Netflix Inc (NFLX) 2018 Q3 法說會逐字稿

Good afternoon, and welcome to the Netflix Q3 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 Eric Sheridan from UBS.

下午好，歡迎收看 Netflix 2018 年第三季財報採訪。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瑞銀集團的艾瑞克·謝裡丹。

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

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 now, Eric, for the first question.

那麼，現在輪到你了，艾瑞克，請回答第一個問題。

Thank you, Spencer. Maybe I'll kick off with what clearly is the headline from the earnings results, much better subscriber performance in Q3 and a fairly robust guide within Q4 in terms of looking out over subscribers. I'll throw it to you guys to sort of lay out the framework you saw develop in Q3, what you think might develop in Q4 that was different than what happened earlier in the year?

謝謝你，史賓塞。或許我可以先從財報中最引人注目的一點說起：第三季用戶成長情況大幅改善，並且第四季用戶成長前景相當樂觀。我把這個問題拋給你們，請你們梳理一下第三季的發展框架，以及你們認為第四季可能會出現哪些與今年稍早不同的發展趨勢？

Eric, I think we're getting a little better on the forecasting, in particular the evolution to paid net adds. So if you look at that paid net add growth that we showed, you can see how remarkably steady. So I'm afraid the Q2, Q3 story is probably mostly an issue of forecasting as opposed to anything changing in the business. And you can see the noise that the free trials added into the paid, which gets you the total creates. So I think by focusing going forward on paid, we'll be able to be a little more accurate and focus on the fundamentals.

艾瑞克，我認為我們在預測方面做得越來越好了，特別是對付費淨新增用戶的預測。所以，如果你看一下我們展示的付費淨新增用戶成長情況，你會發現它非常穩定。因此，我擔心第二季和第三季的情況可能主要是預測問題，而不是業務本身發生了任何變化。你可以看到免費試用期增加到付費期中的噪音，這就是最終的總噪音。所以我認為，透過今後專注於付費業務，我們將能夠更精準地掌握基本面。

So when you think about some of the distribution deals you've done over the last couple years, that's creating some noise that I think you're now trying to clear up with these new disclosures. But can you also talk a little bit about what those distribution deals may be in terms of opening up pockets of the market that hadn't been available to you before not only just this year but as you think out longer term about the business?

所以，想想你過去幾年達成的一些分銷協議，這引起了一些爭議，我認為你現在正試圖透過這些新的揭露來澄清這些爭議。但您能否也談談這些分銷協議可能會為您開拓以前從未涉足的市場領域，不僅是今年，而且從長遠來看，您能否也談談這些協議？

Sure. Over to you, Greg.

當然。接下來就交給你了，格雷格。

And can you clarify, Eric, on distribution deals you mean the device partners, et cetera?

艾瑞克，你能解釋一下嗎？你說的經銷協議是指設備合作夥伴等等嗎？

Correct. Different ways of going to market via partner as opposed to direct.

正確的。透過合作夥伴而非直接方式進入市場的不同途徑。

Yes. So I think what we're doing is we're slowly learning more and more about how we can leverage partners. We've seen it sort of an evolution from just doing device integrations into things like billing integration so we can make it that much easier for our members to sign up for the service.

是的。所以我覺得我們現在正在做的，就是慢慢學習如何更好地利用合作夥伴。我們看到它已經從單純的設備整合發展到計費整合等其他方面，這樣我們的會員就可以更輕鬆地註冊這項服務。

This latest round we're seeing now is bundling where whether we're bundling with an internet service provider or a mobile operator or a pay-TV operator, we can make it even easier for people to just find Netflix and to try the service out.

我們現在看到的這一輪最新趨勢是捆綁銷售，無論我們是與互聯網服務提供商、行動運營商還是付費電視運營商捆綁銷售，我們都可以讓人們更容易找到 Netflix 並試用該服務。

And what we're seeing here is that this allows us to access a set of subscribers, a consumer demographic which might be less technology early adopter than the folks that are signing us up -- with us directly. And so we're able to sort of accelerate our growth in a new segment via these deals. So we're learning more and more about that. We're trying to figure out which markets they work and how to optimize that bundle strategy.

我們看到，這使我們能夠接觸到一群訂閱用戶，這部分消費者群體可能不像那些直接向我們註冊的用戶那樣熱衷於新技術。因此，透過這些交易，我們能夠加速在新領域的成長。所以我們對這方面了解得越來越多。我們正在努力弄清楚它們在哪些市場有效，以及如何優化這種捆綁銷售策略。

Eric, I would say these aren't new disclosures in the sense that that's pretty strong term. I would say this is an evolution of a partner strategy. And as Greg talked about, we've been doing many of these for a while. There's nothing sort of strategically different than what we've been doing for the last 5 years or so.

艾瑞克，我認為這些並不算新的披露，因為「新的披露」這個詞用得比較絕對。我認為這是合作夥伴策略的演變。正如格雷格所說，我們已經做了很多這樣的事情一段時間了。從策略角度來看，我們所做的和過去五年左右所做的並沒有什麼不同。

So maybe following up on something that Greg said there, just where you're discovering growth and awareness of the product that didn't exist before. I would like to separate that into domestic versus international. And I think one of the questions we get from investors all the time are, where is the growth coming from in North America, given the brand's awareness that -- given how long the brand's been around in the marketplace, anything you could tell us about where those pockets of growth are and where you're discovering new awareness for the company.

所以，也許可以接著 Greg 剛才說的，就是你發現了以前不存在的產品成長和認知度。我想將其分為國內和國際兩類。我認為我們經常從投資者那裡聽到的一個問題是，考慮到該品牌在北美市場的知名度，以及該品牌在市場上存在的時間，北美市場的成長來自哪裡？您能否告訴我們，成長的來源在哪裡，以及您在哪些方面發現了公司新的知名度？

I'd say even in America, where the awareness is super high and the brand is well understood, there's still pockets of consumers who it's harder for them to get the activation [energy] to go directly to the website and sign up.

我認為即使在美國，品牌知名度非常高，品牌也廣為人知，但仍有一部分消費者很難產生直接造訪網站並註冊的動力。

But if we can actually put a Netflix application, a call to action and maybe even bundle the service subscription as part of their pay-TV offering or the mobile offering, they can just click on something and then get right into the service.

但如果我們能夠真正地將 Netflix 應用程式、行動號召，甚至將服務訂閱捆綁到他們的付費電視產品或行動產品中，他們只需點擊一下即可直接使用該服務。

And so even for a place where we're well known, we make it easier, more effective for folks to sign up. We see actual acceleration of adds there. Then obviously in markets where we're less well understood in terms of what the offering is, that simplifying, that making it less friction full provides other types of members maybe that are even more technology adopters, simple ways just to try the experience out, and we get growth there as well.

因此，即使在我們知名度很高的地方，我們也讓人們更容易、更有效地註冊。我們看到那裡的廣告投放量確實加速成長了。顯然，在那些人們對我們的產品和服務不太了解的市場中，簡化產品和服務，減少摩擦，可以為其他類型的會員（他們可能更傾向於接受新技術）提供簡單的體驗方式，從而實現成長。

So I wouldn't say it's -- we're seeing the sort of the same dynamic which is you remove friction, and it works both in high-penetration, high-awareness markets as well as in lower-penetration, lower-awareness markets.

所以我不會說——我們看到的是同樣的動態，即消除摩擦，這在滲透率高、認知度高的市場以及滲透率低、認知度低的市場都適用。

One of the other things -- sticking with the domestic market for a minute, pricing power in the business model. You raised prices as we came out of last year and into this year. It's now been a couple of quarters as some of those pricing actions have worked through the marketplace. What have you learned about the value that consumers put on Netflix? And how much pricing power there might be in the business model especially when you look domestically?

還有一點——暫且把目光投向國內市場，看看商業模式的定價權。你們在去年年底到今年年初這段時間提高了價格。現在已經過去了幾個季度，其中一些定價措施已經在市場上發揮作用了。你對消費者如何看待 Netflix 的價值有什麼了解？尤其是在國內市場，這種商業模式可能蘊含多大的定價權？

I think, we're just -- what we're seeing is just reinforcing the sort of core theory that we have, which is our job is to focus on, invest in providing our members incredible experiences, more great content, great product experiences. And when we do that and we do it well, we earn the right to increase price a bit, and then take that new revenue and invest it back into the model. And that sort of continuous positive cycle, we get to keep going. And we foresee that that will keep going for many years in the future.

我認為，我們現在所看到的，恰恰印證了我們一直以來的核心理論，那就是我們的工作是專注於為我們的會員提供卓越的體驗、更優質的內容和更優質的產品體驗。當我們做到這一點並且做得很好時，我們就有權稍微提高價格，然後將新增收入重新投資到模型中。正是這種持續的良性循環，讓我們得以繼續下去。我們預見這種情況在未來很多年內還會持續下去。

Maybe pivoting back to international, I'd love to talk about both India and non-India. Within India, we saw a big push earlier this year into local language content. I'd love to talk a little bit about what local language content does in India to stimulate subscriber growth and how you think about penetrating the India market from who you need to partner with and how you have to get pricing right over the medium to long term. So I'll throw that open maybe to -- it probably touches upon a little bit of everyone within the group.

或許可以把話題轉回國際層面，我很樂意談談印度以及其他國家的狀況。今年早些時候，我們看到印度大力推進本地語言內容的製作。我很樂意談談本地語言內容在印度如何刺激用戶成長，以及您如何考慮打入印度市場，包括您需要與哪些合作夥伴合作，以及如何在中長期內制定合適的定價策略。所以，我拋磚引玉，也許——它可能涉及到小組中每個人的一點想法。

I could -- this is Ted. I'll talk to you about -- we had incredible success with Sacred Games, followed it up right away with Ghoul, and prior to that with a movie called Love Per Square Foot. What we -- really was able to do was take this product that maybe was less known in India when we launched and make it feel more local, more relevant. And what we saw was all of that was following a nice, steady increase in viewer engagement prior to us launching those big original shows.

我可以——這是泰德。我會跟你談談——我們憑藉《神聖遊戲》取得了巨大的成功，緊接著推出了《食屍鬼》，在此之前還有一部名為《每平方英尺的愛》的電影。我們真正做到的，是將這款在印度推出時可能不太為人所知的產品，變得更具本土化、更貼近實際需求。我們看到，這一切都發生在我們推出那些大型原創節目之前，觀眾參與度穩定成長之後。

So what they had was a product that people understood more, talked to their friends more about, that was written about more in the press and certainly talked about more by influencers. And then delivered with content that isn't otherwise available in the market, a series being produced at the quality -- the production quality of Sacred Games by way of example.

因此，他們得到了一款人們更容易理解、更願意與朋友談論、媒體報道更多、並且肯定也更受有影響力人士關注的產品。然後，它還提供了市場上其他地方無法獲得的內容，其製作品質堪比《神聖遊戲》的劇集。

And then to the question on pricing, what I would say is we're just getting started in India. And we feel like with the existing model that we have, the prices that we're at, we've got a long runway still ahead of us. And we've seen that in sort of the increasing traction that we're getting in that segment as we have the great content that Ted was mentioning. We increased our partnerships, we're improving the product experience.

至於定價問題，我想說的是，我們在印度才剛起步。我們覺得，以我們現有的模式和價格，我們還有很長的發展道路。我們已經看到，隨著我們擁有泰德提到的優質內容，我們在該領域的影響力也不斷增強。我們增加了合作夥伴關係，我們正在改善產品體驗。

Now we'll experiment with other pricing models, not only for India, but around the world, that allow us to sort of broaden access by providing a pricing tier that sits below our current lowest tier. And we'll see how that does in terms of being able to accelerate our growth and get more access. But even under the existing model, we feel like we have a long, long runway ahead of us in India.

現在我們將嘗試其他定價模式，不僅限於印度，而且在全球範圍內，透過提供低於當前最低價格檔次的定價檔次來擴大市場准入範圍。我們將看看這在加速成長和獲得更多機會方面會有怎樣的效果。但即便在現有模式下，我們也覺得自己在印度還有很長的路要走。

But maybe following up on something that Reed has talked about publicly in terms of the potential for growth in India longer term, how does the model have to morph to maybe line up with longer-term goals of adding 100 million subscribers in a market like India?

但或許可以接著里德公開談論的關於印度長期成長潛力的內容，為了實現像印度這樣的市場增加 1 億用戶的長期目標，該模式需要如何轉變？

We'll have to see. We'll go from expanding beyond English into Hindi and then into many more languages, more pricing options, more bundling. All of those things are possible. There's over 300 million mobile phone subscriptions -- or households, there's almost twice that in mobile phone subscriptions. So there's a huge market and people in India, like around the world, love watching television. Now we'll take it a million at a time and figure out how to expand the market as we grow.

我們拭目以待。我們將從英語擴展到印地語，然後再擴展到更多語言，提供更多定價選項和更多套餐。所有這些都有可能發生。全球行動電話用戶超過 3 億，而家庭用戶數幾乎是這個數字的兩倍。所以電視市場非常龐大，印度的人們和世界各地的人一樣，都喜歡看電視。現在我們將一步一步來，每次進貨一百萬美元，然後隨著業務的成長，再想辦法擴大市場。

A couple of hundred million people watching content through the Internet in India is a really exciting idea.

印度有數億人透過網路觀看內容，這真是一個令人興奮的想法。

And just to wrap that, Eric, in terms of investor expectations, Reed's million at a time, we're super encouraged with India and the growth that we've got early on. But we know it's going to be somewhat of a tough market, right? So there's -- that notion is along -- is a million at a time, right? It's not going to be overnight where we're going to get to those higher numbers.

最後總結一下，艾瑞克，就投資者預期而言，里德每次投資一百萬美元，我們對印度市場以及我們早期的成長感到非常鼓舞。但我們知道這將是一個競爭比較激烈的市場，對吧？所以——這種想法是——一次就是一百萬，對吧？我們不可能一夕之間就達到更高的數字。

Is there any way to tease out when you see subscriber growth internationally -- like you just published for Q3, obviously, an even bigger number as you forecast out to Q4 -- to tease out how much India's contributing to that versus non-India? And are there any markets on either the content side or the subscriber side you'd like to call out ex India?

有沒有辦法區分國際訂閱用戶成長情況——例如你們剛發布的第三季數據，顯然，隨著你們對第四季數據的預測，這個數字還會更大——來區分印度對成長的貢獻與非印度地區的貢獻？除了印度之外，您在內容或訂閱用戶方面還有哪些市場想要特別提及？

For competitive reasons, we're not going to give you too much color on that. What's driving the P&L progress is doing shows that carry in multiple territories, creating great synergy around those, great excitement. And that's why we really -- we hardly look at it U.S. and internationally, but we look at it internally almost all just globally.

出於競爭原因，我們不會透露太多細節。推動損益成長的因素是製作在多個地區播出的節目，從而圍繞這些節目創造巨大的協同效應，帶來巨大的興奮感。這就是為什麼我們很少從美國和國際角度看待這個問題，但我們幾乎只從內部和全球角度看待這個問題。

And Eric, as you probably saw in the investor letter, we talked about the growth in our memberships being very broad-based and very global. So I think you should read that as what we've said in the past, which is the phenomenon of Internet entertainment is really a global phenomenon that we're benefiting from.

艾瑞克，正如你可能在投資者信中看到的那樣，我們談到了我們會員數量的增長非常廣泛，而且遍及全球。所以我認為你應該把它理解為我們過去所說的，那就是網路娛樂現像其實是一種全球現象，而我們正在從中受益。

Fair enough. One of the things you're shifting a little bit further down the P&L into revenue, International saw some headwinds from FX this quarter. Understand the translation issues around that. But wanted to understand if FX volatility is causing any headwinds or tailwinds you're seeing in terms of end demand for the product or consumption of the product? Or is it purely a translation issue?

很公平。你們正在將損益表中更靠下一些的部分轉移到收入中，國際業務本季受到了外匯方面的一些不利影響。了解相關的翻譯問題。但我想了解一下，外匯波動是否對您觀察到的產品最終需求或消費造成了任何不利或有利影響？還是這純粹是翻譯問題？

It's mostly a translation issue. Absent foreign exchange or ASP, international ASP would have grown. So I don't think we see any demand effect from foreign exchange.

這主要是翻譯問題。如果沒有外匯或平均售價，國際平均售價將會成長。所以我認為我們看不到外匯匯率對需求的任何影響。

Fair enough. Maybe 2 bigger picture questions, one that came in a lot of formats from people ahead of the call -- competition. As you look out to 2019, I know not within the forecast period. But as you think about how the competitive landscape might shift, where the market is going from a global standpoint, on the competitive standpoint, how do you think about some of the friction points you're trying to solve for as a company when you look out at that competitive landscape?

很公平。也許有兩個更宏觀的問題，其中一個問題在電話會議之前就以多種形式被很多人提出——競爭。展望 2019 年，我不知道在預測期內是否會發生。但是，當你思考競爭格局可能會如何變化，從全球角度來看市場將走向何方，從競爭角度來看，當你審視這種競爭格局時，你如何看待公司試圖解決的一些摩擦點？

There are so many competitors. Of course, Disney is going to enter, AT&T is going to expand HBO, YouTube is just on fire growing around the world, video gaming like Fortnite, I mean there's so many ways to have great entertainment on a screen.

競爭對手太多了。當然，迪士尼會進入這個領域，AT&T會擴大HBO的業務，YouTube在全球範圍內發展迅猛，還有像《堡壘之夜》這樣的電子遊戲，我的意思是，在螢幕上獲得精彩娛樂的方式太多了。

So we don't focus that much on any one because no one seems to affect us that much. What affects us is can we produce the best content the world's ever seen? Can we get people excited about that content? Can we serve it up in ways that make it really fun and easy, again, focusing on our fundamentals?

所以我們不會太在意任何人，因為似乎沒有人對我們有太大影響。我們面臨的問題是，我們能否製作出世界上最好的內容？我們能讓人們對這些內容感興趣嗎？我們能否以真正有趣且簡單的方式來呈現它，再次強調我們的基本原則？

And someday there will have to be competition for wallet share, we're not naïve about that. But it seems very far off from everything we've seen. So -- and we're continuing to work with many of those firms where it makes sense to for both of us, and it's creating a big and vibrant industry.

總有一天，消費者錢包份額的競爭將不可避免，我們對此並不天真。但這似乎與我們所看到的一切都相去甚遠。所以——我們將繼續與許多這樣的公司合作，只要這對我們雙方都有好處，這正在創造一個龐大而充滿活力的產業。

Maybe one follow-up to that directed at Ted. When you think about the competitive landscape and what it might mean for either acquiring, sourcing or partnering on content with people globally, Ted, how is that changing the conversations maybe as you look out over the medium to long term? Where might we see some of the pressure points that competition could play out on the content side?

或許可以就此向泰德提出一個後續問題。Ted，當你思考競爭格局以及它對全球內容獲取、採購或合作的影響時，從中長期來看，這會如何改變人們的討論？在內容方面，競爭可能會在哪些方面產生壓力？

Well, we've been a pretty dependable buyer and, increasingly, some of those sellers have been more complicated sellers, meaning there are conflicts within their companies of what they want to sell, when they want to sell it, what windows they would allow for to allow flexibility to offer their own services, which is something we foresaw years ago when we started doing original programming.

嗯，我們一直都是相當可靠的買家，但越來越多的賣家變得越來越複雜，這意味著他們的公司內部存在著利益衝突，例如他們想賣什麼、什麼時候賣、以及他們願意提供哪些時間窗口來靈活地提供自己的服務等等。而這種情況，早在我們開始製作原創節目時就預見了。

But in the meantime, I think that they are -- the studios and -- who are -- always have been somewhat of potential competitors have to look at those things today and say, "What's the best way to get return on investment for creating great content?" And so in some cases, it's going to be launching it through their own direct to consumer initiatives. In other cases, it's going to be selling to Netflix, which has proved to be very positive for them for many years.

但同時，我認為他們——那些工作室——以及那些一直以來都算是潛在競爭對手的人——如今必須審視這些問題，並思考「如何才能以最佳方式獲得優質內容的投資回報？」 因此，在某些情況下，他們會選擇透過自己的直接面向消費者的管道來推出內容。在其他情況下，該公司將把版權出售給 Netflix，而多年來，這已被證明對他們來說非常有利。

Can you talk a little bit about, maybe sticking with you, Ted, about some of the asks that are coming from content creators? We continue to hear as we talk to people in the media industry about awards campaigns or marketing budgets put behind content, people want their content seen who are content creators.

泰德，你能談談我們想聽聽你對內容創作者提出的一些要求的看法嗎？我們與媒體產業的從業人員談論獎項活動或內容行銷預算時，不斷聽到他們說，內容創作者希望自己的內容能夠被看見。

How have some of those conversations changed? What might it mean for ways you go to market when you look out over the next couple years in terms of taking content into the marketplace?

這些對話中有哪些發生了變化？展望未來幾年，在將內容推向市場方面，這可能對你的市場推廣方式產生哪些影響？

Well, I think, what you said was perfect, that people definitely want their content seen, and the best chance of doing that is doing it with Netflix. And you see in the long list of content brands and newly minted stars out of Netflix just this quarter, you can see what we're talking about, about putting content into the culture and into the zeitgeist.

嗯，我覺得你說的很對，人們當然希望自己的內容被看到，而實現這一目標的最佳途徑就是透過 Netflix。從 Netflix 本季推出的眾多內容品牌和新晉明星名單中，你可以看出我們所說的，就是將內容融入文化和時代精神。

And what's really great, it can get nominated and win Emmys or Oscars, and those are really important to filmmakers and creators, and we're super proud and happy for them when they win. But in general, what we want to do is try to make great content, elevate it to the right audience in the most efficient way possible so we could do more of it.

更棒的是，它還能獲得艾美獎或奧斯卡獎的提名和獎項，這對電影製作人和創作者來說非常重要，當他們獲獎時，我們為他們感到無比自豪和高興。但總的來說，我們想做的就是努力製作優質內容，以最有效的方式推廣給合適的受眾，這樣我們才能製作更多這樣的內容。

And what we've seen more is that these shows that come out on Netflix are really piercing the culture. Some of the most-watched shows in television are on Netflix, and the creators know that.

我們看到更多的是，Netflix 上推出的這些劇集正在真正地滲透到文化中。一些收視率最高的電視節目都在 Netflix 上播出，而創作者們也深知這一點。

So when they -- what the -- the asks that are coming into forms of marketing campaigns and awards campaigns, they're seeing that in very big numbers from us anyway. We had 40 shows nominated for Emmy's this year and became tied with HBO for the most Emmy wins this year. And that comes with great content and great campaigns, both marketing and awards campaigns.

所以當他們——也就是——那些以行銷活動和頒獎活動形式提出的要求時，無論如何，他們已經從我們這裡看到了大量的此類需求。今年我們有 40 部劇集獲得艾美獎提名，並與 HBO 並列成為今年獲得艾美獎最多的電視台。而這一切都離不開優質的內容和出色的宣傳活動，包括行銷和獎項評選活動。

Maybe 2 follow-ups here. The first one on the product side, the team has talked before about lowering the friction to consumers finding product. That seems like a bit of a machine learning /product development issue that you have to solve for friction points as you look out over the next couple years.

這裡可能還有兩個後續問題。首先，在產品方面，團隊之前討論過降低消費者發現產品的阻力。這似乎是一個機器學習/產品開發方面的問題，你需要在未來幾年內解決這些痛點。

How should investors think about lowering friction to consumers finding content? What are some of those key investments that are being made? How those investments might change in the next couple years?

投資人該如何考慮降低消費者取得內容的門檻？正在進行的一些關鍵投資有哪些？未來幾年這些投資可能會發生什麼樣的變化？

Again, I would draw your attention to the letter of the -- that list gave some very specific examples of people who went from being completely unknown to being global superstars in the span of a few weeks or a few months of this quarter alone. So I think that it's evident that things are being found in -- at an incredible pace on Netflix versus getting lost in the sea of things on Netflix.

我再次提請您注意那封信——那份名單列舉了一些非常具體的例子，這些人僅在本季度的幾週或幾個月內，就從完全默默無聞變成了全球超級巨星。所以我覺得很明顯，人們在 Netflix 上以驚人的速度找到想看的東西，而不是迷失在 Netflix 浩瀚的內容海洋中。

And our job is to make that even more over the years to come. And so we're investing in a variety of different dimensions, the one you mentioned, but in terms of the design, the UX that we have, the user experience.

而我們的任務就是在未來的幾年讓這一點變得更好。因此，我們正在從各個不同方面進行投資，包括您提到的方面，以及我們擁有的設計、使用者體驗和使用者體驗。

Just this quarter, we released an upgrade to our TV UI navigation that allows users to be a little bit more specific in terms of the content that they are looking to browse through. So imagine it's Friday night, you want an engaging movie. You can tell us that, and then we'll present the recommendations, the suggestions that we have of some of our growing impressive film titles that you can really immerse yourself into.

就在本季度，我們發布了電視用戶介面導航的升級版，使用戶能夠更具體地瀏覽他們想要的內容。想像一下，現在是星期五晚上，你想看一部引人入勝的電影。您可以告訴我們您的想法，然後我們會向您推薦一些我們不斷湧現的優秀電影作品，讓您能夠真正沉浸其中。

And that's just one of a line of multiple product updates that we anticipate having that we think will magnify that effect that Ted is talking about, about incredible content being discovered in the show and then becoming a big social phenomena.

這只是我們預計推出的一系列產品更新中的一項，我們認為這些更新將放大 Ted 所說的效果，即在節目中發現的精彩內容，然後成為一種巨大的社會現象。

Bigger theme that maybe I wanted to talk about was alternative content. There was a partnership announced with SiriusXM. How you're thinking about new forms of content to be distributed on Netflix as you look out over the next couple years? What are some of those things you think your consumer is asking for that reduces churn, gives you more pricing power, gives you a higher ROI against some of the investments you're making? We'd love to sort of tee that up broadly for the group.

我或許更想談的是一個更大的主題，那就是另類內容。公司宣布與 SiriusXM 建立合作關係。展望未來幾年，您認為 Netflix 應該以哪些新的內容形式進行發行？您認為消費者提出的哪些要求可以降低客戶流失率，賦予您更大的定價權，並提高您在某些投資方面的投資報酬率？我們很樂意為這個群體做些鋪墊。

Well the -- in the case of the SiriusXM, that is a -- looking for kind of a marketing synergy for a stand-up comedy initiative -- being able to have bites of our stand-up comedy specials that are otherwise only available on Netflix in their entire run as a way to entertain fans of stand-up comedy and discover new talent. And that's just something, an ongoing part of our overall initiative.

就 SiriusXM 而言，他們正在尋求一種行銷協同效應，以推廣單口喜劇——能夠播放一些單口喜劇特輯的片段，這些特輯通常只能在 Netflix 上觀看完整版，以此來娛樂單口喜劇的粉絲並發現新的人才。這只是我們整體計劃中持續進行的一部分。

It's a pretty -- it's a small test right now to see how that goes, putting up clips and interviews and interview shows featuring our talent and supporting our talent. So think about it as a different way of marketing the existing program that we're doing when you're not on Netflix, when you're more likely on your car -- when you shouldn't be on Netflix in your car.

目前這只是一個小小的測試，看看效果如何，我們會發布一些短片、採訪和訪談節目，展示我們的人才，並支持我們的人才。所以，你可以把它看作是我們現有專案的另一種行銷方式，在你不在 Netflix 上的時候，在你更有可能在車上的時候——在你不應該在車上看 Netflix 的時候——進行行銷。

So Eric, per Ted's comment, we're not really focused on the monetization of those efforts. It's really around deepening the brand connection, which ultimately monetizes as faster growth for us.

所以埃里克，正如泰德所說，我們並沒有真正關注這些努力的盈利。關鍵在於加深品牌聯繫，最終將為我們帶來更快的成長，從而實現盈利。

So all of our auxiliary efforts are not around creating additional profit streams for now. They're really aimed around strengthening these mega titles because that's what drives the business. And a little bit incremental growth is much more profitable for us than creating separate businesses. So we're always evaluating them on, do they help the core? Do they help that love of the new stand-ups?

所以，目前我們所有的輔助性工作都不是為了創造額外的利潤來源。它們實際上旨在加強這些超級大作，因為這才是推動業務發展的動力。對我們來說，穩定成長比創建多個獨立業務更有利可圖。所以我們一直在評估它們是否對核心業務有幫助？它們有助於人們喜愛上新的單口喜劇演員嗎？

Maybe continuing to move through some of the cost in the business model. Marketing has been a heavily debated topic with investors. As we've gone through the last year saw a pretty big change from the over 90% growth in marketing you saw in Q2 to something much lower in Q3.

或許可以繼續逐步降低商業模式中的部分成本。行銷一直是投資者熱議的話題。過去一年，我們看到行銷發生了相當大的變化，從第二季超過 90% 的成長到第三季低得多的成長。

I think prior management's called out the idea that marketing would be sort of in a test and learn mode this year, maybe pivoting away from just pure subscriber acquisition. So a couple of questions.

我認為先前的管理層已經提出，今年的行銷將處於測試和學習階段，可能不再只關注用戶獲取。我有幾個問題。

Number one, what have you learned in some of the changes you made in marketing this year? And how do you think that might inform how you go to market as a company going forward, both for subscriber growth and then support on the content side?

首先，你從今年在行銷方面做出的一些改變中學到了什麼？您認為這會對公司未來的市場策略產生怎樣的影響，包括用戶成長和內容支援方面？

Ted, do you want to take that?

泰德，你想拿嗎？

Yes. I would say that one thing that we've learned as we've gone along, there was a time when we didn't market any of our content. We spent all of our marketing effort just talking about Netflix and how to use it. And today we find is that selling House of Cards in its final season is really all about selling Netflix.

是的。我想說，我們一路走來學到的一點是，曾經有一段時間，我們沒有對我們的任何內容進行行銷。我們所有的行銷精力都花在了宣傳 Netflix 以及如何使用它。而今天我們發現，《紙牌屋》最後一季的行銷，其實就是在推銷 Netflix。

So what we're learning more and more is that, yes, we can drive some viewing up and down, yes, we could draw -- but it's all mostly centered around getting people excited about watching a show that's only on Netflix because it's a great thing for Netflix and how to sell the service.

所以我們越來越了解到，是的，我們可以控制收視率的升降，是的，我們可以吸引觀眾——但這一切主要都圍繞著如何讓人們對觀看一部只在 Netflix 上播出的劇集感到興奮，因為這對於 Netflix 來說是一件好事，也是推銷這項服務的方式。

So that gives us -- and we do it over many titles because people's tastes are very different. And being able to aggregate people to talk about the same things and watch the same things at roughly the same time has got a lot of value. We're still learning all the fine arts of that.

所以，我們推出了很多不同的作品，因為每個人的口味都不一樣。能夠讓人們聚集在一起，在大致相同的時間談論相同的事情，觀看相同的內容，這本身就很有價值。我們仍在學習這方面的各種技巧。

And Eric, just sort of on the financial aspect of the marketing spend, some of that, as we called out in the letter, was sort of timing related and shifted a bit into Q4. So that sort of dynamic that you highlighted isn't a signal on any sort of specific change in the strategy.

艾瑞克，就行銷支出的財務方面而言，正如我們在信中提到的，其中一些支出與時間安排有關，並稍微推遲到了第四季度。所以你強調的這種動態並不預示著戰略上的任何具體變化。

And that would lead to maybe my next question, so Spencer teed that one up for me. Thinking about the pace and cadence of investments in Q3 versus Q4, I thought there were some key learnings in the letter, but just want to give a little bit of an opportunity to frame what might have shifted out of Q3 and into Q4, how investors should think about that against some of the longer-term investments you're trying to make in the business.

這或許會引出我的下一個問題，所以史賓塞為我引出了這個問題。考慮到第三季和第四季的投資速度和節奏，我認為信中提到了一些重要的經驗教訓，但我想藉此機會闡述第三季到第四季可能發生的變化，以及投資者應該如何看待這些變化，並將其與你們正在嘗試對業務進行的一些長期投資聯繫起來。

It's either for Ted or I. I'll take the sort of marginal progression or the quarterly progression. I think we're balancing the steady growth of operating margin but allowing the business to have the flexibility to choose sort of optimal release timing and promotional timing and create that flexibility for them.

要么給泰德，要么給我。我寧願選擇那種小幅成長，也不願選擇按季度成長。我認為我們正在努力平衡營運利潤率的穩定成長，同時允許企業靈活選擇最佳的發佈時間和促銷時間，並為他們創造這種靈活性。

So yes, next year we see a little bit more steadier progression towards the 13% target that we have for the year. But I think we'll see some natural seasonality in terms of release -- content releases. And maybe that's a pitch to Ted now to take the next part.

所以，是的，明年我們會看到朝著我們設定的13%的年度目標穩步邁進。但我認為，在內容發佈方面，我們會看到一些自然的季節性變化。也許這是在向泰德推銷下一階段的工作。

Yes. We've really been trying to optimize on when is the best time for the content creators and for the fans to release that content. And sometimes they're regulated by outside forces, and other times they're just trying to line up that perfect viewing time. And they're -- if we try to lead with that we end up with very happy members and very happy creators.

是的。我們一直在努力優化內容創作者和粉絲發佈內容的最佳時間。有時它們受到外部力量的限制，有時它們只是為了找到最佳觀看時間。而且──如果我們以此為出發點，最終我們會擁有非常滿意的成員和非常滿意的創作者。

Following up on that, the comment from the letter about less quarterly variance, is that then just purely a function mostly of smoothed out marketing spend and the fact that you have such a scale of content that it smoothed out more evenly over the year? Or is there anything you're doing actively to sort of create less seasonality or less volatility in the cost structure of the company as you look out into '19 versus '18?

關於信中提到的季度差異較小的問題，這是否僅僅是因為行銷支出趨於平穩，以及你們的內容規模龐大，使得全年的支出更加均勻？或者，在展望 2019 年與 2018 年相比時，您是否正在積極採取一些措施來減少公司成本結構的季節性波動或波動性？

It's mostly the latter, Eric. So we're not actively doing anything to the cost structure. We're just planning a little bit more in terms of the content and the associated promotion that goes with that. But it's a bit of a balance. We don't want to go too far with this either because we, again, want to create that flexibility for the business, right?

主要是後者，埃里克。所以我們並沒有主動對成本結構做任何調整。我們正在對內容以及相關的推廣活動進行更詳細的規劃。但這需要權衡。我們也不想在這方面走得太遠，因為我們再次強調，我們希望為企業創造靈活性，對吧？

We're not optimizing for margin progression by quarter. We're optimizing for rolling 12-month growth of operating margin, but we're just indicating this year is a little bit unusual. We don't see as much pronounced lumpiness next year as we do this year.

我們並沒有以季度利潤成長為目標進行優化。我們正在優化過去 12 個月的滾動營業利潤率成長，但我們只是想說明今年有點不尋常。我們預計明年不會出現像今年這樣明顯的塊狀物。

And maybe just one more on this, probably for you, David. The 13% plus or minus keeps up with sort of the pace you guys have talked about over the last couple years of around 200 to 300 basis points of margin expansion on a rolling-forward basis. What are some of the things that could cause that number to arc upward or downward that you think people should keep in the front of their mind as the business continues to make the investments you want?

或許再補充一點，可能是給你的，大衛。13% 的增減幅度與你們過去幾年一直在討論的滾動利潤率擴張速度（大約 200 到 300 個基點）基本上保持一致。在公司繼續進行您所希望的投資時，有哪些因素可能會導致該數字上升或下降，您認為人們應該專注於這些因素？

The biggest one is foreign exchange in terms of, yes, on a midterm to longer-term basis, we use pricing to offset negative foreign exchange or dollar appreciation. But in the short term, we don't immediately do that. And so we can go through a couple quarters where you're seeing foreign exchange affect both, just like this quarter where we had it affect international ASP.

最大的影響因素是外匯，是的，從中長期來看，我們會利用定價來抵銷外匯匯率的負面影響或美元升值。但短期內，我們不會立即這樣做。因此，我們可以看到，外匯波動會對國際市場產生影響，就像本季一樣，它影響了國際平均售價。

But on a mid- to long-term basis, that should even out as we use pricing. So foreign exchange is the big one. And then growth, if we have more growth than we expected, that's going to drive more revenue and we'll get more of that in the back half of the year. But that could affect us as well. But those are the 2 big ones.

但從中長期來看，隨著我們採用定價策略，這種情況應該會趨於平衡。所以外匯問題是關鍵因素。然後，如果成長超過預期，這將帶來更多收入，我們將在今年下半年獲得更多收入。但這也可能會對我們產生影響。但這是最重要的兩件事。

If you think of our content cost as pretty baked, there's a little bit of flexibility quarter-to-quarter but not much. The marketing kind of has flexibility, but you really want to launch the title so it follows the content schedule. And you can't shift it around trivially. So then as David said, they're mostly top line factors between FX and revenue growth. The cost structure is pretty stable for next year.

如果你認為我們的內容成本已經相當固定，那麼每季之間會有一點彈性，但不多。行銷方面有一定的靈活性，但你確實希望遊戲能夠按照內容發布計劃進行發布。而且你不能輕易地移動它。所以正如大衛所說，它們主要是外匯和收入成長之間的主要因素。明年的成本結構相當穩定。

So following up on that, Reed, and maybe for anyone who wanted to take it. You talked a little bit about free cash flow in the letter, the lower end of the range, a loss of about $3 billion this year and then possibly replicating that, a loss of around $3 billion, next year.

所以，接下來，里德，或許也適合任何想了解的人。你在信中稍微談到了自由現金流，預計今年將虧損約 30 億美元，明年可能會重蹈覆轍，虧損約 30 億美元。

One of the questions that came into me in a variety of different forms was trying to size out either max free cash flow burn and what are some of the variables in the model that people should be focused on and max leverage that you'd be willing to take up in the business as you think out over the medium to long-term as well.

我遇到的一個問題以各種不同的形式出現，那就是試圖估算出最大自由現金流消耗量，以及模型中人們應該關注的一些變量，還有在考慮中長期發展時，你願意在業務中採取的最大槓桿率。

Eric, you're using the word loss and I think you mean the investment. We definitely hope that they're not turning into losses. Our track record would show that those investments had turned out to be very successful for us. But I'll let David handle the question.

艾瑞克，你用了「損失」這個詞，我想你指的是投資損失。我們當然希望它們不要變成虧損。我們的過往業績表明，這些投資對我們來說非常成功。但我會讓大衛來回答這個問題。

Reed took the immediate one that I was going to take, but so thanks on that. Yes, we're seeing those investments drive a lot of growth. So there's a little bit of attention to that from us.

瑞德搶走了我原本打算搶的那張票，所以還是謝謝你。是的，我們看到這些投資推動了很大的成長。所以我們對此也給予了一些關注。

Eric, the biggest thing is that we're approaching -- Netflix is approaching a point where the growth in operating profit is going to grow faster than our growth in content cash spend. And that's really going to drive the free cash flow towards improvement. It'll eventually break even. I think what we said in the letter is flat with this year.

艾瑞克，最重要的是，我們——Netflix 即將迎來一個臨界點，屆時營業利潤的成長速度將超過內容現金支出的成長速度。這將真正推動自由現金流的改善。最終會達到收支平衡。我認為我們在信中所說的話與今年的情況基本一致。

And mainly that's because 12 to 18 months ago, we probably would've expected a little bit of a steeper peak and then a reduction. What's happened is content timing has kind of shifted back. We're growing faster so we're investing some more of that into content. And so you get sort of a flattening of the trend forward.

主要原因是，在 12 到 18 個月前，我們可能會預期會出現一個更陡峭的峰值，然後才會下降。現在的情況是，內容發佈時間有點後移了。我們發展速度更快，所以我們將把更多資金投入內容創作。因此，未來的發展趨勢會趨於平緩。

But we expect material improvements in '20. We still think it's going to be a few years towards breakeven because we're optimizing again for long-term cash flow and long-term profitability, and we think that's the right thing.

但我們預期 2020 年會有實質的改善。我們仍然認為還需要幾年時間才能實現損益平衡，因為我們正在再次優化長期現金流和長期獲利能力，我們認為這是正確的做法。

And then in terms of peak leverage, I think what you're going to see is, at least electively, funding our content, that leverage ratio is going to start to improve. But we're also looking at optimal weighted average cost of capital, which we've already discussed and indicated that would be based on about a 20%, 25% leverage to market cap ratio is where we think the long-term optimal cost of capital ought to be.

至於槓桿峰值，我認為你會看到，至少在自願資助我們的內容方面，槓桿率將會開始提高。但我們也正在研究最優加權平均資本成本，我們已經討論過並指出，我們認為長期最優資本成本應該基於 20% 到 25% 的槓桿率與市值之比。

And so once we push past the point where we're more secure and we're -- it's less about funding the immediate working capital needs of the business, we'll turn over or shift to thinking about long-term optimal cost of capital.

因此，一旦我們突破了更安全的階段，不再只關注企業眼前的營運資金需求，而是轉而考慮長期的最佳資本成本，我們就會改變想法。

One of the key themes in the shareholder letter was you bucketed 3 different forms of content. Number one and number two were licensed, and number three clearly was original, owned and operated, with a theme, I thought, of preference for bucket 3 to be the driver for the business over the medium to long term.

致股東信中的一個關鍵主題是，你們將內容分成 3 種不同的形式。第一名和第二名都持有許可證，而第三名顯然是原創的，由本人擁有和經營，我認為，這體現了一種傾向，即讓第三名在中長期內成為業務的驅動力。

As you do think about some of your partners maybe pulling content off the platform in 2019, that's been talked a lot about publicly, how do you think about either replacing that content from a volume standpoint or just redoubling your efforts around marketing and increasing ROI around existing content and scaling against your own original content plans rather than thinking about those licensed buckets.

考慮到一些合作夥伴可能會在 2019 年從平台上撤下內容（這在公開場合已被廣泛討論），您是如何考慮從數量的角度來替換這些內容，或者加倍努力進行市場營銷，提高現有內容的投資回報率，並根據您自己的原創內容計劃進行擴展，而不是考慮那些授權內容。

Well, I'd tell you, going back just a few years, that since we started, right, entering our original programming, what we've turned out is that our own original shows tend to be more valuable than licensing someone else's shows in later windows in the kind of the shared window model versus the purely original model.

嗯，我可以告訴你，回顧幾年前，自從我們開始製作原創節目以來，我們發現，我們自己的原創節目往往比在共享窗口模式下，在後期播出別人的節目更有價值，而純粹的原創節目模式則不然。

So when we invest in an original show, we find that we're having a better payback in terms of viewers, people watching and appreciating Netflix and valuing their subscription. So that's why we're leaning in that way.

所以，當我們投資原創節目時，我們發現，就觀眾人數而言，我們獲得了更好的回報，人們觀看並欣賞 Netflix，並重視他們的訂閱。所以這就是我們傾向於這個方向的原因。

We have a variety of models in which we use to get content, so really what we want to do is focus on what is the best programming. So we get to be a little business model agnostic about if we don't own the IP, then we want to figure out how to make that deal with the people who do. In some cases, they produce that for us in the first window. In some case they produce that for their own networks, and we license it in the next second window. And that will continue.

我們有多種獲取內容的模式，所以我們真正想做的是專注於最好的節目製作。所以，如果我們不擁有智慧財產權，我們就可以在商業模式上保持一定的開放性，然後想辦法與擁有智慧財產權的人達成交易。在某些情況下，他們會在第一個視窗中為我們產生該內容。在某些情況下，他們會為自己的網路製作這些內容，而我們會在下一個視窗期獲得授權。這種情況還會繼續下去。

But what we're pointing out in the letter is there's been a big -- we are driving a lot of programming through our owned -- owned and produced originals that we're producing in-house. Some of our biggest brands like Stranger Things are owned and produced in-house. And yet we're still licensing a lot of original programming from our partners as well.

但我們在信中指出的是，我們正在大力推進我們擁有的原創節目——我們自主製作的原創節目。我們的一些最知名的品牌，例如《怪奇物語》，都是我們自主擁有和製作的。然而，我們仍然從合作夥伴那裡獲得大量原創節目的授權。

In terms of backfilling things that are coming off the site, one of the better examples, we think, of how it could work well for us has been in our unscripted initiative which, last year, we had no unscripted original programming on Netflix. And this year, about half of our weighted watching of unscripted programming are Netflix originals. And now therefore, the benefits of -- and about the same cash outlay but with much more efficiency, meaning people are watching them in greater numbers for the same dollar spent.

就填補網站內容流失的問題而言，我們認為，它能很好地幫助我們的一個很好的例子就是我們的非劇本節目計劃。去年，我們在 Netflix 上沒有任何原創的非劇本節目。今年，我們加權觀看的非劇本類節目中，大約有一半是 Netflix 原創影集。因此，現在的好處是——而且現金支出大致相同，但效率更高，這意味著花同樣的錢，人們可以觀看更多的影片。

So -- and with that, we have much steadier access to programming. And we're building brands that people associate with Netflix like Queer Eye and Fastest Car and Nailed It! and Sugar Rush. These are all shows that people really love in enormous numbers around the world. And we don't have to go through the gun to your head renegotiation every couple years for them.

因此，有了這些，我們就能更穩定地取得程式資源了。我們正在打造與 Netflix 相關的品牌，例如《粉雄救兵》(Queer Eye)、《極速賽車》(Fastest Car) 和《烘焙大賽》(Nailed It!)還有糖果狂熱。這些都是世界各地無數觀眾非常喜愛的節目。我們不必每隔幾年就為了他們進行一次那種拿槍指著頭的重新談判。

Ted, you had some good examples before per region like Bodyguard and Sherlock. So maybe you can...

泰德，你之前舉過一些很好的例子，像是《貼身保鑣》和《神探夏洛克》。所以或許你可以…

That's right. We announced yesterday, a co-production with -- on Sherlock -- I'm sorry, not Sherlock, Dracula, from the makers of Sherlock with Steve Moffat. I said we would love to make more and more content with Steve Moffat. His deal is with the BBC. And we get to be partners with them to make this great show, Dracula, available around the world and in a fast follow model in the U.K.

這是正確的。我們昨天宣布，將與——抱歉，不是《神探夏洛克》，而是《德古拉》，由《神探夏洛克》的製作團隊和史蒂夫·莫法特共同製作。我說過我們非常樂意與史蒂夫莫法特合作製作更多內容。他與英國廣播公司（BBC）簽有合約。我們得以與他們合作，將這部精彩的劇集《德古拉》推向世界各地，並在英國以快速跟進模式播出。

And we'll do a lot more of that. Bodyguard is coming up in a few weeks and it's been a tremendous hit in the U.K. We came in very early in that financially and creatively, and we think they made a much bigger and better show because of it. And we think we could be great partners with local public broadcasters and networks around the world.

我們會做更多這樣的事。《貼身保鑣》還有幾週就要上映了，它在英國取得了巨大的成功。我們在資金和創意方面很早就參與其中，我們認為正因為如此，他們才製作了一部規模更大、質量更高的劇集。我們認為我們可以與世界各地的地方公共廣播機構和網絡建立良好的合作關係。

Maybe following up on that because that's both a local as well as a global content sort of comment. How do you think about the ROI of local content and what it can do when it goes global and acts as a stimulant for the platform in a much broader framework than maybe it was originally planned for?

或許可以就此展開討論，因為這既涉及本地內容，也涉及全球內容。您如何看待本地內容的投資回報率，以及當本地內容走向全球並在比最初計劃的更廣泛的框架內刺激平台發展時，它能發揮什麼作用？

What's super amazing about that to date has been that these local language shows have been incredibly relevant in their home country, and then they work very well in their region. And then when they really connect, they play multiregional and sometimes completely global. And we have enough subscribers in the different territories today that we can have a real global hit in -- without much viewing in the U.S. or with a lot of viewing in Latin America and the U.S. but none in Europe.

到目前為止，最令人驚嘆的是，這些地方語言節目在其本國非常受歡迎，而且在其所在地區也取得了很好的效果。然後當他們真正建立聯繫時，他們會進行跨區域甚至完全全球性的比賽。如今我們在各個地區擁有足夠的訂閱用戶，即使在美國收視率不高，或者在拉丁美洲和美國收視率很高，但在歐洲卻無人問津，我們也能在全球範圍內取得真正的成功。

So we're seeing a lot of those things that have benefit of scale obviously but also picking great storytellers who tell stories that people want to hear around the world. And what we have found is that a good story well told works, and it works in almost any language. So as long as we focus on the quality of production, those shows can be -- work to drive local subscribers in country but also drive global viewing when we do it right.

所以我們看到很多事情都具有規模優勢，這顯而易見，但同時也挑選了優秀的說故事者，講述世界各地的人們想聽的故事。我們發現，一個好的故事，如果講得當，就能奏效，而且幾乎適用於任何語言。所以，只要我們專注於製作質量，這些節目就能——在國內吸引本地訂閱用戶，而且如果我們做得好，還能吸引全球觀眾。

Maybe one more follow-up on the content side for you, Ted, the film side, obviously been a big push for the company. There's now been multiple efforts that have gone out into the marketplace.

泰德，或許我還需要就內容方面再補充一點，電影方面顯然一直是公司的重點發展方向。目前已有多種產品推向市場。

What have you learned? What are some of the friction points you're still trying to solve for in terms of both go to market and partnering with the right content creators on the film side? And how do you think about what that does for the platform, again, medium to long term?

你學到了什麼？在電影方面，無論是市場推廣還是與合適的影片內容創作者合作，您目前仍在努力解決哪些摩擦點？那麼，您認為這對平台的中長期發展會有什麼影響呢？

Well, we've been thrilled; just recently we're releasing original films on Netflix from really A-list directors like Alfonso Cuarón and Susanne Bier, the Coen brothers, Tamara Jenkins. And these are people who've made movies for the -- directly to the theater their entire careers and are now moving to producing more and more for Netflix.

我們感到非常興奮；最近我們在 Netflix 上發布了一些一線導演的原創電影，例如阿方索卡隆、蘇珊娜比爾、科恩兄弟和塔瑪拉詹金斯。這些人畢生都在為電影院製作電影，現在卻越來越多地轉向為 Netflix 製作電影。

Because what they're finding is, to your point earlier, they want their content to be seen. They want their film to be in the discussion. And they are able to do that on Netflix in ways they've never seen before. Paul Greengrass film 22 July just came out a few days ago, and millions of people are enjoying it all over the world in ways that he's never experienced for his films yet.

因為他們發現，正如你之前所說，他們希望自己的內容能夠被看見。他們希望自己的電影能引發討論。而且他們能夠在 Netflix 上以他們以前從未見過的方式做到這一點。保羅葛林格拉斯執導的電影《7月22日》幾天前剛上映，全世界數百萬人都以他以往的電影從未經歷過的方式欣賞著這部電影。

And that will roll into '19 with big new films from Michael Bay and Martin Scorsese. And what we're finding is that people want their audience -- their films to find an audience and that they're in a better position to do that with us than without us. And that's a, I think, really exciting position to be in for film lovers.

而這股風潮將延續到 2019 年，屆時麥可貝和馬丁史柯西斯將推出多部新作。我們發現，人們希望他們的觀眾——他們的電影能夠找到觀眾，而與我們合作比沒有我們更有利於他們做到這一點。我認為，這對電影愛好者來說是一個非常令人興奮的局面。

Maybe pivoting back to the product side of the equation. You've talked a lot in the last couple of calls about getting mobile right not only short term but as a stimulant for long-term growth. Reed referenced earlier, there's a lot of people that want to consume content, especially mobile first as you think globally.

或許應該重新關注等式中的產品部分。在最近幾次通話中，您多次談到要正確發展行動端，不僅要專注於短期發展，還要將其作為長期成長的刺激因素。正如里德之前提到的，很多人都想消費內容，尤其是從全球視角來看，行動優先的內容消費。

What are some of those product developments we should be looking for that you are hearing back from consumers would either increase engagement or increase adoption of the platform that aren't there yet when you think about where mobile viewing of media content globally will go over the long term?

從消費者的回饋來看，我們應該關注哪些產品開發，這些產品開發目前尚未出現，但從長遠來看，全球行動媒體內容觀看的發展方向是什麼？這些產品開發能夠提高用戶參與度或提高平台採用率。

Yes. I think we see an opportunity to improve almost every aspect of that product experience, but I'll just throw out a couple interesting ones. One is as a method of acquisition. And again, it's very consistent with what we talked about in terms of extending the partnerships, the kind of partnerships we have with mobile operators, whether that's a bundle model like we just did our first bundle in Japan with a mobile operator KDDI.

是的。我認為我們有機會改進該產品體驗的幾乎每一個方面，但我只想提幾個有趣的例子。一是作為一種獲取方式。這與我們之前討論的擴展合作夥伴關係，以及我們與行動電信商的合作關係非常一致，無論是像我們剛剛在日本與行動電信商 KDDI 推出的第一個捆綁銷售模式。

We've done a bunch of preloads with Verizon on their Android phones in the United States. So there's just all these different ways which we can use that as a vehicle to bring more subscribers onto the service.

我們已經在美國與 Verizon 合作，在其 Android 手機上進行了多次預裝。所以，我們可以利用各種不同的方式，將其作為吸引更多用戶加入服務的途徑。

But there's also a great sort of subscriber experience component of it too, which is something that we're exploring more and more is not only just a direct content enjoyment part of the experience but things like previews and teasers and what's coming now. And how can we sort of create a continuum of experience, which is not only that great directly engaged moment when you're watching that show you've been dying to watch.

但它也包含著非常棒的訂閱者體驗部分，我們正在越來越多地探索這方面，它不僅包括直接的內容享受體驗，還包括預覽、預告片以及即將推出的內容等。我們如何創造一種連續的體驗，而不僅僅是觀看你一直渴望觀看的節目時那種直接投入的美好時刻呢？

But also things that sort of lead up to that, which maybe don't take a 30- or a 45-minute viewing session, but you can get 5 minutes, you're waiting in line and you can catch a preview of a show that you are excited to watch and maybe you watch that when you get home later tonight. And that's the kind of experience, I think, we really can invest in and see good returns from in the years to come.

但還有一些事情，例如在觀看完整節目之前，可能不需要 30 分鐘或 45 分鐘的觀看時間，但你可以在排隊等候的 5 分鐘內觀看一個你很期待的節目的預告片，也許你今晚回家後就會觀看。我認為，這種經驗值得我們投資，並在未來幾年獲得良好的回報。

Eric, I think we have time for one last question, please.

艾瑞克，我想我們還有時間問最後一個問題，請問吧。

Yes. Maybe I'd love to end on a bigger picture question for Reed. Reed, I think you've seen other technology platforms like some of the other companies I cover diversify more as they become more mature and enter new areas. Netflix is staying fairly focused on streaming media and pushing your message globally about adoption and creation of content.

是的。或許我想以一個更宏觀的問題來結束，這個問題要問里德。里德，我想你已經看到，像我報道的其他一些公司一樣，其他一些技術平台隨著發展成熟，也不斷多元化，進入新​​的領域。Netflix 仍然相當專注於串流媒體，並在全球推廣其關於內容獲取和創作的資訊。

How do you think about staying focused on the business model you have today versus looking for areas for diversification as you go globally that can be put on top of the business model, especially the brand awareness and the technology platform you built as you look out globally over the long term?

您如何看待在全球化發展過程中，您應該專注於現有的商業模式，還是應該尋找可以融入現有商業模式的多元化領域，特別是品牌知名度和您建立的技術平台，以便從長遠角度進行全球佈局？

Yes. Think about it, if you've got 5 to 10 years more growth in your current market, you're probably optimizing value to stay in your current market and strengthen. Eventually, your market may not be able to hold your growth ambitions. So that happened to us in DVD, we couldn't stay in DVD forever. Of course, we diversified into streaming. So we're open to those possibilities.

是的。想想看，如果你的當前市場還有 5 到 10 年的成長空間，那麼你很可能正在優化價值，以留在當前市場並鞏固自身地位。最終，你的市場可能無法滿足你的成長需求。所以，我們在DVD時代也遇到了這種情況，我們不可能永遠停留在DVD時代。當然，我們也涉足了串流媒體領域。所以我們對這些可能性持開放態度。

But there is so much growth ahead that's possible in streaming video entertainment. So we're just going to focus on that for a very long time. Unfortunately, lots of other companies are also focusing on that. But that's going to make it exciting for us for the next few years. Great for consumers, incredible for producers. I mean there's never been so much TV and movies being created around the world.

但串流影音娛樂領域未來仍有巨大的發展空間。所以我們將長期專注於此。不幸的是，很多其他公司也在關注這一點。但這意味著未來幾年對我們來說將會非常令人興奮。對消費者來說是好事，對生產者來說是絕佳的機會。我的意思是，全世界從未像現在這樣製作出如此多的電視節目和電影。

And so the game is on. We're super excited about pleasing consumers as much as we possibly can. And someday, many, many years from now, we may need to diversify. But for now, it's focus on the core, those amazing title brands. And when you look at the content we have coming out this quarter and next year, we couldn't be more excited, we couldn't be more busy.

遊戲開始了。我們非常高興能夠盡可能地讓消費者滿意。很多很多年後的某一天，我們可能需要多元化投資。但就目前而言，重點還是放在核心部分，那些令人驚嘆的標題品牌。看看我們本季和明年即將推出的內容，我們感到無比興奮，也無比忙碌。

So with that, let me thank everyone for participating in the call. Thank you, Eric, for conducting it and look forward to talking with you all soon.

那麼，最後，我要感謝大家參加這場電話會議。謝謝艾瑞克主持這次會議，期待很快能和大家再次交流。