Netflix Inc (NFLX) 2018 Q4 法說會逐字稿

Good afternoon, and welcome to Netflix Q4 2018 Earnings Interview.

下午好，歡迎來到 Netflix 2018 年第四季財報採訪。

I'm Spencer Wang, VP of IR and Corporate Development.

我是 Spencer Wang，IR 和企業發展副總裁。

Joining me today are CEO, Reed Hastings; our new CFO, Spence Neumann; Chief Content Officer, Ted Sarandos; and our Chief Product Officer, Greg Peters.

今天加入我的是執行長 Reed Hastings；我們的新任財務長 Spence Neumann；首席內容官 Ted Sarandos；以及我們的首席產品長 Greg Peters。

Our interviewer this quarter is Eric Sheridan from UBS.

本季我們的面試官是來自瑞銀的艾瑞克·謝裡丹（Eric Sheridan）。

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

提醒一下，我們將做出前瞻性陳述，實際結果可能會有所不同。

With that, let me turn it over to you, Eric, for the first question.

那麼，讓我把第一個問題交給你，艾瑞克。

Thanks so much, Spencer.

非常感謝，史賓塞。

And since, Spence, you are new to the Netflix earnings call, I'm going to turn the first question over to you.

Spence，既然你是 Netflix 財報電話會議的新手，我會把第一個問題交給你。

First, congratulations on the role as the new CFO of Netflix.

首先，恭喜您擔任 Netflix 新任 CFO。

Maybe give us your perception of why the role intrigued you in terms of moving to Netflix.

或許請告訴我們您對這個角色為何對轉至 Netflix 感興趣的看法。

What your first perceptions are, and some of the things you plan on making a focus for your tenure as the CFO at Netflix.

您的第一印像是什麼，以及您計劃在 Netflix 財務長任期內重點關注的一些事情。

Sure.

當然。

Thanks, Eric.

謝謝，埃里克。

Well, first, I'm super excited to be here.

嗯，首先，我非常高興來到這裡。

Part of what attracted me is just what Netflix is trying to build.

吸引我的部分原因正是 Netflix 正在努力打造的東西。

I've always been attracted to the high end of product quality and ambition, and Netflix has all of that in what we're creating.

我一直被高端產品品質和雄心壯誌所吸引，而 Netflix 在我們正在創造的產品中具備了所有這些。

First impressions this is day 9, so I haven't been here for long.

第一印象這是第九天，所以我來這裡的時間並不長。

I'm trying to really immerse myself in the business, do a lot of listening and learning, really planning to do that for probably the first 60 days or so for sure.

我正在努力讓自己真正沉浸在業務中，進行大量的傾聽和學習，確實計劃在前 60 天左右的時間裡這樣做。

And I've already been struck by, first, just the level of integration and collaboration across this company, all aspects of the company combined with speed of decision making and moving forward has been really unique to see.

首先，我已經對整個公司的整合和協作水平感到震驚，公司的各個方面以及決策和前進的速度都非常獨特。

Sales, I've been really impressed with just the team, the quality of the team, not just my direct team, but across the board again and their passion and commitment to continue to innovate and improve, improving the content offering, elevating the level of the -- and quality of service we deliver to our members and not just to our existing members but our new members, and really driving a positive flywheel for our members and, ultimately, for our business.

銷售，我對團隊、團隊的品質印象深刻，不僅是我的直接團隊，而是全面的團隊，以及他們對繼續創新和改進、改進內容提供、提升水平的熱情和承諾我們為會員提供的服務和質量，不僅是現有會員，還有新會員，真正為我們的會員並最終為我們的業務帶來積極的飛輪。

So it's really been great.

所以這真的很棒。

I've got a lot to learn.

我有很多東西要學。

I want to thank everyone -- all of the folks around the company for being patient and helping me with my onboarding.

我要感謝公司裡的所有人，感謝他們的耐心並幫助我完成入職訓練。

And really one just a quick special shout out to David Wells.

真的，我要向大衛威爾斯（David Wells）大聲疾呼。

He's been unbelievably gracious with his time, with his insights, and I'm sure he'll always bleed Netflix, but I hope for a long time to come, he'll be a friend, a colleague and a resource for me.

他對自己的時間和洞察力有著令人難以置信的仁慈，我相信他將永遠為 Netflix 流血，但我希望在未來很長一段時間內，他將成為我的朋友、同事和資源。

Great.

偉大的。

Maybe since we're at the end of 1 year and the beginning of another, I'd love to turn to Reed and maybe, Reed, ask you to set the table.

也許因為我們已經一年結束，又一年開始了，我很想找里德，也許里德請你安排。

What were the big learnings of 2018?

2018 年的重大教訓是什麼？

What were the things that you felt the company really attacked in the marketplace in 2018?

2018年，您認為公司在市場上真正發動攻擊的是什麼？

And as you look out to 2019 and beyond, what are those big opportunities, what are those big challenges?

展望 2019 年及以後，哪些是重大機遇，哪些是重大挑戰？

What are you trying to focus the entire management team around in terms of executing against the plan looking forward for Netflix?

在執行 Netflix 的規劃方面，您想讓整個管理團隊集中精力做什麼？

Yes.

是的。

Eric, for 20 years, we've been trying to please our members, and it's really the same focus year after year.

Eric，20 年來，我們一直在努力取悅我們的會員，而且年復一年，我們的關注點都是一樣的。

We've got all these ways to try to figure out which shows work best, which product features work best, we're a learning organization, and it's the same virtuous cycle, improve the service for our members, we grow, that gives us more money to invest.

我們有所有這些方法來嘗試找出哪些節目效果最好，哪些產品功能效果最好，我們是一個學習型組織，這是同樣的良性循環，改善為我們的會員提供的服務，我們成長，這給了我們更多的錢可以投資。

So it's the same things we've always been doing at just greater scale.

因此，這與我們一直在更大範圍內做的事情是一樣的。

Fair enough.

很公平。

Obviously, I think almost every conversation each quarter starts with performance of the business.

顯然，我認為幾乎每季的每次對話都始於業務績效。

We saw strong subscribers in the quarter, strong comments about the way subscribers should continue to start the year in 2019.

我們在本季度看到了強勁的訂戶數量，以及關於訂戶應繼續以何種方式開始 2019 年的強烈評論。

Throwing it open to the broader team, maybe starting with Reed.

將其向更廣泛的團隊開放，也許從里德開始。

But what did you see on the subscriber landscape as you look out to what -- the way the business performed in Q4?

但是，當您關注第四季度的業務表現時，您在訂戶環境中看到了什麼？

And what kind of confidence that's giving you in the growth opportunities looking out to early 2019?

什麼樣的信心讓您對 2019 年初的成長機會充滿信心？

When you look at the chart we put in our earnings letter, which has the weekly growth rate, you can just see how steady it is.

當您查看我們在收益信中放置的圖表（其中包含每週增長率）時，您可以看到它是多麼穩定。

And we're just continuing to work away on all the things that we've always done.

我們只是繼續致力於我們一直在做的所有事情。

And what's wonderful is the Internet entertainment market is just growing.

令人驚訝的是，網路娛樂市場正在不斷成長。

So we're continuing to fulfill a need that we see.

因此，我們將繼續滿足我們所看到的需求。

Spencer, do you want to add anything?

史賓塞，你想補充什麼嗎？

And Eric, if I can just add a little bit more color to Reed's comments, I would say the other facet I would highlight is the strength in membership growth was really broad-based geographically.

艾瑞克（Eric），如果我能為里德的評論添加更多色彩的話，我會說我要強調的另一個方面是會員增長的力量在地理上確實具有廣泛的基礎。

So really thrilled with the progress we're seeing in the international segment.

我們對國際領域所取得的進展感到非常興奮。

And again, that's not any one single territory or any one single country, but really broad-based.

再說一遍，這不是任何一個單一的領土或任何一個單一的國家，而是基礎廣泛的。

And I think that reflects the global nature of the secular drivers that we have, which is adoption of broadband globally and the adoption of on-demand entertainment globally.

我認為這反映了我們所擁有的長期驅動因素的全球性，即全球寬頻的採用和全球隨選娛樂的採用。

And maybe following up on that, is there anything -- and maybe this is for a combination of Reed and Ted, was there anything on the local language front?

也許接下來，有什麼事情嗎？也許這是里德和特德的組合，有關於當地語言的事情嗎？

I know that is a piece that we've talked about on prior earnings videos about how local language content is driving adoption of the product on a global scale.

我知道我們在之前的財報影片中討論過關於本地語言內容如何推動該產品在全球範圍內採用的內容。

Anything to call out there you saw in the quarter that should portend well for 2019?

您在本季看到的任何預示著 2019 年良好前景的事情有哪些？

I'd say one thing, this quarter has been incredibly exciting in the things that are playing out, and you see the numbers of -- when you see a big number like Bird Box and You -- these shows are playing incredibly globally.

我想說一件事，這個季度正在上演的事情非常令人興奮，當你看到像 Bird Box 和 You 這樣的大量節目時，你會看到這些節目在全球範圍內的播放令人難以置信。

So it's an interesting thing when you can tap into the global zeitgeist, which is something which gets me very excited about the potential scale of the content business when the world is excited about something.

因此，當你能夠利用全球時代精神時，這是一件有趣的事情，當世界對某件事感到興奮時，這讓我對內容業務的潛在規模感到非常興奮。

And then on the local language side shows like Elite that can play very, very strong in their home country, like in Spain, but also play really well throughout the Spanish-speaking world and, ultimately, through the entire world.

然後在本地語言方面，像《Elite》這樣的節目可以在自己的祖國（例如西班牙）發揮非常非常強大的作用，但在整個西班牙語世界甚至整個世界也表現得非常好。

And it's our ability to create hits and create movie stars and TV stars from anywhere in the world for the rest of the world is something that we've really been working hard at and have been incredibly enthused by the results in Q4 and how it's looking in Q1.

我們有能力為世界其他地方創造熱門影片並創造電影明星和電視明星，這是我們一直在努力的事情，並且對第四季度的結果及其外觀感到非常興奮在第一季。

Maybe going back to something that's in the release that was also talked about in the press earlier this week that you're going to be raising price in Q1 in the U.S. market.

也許回到本週早些時候媒體所討論的新聞稿中的內容，即您將在美國市場的第一季提高價格。

Always curious what goes into the thought process around raising price on the service, how confident you are that customers are ready to absorb a higher price for the service when you look out.

總是好奇提高服務價格的思考過程是怎樣的，當你觀察時，你對客戶準備好接受更高價格的服務有多大信心。

So maybe, Reed, I could start with your perspective on how you think about pricing the product in the marketplace and what it means for subscriber momentum going forward?

所以，里德，我可以先談談您對市場上產品定價的看法，以及這對未來訂閱者動力意味著什麼？

Greg, I'll punt to you.

格雷格，我會向你踢球。

Sure.

當然。

I think, the model we've got is a fairly simplistic one where we think our job is to effectively invest the money that our subscribers give us every month, so that we can give them incredible content and a better and better product experience.

我認為，我們的模式相當簡單，我們認為我們的工作是有效地投資訂閱者每月給我們的錢，這樣我們就可以為他們提供令人難以置信的內容和越來越好的產品體驗。

And if we do that well, we create more value for our subscribers and then occasionally, we'll come to them and will ask for a little bit more money, so that we can actually start that next cycle of investment.

如果我們做得好，我們就會為訂閱者創造更多價值，然後偶爾我們會去找他們，要求多一點錢，這樣我們就可以真正開始下一個投資週期。

And so that's the overarching framework.

這就是總體框架。

And then we look at the engagement levels and a bunch of other things trying to understand what our pricing should be, and generally we've seen that those are pretty accurate and the price changes that we've done are rolling out as expected.

然後我們查看參與度和一系列其他因素，試圖了解我們的定價應該是多少，一般來說，我們已經看到這些非常準確，我們所做的價格變化正在按預期推出。

Well, I want to follow up with you, Greg, with this because if you look versus a year ago, tremendous level of push on the personalization side in the service, more focus on mobile on the product side as you've looked out over the last 12 months.

好吧，格雷格，我想跟進你的情況，因為如果你看看與一年前相比，服務中個性化方面的巨大推動力，產品方面的移動更加關注，正如你所看到的那樣過去12 個月。

Were those some of the things you saw that allowed you to see either higher engagement, new use cases emerging along the subscriber base?

您看到的這些事情是否讓您看到了更高的參與度、用戶群中出現的新用例？

But what did you see in some of those product developments that fed into maybe a pricing discussion?

但是，您在可能引發定價討論的一些產品開發中看到了什麼？

I would say -- I wouldn't tie them so directly.

我想說——我不會把它們綁得這麼直接。

I mean, we're generally trying to think about every way we can make the product experience better for our members around the world.

我的意思是，我們通常會嘗試思考各種可以為世界各地的會員提供更好產品體驗的方法。

That's mobile changes where we give them a higher quality experience.

這就是行動裝置的變化，我們為他們提供了更高品質的體驗。

We also do things like we give them previews and the ability to sort of like user sampling of content ahead of time to understand what's coming to the service as well as things that you mentioned like increasing.

我們也做一些事情，例如給他們預覽，以及提前對內容進行用戶採樣，以了解服務即將推出的內容以及您提到的增加的內容。

Well, we think about is more like how do we tell a story about each of the story.

那麼，我們思考的更像是我們如何講述每個故事的故事。

So when we have a new show coming on, how do effectively communicate what we think is going to be relevant to each of our subscribers in a strong way, so they can get excited about those shows as well.

因此，當我們有一個新節目即將推出時，如何以強大的方式有效地傳達我們認為與每個訂閱者相關的內容，以便他們也能對這些節目感到興奮。

So those dimensions and really many, many others we just constantly investing.

因此，我們不斷投資這些維度以及許多其他維度。

And we don't really think about it we're doing those things, so we can increase price.

我們並沒有真正考慮過我們正在做這些事情，所以我們可以提高價格。

We're doing those things to create more fun and excitement for our members.

我們做這些事情是為了給我們的會員帶來更多的樂趣和興奮。

And if they have a great time, then we'll be able to invest more in content and making more product experience benefits.

如果他們玩得很開心，那麼我們就能夠在內容上投入更多，並獲得更多的產品體驗優勢。

Maybe just one more for you, Greg, before moving on.

格雷格，在繼續之前，也許再給你一份。

One of the things we noticed in the quarter was Netflix moved up the app download charts with respect to mobile smartphones in the iOS world.

本季我們注意到的一件事是 Netflix 在 iOS 領域的行動智慧型手機應用程式下載排行榜上取得了上升。

Always been a very downloaded app on the iPad front and the tablet front and Smart TVs.

一直是 iPad、平板電腦和智慧型電視上下載次數最多的應用程式。

Was there anything you guys did in terms of either pivoting the business more towards phone in the quarter to start 2019?

在 2019 年開始的季度中，你們在將業務更多地轉向手機方面做了什麼嗎？

Is there anything on the product side you want to call out?

在產品方面有什麼想要強調的嗎？

Because it seems like a pretty pronounced change in some of the data we're trying to analyze.

因為我們試圖分析的一些數據似乎發生了相當明顯的變化。

Yes.

是的。

Nothing really specific.

沒什麼具體的。

And I think it really speaks more to just a general relevance that the application has.

我認為它確實更多地說明了應用程式具有的一般相關性。

And as you see us sort of accelerate in terms of subscriber additions and more members around the world using the service, those members are using it on mobile in large part as well.

正如您所看到的，我們在訂閱者增加方面有所加速，並且世界各地有更多會員使用該服務，這些會員也在很大程度上在行動裝置上使用它。

And so we just see an increased rate of download.

所以我們只是看到下載率的增加。

That's what we think is happening there.

這就是我們認為那裡正在發生的事情。

Okay.

好的。

Ted, following up on what Greg just said there, with the price increase going through and there's been other jurisdictions when you put price increases through and talking around similar frameworks to margins and free cash flow than you would talk about it previously, I think the natural conclusion some of us had is the incremental investment dollar is going into content.

泰德，跟進格雷格剛才所說的，隨著價格上漲，還有其他司法管轄區，當你通過價格上漲並談論與你之前談論的類似的利潤率和自由現金流框架時，我認為我們中的一些人自然得出的結論是，增量投資正在進入內容領域。

So Ted, help us understand what is an incremental dollar that's being generated by the business going into the content side?

那麼，泰德，請幫助我們了解進入內容方面的業務所產生的增量資金是多少？

And how should we think about content investments in 2019 versus 2018?

與 2018 年相比，我們該如何看待 2019 年的內容投資？

I think Reed said it right, it's more of the same but on a continued larger scale.

我認為里德說得對，它更多的是相同的，但規模更大。

So we -- the level of investment that we're doing in our original film space, it definitely changes the economics in terms of licensing films in later windows versus producing films which is a more kind of front-loaded cash activity, but has a much better payback for us.

所以我們——我們在原創電影領域所做的投資水平，它肯定會改變後期窗口許可電影與製作電影方面的經濟學，後者是一種更多的前期現金活動，但具有為我們帶來更好的回報。

And when you have something like Bird Box, the ability to invest in the next one is just all the greater.

當你擁有像 Bird Box 這樣的產品時，投資下一個產品的能力就更大了。

And I think in local language content investments improved -- continuing to improve the markets that are emerging for us, both in markets that scale around everyone kind of like some of the same things and other markets are more unique content taste like in Korea and Japan and India, where we're able to be much more fine-tuned about what we're offering those markets as well.

我認為在本地語言內容方面的投資得到了改善——繼續改善我們正在出現的市場，無論是在圍繞每個人擴展的市場中，都有點像一些相同的東西，而其他市場則有更獨特的內容味道，例如韓國和日本印度，我們也能夠對我們向這些市場提供的產品進行更加微調。

And Eric, just to add on, specifically to narrowly answer your question on content spend for 2019.

艾瑞克（Eric）補充一下，專門回答您關於 2019 年內容支出的問題。

We're not giving individual expense line item guidance, but I will say that it was $7.5 billion in content amortization in 2018, and I think you can obviously expect that to grow.

我們沒有提供個人費用項目指導，但我想說的是，2018 年的內容攤銷為 75 億美元，我認為您顯然可以預期這一數字會成長。

This trajectory should be pretty similar.

這個軌跡應該會很相似。

But the other thing to bear in mind is that we've also committed to growing the operating margin as well in 2019 by about 300 basis points year-over-year to 13%.

但要記住的另一件事是，我們也致力於將 2019 年的營業利潤率年增約 300 個基點，達到 13%。

So those all work together, so you'll see improved margin, but also higher content spend as well.

因此，所有這些都協同工作，因此您會看到利潤率提高，但內容支出也會增加。

We do see that payback, Eric.

我們確實看到了回報，埃里克。

And as Greg mentioned earlier, in increased engagement, so which again continuing the virtuous cycle where you've got the more investment you're putting in, the more people are finding content that they love and the more they have value in the service.

正如格雷格之前提到的，透過增加參與度，從而再次延續良性循環，您投入的投資越多，就越多的人找到他們喜歡的內容，他們在服務中的價值就越高。

Well, speaking to a higher engagement, I think in reading the release, I was legitimately stunned that there was more viewership data in this release than I'd seen in the Netflix release in a while.

好吧，談到更高的參與度，我認為在閱讀該版本時，我理所當然地感到震驚，因為該版本中的收視率數據比我在一段時間內在 Netflix 版本中看到的還要多。

I guess, obviously, probably a lot of content that outperformed maybe expectations.

我想，顯然，可能有很多內容超出了預期。

But what drove some of the new sort of qualitative and quantitative commentary in this shareholder letter around engagement and viewership around key pieces of property?

但是，是什麼推動了這封股東信中關於關鍵財產的參與度和收視率的一些新的定性和定量評論？

I would look at it like these are less financial metrics as they are cultural metric.

我認為這些不是財務指標，而是文化指標。

So what does it mean when 80 million households are watching -- watched Bird Box?

那麼，當 8,000 萬個家庭正在觀看 Bird Box 時，這意味著什麼？

Well, culturally, it means exactly the same thing as 80 million-plus people buying a movie ticket to seeing it or 80 million households watching a TV show.

嗯，從文化上來說，這與 8000 萬以上的人購買電影票觀看電影或 8000 萬家庭觀看電視節目的含義完全相同。

And so culturally, it's meaningfully out there.

因此從文化上來說，它是有意義的。

People are talking about it, Tweeting about it, posting about it, challenging each other to do different things, which we want people to be very careful when they do.

人們正在談論它，發推文，發帖，互相挑戰去做不同的事情，我們希望人們在做這些事情時要非常小心。

But what's important is that for part of your Netflix subscription, you're in the zeitgeist.

但重要的是，對於您的 Netflix 訂閱的一部分，您將處於時代精神之中。

You get -- you're watching the programming that the rest of the world is loving at the same time.

你會得到——你正在觀看世界其他地方同時喜愛的節目。

So that's -- so we gave you some numbers out to give you some sense of the scale and the scope of it.

所以我們給了你們一些數字，讓你們了解它的規模和範圍。

I think it's important for artists to understand -- to have the audience also understand the size of the reach of their work.

我認為對藝術家來說，理解很重要——讓觀眾也能理解他們作品的影響力。

So that's why you'll see us ramping up a little bit more and more and giving out -- sharing a little more of that information.

這就是為什麼你會看到我們越來越增加並分享更多的資訊。

And then, Eric, on the -- we also included this analysis, the total TV entertainment market in the United States.

然後，艾瑞克，我們也納入了美國整個電視娛樂市場的分析。

Just to point out how large a market that is, about 1 billion hours a day enjoying television, again gaming platforms, linear, DVD, Netflix, everything.

只是為了指出這個市場有多大，每天大約有 10 億小時享受電視、遊戲平台、線性電影、DVD、Netflix 等一切。

And we're running about 10% of that.

我們正在運行其中的大約 10%。

So it's just a very large and fragmented market.

所以這是一個非常大且分散的市場。

There are some incredible set of broad uses.

有一些令人難以置信的廣泛用途。

And we did it on television because television is 100% entertainment time whereas mobile phones and laptops are some percent entertainment and some percent work and communication activities.

我們在電視上做到了這一點，因為電視是 100% 的娛樂時間，而手機和筆記型電腦則部分用於娛樂，部分用於工作和通訊活動。

So that's just -- it sets a broad contest.

所以這只是——它引發了一場廣泛的競爭。

In other nations, we're a smaller percentage of the total TV viewing because we're less penetrated, but 10% is a great mark for us.

在其他國家，我們在電視總收視率中所佔的比例較小，因為我們的滲透率較低，但 10% 對我們來說已經是一個很好的成績了。

Eric, I also think it's a good data point around the fact that we are growing the entertainment business.

艾瑞克，我還認為這是一個很好的數據點，說明我們正在發展娛樂業務。

So the idea that it's good for the industry to know, it's good for the creative community to know, it's good for fans to know that we're -- at a time when we're growing big audience films like that the box office by way of example the North American box office has grown in the fourth quarter.

因此，這樣的想法是，讓整個行業知道，讓創意界知道，讓粉絲知道我們是有好處的——在我們正在增加大量觀眾電影的時候，就像票房一樣例如，北美票房在第四季度有所增長。

So -- and in fact, it had some records.

所以——事實上，它有一些記錄。

So I think it's a very exciting time, and we thought it would be a good idea to give you some idea of the scale of that and how to put it in context.

所以我認為這是一個非常激動人心的時刻，我們認為讓您了解其規模以及如何將其置於背景中是一個好主意。

No doubt driven by the theatrical editions of Roma.

毫無疑問是受到劇場版《羅馬》的推動。

Yes, yes.

是的是的。

Maybe going back to the product side.

也許回到產品方面。

And, Greg, when you hear about the engagement you're seeing and the content success of the platform, help us understand a little bit of how the product might evolve.

而且，格雷格，當您聽到您所看到的參與度以及平台內容的成功時，請幫助我們了解產品可能如何發展。

I mean, I think one of the most unique things in the quarter was the interactivity of the Black Mirror product.

我的意思是，我認為本季最獨特的事情之一是黑鏡產品的互動性。

Would love to talk about both the product side within Netflix and then on the content creation side as Ted talks to content partners about how that interactivity is something new, interesting, it might spur engagement, product development and content relationships.

我很想談談 Netflix 內部的產品方面，然後是內容創作方面，因為 Ted 與內容合作夥伴談論了互動性如何是新的、有趣的，它可能會刺激參與度、產品開發和內容關係。

Yes.

是的。

I think it's a great example of us trying to take a technical capability and the flexibility of our distribution platform and trying to figure out how do we use those things to innovate online storytelling in a storytelling format.

我認為這是一個很好的例子，我們試圖利用我們的分發平台的技術能力和靈活性，並試圖弄清楚如何使用這些東西以講故事的形式創新在線講故事。

And it's super exciting to be able to do that in a way which, to your point, drives more engagement.

就您而言，能夠以一種推動更多參與的方式做到這一點是非常令人興奮的。

We're definitely seeing that with Black Mirror: Bandersnatch.

我們在《黑鏡：潘達斯奈基》中肯定看到了這一點。

But also as it sort of extends the pallet and the portfolio, the tool set that the storytellers that we're going to be working with in the years to come have to tell their stories in the most compelling way.

但隨著它在某種程度上擴展了托盤和產品組合，我們在未來幾年將與之合作的故事講述者必須以最引人注目的方式講述他們的故事。

So been super excited about it.

所以對此感到非常興奮。

And you should anticipate we'll do more of those as we start to explore that format.

您應該預料到，當我們開始探索這種格式時，我們會做更多這樣的事情。

And then I'll turn it over to Ted to talk about it from a content perspective.

然後我會把它交給 Ted 從內容的角度來談論它。

Yes.

是的。

I will just say there's been a few false starts on interactive storytelling in the last couple of decades.

我只想說，在過去的幾十年裡，互動式說故事出現了一些錯誤的開始。

And I would tell you that this one has got storytellers salivating about the possibilities.

我想告訴你，這讓說故事的人對這種可能性垂涎欲滴。

So we've been talking to a lot of folks about it.

所以我們一直在跟很多人討論這個問題。

And we're trying to figure it out, too.

我們也在努力解決這個問題。

Meaning, is it novel, does it fit so perfectly in the Black Mirror world that it doesn't -- it isn't a great indicator for how to do it.

意思是，它是否新穎，是否非常適合《黑鏡》世界，以至於它不適合——這並不是一個很好的指示如何做到這一點的指標。

But we've got a hunch that it works across all kinds of storytelling.

但我們有一種預感，它適用於所有類型的故事敘述。

And some of the greatest storytellers in the world are excited to dig into it.

世界上一些最偉大的故事講述者很高興能夠深入研究它。

To give you some sense, that's over 5 hours of content that's produced for that episode for people to choose their own paths, and there's countless ways that they could go and end up with, and that is an incredible challenge and usually an exciting thing that differentiates Netflix for creators.

為了給你一些感覺，這是為該集製作的超過5 個小時的內容，供人們選擇自己的道路，他們可以選擇並最終採取無數種方式，這是一個令人難以置信的挑戰，通常也是一件令人興奮的事情Netflix 讓創作者脫穎而出。

And I think in that challenge is also an opportunity, right.

我認為挑戰也是機遇，對吧。

It's an opportunity to bring technology to bear to create a tool set for creators to make that process easier and more effective.

這是一個利用科技為創作者創建工具集的機會，使這一過程變得更容易、更有效。

Right.

正確的。

Eric, there is one piece of data that didn't make the release, and that's what percentage of people chose Frosties versus Sugar Puffs.

埃里克，有一項數據沒有發布，那就是選擇 Frosties 和 Sugar Puffs 的人的百分比。

I think the answer is 73% for the Frosties.

我認為對於 Frosties 來說，答案是 73%。

That's the level of data transparency we've not seen with our content yet.

這是我們的內容尚未達到的數據透明度水準。

The most critical data point in the quarter.

本季最關鍵的數據點。

Completely anecdotal, but the Sheridan house picked Frosties multiple times.

完全是軼事，但謝裡登家族多次選擇了弗羅斯蒂。

So we fed into those numbers, my wife and I. Let's bring it all together now that we've talked a little bit about a price increase, subscriber trends, how money gets reinvested back in the content.

因此，我和我的妻子都輸入了這些數字。既然我們已經討論了一些價格上漲、訂戶趨勢以及如何將資金重新投資到內容中，那麼現在讓我們將所有這些數字匯總起來。

Spence, I'd love to turn to you and say when you think about the free cash flow profile of the business, some of the commentary in the letter around improving free cash flow from 2019 and beyond.

Spence，當您考慮公司的自由現金流狀況時，我很想告訴您信中關於改善 2019 年及以後自由現金流的一些評論。

How do you think about funding the business, the approach the business has always taken to the capital markets.

您如何看待為企業提供資金的問題，這是企業在資本市場上一直採取的方式。

Any perspective you have that you think might be different than in the past or do you think it's going to be steady as it goes?

您認為任何觀點可能與過去不同，或者您認為它會保持穩定嗎？

How are you thinking about sort of the funding of capital structure side of the equation, albeit new to the role?

儘管對這個角色來說是個新角色，但您如何看待等式中資本結構的融資？

Sure.

當然。

So well, first, we feel great about our content investment.

那麼，首先，我們對我們的內容投資感覺很好。

It really is investment that is -- even as you -- as we talked about those viewing numbers and characteristics, that speaks to, at some degree, the return on those content investments, the return on that capital.

這確實是投資——即使像你一樣——正如我們所討論的觀看次數和特徵一樣，在某種程度上，這說明了這些內容投資的回報，即資本的回報。

We feel really good about that as obviously the move to more owned content and production has pulled forward some of that spend relative to the former operating model of the predominantly licensed model.

我們對此感覺非常好，因為顯然，相對於以前主要授權模式的運營模式，轉向更多自有內容和製作已經提前了一些支出。

So that has put pressure on the cash flows of the business and cash needs of the business over the past few years.

因此，這給過去幾年的業務現金流和業務現金需求帶來了壓力。

But what you saw on the letters, that we -- the negative cash flow in the business of roughly $3 billion 2018, we're predicting sort of similar levels in 2019 and then to meaningfully improve that trajectory going forward.

但你在信中看到，2018 年業務中的負現金流約為 30 億美元，我們預測 2019 年會出現類似的水平，然後有意義地改善未來的發展軌跡。

So that comes with driving the subscribers in the business, driving the revenues, driving the -- scaling the margins in the business as we've committed to from just 4% a couple of years ago to 10% last year and committing to 13% operating margins in 2019 and beyond.

因此，這伴隨著推動業務訂戶數量、推動收入、推動——擴大業務利潤率，正如我們承諾的那樣，從幾年前的 4% 提高到去年的 10%，並承諾達到 13% 2019 年及以後的營業利益率。

So this is a business with characteristics that certainly allow for very healthy operating margins going forward.

因此，這是一項具有一定特徵的業務，可以保證未來非常健康的營業利潤率。

You can look at almost any benchmark of a comparable type of company.

您幾乎可以查看同類公司的任何基準。

And so we feel very good about the operating leverage in the business long term.

因此，我們對業務的長期營運槓桿感到非常滿意。

Ultimately, turning that into a much more positive contributor and conversion into cash flow.

最終，將其轉化為更積極的貢獻者並轉化為現金流。

And ultimately, our aspiration is to be self-funding, and we believe we will do that over time with these content investments.

最終，我們的願望是自籌資金，我們相信隨著時間的推移，我們將透過這些內容投資來實現這一目標。

In the interim, as we continue to need to access the markets, I don't foresee any change to our approach.

在此期間，由於我們繼續需要進入市場，我預計我們的方法不會發生任何變化。

We've talked about the fact that we've accessed the debt markets to do that, and we'll continue to do so.

我們已經討論過我們已經進入債務市場來做到這一點，我們將繼續這樣做。

We think that, that is the optimal cost of financing and funding to-date, and we'll continue to pursue that path.

我們認為，這是迄今為止融資和融資的最佳成本，我們將繼續沿著這條道路走下去。

Great.

偉大的。

To back on the price increase and the subscriber forecast for Q1, just wanted to make sure there's a clarification point.

為了支持第一季的價格上漲和訂戶預測，我只是想確保有一個澄清點。

Number one, in the shareholder letter, you talked about the price increase going into effect during Q1 and Q2.

第一，在股東信中，您談到了第一季和第二季生效的價格上漲。

If I remember correctly, the last time there was a price increase, it went into effect over a 12-month period.

如果我沒記錯的話，上次漲價是在 12 個月的時間內生效的。

Maybe just to understand a little bit what the mechanics are of the price increase so people can understand some of the decision process behind that, maybe how it flows through the numbers in the first half of 2019.

也許只是為了稍微了解一下價格上漲的機制，這樣人們就可以了解背後的一些決策過程，也許它是如何在 2019 年上半年的數字中流動的。

Sure.

當然。

I can take that, Eric.

我可以接受，艾瑞克。

So with respect to the price changes, in the U.S., the new pricing goes into effect for new members, existing members will be phased in over the next several months.

因此，關於價格變化，在美國，新定價對新會員生效，現有會員將在未來幾個月內分階段實施。

So you'll see that impact over the course of the year.

因此，您將在這一年中看到這種影響。

And what that means is that will obviously impact the rate of net additions growth in the first half of the year.

這意味著這將明顯影響上半年淨新增成長率。

But commensurately, you also see ASP domestically improve over the course of the year, and that's what we think will drive an acceleration in revenue growth over the course of 2019, and that's what will also, we believe, drive operating margin higher sequentially over the course of the year to enable us to hit that 13% target for the full year.

但相應地，您也可以看到今年國內平均售價有所提高，我們認為這將推動 2019 年收入加速成長，我們相信這也將推動營運利潤率在 2019 年連續上升。使我們能夠實現全年13% 的目標。

Maybe one follow-up that came through from investors just thinking through the price increases that was reported in -- or speculated in the press for the last couple days was how it might inform forward subscriber guidance.

也許投資者只是思考過去幾天報道或媒體猜測的價格上漲，而得出的一個後續結論是，它如何為前瞻性訂戶指導提供資訊。

It looks like you're talking about U.S. paid net additions at a pretty similar level in Q1 versus Q4 and yet you are putting a price increase in place.

看來您正在談論美國第一季與第四季度的付費淨增加水準非常相似，但您卻實施了價格上漲。

The last time you did that, there was a fair bit of conservatism in the forward guide.

上次你這樣做時，前進指南中有相當多的保守主義。

How should we reconcile maybe the framework for guidance versus the price increase going into the marketplace?

我們該如何協調指導框架與進入市場的價格上漲之間的關係？

How should investors interpret that?

投資人該如何解讀？

Sure, Eric.

當然，埃里克。

I would say there's no change in terms of the guidance philosophy.

我想說指導理念沒有改變。

And as we write every quarter, our approach is to strive for accuracy in our guidance forecast.

正如我們每個季度所寫的那樣，我們的方法是努力確保指導預測的準確性。

And to do that, we take into account all the known variables that we're aware of when we start guidance.

為此，我們在開始指導時會考慮所有已知的變數。

So it really is our best guess.

所以這確實是我們最好的猜測。

And we're not, by design, trying to be overly conservative or overly aggressive, and we're really trying to be accurate with it.

從設計上來說，我們並不想過於保守或過於激進，而且我們確實在努力做到準確。

So that's the color I'd provide you with respect to that question.

這就是我針對這個問題向您提供的顏色。

Great.

偉大的。

2018, which we talked about in the last interview and it's been a topic through the year, was a year you've framed as a company of testing and learning on the marketing front, possibly pivoting away from fewer subscriber acquisition, pivoting more towards spending money on the marketing side against your brand individual pieces of content.

2018 年，我們在上次採訪中談到過，它一直是全年的一個話題，是您將公司定位為在營銷方面進行測試和學習的一年，可能會從減少訂閱者獲取轉向更多地轉向支出行銷方面的資金針對您品牌的各個內容。

What did you, as a company, learn this year as you went through that process about the way to allocate marketing dollars on a global scale to arrive at the most optimum outcome of subscriber additions, promoting brand, promoting content, driving engagement?

作為一家公司，今年，當您經歷瞭如何在全球範圍內分配行銷資金以達到增加用戶、推廣品牌、推廣內容、提高參與度的最佳結果時，您學到了什麼？

And how should we apply those lessons as we think out to the way marketing might be sort of traject through 2019 and beyond?

當我們思考 2019 年及以後的行銷軌跡時，我們該如何應用這些經驗教訓？

Almost all of our investments are around promoting these incredible new titles we have like Bird Box.

我們幾乎所有的投資都是為了推廣這些令人難以置信的新遊戲，例如《Bird Box》。

So that's our primary focus, at least on the paid marketing side.

所以這是我們的主要關注點，至少在付費行銷方面是如此。

On the earned media side, it's broad, and then we have some straight acquisition-targeted marketing that we also spend.

在贏得媒體方面，它的範圍很廣，然後我們也進行了一些直接以收購為目標的行銷。

But the bulk of it is around promoting the incredible new titles and getting them broadly launched.

但其中大部分是圍繞推廣令人難以置信的新遊戲並讓它們廣泛發布。

Great.

偉大的。

And Greg, maybe following up with you.

格雷格，也許會跟進你。

When -- not just when you think about marketing dollars but also when you think about distributing the product broadly, I think this was a year, 2018, where you struck a lot of partnerships to help on the distribution front.

當——不僅是當你考慮行銷資金時，而且當你考慮廣泛分銷產品時，我認為在 2018 年，你建立了很多合作夥伴關係，以在分銷方面提供幫助。

I'd love to start with Greg, but loved to have anyone chime in that feels they should on what some of those partnerships brought to the platform in 2018, how you think some of those partnerships are set up to aid platform awareness and distribution in 2019 and beyond and how you think about the scalability for more of those partnerships when you look out over the next couple of years?

我很想從Greg 開始，但也希望有任何人能夠插話，談談其中一些合作夥伴關係在2018 年給平台帶來了什麼，您認為其中一些合作夥伴關係是如何建立的，以幫助平台認知度和分銷。2019 年及以後，當您展望未來幾年時，您如何看待更多此類合作夥伴關係的可擴展性？

Sure.

當然。

I think as someone who has been here for a decade plus, it's sort of pulling that long thread of increasing increasingly using partners in different ways to promote the service and to make it easier for members and members to be to sign up.

我認為，作為一個已經在這裡工作了十多年的人，這有點像拉長線，以不同的方式越來越多地使用合作夥伴來推廣服務，並使會員和會員更容易註冊。

So we've been doing partners for a long, long time.

所以我們已經做了很長一段時間的合作夥伴。

It's been this march from integration on devices and just make that a point to engage with the service, doing things like billing on behalf of, or we do billing integration.

從設備上的整合開始，我們就將這一點作為與服務互動的一個點，做一些事情，例如代表計費，或者我們進行計費整合。

And now the latest sort of iteration that we're working with is this bundling model, right.

現在我們正在使用的最新迭代就是這種捆綁模型，對吧。

And so we're early on in that process, but I would say we're quite excited by the results that we're seeing.

因此，我們還處於這個過程的早期階段，但我想說，我們對所看到的結果感到非常興奮。

And I think mostly it's because we believe it allows us to access a segment of consumers who are big entertainment fans, but maybe they're not as sort of technology forward or early adopters.

我認為這主要是因為我們相信它可以讓我們接觸到一群超級娛樂迷的消費者，但也許他們並不是技術進步者或早期採用者。

And so they haven't signed up with us directly.

所以他們沒有直接與我們簽約。

And so by putting Netflix on a set-top box which they're using to access a bunch of other video content and by including the Netflix subscription in a package of either their mobile subscription or pay-TV subscription, we can make it just super, super simple for those folks to get to know Netflix and to enjoy the kind of big shows that we're seeing like Bird Box, et cetera.

因此，透過將 Netflix 放在機上盒上，他們用它來存取大量其他影片內容，並將 Netflix 訂閱包含在他們的行動訂閱或付費電視訂閱方案中，我們可以使其變得超級，對於那些人來說，了解Netflix 並欣賞我們正在觀看的大型節目（如Bird Box 等）非常簡單。

So I would anticipate we'll do more of those.

所以我預計我們會做更多這樣的事。

We rolled out Sky and free in Europe this quarter, and we've got more to come.

本季我們在歐洲推出了 Sky 服務並免費推出，我們還會推出更多服務。

But also worth noting that we're going to grow that segment of the business, but it's small in terms of acquisition impact.

但同樣值得注意的是，我們將擴大該業務部分，但就收購影響而言，它很小。

It's nice supplemental channel, but it's small relative to the total organic subscriber acquisition that we have.

這是一個很好的補充管道，但相對於我們擁有的有機訂閱者總數而言，它很小。

I could add back to your last question, Eric.

我可以補充你的最後一個問題，艾瑞克。

Those distribution partners turned out to be great promoters of our content brands as well.

事實證明，這些分銷合作夥伴也是我們內容品牌的重要推動者。

And maybe one follow-up.

也許還有一個後續行動。

When you do those partnerships, has there been one avenue that's moved the needle more than another whether it's in the home broadband space partnering with infrastructure companies?

當您建立這些合作關係時，是否有一種途徑比另一種途徑更能發揮作用，無論是在家庭寬頻領域與基礎設施公司合作？

Or on the multiple telephony front in promoting mobile usage and mobile engagement in the platform?

或在多電話方面促進平台中的行動使用和行動參與？

Or have you seen roughly similar results irrespective of the type of partner?

或者無論合作夥伴類型如何，您都看到了大致相似的結果？

Yes.

是的。

I would say every market is different, every partner is different in terms of their goals and what their -- the message that they're communicating to their subscribers and how we can link that message with what the Netflix message as well.

我想說，每個市場都是不同的，每個合作夥伴的目標和他們向訂閱者傳達的訊息以及我們如何將訊息與 Netflix 訊息聯繫起來的訊息都是不同的。

But not -- so nothing stands out thematically or sort of a general trend that I would say.

但事實並非如此——所以我想說，在主題或整體趨勢上沒有什麼突出的地方。

But each one is incremental, and so we look to do more of all kinds.

但每一項都是漸進的，因此我們希望在各種方面做更多的事情。

Maybe going back to the shareholder letter.

也許回到股東信。

One phrase in the shareholder letter that, Ted, I wanted to ask you about, the phrase less focused on second-run programming.

泰德，我想問你的是股東信中的一個短語，這個短語不太關注第二輪編程。

I think one of the big investor debates and questions around Netflix becomes what happens to licensed content that may come off the platform in 2019 and beyond, how you plan for that content coming off the platform, what it means for investments, what it needs for engagement.

我認為圍繞Netflix 的重大投資者辯論和問題之一是，2019 年及以後可能從該平台上發布的授權內容會發生什麼情況、您如何計劃從平台上發布的內容、這對投資意味著什麼、它需要什麼訂婚。

Maybe reflect upon that statement in the shareholder letter and how it informs maybe the mix shift or the planning process for content as you look out to 2019 and beyond?

或許可以反思股東信中的聲明，以及它如何影響您展望 2019 年及以後的內容組合轉變或規劃流程？

Well, most of the sizes in deals are multiyear.

嗯，大多數交易規模都是多年期的。

So I think that gets caught up in our long-term content commitments.

所以我認為這與我們的長期內容承諾有關。

That's all part of those -- that content.

這就是這些內容的一部分。

Remember, our early investment in doing original content, about 6 years ago, was betting that this would be there would come a day when the studios and networks may opt not to license us content in favor of maybe creating their own services, which was -- that's a corner that I'm glad we saw around a few years ago.

請記住，大約 6 年前，我們對原創內容的早期投資是押注有一天，工作室和網絡可能會選擇不向我們授予內容許可，轉而創建自己的服務，即 - - 我很高興我們幾年前就看到這個角落。

And today, I'd say the vast majority of the content that's watched on Netflix are our original content brands.

今天，我想說，在 Netflix 上觀看的絕大多數內容都是我們的原創內容品牌。

We do license a lot of second-run content.

我們確實授權了許多二次運行的內容。

And in that, we have a lot of episodes.

在這方面，我們有很多情節。

So we have shows like Grey's Anatomy or Friends.

所以我們有像《實習醫生格蕾》或《老友記》這樣的節目。

We have hundreds of episodes.

我們有數百集。

That's a lot of hours that -- of watching.

這是很多小時的觀看時間。

But if you stack all those, all the viewing, sort of like a top 50 or a top 25 most-watched shows by season or by series, it's dominated primarily by our original content brands.

但如果你把所有這些、所有觀看次數疊加起來，就像按季節或系列排列的前 50 名或前 25 名收視率最高的節目，它主要由我們的原創內容品牌主導。

We are still a buyer in that second-run market.

我們仍然是二輪市場的買家。

We're both a pre-buyer, meaning buying it before the shows come out and sometimes an aftermarket buyer.

我們都是預購者，這意味著在演出開始前購買，有時也是售後買家。

But it really is up to the sellers whether or not they want to continue to sell.

但是否繼續出售實際上取決於賣家。

And adding to Ted's comments, the top brands that we have being originals like Bird Box are phenomenal and unscripted now.

除了 Ted 的評論之外，我們擁有的像 Bird Box 這樣的原創頂級品牌現在已經是現象級的、即興的。

It's our first category where majority of the viewing is branded original.

這是我們的第一個類別，其中大部分觀看內容都是原創的。

In the other categories, we're climbing.

在其他類別中，我們正在攀登。

Not yet at a majority, but on track for it.

尚未達到多數，但有望實現這一目標。

And 2 years ago, we didn't have any original unscripted content at all.

而兩年前，我們根本沒有任何原創的無劇本內容。

So that's how fast that those moves can take place.

這就是這些動作發生的速度。

And Eric, we've also said we're not overly dependent on any one single piece of content as well.

艾瑞克，我們也說過我們也不會過度依賴任何一項內容。

So the view is quite diverse.

所以觀點是相當多元化的。

And as Ted...

而正如特德...

That's true of our originals as well.

我們的原創也是如此。

Right.

正確的。

And as Ted mentioned, all these license deals are staggered in sort of waterfall in over a period of time.

正如泰德所提到的，所有這些許可交易都是在一段時間內以瀑布式的方式交錯進行的。

So there's no sort of cliff there.

所以那裡不存在懸崖。

Waterfall and cliff, right?

瀑布和懸崖，對嗎？

I'm on a roll.

我很高興。

Go ahead.

前進。

Maybe following up one more piece of the content side.

也許會跟進內容方面的另一部分。

One question that came into me as the moderator this quarter in a couple of different ways was how to think about ownership of content versus coproduction of content.

作為本季主持人，我以幾種不同的方式提出的一個問題是如何考慮內容的所有權與內容的共同製作。

What the right mix shift of that is medium to longer term?

從中長期來看，正確的組合轉變是什麼？

What some of the pros or cons are of the approach of either doing coproduction versus outright ownership.

合作製作與完全所有權的方法有何優缺點。

And how we should think about that developing over the next couple of years?

我們該如何看待未來幾年的發展？

Well, one thing as our main goal is to make the best content.

嗯，我們的主要目標之一是製作最好的內容。

And we've said in previous quarters that, that is a combination of several different business models depending on who owns the IP.

我們在前幾季說過，這是幾種不同商業模式的組合，取決於誰擁有智慧財產權。

So what we're going to do is make the best show and not be stuck on the business model because the consumer really doesn't understand that or we don't want to spend any time thinking about it.

因此，我們要做的是製作最好的節目，而不是停留在商業模式上，因為消費者真的不理解這一點，或者我們不想花任何時間考慮它。

So by way of example, last year, we had 140 different shows around the world that premiered on a network somewhere and on Netflix everywhere else on the world.

舉個例子，去年，我們在世界各地播放了 140 部不同的節目，這些節目在某個地方的網路和世界其他地方的 Netflix 上首播。

Next year, it's more closer to 180.

明年，它會更接近180。

And these are a combination of coproducing with local producers in other countries, shows that then air on a network in that country and then premier on Netflix.

這些節目是與其他國家/地區的本地製作人聯合製作的組合，然後在該國家/地區的網絡上播出，然後在 Netflix 上首播。

But when I say coproduction, I mean, we come in at the script stage, we come in at the first-money stage, we're involved creatively with the production of that show.

但當我說聯合製作時，我的意思是，我們進入劇本階段，我們進入第一筆資金階段，我們創造性地參與該節目的製作。

Bodyguard is a good example of that, that we produce with ITV that the BBC premiered in the U.K. And at the same time, we released it on Netflix around the world.

《保鑣》就是一個很好的例子，我們與 ITV 一起製作，BBC 在英國首播，同時我們在全球的 Netflix 上發行。

And we produced it together at the script stage.

我們在劇本階段一起製作了它。

We're involved in the production of that show.

我們參與了那個節目的製作。

And outside of the U.K., it is a Netflix original show.

在英國以外，它是 Netflix 原創節目。

And in the U.K., we follow a broadcast window from the BBC.

在英國，我們關注 BBC 的廣播窗口。

And again, we've had a great success for the show around the world.

再一次，我們的演出在世界各地取得了巨大的成功。

One additional data point, if we have over 23 million households have watched Bodyguard on Netflix in the first 4 weeks, and that's a good example of taking a show from anywhere in the world to the rest of the world.

另一個數據點是，如果我們有超過 2300 萬個家庭在前 4 週內在 Netflix 上觀看了《保鑣》，那麼這就是將節目從世界任何地方傳播到世界其他地方的一個很好的例子。

And we do other ones where we just are -- by territories.

我們也根據地區進行其他工作。

There used to be a tradition in television where the network would make one show and then they take it to the May screenings and try to sell market after market after market.

電視產業過去有一個傳統，電視網絡會製作一個節目，然後將其帶到五月的放映中，並嘗試在一個又一個的市場上進行銷售。

That's less and less the case why we're working with producers and networks now to prebuy or coproduce for the rest of the world.

我們現在越來越少與製片人和網路合作，為世界其他地區預購或聯合製作。

A similar evolution to the old studio film business where the studios used to carry the international rights until they sold them, and then they more frequently now go out and do international coproductions.

這與舊的製片廠電影業務類似，製片廠過去一直持有國際版權，直到將其出售，然後他們現在更頻繁地出去進行國際聯合製作。

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

艾瑞克，我想我們還有時間再問一個問題。

Sure.

當然。

And maybe turning it back to Reed, I think one of the more interesting sections in the shareholder letter, Reed, was you talked about the competitive landscape.

也許回到里德，我認為股東信中更有趣的部分之一，里德，你談到了競爭格局。

Big question, big debate we get a lot from investors.

我們從投資者那裡得到了很多大問題、大辯論。

You talked about, in a lot of ways, all ships rising.

你在很多方面談到了所有船隻的崛起。

But talk a little bit about the landscape.

但談談風景吧。

What do you see out there on the landscape to attract user retention, user engagement, monetization, attract content creators?

您認為如何吸引用戶保留、用戶參與、貨幣化、吸引內容創作者？

And how you think that competitive landscape will evolve?

您認為競爭格局將如何演變？

And how you think about navigating it from not only just 2019, but for the longer term, Reed?

Reed，您如何看待不僅從 2019 年開始，而且從長遠來看如何應對？

All ships rising is a little Pollyanna optimistic.

所有船隻的崛起有點盲目樂觀。

I think about it really as us winning time away, entertainment time from other activities.

我認為這實際上是我們從其他活動中贏得時間和娛樂時間。

So instead of doing Xbox or Fortnite or YouTube or HBO or long list, we want to win and provide a better experience, no advertising, on-demand, incredible content.

因此，我們不想做 Xbox、Fortnite、YouTube、HBO 或一長串的內容，而是希望獲勝並提供更好的體驗，沒有廣告、點播、令人難以置信的內容。

And so when you think of the -- I'll just do U.S. terms as an example, there's 1 billion hours of television content being consumed today.

因此，當你想到時，我僅以美國為例，今天有 10 億小時的電視內容被消費。

We're winning about 10% of it.

我們贏了大約 10%。

And so that's why like Disney, they have great content.

這就是為什麼像迪士尼一樣，他們有很棒的內容。

We're excited for their launch.

我們對它們的推出感到興奮。

And maybe they grow over a couple of years to 50 million hours a day.

也許幾年後它們就會成長到每天 5,000 萬小時。

But that's out of the 1 billion.

但這還不到10億。

And so we compete so broadly with all of these different providers that any one provider entering, only makes a difference on the margin.

因此，我們與所有這些不同的提供者進行如此廣泛的競爭，任何一家提供者的加入都只會在利潤上產生影響。

And so again, that's why we don't get so focused on any 1 competitor and really think our best way is to win more time by having the best experiences, all the things we do, and that's helped us a lot.

再說一次，這就是為什麼我們不會那麼專注於任何一個競爭對手，並且真正認為我們最好的方法是透過擁有最好的體驗、我們所做的所有事情來贏得更多時間，這對我們來說有很大幫助。

Another thing that's helped us a lot is having David Wells as our CFO for the last 10 years.

另一件對我們幫助很大的事情是過去 10 年大衛威爾斯 (David Wells) 擔任我們的財務長。

It's been an incredible joyous partnership.

這是一次令人難以置信的愉快的合作關係。

And so to wrap up this call, I'm going to turn it over to David Wells to come say goodbye.

因此，為了結束這通通話，我將把它交給大衛威爾斯來告別。

Surprise guest.

給客人驚喜。

So Reed and the group was great to give me this sort of last word, thank you.

里德和他的團隊很高興給我這樣的遺言，謝謝。

A giant thank you to our investors.

非常感謝我們的投資者。

I've been here near 15 years.

我在這裡已經快15年了。

That's 51 quarters, including this 1, with 32 as the CFO, 1,000%-plus growth in the value of the company, and I've been a big part of that and I'm really thankful and respectful for that.

包括這 1 個季度在內，總共有 51 個季度，其中 32 個季度擔任首席財務官，公司價值增長了 1,000% 以上，我在其中發揮了重要作用，對此我真的很感激和尊重。

And I've got just super high confidence in Spence.

我對斯彭斯非常有信心。

We spent a lot of time together.

我們一起度過了很多時間。

I think he's going to be great for the next phase of Netflix' growth.

我認為他將為 Netflix 的下一階段發展做出巨大貢獻。

So I'm just -- really thanks to all the investors.

所以我真的非常感謝所有投資者。

Thank you.

謝謝。