Netflix Inc (NFLX) 2018 Q1 法說會逐字稿

Good afternoon, and welcome to the Netflix Q1 2018 earnings interview. I'm Spencer Wang, VP of IR and Corporate Development. Joining me today are CEO, Reed Hastings; CFO, David Wells; Chief Content Officer, Ted Sarandos; and Chief Product Officer, Greg Peters. Our interviewer this quarter is Ben Swinburne from Morgan Stanley.

下午好，歡迎收看 Netflix 2018 年第一季財報採訪。我是 Spencer Wang，投資人關係與企業發展副總裁。今天與我一同出席的有：執行長里德·哈斯廷斯；財務長大衛·威爾斯；首席內容長泰德·薩蘭多斯；以及首席產品長格雷格·彼得斯。本季我們的訪問嘉賓是來自摩根士丹利的本·斯溫伯恩。

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

在開始之前，提醒大家，我們將做出一些前瞻性陳述，實際結果可能會有所不同。

With that, let me turn it over to Ben for his first question.

接下來，我將把時間交給本，讓他提出第一個問題。

Thank you. Reed, I want to ask you, given the strong results again this quarter, talk a little bit about what the company is doing today that may be different to what it did 1, 2 years ago that can hit a scale of the business, particularly as you're moving into markets that are maybe quite a bit different from the developed markets that you've scaled already.

謝謝。里德，鑑於本季業績再次強勁，我想請你談談公司目前正在做的事情，這些事情可能與一兩年前有所不同，能夠擴大業務規模，尤其是在你們進軍可能與你們已經規模化的發達市場有很大不同的市場之際。

It's a lot more similar than it is different. We're continuing to invest in content, marketing, product, all of the things we've been doing. There's certainly some secular shift towards Internet viewing. And then we're seeing just the breadth of content that we've got going is really remarkable. And maybe, Ted, you want to talk about some of the local shows that we've been doing around the world that our U.S. investor base may know less of.

它們的相似之處遠多於不同之處。我們將繼續增加對內容、行銷、產品等方面的投入，就像我們一直在做的那樣。人們的觀看習慣確實出現了某種向網路觀看的世俗轉變。然後我們看到，我們所擁有的內容之廣令人矚目。泰德，或許你想談談我們在世界各地舉辦的一些地方性演出，我們的美國投資者可能不太了解這些演出。

Yes. We've been able to launch original series in local language with local producers all over the world who've shot in 17 different countries original programming to date, and we expect that to continue to grow. And it's content that is for the country or for the region, but we've actually found great global success. This quarter, we have a new season of 3% coming up, by way of example, which is a Brazilian sci-fi show that really scored well around the world for us, and people are super excited about the new season even though we've made in Portuguese for Brazil, and maybe one of the first examples of local-language Brazilian television working around the world. So it's -- we're really thrilled to be part of that.

是的。我們已經能夠與世界各地的當地製作人合作，推出當地語言的原創劇集，迄今為止，我們已經在 17 個不同的國家拍攝了原創節目，我們預計這一數字將繼續增長。雖然內容是面向國家或地區，但我們實際上在全球範圍內取得了巨大的成功。例如，本季我們將推出《3%》的新一季，這是一部巴西科幻劇，在全球都取得了不錯的成績。儘管我們是用葡萄牙語為巴西製作的，但人們對新一季仍然感到非常興奮，這可能是巴西本土語言電視節目在世界各地取得成功的第一個例子。所以——我們真的很高興能參與其中。

And Reed, how might the go-to-market strategy look in a market like India or some of these emerging markets where you might partner earlier in the life cycle of Netflix than, say, what we've seen in other markets where, you look at the U.S., you're now really working with Comcast quite a bit, but you've scaled this market. Could you move towards a distribution model with partners faster in emerging markets? And what does that mean, maybe for David, financially for the numbers we look at?

里德，在印度這樣的市場或一些新興市場，你的市場進入策略會是什麼樣的呢？在這些市場，你可能會在 Netflix 生命週期的早期階段就與其合作，而不是像我們在其他市場看到的那樣，比如在美國，你現在確實與康卡斯特進行了相當多的合作，但你已經擴大了這個市場的規模。在新興市場，你們能否更快轉向與合作夥伴共同開發的經銷模式？那麼，從我們所看到的這些數字來看，這對大衛的財務狀況意味著什麼？

Greg, I'll let you take that.

格雷格，我就讓你來拿吧。

Sure. Our partnering strategy, I'd say, is on an evolving trajectory across all the markets that we serve in. And it started with rich history with television manufacturers, CE manufacturers where we integrate on their products, and that's been hugely successful for us. But a new wave that you've started to see over the last several years is starting to partner up now with operators, sort of MVPDs, Internet service providers, mobile operators, and we've evolved those partnerships. And based on what we've seen with these new bundle models that we referred to with both Comcast and Sky announcing in the last quarter, we've seen the economics of those, we take in the retention, the acquisition characteristics to be very, very beneficial. And we love the fact that we can work with these partners to access whole new groups of consumers, make it easy for them to find out about Netflix, to sign up and have a great way to access the service and watch more and more. So you'll see us leverage that sort of evolving strategy not only in the markets that we've been in for many years, but also in these new markets. But it's a consistent shift across all of our markets.

當然。我認為，我們在所有服務市場中的合作策略都在不斷發展與演變。這一切始於我們與電視機製造商、消費性電子製造商的深厚淵源，我們把科技整合到他們的產品中，這對我們來說非常成功。但近年來出現了一種新的趨勢，即與營運商（例如多頻道視訊節目分銷商、網路服務供應商、行動電信商）建立合作關係，並且我們已經發展了這些合作關係。根據我們在上個季度康卡斯特和天空電視台宣布的這些新的捆綁模式中看到的情況來看，我們認為這些模式在經濟效益方面，包括用戶留存和用戶獲取方面，都非常有利。我們很高興能夠與這些合作夥伴攜手，接觸到全新的消費群體，讓他們輕鬆了解 Netflix，註冊並以一種便捷的方式訪問該服務，觀看越來越多的內容。因此，您將會看到我們不僅在我們多年來一直從事的市場中，而且在這些新市場中，都會利用這種不斷發展的策略。但這種轉變在我們所有市場中都是一致的。

And then, Ben, financially or economically for Netflix, we wrote in the letter about international ASP prospectively that might actually start occurring, where this is affecting where we're adding subscribers on a net revenue basis. I would say that's all about prospective growth forward. To date, Netflix has always -- outside of gift cards, has added always on a gross revenue basis. And I would say, a technical point for investors just around GAAP revenue accounting, is we're always in the principal position versus the agent position. But for some of these deals prospectively going forward where there's not a price visible to the consumer discretely on Netflix and it meets a couple of other conditions, we may book these on a net revenue basis. But they're very immaterial today. If they grow, we'll call these out for you going forward.

然後，本，從財務或經濟角度來看，對於 Netflix 而言，我們在信中寫道，國際平均售價可能會開始發生變化，這會影響我們以淨收入為基礎增加訂閱用戶。我認為這一切都關乎未來的發展前景。到目前為止，Netflix 除了禮品卡之外，一直都是以總收入計算的。我想說，對於投資者而言，關於 GAAP 收入會計的一個技術要點是，我們始終處於委託人位置而不是代理人位置。但對於未來一些交易，如果消費者無法在 Netflix 上看到明確的價格，並且符合其他一些條件，我們可能會以淨收入確認這些交易。但如今這些都無關緊要了。如果它們繼續發展，我們將在以後為您指出這些問題。

And maybe, Ben, if I could just add on that front. In terms of the underlying economics, they're pretty consistent with our past partnerships. And obviously, what David is talking about is really more of a financial presentation difference. So from an operating income perspective, it's really quite similar, the impact.

或許，本，如果我能在這方面再添點什麼就好了。從根本的經濟角度來看，它們與我們過去的合作關係相當一致。顯然，David 所說的其實更多的是財務報表上的差異。因此，從營業收入的角度來看，其影響非常相似。

Yes. What about taking a more aggressive approach in emerging markets with lower price points, either on a retail level or with wholesale partners? If you think about the mobile opportunity in a market like India, again, it's a lot larger than perhaps the pay-TV TAMs. So if you think about attacking that market differently from a pricing and distribution perspective. And then, for Greg, what do you do from a product perspective to make sure mobile is a place that Netflix can really thrive on?

是的。對於新興市場中價格較低的產品，無論是在零售層面或與批發合作夥伴合作，採取更積極的策略，又如何呢？如果你考慮像印度這樣的市場的行動市場機會，你會發現它比付費電視的潛在市場大得多。所以，如果你從定價和分銷的角度考慮，就應該採取不同的策略來開拓這個市場。那麼，對 Greg 來說，從產品角度來看，你該如何確保行動端成為 Netflix 真正蓬勃發展的領域？

On pricing, we've been very happy with the results on our INR 500 to INR 800 in India, our pricing in the different countries. So no near-term plans. Of course, we are always trying to learn more over time. And Greg, over to you on mobile.

在定價方面，我們對在印度 500 至 800 印度盧比的價格以及在不同國家的定價結果都非常滿意。所以近期沒有計劃。當然，隨著時間的推移，我們一直在努力學習更多。格雷格，接下來交給你用手機提問。

Yes, and then we definitely want to have a mobile experience which allows us to access more of that market and access a group of consumers who basically only want to have their relationship with Netflix on a mobile device. And so whether that is making sure that our apps are lightweight enough so they load really quickly and have a great experience there, to making sure that our encoding is very, very efficient, so that even if you have a less-than-great network connection, you can still get a really incredible video experience on that mobile phone. And it's something that we have been able to drive down to, in my mind, remarkable efficiency where you can stream incredible video quality on even very, very suboptimal network connections. But ultimately, even -- we want to do things like the download capability that we launched, where if you have no connection or it's a spotty connection or you just want to save your data plan, save that -- those -- that data bits for something else, we allow you to download some shows and enjoy that even when you're offline. And I think it's a great example of, we're investing in a feature which is used differentially more in these emerging markets that you've mentioned, but it also fits our global product model, where our members around the world are getting a benefit, whether that's hopping on the plane or in other various ways.

是的，我們當然希望打造行動體驗，以便接觸更多市場，接觸到那些只想透過行動裝置與 Netflix 互動的消費者群體。因此，無論是確保我們的應用程式足夠輕巧，以便加載速度非常快，並提供良好的用戶體驗，還是確保我們的編碼非常非常高效，以便即使您的網路連線不太好，您仍然可以在手機上獲得非常令人難以置信的視訊體驗。在我看來，我們已經將效率提升到了非常高的水平，即使在網路連線非常非常差的情況下，也可以流暢播放高品質的影片。但最終，我們甚至想實現像我們推出的下載功能這樣的功能，即使您沒有網絡連接、網絡連接不穩定，或者您只是想節省流量，把那些流量用在其他地方，我們也允許您下載一些節目，即使您離線也能欣賞。我認為這是一個很好的例子，說明我們正在投資一項功能，這項功能在您提到的這些新興市場中被更廣泛地使用，但它也符合我們的全球產品模式，我們的全球會員都能從中受益，無論是乘坐飛機還是通過其他各種方式。

And what's next, Greg, on the top product pipeline that we should be excited about?

格雷格，接下來最值得我們期待的頂級產品線是什麼？

There's a bunch of different stuff that we're working on, but maybe a few to call out. One is -- relatively new area for investment for us is building technology to support our content side. So the programming choices that we make, how we can produce content efficiently. And obviously, as that amount grows and grows and grows, that's a super high leverage point for us to bring and relatively, I think, a greenfield opportunity for us to bring technology to influence those outcomes even more. But then we bring this amazing library of content. And what we think almost every day about is, how do we do an even better job innovating so that we can bring our members the perfect piece of content to watch whenever they access Netflix? And so you're going to see us do a lot more to innovate around that. How do we launch new shows? How do we make them accessible to our members around the world, whatever language they're speaking, whatever territory they're in? And we're excited about all of those components.

我們正在進行許多不同的項目，但也許可以重點提一下其中幾個。一是——對我們來說，一個相對較新的投資領域是建立技術來支持我們的內容方面。所以，我們所做的程式選擇，以及我們如何有效率地製作內容。顯然，隨著這個數字不斷增長，這對我們來說是一個非常高的槓桿點，而且我認為，這對我們來說是一個全新的機會，可以利用技術來進一步影響這些結果。但是，我們帶來了這個精彩的內容庫。我們幾乎每天都在思考，如何做得更好，讓我們的會員在每次訪問 Netflix 時都能觀看完美的節目內容？因此，你們將會看到我們在這方面進行更多創新。我們如何推出新節目？我們如何讓世界各地的會員，無論他們講什麼語言，無論他們身處哪個地區，都能存取這些內容？我們對所有這些組成部分都感到興奮。

And Ben, before you go. Greg, you'd say the third area that is related to some of the G&A growth that investors see is our investments in studios as well, Ben. So it's worth saying, calling out that we're also investing on the technical side in our studio buildout.

還有本，在你走之前。格雷格，本，你會說與投資者看到的 G&A 成長相關的第三個領域也是我們對工作室的投資。所以值得一提的是，我們也在工作室建設的技術方面進行了投資。

Let me come back to the quarter and the sort of financial commentary in the letter. David, for you, you've taken up the OI guidance a little bit for the year. Maybe you could just talk about what's changed in the budget or -- and what you're thinking about presenting to us relative to where we were, say, in January.

讓我回到本季以及信中提到的那種財務評論。大衛，就你而言，你今年已經稍微採納了 OI 指導。或許您可以談談預算方面發生了哪些變化，或者——以及您打算向我們展示的內容與我們一月份的情況相比有哪些變化。

Well, really, what's changed is we've outperformed the business in a way that we didn't predict. So if you look at sort of our outperformance of the last 3 quarters, the business has grown faster than we've expected. We're able to redeploy that and reinvest some of that in content, but there's a long lead time to that and, to some degree, some of that goes into marketing of that associated content. But I think investors are benefiting from just the overall growth of the business. We're able to redeploy some of that towards it, and some of it, it just shows up in higher operating margin. So I think we posted 12%, and 12%, and we've got a lot of content and marketing sort of back-end-loaded to this second half of this year, but it's somewhat the acknowledgment that the business is growing so well.

其實，真正改變的是，我們的業績超出了預期。所以，如果你看一下我們過去三個季度的優異表現，你會發現業務成長速度超過了我們的預期。我們可以重新部署這些資金，並將其中的一部分再投資於內容，但這需要很長的準備時間，而且在某種程度上，其中一部分會用於相關內容的行銷。但我認為，投資者僅是受益於公司的整體成長就已獲益。我們可以把其中一部分資金重新投入這個專案中，而這部分資金最終會反映在更高的營業利潤率上。所以我覺得我們分別發布了 12% 和 12% 的業績，而且我們有很多內容和行銷活動都集中在今年下半年，但這在某種程度上也承認了公司業務發展得非常好。

Marketing in the back half of the year, or back-half weighting, I guess a better way to put it, is that just a function of the timing of content? Why is marketing particularly back-end-weighted?

下半年的行銷，或者更準確地說，下半年的行銷重點，是否僅取決於內容發佈的時間表？為什麼行銷工作如此著重後端環節？

It's mostly just the timing of content. So we've got a lot of great releases that I'm sure Ted can talk about coming up in Q3 and Q4.

主要問題在於內容發布的時間安排。所以，我們有很多很棒的產品即將在第三季和第四季發布，我相信泰德可以談談這些產品。

Yes, let's move to Ted, then. Talk about what is ahead of you from a content perspective that you think we should be focused on. And also, I'd love to hear how you think sort of the news category or news-like programming may be impacting either the business today or your strategy going forward, because it just seems like you guys are actually spending a little more time thinking about and executing on some of those type programs.

好的，那我們轉到泰德那裡吧。從內容角度來說，談談你認為我們應該關注的未來發展方向。另外，我很想聽聽你們認為新聞類節目或類似新聞的節目會對貴公司目前的業務或未來的策略產生怎樣的影響，因為看起來你們似乎確實花了很多時間來思考和執行這類節目。

Well, we've -- as you know, we've been pretty successful with documentary -- feature-length documentaries, both with great (inaudible) audiences. But our move into news has been misreported for -- over and over again, and we're not looking to expand into news beyond the work that we're doing in short-form and long-form feature documentary. The upcoming things that I think are particularly exciting in the quarter, we have a new season of 13 Reasons Why coming out this quarter. The first season of 13 Reasons Why was one of the most watched television shows of the year last year around the world, so we're really thrilled about that. And new season -- returning seasons of our hits like Luke Cage and GLOW, Dear White People, Unbreakable Kimmy Schmidt. We have a great comedy feature film coming up with Adam Sandler and Chris Rock, called The Week Of. And we've already started this quarter with new seasons of Santa Clarita Diet, Series of Unfortunate Events and a lot of real fan favorites. And then we've got 3%, which I mentioned earlier from Brazil, for a new season, but also a brand-new, original series from Denmark, called The Rain, that we think is going to play really well all over the world.

嗯，正如你所知，我們在紀錄片方面取得了相當大的成功——製作了長篇紀錄片，而且都擁有大量（聽不清聲音的）觀眾。但是，我們進軍新聞領域的舉動卻屢遭誤報，我們並不打算在短篇和長篇紀錄片之外，進一步拓展新聞業務。在本季度，我認為最令人興奮的事情之一是《十三個原因》的新一季即將播出。《十三個原因》第一季是去年全球收視率最高的電視劇之一，我們對此感到非常興奮。還有新一季——《盧克凱奇》、《女子摔角聯盟》、《親愛的白人》、《我本堅強》等熱門影集回歸。我們即將推出一部由亞當山德勒和克里斯洛克主演的精彩喜劇電影，片名是《一週》。本季我們已經推出了《聖塔克拉麗塔飲食》、《雷蒙·斯尼奇的不幸冒險》等眾多深受觀眾喜愛的劇集的新季。然後，我們還有先前提到的來自巴西的《3%》，它將推出新一季；此外，還有一部來自丹麥的全新原創影集，名為《雨》，我們認為它將在全世界廣受歡迎。

And Ted, there's been some discussion about Netflix and the Obamas working together on a product that maybe is not real live news, [ultimately] topical. I look at the Letterman programming also as an example of stuff that's sort of moving in that direction. Do you see that playing a bigger role in the content slate over time?

泰德，有人討論過 Netflix 和歐巴馬夫婦合作開發產品，這款產品可能不是真正的即時新聞，但最終會與時事相關。我認為萊特曼的節目也是朝著這個方向發展的一個例證。你認為隨著時間的推移，它會在內容規劃中扮演更重要的角色嗎？

The topical interview shows like that are -- absolutely, but mostly, you keep in mind that they're entertainment. Those are a form of entertainment. David Letterman is a great talk show host, not a newscaster. So we'll definitely do more of that. And I can't comment on the Obamas or any other deals that would be in various states of negotiations right now.

像這樣的時事訪談節目當然是，但最重要的是，你要記住它們是娛樂節目。那是一種娛樂形式。大衛萊特曼是一位優秀的脫口秀主持人，而不是新聞主播。所以我們肯定會多做一些這樣的事情。我無法對奧巴馬夫婦或其他任何目前正在談判中的協議發表評論。

Okay. I've got to ask you also about some of the controversy on the film festival side. You've been pretty outspoken as it relates to the Cannes situation. Can you talk about where this is all headed? Do you think it impacts Netflix's ability to attract talent, source film content, given there seems to be some industry pushback around the lack of theatrical releases and awards?

好的。我還得問問你關於影展方面的一些爭議。你在坎城事件上一直非常直言不諱。你能談談這一切最終會走向何方嗎？你認為這是否會影響 Netflix 吸引人才和獲取電影內容的能力？畢竟，業內人士似乎對缺乏院線發行和獎項有所抵觸。

Well, you -- we've addressed Cannes in the letter, so that kind of speaks for itself. And I'd say, generally, we are -- we released 33 films in theaters last year, just we released them day in day with Netflix. And I think it's be -- become more and more accepted and -- as part of the distribution norm. And defining distribution by what room you see it in is not the business we want to be in. We want to be about making great films that people love.

嗯，關於坎城影展——我們在信中已經提到了，所以這本身就說明了一切。總的來說，我認為我們是——去年我們在影院上映了 33 部電影，只是我們每天都在 Netflix 上同步上映。我認為這將會——變得越來越被接受，並且——成為分配規範的一部分。我們不想以在哪個房間看到商品來定義分銷管道。我們想製作出人們喜愛的優秀電影。

So no thought about wider releases in order to make sure that your talent gets a shot at an -- awards that might be important to them?

所以，你們沒有考慮過擴大發行規模，以確保你們的藝人有機會獲得對他們來說可能很重要的獎項嗎？

Well, keep in mind we had 5 projects nominated for the Oscars last year all released in this model, so.

請記住，我們去年有 5 個項目獲得了奧斯卡提名，所有這些項目都是以這種模式發布的。

Okay. David, back to you, just coming back to the financials. I think the cash burn in the first quarter was, what, maybe $250 million, something along those lines. You're still guiding to $3 billion to $4 billion. Is that something that you still think is the right range? Could you come in at the lower end of that?

好的。大衛，把麥克風交還給你，我們再回到財務方面。我認為第一季的現金消耗大概是 2.5 億美元左右。你仍然預計收入在30億至40億美元之間。你仍然認為這個範圍合適嗎？你能接受較低的報價嗎？

Of course, we could. We're not projecting that we are, and I think it is related to the back-end content loading that we just talked about. So cash was modest in terms of relative to the content in Q1, but we anticipate the timing to be a little heavier in the back end, and that shows you -- or points to the range still being $3 billion to $3.5 billion to $4 billion.

當然可以。我們並沒有預示著我們會這樣做，我認為這與我們剛才討論的後端內容載入有關。因此，就第一季的內容而言，現金流並不多，但我們預計後期現金流會稍微多一些，這表明——或者說表明——範圍仍然在 30 億美元到 35 億美元到 40 億美元之間。

Okay. And on the content obligations front, or contractual obligation, I think it was 17, I believe, 9 for the -- at the end of the quarter. So we are seeing a little bit of a second derivative slowdown there. As you move towards more original as a percentage of the total spend, that number, I believe, should start to plateau, maybe even decline. Are we there yet? Is that what we're starting to see in the numbers when you look at that obligations off balance sheet liability?

好的。至於內容義務方面，或者說合約義務方面，我認為是 17，我相信是 9——在季度末。所以我們看到二階導數增速略為放緩。我認為，隨著原創產品在總支出中所佔比例的增加，這個數字應該會開始趨於平穩，甚至可能會下降。我們到了嗎？當我們查看資產負債表外負債的數據時，是否開始看到這種情況？

Well, I think most people, Ben, I think, want to incorporate the component that we're shifting our mix to more produced assets or owned assets for Netflix. I look at 2 components -- or 2 easily externally verifiable components. One is that streaming content obligation, but the other is the film assets, the produced asset value on our balance sheet. And so even though -- even taking both into account on a per-member basis, what you saw is a lower per-member year-over-year. And I think that you are starting to see some of the second derivative take hold, but I don't want to hold us to that. It's not like we aim the business towards that or we try to grow the business towards that.

嗯，我認為大多數人，本，都希望把我們正在調整的投資組合轉向更多Netflix製作的資產或自有資產這一因素考慮進去。我關注兩個組件——或者說兩個容易從外部驗證的組件。一個是串流內容方面的義務，另一個是電影資產，也就是我們資產負債表上的已生產資產價值。因此，即使——即使按人均計算，你也會看到人均同比下降。我認為你們已經開始看到一些二階導數效應了，但我不想就此下結論。我們並沒有將業務目標設定為那樣，或努力將業務發展成那樣。

And just to add, Ben, to narrowly answer your question. The shift to self-produced will likely result in slower growth in the total obligations. However, there are components of self-produced content that also impact the content obligations like participation.

Ben，我還要補充一點，以便更準確地回答你的問題。轉向自主生產可能會導致債務總額成長放緩。然而，自製內容的某些組成部分也會對參與等內容義務產生影響。

Multiple-season commitments in (inaudible), yes.

（聽不清楚）表示願意簽訂多賽季合同，是的。

Sure.

當然。

It's a technical point, Ben. I would just annotate Spencer, meaning that those are modest relative to the whole and some of the other bigger components. But that's right.

這是技術問題，本。我只想對 Spencer 進行註釋，意思是說，相對於整體和其他一些更大的組成部分而言，這些都比較小。沒錯。

Makes sense. Reed, any updates on your thinking on the China opportunity? I know you have a partner there, but that market is evolving rapidly. It's quite a dynamic market. Have you thought about shifting strategies at all in that -- in China?

有道理。里德，你對中國市場機會的看法有什麼新的進展嗎？我知道你在那裡有合作夥伴，但那個市場變化很快。這是一個相當活躍的市場。你有沒有考慮過在中國調整策略？

You mean, now that IT is public, we should enter late? No. We're very comfortable with our China strategy of licensing our shows in the way HBO does, and so that's the strategy.

你的意思是，既然IT產業已經公開化，我們就可以晚點進入了嗎？不。我們對我們的中國市場策略非常滿意，即以 HBO 的方式授權我們的節目，這就是我們的策略。

Okay. Makes sense. Coming back to the market like the U.S., just to take it as an example, the market's pretty far along the OTT path, to some extent. Roku's got 5,000 channels on the platform. OTT is not new, Internet TV is not new here. Reed, do you have a view on sort of how many OTT services or television services these consumers are going to have as this spot business starts to mature? Do you think we have this -- sort of the equivalent of a fully distributed Internet TV network long term, the way we've had in the pay-TV model? Or do you think fragmentation and choice will lead to a much more sort of fragmented marketplace?

好的。有道理。以美國市場為例，該市場在某種程度上已經走上了OTT發展的道路。Roku平台上有5000個頻道。OTT（網路電視）在這裡並不新鮮。里德，你認為隨著廣告業務的日益成熟，這些消費者最終會擁有多少OTT服務或電視服務？你認為我們是否能夠長期擁有類似付費電視模式那樣完全分散的網路電視網路？還是你認為碎片化和選擇會導致市場更加分散？

Well, the great thing now is it's easier to create a television network called an app, and I think they'll be as -- think of all apps on your phone will have some form of video, or most apps will. And so you just see a very wide spread of entertainment options, some of which are movies and TV shows, some are more interactive. And all of that mobile phone energy will spread to the television with operating systems like Rokus. So I think you'll see a very long tail. And of course, we want to be one of the apps that nearly everybody has on their home screen, whether that's on the phone or on the television. But again, if you look at the mobile phone ecosystem, it's very rich, and we see television getting close to that.

現在最棒的一點是，創建一個名為“應用程序”的電視網絡更容易了，而且我認為它們將會——想想你手機上的所有應用程序都會有某種形式的視頻，或者說大多數應用程序都會有。因此，你會看到非常廣泛的娛樂選擇，其中一些是電影和電視節目，有些則更具互動性。所有這些行動電話的能量都將透過 Roku 等作業系統傳遞到電視上。所以我認為你會看到一個很長的尾巴。當然，我們希望成為幾乎每個人手機或電視主螢幕上都擁有的應用程式之一。但話說回來，如果你看看行動電話生態系統，你會發現它非常豐富，而我們看到電視產業正在接近這個水平。

And what happens to engagement over the longer term in that scenario? Because what we saw on TV, you started with 3 large broadcast networks pre-pay-TV, and then we just sort of fragmented our way through over the next kind of 40 to 50 years. Is Netflix sort of the NBC or CBS in 2017 of those networks in 1950 before the market started to evolve? Or do you think engagement continues to grow and it consolidates around the bigger players?

在這種情況下，從長遠來看，用戶參與度會發生什麼變化？因為我們在電視上看到的是，最初有 3 個大型廣播電視網提​​供預付費電視服務，然後在接下來的 40 到 50 年裡，我們逐漸走向碎片化。Netflix 之於 2017 年，就像是 1950 年市場尚未發展起來之前的那些電視網一樣嗎？還是您認為用戶參與度會持續成長，並逐漸集中在規模較大的公司手中？

Well, it's all up to us in execution. You're right that there are so many competitors, especially around the world, some of which are really focused on a particular culture. Others are, like Sky are in many different cultures. So the consumer has a lot of entertainment options. And then whether our share of that grows or shrinks is really up to, do we produce great content, market it well, serve it up beautifully? And if we do that really well, if we earn more of consumers' time, then we continue to grow. And if we get lazy or slow, we'll be run over, just like anybody else.

嗯，最終的執行取決於我們自己。你說得對，競爭對手確實很多，尤其是在世界各地，其中一些競爭對手非常專注於特定的文化。還有一些人，例如天空，存在於許多不同的文化中。因此，消費者有許多娛樂選擇。而我們最終的份額是成長還是減少，實際上取決於我們是否能製作出優質的內容，做好行銷，並以精美的方式呈現出來？如果我們能真正做到這一點，如果我們能贏得更多消費者的時間，那麼我們就能繼續成長。如果我們變得懶惰或行動遲緩，就會像其他人一樣被碾壓。

So what is the biggest challenge ahead for the company, Reed? I think you look at the stock, up 60% year-to-date, and I'm sure and then some as we speak, there's probably a view out there that you guys have got it all figured out. What -- how do you keep the organization from getting complacent, staying motivated, and maybe throwing over to Ted, for managing the size of the output?

那麼，里德，公司面臨的最大挑戰是什麼？我認為，看看這支股票，今年迄今為止已經上漲了 60%，而且我相信，在我們說話的時候，它肯定還在上漲，所以可能有人會認為你們已經把一切都搞定了。如何防止組織變得自滿，保持積極性，甚至可能將管理產出規模的重任交給泰德？

We're a fraction of the hours of viewing of YouTube. We're a fraction of the hours of viewing of linear TV. We've got some great momentum, and we're very excited about that, but we have a long way to go in terms of earning all of the viewing that we want to.

我們的觀看時間僅為 YouTube 的一小部分。我們觀看電視的時間只是傳統電視觀看時間的一小部分。我們現在勢頭強勁，對此我們感到非常興奮，但要獲得我們想要的所有觀看量，我們還有很長的路要走。

Yes. And I think, in terms of scaling the original production and the licensing of content around the world, it's mostly about picking great people, giving them a great place to work, trusting their -- trusting them and empowering them to continue to make great choices, which we've really been focused on, both producing original content in the U.S. and in, like I've mentioned earlier, 17 countries around the world. And just figuring out what people like, and really, at the end of the day, I think the winners will be those who pick up their shows that people can't live without, and they become associated with that kind of intense fandom that we can keep bringing to them day in and day out.

是的。我認為，就擴大原創內容製作規模和在全球範圍內授權內容而言，關鍵在於挑選優秀的人才，為他們提供良好的工作環境，信任他們，並賦予他們繼續做出正確選擇的能力。我們一直專注於此，無論是在美國製作原創​​內容，還是像我之前提到的那樣，在全球 17 個國家製作原創內容。弄清楚人們喜歡什麼，說到底，我認為最終的贏家將是那些推出人們離不開的節目，並與那種我們可以日復一日帶給他們的強烈粉絲群體聯繫起來的節目。

And then, Greg, when you look at the $1.3 billion or so in tech and dev book spend that you guys have this year, where is that money going from a priority perspective to make the product the best it can be for members around the world?

那麼，格雷格，當你審視一下你們今年在技術和開發方面的預算支出（大約 13 億美元）時，從優先事項的角度來看，這些錢都花在了哪裡，才能使產品對世界各地的會員來說達到最佳狀態？

Again, as I mentioned before, we're looking at it from a global product perspective. So we think that there's significant leverage that we get by trying to provide one solution against what we see as a pretty consistent set of consumer needs around the world. Now we're obviously trying to be mindful to these different use cases, how consumers in different markets react to our product, and learn things like downloads that we say, how there's a specific need in those markets but they prompt, in many cases, a general solution that we, again, get that high leverage. So we're really looking at the opportunity globally. The world is a place to learn, to understand from consumers, listen to them, but then react in a way that's scalable.

正如我之前提到的，我們是從全球產品的角度來看這個問題的。因此，我們認為，透過提供一個解決方案來滿足我們認為世界各地消費者相當一致的一系列需求，我們可以獲得巨大的優勢。現在我們顯然要關注這些不同的使用場景，不同市場的消費者如何對我們的產品做出反應，並了解諸如下載量之類的事情，我們說，這些市場存在特定的需求，但在許多情況下，這些需求會促使我們找到一個通用的解決方案，從而再次獲得這種高槓桿作用。所以我們正在著眼於全球的機會。世界是一個學習的地方，要了解消費者，傾聽他們的意見，然後以可擴展的方式做出反應。

Maybe going over to Spencer. There's been a lot of press reports, anyway, about potential M&A, variety of areas and studio assets, I think, over in Europe, Outdoor's assets here in the States. I'm sure you can't comment specifically, but it does seem like Netflix may be more acquisitive looking forward than it's been in the past. Can you just talk about your philosophy on M&A and what might make sense, what might not, as you guys think about growing the company?

或許會去斯賓塞那邊。總之，有許多媒體報導涉及潛在的併購、各種領域和工作室資產，我認為，在歐洲，還有美國戶外運動的資產。我相信你無法具體評論，但看起來 Netflix 未來可能會比以往更加積極地進行收購。能否請您談談您對併購的理念，以及在考慮公司發展時，哪些併購方式可能合理，哪些可能不合理？

Sure. So if we look at the path, that bar is quite low since we've done very few transactions. We've only done one in our 20-year history. So based on that track record, I think the takeaway for investors is that we have a strong bias to build over buy. That being said, we do see M&A as a perfectly fine tool for us to help find interesting assets to help grow the business. So from our perspective, we continue to be on the lookout for new IP or other related assets that can help improve the service and help us grow faster.

當然。所以如果我們看一下這條路徑，就會發現這個門檻相當低，因為我們進行的交易非常少。在我們20年的歷史中，我們只做過一次。因此，根據以往的業績記錄，我認為投資者應該吸取的教訓是，我們強烈傾向於建造而非購買。話雖如此，我們仍然認為併購是幫助我們尋找有價值的資產以促進業務成長的絕佳工具。因此，從我們的角度來看，我們將繼續尋找新的智慧財產權或其他相關資產，以幫助改善服務並幫助我們更快地發展。

Right. And Spencer, I'd just add by way of example, that the Millarworld acquisition, we're already in production on our first production with Umbrella Academy and we just released our first comic book. So in terms of using M&A to acquire a meaningful IP, this could be a very useful tool.

正確的。史賓塞，我還要補充一個例子，收購 Millarworld 後，我們已經開始製作第一部作品《傘學院》，並且剛發行了第一本漫畫。因此，就利用併購來獲取有價值的智慧財產權而言，這可能是一個非常有用的工具。

Maybe sticking with you, Ted, can you talk a little bit about the market for licensed product, and whether as Disney and others move closer to bringing their own product to market, the supply is drying up or you're thinking differently about acquiring third-party content?

泰德，或許我們可以繼續聊聊你，可以談談授權產品的市場嗎？隨著迪士尼和其他公司越來越接近將自己的產品推向市場，供應是否會枯竭？或者你對獲取第三方內容的看法是否改變了？

Well, you've seen us move pretty aggressively into our own original programming, which means we're doing less licensing in that same way. It's -- we're moving both dollars up as -- in absolute, but as a percentage of our investment, we're investing more and more in original. And that's both a product of it's been working for us, it's been helping us grow the business, grow view hours, but also the ecosystem that produces that content that we're buying in second windows and sometimes third windows isn't producing content at the level of demand and quality that it had been over the years. So the things that we're engaged in bidding on are more selective, and there's less of them. So we are -- when there's -- when something shows up, though, that is great, like The People v. O.J., by way of example, we're in the mix and still licensing a lot of that content and certainly license a lot of great movies around the world and television content from around the world for the -- our other territories. But I -- you should expect us to be moving more and more into license and produced original programming versus fishing in the secondary market.

你們已經看到我們非常積極地推進原創節目的製作，這意味著我們在這方面的授權工作也相應減少了。雖然——從絕對值來看，我們正在增加美元的投入，但從投資百分比來看，我們正在加大對原始資金的投入。這既是因為它對我們有效，幫助我們發展業務，增加觀看時長，也是因為我們購買的這些內容的生產生態系統，在次要窗口和有時是第三窗口的需求水平和質量方面，並沒有像過去幾年那樣持續生產內容。因此，我們參與競標的項目更加挑剔，數量也更少。所以，當出現一些很棒的內容時，例如像《美國犯罪故事：辛普森案》這樣的，我們就會參與其中，並且仍然會獲得很多這類內容的授權，當然，我們也會從世界各地獲得很多優秀的電影和電視節目的授權，用於我們的其他地區。但是，你們應該預料到，我們將越來越多地轉向授權和製作原創節目，而不是在二級市場撈錢。

And I think you guys just renewed or ordered a new season of Jessica Jones from Marvel. Is there any change in how you think about continuing to sourced content on the Marvel side, given all the changes that are happening and their strategy at Disney?

我覺得你們剛剛續訂或預訂了漫威的《潔西卡瓊斯》新一季。考慮到迪士尼正在發生的所有變化以及他們的策略，您對繼續從漫威獲取原創內容的看法是否有所改變？

No. We're thrilled with The Defenders universe and Jessica and, I said we have Luke Cage coming up this quarter for a new season. And those will continue as long as we want to keep making them, and it could be a quite wonderfully expanding universe. So -- and we would try not to let the business models get in the way of great -- making great programming for our customers.

不。我們對《捍衛者聯盟》宇宙和傑西卡感到非常興奮，而且，我說過，本季我們將推出《盧克凱奇》新一季。只要我們想繼續創作，它們就會繼續下去，而這可能會成為一個非常奇妙的、不斷擴展的宇宙。所以——我們會努力不讓商業模式妨礙我們為客戶製作出色的節目。

Any impact from Hulu, which has been more and more aggressive acquiring prior-season content? I don't know if you're getting a look at that stuff or if it's just being kind of kept away from you for maybe obvious reasons?

Hulu 近年來越來越積極收購往季內容，這是否會產生影響？我不知道你是否能看見那些東西，還是因為一些顯而易見的原因而刻意隱瞞了起來？

No, I mean, we've been in the mix on some of them. Not many, but the ones that -- where there has been -- they've been in the mix, too, and I think that's closer to what they're doing on their business model, going after the broadcast with a select few originals, where we've gone much more the other way.

不，我的意思是，我們參與過其中一些專案。雖然不多，但那些曾經有過的，他們也參與其中，我認為這更接近他們的商業模式，即通過精選的幾部原創作品來爭取廣播市場，而我們則走了完全相反的路。

Yes. And for you, and also for David, you guys are continuing to push into local originals. I think you had 30 on this slate for this year, I believe, local originals. Talk about where you source all that from locally. Is it hard to find local talent to develop that content? And from an efficiency perspective, for you and/or David, how do you think about the financial returns of those shows which are obviously not -- typically not an English native?

是的。對你，也對大衛來說，你們都在繼續努力創作本土原創作品。我認為你們今年的候選名單上有 30 個本地原創作品。請介紹一下你們本地的原料來源。尋找本地人才來開發這類內容是否困難？從效率的角度來看，對於你和/或大衛來說，你們如何看待那些顯然不是——通常不是以英語為母語的人——製作的節目的經濟回報？

What's been really great is the things that we'll -- we can bring our technology know-how to bring a great story from anywhere in the world to the rest of the world. And using our ability to subtitle and dub, and getting better and better at doing that quickly and accurately and artfully, has -- can make a very local show at least pan-regional and, at best, global. And we've seen that, like I mentioned, with 3% earlier. We just saw it with Dark from Germany, which played really well. I mean, those numbers -- those U.S. numbers for us on those foreign-language shows would be big hits on cable with those numbers in the U.S. We've been particularly pleased to see a show like Casa De Papel or Money Heist, as those were released in the U.S., so successful for us all around the world that we've bought the series IP, and we'll be producing sequels and spinoffs of Casa De Papel as original content for years to come. So it's -- the scale on it has been, if it connects in the country, that's what it's built for it. And if it gets viewing outside of the country, that's great. And if it's a global viewing, like we've seen with Dark and 3% recently and Chicas del Cable from Spain, we're thrilled and it scales wonderfully.

真正令人欣慰的是，我們可以運用我們的技術專長，將世界任何地方的精彩故事帶給世界其他地方。利用我們製作字幕和配音的能力，並且越來越擅長快速、準確、巧妙地完成這項工作，可以使一個非常本土化的節目至少成為泛區域節目，最好的情況是成為全球節目。正如我之前提到的，我們已經看到這種情況，3% 的情況也是如此。我們剛剛看了德國樂團 Dark 的演出，效果非常好。我的意思是，這些數字——這些外語節目在美國的收視率，如果在美國有線電視上也能達到這樣的收視率，那將是巨大的成功。我們尤其高興地看到像《紙鈔屋》（Casa De Papel）或《金錢劫案》（Money Heist）這樣的劇集，它們在美國播出後，在全球範圍內都取得了巨大的成功，因此我們購買了該劇的IP，並且在未來幾年裡，我們將製作《紙鈔屋》的續集和衍生劇作為原創內容。所以，就規模而言，如果它能與全國連結起來，那就是它為此而建的。如果這部影片能在國外也獲得關注，那就太好了。如果像最近我們看到的《暗黑》和《3%》以及西班牙的《有線電視女孩》那樣，在全球範圍內觀看，我們會感到非常興奮，而且這種模式的適用範圍也非常廣。

And Ben, we're also investing to support that work on the dubbing and subtitling quality. So investors should check out The Rain, which is our Swedish, Danish film coming out -- sorry, series coming out in a few weeks, and just to look at the quality of what the dubbing could be, because we're really making a big investment there that we think will pay off in approachability of all these titles from the world to the world.

Ben，我們也在投資支援配音和字幕品質方面的工作。所以投資者應該看看《雨》，這是我們即將上映的瑞典和丹麥合拍的電影——抱歉，是幾週後即將上映的劇集，看看配音質量如何，因為我們確實在這方面投入了很大的資金，我們認為這將使所有這些作品更容易被全世界接受。

Yes, and I think, too, if you see it, one of the nice things is we're not trading off -- we're not watering down the local aspect of the show at all to make it travel. These are local storytellers telling stories for local audiences that are so good, they travel globally. So there's nothing less German about Dark, and there's nothing less Danish about Rain. And Brazil, like I said, in Portuguese, with a full Brazilian cast. And these are, you mentioned earlier, is it hard to find? I mean, there's incredible storytellers and producers around the world that just have not had access to a global audience before, and we've been able to find them pretty effectively.

是的，而且我認為，如果你看過之後，你會發現其中一個好處是我們並沒有為了讓節目巡迴演出而做出妥協——我們完全沒有為了巡迴演出而削弱節目的本土特色。這些本地說書人講述的故事非常精彩，深受當地觀眾喜愛，甚至傳遍了世界各地。所以，《Dark》一點也不像德國電影，《Rain》一點也不像丹麥電影。正如我所說，巴西，用葡萄牙語演唱，由全巴西演員陣容出演。這些，正如你之前提到的，很難找到嗎？我的意思是，世界各地有很多才華橫溢的說故事者和製作人，他們以前只是沒有機會接觸到全球觀眾，而我們已經非常有效地找到了他們。

So Ben, just to connect on that last one for financially. Like just what Ted and Reed have teed up is, we're drafting off a world that's becoming more global and more connected. And so we're able to tell stories in non-English from local storytellers that are gripping for audiences outside their local market. And in many ways, we're elevating the storytelling which translates to increased cost but still, relative to a TV production in the U.S. or some other expensive developed market, it's quite a -- it's a fraction of the cost. And so it doesn't necessarily translate that more local television for Netflix equals lower margin for Netflix. We've made that point a couple of times, but I'll make it again in the sense that we're really excited about the transportability of some of this content because it's really opening up new stories across the world and in a way that doesn't sacrifice margin.

所以本，我想就最後那件事——財務方面——進行一些溝通。正如泰德和里德所設想的那樣，我們正在建立一個日益全球化、聯繫日益緊密的世界。因此，我們能夠用非英語的方式，講述當地故事講述者的故事，這些故事能夠吸引當地市場以外的觀眾。在很多方面，我們都在提升故事敘述的質量，這會增加成本，但即便如此，相對於美國或其他一些發達市場昂貴的電視製作而言，它的成本仍然只是很小的一部分。因此，Netflix 擁有更多本地電視節目並不一定意味著 Netflix 的利潤率會降低。我們已經多次強調這一點，但我還是要再說一遍，因為我們對其中一些內容的可移植性感到非常興奮，因為它確實在世界各地開闢了新的故事，而且不會犧牲利潤。

And maybe connecting those 2 points again. Ted, if the show -- the local original does connect locally, is popular locally, is that a fairly high correlation that it's going to connect globally?

或許可以再次將這兩點連結起來。泰德，如果一個節目——本地原創節目——在當地引起共鳴，在當地很受歡迎，這是否意味著它在全球範圍內也會引起共鳴？

Not particularly, not particularly. It's interesting some shows, because they're just -- they're hyper-local in the topic that don't travel but do incredibly well, 40%, 50% penetration in a market that don't particularly travel. But for the most part, what we found is, on the large-scale production shows, that they do travel quite well.

不特別，不特別。有些節目很有意思，因為它們的主題非常本土化，不太巡迴播出，但卻取得了驚人的成功，在不太巡迴播出的市場中滲透率達到了 40% 到 50%。但總的來說，我們發現，在大型製作節目中，它們的巡迴演出效果相當不錯。

David, how are you thinking about marketing versus content spend in terms of the incremental dollar? You guys have clearly pivoted -- not pivoted, that's not right, but you've leaned in to the marketing budget this year. There's a phrase in the letter, density of viewing, which I think is new for you. What does that mean and how are you thinking about marketing -- investing behind your marketing ahead -- relative to your content spend over the next couple of years?

David，你如何看待行銷支出與內容支出在增量資金上的差異？你們顯然已經調整了策略──不是調整，那樣說不對，而是今年你們加大了行銷預算的投入。信中有一個詞組，叫做“觀看密度”，我想這對你來說應該是個新詞。這意味著什麼？在接下來的幾年裡，您如何看待行銷——包括對未來行銷的投資——相對於您的內容支出而言？

Well, I think that, in relation to density, I'll let Reed speak to it because I think it equates to public joy, but it's -- may be a little bit more of a precise term, in terms of you don't need a title that 75% of the world is watching. You may need -- you may love a title that 75% of a particular population of people is watching, and that speaks to density. But you're correct. We have definitely leaned more into marketing, and I think some of it is very sort of common sense, in the sense of, as we create more and more of these titles that no one has heard of, we're going to need to lean a little bit more on promotion, and the website can't do it all. So I think you're seeing some of that in terms of a nod towards maybe increasing that ratio of marketing spend to content spend. We don't know where the perfect point is, in that we're a company that leans on experimentation. We try things. We turn them over, and then we'll increase or decrease based on the results as we see going forward, and I think that's the approach that you should expect from us.

嗯，關於密度，我覺得還是讓里德來談談吧，因為我覺得它等同於公眾的喜悅，但它——或許是一個更精確的術語，因為你不需要一個全世界 75% 的人都在觀看的標題。你可能需要——你可能喜歡一部特定人群中有 75% 的人都在觀看的作品，這反映了收視率的密度。但你說得對。我們確實更加重視行銷，我認為這其中有些做法是常識性的，因為隨著我們創作出越來越多無人知曉的作品，我們需要更加重視推廣，而網站無法包辦一切。所以我認為，從某種程度上來說，這體現在行銷支出與內容支出比例可能正在增加。我們不知道最佳時機在哪裡，因為我們是一家注重實驗的公司。我們嘗試各種方法。我們會把它們翻過來，然後根據接下來的結果增加或減少投入，我認為這就是你們應該期待我們採取的方法。

Does that lead maybe to a slower growth in content spend? Because if you're throwing a lot of marketing, there's only so much that you could really support for a given population. I would assume we all have, at least I do, somewhat limited attention span.

這是否會導致內容支出成長放緩？因為如果你投入大量行銷，你真正能為特定人群提供的支援也是有限的。我想我們所有人，至少我，注意力持續時間都是有限的。

Well, you're definitely seeing revenue grow faster than content already, and that's where operating margin is coming from. I can't say for sure where -- does it mean that marketing will grow faster than content or content faster than marketing? I'm not sure. I think we're trying to feel our way along to the right point going forward. But I don't know if, Ted or Reed, if you have a sort of annotation on that or not.

沒錯，收入成長速度肯定已經超過了內容成長速度，而這正是營業利潤率的來源。我無法確定具體情況──這是否意味著行銷的成長速度會超過內容，還是內容的成長速度會超過行銷？我不知道。我認為我們正在摸索前進，努力找到正確的方向。但我不知道泰德或里德，你們對此是否有任何註釋。

We have big plans for content growth, and you should expect that to continue. We're also, as David said, trying to learn, hey, if we put in more marketing versus less in different countries, what are the results? And so that's part of what you're seeing is this realization of this new opening, and how it increases the value and the viewing of our new original franchises.

我們有宏大的內容成長計劃，而且你們應該會期待這種情況持續下去。正如大衛所說，我們也在嘗試了解，如果我們在不同的國家投入更多的行銷與投入更少的行銷，結果會是什麼？所以，你現在看到的，正是這種新模式的出現，以及它如何提升我們原創系列節目的價值和觀看。

And David, do you have a view -- I mean, now that your -- the business has over 100 million members, the -- your contribution profit positive internationally and in the U.S., we already talked about marketing, do you have a view as to where long-term margins shake out for this business as you think about a "steady state"?

大衛，你有什麼看法？我的意思是，現在你的公司擁有超過 1 億會員，你的貢獻利潤在國際上和美國都是正的，我們已經討論過營銷了，你認為在考慮“穩定狀態”時，這家公司的長期利潤率會如何變化？

Well, I think we're -- you asked a question earlier about our only opportunities being in Asia. That presupposes and sort of puts in the bag all this other growth in Latin America and Europe that, I can -- I could speak confidently on behalf of the team, that we don't take for granted. So we have a lot of opportunity and growth still in our core markets. The markets that we've been in for 5, 6, 7 years. I would say we're targeting 10 to 11 this year. We've been putting on a pace of about 300 basis points. It's hard to know for sure where that goes. It really depends on the scale of the business that we are in 5 or 10 years. We think we're after a big opportunity, and the bigger the business we are, the higher that margin could be. We're certainly not bound. You've heard me say in the past that we're not bound by international growth being at a lower margin. It's somewhat dependent on the competition within that territory. It's somewhat dependent on the size and scale of the business as we grow, and we think we've got a big market opportunity. So I would leave it there.

嗯，我想我們──你之前問過我們是否只有亞洲這方面的機會。這預設了拉丁美洲和歐洲的所有其他成長，在某種程度上也將其納入了考慮範圍。我可以代表團隊自信地說，我們不會將這些成長視為理所當然。因此，我們在核心市場仍然有很多機會和成長空間。我們已經涉足這些市場 5 年、6 年、7 年了。我想說，我們今年的目標是10到11個。我們一直保持著大約300個基點的成長速度。很難確定它會流向哪裡。這真的取決於我們公司未來5到10年的規模。我們認為我們正尋求一個巨大的機遇，而且我們的業務規模越大，利潤率就越高。我們當然不受約束。你以前聽我說過，我們並不受國際成長幅度較小的限制。這在一定程度上取決於該地區的競爭情況。這在一定程度上取決於我們業務的規模和發展速度，我們認為我們擁有巨大的市場機會。我就說到這裡吧。

Makes sense. And Reed, how do you think about ASP growth over time? You guys have implemented a number of, what I would call, successful price adjustments or price increases. Is the way to think about ASP growth going forward sort of what we've seen over the last several years?

有道理。里德，你如何看待平均售價隨時間的成長？你們已經實施了一些我認為非常成功的價格調整或漲價措施。展望未來，ASP成長的思路是否應該與過去幾年我們所看到的類似？

Well, it really depends on the offering, the quality of our offering relative to others. So you have to earn it first by doing spectacular content that everybody wants to see. But if you do that, you can get people to pay a little bit more because then we're able to invest more and further improve. But we always approach it on a "have we earned more viewing from people" basis first rather than a price-first basis.

嗯，這真的取決於我們提供的產品或服務，以及我們的產品或服務相對於其他產品或服務的品質。所以你必須先創作出人人想看的精彩內容，才能贏得它。但如果你這樣做，就可以讓人們多付一點錢，因為這樣我們就能投入更多資金，進一步改進。但我們始終首先考慮的是“我們是否獲得了更多人的觀看量”，而不是價格。

The letter talks about the strength in the quarter coming from, I think, higher additions or gross adds. So maybe, David, just coming back to the business on churn, is there an opportunity you can continue to work churn lower from here? Or do you think you guys have hit, at least in some of your older markets, a retention level that's probably going to be tough to materially change?

信中提到本季業績強勁，我認為主要來自新增用戶或總新增用戶數量的增加。所以，David，回到客戶流失率這個主題，你是否有機會繼續降低客戶流失率？或者你們認為，至少在一些老市場，你們的用戶留存率已經達到了一個很難實質改變的水平？

Well, it's hard. Again, we've made this point before, but the noise in terms of who comes in and who stays and all that, we're mostly focused on having a member that we -- that pays us or feels good about paying us over time. We break it out in order to give some color commentary. I would say, in these established markets, we're getting pretty close to asymptotic churn. We think we've got mild improvements, but we're so big that even a 10 or 20 basis point improvement can be meaningful. In the newer markets, it's really about increasing engagement because we do feel like that there is a tight relationship between engagement and churn up to a certain point, obviously with diminishing marginal return, but we're still young enough in many of the newer markets that we're focused on that and growing that engagement to improve retention.

嗯，這很難。我們之前也說過這一點，但對於誰加入、誰留下等等這些雜音，我們主要關注的是擁有一個能夠支付我們費用或隨著時間的推移，願意支付我們費用的會員。我們把它拆開來，以便進行一些有趣的評論。我認為，在這些成熟的市場中，我們已經非常接近漸近線流失率了。我們認為我們取得了一些進步，但我們的規模如此之大，即使只有 10 或 20 個基點的進步也意義重大。在新興市場，關鍵在於提高用戶參與度，因為我們確實認為，在一定範圍內，用戶參與度和流失率之間存在密切關係，當然，邊際收益會遞減，但我們在許多新興市場仍處於起步階段，所以我們專注於提高用戶參與度，從而提高用戶留存率。

Ben, I think we have about time for one last question.

本，我想我們還有時間問最後一個問題。

Sure. I didn't want to let this end, Reed, without going back to you. And given what's happened over the last couple of months in the tech industry, just get a sense from you and how you think -- what you think the implications are for Netflix, if any, from all of the focus by regulators, by consumers on data, privacy, the use of data to drive your business, GDPR. What does this all mean for Netflix? If anything are you making any changes?

當然。里德，我不想就這樣結束，我想回到你身邊。鑑於過去幾個月科技業發生的事情，我想聽聽你的看法——你認為監管機構和消費者對數據、隱私、利用數據推動業務以及 GDPR 的關注，會對 Netflix 產生什麼影響（如果有的話）。這對Netflix意味著什麼？您是否正在做出任何改變？

Well, I'm very glad that we built the business not to be ad-supported but to be subscription. We're very different from the ad-supported businesses, and we've always been very big on protecting all of our members' viewing. We don't sell advertising. So I think we're substantially inoculated from the other issues that are happening in the industry, and that's great. And then, second, I'd point out that we'll spend over $10 billion on content and marketing and $1.3 billion on tech. So just objectively, we're much more of a media company in that way than pure tech. Now of course, we want to be great at both, but again, we're really pretty different from the pure tech companies.

我很高興我們當初將公司模式設定為訂閱製而不是廣告製。我們與那些靠廣告獲利的企業截然不同，我們一直非常重視保護所有會員的觀看體驗。我們不賣廣告。所以我認為我們已經基本上免受行業內其他問題的影響，這很好。其次，我想指出，我們將在內容和行銷方面花費超過 100 億美元，在技術方面花費 13 億美元。所以客觀來說，從這個意義上講，我們更像是媒體公司，而不是純粹的科技公司。當然，我們希望在這兩方面都做到卓越，但話說回來，我們和純粹的科技公司確實有很大的不同。

Great. Well thank you, everybody.

偉大的。謝謝大家。

Great. Thanks, Ben. Thanks to all our investors.

偉大的。謝謝你，本。感謝所有投資者。