Netflix Inc (NFLX) 2019 Q1 法說會逐字稿

Good afternoon, and welcome to Netflix Q1 2019 earnings interview.

下午好，歡迎來到 Netflix 2019 年第一季財報採訪。

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; CFO, Spence Neumann; Chief Content Officer, Ted Sarandos; and Chief Product Officer, Greg Peters.

今天加入我的是執行長 Reed Hastings；財務長史賓塞‧諾依曼；首席內容官 Ted Sarandos；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 Eric for the first question.

那麼，讓我把第一個問題交給艾瑞克。

Thank you, Spencer.

謝謝你，史賓賽。

Reed, I'd love to start with you.

里德，我很想從你開始。

Now that we're 3 months into 2019, against your broader goals for what you're expecting for the business in 2019, what are the key messages you want to share with investors on how the first 3 months of the year went?

2019 年已經過去 3 個月了，根據您對 2019 年業務的更廣泛目標，您想與投資者分享關於今年前 3 個月的情況的關鍵信息是什麼？

Well, we put in the earnings letter our weekly net adds, and it's just phenomenal, how steady and smooth and up and to the right that is, to start off the year with over 9.5 million net additions.

好吧，我們在收益信中寫下了我們每週的淨增量，這是驚人的，多麼穩定、平穩、向上和向右，也就是說，今年伊始淨增量超過 950 萬。

It's a phenomenal start.

這是一個非凡的開始。

So steady progress, basically the same as many prior quarters, cranking away on amazing content, amazing service and steady growth around the world.

如此穩定的進展，與之前的許多季度基本相同，在全球範圍內不斷推出令人驚嘆的內容、令人驚嘆的服務和穩定成長。

Maybe sticking with that theme on the subscriber front, we'd love to understand some of what you saw internationally in subscriber strength.

也許堅持訂閱者方面的主題，我們很想了解您在國際訂閱者實力方面所看到的一些情況。

There were some particular pieces of content that seemed to resonate globally on an individual and on a worldwide basis.

有一些特定的內容似乎在個人和全球範圍內引起了全球共鳴。

So I would love to ask both from a content perspective and a subscriber growth perspective, maybe to Ted and Greg, how you're thinking about the subscriber performance, especially internationally in Q1.

因此，我很想從內容角度和訂閱者成長的角度詢問，也許是向泰德和格雷格詢問，你們如何看待訂閱者表現，尤其是第一季的國際訂閱者表現。

Well, the one thing that was good about it in terms of the content connection is the things that worked best that we called out in the letter are things that worked around the world, which is really fantastic.

嗯，就內容連結而言，它的優點之一是我們在信中指出的最有效的事情是在世界各地有效的事情，這真的很棒。

And then we had some great international breakouts where they really help drive excitement.

然後我們在國際上取得了一些巨大的突破，它們確實有助於激發興奮。

And by way of an example, Kingdom in Korea, that did phenomenal and got watched and is getting watched all over the world and throughout the region.

舉個例子，《韓國王國》的表現非常出色，受到了全世界和整個地區的關注。

So yes, we've been able to work on a very local basis and a very global basis with the content this year -- this quarter.

所以，是的，我們今年（本季）已經能夠在本地和全球範圍內開展內容工作。

And then from a product perspective, yes, the basic model that we've seen, and consistently across pretty much all the markets that we operate in is, as we launch our service, we get a chance to learn from our members.

然後從產品的角度來看，是的，我們所看到的基本模式，並且在我們運營的幾乎所有市場上都是一致的，當我們推出服務時，我們有機會向我們的會員學習。

They tell us what content we incrementally need to provide to them.

他們告訴我們我們需要逐步提供哪些內容給他們。

We do a better and better job at that, how we modify the product experience, what we need to add from a payments perspective, from a partner's perspective.

我們在這方面做得越來越好，我們如何修改產品體驗，我們需要從付款的角度、從合作夥伴的角度添加什麼。

And we're seeing that basically in all the markets that we operate in the world.

我們基本上在世界各地經營的所有市場中都看到了這一點。

And so the longer we've been in that territory, like Europe is a great example, we've got a lot of stuff dialed in.

因此，我們在這個領域停留的時間越長，就像歐洲就是一個很好的例子，我們就有了很多東西。

And consumers are really loving us, and that's leading to great, accelerating growth.

消費者真的很喜歡我們，這帶來了巨大的、加速的成長。

Ted, maybe following up with you.

特德，也許會跟進你。

On local content that goes global, you've got a number of hits now that started as local language and went global.

在走向全球的本地內容方面，您現在已經獲得了許多熱門內容，這些內容最初是以本地語言開始的，後來走向了全球。

Are you getting better at identifying what those pieces of content might be?

您是否能夠更好地識別這些內容的內容？

What are your learnings as you're getting more of those types of successes in the model?

當您在模型中獲得更多此類成功時，您學到了什麼？

Well, we've kept one strict principle around it, which was that these shows had to be very locally relevant.

嗯，我們一直遵循一個嚴格的原則，那就是這些節目必須與當地非常相關。

And to do that, you have to be pretty authentically local.

要做到這一點，你必須是真正的本地人。

So what we're trying not to do is try to inauthentically make a global show because basically that doesn't work for anybody.

所以我們盡量不做的是試圖不真實地製作一個全球性的節目，因為基本上這對任何人都不起作用。

So the more authentically local the show is, the better it travels, which we've seen with Kingdom.

因此，節目越本地化，它的傳播效果就越好，我們在《王國》中就看到了這一點。

So fans of K drama around the world loved that show, and it resonated incredibly well for us in Korea.

因此，世界各地的韓劇粉絲都喜歡這部劇，它在韓國引起了難以置信的共鳴。

Similarly, coming up, we have a new season of The Rain coming out this quarter that is perfectly Swedish.

同樣，我們即將在本季推出新一季的《The Rain》，該劇完全是瑞典文的。

We don't try to make it -- water it down or make it travel any better inorganically and have found that the best way to make global stories is to make them incredibly, authentically local.

我們不會試圖去創造它——淡化它或讓它以無機的方式傳播得更好，我們發現製作全球故事的最佳方法就是讓它們令人難以置信、真實地在地化。

So Greg, maybe coming back to you on the subscriber front.

格雷格，也許會在訂戶方面回到您身邊。

You had some information in the letter about the amount of traffic globally that you get from mobile.

您在信中提供了一些有關您透過行動裝置獲得的全球流量的資訊。

We're continuing to see performance above what we thought in terms of download of Netflix app on phones globally.

我們繼續看到全球手機上 Netflix 應用程式下載量的表現超出了我們的預期。

Can you talk a little bit about mobile as a stimulant for both traffic subscriber growth and how you might go after that on the product side over the medium and long term?

您能否談談行動作為流量用戶成長的刺激因素，以及您在中長期內如何在產品方面實現這一目標？

Sure.

當然。

I think the most important -- the headline message there is actually frankly how much time we don't win on the mobile experience, right?

我認為最重要的是——坦率地說，頭條新聞實際上是我們有多少時間無法在行動體驗上獲勝，對嗎？

So over 97.5% around the world, people are using other different entertainment services, other ways to enjoy their time on their mobile phone.

因此，全球超過 97.5% 的人正在使用其他不同的娛樂服務、其他方式來享受手機上的時光。

But certainly, what we are seeing is that mobile is an increasing way for us to attract new subscribers.

但可以肯定的是，我們看到行動裝置正在成為我們吸引新用戶的越來越多的方式。

It's a great place for folks to find out about Netflix, to sign up to the service even if they're signing up for the service on mobile and then they're watching on other devices like the TV, which we see as the common paradigm.

對於人們來說，這是一個了解 Netflix、註冊該服務的好地方，即使他們在行動裝置上註冊該服務，然後在電視等其他裝置上觀看，我們認為這是常見的範例。

And it works really well with our partners because whether it's handset partners, which we can work to sort of preload our application on; or actually the mobile operators, which we can work on increasingly, doing things like bundling the Netflix as part of their standard offering, which you see us doing more and more around the world, it's a great way for us to make it super simple for our members to sign up for Netflix and enjoy that experience.

它與我們的合作夥伴合作得非常好，因為無論是手機合作夥伴，我們都可以在其上預先載入我們的應用程式；或者實際上是行動電信商，我們可以越來越多地在這方面開展工作，例如將Netflix 捆綁為他們的標準產品的一部分，你會看到我們在世界各地越來越多地這樣做，這對我們來說是一個讓一切變得超級簡單的好方法。我們的會員註冊 Netflix 並享受這種體驗。

Maybe I'll start with Spence but would love a couple of different perspectives on this.

也許我會從斯賓塞開始，但我會喜歡對此有幾個不同的觀點。

There was a solid outperformance on margin in the quarter, and the company talked about shifting some expenses into the later part of the year than maybe what you'd envisioned when you guided Q1.

本季的利潤率表現強勁，該公司談到將一些費用轉移到今年下半年，這可能比您指導第一季時的預期要好。

Can you talk a little bit about how the cost structure evolved in the business in Q1, how that margin outperformance came about?

您能否談談第一季業務成本結構的演變以及利潤率的優異表現是如何產生的？

And maybe give a little bit more granularity on those shifting costs as you look through the better part of 2019.

當你回顧 2019 年的大部分時間時，也許可以更詳細地了解這些轉移成本。

Yes.

是的。

Sure, Eric.

當然，埃里克。

I mean I think the takeaway is we're overall very pleased with our continued margin progression.

我的意思是，我認為我們總體上對利潤率的持續成長感到非常滿意。

We guided at the beginning of the year to increasing our margins by 300 basis points for the full year to 13%.

我們在年初制定了全年利潤率提高 300 個基點至 13% 的目標。

We came in this quarter slightly ahead.

我們在本季度略有領先。

Part of that is we're continuing to scale our business in terms of some combination of content and marketing spend, in particular growing at a slower rate than revenue.

部分原因是我們將繼續在內容和行銷支出的某種組合方面擴大業務規模，特別是成長速度低於收入成長速度。

In this quarter in particular, I think you saw that on the marketing line where we had a lot of both growth and experimentation in marketing last year, which we talked about.

特別是在本季度，我想您在行銷方面看到了這一點，去年我們在行銷方面進行了很多成長和實驗，我們對此進行了討論。

We talked about the fact that we would level off that growth this year, and you saw that come to play in Q1, which was a meaningful driver of that margin expansion.

我們談到了今年我們將穩定成長的事實，你看到了這一點在第一季發揮了作用，這是利潤率擴張的一個有意義的驅動力。

The timing in the quarter was not all that significant.

本季的時機並不是那麼重要。

There was some spend in -- particularly on timing of some creative spend and creative development spend on the marketing side, and particularly that shifted to later in the year as well as some content spend but nothing material, and we're well on track to that 13% full year margin.

有一些支出——特別是在行銷方面的一些創意支出和創意開發支出的時間安排上，特別是轉移到今年晚些時候，以及一些內容支出，但沒有任何實質支出，我們正在順利地全年利潤率為13%。

And just to follow up there, Spence, just to make sure we understand the message from the letter.

斯彭斯，只是為了跟進，只是為了確保我們理解這封信中的信息。

Still, second half versus first half should be the way investors think about the margin profile of the business this year against that broader 13% goal.

儘管如此，投資者應該以下半年與上半年的比較來考慮今年該業務的利潤率狀況，以實現更廣泛的 13% 目標。

Yes.

是的。

Generally, I mean you'll see some margin expansion as you can see in the guide for Q2 as well, and then it will continue to expand in the back half of the year.

一般來說，我的意思是，您會看到一些利潤率擴張，正如您在第二季指南中看到的那樣，然後它將在今年下半年繼續擴張。

As you know, there have been some price adjustments in the first half of the year that will be flowing through that also.

如你所知，今年上半年出現了一些價格調整，這些調整也將隨之而來。

Between that and just on member growth, we'll see the benefit of that margin expansion in the back half.

在此與會員成長之間，我們將看到後半段利潤擴張的好處。

Maybe one more on the quarter and the letter itself, back to you, Ted.

也許還有關於本季和這封信本身的信息，回給你，特德。

For the second quarter in a row, you gave a lot of information about consumption of the product in the quarter and some of the watch statistics.

連續第二個季度，您提供了大量有關該季度產品消費的資訊以及一些手錶統計數據。

So I'd love both Ted and Reed maybe to weigh in on how you think about the type of watch and engagement statistics the company is getting when measured against the broader media landscape, what that means for the company longer term and whether we can expect to continue to hear that from the company going forward.

因此，我希望 Ted 和 Reed 能夠談談您如何看待公司獲得的觀看類型和參與度統計數據（根據更廣泛的媒體格局進行衡量）、這對公司的長期影響以及我們是否可以期待繼續從公司那裡聽到這一點。

Yes, definitely.

當然是。

We're trying to get to a place where we could be a lot more transparent, both with our producers and with our customers who are incredibly interested in helping them make better choices by -- based on -- and so a lot of times, that's influenced heavily by what's the world watching.

我們正在努力讓我們對生產者和客戶都更加透明，他們非常有興趣幫助他們做出更好的選擇，而且很多時候，這在很大程度上受到世界關注的事物的影響。

So being able to share some of those numbers gives people a better sense of what things that they might be interested in as well.

因此，能夠分享其中一些數字可以讓人們更了解他們可能對哪些事物感興趣。

And just real quickly, I'll correct myself, Eric, I said Sweden for Rain, but obviously the show's from Denmark.

很快，我會糾正自己，埃里克，我說的是瑞典的雨，但顯然這個節目來自丹麥。

But -- and -- what I wanted to do is point out that over the next several months, we're going to be rolling out more specific, granular reporting, first to our producers and then to our members and, of course, to the press over time and be more fully transparent about what people are watching on Netflix around the world.

但是——而且——我想做的是指出，在接下來的幾個月裡，我們將推出更具體、更細緻的報告，首先向我們的製作人，然後向我們的會員，當然，向隨著時間的推移，媒體將更加透明地了解人們在Netflix 上觀看的內容。

And Reed, how do you think about the broader media landscape, what Netflix is trying to solve for and go after as a big opportunity over time when measured against the type of watch or engagement statistics the company's putting up against their original content?

里德，你如何看待更廣泛的媒體格局？根據公司針對其原創內容提供的觀看類型或參與度統計數據來衡量，Netflix 正在努力解決什麼問題，並隨著時間的推移將其視為一個巨大的機會？

I think we're just beginning to start to share that data, as Ted mentioned, and we'll be leaning into that more quarter by quarter.

我認為我們才剛開始分享這些數據，正如特德所提到的，我們將逐季度地更多地關注這些數據。

But the big picture for our members is they watch all kinds of things.

但對我們的會員來說，大局是他們關注各種各樣的事情。

I mean our members are watching pay-per-view and DVDs.

我的意思是我們的會員正在觀看付費節目和 DVD。

Our members are watching linear.

我們的會員正在觀看線性節目。

Our members are watching -- or playing Fortnite.

我們的會員正在觀看或玩《要塞英雄》。

It's all of these things.

這就是所有這些事情。

So think of it as -- the real metric is can we keep our members happy and grow that subscriber base as we did so strongly in Q1.

因此，真正的衡量標準是我們能否讓我們的會員滿意並擴大訂戶基礎，就像我們在第一季所做的那樣。

So maybe sticking with you, Reed, you had a section of the letter about Disney, some of the competition that's coming to the broader landscape.

所以，里德，也許你會堅持下去，信中有一部分是關於迪士尼的，以及一些即將進入更廣闊領域的競爭。

Maybe just help people frame how you see the competitive landscape, how you see those types of products existing alongside or in competition to Netflix and what your sort of view is of the landscape going forward.

也許只是幫助人們了解你如何看待競爭格局，你如何看待那些與 Netflix 並存或競爭的類型的產品，以及你對未來格局的看法。

Sure.

當然。

Well, one part is great competition makes you better, and so we're thrilled to have Apple and Disney in.

一方面，激烈的競爭會讓你變得更好，所以我們很高興蘋果和迪士尼加入。

They're awesome companies.

他們是很棒的公司。

Just to be in the same league as them is very exciting for us.

能夠與他們處於同一個聯盟對我們來說非常令人興奮。

And then on a practical basis, there's already so much competition.

從實際情況來看，競爭已經非常激烈了。

I mean we mentioned we only win 2% of downloading on mobile.

我的意思是我們提到我們只贏得了 2% 的行動下載量。

Like 98% of the time people are not doing Netflix on U.S. television, that 90% are not watching Netflix.

就像 98% 的人在美國電視上不看 Netflix 一樣，90% 的人也不看 Netflix。

So there's a ton of competition out there.

所以那裡有很多競爭。

And Disney and Apple add a little bit more.

迪士尼和蘋果還添加了更多內容。

But frankly, I doubt it will be material because again there's already so many competitors for entertainment time, which is great for consumers, and it's exciting for us.

但坦白說，我懷疑這是否是實質的，因為娛樂時間已經有很多競爭對手，這對消費者來說很好，對我們來說也很令人興奮。

Greg, I'd love to take that answer and maybe go to you next of how you think about the product itself when you see potential new competitors come into the field, what you think some of the big differentiators you have on the product side, how you think about pricing as a company longer term and maybe where you want to take the product medium, long term.

格雷格，我很樂意接受這個答案，也許接下來當您看到潛在的新競爭對手進入該領域時，您如何看待產品本身，您認為產品方面的一些重大差異化因素是什麼，作為一家公司，您如何看待長期定價，以及您希望產品的中長期發展方向。

Sure.

當然。

I mean again back to Reed's model, we sort of see this broad landscape of competition, and our job is to think about every touch point that we have with the service and how can we make it incrementally more compelling, how do we connect our members with the amazing content that we're making in a way which is new and differentiating.

我的意思是再次回到里德的模型，我們看到了廣闊的競爭格局，我們的工作是思考我們與服務的每個接觸點，以及我們如何讓它逐漸更具吸引力，我們如何連結我們的會員我們以新穎且與眾不同的方式製作令人驚嘆的內容。

You talked about international.

你談到了國際。

That's a great opportunity where we think about localizing this content well, whether it's in subtitles or dubbing and then actually explaining to our members, connecting our members with those stories in a meaningful way, which then opens up them to watch TV shows or movies from around the world from countries that they never would have conceived of doing before.

這是一個很好的機會，我們可以考慮很好地本地化這些內容，無論是字幕還是配音，然後實際向我們的會員解釋，以有意義的方式將我們的會員與這些故事聯繫起來，然後讓他們可以觀看電視節目或電影來自世界各地的國家是他們以前從未想過要做的事情。

And I think that's a huge example of the opportunity we have to bring this global platform to bear in the right kind of product experience to create differentiation.

我認為這是一個很好的例子，說明我們必須利用這個全球平台提供正確的產品體驗來創造差異化。

And then with regard to pricing, I would say again back to this sort of framework of broad, broad competition where a bunch of different entertainment options are being provided, all sorts of different models, some ad-based, subscription at different pricing points.

然後關於定價，我想再次回到這種廣泛的競爭框架，其中提供了許多不同的娛樂選擇，各種不同的模式，一些基於廣告的訂閱在不同的定價點。

We don't really think there's sort of an immediate equivalency or substitution.

我們並不真正認為存在某種直接的等效或替代。

And so mostly, it's about how do we create more value, how do we create the right content and present it in the right way that's compelling and differentiating for our members.

因此，最重要的是，我們如何創造更多價值，如何創建正確的內容並以正確的方式呈現它，從而對我們的會員有吸引力並脫穎而出。

And we think we do a great job at that.

我們認為我們在這方面做得很好。

We'll just win more of those viewing hours, we'll deliver more value to our members and we'll be able to grow from a subscriber perspective like we did this quarter.

我們將贏得更多的觀看時間，為會員提供更多價值，我們將能夠像本季一樣從訂閱者的角度實現成長。

Maybe turning to Q2 where you laid out -- the company laid out its vision for subscriber growth and talked a little bit about ARPU in Q2 as well.

也許轉向您所闡述的第二季度——該公司闡述了其用戶成長的願景，並在第二季度也談到了 ARPU。

Maybe talk a little bit broadly, I don't know, maybe Spence and then going to Greg as well, talk about the building blocks of the way in which you're framing the subscriber growth going forward in Q2, the price increases that are going through a number of jurisdictions, what that means for ARPU, what it means for churn so investors can better understand that.

也許可以廣泛地談談，我不知道，也許斯彭斯，然後也去找格雷格，談談你制定第二季度用戶增長的方式的組成部分，價格上漲是通過多個司法管轄區，這對ARPU 意味著什麼，對客戶流失率意味著什麼，以便投資者能夠更好地理解這一點。

Yes.

是的。

Sure, I can start it, and then others can chime in.

當然，我可以開始，然後其他人可以插話。

You can see that we guided to 5 million paid net adds in Q2, which is similar to where we were a year ago.

您可以看到，我們在第二季度指導付費淨增加數為 500 萬，這與一年前的情況類似。

There's definitely some seasonality to our business, which we see in Q2.

我們的業務肯定存在一些季節性，我們在第二季度看到了這一點。

You see that again this year.

今年你會再看到這種情況。

But I'd say, in general, our paid net adds are very much in line with what we've been planning and targeting for the year.

但我想說，總的來說，我們的付費淨增加非常符合我們今年的計畫和目標。

On a first half of the year basis, you see that 7% year-over-year growth.

在今年上半年的基礎上，您會看到年增 7%。

The specific growth in Q2 is more concentrated internationally.

第二季的具體成長更集中於國際市場。

That's just, as we talked about last quarter, we're rolling through our price changes in the U.S., so that has some moderation on our net adds.

只是，正如我們上個季度談到的那樣，我們正在滾動調整美國的價格變化，因此我們的淨增加量有所放緩。

And the good news is there is that our -- the growth in our acquisition that we're acquiring are -- it's consistent in terms of our ability to kind of grow our subscribers.

好消息是，我們的收購成長與我們增加訂戶的能力是一致的。

There's just some temporary churn that enters the system in the midst of rolling out those price changes.

在推出這些價格變動的過程中，系統中只是出現了一些暫時的波動。

But that's why you see more of the net adds weighted to our international segments in Q2 but overall very healthy, going according to plan and very strong growth for the first half of the year and putting us on track, as we also mentioned in the letter, for another year of record paid net add growth for the full year.

但這就是為什麼你會看到第二季度我們的國際業務的淨增量有所增加，但總體來說非常健康，按照計劃進行，上半年增長非常強勁，使我們步入正軌，正如我們在信中提到的那樣，全年付費淨增加成長再創新高。

And Eric, just to add on to what Spence said, you'll -- in the guidance, you'll see that there is an acceleration in ASP growth as well as in revenue growth in Q2 relative to Q1, and that's a function of some of those price adjustments that we talked about earlier.

Eric，補充一下 Spence 所說的，在指南中，您會看到第二季度相對於第一季度的 ASP 增長以及收入增長都有所加速，這是一個函數我們之前討論過的一些價格調整。

One maybe follow-up because it did come in, in advance in a number of ways.

一個可能是後續行動，因為它確實以多種方式提前到來。

When you think about churn with the price increase, do you look to historical trends?

當您考慮價格上漲帶來的客戶流失時，您是否會關注歷史趨勢？

Or do you look to sort of near-term trends?

或是您關注近期趨勢？

Because this was an interesting price increase that it started rolling into effect in the middle of Q1, and it appears it will be done in terms of going into effect towards the middle of the back end of Q2.

因為這是一次有趣的價格上漲，它在第一季中期開始生效，而且似乎將在第二季後端生效。

Were there historical trends you can look through to anchor yourself to?

您是否可以透過回顧歷史趨勢來確定自己的定位？

Or are you sort of looking at other recent price increases on markets like Canada and others to inform how to guide?

或者您正在關注加拿大等市場最近的價格上漲情況，以了解如何指導？

Do you want me to take that?

你想讓我接受嗎？

Or...

或者...

Sure.

當然。

I would just say maybe that there's a bunch of historical performance and modeling that we used to keep an eye on these things.

我只想說，也許我們曾經用大量的歷史表現和建模來關注這些事情。

But generally, I would say things are going as expected.

但總的來說，我想說事情正在按預期進行。

And this is one of those relatively infrequent moments where as we invest more in the service, more great content, we got incredible movies coming like Irishman, Six Underground, improving the product experience, we occasionally go back to our subscribers and ask them to contribute a little bit more so that we can fund that next cycle of growth.

這是相對罕見的時刻之一，隨著我們在服務上投入更多、更多精彩的內容，我們收到了像《愛爾蘭人》、《地下六號》這樣令人難以置信的電影，改善了產品體驗，我們偶爾會回到我們的訂閱者那裡，要求他們做出貢獻多一點，以便我們可以為下一個成長週期提供資金。

And everything that we're seeing right now is very consistent with that model.

我們現在看到的一切都與該模型非常一致。

I would just add on to Greg, too, that, as you know, even in the U.S., we, -- for the first time, we increased our entry-level pricing, and the overall blended price increase was a bit -- as a result, a little bit more significant than last time around.

我還要補充一點，格雷格，正如你所知，即使在美國，我們——第一次，我們提高了入門級定價，總體混合價格上漲了一點——因為結果，比上次更重要一點。

And even with that, the churn levels are very consistent with when we last took pricing in the U.S., so it's all consistent with our plan and consistent with what we've seen historically.

即便如此，客戶流失程度與我們上次在美國定價時非常一致，因此這一切都符合我們的計劃，也符合我們歷史上看到的情況。

Along those lines, with pricing being driven by success on the content front, Ted, maybe you could talk a little bit, it's a very full content schedule as you get through Q2 and in the back part of the year, maybe frame a little bit about what you're excited to bring to members on Netflix, how that's lining up against some of the key investments you're making in some of the buckets like movies, local language content and some of the returning series that people know well on the platform.

沿著這些思路，定價是由內容方面的成功驅動的，泰德，也許你可以談談，當你度過第二季度和今年下半年時，這是一個非常完整的內容時間表，也許會框架一點關於您很高興為 Netflix 會員帶來什麼，這與您在電影、本地語言內容以及人們在 Netflix 上熟知的一些回歸劇集等領域進行的一些關鍵投資相匹配平台。

Yes.

是的。

Well, definitely, in the third quarter, we've got new episodes and new seasons of some of our most-loved and most-watched shows on Netflix: Stranger Things; La Casa de Papel; Orange is the New Black; 13 Reasons Why, Elite, which is a big hit for us out of Spain; new season from Ryan Murphy of The Politician, a brand-new show in Netflix, that we think our audience is going to love.

嗯，當然，在第三季度，我們將推出 Netflix 上一些最受歡迎和收視率最高的節目的新劇集和新季：《怪奇物語》； La Casa de Papel；橙色是新黑色； 《13 Reasons Why》、《Elite》，對我們西班牙人來說非常受歡迎；由 Ryan Murphy 推出的新一季《政治家》是 Netflix 的全新節目，我們認為觀眾會喜歡的。

And then you'll start seeing later in the fourth quarter some of our bigger film investments coming through like Irishman, like Six Underground and also a big new original series that we're currently shooting in Hungary called The Witcher.

然後你會在第四季稍後開始看到我們一些更大的電影投資，像是《愛爾蘭人》，像是《地下六號》，還有我們目前正在匈牙利拍攝的一部名為《巫師》的大型新原創影集。

That is enormous European IP, very popular game and book IP that we think is going to make a really fun global series.

這是巨大的歐洲 IP、非常受歡迎的遊戲和書籍 IP，我們認為這將成為一個非常有趣的全球系列。

So we've got -- and then moving into our kids and family and our animated originals, both on the feature side and on the series side, 2 of the bigger bets, Klaus will be one of our fourth quarter animated features; and Green Eggs and Ham from Ellen Degeneres exec producing a very ambitious 13-episode animated original series with a feature quality animation that's been in the works for about 4 years, we're really excited to bring to our members in the fourth quarter.

所以我們有- 然後進入我們的孩子和家庭以及我們的動畫原創作品，無論是在故事片方面還是在系列方面，兩個更大的賭注，克勞斯將成為我們第四季度的動畫長片之一；艾倫·德傑尼勒斯(Ellen Degeneres) 執行官的Green Eggs and Ham 正在製作一部非常雄心勃勃的13 集動畫原創系列，其高品質動畫已經製作了大約4 年，我們非常高興能在第第四季向我們的會員推出。

Looking out to Q2 and the rest of the year, would love to ask a little bit about what you're seeing in India.

展望第二季和今年剩餘時間，我很想問您在印度看到的情況。

I know you don't break out subscriber additions but would love to understand some of the investments you made in content in India, how those investments in content are resonating in the marketplace.

我知道您不會公佈訂閱者的增加情況，但很想了解您在印度內容方面進行的一些投資，以及這些內容投資如何在市場上引起共鳴。

And then maybe, Greg, you can pick it up and talk a little bit about the product side and what you're seeing from an adoption standpoint in India as well.

然後，格雷格，也許你可以拿起它並談談產品方面以及你從印度採用的角度看到的情況。

Yes.

是的。

Well, we've been -- we were super encouraged out of the gate with Love Per Square Foot and Sacred Games where not only do we get a lot of viewing in India, but it just -- it took an incredible position in the zeitgeist where people are talking about and writing about the excitement of a show of the quality of Sacred Games.

好吧，我們在《每平方英尺的愛》和《神聖遊戲》的大門外受到了極大的鼓舞，我們不僅在印度獲得了大量的觀看次數，而且它在時代精神中佔據了令人難以置信的地位人們正在談論和撰寫有關神聖遊戲品質表演的興奮感。

And then recently, we followed it up again with Delhi Crime that people are also really loving it in India and it is getting watched outside of India as well.

最近，我們再次跟進了《德里犯罪》，印度人們也非常喜歡它，而且在印度境外也受到關注。

But most importantly, it's a steady drumbeat and then add to that another dozen original films coming in India that we're seeing the investment in local language content in India pay back in the form of excitement and member growth and hours growth that's encouraging us to keep going.

但最重要的是，這是一種穩定的鼓聲，再加上印度還有十幾部原創電影，我們看到印度對本地語言內容的投資以興奮、會員成長和時間增長的形式得到回報，這鼓勵我們繼續前進。

And as we sort of have that ongoing content investment and we're really providing stories that Indian consumers really love, it's an opportunity for us to look at how we broaden the accessibility of the service then to more and more Indian consumers.

由於我們正在進行持續的內容投資，並且我們確實提供了印度消費者真正喜歡的故事，這對我們來說是一個機會，讓我們看看如何擴大服務的可及性，然後讓越來越多的印度消費者受益。

And so part of that is making sure we have the right payments models in place and innovating and testing what our new models to make any consumer feel like they have existing ways of paying that are natural for them that they can use to pay for Netflix.

因此，其中一部分是確保我們擁有正確的支付模式，並創新和測試我們的新模式，讓任何消費者感覺他們擁有適合他們的現有支付方式，可以用來支付 Netflix 的費用。

There's also a bunch of partnership stuff.

還有很多合作關係的東西。

We launched a big partnership with Airtel, which is working for us quite well, so we can use different go-to-market mechanisms that already exist that Indian consumers are familiar with to make it easy for them to just sign up for the service and try it out.

我們與 Airtel 建立了重要的合作夥伴關係，這對我們來說效果很好，因此我們可以使用印度消費者熟悉的不同的市場進入機制，讓他們輕鬆註冊該服務並試試看。

And then frankly, we're also trying to do a bunch of experimentation with just our plan structure and thinking about pricing and plans and what do we do to test different models that allow us to bring a lower price plan with the right feature set at the right price in a way that the Indian consumer and frankly consumers around the world can understand so we can broaden the accessibility of the service now by itself.

坦白說，我們還嘗試僅使用我們的計劃結構進行大量實驗，並考慮定價和計劃，以及我們如何測試不同的模型，使我們能夠在以下位置推出具有正確功能集的較低價格計劃以印度消費者和世界各地的消費者都能理解的方式提供合適的價格，這樣我們現在就可以自行擴大服務的可及性。

All of that's an ongoing effort, and we think it's a great match for the broadening of the Indian content catalog that we have.

所有這些都是一項持續的努力，我們認為這非常適合擴大我們現有的印度內容目錄。

Well, maybe if I can just follow up one with that, Greg.

好吧，也許我可以跟進一下，格雷格。

It does seem like a mobile-only, maybe lower-priced product could open up a lot of demand in the developing world.

看起來，僅限行動裝置、價格較低的產品確實可以在發展中國家帶來大量需求。

How do you think about some of the opportunities and the challenges when you think about a mobile-only offering or something at a lower price point in trying to get the mix of content versus subscriber economics right?

當您考慮純行動產品或價格較低的產品以試圖將內容與訂戶經濟相結合時，您如何看待一些機會和挑戰？

Yes.

是的。

And I think that's a great example of something that we're trying out.

我認為這是我們正在嘗試的一個很好的例子。

We're not positive that's the right model, but it's -- we're quite certain that we should do something to find a price tier that's lower than the existing lowest-priced tier to broaden that accessibility.

我們不確定這是正確的模型，但我們非常確定我們應該採取一些措施來找到低於現有最低價格層的價格層，以擴大可及性。

We think that, that will be important to adding members in India.

我們認為，這對在印度增加成員非常重要。

We'll see what the right mix of features is because there is a bit of a magic to try and get the right set of features at the right price point in a way that the consumer can relate to, right?

我們將看到什麼是正確的功能組合，因為嘗試以消費者可以接受的方式以正確的價格點獲得正確的功能集有點神奇，對嗎？

It has to be sort of natural and intuitive to the consumer that this is what they're getting.

對於消費者來說，這必須是自然和直觀的，這就是他們所得到的。

So we've got more work to go do there, but it's something we're highly focused on and anticipate we'll make more progress in the quarters to come.

因此，我們還有更多工作要做，但這是我們高度關注的事情，並預計我們將在未來幾季取得更多進展。

Maybe turning next to M&A and the broader strategy for the company, Reed, I'd love to start with you.

也許接下來會轉向併購和公司更廣泛的策略，里德，我很想從你開始。

As you look at the strategy you've laid out for the company over the medium to long term, how do you think about some of the aspects of the strategy that might be better to go out and acquire versus build yourself against the big long-term opportunity?

當你審視你為公司製定的中長期策略時，你如何看待該策略的某些方面，這些方面可能會更好，例如出去收購，而不是建立自己的長期目標。任期機會？

And maybe I'll follow up with one for Spence.

也許我會為史賓塞跟進一篇。

I don't think investors have too much to worry about there.

我認為投資者不必太擔心。

We've been going for 20 years.

我們已經走了20年了。

We've done 1 or 2 micro acquisitions but no big appetite, no big need.

我們已經進行了一兩次微型收購，但沒有太大的胃口，也沒有太大的需求。

We got clear sailing ahead.

我們前面一帆風順。

If we can produce the world's best content, we can deliver it with the best user interface, then we can grow for many, many years ahead.

如果我們能夠製作世界上最好的內容，我們可以用最好的使用者介面來提供它，那麼我們就可以在未來很多很多年裡成長。

So that's what we're focused on.

這就是我們關注的重點。

A lot of tough executions, just keeping ourselves all focused on that.

很多艱難的執行，只是讓我們全神貫注於此。

And then we're letting other companies be -- do many different strategies.

然後我們讓其他公司採取許多不同的策略。

But we know what ours is, and we're having a lot of fun just executing them.

但我們知道我們的是什麼，而且我們在執行它們時獲得了很多樂趣。

Okay.

好的。

Spence, I wanted to jump off the M&A question and ask more about capital allocation.

史賓塞，我想跳脫併購問題，詢問更多有關資本配置的問題。

You're now more settled in your role than -- I think it was 7 or 8 days when we did this interview 3 months ago, so I'm going to grill you a little bit harder on what you're seeing in your role, what you see as some of the big opportunities for you to tackle in the role as CFO here at the company and how that fits into the broader capital allocation sort of pecking order for what the company is trying to accomplish.

你現在對自己的角色更加適應了——我想三個月前我們進行這次採訪時已經有 7 或 8 天了，所以我會更嚴厲地拷問你在你的角色中看到的東西，您認為身為公司財務長，您需要應對哪些重大機會，以及這些機會如何適應公司想要實現的目標的更廣泛的資本分配順序。

Yes.

是的。

I think it's very much aligned with what Reed just mentioned in terms of we just see this incredible growth profile for the business if we remain focused and execute it as this giant market that is continuing to shift from linear to on-demand and streaming, so there's a giant market opportunity globally.

我認為這與里德剛才提到的非常一致，如果我們繼續專注於這個巨大的市場並繼續從線性轉向點播和串流媒體，我們就會看到業務令人難以置信的增長概況，所以全球存在巨大的市場機會。

And we want to execute against that, so that ties into our focus in terms of capital allocation and getting smarter and smarter about how we allocate our content dollars in programming mix and in partnering with Ted and the team and continuing to invest in the product and the experience with Greg and his team.

我們希望以此為目標來執行，以便與我們在資本分配方面的重點聯繫起來，並越來越聰明地了解我們如何在節目組合中分配我們的內容資金，以及與Ted 和團隊合作，並繼續投資於產品和格雷格和他的團隊的經驗。

So that's what we're most focused on and then helping to continue to scale our company.

所以這是我們最關注的，然後幫助繼續擴大我們公司的規模。

So we intend to be a much larger and much more profitable self-funding company over time.

因此，隨著時間的推移，我們打算成為一家規模更大、利潤更高的自籌資金公司。

That is the path we're on.

這就是我們正在走的路。

As we talked about in the letter, we're committed to improve our cash flow profile meaningfully, starting in 2020 and then each year thereafter.

正如我們在信中談到的，我們致力於從 2020 年開始以及此後的每一年有效改善我們的現金流狀況。

And we'll continue our capital structure similar to how we funded it to date to continue on that path.

我們將繼續我們的資本結構，類似於我們迄今為止的融資方式，以繼續沿著這條道路前進。

We've talked a lot about that in the past.

我們過去已經討論過很多這個問題。

So to me, it's really about helping the team continue to focus, remain disciplined and build that -- continue to build that muscle of increasing profitability and improving our cash flow profile as we scale.

所以對我來說，這實際上是為了幫助團隊繼續專注、保持紀律並建立——繼續增強盈利能力，並隨著規模的擴大而改善我們的現金流狀況。

Maybe one more for you, following up there, Spence.

也許再給你一份，繼續跟進，史賓塞。

Came into me in a couple of different ways from a lot of debt investors asking about the expansion of the credit facility, the prior comment about free cash flow improving in '20 over '19.

許多債務投資者以幾種不同的方式向我詢問信貸安排的擴張，之前關於自由現金流在 20 年比 19 年有所改善的評論。

How should investors think about the self-funding component versus the need to continue to tap the debt capital markets as you think of funding the business initiatives inside of the company?

當您考慮為公司內部的業務計劃提供資金時，投資者應該如何考慮自籌資金部分與繼續利用債務資本市場的需要？

Yes.

是的。

Well, there's no real change in our philosophy or our strategy.

嗯，我們的理念或策略沒有真正的改變。

So we did expand our revolver recently.

所以我們最近確實擴大了我們的左輪手槍。

We did that just because as the business has gotten larger, it was an opportunity for us at the same cost of capital.

我們這樣做只是因為隨著業務規模的擴大，這對我們來說是一個以相同資本成本的機會。

So it's there for a rainy day.

所以它可以在下雨天使用。

We don't -- we haven't used it.

我們沒有——我們還沒有使用過它。

We don't intend to use it, but we thought it was prudent to take advantage of.

我們不打算使用它，但我們認為利用它是謹慎的做法。

And we'll continue on our path of funding with the high-yield market.

我們將繼續在高收益市場上進行融資。

As you know, we have a very significant cushion between our total equity capitalization and our debt-to-capital ratio.

如您所知，我們的總股本和債務資本比率之間有非常大的緩衝。

We also have a high level of interest in those -- in the debt-funding markets.

我們對債務融資市場也非常感興趣。

It is the most efficient cost of capital for us.

對我們來說，這是最有效的資本成本。

We spent a lot of time -- I've spent a lot of time as the new CFO focused on our liquidity, our payment timing and our cash flow need and feel very comfortable with this approach to our capital structure.

我們花了很多時間——作為新任財務官，我花了很多時間關注我們的流動性、付款時間和現金流需求，並對這種資本結構方法感到非常滿意。

And as I said, this is -- it's not a forever in terms of using the debt markets to fund our cash flow needs because we are moving towards that self-funding path, as I said, starting in 2020.

正如我所說，利用債務市場來滿足我們的現金流需求並不是永遠的事情，因為正如我所說，從 2020 年開始，我們正在走向自籌資金的道路。

So I think the message, Eric, to debt investors is you better get in soon because there's not going to be that much more to go.

因此，我認為，埃里克，要向債務投資者傳達的訊息是，你最好盡快進入，因為不會有更多的事情可以做。

Duly noted.

適當指出。

Maybe sticking with content, but I'd love to start with Reed, and then go to Ted.

也許會堅持內容，但我很想從里德開始，然後再到特德。

Probably, the most important question I get a lot from investors is thinking through the narrative of some of the licensed content that's been popular on the platform coming off over the next couple of years due to some of the industry players making their own decisions and how you think about aligning your own investments around your own original content to fill in any gaps that happen from a consumption standpoint.

也許，我從投資者那裡得到的最重要的問題是思考未來幾年平台上流行的一些授權內容的敘述，這些內容是由於一些行業參與者做出自己的決定以及如何做出的您考慮圍繞自己的原創內容調整自己的投資，以填補從消費角度來看出現的任何空白。

Maybe just starting with you, Reed, how do you think about the content landscape and how it feeds into the competitive landscape?

也許從你開始，里德，你如何看待內容格局以及它如何融入競爭格局？

And Ted, I would love to understand from you how that feeds into the planning for content not only in '19 but over maybe the short or medium term over the next couple of years.

Ted，我很想從你那裡了解這如何影響到 19 年的內容規劃，以及未來幾年的短期或中期內容規劃。

Well, we don't think about it as filling in.

嗯，我們不認為它是填補。

That's very minimalist.

這是非常簡約的。

We think about it as can we change the world with great stories.

我們思考能否用偉大的故事改變世界。

And we're so thrilled to be able to have the money to do that and to invest forward.

我們很高興能夠有資金來做到這一點並進行未來投資。

And I think you'll see that the series and the movies and the reality that we're doing, the nature programming.

我想你會看到電視劇、電影以及我們正在做的現實，即自然節目。

I mean you look at Our Planet.

我的意思是你看看我們的星球。

That's not filling in for anything else.

這並不能填補其他任何東西。

That's setting a bold, new vision of what programming can be.

這為程式設計樹立了大膽的新願景。

And so we're charging forward.

所以我們正在向前衝。

Again, we've expected the decline of second window content, been ready for it, anticipating it.

同樣，我們已經預料到第二個視窗內容的減少，並為此做好了準備，並期待著它。

In fact, we're eager to be able to have more and more of our money, be able to do spectacular new titles.

事實上，我們渴望能夠擁有越來越多的資金，能夠開發出令人驚嘆的新遊戲。

So let me pass it over to you, Ted.

所以讓我把它交給你，泰德。

Yes, I 100% concur.

是的，我100%同意。

And I think what's -- the thing to keep in mind is this is 7 years ago when we thought it was likely that the studios and networks would like to keep their second windows for themselves over time that we better start getting good at creating our own programming and getting in business with creators who could do that for us and with us.

我認為要記住的是，這是 7 年前的事了，當時我們認為工作室和網路很可能希望隨著時間的推移為自己保留第二個窗口，因此我們最好開始擅長創建自己的窗口編程並與可以為我們並與我們一起做這件事的創作者開展業務。

And that's what we set out to do.

這就是我們打算做的。

And over every year, our percentage of spend, our percentage of hours watched have continued to grow towards our own owned original and branded shows on Netflix and films.

每年，我們在 Netflix 上擁有的原創和品牌節目和電影的支出百分比、觀看時間百分比都在持續增長。

And when trying to do that across all the things that people love, scripted series, unscripted series, feature films, documentaries, stand-up comedy, great kids programming, as Reed said, it isn't just replacing one thing for another, we have this great You vs.

正如里德所說，當試圖在人們喜愛的所有事物上做到這一點時，有劇本的連續劇、無劇本的連續劇、長片、紀錄片、單口喜劇、精彩的兒童節目，這不僅僅是用一件事替換另一件事，我們有這麼偉大的你 vs.

Wild, which is an interactive show for kids.

Wild，這是一個針對兒童的互動節目。

It's mostly being done with families that they can watch interactively together and we'll have about 25 million people spending a lot of time on You vs.

這主要是與家庭一起完成的，他們可以一起互動觀看，我們將有大約 2500 萬人在《You vs. You》上花費大量時間。

Wild in the first 28 days on Netflix, which is incredible success.

Netflix 首播 28 天狂野，取得了令人難以置信的成功。

And it's pushing storytelling forward, which I think we're going to be doing with things like The Irishman, both in terms of windows of availability and also in the kind of the technical execution of great storytelling.

它正在推動講故事的發展，我認為我們將在《愛爾蘭人》這樣的影片中這樣做，無論是在可用性方面還是在精彩講故事的技術執行方面。

And that's what we're really after.

這就是我們真正追求的。

So there's a lot of focus on what's licensed and how much gets watched, all those things.

因此，人們非常關注哪些內容獲得了許可以及觀看次數等等。

And so in the entire history of television, there are lots and lots of hours of programming that people watch fairly interchangeably, but the shows that we -- that our members most value us for and the things that we really pay a lot of attention to, you look at our top 10 most-watched shows on Netflix, they're all Netflix original brands.

因此，在整個電視歷史中，有很多很多小時的節目人們可以互換觀看，但是我們的會員最看重的節目以及我們真正關注的內容，你看看我們在Netflix 上收視率最高的10 部節目，它們都是Netflix 原創品牌。

And in the top 25, there's only 4 shows that have at least a single season that crack into the top 25 even.

而在前 25 名中，只有 4 部至少有一季的節目能夠躋身前 25 名。

So increasingly, our business is about creating and telling great stories around the world that are exclusively on Netflix and giving the opportunity for new storytellers all over the world.

因此，我們的業務越來越多地致力於在世界各地創作和講述 Netflix 獨家的精彩故事，並為世界各地的新故事講述者提供機會。

Eric, I would just add, if you look at the multiyear sort of track record of the company, we've gone through different periods of the content library changing, whether it was EPIX or Starz.

Eric，我想補充一點，如果你看看公司多年的業績記錄，我們經歷了內容庫變化的不同時期，無論是 EPIX 還是 Starz。

And generally, we've been able to sort of adjust the content library and really grow right through that.

一般來說，我們已經能夠對內容庫進行某種程度的調整，並透過它真正實現成長。

Yes.

是的。

And it's hard to imagine, but it's 2017, a couple of years ago when Fox had sunset all of their second-window content on Netflix off of the service to focus on their own efforts.

這很難想像，但那是 2017 年，幾年前，福克斯從 Netflix 上取消了所有第二視窗內容，以專注於自己的工作。

And you've seen how we've been doing since 2017, so we're pretty happy about it.

您已經看到了我們自 2017 年以來的表現，因此我們對此感到非常高興。

And then before that, there was EPIX coming off and Discovery, and we just continued to grow throughout that using the money to invest.

在此之前，EPIX 和 Discovery 相繼問世，我們利用這些資金進行投資，繼續發展。

Like Our Planet, we commissioned 4 years ago.

就像《我們的星球》一樣，我們在 4 年前投入使用。

So there's a lot of planning that goes into this, and that's what makes it exciting.

因此，這方面有很多計劃，這就是令人興奮的原因。

Well, along those lines, I thought there was a really interesting piece in the shareholder letter that looked at a product that would show users the top 10 shows that were trending.

嗯，沿著這些思路，我認為股東信中有一篇非常有趣的文章，該文章著眼於向用戶展示十大熱門節目的產品。

It seems like it's a beta test in the U.K. Greg, would love to understand what the goal of that beta test is, what it might do for user engagement, how you think about that as a sort of natural evolution of the product to almost create crowd-sourced content engagement.

格雷格（Greg）似乎是在英國進行的Beta 測試，他很想了解該Beta 測試的目標是什麼，它可能對用戶參與度有何影響，以及您如何將其視為產品的一種自然演變，以幾乎創造眾包內容參與度。

Yes.

是的。

It's a great example of 1 of 100 tests that we'll do in a given quarter to try and actually make the product experience better.

這是一個很好的例子，我們將在給定季度進行 100 項測試中的一項，以嘗試並真正改善產品體驗。

But the core idea behind this is there's a bunch of our members who really enjoy watching the most popular shows because they enjoy watching the show and then engaging in the public conversation around the show and all the memes that are shared around.

但這背後的核心理念是，我們的一群會員非常喜歡觀看最受歡迎的節目，因為他們喜歡觀看節目，然後參與圍繞節目和所有分享的迷因的公開對話。

And so the idea here is let's do a good job at using the product and other public communication channels to basically let our members know what are those most popular shows so they can watch and then participate in the public conversation.

因此，這裡的想法是，讓我們好好利用該產品和其他公共溝通管道，基本上讓我們的會員知道哪些是最受歡迎的節目，以便他們可以觀看並參與公共對話。

So we're quite bullish on that, and we'll see how it does.

所以我們對此非常看好，我們將看看它的表現如何。

And I would only add that it's a -- popularity is a data point that people can use to choose, not the most important one and not the only one, but we don't want to suppress it if it's helpful to our members.

我只想補充一點，受歡迎程度是人們可以用來選擇的數據點，不是最重要的，也不是唯一的，但如果它對我們的會員有幫助，我們不想壓制它。

That's exactly right.

完全正確。

And I think to Ted's point basically, our members have a broad set of things that they're evaluating what they want to watch on.

我認為基本上，就特德的觀點而言，我們的會員有一系列廣泛的內容，他們正在評估他們想觀看的內容。

And our job is to figure out for any given member what's the information that they're going to find most relevant to make that decision.

我們的工作是為任何特定的成員找出他們會發現與做出決定最相關的資訊是什麼。

For some members, that will be popularity.

對於某些會員來說，這將是受歡迎的。

Greg, sticking with you.

格雷格，和你在一起。

Another point that was raised again in the letter was around distribution deals.

信中再次提出的另一點是分銷協議。

What they're doing for the business is both growing the brand, growing awareness of the service, driving subscriber growth.

他們為業務所做的就是發展品牌、提高服務意識、推動用戶成長。

Can you give us a little granularity on sort of what you see from these partnerships, what it means for the company longer term and what the landscape even could look like to do additional partnerships over time?

您能否向我們詳細介紹一下您從這些合作夥伴關係中看到的情況、這對公司的長期意義以及隨著時間的推移建立更多合作夥伴關係的前景會是什麼樣子？

Yes.

是的。

Again, this is sort of something we've been on a 10-plus-year trajectory on in improving the way that we use partners, in the way that we've leveraged those other companies out there to make a connection with members.

同樣，這也是我們十多年來一直在改進我們使用合作夥伴的方式的事情，我們利用其他公司與會員建立聯繫的方式。

And it started with just putting our application on different devices.

首先將我們的應用程式放在不同的裝置上。

So yes, there was another easy way to find Netflix and then to enjoy the service and go from there.

所以，是的，還有另一種簡單的方法可以找到 Netflix，然後享受該服務並從那裡開始。

But progressively, we found things like bill on behalf of where members could pay for Netflix via their mobile operator charge or their pay-TV charge.

但漸漸地，我們發現了諸如代表帳單之類的東西，會員可以透過行動電信商費用或付費電視費用來支付 Netflix 的費用。

That was yet another way to make it easier to sign up.

這是讓註冊變得更容易的另一種方式。

And then most recently, we have bundled deals where it's sort of the simplest model where you just get Netflix as part of your pay-TV offering or your mobile offering.

最近，我們推出了捆綁交易，這是最簡單的模式，您只需將 Netflix 作為付費電視服務或行動服務的一部分即可。

That's a great way for folks to try Netflix very simply.

對於人們來說，這是一種非常簡單地嘗試 Netflix 的好方法。

They have easy access to viewing on maybe their set-top box or their mobile phone and allows us to access a subscriber base that might be a little bit slower in signing up directly with us for Netflix.

他們可以輕鬆地透過機上盒或手機觀看內容，並讓我們能夠接觸到直接向我們註冊 Netflix 的訂閱者群，而這些訂閱者群的速度可能會慢一些。

But I think it's also -- and while these bundled deals are great, they're performing quite well for us and we want to expand them, it's also I think relevant to note that as a fraction through all those channels, the total sign-ups we do in any given quarter and any given year, it's still quite small relative to our organic channel or people signing up with us directly.

但我認為，雖然這些捆綁交易很棒，它們對我們來說表現得很好，我們希望擴大它們，但我認為值得注意的是，作為所有這些渠道的一小部分，總標誌我們在任何特定季度和任何特定年份所做的更新，相對於我們的有機管道或直接與我們簽約的人來說，仍然相當小。

So we'll see more and more of those, and I think it's nice supplemental channel that accelerates our growth with that.

因此，我們會看到越來越多的這類管道，我認為這是一個很好的補充管道，可以加速我們的成長。

Ted, maybe turning to you on the movies front.

泰德，也許在電影方面向你求助。

Obviously, you continue to evolve the strategy on distribution of movies when you think about some of the things having to go into theaters or thinking about different windows yourself for your movie content, how has that strategy evolved?

顯然，當你考慮到一些必須進入影院的東西或考慮自己為你的電影內容提供不同的窗口時，你會繼續發展電影發行策略，該策略是如何演變的？

What sort of feedback are you getting from the content creation community?

您從內容創建社群得到了什麼樣的回饋？

What are you seeing from users in how they want to consume the content and how might that sort of continue to evolve the movie strategy over the medium to long term?

您從用戶那裡看到了他們想要如何消費內容的情況，以及從中長期來看，這將如何繼續發展電影策略？

Well, I think these are all case by case.

嗯，我認為這些都是個案。

So -- and a lot of times, I would say that we're -- always have been for consumer choice.

所以——很多時候，我會說我們——一直都是為了消費者的選擇。

If I had my way, I would love to have the movies that are on Netflix be available in 2,000 theaters at the same time that they're on Netflix.

如果可以的話，我希望 Netflix 上的電影能夠同時在 2,000 家影院上映。

We just don't control the programming of those theaters.

我們只是無法控制這些劇院的節目安排。

So when I say that, what I mean is that people want to go out and have a good time and pick a great movie.

所以當我這麼說時，我的意思是人們想要出去享受美好時光並挑選一部精彩的電影。

And if we're making the great movie, if they don't have the opportunity to see it on the screen, they just -- they don't go out.

如果我們正在製作一部偉大的電影，如果他們沒有機會在銀幕上看到它，他們就會——他們不會出去。

So the opportunity I think would be for -- to give consumers as much choice as possible.

所以我認為機會是給消費者盡可能多的選擇。

But we can only control that -- what's on Netflix.

但我們只能控制 Netflix 上的內容。

And we are -- primarily, we're releasing in theaters and on Netflix day and date, meaning that by the time they've been there on Netflix at the same time they're in the theaters, we have an opportunity -- we're taking the opportunity to promote the films and generate publicity for the films, release them in select theaters a few weeks early.

我們主要是在 Netflix 的日期和日期在影院上映，這意味著當他們在 Netflix 上同時在影院上映時，我們有機會 - 我們我們正在利用這個機會宣傳電影並為電影進行宣傳，並提前幾週在選定的戲院上映。

But in general, we want it to be in theaters and on Netflix at the same time, but we can only control Netflix.

但總的來說，我們希望它同時在影院和 Netflix 上上映，但我們只能控制 Netflix。

And I think what it is, is -- it has a lot less to do with the room in which people can consume in and all those other things is we have to focus on making great movies.

我認為它與人們可以消費的房間關係不大，所有其他事情都是我們必須專注於製作精彩的電影。

And then anyone who's involved in the ecosystem of presenting movies and watching movies will have to take notice of those films.

然後，任何參與放映電影和觀看電影的生態系統的人都必須注意到這些電影。

So that's what we're trying to do is just make undeniably great movies with undeniably great filmmakers.

所以我們正在努力做的就是與無可否認的偉大電影製片人一起製作無可否認的偉大電影。

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

艾瑞克，我們還有時間再問一個問題。

Sure.

當然。

So Reed, I'd love to end with you with a little bit of a lighthearted question but also one that I think allows you to frame a little bit about where you come from and where you've gone.

所以，里德，我很想以一個輕鬆的問題來結束你的演講，但我認為這個問題也能讓你稍微了解一下你從哪裡來，然後又去了哪裡。

I noticed in the press over the last week, a competitor said that Netflix may or may not have a brand, is what they implied.

我上週在媒體上註意到，一位競爭對手錶示，Netflix 可能有也可能沒有品牌，這就是他們所暗示的。

And I figure you probably disagree with the statement that Netflix doesn't have a brand.

我想你可能不同意 Netflix 沒有品牌的說法。

So I would love to understand your vision of sort of where the Netflix brand has come over the last half decade as you've evolved the company and how you think about repositioning and evolving the brand to stay at the front of the curve of where the industry is going over the next half decade.

因此，我很想了解您對 Netflix 品牌在過去 5 年發展過程中所取得的進展的看法，以及您如何考慮重新定位和發展該品牌，以保持在發展曲線的前沿。該行業將在未來五年內持續發展。

We're a mix of a great innovator that people love us for trying new things.

我們是偉大的創新者的混合體，人們喜歡我們嘗試新事物。

That's both in terms of on-demand and it's creatively with a different series that we're doing and being really great comfort food where you just want to curl up and enjoy and you know Netflix is going to be great.

這既體現在點播方面，也體現在我們正在製作的不同劇集中，它是非常有創意的舒適食物，你只想蜷縮起來享受，而且你知道 Netflix 會很棒。

So it's that combination of comfort and innovation that's so powerful for us.

因此，舒適與創新的結合對我們來說是如此強大。

And when I think of the quarter, just to wrap up, the one little time I was not watching Netflix on Sunday, I was watching Tiger Woods in the PGA, like probably half of America, and when I think of those beautiful shots right down the middle of the fairway, I think about the 6,000 employees at Netflix hitting that perfect clean shot, and that's what the quarter was.

當我想到這個季度時，總結一下，週日我沒有看 Netflix 的一小段時間，我在 PGA 比賽中觀看泰格·伍茲的比賽，就像半個美國一樣，當我想到那些美麗的鏡頭時在球道中間，我想到Netflix 的6,000 名員工擊出了完美的乾淨球，這就是本季的情況。

So congratulations to everyone on a fantastic Q1 and looking forward to getting the green jacket for the year for this team.

因此，恭喜大家在第一季取得了出色的表現，並期待為這支球隊獲得今年的綠夾克。