略。

And then they'll try many things, separate sports, other flavors.

然後他們會嘗試很多東西，單獨的運動，其他口味。

And if some of it works, then we get to learn from that.

如果其中一些有效，那麼我們就可以從中學習。

So our view would be to let them try to innovate on those aspects and watch what they do and learn from consumers, do they really love it?

所以我們的觀點是讓他們嘗試在這些方面進行創新，觀察他們所做的事情並向消費者學習，他們真的喜歡它嗎？

It doesn't change our strategy.

它不會改變我們的策略。

So think of us as our thing is working, and what we have to do is not get distracted.

因此，當我們的事情正在運作時，我們要做的就是不要分心。

We have to do content at a scale very few people have ever done before.

我們必須以前所未有的規模製作內容。

We have to do marketing and product at that.

我們必須為此進行行銷和產品。

And if we do that, the reward should be very solid for us.

如果我們這樣做，回報對我們來說應該是非常豐厚的。

So we've got a path ahead.

所以我們前面有一條路。

Everyone else in streaming is trying to find one.

串流媒體中的其他人都在努力尋找一個。

And again, we have to watch them and learn.

再說一次，我們必須觀察他們並學習。

And I think, in particular, Disney, with its strength of brand and unique content, will have some real success.

我認為，尤其是迪士尼，憑藉其品牌優勢和獨特的內容，將會取得一些真正的成功。

And I know I'll be a subscriber of it for my own personal watching, in the same way and as many Disney and Fox executives also subscribe to Netflix and watch our shows.

我知道我會訂閱它以供我個人觀看，就像許多迪士尼和福克斯高層也訂閱 Netflix 並觀看我們的節目一樣。

So I see us -- we'll all learn from each other, and total streaming will grow faster because of the competition.

所以我看到我們——我們都會互相學習，由於競爭，總串流媒體將成長得更快。

Let me ask one very specific but, I think, in a big market question about Disney-Fox.

讓我問一個非常具體但我認為是關於迪士尼福克斯的大市場問題。

So if that goes through, I guess Disney would presumably become the owner of Hotstar in India, a pretty big user base for that.

因此，如果此事得以實現，我猜迪士尼可能會成為印度 Hotstar 的所有者，印度擁有相當大的用戶群。

Does that -- in India, very obviously big but particular market, does that change the dynamic in your mind at all in that market?

在印度，這個顯然很大但又特殊的市場，這是否會改變你對該市場的看法？

Not particularly.

不是特別。

I mean, YouTube gets the most streaming in India, but Hotstar gets the second most.

我的意思是，YouTube 在印度的串流媒體播放量最多，但 Hotstar 排名第二。

So it's not a wildly different landscape.

所以這並不是一個截然不同的景觀。

So that wouldn't particularly change our view in India.

所以這不會特別改變我們對印度的看法。

Hotstar's a great competitor, and sometimes collaborator now, and I'm sure they would continue to be under Disney.

Hotstar 是一個很棒的競爭對手，現在有時甚至是合作者，我相信他們將繼續在迪士尼旗下。

When you described the competition in the investor letter, you segmented it into -- at least the way I read it, into sort of nonadvertising supporting service, like you guys and Amazon, and then free advertising supported service.

當你在投資人信中描述競爭時，你將其分為——至少是我讀的方式，分為非廣告支援服務，例如你們和亞馬遜，然後是免費廣告支援服務。

I guess Hulu is -- would fit in somewhere in between there.

我想 Hulu 應該介於兩者之間。

You've talked in the past about the role -- people ask you all the time so I'm going to ask you again, about whether advertising would ever fit into the Netflix service at some bargain you'd make with the consumer, or do you continue to see not having advertising as an important strategic differentiator for Netflix?

你過去曾談論過這個角色——人們總是問你，所以我要再問你一次，廣告是否會以你與消費者討價還價的方式融入 Netflix 服務，或者您是否仍然認為無廣告是Netflix 的一個重要戰略差異化因素？

It is a core differentiator.

這是一個核心差異化因素。

And again, we're having great success on the commercial-free path.

再說一次，我們在無商業化的道路上取得了巨大的成功。

That's what our brand is about, so we're going to continue to expand the relevance of a commercial-free service around the world and make that so popular that consumers are very used to and appreciate Netflix.

這就是我們品牌的意義所在，因此我們將繼續在全球擴大無廣告服務的相關性，並使其廣受歡迎，讓消費者非常習慣並欣賞 Netflix。

Todd, I think we have time for one last question.

托德，我想我們有時間回答最後一個問題。

Okay.

好的。

Well, that always puts the pressure on.

嗯，這總是會給人帶來壓力。

Okay.

好的。

I'm going to roll up one last question.

我要總結最後一個問題。

I haven't asked at all really about the guidance.

我根本沒有詢問過有關指導的問題。

I'll try and make it one question.

我會嘗試將其作為一個問題。

I think, Reed, you're on record saying that the more sort of free cash flow that Netflix invests, the happier investors should be because that shows the confidence of the service.

我認為，里德，你曾說過，Netflix 投資的自由現金流越多，投資者就會越高興，因為這顯示了對服務的信心。

So if I look at sort of the $3 billion to $4 billion free cash flow loss for next year, combine that with sort of the P&L margin expansion, what will be the sign of success that the investors can look for to have comfort that, that level of investment is going to generate the returns that you guys have the confidence in?

因此，如果我看看明年 30 億至 40 億美元的自由現金流損失，再加上損益利潤率的擴張，投資者可以尋找哪些成功跡象來安慰自己，投資水平會產生你們有信心的回報嗎？

Well, I think you have to go on the track record.

嗯，我認為你必須繼續保持記錄。

We've been able to convert great shows that -- let's take Bright as an example, where the cash out for that is 1 to 3 years before release, and then it turns into an enormous movie for us.

我們已經能夠將精彩的節目轉化為——讓我們以《光明》為例，在發行前 1 到 3 年就可以收回現金，然後它就變成了我們的一部巨大的電影。

And so we've had that track record for the last couple of years of greater and greater scale, and we're continuing to take it up a notch.

因此，我們在過去幾年中取得了規​​模越來越大的記錄，並且我們將繼續將其提升到一個新的水平。

Many investors were quite reasonably concerned about our international expansion, would we be popular in LatAm or Europe or Asia?

許多投資者相當關心我們的國際擴張，我們會在拉丁美洲、歐洲或亞洲受歡迎嗎？

That's a reasonable concern.

這是一個合理的擔憂。

Many companies have issues there.

許多公司都存在這方面的問題。

But we're pretty focused on the great execution of this narrow focus of what we do, not getting distracted by everybody else.

但我們非常專注於我們所做工作的這一狹窄焦點的出色執行，而不是被其他人分心。

And I think the core thing is betting on the track record of our ability to invest that money well, so that as we bring those content to the service in 2019, 2020 and begin to expense it, that we're also -- it's great content that's really driving value.

我認為核心是押注於我們良好投資這些資金的能力的記錄，因此，當我們在 2019 年、2020 年將這些內容引入服務並開始支出時，我們也 - 這很棒真正推動價值的內容。

But the core thing is betting on the track record that we have.

但核心是押注於我們所擁有的業績記錄。

And if I can bag a CFO angle on this, Todd, in terms of it's not too far off our indications last quarter of where we were going.

托德，如果我能從財務長的角度來看待這個問題，那麼這與我們上個季度的目標相差不遠。

Yes, the content spend has somewhat come up in some people's minds in terms of our $7.5 billion to $8 billion guide, but in terms of where we've grown the business, how much we grew the business in 2017, seeing accelerating growth in the business, back to Reed's comment on our track record, it's not too far off.

是的，根據我們的75 億至80 億美元指南，有些人在某種程度上已經想到了內容支出，但就我們業務成長的領域、2017 年業務成長的程度而言，我們看到了2017 年業務的加速成長。回到里德對我們業績記錄的評論，這離我們的業務並不遙遠。

It might be a little bit higher in terms of that reinvestment in the business, but I do think that we're starting to see some of the factors influencing the working capital needs on content start to moderate a bit as we've pushed into more categories, as we've grown the content.

就業務再投資而言，可能會有點高，但我確實認為，隨著我們投入更多資金，影響內容營運資金需求的一些因素開始有所緩和。類別，因為我們增加了內容。

And so we want to leave ourselves enough room for continued growth and acceleration in that growth of the business.

因此，我們希望為自己的業務持續成長和加速成長留下足夠的空間。

But we are seeing some of those pressures moderate a bit, and as our operating profit grows, we'll be able to pay more for that organically.

但我們看到其中一些壓力有所緩解，隨著我們營業利潤的成長，我們將能夠為此支付更多費用。

And perhaps, if I could bag the IR angle on top of the CFO angle, I would just lastly say that, since we -- this is really just a timing of cash payment issue, we really view the P&L and the growing operating profits and the growing operating margin as, really, the indicator that the strategy is working.

也許，如果我可以將投資者關係角度置於財務長角度之上，我最後會說，因為我們——這實際上只是現金支付問題的時間安排，我們確實關注損益表和不斷增長的營業利潤，不斷增長的營業利潤實際上是該策略正在發揮作用的指標。

So that's why we try to give you guys as much transparency as we can with respect to how we're amortizing the content so you have confidence in the income statement.

因此，我們試圖在如何攤銷內容方面為你們提供盡可能多的透明度，以便你們對損益表充滿信心。

And just to assure everyone that we're not resting with a great 2017.

只是為了向大家保證，我們不會因為美好的 2017 年而休息。

Coming up in the quarter, we still have incredible launches ahead of us, like Altered Carbon, which is a huge sci-fi series that launches on February 26 -- January 26, sorry.

在本季度，我們仍然有令人難以置信的發布，例如《Altered Carbon》，這是一個巨大的科幻系列，將於 2 月 26 日 - 1 月 26 日發布，抱歉。

And second seasons of our French series, Marseille, Jessica Jones, Santa Clarita Diet and Lemony Snicket coming up later in the quarter.

我們的法國劇集《Marseille》、《Jessica Jones》、《Santa Clarita Diet》和《Lemony Snicket》的第二季將於本季稍後播出。

One -- a sleeper that I think people should keep an eye on is a series called Everything Sucks!; and new installments of our David Letterman show, My Next Guest Needs No Introduction, coming up; and some great new launches that we're really excited about, so keep an eye on more to come.

其中一個——我認為人們應該關注的系列是《Everything Sucks!》；以及我們的大衛萊特曼秀的新一期《我的下一位嘉賓無需介紹》即將推出；以及一些我們非常興奮的新產品發布，所以請密切關注即將推出的更多產品。

Well, thank you, everyone.

嗯，謝謝大家。

Thank you, Todd, for doing the interview, and we couldn't be more pleased with the growth of the business, but we're definitely very focused on improving what we do.

謝謝托德接受採訪，我們對業務的成長感到非常滿意，但我們絕對非常專注於改進我們的工作。

Thank you, everyone.

謝謝大家。