Netflix Inc (NFLX) 2018 Q2 法說會逐字稿

Good afternoon, and welcome to Netflix Q2 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 Todd Juenger from Bernstein. As a reminder, we will be making forward-looking statements, and actual results may vary.

下午好，歡迎收看Netflix 2018年第二季財報採訪。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。本季我們的面試官是來自伯恩斯坦公司的托德·尤恩格。再次提醒，我們將發表一些前瞻性聲明，實際結果可能會有所不同。

With that, over to you, Todd, for your first question.

那麼，托德，請你提出你的第一個問題。

All right. Thanks, Spencer. So let's start with the obvious. So for the first time in, I think, 5 quarters, net additions came in below your own forecast both in the U.S. and internationally. So whoever wants to, maybe you can help us walk through where was the source of that shortfall and what you attribute it to.

好的。謝謝你，史賓塞。那麼，讓我們從最顯而易見的開始。所以，我認為，這是近 5 個季度以來，美國和國際市場的淨新增人口首次低於您自己的預測。所以，如果有人願意，或許可以幫我們分析一下造成資金短缺的原因以及您認為造成短缺的原因。

David, you want to hit that?

大衛，你想打那個嗎？

Yes, sure, Todd. So in general, I would say acquisition, which is up year-on-year but wasn't up as much as we thought it was going to be. So -- and it was pretty broad across multiple markets. It wasn't any one area of the world. And as you pointed out, after 4 consecutive quarters of under forecasting the business, we over forecasted the business. And we strive for accuracy. We clearly didn't pad the number. But we think based on the rolling 12 months of growth that we've had compared to the prior rolling 12 months of growth, the U.S. up slightly, internationally up significantly, that the background and underlying characteristics of the business haven't changed. Our total addressable market is intact and hasn't really changed based on those 90 days of actuals. And in general, we think that the conversion and growth to Internet-enabled entertainment is intact and people are loving it. People are adopting Netflix around the world increasingly more in our newer markets as well. And so I think we're still on track for a strong growth year this year, and maybe it's going to come in a little bit differently than we expected and others expected.

當然可以，托德。所以總的來說，我認為收購業務同比增長了，但增幅沒有我們預期的那麼大。所以——而且這種情況在多個市場都相當普遍。它並非指世界上的某個特定地區。正如你所指出的，在連續四個季度低估了業務之後，我們高估了業務。我們力求做到準確無誤。我們顯然沒有虛報數字。但我們認為，根據過去 12 個月的滾動成長與前 12 個月的滾動成長相比（美國略有成長，國際成長顯著），業務的背景和基本特徵並沒有改變。根據過去 90 天的實際數據，我們的潛在市場總量保持不變，並沒有發生實質變化。總的來說，我們認為向網路娛樂的轉型和成長勢頭依然強勁，人們也很喜歡這種娛樂方式。世界各地的人們，包括我們新興的市場在內，都越來越傾向使用 Netflix。所以我認為我們今年仍然有望實現強勁成長，但也許成長的方式會與我們和其他人預期的略有不同。

And Todd, you know this probably that paid net adds are up compared to year ago and forecast to be up a year-on-year over basis in Q3. And the fundamentals have never been stronger. Our viewing is setting year-over-year records, the shows that we have coming. So we're feeling very strong about the business.

托德，你可能也知道，付費淨新增用戶數與去年同期相比有所增長，預計第三季將同比增長。而且基本面從未如此強勁。我們即將播出的節目，以及我們目前的收視率，都創下了年度收視紀錄。所以我們對這項業務非常有信心。

Terrific. I'll stay on this for just a couple more follow-ups and then we'll move on to broader things. Just wonder, over the course of the winter, there were some well-publicized essentially global pricing increases. I wonder if you think that had any impact on either retention or gross adds relative to your forecast.

了不起。我也會再跟進幾次，然後我們再討論更廣泛的話題。只是好奇，在整個冬季期間，一些廣為人知的、幾乎遍及全球的價格上漲事件發生了。我想知道您認為這是否對您的客戶留存率或新增客戶數量與預測值相比有任何影響。

Oh, we don't think so, Todd. I mean, if anything, we -- all of 2017, we sort of had rolling increases in various different parts of the world. We were able to grow continually through that and we continue to. So I don't think that is contributing to this trend.

哦，我們不這麼認為，托德。我的意思是，如果有什麼變化的話，那就是——在整個 2017 年，世界各地都出現了持續增長。我們正是透過這種方式不斷發展壯大，而且我們仍在繼續發展壯大。所以我認為這並非造成這種趨勢的原因。

And Todd, we've seen this movie of Q2 shortfall before about 2 years ago in 2016, and we never did find the explanation of that other than there's some lumpiness in the business and continue to perform after that.

托德，我們大約在兩年前的 2016 年就見過第二季度業績下滑的情況，除了業務波動之外，我們一直沒能找到其他解釋，之後業績也一直保持良好。

Great. Let me hit on Q3 really fast or else I wouldn't be doing my job. So you are kind enough always to give us a forecast for that, and it just stood out to me that I think it's slightly below net adds from a year ago. I only had a quick chance. So I think that's -- I don't know if that's on paid or total or both.

偉大的。讓我趕緊完成第三季的工作，否則我無法勝任我的工作了。所以您總是很貼心地為我們提供預測，而我注意到，我認為今年的淨新增數量略低於去年同期。我只有一線生氣。所以我覺得——我不知道這是指已支付的費用、總費用還是兩者都有。

It's on total, Todd. So as Reed pointed out, paid net adds are actually up year-on-year. But again, we try not to focus too narrowly on like a couple hundred thousand, right, or on any one particular quarter. If you kind of look at Q2 and Q3, it's essentially kind of flat with last year. And last year, we had sort of 5 million -- about 5 million global net adds in Q1; 5 million, Q2; 5 million, Q3; and then 8 million in Q4. Years prior, we've always had very strong growth in sort of Q1 and Q4 relative to Q2, Q3, and we think that pattern is going to happen again this year. And so again, we tend to focus on 12-month rolling over 12-month rolling not only in a particular quarter because as Reed points out, we've seen this movie before and we've been through these cycles of growth. And we think the sort of background fact of people adopting Internet entertainment, including increasingly more international adoption, is going to drive really strong year-on-year growth in international with U.S. hanging out in that 4 million to 5 million net additions band that it has been for the last 4 or 5 years.

總共是這個數，托德。正如里德指出的那樣，付費淨新增用戶數實際上同比增長了。但是，我們盡量避免過於狹隘地關注幾十萬這樣的數字，或任何一個特定的季度。如果你看一下第二季和第三季度，基本上與去年同期持平。去年，我們第一季全球淨增用戶約 500 萬；第二季 500 萬；第三季 500 萬；第四季 800 萬。往年，我們第一季和第四季相對於第二季和第三季總是有非常強勁的成長，我們認為今年這種情況還會再次發生。因此，我們傾向於關注過去 12 個月的滾動數據，而不僅僅是某個特定季度的數據，因為正如里德指出的那樣，我們以前已經經歷過這種情況，也經歷過這些成長週期。我們認為，人們接受網路娛樂（包括越來越多的國際用戶接受網路娛樂）這一背景事實，將推動國際用戶實現強勁的年增長，而美國用戶淨增人數將維持在過去 4 到 5 年的 400 萬到 500 萬之間。

All right. One final sort of segue on to bigger things. So has the results or any learnings from this quarter caused you guys to change at all your internal forecast longer term for either sub growth or revenue growth or free cash flow?

好的。最後，我想稍微過渡到更重要的事情。那麼，本季的業績或經驗教訓是否讓你們對長期用戶成長、收入成長或自由現金流的內部預測有所改變？

No, but as Reed indicated -- it's David. I'll take it again and others can chime in. But the business fundamentals, the on track for 10% operating margin we indicated, we do have some foreign exchange headwinds that kind of pushed us towards the bottom end of that range. But everything else is sort of tracking according to our target and plan. And so again, we feel pretty good about it. I mean, obviously when you have sort of the 1 million net adds, we aren't going to manage within the band of marketing spend and other things to protect that operating margin growth long -- in the short term. But long term, nothing's really changed.

不，但正如里德所指出的——是大衛。我再說一遍，其他人也可以補充。但就業務基本面而言，我們先前預測的 10% 營業利潤率預計將實現，只是外匯市場存在一些不利因素，這在一定程度上將我們的預期推向了該區間的下限。但其他一切都基本上按照我們的目標和計劃進行。所以，我們對此感覺相當不錯。我的意思是，很顯然，當淨新增用戶達到 100 萬時，我們不可能在行銷支出和其他方面長期（短期內）維持營業利潤率的成長。但從長遠來看，一切都沒有真正改變。

All right. Don't worry, Greg and Ted, I've got plenty for you. But moving to the other elephant that was already in the room, just checking a bit on the competitive landscape. Obviously, a lot going on between Disney and Comcast and Fox and Sky. So need to check in and hear what you're thinking in terms of what impact on Netflix, however that result turns out, and is any particular result better or worse for your own competitive fortunes?

好的。別擔心，格雷格和泰德，我為你們準備了很多。但我們還是來談談另一個早已擺在眼前的問題，那就是稍微了解一下競爭格局。顯然，迪士尼和康卡斯特、福克斯和天空電視台之間有很多事情正在發生。所以，我們需要了解您對 Netflix 最終結果有何看法，以及任何特定結果對您自身的競爭優勢是更好還是更糟？

Yes, there's a lot of new and strengthening competition with Disney entering the market, HBO getting additional funding, the different French broadcasters coming together. So that's all normal and expected. So it is what it is. We're not going to be able to change it. And then our focus is on doing the best content we've ever done, having the best user interface, the best recommendations, the best marketing, all the things that we've been doing for many years in the past and we'll keep doing for many years in the future.

是的，隨著迪士尼進入市場、HBO獲得額外資金、法國各家廣播公司聯合起來，市場競爭日益激烈，而且不斷湧現新的競爭。所以這些都是正常且意料之中的事。事情就是這樣。我們無法改變它。然後，我們的重點是製作我們有史以來最好的內容，擁有最好的使用者介面、最好的推薦、最好的行銷，所有這些我們過去多年來一直在做的事情，以及我們將來也會繼續做的事情。

And the other thing I would add to that, Todd, is the market for entertainment is so big that there can be multiple firms that are successful. So you've heard us talk in the past about how we've been able to grow dramatically in the U.S., and HBO and other networks have also similarly been able to grow at the same time. So it's a very large market.

托德，我還要補充一點，娛樂市場非常龐大，可以有多家公司成功。所以你們之前也聽我們說過，我們在美國取得了巨大的發展，HBO 和其他電視台也同時取得了類似的成長。所以這是一個非常大的市場。

In our programming, we've always been focused on keeping people entertained and satisfied on an absolute basis, not relative to any consumer. So we're just trying to -- or any competitor. So really by keeping an eye on our members and our consumers, we're better served than hyper focusing on competition.

在我們的節目製作中，我們始終專注於讓人們獲得絕對的娛樂和滿足感，而不是相對於任何特定消費者。所以我們只是想——或者任何競爭對手。所以，與其過度關注競爭，不如多關注我們的會員和消費者，這樣對我們更有益。

So one of the most frequent sort of investor questions related to this topic is access to content, licensed content, particularly from Disney and Fox. Let me start with this very specific one. There is a wide, wide variance in degree of opinion on how much content on Netflix comes from off-network licensing Disney and Fox content. Care to narrow that down for investors? Anything you can give us, some sense of just both from an availability perspective and maybe from a viewership perspective how much is there?

因此，與此主題相關的投資者最常問的問題之一是獲取內容、授權內容，特別是來自迪士尼和福克斯的內容。讓我先從這個具體的例子說起。對於 Netflix 上有多少內容來自迪士尼和福斯的非官方授權內容，人們的看法差異很大。能否為投資人縮小一下範圍？您能否提供一些信息，例如從可用性角度和收視率角度來看，有多少內容？

No, I don't want to narrow it down any more than this, but I would tell you that it's been a number that's been on the decline for several years. You should think about it the way we look at this long term is that our competitors will want that content on their own services. That was a bet we'd made a long time ago when we got into original programming. And every year since that, we've been doing less and less off-net business with Disney and Fox. And our bet is that is long term, that they'll want all of their content on their service. In the short to medium term, we're still licensing content off net from them, and they're also producing original content for us, like Nurse Ratched from Fox or the Marvel series from Disney.

不，我不想再縮小範圍了，但我可以告訴你，這個數字已經連續幾年呈現下降趨勢了。你應該從長遠角度來考慮這個問題，我們的競爭對手也會希望在他們自己的服務上獲得這些內容。那是我們很久以前開始製作原創節目時就打的一個賭博。從那以後，我們每年與迪士尼和福斯的非公開業務往來都越來越少。我們打賭這是長遠之計，他們最終會希望將所有內容放在他們的服務上。短期到中期內，我們仍然會從他們那裡獲得網絡外的內容授權，他們也會為我們製作原創內容，例如福克斯的《護士長拉契特》或迪士尼的漫威系列。

Right. I know you've answered this quarter -- this question, Ted, I think the last 2 or 3 quarters consecutively, but I got to ask it again. Any reason to expect that those types of sort of original shows that you get from Disney and Fox to change given the new information from what they're doing?

正確的。我知道你本季已經回答過這個問題了，泰德，我想你最近兩三個季度都連續回答過這個問題了，但我還是要再問一次。鑑於迪士尼和福斯的最新動向，我們有理由期待他們推出的那些原創節目會因此而改變嗎？

No, those shows are for us to cancel. So -- but we're -- and we're super happy with the performance of them so far. So -- and the Nurse Ratched and Fox -- some other Fox original titles are still upcoming.

不，那些節目應該由我們來取消。所以——但是我們——我們對他們目前的表現非常滿意。所以——除了護士長拉契特和福克斯——福克斯還有一些其他的原創劇集即將推出。

So speaking of your own originals, yes, I wanted to touch on a couple of sort of relatively newer areas of focus for you and just check in to see how's it going. So one is unscripted, right? It seems -- and you talked about this last quarter. It's been a sort of recent elevated higher priority for you guys. How's that going? What's your experience been? Is it being enjoyed by your members as much as you thought?

說到你自己的原創作品，是的，我想談談你一些相對較新的關注領域，並了解進展如何。所以其中一堂課是即興發揮的，對吧？看來——而且你上個季度也談到了這一點。最近，這件事似乎成了你們的優先事項之一。進展如何？你的經驗如何？您的會員是否像您預期的那樣喜歡它？

Yes, and we're super excited about the variety of the shows and how they're landing with consumers. Similarly, we thought a long time ago that the unscripted networks are also going to want to keep their own content for their own services, and we started investing our own unscripted programming and have had some really great out-of-the-box hits with Nailed It and Fastest Cars and Queer Eye that are doing great with our watchers relative to building an audience. And also, you saw Queer Eye did quite well at the Emmys, the nominations announced last week. So we're really excited about the progress and the speed to market we've been able to do our unscripted shows at really high quality.

是的，我們對節目的多樣性以及它們受到消費者的歡迎程度感到非常興奮。同樣，我們很久以前就認為，非劇本類電視節目網絡也會希望保留自己的內容供自己的服務使用，因此我們開始投資製作自己的非劇本類節目，並憑藉《烘焙大賽》、《極速賽車》和《粉雄救兵》等節目取得了一些非常出色的突破性成功，這些節目在吸引觀眾方面表現出色。另外，大家也看到了，《粉雄救兵》在艾美獎上表現相當不錯，提名名單已於上周公布。因此，我們對取得的進展以及我們能夠以如此高的品質將無劇本節目推向市場的速度感到非常興奮。

On the original movie side, another not-quite-so-new area of focus but still more recent, what's your assessment of your progress versus where you'd hope to be on that front?

就原始電影方面而言，雖然這並非一個全新的關注領域，但仍然是一個比較新的領域，您如何評價您在這一領域的進展與您希望達到的目標之間的差距？

We're moving as quick as we can with -- and still delivering movies that people want to watch. So you saw in the letter, we talked a little bit about the results of our romantic comedy, Kissing Booth. There was much made in the press this summer about our romantic comedies have all been pretty successful, Set It Up just prior -- just after The Kissing Booth. And so these are movies that are not really being made in the market much, and we're doing -- moving into those. But we're also doing a lot of the big event films with A-list directors, and these are long lead production times. And we're really excited with the way they've been delivering in terms of viewership, and we think that we'll see similar trends that we saw in television, but it will take another year or so as we get into it.

我們正在以最快的速度推進——並且仍然在製作人們想看的電影。正如你在信中看到的，我們稍微談到了我們的浪漫喜劇《親吻亭》的成果。今年夏天，媒體大肆報導我們的浪漫喜劇都非常成功，《牽線搭橋》緊跟在後——就在《親吻亭》之後。所以，這些電影在市場上並不常見，而我們正在進入這些領域。但我們也與第一線導演合作拍攝了許多大型活動影片，這些影片的製作週期都很長。我們對他們在收視率方面的表現感到非常興奮，我們認為我們會看到與電視類似的趨勢，但這還需要一年左右的時間才能顯現出來。

One final one I wanted to check in on, which will allow us to move forward here, was, what I'll call, non-English language, for better -- for lack of a better word. It seems like you're making more stuff in other places of the world. It seems like that's having success all around the globe. I wonder if you could confirm that and talk about your own assessment of the returns you're getting on those sorts of program investments.

最後，我想確認一下，這將使我們能夠繼續推進，那就是，我姑且稱之為非英語語言，因為我無法找到更好的詞來形容它。看來你在世界其他地方生產的東西更多了。看來這種做法在全球範圍內都取得了成功。我想請您確認一下，並談談您對這類項目投資回報的評估。

Yes, similarly, fast ramp-up and early success. So we've been producing shows that are incredibly relevant in their home territories, and the nice windfall is, is they get viewed all over the world. So we saw that recently with Rain and Dark. We certainly, in India, we saw great success recently with Sacred Games that really people -- really excite the market. And these are places where our global [results] play well, too. So it's really, I think, accelerating the brand perception of Netflix as not just an out-of-towner, but someone who's producing content that you care about in every part of the world. Upcoming this year, we have new seasons of Las Chicas del Cable from Spain, Ingobernable from Mexico. We have a new show from Spain called Elite coming out next -- in Q3, Ghoul in India coming out in August. And these are shows that are produced at a level that are really high that consumers get really excited about and it helps them get really excited about Netflix if they're not quite sure who we are yet.

是的，同樣，快速啟動和早期成功。所以我們製作的節目在其本土地區都非常受歡迎，而意外之喜是，它們在全世界都能看到。我們最近在《雨》和《黑暗》中就看到了這一點。在印度，我們最近確實看到了《神聖遊戲》的巨大成功，這部劇真的讓市場興奮不已。在這些地方，我們的全球[成果]也表現出色。所以我認為這確實加速了人們對 Netflix 品牌的認知，使其不再只是被視為一家外地公司，而是成為一家在世界各地製作人們關心的內容的公司。今年即將播出的有西班牙的《Las Chicas del Cable》和墨西哥的《Ingobernable》的新一季。接下來我們將推出一部來自西班牙的新劇《Elite》，預計在第三季播出；還有一部印度劇《Ghoul》，預計八月播出。這些節目的製作水準非常高，能夠讓消費者感到非常興奮，如果他們還不完全了解 Netflix，這些節目也能幫助他們對 Netflix 產生濃厚的興趣。

Great. So now that we've moved on outside of U.S., English Western world, can I check in just a little bit specifically on Asia and carve out India for a second, because I'm going to come to India specifically later. But just to Asia as a huge reason generally, I think we've talked in the past how the content tastes there are a little different. The business model, you were hoping to find the exact right formula. How is your growth going in Asia generally? What is driving it? Is it at a similar pace, at the same stage to other markets in the world? Any deeper info you can give us on that part of the world, anybody?

偉大的。既然我們已經離開了美國、英語西方世界，我可以稍微具體地了解一下亞洲，並抽出一點時間談談印度嗎？因為我稍後會專門談到印度。但就亞洲而言，這本身就是一個很大的原因，我認為我們過去也討論過，那裡的內容口味略有不同。你一直希望找到商業模式的正確公式。您在亞洲的整體成長如何？是什麼因素在驅動它？它的發展速度和階段與其他世界市場是否相似？有沒有人能提供關於那個地區更深入的資訊？

Reed, why don't you take it?

里德，你為什麼不拿？

Sure. I'd say, Todd, we're starting to turn the corner in many of the nations where our viewing is climbing up as we're continuing to improve the programming. And when we get high viewing in every other market, that has brought in an era of fast growth. And so we've seen that. It's [very] country by country. I'll include India in the description and say we're really pleased with the progress and tracking we're making since we launched 2.5 years ago, and we just have a lot of work and a lot of opportunity ahead.

當然。托德，我想說，隨著我們不斷改進節目內容，我們在許多國家的收視率都在上升，我們已經開始扭轉局面了。當我們在其他所有市場都獲得高收視率時，就開啟了快速成長的時代。所以我們已經看到了這一點。各國情況各不相同。我會在描述中提到印度，並表示我們對自 2.5 年前啟動以來所取得的進展和追蹤情況感到非常滿意，但我們還有很多工作要做，也有很多機會在前方等著我們。

And Todd, the only annotation I would say is, look, it's still early. We launched with a very sort of a stem model approach and we've augmented that, right? We're adding payment methods. We're adding more content. We are working on all of the playbook that has been successful for us in other markets of the world, and you see that through increased investment. And so that sort of last wave of expansion for Netflix is still relatively early, and that's affecting our growth numbers. It's affecting our levels of investment as well where other markets are sort of growing in profit. Now that actually -- those markets collectively are growing a loss, and we have more growth in the profitable markets than we do in the loss markets and that's what's growing the overall margin.

托德，我唯一想補充的是，現在還為時過早。我們最初採用的是一種類似 STEM 模型的方法，後來我們對其進行了擴展，對吧？我們正在增加支付方式。我們正在添加更多內容。我們正在藉鑒我們在世界其他市場取得成功的所有策略，這一點可以從不斷增加的投資中看出。因此，Netflix 的最後一波擴張浪潮仍處於相對早期階段，這影響了我們的成長數據。其他市場利潤卻不斷成長，而這種情況也影響了我們的投資水準。實際上，這些市場整體上都在虧損，而獲利市場的成長速度比虧損市場更快，這才是整體利潤率成長的原因。

And we've been really thrilled with our original production of anime that's being viewed quite pan-regionally throughout Asia and of course, in Japan. Our scripted series and our unscripted series, like Busted! from Korea or Terrace House from Japan, are viewed throughout the region, which are -- and are building brands bigger and bigger.

我們非常高興看到我們原創的動畫作品在亞洲各地，當然也在日本，都受到了廣泛的關注。我們的劇本系列劇和我們的非劇本系列劇，例如《Busted!》來自韓國或日本的《雙層公寓》在整個地區都很受歡迎，並且正在創造越來越大的品牌。

And so thank you for sort of carving out India separately, only because for a number of reasons, right, it's such a place with huge potential. I think numerous executives have been quoted into various places recently talking about the potential there. You've got some new original shows there. So specifically in India, if you could dive a little deeper into where you are on the growth curve there, how you see the path to success and how big that could be for you in the next many years.

所以，感謝你們將印度單獨列出來，因為出於種種原因，印度是一個潛力巨大的地方。我認為最近很多高階主管都在不同場合談到那裡的潛力。你們那裡有一些新的原創節目。所以具體到印度，如果您能更深入地探討一下您目前在印度的成長曲線上的位置，您如何看待通往成功的道路，以及在未來幾年裡，這對您來說可能有多大的影響。

Well, Todd, we're way behind YouTube, Hotstar. Those are really the leaders on the Internet, and there's so much TV viewing that linear TV that could be Internet viewing. And the advantages are tremendous in India for Internet viewing because you don't get the ad load that you see that's so high in all of the other platforms. So Netflix is having great success getting established, getting a reputation going. And with this triplet of Lust Stories, Sacred Games and Ghoul, we're really getting some nice momentum in our India growth. Now it's still -- we're still, as David said, a niche product. We've got a long way to go to expand languages and many other aspects to be able to cover -- be a broad Indian product. But in terms of our beachhead, I'm very pleased with what we've been doing.

托德，我們遠遠落後於 YouTube 和 Hotstar。這些才是網路上真正的領導者，而且現在有這麼多電視觀看時間，原本可以變成網路觀看時間。在印度，網路觀看的優勢非常巨大，因為你不會像在其他所有平台上那樣受到大量的廣告幹擾。所以Netflix在站穩腳步、建立聲譽方面取得了巨大成功。憑藉《慾望故事》、《神聖遊戲》和《食屍鬼》這三部作品，我們在印度的成長勢頭確實不錯。現在它仍然是——正如大衛所說，我們仍然是一款小眾產品。我們還有很長的路要走，才能擴展語言和其他許多方面，成為一款全面的印度產品。但就我們所取得的突破而言，我對我們所做的工作非常滿意。

Greg, there seems like there's some maybe seemingly obvious particulars about the Indian market from a product perspective that might be peculiar. How much of that is just from the infrastructure that exists and the affordability in the marketplace? Is that true? And if so, what have you got up your sleeve to try and make Netflix easy for everybody in India to enjoy?

格雷格，從產品角度來看，印度市場似乎有一些看似顯而易見的特殊之處。其中有多少是現有基礎設施和市場價格因素造成的？是真的嗎？如果是這樣，你們有什麼妙招來讓印度的每個人都能輕鬆享受 Netflix 的服務？

There are definitely a few specific things that we're doing there to get to payments and how sign-up has to happen. We just rolled out some improvements on the sign-up flow on TVs. So we made that easier for nonmembers to become members in that dimension. But actually, a lot of the work that we do that helps our members in India is actually applicable in some sense globally as well, whether that's more efficient encodes to make the viewing process higher quality, start faster. That obviously is great for our members in India, but it's great for members around the world. Downloads is another great example where we rolled out downloads for when you don't have great connectivity or you don't want to use the data in your data cap. Now we've just actually rolled out the next iteration of that smart download so we can make that process even more fun and easy by having episodes you watched automatically deleted and get replaced by new episodes whenever you come back on a WiFi network. So it's a mix of both India-specific and just globally relevant.

為了實現支付和註冊流程，我們確實採取了一些具體措施。我們剛剛對電視上的註冊流程進行了一些改進。因此，我們簡化了非會員成為該領域會員的流程。但實際上，我們為印度會員所做的許多工作，在某種程度上也適用於全球，無論是更有效率的編碼以提高觀看品質、加快啟動速度。這顯然對我們在印度的會員來說是件好事，但對世界各地的會員來說也是件好事。下載功能是另一個很好的例子，我們推出下載功能是為了方便用戶在網路連線不佳或不想用完流量限額時使用。現在我們已經推出了下一代智慧下載功能，這樣一來，當您再次連接到 WiFi 網路時，您觀看過的劇集就會自動刪除，並被新劇集替換，從而使下載過程更加有趣和便捷。所以它既具有印度特色，又具有全球意義。

Yes. In there, you talked about payments and just that whole stream. It's a question that comes up a lot with me with investors is just a thought about the affordability of the product relative to relative incomes. That comes up a lot in India. I'm going to broaden the question to just various places in the emerging world. How much room do you guys feel you have there in India and other places? Are you -- do you sense you're reaching a limit of any sense in terms of the utility of the product compared to alternatives and customers' ability to pay that would affect retail ARPUs any time over the near horizon?

是的。在裡面，你談到了支付以及整個相關話題。投資人經常問我的這個問題是，相對於他們的收入而言，產品是否負擔得起。這個問題在印度經常出現。我打算將問題範圍擴大到新興世界的各個地區。你們覺得在印度和其他地方，還有多少發展空間？你是否感覺——就產品效用而言，與替代品相比，以及客戶的支付能力，你已經達到了某種程度的極限，這可能會在不久的將來影響零售 ARPU？

I would say we're far from reaching a limit in terms of the addressable market given the pricing structures we have right now. We got a lot of room to grow in a reasonably affluent part of the society in India and other markets around the world, so much more runway. But having said that, we're constantly testing our pricing models, what pricing strategies work best for our members around the world and trying to find what features, what tiers we can add to make that both a revenue positive but also a consumer-friendly and consumer-fair kind of approach.

我認為，就我們目前的定價結構而言，我們距離達到潛在市場的極限還很遠。我們在印度以及世界其他市場相對富裕的人群中還有很大的發展空間，還有很大的發展潛力。但話雖如此，我們一直在測試我們的定價模型，找出最適合我們全球會員的定價策略，並努力尋找可以添加哪些功能和等級，既能帶來正收益，又能採取對消費者友好且公平的方式。

And Todd, just to build off of that a little bit, I mean, we're talking about India a little bit as homogenous. But breaking this apart, Reed has mentioned it, Greg has mentioned it, we may have an issue where there's 3 or 4 different sort of growth patterns within India in terms of different demographics, different segmented groups as we address one segment and then we start addressing another and so forth and so forth. And each one has a specific set of challenges with it, and we're in the early days of sort of that first segment. So expect more from us in terms of getting into segments 2, 3 and 4.

托德，我想在此基礎上再補充一點，我的意思是，我們談論印度時，似乎把它看作是一個同質化的國家。但仔細分析一下，里德提到過，格雷格也提到過，我們可能會遇到這樣的問題：印度存在 3 到 4 種不同的成長模式，這取決於不同的人口統計特徵、不同的細分群體，因為我們先關註一個細分群體，然後再關注另一個細分群體，以此類推。每一種都有其特定的挑戰，而我們目前還處於第一個階段的早期階段。所以，請期待我們在進入第 2、3 和 4 部分方面取得更多進展。

And I do think that the price point is mostly relevant to the value proposition, our Indian consumers finding a lot to watch on Netflix, having a great time doing it. And if they are, that price point becomes more of a value proposition than a premium proposition.

而且我認為價格主要與價值主張有關，我們的印度消費者在 Netflix 上找到了很多可看的內容，而且看得非常開心。如果真是如此，那麼這個價格點就更像是一種價值主張，而不是一種高端主張。

Yes, just picking up on that, one statistic that you guys sometimes mention and sometimes don't, I don't think I saw it in the press release, was the notion of engagement as one good, perhaps, indicator of value received by your members. Any comments on where engagement, I guess defined as hours streamed, hours streamed per member, sort of stood this quarter? Is this still growing in line with content growth? Any...

是的，我只是想提一下，你們有時會提到一個統計數據，有時又不會，我好像在新聞稿中沒看到，那就是參與度，這或許是衡量會員所獲價值的一個良好指標。對於本季用戶參與度（我這裡指的是觀看時長、每位成員的觀看時長）的情況，大家有什麼看法？這個數字是否仍與內容成長保持同步成長？任何...

It is indeed still growing, Todd, on a year-over-year basis. Our viewing hours -- we mostly measure it by median view hours -- is growing. So we're super excited about that. And we're still a small fraction of every society's overall viewing, so I think there's still room to grow there.

托德，它的確還在逐年增長。我們的觀看時間（我們主要以觀看時長中位數來衡量）正在成長。所以我們對此感到非常興奮。而且我們目前在整個社會的觀看次數中所佔比例仍然很小，所以我認為這方面還有很大的成長空間。

Got it. One more on pricing just because I know you're always testing. We all know that. But one of your tests got picked up in the press. We actually stumbled across it, this idea of an Ultra plan. It seems to be a test for HDR viewing that you're experimenting with. Just any thoughts you want to share on the theory behind that and the marketplace acceptance you think might exist for that type of a plan?

知道了。關於定價問題，我再問一個，因為我知道你一直在進行測試。我們都知道這一點。但你的一項測試結果被媒體報道了。我們其實是偶然發現了「超級計畫」這個概念。看來你是在測試HDR觀看效果。您對這種方案背後的理論以及您認為這種方案在市場上的接受度有什麼想法想分享嗎？

I'd say more generally rather than speaking specifically to any results because that's still very much in progress. We are -- we want to test at both ends of the spectrum here and try and figure out ways to add more value for those members who might see that as being good value while we're testing its more accessibility, how we create a way to access Netflix for a broader group of people. But a test that's still in progress and no results to discuss at this point.

與其具體談論任何結果，不如說我更傾向於泛泛而談，因為那方面仍在進行中。我們希望在兩端都進行測試，並嘗試找出方法，為那些可能認為這很有價值的會員增加更多價值，同時測試其可訪問性，以及我們如何為更廣泛的人群創造訪問 Netflix 的方式。但這項測試仍在進行中，目前還沒有結果可以討論。

Fair enough. So another way that you've been going to market increasingly, it seems, is with these partner deals. Maybe there's a better internal word for them, and they were mentioned again in the press -- in the shareholder letter. I'd love to check in on a couple things on that. So first of all, is anybody willing to tell us roughly how important these are to your net add growth, to your overall subscriber base? Any sense of proportionality there other than what you said in the letter, which is basically a supplemental channel but the majority are still direct?

很公平。所以，你們似乎越來越多地透過合作夥伴交易來開拓市場。也許內部有更好的詞語來形容它們，而且它們在媒體上再次被提及——在致股東的信中。我想就此了解一些情況。首先，有沒有人願意告訴我們，這些因素對你們的淨新增用戶成長和整體訂閱用戶群的重要性大概是多少？除了你在信中提到的（這基本上是一個補充管道，但大多數仍然是直接管道）之外，還有其他比例關係嗎？

No, I just -- I think I'd reiterate that, that the vast majority of our acquisitions still comes by consumers signing up directly with us. We're fairly new when it comes to these partner bundles. We're excited and optimistic about it. So I think that, that will grow as a percentage of our acquisition. And what we're really excited about it is it actually allows us to sort of more efficiently address different consumer segments. Let's take the U.S. for example, a market we've been relatively well penetrated in. By doing a deal like with Comcast, it allows us to put the application on the set-top box where consumers that might be less early adopters or more late adopters are already watching traditional television. By being included in a bundle, we get to remove a separate purchase decision, we get to eliminate the sign-up flow, which makes it super simple and easy for consumers to sign up via that mechanism.

不，我只是想重申一下，我們絕大多數的客戶仍然是透過消費者直接與我們註冊獲得的。我們在這類合作夥伴捆綁銷售方面還比較新。我們對此感到興奮和樂觀。所以我認為，這部分占我們收購總額的比例將會成長。我們真正感到興奮的是，它實際上使我們能夠更有效地滿足不同消費群體的需求。以美國為例，我們在這個市場已經取得了相對不錯的滲透率。透過與 Comcast 這樣的公司達成協議，我們可以將應用程式安裝在機上盒上，讓那些可能不太願意接受新事物或比較晚才接受新事物的消費者能夠觀看傳統電視。透過捆綁銷售，我們可以省去單獨的購買決定，消除註冊流程，這使得消費者可以透過該機制輕鬆便捷地註冊。

And Todd, just to be consistent with what we've said in prior quarters, it is a growing element of our acquisition, right? As we -- as Greg said, as we penetrate into demographics and established markets that may not be on the early part of that S-curve of adoption and also our newer emerging markets where partnerships may allow us to do things like partner billing and tap into consumer trust, it's a little bit earlier in the cycle than if we establish that ourselves.

托德，為了與我們前幾季所說的保持一致，這是我們收購中一個日益重要的組成部分，對吧？正如格雷格所說，當我們滲透到人口統計和已建立的市場（這些市場可能尚未處於採用率 S 曲線的早期階段）以及我們新興的市場（在這些市場中，合作夥伴關係可能使我們能夠進行合作夥伴計費等操作並贏得消費者的信任）時，這比我們自己建立這些市場要早一些。

Is there any feedback you're in a position to share from the partners themselves in terms of how these programs are working for them, not to single -- T-Mobile comes to mind just because they've been at it in the States the longest, but anyplace in the world you characterize their feedback to you?

您能否分享一下合作夥伴對這些專案運作情況的回饋？我指的不是某一家公司——我首先想到的是 T-Mobile，因為他們在美國開展這項計劃的時間最長——而是您能概括一下世界各地合作夥伴給您的反饋嗎？

Yes, I think it's something that's very important to us because obviously we want a sustainable model around this where it's adding -- it's valuable to the partners, perceived as valuable by them in supporting their business so that they want to continue to invest in it and expand it. And market by market, it's different. But it's either a differentiation strategy where our partner is seeking a position themselves slightly differently. But oftentimes it's just actually a way of them communicating to the consumer the value that they're investing in their network or the quality of service and like that. And having Netflix, an amazing content that we have, and having a really high-quality experience with that is a great way of just telling that story to their customers and their customers to be.

是的，我認為這對我們來說非常重要，因為我們顯然希望圍繞這個模式建立一個可持續的模式，讓它能夠為合作夥伴帶來價值，讓他們覺得它對他們的業務有支持作用，從而願意繼續投資並擴大規模。而且每個市場的具體情況都不一樣。但這要么是一種差異化策略，即我們的合作夥伴也在尋求一種略有不同的定位。但很多時候，這實際上只是他們向消費者傳達他們在網路建設或服務品質等方面所投入的價值的一種方式。Netflix 擁有如此精彩的內容，能夠提供真正高品質的觀看體驗，這是向現有客戶和潛在客戶講述這個故事的絕佳方式。

It creates a great narrative that it's -- they're a good video source because when you're talking about Netflix, it becomes the symbol of a great data system, right?

它創造了一種很好的敘事方式，即Netflix是一個很好的視頻來源，因為當你談到Netflix時，它就成為了一個偉大數據系統的象徵，對吧？

Especially when you think about the -- we're trying to be super innovative on the video quality and audio quality, all those things that you unlock by having a great network and a great service.

尤其是考慮到——我們正努力在視訊品質和音訊品質方面進行超級創新，所有這些都需要透過擁有強大的網路和優質的服務才能實現。

And just to add on, Todd, we've been doing partnerships with other partners for many, many years, and we've had many -- multiyear relationships with many of our different partners. So as Greg said, we want this to be sustainable. And because we've had these for many years, I think you can extrapolate from that, that they're successful for both parties.

托德，我還要補充一點，我們與許多合作夥伴開展合作已經很多年了，我們與許多不同的合作夥伴都建立了多年的合作關係。正如格雷格所說，我們希望這是可持續的。因為我們多年來一直採用這些方法，我認為由此可以推斷，這些方法對雙方都是成功的。

And Todd, it's not a radical thing, MVPDs bundling another network. That's pretty well-trodden territory on their side.

托德，這並不是什麼激進的事情，MVPD 將另一個網絡綁在一起。對他們來說，這已經是相當熟悉的領域了。

One of the things that these partnerships give to you is also some more -- some marketing investment that were just done on your behalf by them. Coming into the year, one of the themes that seems to -- that I interpreted from you guys was a little bit relative increase in the emphasis of your own marketing investment behind your content and your service. Just checking in that, so -- and I guess we've seen that in the financials, too, so just how is that going? Are you seeing the returns that you hoped for? And any specifics? Can you maybe help give us some examples of specific types of marketing programs and how you measure your investment of that where you're spending these incremental dollars?

這些合作關係也能為你帶來一些額外的好處──一些由他們代表你進行的行銷投資。進入新的一年，我從你們身上感受到的一個主題是，你們似乎相對增加了對內容和服務的營銷投入。我只是想確認一下，所以——我想我們在財務數據中也看到了這一點，那麼情況如何呢？你是否獲得了預期的回報？具體細節呢？您能否舉例說明一些具體的行銷項目類型，以及您如何衡量在這些額外投入的資金上的投資效益？

A couple -- we're very pleased with the growth and our ability to invest. A lot of it is behind title brands and seeing how do we help title brands really maximize their potential within the overall system. We're doing lots of tests, trying different methods in different countries, learning what's the most efficient ways to build demand for a title. So there's tremendous amounts of learning going on there. And then we're also doing acquisition marketing and learning on that side. David, did you want to add to that?

一對夫婦－我們對公司的發展和投資能力非常滿意。許多問題都出在電影品牌背後，以及如何幫助電影品牌在整個體系中真正發揮其潛力。我們正在進行大量的測試，在不同的國家嘗試不同的方法，學習如何以最有效的方式提升對一本書的需求。所以那裡蘊藏著大量的學習機會。此外，我們也正在進行用戶獲取行銷和相關學習工作。大衛，你還有什麼要補充的嗎？

No, I think that's great. Just to remind Todd, it's been a while. We've been out of the sort of we spend this much on marketing, we grow this much directly in a quarter. We only have fraction of our spend is oriented around direct acquisition. What Reed is saying is like the majority of the marketing spend, call it, 80%, 85% is oriented around building title brands. And we've got good evidence that we can do that. We're just parsing through what the most efficient mechanism is to market those titles and also where the right amount of spend is as well as we grow our content library.

不，我覺得這很棒。提醒一下托德，好久不見了。我們已經不再是那種「我們在行銷上投入這麼多錢，一個季度就能直接成長這麼多」的模式了。我們只有一小部分支出用於直接獲客。里德的意思是，大部分行銷支出，大概 80% 到 85%，都用來打造電影品牌。我們有充分的證據表明我們可以做到這一點。我們正在分析推廣這些作品最有效的機制是什麼，以及在不斷擴大內容庫的同時，應該在哪些方面投入合適的資金。

And what we see a lot is that the channels themselves vary by -- around the content itself, too. So learning more about how to get more and more refined about which channels for which content get the best results is the things that we're learning right now.

我們看到很多時候，各頻道本身的內容也各不相同。所以，我們現在正在學習如何更精準地確定哪些管道對哪些內容能帶來最佳效果。

And Ted, were you pleased with the Emmy nomination campaigns?

泰德，你對艾美獎提名活動滿意嗎？

I was thrilled. I was thrilled we had -- we took the record obviously. The most -- but the thing I was most proud of is we had 40 different shows nominated and kind of give you an idea of the kind of different variety of things that we're doing: scripted, unscripted, comedy, drama, talk shows, everything across the board. Everyone was represented. It was 40 shows we're --they were very happy people last week and millions of fans around the world, too. So...

我欣喜若狂。我們取得了勝利，我感到非常興奮——我們顯然打破了紀錄。最讓我感到自豪的是，我們有 40 個不同的節目獲得了提名，這可以讓你了解我們正在製作的各種不同類型的節目：劇本節目、非劇本節目、喜劇、戲劇、脫口秀，應有盡有。每個人都有代表出席。上週我們演出了 40 場——觀眾們都非常開心，全世界也有數百萬粉絲。所以...

Well, here comes the world's most inelegant segue, but being respectful to your shareholders, the single most popular question I got in prep for this. So I'm going to share it with you out of duty to that, I'm sorry, was revolving net neutrality. And so I guess we have a new administration relatively or not that new, but between that and some other...

好吧，接下來我要講一個非常不雅的過渡，那就是如何尊重股東，這是我在準備這場會議時被問到最多的問題。所以，出於對網路中立性的責任，我要和你們分享一下。抱歉，剛才說的是網路中立性問題。所以我想我們迎來了一屆新政府，雖然不算新，但除此之外還有其他一些因素…

Around the world, net neutrality has won as a consumer expectation. And some countries have net neutrality laws, other countries don't. But broadly around the world, consumers have the expectation and ISPs are delivering it. So I would say the net neutrality advocates have won the day in terms of those expectations. So we don't see any changes to that in the U.S. or other countries. So it's quite a positive outcome for changing cultural expectations in a positive way.

在全球範圍內，網路中立性已成為消費者的普遍期望。有些國家有網路中立性法律，有些國家則沒有。但從全球來看，消費者普遍抱持這種期望，而網路服務供應商也正在滿足這種期望。所以我認為，就這些預期而言，網路中立倡導者們取得了勝利。因此，我們沒有看到美國或其他國家出現任何變化。因此，這對於以積極的方式改變文化期望來說，是一個相當積極的結果。

Okay. Flipping back inelegantly to my more core line of questioning. And speaking of big investments, Ted, I didn't give you a chance yet to -- you've got some big new partners in terms of producers on overall deals that caught the attention of investors obviously, your Ryan Murphys and your Shonda Rhimes and your Jenji Kohans, not to leave out anybody. Help us think through...

好的。我笨拙地切換回我的核心問題。說到大筆投資，泰德，我還沒給你機會——你在整體交易方面有一些重要的新合作夥伴，包括製片人，這顯然引起了投資者的注意，比如瑞恩·墨菲、珊達·萊姆斯和珍妮·科漢斯，當然還有其他一些人。請幫我們思考一下…

Jason Bateman most recently.

最近一位是傑森貝特曼。

Can you help us think through, are there more of those to come, a? That's one question, and more deals like that, more people like that. And sort of secondly related, what's the time line? When -- has development started from any of these resources? And how long before we see the output of their work on -- show up -- starts to show up on Netflix?

你能幫我們思考一下，以後還會有更多這樣的狀況嗎？這是一個問題，而且類似的交易越多，喜歡這種交易的人就越多。其次，還有一個相關的問題，時間線是怎麼樣的？這些資源中，哪些已經開始開發？他們的作品還要多久才能在 Netflix 上出現？

Well, it's a great question, and they are -- you should think about, it's a pretty rare creator who has an ownable sensibility, who produces a lot of content prolific and successful, people like Shonda and Ryan and Jenji and Jason, they have a brand and they care about the brand and they want to create in that brand and they want to be -- and they want to create a lot. So we could give them an infrastructure to do that in Netflix because we have a great history of finding and connecting an audience for all those different shows. So there's -- that's not true of all creators, but it has been with the shows that we're doing so far, and we're looking -- and we will probably do more, but it is a pretty rare breed of creator. And then we just physically moved Shonda into her new home here at Netflix and we're thrilled. She has a couple of shows percolating now that we can't announce yet, but we're really thrilled with the direction she's going. Ryan's finishing up his work at Fox, and then he'll be full steam ahead. Remember, his last 2 shows at Fox are going to be our first 2 shows actually with The Politician and Nurse Ratched. So we're -- we've been -- we're in the Ryan Murphy business in a big way. And then Jenji going from Weeds to Orange is the New Black to GLOW was exactly what I'm talking about, about being prolific and successful. So we're really thrilled.

嗯，這是一個很好的問題。你應該想想，擁有獨特風格、創作大量成功內容的創作者非常少見，例如珊達、瑞恩、珍妮和傑森，他們擁有自己的品牌，他們關心自己的品牌，他們想在這個品牌下進行創作，他們想成為——而且他們想創作很多作品。因此，我們可以為他們提供在 Netflix 上實現這一目標的基礎設施，因為我們在為各種不同的節目尋找和連接觀眾方面有著良好的記錄。所以——雖然並非所有創作者都是如此，但就我們目前製作的節目而言，以及我們正在考慮的——而且我們可能會製作更多，但這種類型的創作者非常罕見。然後我們正式把珊達搬進了她在 Netflix 的新家，我們非常興奮。她現在有幾個節目正在籌備中，我們還不能公佈，但我們對她目前的發展方向感到非常興奮。瑞恩在福克斯的工作即將完成，之後他將全力以赴。記住，他在福斯的最後兩檔節目，實際上將是我們推出的首批兩檔節目，分別是《政客》和《拉契特護士》。所以，我們——我們一直——我們以非常大的方式涉足瑞恩·墨菲的事業。然後，Jenji 從《單身毒媽》到《女子監獄》再到《女子摔角聯盟》，這正是我要說的，她作品豐富且非常成功。我們真的非常興奮。

Right. Moving, David, to your very specific world and a popular question obviously. So -- and you answer this every quarter, just regarding your continued use of debt to finance your current free cash flow deficits, especially in an era of rising rate or recurring environment of rising rates. Just need to check in and make sure we understand your logic and your continued ability or plan to finance the company and the future deficits for the next few [days].

正確的。大衛，接下來我要談談你非常具體的領域，這顯然也是一個很受歡迎的問題。所以——你每季都要回答這個問題，也就是關於你繼續使用債務來彌補你目前的自由現金流缺口的問題，尤其是在利率上升或利率持續上升的時代。只是想確認一下，確保我們理解您的邏輯，以及您繼續為公司提供資金或計劃來彌補未來幾天的虧損。

I mean, we continue to see debt as the most optimal choice, the most cost-effective use of capital -- or sorry, source of capital for the company. Obviously, we love to get to that point where we're organically and self-funding content, and we do see a point where we can get there. But until we do, we see debt as the right choice in terms of cost of capital.

我的意思是，我們仍然認為債務是最理想的選擇，是公司最經濟有效的資本利用方式——或者抱歉，是公司資本來源。顯然，我們很希望達到能夠自主、自籌資金製作內容的階段，而且我們也看到了實現這一目標的希望。但在找到解決方案之前，我們認為從資金成本的角度來看，債務是正確的選擇。

And another popular question, and I'm getting through as many as I can before Spencer tells me time is up. So here's another one and probably for either Ted or Reed, you guys get this a lot. Investors still want to know your desire or appetite for sports type of content rights, for news-oriented type of content rights or for other expansions of your platform to either get into audio or gaming or selling other people's products, any of those sorts of new genres or potential expansion theories. Where are you on those?

這是一個很受歡迎的問題，在史賓賽告訴我時間到之前，我會盡可能回答這個問題。所以，這裡還有另一個問題，可能泰德或里德常常會遇到這個問題。投資人仍然想知道你對體育類內容版權、新聞類內容版權，或者你的平台是否還有其他擴展方向，例如進入音訊、遊戲或銷售他人產品，以及任何其他新類型或潛在擴展計劃。你在這些專案上進展如何？

No change in our long-term views that have been, as you referred to, expressed over and over. We have such an opportunity in movies and TV shows of many types around the world that it's consuming every bit of energy and excitement that we have.

正如您所提到的，我們一再表達的長期觀點沒有任何改變。世界各地各種類型的電影和電視節目為我們帶來瞭如此多的機會，這消耗了我們所有的精力和熱情。

Got it. Let me, if I can, move to what I think might be sort of the seminal question, 2 questions, for long-term Netflix shareholders, which is really, hey, you got about 130 million global members now. How long is it going to take you to get the next 130 million? And if you double your members, are you going to need to double your spend in content and marketing to attract and retain them?

知道了。如果可以的話，我想談談我認為對 Netflix 長期股東來說可能具有開創性意義的兩個問題，那就是，嘿，你們現在在全球擁有大約 1.3 億會員。你打算多久才能賺到下一個1.3億？如果你的會員數量翻了一番，你是否需要將內容和行銷的支出也翻一番，才能吸引和留住他們？

Well, it's kind of hypothetical to think about the P&L structure. We'll learn as we go. We've been very attentive to all the key factors, which is we want to invest enough on content to make our subscribers incredibly happy because that's how we grow. So it's a really smart investment for us on the content side. We want to invest in product and marketing to make the whole service better, to make the shows be more aware. We also want to steadily increase operating margin over the next several years. And so as an example, we've got some adjustments to make because of foreign exchange rates, and we'll make those adjustments and we'll grow into that. So think of us as continuing every year to figure out how we make certain adjustments to keep the operating margins growing, the subscriber base and revenue growing. And that's been the basic way we've been operating over the last several years. So it's more of the same. And in terms of the dartboard, as you know, several years out on when we double, the answer is not soon enough. We're always pushing hard to figure out how can we get even more growth, but we're awfully pleased with what we've got to.

嗯，考慮損益結構多少有點假設。我們會邊做邊學。我們一直非常關注所有關鍵因素，那就是我們希望在內容上投入足夠的資金，讓我們的訂閱者非常滿意，因為這是我們成長的方式。所以對我們來說，這在內容方面是一項非常明智的投資。我們希望投資產品和行銷，以改善整體服務，提高節目的知名度。我們也希望在未來幾年內穩定提高營業利潤率。舉例來說，由於外匯匯率的變化，我們需要做一些調整，我們會做出這些調整，並且逐步適應。所以，我們可以把他們看作是每年都在不斷思考如何做出某些調整，以維持營運利潤率、用戶數量和收入的成長。而這正是我們過去幾年來的基本營運方式。所以情況還是老樣子。就飛鏢而言，如你所知，幾年後我們才能進行加倍投注，答案是：還不夠快。我們一直在努力尋找進一步成長的方法，但我們對目前的成就感到非常滿意。

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

托德，我想我們還有時間再問一個問題。

All right. So I guess I'll use that to sort of just expound on the big dartboard I just asked and maybe start with Greg and then anyone else who wants to comment. When you think about the product itself, which is the underpinning of the belief you have in the growth, what's on your short-term and long-term list of things that you think your members most desire would move the needle most from a product perspective, from a content perspective, from an overall pricing and value perspective and therefore drives your agenda, I guess each of you, over the rest of this year and into the coming decade?

好的。所以我想我會藉此機會詳細闡述我剛才提出的那個大問題，也許可以先從格雷格開始，然後再讓其他想發表評論的人發言。當你思考產品本身，也就是你對成長信念的基石時，你認為你的會員最渴望的短期和長期目標是什麼？這些目標從產品角度、內容角度、整體定價和價值角度來看，最能推動業務成長，進而驅動你們每個人在今年剩餘時間和未來十年的工作計畫。

It's a long, long list, and we want to make really almost everything better about the product. I'll just sort of highlight one that's fun and happening right now. We talked about the improvements in the mobile UI and Smart Downloads, but I don't want to leave out TV. And with all of these amazing content that we are bringing out, we've been working really hard over the last several months and quarters even, testing and researching how do we make that TV experience faster, more fun, easier to find the stories that our members will love. And we're actually going to roll some improvements out to that experience and make that better starting tomorrow. So starting this week, you'll see those, and that's -- we expect to be a long line of incremental improvements that make that experience even greater for finding the stories that you love.

清單很長很長，我們希望改進產品的幾乎所有方面。我只想重點介紹一個現在很流行且有趣的事情。我們討論了行動用戶介面和智慧下載的改進，但我不想忽略電視。為了推出所有這些精彩的內容，在過去的幾個月甚至幾個季度裡，我們一直在努力測試和研究如何讓電視體驗更快、更有趣、更容易找到我們的會員會喜歡的故事。從明天開始，我們將對用戶體驗進行一些改進，使其變得更好。所以從本週開始，你就會看到這些，而且——我們預計會有一系列漸進式的改進，讓你找到自己喜歡的故事的體驗更加出色。

I'd say in the short term, and we've got -- I've got the great pleasure of trying to make people very happy. And in the short term, we've got new seasons coming up the second half of this year of Orange is the New Black, Ozark, Iron Fist, Daredevil, Narcos, the finale of House of Cards, the follow-up series for Making a Murderer. And we have some brand-new IP coming up with new shows like Insatiable; Maniac with Emma Stone and Jonah Hill; Disenchantment from Matt Groening, the creator of The Simpsons, doing an animated comedy for us; a new show from Greg Berlanti's company, the Chilling Adventures of Sabrina, a spinoff of Riverdale, has been hugely popular for us. And that all ramps up to bigger and better feature films, too, for our fans around the world, starting with [Christmas Chronicles] from Chris Columbus later this year and Bird Box from Sandra Bullock with the great Susanne Bier directing. That will lead us into next year. We have movies from Martin Scorsese and Alfonso Cuarón and all these fantastic directors, and the opportunities are just limitless.

我想說，就短期而言，我們——我非常榮幸能夠努力讓人們感到非常快樂。短期內，今年下半年將有《女子監獄》、《黑錢勝地》、《鐵拳》、《夜魔俠》、《毒梟》的新一季播出，《紙牌屋》也將迎來大結局，《製造殺人犯》的後續劇集也將播出。我們還有一些全新的IP即將推出，例如《飢餓遊戲》（Insatiable）；由艾瑪·斯通和喬納·希爾主演的《瘋子》（Maniac）；由《辛普森一家》的創作者馬特·格羅寧為我們製作的動畫喜劇《魔法奇緣》（Disenchantment）；以及格雷格·伯蘭蒂公司的新劇《薩布麗娜冒險》（Chillhillings Adventureings Adventureings的新劇《驚悚筆》（Chillhillings）的新劇《驚悚筆》（Chillhillings Adventureings Adventureings）的新劇《驚悚筆》（Chillhillings Adventureings Adventureings）的新劇《驚悚片》（Chillhillings）的新劇《驚悚片》（Chillings Adventureing）（Chillhillings Adventureings Adventureings）的新劇《驚悚片》（Chillhillings）（Chillings Adventureings Adventures的新劇《驚悚片》（Chillhillings）（薩布麗娜的新劇）冒險劇《驚悚片》（Chillings）的新劇《驚悚片》(Chilling)（Chillings Adventures Adventures的新劇《驚悚片》（Chillings）； Sabrina），它是《河谷鎮》（Riverdale）的衍生劇，在我們這裡非常受歡迎。這一切最終都將為我們世界各地的影迷帶來更大更好的長片，首先是今年晚些時候克里斯哥倫布執導的《聖誕奇緣》，以及由偉大的蘇珊娜·比爾執導、桑德拉·布洛克主演的《蒙上你的眼》。這將引領我們進入明年。我們有馬丁史柯西斯、阿方索卡隆等眾多優秀導演的電影，機會無窮無盡。

And then for me, and I'll let Reed have the honor of going -- wrapping us up, but I would say we've got 130 million members and the prospect of adding whatever that is, 100 million more, the next 130 million, all of those folks enjoy connectedness. And as we grow to enjoy more stories that are sourced from wherever in the world, I think the ability for all those folks, or a great portion of those folks, to enjoy and see the story and discuss that story in the same moment is great. And Netflix, being an enabler of that, will continue to do that, and I look forward to the 8 billion of content growing from here. We think we can grow operating margin, but we're also going to grow content spend, which will enable more of that content.

最後，我想讓里德來總結一下，我們目前擁有 1.3 億會員，而且還有可能再增加 1 億，也就是接下來的 1.3 億，所有這些人都享受著互聯互通的感覺。隨著我們越來越喜歡來自世界各地的故事，我認為讓所有這些人，或者說其中很大一部分人，能夠同時欣賞、觀看和討論這個故事，是一件非常棒的事情。而 Netflix 作為這一趨勢的推動者，將繼續這樣做，我期待未來 80 億內容能夠繼續成長。我們認為我們可以提高營業利潤率，但我們也將增加內容支出，這將使我們能夠製作更多此類內容。

And Todd, for me, it's about connecting the world and sharing the stories all around the world. I think we've got so much more we can do with that as we learn the various arts of dubbing and style, and I think that will make really profound contribution to the world in addition to just entertaining everyone, which is very joyful to work on.

對我來說，托德，這關乎連結世界，分享世界各地的故事。我認為，隨著我們學習各種配音和風格的藝術，我們可以在這方面做更多的事情，我認為這除了娛樂大家之外，還會對世界做出非常深刻的貢獻，而娛樂大家本身就是一件非常令人愉快的事情。

With that, let me thank everyone for participating in the call and look forward to spending time with you guys, investors, over the quarter. Thank you very much.

最後，感謝各位參加本次電話會議，期待在本季與各位投資人共度美好時光。非常感謝。