Netflix Inc (NFLX) 2021 Q4 法說會逐字稿

Hello, and welcome to the Netflix Q4 2021 Earnings Interview. I'm Spencer Wang, VP of IR and Corporate Development. Joining me today are Co-CEO, Reed Hastings; Co-CEO and Chief Content Officer, Ted Sarandos; COO and Chief Product Officer, Greg Peters; and CFO, Spence Neumann. Our interviewer this quarter is Nidhi Gupta from Fidelity. As a reminder, we'll be making forward-looking statements and actual results may vary.

大家好，歡迎收看Netflix 2021財年第四季財報專訪。我是投資人關係與企業發展副總裁Spencer Wang。今天與我一同出席的還有聯席執行長Reed Hastings、聯席執行長兼首席內容長Ted Sarandos、營運長兼首席產品長Greg Peters以及財務長Spence Neumann。本季的採訪來賓是來自富達的Nidhi Gupta。提醒大家，我們將發表一些前瞻性聲明，實際結果可能與聲明不同。

Nidhi, over to you now to kick off the Q&A.

Nidhi，現在輪到你來開始問答環節了。

Thank you, Spencer. Good to be with you all again. Great to see all the new content over the quarter. I've been a little less productive so I think I can blame you all for that. As usual, I'd like to start with net adds during the quarter, which came in a little bit later than you expected. Just help us understand the underperformance there.

謝謝 Spencer。很高興再次見到大家。很高興看到本季所有的新內容。我最近效率有點低，我想這應該要怪大家。像往常一樣，我想先談談本季的淨新增用戶狀況，這個數據比你們預期的要晚一些。請幫我們分析一下這方面表現不佳的原因。

Nidhi, 8.3 million versus 8.5 million, I mean...

妮蒂，830萬對850萬，我的意思是…

222 million.

2.22億。

In fairness, Nidhi said it was a little shy. So I'll take what Nidhi says. As she said, we delivered -- first, we're quite pleased with how the quarter played out. We delivered 8.3 million paid net adds. So it was just a bit shy, about 0.1% on roughly 222 million paying members.

平心而論，妮蒂也說這個數字有點低。所以我就相信妮蒂的說法。正如她所說，我們完成了任務——首先，我們對本季的業績相當滿意。我們新增了830萬付費用戶。所以只是略微低於預期，在約2.22億付費用戶中只差了0.1%左右。

And overall, we're quite pleased with how our titles performed. We had big viewing. We started the quarter with Squid Game becoming a global phenomenon, and we ended the quarter in December with big TV series like the finale of La Casa de Papel, a big returning show in The Witcher, our 2 biggest movie releases of all time.

整體而言，我們對旗下影片的表現非常滿意。觀看量很高。本季度初，《魷魚遊戲》在全球範圍內掀起熱潮；12 月份，《紙鈔屋》大結局、《獵魔人》回歸以及我們有史以來最賣座的兩部電影也為本季度畫上了圓滿的句號。

So overall, the business was healthy. Retention was strong. Churn was down. Viewing was up. But on the margin, we just -- we didn't grow acquisition quite as fast as we would have liked to see, and on our large subscriber base, a small change in acquisition can have a pretty big flow-through in paid net adds. And again, our acquisition was growing, just not growing quite as fast as we were perhaps hoping or forecasting.

整體而言，業務狀況良好。用戶留存率很高，流失率下降，觀看量上升。但就用戶獲取而言，我們的成長速度並未達到預期。在我們龐大的用戶群中，用戶獲取方面的微小變化都會對付費用戶淨增量產生相當大的影響。再次強調，我們的用戶獲取量確實在成長，只是成長速度沒有達到我們預期或預測的水平。

Great. And as we look ahead to Q1, the guidance was a bit below kind of what was expected and what you've done in previous Q1s. Maybe just help us understand what some of the key considerations were that went into the guidance? And does it raise any concerns for you about anything structural, whether it's competition or saturation? Or does it give you any pause in terms of sort of your return on content spend?

好的。展望第一季度，你們的業績指引略低於預期，也低於你們以往第一季的業績。能否請您解釋一下，做出這項指引的關鍵考量因素是什麼？這是否讓您對任何結構性問題感到擔憂，例如競爭或市場飽和？或者，這是否讓您對內容投入的報酬率有所顧慮？

Sure. No structural change in the business that we see. What's reflected in the guidance, we guided to 2.5 million paid net adds in Q1. And what's reflected there is pretty much the same trends we saw in Q4: so healthy retention with churn down, healthy viewing and engagement with viewing up and acquisition just growing but a bit slower than pre-COVID levels, just hasn't fully recovered.

當然。我們目前沒有看到業務結構上的變化。正如我們之前預測的那樣，第一季付費淨新增用戶預計為250萬。這反映出的趨勢與第四季基本相同：用戶留存率保持良好，流失率下降；觀看量和用戶參與度保持良好，觀看量上升；獲客量雖然增長，但速度略低於疫情前水平，尚未完全恢復。

And we're trying to pinpoint what that is. It's tough to say exactly why our acquisition hasn't kind of recovered to pre-COVID levels. It's probably a bit of just overall COVID overhang that's still happening after 2 years of a global pandemic that we're still unfortunately not fully out of, some macroeconomic strain in some parts of the world like Latin America in particular. While we can't pinpoint or point a straight line using -- when we look at the data on a competitive impact, there may be some kind of more on the marginal kind of side of our growth, some impact from competition but -- which, again, we just don't see it specifically.

我們正在努力找出原因。很難確切地說出為什麼我們的收購業務還沒有恢復到疫情前的水準。這可能與全球疫情持續兩年後仍存在的整體影響有關，而我們很遺憾至今仍未完全擺脫疫情的影響，尤其是在拉丁美洲等一些地區，宏觀經濟也面臨一些壓力。雖然我們無法透過分析競爭影響的數據來明確指出具體原因，但從邊際成長的角度來看，競爭可能確實對我們的成長產生了一些影響，只是這種影響並不明顯。

So overall, that's what's reflected in the guide. I'd say we -- our big titles are also landing, at least our known big titles, a little bit later in the quarter with Season 2 of Bridgerton in March, The Adam Project also in March. As you know, we also -- while we are taking -- changing prices in countries every quarter, in Q1 of this year, it happens to be our largest country, as we announced last week, actually our largest region with Canada as well. So that's probably a little bit more impact than a typical quarter.

總的來說，這就是指南中反映的內容。我想說的是，我們的大作——至少是我們已知的大作——也會在本季度稍晚些時候上線，比如《布里奇頓》第二季和《亞當計劃》都將在三月份推出。正如您所知，我們每個季度都會調整各國的價格，而今年第一季度，加拿大恰好是我們最大的市場，正如我們上周宣布的那樣，它也是加拿大最大的地區。因此，這可能比通常情況下影響更大一些。

But Nidhi, you're right to reflect on 2 years ago, we were 10 million above plan, which was a shock. Last year, we were 10 million below or 9 million. And so the pull forward sort of makes it hard to read. In the prior years, we were very steady, so we can have confidence on incremental trends. But as Spence said, when you -- we reflect, of course, hey, that's a low guide, and we think it will be accurate. It's not sandbagged at all, kind of what's going on.

妮迪，你說得對，兩年前我們的業績比計畫高出1000萬，這確實令人震驚。去年，我們卻比計畫低了1000萬，也就是900萬。所以，這種提前確認的情況確實會讓人難以判斷。前幾年，我們的業績一直很穩定，因此我們對漸進式成長趨勢有信心。但正如史賓塞所說，當我們回顧過去時，當然會意識到，這只是一個較低的預期，我們認為最終結果會比較準確。這完全沒有故意低估業績，這就是目前的情況。

And there's a number of potential explanations with COVID, but then we worry about hanging too much on that. There's more competition than there's ever been. But we've had Hulu and Amazon for 14 years. So it doesn't feel like any qualitative change there. And overall, confidence in streaming becomes all of entertainment. Linear dissipates over the next 10 to 20 years. Very high confidence in that thesis because everyone's coming into streaming.

新冠疫情可能有很多種解釋，但我們擔心過度依賴它。如今的競爭比以往任何時候都更加激烈。但Hulu和亞馬遜已經運作了14年，所以感覺並沒有發生什麼質的變化。總的來說，人們對串流媒體的信心將擴展到整個娛樂領域。傳統電視模式將在未來10到20年逐漸消失。我對這個論點非常有信心，因為所有人都正在湧入串流媒體領域。

So like market size, very large. Our execution is steady and getting better. So for now, we're just like staying calm and trying to figure out. Again, the COVID has introduced so much noise. It just wants us to give it some pause as we work on everything we've always worked on.

市場規模非常大。我們的執行力穩定提升，而且還在不斷進步。所以目前，我們只想保持冷靜，努力尋找解決方案。新冠疫情帶來了許多幹擾，讓我們不得不暫停一下，繼續推進我們一直以來都在做的所有事情。

And just to reiterate, I'd say we took a big bet years ago on this, that people would move on to Netflix and Netflix-type offerings to consume movies and film. That was a big, big bet that we've seen continue to go through. We have no change in our confidence in that.

我再次重申一下，幾年前我們就押注於此，認為人們會轉向Netflix及類似平台觀看電影。這是一項非常重大的賭注，而且我們已經看到它持續發展。我們對此的信心絲毫未減。

And I think what's really been great about 2021, even through all those conditions, we were able to kind of prove out to other theses that we've bet on starting years ago one big one around our investment in international programming. We're glad that we started that 7 years ago with Club de Cuervos. And now we were betting that you could take films and series from anywhere in the world and entertain the entire world. And we were getting more -- bigger and bigger milestones against that goal.

我認為2021年最棒的地方在於，即便在種種挑戰下，我們依然能夠驗證我們多年前就已開始的幾個重要理念，其中之一就是對國際節目製作的投資。我們很高興七年前透過《烏鴉俱樂部》（Club de Cuervos）開啟了這項投資。當時我們相信，無論來自世界何處，電影和劇集都能娛樂全世界。而我們也正朝著這個目標不斷有更大的成就。

And now we have proven to have kind of global sensations from France with Lupin, from Spain with La Casa de Papel and Elite and then in the biggest way possible in 2021 with Squid Game, which has become our biggest series ever. And it is unapologetically and perfectly Korean. So it's not built to be this kind of global thing. It's proving that great storytelling from anywhere in the world can entertain the world.

現在，我們已經證明了我們能夠創造出風靡全球的作品，例如法國的《魯邦三世》、西班牙的《紙鈔屋》和《精英》，以及2021年以《魷魚遊戲》達到前所未有的高度，這部劇已經成為我們迄今為止最成功的系列。而且，它毫不掩飾地展現了韓國的特色。所以，它並非刻意打造全球熱度，而是證明了來自世界各地的優秀故事都能娛樂全世界。

And our other big bet was our investment in big-budget feature films and our bet that we could effectively release them and compete with big theatrical releases for audience and for attention. And Red Notice this year, of course, and Don't Look Up have become our #1 and #2 most watched movies ever on Netflix. And if you look at the hours that we publish out, you can do the math and back into it. They may be the most watched movies anywhere in the world this year. So I think those 2 bets coming through, it kind of strengthens our confidence in the overall bet in the service and pleasing customers and leaning into consumer-first business models. I think we could succeed there.

我們另一項重大投資是製作大製作電影，並相信我們能夠有效地發行這些影片，與院線大片爭奪觀眾和關注。今年，《紅色通緝令》和《別抬頭》分別成為Netflix史上觀看次數第一、第二的電影。如果你查看我們的播放時長，就能算出它們可能是今年全球觀看次數最多的電影。所以我認為這兩項投資的成功，增強了我們對整體服務、提升客戶滿意度以及推行以消費者為中心的商業模式的信心。我相信我們能夠成功。

Yes. No. And I think that's part of the question, right? I mean you -- this was probably the best content quarter you've had. And looking at sort of flattish subs versus previous Q4s, obviously, a great number, but it's kind of in line with what you've done the last few Q4s. What do you read from that? Is the customers sort of hurdle just higher in terms of the amount and quality of content that you need to deliver to get the same number of net adds?

是的，也不是。我覺得這正是問題的一部分，對吧？我的意思是，這可能是你們內容表現最好的一個季度。雖然訂閱用戶數量與之前的第四季相比略有持平，這當然是個不錯的數字，但與過去幾季的表現基本一致。你們從中得到什麼結論？是不是客戶對內容的數量和品質要求更高了，所以你們需要提供更多高品質的內容才能獲得相同的新增用戶數量？

Well, I think what, I guess, Spence was saying, we didn't see it -- we didn't see a hit to our engagement. We didn't see a hit to retention, all those things that would classically lead you to looking at competition. But it's a stew of all those things. Not only are we in a pandemic. We've kind of come in of and out of COVID at different levels in 2021, particularly the back half of 2021. So it's created a lot of bumpiness certainly and not steady linear growth, which makes it a little tougher to predict, but all the fundamentals of the business are pretty solid.

嗯，我想斯賓塞的意思大概是，我們沒有看到——我們沒有看到用戶參與度下降，也沒有看到用戶留存率下降，所有這些通常都會讓我們關注競爭對手的情況都沒有發生。但實際情況是各種因素交織在一起的。我們不僅身處疫情之中，而且在2021年，尤其是在下半年，我們經歷了疫情在不同階段的反覆。所以，這無疑造成了很多波動，而非持續的線性成長，這使得預測變得更加困難，但公司的基本面仍然相當穩固。

Got it. You announced a U.S. price increase last week. Maybe just help us understand kind of over what time frame you think this will flow through, what kind of churn you might expect.

明白了。您上周宣布了美國的價格上漲。能否請您大概說明一下，您認為這項漲價措施會在多長時間內逐步實施，以及預計會出現怎樣的價格波動？

Yes, I'd say you can anticipate it flowing through over the next quarter, the quarter that we're in right now, Q1. And we largely are seeing in the price changes we've done most recently and for the earliest indications that we have in the U.S., which is still premature because we actually haven't actually rolled it out to any customers yet, what we've seen over the last couple of years, which is that sort of core theory that we have that if we've done a good job investing, the member subscription fees that they paid us into better stories, more great storytelling, bigger movies, more variety, then when we come back and ask them occasionally for a little bit more to keep that sort of cycle going, then they're generally willing to do that. And we don't see any significant disruption to the business otherwise in that regard.

是的，我認為可以預見，這種情況會在接下來的一個季度，也就是我們現在所在的Q1季度逐步顯現。從我們最近的價格調整以及目前在美國的初步跡象來看（雖然現在下結論還為時過早，因為我們實際上還沒有向任何客戶正式推出），過去幾年我們一直秉持著一個核心理念：如果我們把會員支付的訂閱費投入到更好的故事、更精彩的敘事、更宏大的電影製作和更豐富的內容上，那麼當我們偶爾需要他們支付一些額外費用來維持這種健康。除此之外，我們認為這不會對業務造成任何重大影響。

And I would say generally, when we look at that sort of core theory and we look at also the competitors, if you look at Disney+ as an example, the other streaming services out there as well, and their ability to grow even as we've been growing as well, I think it's really strong endorsement for the core idea that consumers around the world are willing to pay for great entertainment. And it encourages us to continue that investment and to try and deliver more entertainment value and earn more of that share.

總的來說，當我們審視這個核心理論，並考察競爭對手，例如Disney+以及其他串流媒體服務，以及它們在我們自身發展的同時依然保持成長的能力時，我認為這有力地印證了我們的核心理念：世界各地的消費者都願意為優質的娛樂內容付費。這也激勵我們繼續加大投入，努力提供更多娛樂價值，並爭取更大的市場份額。

Yes. No, it's a good point about your streaming competitors. And when I look at sort of your steady price increases in the U.S., it doesn't seem like you feel too constrained by where those competitors are priced. So is that a true statement?

是的。沒錯，你說的串流媒體競爭對手確實很有道理。而且，我觀察你們在美國持續上漲的價格，感覺你們似乎並沒有受到競爭對手定價策略的太多限制。是這樣嗎？

And I guess as long as you're viewing share is sort of multiples of any other streaming service in the U.S., should we think about your price relative to cable actually as we sort of think about your runway -- not that you'll get there overnight, but as we think about your runway, is that really sort of the comparison we should be thinking about as opposed to other streaming services?

我想，只要你的觀看份額是美國其他任何串流媒體服務的數倍，我們在考慮你的發展前景時，是否應該考慮你的價格相對於有線電視的價格？ ——當然，你不可能一夜之間就達到目標，但在考慮你的發展前景時，這是否真的是我們應該考慮的比較對象，而不是與其他串流媒體服務進行比較？

We don't have an a priori sort of price target in any given country that we're tracking to. Mostly, we're listening to our members and sort of iteratively doing this walk where the metrics that we see in terms of engagement and churn and acquisition and those kind of things are really our signal that we've done a good job at sort of creating this more value and it's the right time to ask for a little bit more to keep that going.

我們並沒有預先設定針對特定國家的價格目標。我們主要依靠傾聽會員的回饋，並不斷迭代改進，透過觀察用戶參與度、流失率和獲客率等指標，來判斷我們是否成功地創造了更多價值，以及現在是否是爭取更多收益以保持這種勢頭的合適時機。

So to the previous comments around competition and things like that, we don't think that it's immediately replaceable or substitutable good, let's say, right? And so if we have incredible stories, movies that you can only see on Netflix, great TV shows, unscripted, now games coming, then that really -- the value equation for any given member or member-to-be in a market is just are they getting good value for what they're paying. As long as we do a good job there, we feel like we're fulfilling that need.

所以，對於之前提到的競爭之類的問題，我們不認為我們的產品是可以立即被替代或取代的，對吧？如果我們有精彩的故事、只能在Netflix上觀看的電影、優秀的電視節目、真人秀，以及即將推出的遊戲，那麼對於市場上的任何現有用戶或潛在用戶來說，真正的價值等式就是他們是否物有所值。只要我們在這方面做得好，我們就覺得我們滿足了他們的需求。

Great. You also made a price change in India in the other direction. Maybe just help us understand what you're trying to achieve with that price change.

太好了。你們還在印度做了相反方向的價格調整。能不能請你們解釋一下，你們調整價格的目的是什麼？

Yes. I think it follows a whole set of activities that we've been doing in India over the years that we've been operating there and learning more about Indian consumers' tastes, et cetera. And that's broadening the offering in the service across many, many different dimensions. So it's obviously at the core is the content and the programming and seeking to expand that and provide an increased variety and range of programming that appeals and attractive to more people in India while we're thinking about go-to-market and the partnerships that we have and making sure that we're available with those partners at that place where more people in India will find us, and it gets to payments and many, many, many things.

是的。我認為這與我們多年來在印度開展的一系列活動一脈相承，包括我們在印度的營運以及對印度消費者口味等方面的深入了解。這些活動正從許多方面拓展我們的服務。顯然，核心在於內容和節目，我們力求擴展內容，提供更多樣化、更豐富的節目，以吸引更多印度觀眾。同時，我們也在思考市場推廣策略和合作夥伴關係，確保我們能夠與合作夥伴攜手，在更多印度用戶能夠找到我們的地方提供服務。此外，這也牽涉到支付等諸多方面。

And when we looked at it and we saw sort of the sum total of all those activities, we felt it was the right time to decrease our prices there, to increase accessibility to all of that sort of -- those incremental value or features that we've been trying to deliver to the market to more Indian consumers. And we also wanted to do it not just like we did with mobile, which is a good lower entry price point, but do it across the range of plans that we had under the theory that some of those features like the ability to watch on TV with a basic plan really unlocks more value in the service and therefore would create more retention, more attractiveness to those plan types for those Indian consumers.

當我們審視所有這些活動並進行綜合分析後，我們認為現在是時候降低價格了，這樣才能讓更多印度消費者更容易享受到我們一直努力推向市場的那些增值功能。我們希望不僅像行動端那樣降低價格（行動端價格較低），還要涵蓋我們所有的套餐。我們的理念是，一些功能，例如在基本套餐中提供電視觀看功能，能夠真正釋放服務的更多價值，從而提高用戶留存率，增強這些套餐對印度消費者的吸引力。

And again, we're doing this through the lens of what's the long-term sort of revenue maximization, our best guess at that exchange. And so in this case, we're -- basically anticipated that while we decrease ARM, average revenue per member, as a result of the price decreases, we're going to make it up in more subscriber adds.

再次強調，我們是從長期收益最大化的角度出發，對這種交易進行最佳預測。因此，在這種情況下，我們預計雖然價格下降會導致平均每位會員收入（ARM）降低，但我們會透過增加訂閱用戶數量來彌補損失。

And I would say it's still very early in looking at India. And some of these effects, like retention, it takes a couple of months to get a very clean read on it. But the early data that we are seeing very much supports a positive read on that lens of revenue maximization through these changes.

我認為現在分析印度市場還處於非常早期的階段。有些影響，例如用戶留存率，需要幾個月的時間才能得出清晰的結論。但我們目前看到的早期數據非常有力地支持了透過這些變革來實現收入最大化的積極結論。

And Nidhi, as you well know, but not all viewers might, what's unique about India is cable is about $3 per month per household. So radically different pricing than the rest of the world, which does impact consumer expectations.

妮蒂，正如你所知（但並非所有觀眾都了解），印度的獨特之處在於，有線電視的費用大約是每戶每月3美元。這與世界其他地區的定價截然不同，確實會影響消費者的預期。

Right. Right. If this approach doesn't give you the desired result, and it sounds like it is so far, but if fast forward 6 months or 12 months from now, it isn't giving you the desired result, would you consider sort of rightsizing your content spend in India or maybe consider an ad-supported model? I guess in other words, how hard do you want to push for India? And are there examples of success you see either in the media industry or outside of it that give you the confidence that you can make money in this market long term?

沒錯。沒錯。如果這種方法目前看來效果不錯，但如果6個月或12個月後效果不佳，您是否會考慮調整在印度的內容投入，或考慮採用廣告支援模式？換句話說，您想在印度市場投入多少精力？您是否在媒體產業內外看到一些成功的案例，讓您相信在這個市場長期獲利？

I think it would be a long time before we adjust it materially because in our experience in Brazil, it was brutal for the first couple of years. We thought we'd never break even. I know we've got this great business.

我認為我們需要很長時間才能做出實質調整，因為根據我們在巴西的經驗，頭幾年非常艱難。我們當時覺得永遠無法達到收支平衡。但我知道我們現在擁有一個很棒的生意。

And then, Greg, why don't you talk about the experience in Japan?

那麼，格雷格，你為什麼不談談你在日本的經歷呢？

Yes. I would use the word brutal in my -- back to that. And obviously, it's a different country, different characteristics in terms of affluence and things like that. But it took us quite a while to unlock all of these components, product market fit, get the right content, all these different pieces. But then once you get that sort of flywheel spinning, it's an incredible market for us and a source of tremendous growth in membership and revenue in the region.

是的。我會用「殘酷」這個詞來形容——回到正題。顯然，這是一個不同的國家，在富裕程度等方面都有不同的特徵。但我們花了相當長的時間才把所有這些要素都整合起來，包括產品與市場的契合度、適當的內容等等。但一旦這種良性循環運作起來，對我們來說，這將是一個絕佳的市場，也是該地區會員數量和收入大幅增長的來源。

So I think we're quite bullish that India isn't fundamentally different in some way that we can't figure out how to tailor our service offering to be attractive to Indian consumers who love entertainment. We know that for sure. And so that, I think, gives us a lot of optimism just to continue to work away at it.

所以我認為我們相當樂觀，相信印度市場本質上並沒有什麼不同，我們一定能找到辦法調整我們的服務，使其更能吸引熱愛娛樂的印度消費者。這一點我們非常確定。因此，我認為，這給了我們很大的信心，讓我們繼續努力。

I would just add -- sorry, go ahead, Reed.

我只想補充一點——抱歉，請繼續，里德。

The great news is in every single other major market, we've got the flywheel spinning. The thing that frustrates us is why haven't we been as successful in India. But we're definitely leaning in there.

好消息是，在其他所有主要市場，我們的業務都已步入正​​軌。讓我們感到沮喪的是，為什麼我們在印度沒有同樣的成功。但我們肯定會加強開拓印度市場。

And there wasn't an easy one in the bunch.

而且，這其中沒有一個是容易的。

Well, that's kind of what I was going to say, like what Ted touched on, like for as much as we have what we believe is a terrific business and a terrific business model that scales so well with content that can be created anywhere and travel everywhere. And you see that with our more than 222 basic -- million paying members around the world. It's also super hard. It's hard in every country. And every country is on different adoption curve.

嗯，這正是我要說的，就像Ted剛才提到的那樣，我們擁有一個我們認為非常棒的商業模式，它能很好地擴展，內容可以隨時隨地創作，並傳播到世界各地。這一點從我們遍布全球的超過2.22億付費會員就能看出來。但同時，這也非常困難。在每個國家都很難。每個國家的普及曲線都不一樣。

And we talk about product market fit, but it's -- even though everyone loves film and TV and even games, it is very specific. Entertainment is still fundamentally pretty local around the world. So it's global and local, and we need to figure that out. So that is actually a good thing about our business, is that it scales well but it's also super difficult. Otherwise, it'd be really easy for everybody to replicate it.

我們一直在討論產品市場契合度，但即便人人都喜歡電影、電視甚至遊戲，它們也具有很強的地域性。娛樂本質上在全球範圍內仍然相當本土化。所以它既具有全球性又具有本土性，我們需要弄清楚這一點。這其實是我們業務的優勢所在，它既能很好地擴展規模，又極具挑戰性。否則，任何人都能輕易複製它。

The team going into producing original content in India being pretty -- almost impossible when we first started looking at it. And then this quarter alone, we've got original content coming out from Turkey. We have production in Russia, from Argentina, from Mexico, from Sweden, from Denmark. So we've got original content from all corners of the world with 20 originals coming out of Korea this year.

我們最初開始考慮在印度製作原創內容時，團隊的想法幾乎是——或者說幾乎不可能。但光是這個季度，我們就有來自土耳其的原創內容推出。我們在俄羅斯、阿根廷、墨西哥、瑞典和丹麥都有原創內容製作。所以，我們的原創內容來自世界各地，光是今年就有20部來自韓國的原創作品。

So the idea that they invested in this early and have built up on it and that it really is going to be something that is going to start to -- we think it will start flowering in India for all the same reasons, a good product market fit, content people love, value that fits through their life and product they can't live without.

所以，他們早期就投資了這個項目，並在此基礎上不斷發展壯大，我們認為它將在印度蓬勃發展，原因也完全一樣：良好的產品市場契合度、人們喜愛的內容、符合他們生活價值的產品以及他們離不開的產品。

And I'll triple down on that point as well, Ted, because we're -- I mean, we're still learning even now as we have these incredible stories from all these places around the world, how to bring them to that global audience in increasingly effective ways. And it's simple things, obviously, like subtitling and dubbing. And we've subtitled 7 million run time minutes in '21 and dubbed 5 million run time minutes. But at that scale, we're learning actually how to do that better and how to make that localization more compelling to our members.

泰德，我還要再三強調這一點，因為我們——我的意思是，即便現在我們擁有來自世界各地如此精彩的故事，我們仍然在學習如何以越來越有效的方式將它們呈現給全球觀眾。當然，這其中也包括一些簡單的事情，像是字幕和配音。 2021年，我們為700萬分鐘的影片添加了字幕，並配音了500萬分鐘。但如此龐大的規模，我們仍在學習如何做得更好，如何讓在地化內容對我們的會員更具吸引力。

But it also gets to even like things that you wouldn't even anticipate like just how you present these titles in an emotionally, evocative way. And we describe a story maybe as nostalgic or eerie and that means something to us. But you can't just literally translate that. You have to find out in every culture and language around the world what is that similarly emotionally evocative descriptor that is going to communicate really easily and quickly what a story means. There's just -- there's so much work and incredibly fascinating things that we're learning about how to do that every day.

但它甚至還能觸及一些你意想不到的方面，例如如何以一種充滿情感、引人入勝的方式呈現這些標題。我們可能會用「懷舊」或「詭異」來形容一個故事，這對我們來說意義非凡。但你不能簡單地照搬這些字。你必須在世界各地的每一種文化和語言中找到類似的、能夠喚起情感的描述詞，以便快速簡潔地傳達故事的含義。這其中有很多工作要做，而且我們每天都在學習如何做到這一點，從中發現許多令人著迷的奧秘。

And in many of those places where we built that out, there was 0 infrastructure for subtitling and dubbing.

在我們進行這項工作的許多地方，字幕和配音的基礎設施都是零。

Well, speaking of content that travels well, South Korea, as you mentioned, Ted, has been a really bright spot for you. And as you said, you're launching 20 -- over 20 new shows there this year. What are sort of the unique factors that drove your success in South Korea? And more importantly, what do you think the adoption curve can look like here relative to maybe what you've seen in other markets?

說到容易傳播的內容，如你所提到的，TED在韓國取得了巨大的成功。而且如你所說，今年你將在韓國推出20多場新節目。是什麼獨特的因素促成了你在韓國的成功？更重要的是，你認為與你在其他市場觀察到的情況相比，TED在韓國的推廣曲線會是什麼樣的呢？

I'd say first and foremost, we've developed over the years an incredible team in Korea and South Korea that has worked with the talent community, that recognized the storytelling, that really works in Korea, that didn't try to make it different so it would travel but really try to find all the things about Korean cinema and Korean drama and build them up in a way that people could see kind of new levels of production value.

首先，我想說的是，多年來我們在韓國組建了一支非常優秀的團隊，他們與韓國的演藝界人士合作，認可韓國電影和電視劇的敘事方式，這種方式在韓國非常有效，他們並沒有試圖改變作品以使其走向國際，而是真正努力挖掘韓國電影和電視劇的精髓，並以一種能夠讓人們看到它們製作水平的方式來構建它們製作水平的方式。

But it's not like we had to go in and teach anyone in South Korea how to make great content. It's an incredible market for that. And there's always been curiosity around the world. The Kdrama market has always had little pockets of success all over the place. But I think the ease of delivery that we've offered has kind of pushed that into the mainstream.

但我們無需去教韓國人如何製作優質內容。韓國本身就是一個潛力無窮的市場。而且，全世界一直都對韓劇充滿好奇。韓劇市場一直以來都零星分佈著一些成功案例。但我認為，我們提供的便利傳播方式，確實推動了韓劇走向主流。

Yes, there was kind of a turning point with Parasite and Bong Joon-ho's Oscar last year that kind of opened up people's minds to it. But we saw that even way before that with Okja, working with Director Bong, that there was this incredible storytelling culture that we could tap into and that people would love Kdramas and watch them all over the world. It just wasn't that easy to find them. And in Netflix, we've been able to kind of put together the great storytelling and great delivery and a great value proposition that has grown the watching of Korean content in the U.S., the numbers I would have never believed 3 years ago. So 100% growth in 2021 over 2020.

是的，去年《寄生上流》和奉俊昊導演憑藉此片榮獲奧斯卡獎，確實是個轉捩點，讓人們開始關注韓劇。但早在《玉子》上映之前，我們與奉俊昊導演合作時就看到了這一點，我們意識到韓劇擁有令人驚嘆的敘事文化，我們可以充分利用它，讓世界各地的人們都喜歡並觀看韓劇。只是當時要找到這些劇集並不容易。在Netflix，我們成功地將精彩的故事、精湛的製作和極具價值的體驗結合起來，推動了韓國內容在美國的觀看量增長，其增長速度之快，是我三年前想都不敢想的。 2021年比2020年成長了100%。

Will we get a second season of Squid Game?

《魷魚遊戲》會有第二季嗎？

Absolutely. The Squid Game universe has just begun.

沒錯。魷魚遊戲的世界才剛開始。

Great. Looking forward to that. Shifting gears to Latin America. This region feels like it's maturing at a lower level of penetration than you've seen in the U.S. Is that due to competition, affordability? Account sharing Or something else? Or maybe you disagree with the statement that it's actually maturing. But help us understand if there's anything you can do differently to sort of drive penetration levels there higher.

太好了，非常期待。接下來我們聊聊拉丁美洲。感覺這個地區的市場成熟度比美國低，滲透率也低。這是因為競爭、價格因素、帳戶共享，還是其他原因？還是您不認同拉丁美洲市場正在走向成熟的說法？但能否請您幫忙分析一下，您認為有哪些方法可以提高拉丁美洲市場的滲透率？

Well, first, I just wouldn't necessarily read through that it's maturing faster, Nidhi. I mean again, I just don't want to understate the impact of what we've been going through for the last 2 years. And Latin America, in particular, has been more strained. It has less kind of government funding and subsidization relative to many parts of the world to kind of fuel their economy. On top of that, we also continue to increase prices in that market last year across some big countries for us, Mexico, Brazil, Argentina.

首先，我並不認為拉丁美洲市場成熟得更快，妮迪。我的意思是，我不想低估過去兩年我們所經歷的一切的影響。尤其是拉丁美洲，情況更加艱難。與世界許多地區相比，拉丁美洲的政府資金和補貼較少，難以有效推動經濟發展。此外，去年我們在墨西哥、巴西和阿根廷等一些主要市場國家也持續提高了價格。

So between macroeconomic factors and general strain, business is still growing there. We grew by about 2.5 million members last year, so under the kind of pre-COVID growth rates but still growing. And it is a market where pay TV is healthy. Folks love film and TV. And so I think there's a long runway of growth there. It's also been a great market for us for Spanish language content that we're creating for the rest of the world.

因此，儘管受到宏觀經濟因素和整體經濟壓力的影響，該地區的業務仍在成長。去年我們新增了約250萬會員，雖然成長率低於疫情前的水平，但仍在持續成長。而且，付費電視市場發展良好。人們熱愛電影和電視。所以我認為該地區還有很大的成長空間。此外，對於我們面向世界其他地區製作的西班牙語內容而言，該地區也是一個絕佳的市場。

So we don't see, and the others can chime in, need to change strategy. We continue -- like we talked about with India, we're getting better everywhere, every year. We're getting better with our local content in Brazil and Mexico and so forth. So there's a lot more to come, but it's not a fundamental change in strategy.

所以我們認為（其他人也可以補充），沒有必要改變策略。我們會繼續下去——就像我們之前談到印度市場一樣，我們在世界各地每年都在進步。我們在巴西、墨西哥等地的在地化內容也不斷在改進。所以未來還有很多發展空間，但這並不是策略上的根本改變。

Great. That makes sense. Maybe just stepping back, you've talked about 800 million to 900 million homes globally outside of China. That's sort of your TAM. You're, call it, 25% penetrated into that. As you're seeing how various markets are playing out in terms of penetration levels, some higher, some lower, obviously, they're all still growing. Has your thought process changed at all on how many of these 800 million to 900 million homes you can have ultimately or sort of the time frame to get there, whether it's higher than you expected or lower than you expected? And how might you actually evolve your content strategy or your pricing strategy to get the next 200 million subscribers?

好的，這很有道理。或許我們可以退一步來看，您之前提到中國以外全球有8億到9億個家庭用戶。這大致就是您的潛在市場規模（TAM）。假設您已經滲透到其中25%的市場。您也看到了各個市場的滲透率情況，有的更高，有的更低，但顯然它們都在增長。您對最終能覆蓋多少個家庭用戶，或實現這一目標所需的時間有什麼想法嗎？是比預期更高還是更低？您又該如何調整內容策略或定價策略，才能獲得接下來的2億訂閱用戶呢？

Yes. I'd say, Nidhi, we -- on that pay TV comparison, we look at it. We're, in the U.S., at about 2/3 of the pay TV high-water mark. And so the back third is definitely going to be harder than the first 2/3 in terms of appealing more unscripted, more superhero, and we're working on all of that. Because we don't have sports and news, you might say, well, if we get to 80% or something of pay TV, that's a good accomplishment. But also, streaming TV is such a better experience than the old linear TV. In some ways, we think to ourselves we should be higher than pay TV, a combination of lower pricing and better experience.

是的。妮迪，關於付費電視的對比，我們一直在關注。在美國，我們的市佔率約佔付費電視市場最高水準的三分之二。因此，後三分之一的市場份額肯定比前三分之二更難佔據市場，尤其是在吸引更多真人秀、超級英雄等類型的節目方面，而我們正在努力。因為我們沒有體育和新聞節目，你可能會說，如果我們能達到付費電視市場80%左右的份額，那已經很不錯了。但同時，串流媒體電視的體驗也比傳統的線性電視好得多。在某種程度上，我們認為我們的市場份額應該高於付費電視，因為我們的價格更低，體驗更好。

So definitely frustrating for us, the current slower growth. That's why it could well be kind of just COVID effects where it could be as you're pushing on smaller market than we thought. But I'm not sure why. So we try to be really rigorous of thinking about the long term. It's possible that we'll get there, but slower than we thought, smart TV adoption, complexity, those kinds of things. But we're still focused on the original thesis of if we become incredibly compelling, everyone's going to want to be a Netflix member.

所以，目前成長放緩確實讓我們感到沮喪。這很可能是新冠疫情的影響，也可能是因為我們面對的市場比預想的還要小。但我也不確定具體原因。因此，我們努力從長遠角度進行嚴謹的思考。我們最終或許能夠實現目標，但速度會比預期慢，這涉及到智慧電視的普及、複雜性等等因素。但我們仍然堅持最初的理念：如果我們能夠提供極具吸引力的服務，每個人都會想要成為 Netflix 會員。

And I know it feels like we've been saying it for a long time, but it's early days. It really is. And I think about the evolving value proposition and how it's still maturing. The idea that big-ticket movies that people really care about premiering and being part of your Netflix subscription is actually taking the value proposition to a new level than it was just a couple of years ago.

我知道我們好像已經說了很久了，但現在還只是初期階段。真的。我一直在思考不斷演變的價值主張，以及它仍在不斷改進的過程。那些真正受觀眾期待的大製作電影能夠首映並加入到你的Netflix訂閱服務中，這實際上將Netflix的價值主張提升到了一個全新的高度，遠超幾年前的水平。

So I do think, like I said, it's dynamic market for sure. It may not be as steady as people can think about it in terms of we're going to add X number every month, every quarter, every week. But it's going to -- but there's no question that that's the direction the business is going in.

所以，正如我所說，我認為市場確實充滿活力。它可能不像人們想像的那樣穩定，不會每個月、每季、每週增加X個數字。但毫無疑問，這就是業務發展的方向。

Yes. Yes. And Ted, that's a good segue to where I wanted to go next. You had an incredible lineup of films in Q4 with a lot of viewing. I'm curious, what did having a strong film slate in the quarter do for you relative to periods where you didn't have that? Did you see more aggregate engagement, lower churn, more conversation? Just what is sort of unique about delighting your customers with a film versus a show in terms of kind of the benefits that you see?

是的，是的。泰德，這正好引出了我接下來想說的話題。你們第四季上映的影片陣容非常強大，觀看量也很高。我很好奇，與沒有上映影片的時期相比，第四季強大的影片陣容為你們帶來了哪些好處？你們是否看到了更高的用戶參與度、更低的用戶流失率和更多的討論？與劇集相比，用電影取悅用戶，在哪些方面能帶來獨特的優勢？

Yes. There's a big theory, which is that people differently value movies because they always have to pay for it. You had to buy a movie ticket. You have to buy a pay-per-view transaction or DVD. There's always kind of a transactional and a pretty big one for some people to see a big movie premier in your home.

是的。有一個很流行的理論認為，人們對電影的價值判斷不同，是因為他們總是需要為電影付費。你得買電影票，你得買付費點播服務或DVD。對某些人來說，在家觀看大型電影首映總是一種交易，而且是一筆不小的開銷。

And so there was this kind of temporary effect that some other folks were doing -- this is our -- it's in our permanent model to premier our big movies on the service. And I think people look -- even if you really watch mostly television, you have a movie night, and we can service you on movie night. I think that's a very big important value proposition that we have that's different from everybody else.

所以，其他一些公司採取的這種臨時性做法——而我們——這是我們的永久模式，即在我們的平台上首映我們的大片。我認為人們會考慮——即使你平時主要看電視，但你也會有電影之夜，而我們可以在電影之夜為你提供服務。我認為這是我們與其他公司截然不同的一個非常重要的價值主張。

And these are the movies that people really love and care about. And you start seeing them at the scale of Don't Look Up and Red Notice in Q4, and it gets you super excited as to what could be next when -- what's coming next. And for that, we have things like The Adam Project coming up with Ryan Reynolds and Shawn Levy directed coming up in Q1. It's a phenomenal movie for the whole family. With a big action movie from the Russo brothers like Gray Man with Ryan Gosling, Knives Out 2, Enola Holmes 2.

這些都是人們真正喜愛和關注的電影。第四季度，像《別抬頭》和《紅色通緝令》這樣的大片開始上映，讓人對接下來會發生什麼事充滿期待。為此，我們準備了像瑞恩雷諾斯主演、肖恩李維執導的《亞當計畫》這樣的影片，將於第一季上映。這是一部適合全家觀賞的精彩電影。此外，還有羅素兄弟執導的大型動作片，例如由瑞恩高斯林主演的《灰人》、以及《利刃出鞘2》和《福爾摩斯小姐2》。

So with this movie lineup that would be -- that any one studio would go for any one season, we've got new movies every week on Netflix, and they're big movies that people care about. And we think once the expectation is set and we keep delivering on it, people will react to that, too.

所以，就目前的電影陣容而言——任何一家製片廠都會選擇某一季的影片，而Netflix每週都會推出新電影，而且都是備受矚目的大片。我們認為，一旦觀眾的期待值建立起來，並且我們能夠持續滿足他們的需求，他們也會對此做出積極的回應。

Great.

偉大的。

And Nidhi, I'd just add that at the core, what our members love and what they tell us they love is a great variety of high-quality content, and that means across TV film and hopefully games over time in a much broader way. So having a great film offering is, for us, a key part of that equation. And so I think we're just starting to fulfill more and more of that, our member kind of needs and wants and satisfaction. That's what we're seeing. But it's not like it's just so differential than something else as part of that overall quality and variety of entertainment offering.

妮迪，我還要補充一點，從本質上講，我們的會員喜歡並告訴我們他們喜歡的是種類繁多的高品質內容，這涵蓋電視、電影，而且我們希望未來能更廣泛地擴展到遊戲領域。因此，提供優質的電影內容對我們來說至關重要。我認為我們正在逐步滿足會員的這些需求和願望，並提升他們的滿意度。這就是我們所看到的。但這並不意味著它與其他娛樂內容相比有多麼獨特，它只是我們整體娛樂產品品質和多樣性的一部分。

I also think it differentially serves people watching together. It's much easier to watch a movie together than to make sure you're all tracking on the same episode every week all over the -- if you travel or whatever you do. So that kind of together experience we can deliver on every weekend on Netflix is pretty great.

我也認為它對一起觀看的用戶來說更方便。一起看電影比每週都要追同一集劇集要容易得多——尤其是在你們旅行或其他事情的時候。所以，Netflix 能讓大家每個週末都享受這種共同觀看的體驗，這真的很棒。

And I think about even just in the upcoming quarter alone, Spence talked about variety, everyone has a very different taste. So any one movie is only going to serve a segment of the audience. Now you get big, exciting thing like Don't Look Up and Red Notice, you can get to a big chunk of the base, but you're still only getting about 60%. So to do that, to serve everyone, you have to have a big variety of output.

我覺得即使只考慮即將到來的這個季度，史賓塞也談到了多樣性，每個人的口味都截然不同。所以任何一部電影只能滿足一部分觀眾的需求。當然，像《別抬頭》和《紅色通緝令》這樣的大製作，或許能吸引到很大一部分觀眾，但最終只能覆蓋大約60%的受眾。因此，要滿足所有人的需求，就必須推出各種類型的影片。

So it does seem like a lot of volume, but it's not all for you. So in Q1 alone, we have The Adam Project I mentioned. We have Munich from Germany; Texas Chainsaw Massacre, which is kind of a reinvention of that franchise; Tall Girl 2, which is a sequel to one of our big YA rom-coms; Home Team with Kevin James. Judd Apatow has got the movie The Bubble. That's all in Q1 and plus original local language films from all over the world as well. So to meet the kind of variety of taste, we're able to really step up and deliver no matter what that taste is.

所以看起來片量確實很大，但並非全部都是為你準備的。光是第一季度，我們就有我之前提到的《亞當計劃》（The Adam Project）。還有來自德國的《慕尼黑》（Munich）；《德州電鋸殺人狂》（Texas Chainsaw Massacre），算是該系列的重啟之作；《高個女孩2》（Tall Girl 2），是我們一部熱門青少年浪漫喜劇的續集；以及由凱文·詹姆斯主演的《主場作戰》（Home Team）。由賈德阿帕圖執導的電影《泡泡》（The Bubble）也即將上映。以上這些都是第一季的片單，此外還有來自世界各地的原創本土語言電影。為了滿足各種不同的口味，我們能夠真正做到面面俱到，無論觀眾的口味如何。

Yes. Yes, that makes sense. Reed, you talked on the Q3 call about sort of, over time, building out the whole experience of games, consumer products, live events, et cetera, around some of your IP. And it obviously starts with great IP and great storytelling. But what else do you have to get right operationally and strategically to really build a franchise? And do you feel like you have the pieces in place now?

是的，這很有道理。里德，你在第三季財報電話會議上談到，隨著時間的推移，你們會圍繞著一些IP，逐步建立涵蓋遊戲、消費產品、線下活動等在內的完整體驗。這顯然始於優秀的IP和精彩的故事。但要真正打造一個成功的系列，在營運和策略層面還需要做哪些準備？你覺得現在一切都準備就緒了嗎？

We're building those muscles steadily with our consumer products, both like the Squid Game tracksuits, and then we're making a big push on experiences that are mobile and portable and people, if we can set them up quickly and developing that muscle. Obviously, the gaming muscle, we're very young on and building. So if you think of a world in a few years where those are strong muscles and then you think of the next Bridgerton or Squid Game coming through, that's what we hope to be able to really pull those pieces together.

我們正穩步發展消費性產品，例如《魷魚遊戲》的運動服，同時也大力推動行動和便攜體驗的開發，力求快速搭建平台，增強使用者體驗。當然，遊戲領域我們還處於起步階段，仍在努力建構。想像幾年後，當我們擁有強大的消費產品線，並推出像《布里奇頓》或《魷魚遊戲》這樣的新作時，我們希望能夠真正將這些要素整合起來。

And people talk about franchise like it's 0 or 1. But of course, there's a complete continuum that will add value in the short term to our various titles. And we're doing that already through the consumer products world and having people feel a bigger connection to those big franchises. So it's already working, but it's probably, I don't know, 20% of what it will be in a couple of years in terms of the auxiliary boost beyond just the title.

人們談論特許經營權時，彷彿它只有0或1兩個值。但實際上，它是一個完整的連續體，能在短期內為我們的各種遊戲增值。我們已經在消費品領域這樣做了，讓人們與這些大型特許經營權建立更深的聯繫。所以它已經奏效了，但就遊戲本身以外的輔助效應而言，這可能只有幾年後其增值幅度的20%左右。

Yes. And I'd say on that continuum, Reed, you've got Stranger Things, which I'd say is as valuable a franchise as exist today in entertainment around the world. We certainly have things that are in their early stages of becoming a franchise like Bridgerton, which we launched our second season of this, our second most popular show ever in Q1. And we're also -- this year, you'll see an origin story on Queen Charlotte and this incredible Bridgerton live experiences around the country and around the world that fans will flock to and flood their social media feeds with. And there's consumer products that go along with that as well.

是的。里德，我想說，在這個發展歷程中，《怪奇物語》絕對是當今全球娛樂界最有價值的系列作品之一。當然，我們也有一些作品正處於發展初期，例如《布里奇頓》，我們第一季推出了這部劇的第二季，它是我們有史以來收視率第二高的劇集。而且，今年我們還將推出夏洛特女王的起源故事，以及在全國乃至全球範圍內精彩紛呈的《布里奇頓》現場體驗活動，屆時粉絲們將會蜂擁而至，並在社交媒體上分享他們的喜悅。此外，還有相關的消費品推出。

So it's all those kind of makings of a franchise instead of trying to tapping into one that's been building for 50 years. Can you build it from whole cloth? And I think Stranger Things is a proof point that you can.

所以，它具備打造一個全新系列的所有要素，而不是試圖利用一個已經發展了50年的系列。你能從零開始創造一個系列嗎？我認為《怪奇物語》就證明了這一點。

We touched on gaming a little bit. It's very exciting to see some worldwide launches during the quarter. Greg, I know it's early days, but what has sort of the reception and engagement been from the subscriber base? And what have your learnings been as well?

我們剛才稍微聊了一下遊戲方面。看到本季有一些全球範圍內的遊戲發布，真是令人興奮。格雷格，我知道現在下結論還為時過早，但用戶群的反應和參與度如何？你又從中獲得了哪些經驗教訓？

Yes. As you say, it's tremendously exciting to get to this point because we basically have been building the plumbing and all the technical infrastructure just to get to the point where we can do this, which is consistently launch games globally to all of our members. And it's great to do that.

是的。正如你所說，能走到今天這一步真的令人無比興奮，因為我們基本上一直在搭建各種基礎設施和技術架構，就是為了實現這一點——持續地向全球所有會員發布遊戲。能做到這一點真是太棒了。

And now as you point out, we're now really getting to learn from all those games what are the discovery patterns, what are the engagement patterns, how are they performing, what do our members want from games on the service. And it's still very early days. But generally, what we're seeing is not surprisingly, we have a growing number of monthly active users, daily active users on these games. And so we're generally seeing good growth in that regard.

正如您所指出的，我們現在正從所有這些遊戲中了解用戶的發現模式、參與模式、遊戲表現以及他們對平台上的遊戲有何期待。目前還處於非常早期的階段。但總的來說，不出所料，我們看到這些遊戲的月活躍用戶和每日活躍用戶數量都在增加。因此，我們在這方面總體上看到了良好的成長勢頭。

But really, the -- as we're doing this, we've been building in parallel what I'm super excited about it, which is the sort of internal development capacity, our own game studio. We've been hiring some incredible talent that brings a set of experience to this process. We've done an acquisition in this space. And that now allows us to incrementally gradually, over a period of time, get to that sort of the value that you and Reed were talking about where we get to deliver now interactive experiences that are tied to the IP that we're excited about, that are timed with that. And that, I think, is really when you're going to see a next level of unlock around the value we can deliver to members.

但實際上，在我們進行這些工作的同時，我們也在同步建立我非常興奮的一項內容，那就是我們內部的開發能力，我們自己的遊戲工作室。我們一直在招募一些傑出的人才，他們為這個過程帶來了豐富的經驗。我們也在這個領域進行了一次收購。現在，這使我們能夠逐步地、隨著時間的推移，最終實現你和里德之前提到的那種價值，即提供與我們引以為豪的IP緊密相關的互動體驗，並且這些體驗的發佈時間也與IP的發佈時間相契合。我認為，這才是真正意義上我們能夠為會員提供更高層次價值的時刻。

Given that gamers tend to sort of consolidate their time around a smaller number of titles compared to video where we tend to consume a wider variety of content, does it -- would it be more efficient to sort of buy your way into some well-known titles to sort of anchor the product?

鑑於遊戲玩家往往會將時間集中在少數幾款遊戲上，而視訊玩家則會消費更廣泛的內容，那麼，透過購買一些知名遊戲來鞏固產品是否更有效率呢？

Just the last couple of weeks, we've obviously seen a couple of major companies make big acquisitions or at least announce big acquisitions because this is obviously something that's difficult to build organically. I'm just curious what your reaction to that is. And why isn't Netflix participating in big acquisitions given your aspirations in gaming?

就在過去幾週，我們顯然看到幾家大型公司進行了大規模收購，或者至少宣布了收購計劃，因為很明顯，這方面的業務很難靠自身發展起來。我很好奇您對此有何看法。鑑於您在遊戲領域的雄心壯志，為什麼Netflix沒有參與大規模收購？

Well, it's -- I mean it was exciting to see the activity in the space. And I think to some degree, it's an endorsement of the core thesis that we have around subscription being a great model to connect consumers around the world with games and game experiences. And we're open to licensing, accessing large game IP that people will recognize. And I think you'll see some of that happen over the year to come.

嗯，看到這個領域的活躍度確實令人興奮。我認為在某種程度上，這印證了我們的核心理念：訂閱模式是連結全球消費者與遊戲及遊戲體驗的絕佳途徑。我們對授權持開放態度，希望能夠獲得一些知名的熱門遊戲IP。我相信在未來一年裡，你會看到這些成果的實現。

But we also see -- back to Ted's like building out a whole cloth and the ability to sort of take the franchises or the big titles, let's call it, that we are excited about and actually develop interactive experiences that are connected to those. We see a huge, long-term multiyear opportunity in that, too.

但我們也看到——就像泰德說的那樣，要建立一個完整的體系，能夠將我們感興趣的系列作品或熱門遊戲（姑且這麼稱呼）進行整合，並開發與之相關的互動體驗。我們也看到了其中蘊藏的巨大長期機會。

So we'll -- we're very open. We're going to be experimental and try a bunch of things. But I would say the eyes that we have on the long-term prize really center more around our ability to create properties that are connected to the universes, the characters, the stories that we're building in other places and sort of magnify that value for the fans of those stories.

所以，我們——我們非常開放。我們會進行實驗，嘗試很多不同的東西。但我想說，我們著眼於長遠目標，更著重於我們能否創造出與我們正在其他地方建構的世界觀、角色和故事相聯繫的作品，並以此提升這些作品對粉絲的價值。

Nidhi, we have time for 2 more questions.

妮蒂，我們還有時間再問兩個問題。

Okay. Maybe Reed, just a bigger picture question for you. And Spencer, I might have more than a couple of questions. But you have this global subscription product that's inside sort of hundreds of millions of households around the world. And you really nailed 2D lean-back content, but there is this whole world of interactive or semi-interactive content, whether it's gaming or fitness or education. And at the more extreme end, there's VR content, and now everyone is talking about the metaverse. You've obviously already gotten going on gaming. But as you look at sort of this broad spectrum of content, how much of it do you want to sort of wrap your subscription around thinking about the long term?

好的。里德，或許我想問你一個更宏觀的問題。史賓塞，我可能不只幾個問題。你們的全球訂閱產品已經覆蓋了全球數億家庭。你們在2D休閒內容方面做得非常出色，但還有整個互動或半互動內容的世界，無論是遊戲、健身或教育。更極端的是，還有VR內容，現在大家都在談論元宇宙。你們顯然已經在遊戲領域有所作為了。但是，考慮到內容的廣泛性，從長遠來看，你們希望訂閱服務涵蓋多少內容呢？

When you say how much do you want to, that would be a high number. But we have to be differentially great at it. There's no point of just being in it. That's very dilutive of the whole proposition. And so it took us several years to get great at English original series. And you saw in the letter on the Google Search trends how well we did there.

當你問你想投入多少時，那肯定是個很高的數字。但我們必須做到精益求精。僅僅參與其中毫無意義，那會大大削弱整個專案的價值。所以我們花了幾年時間才把英文原創影集做得如此出色。你在信中也看到了，Google搜尋趨勢顯示我們在這方面做得非常好。

We built with a lot of effort a really strong film franchise, and that's -- Ted calls it just the third inning. It's like we're really just getting going to what we think we're going to be able to do there. Of course, we've got all the international content. We've got unscripted, documentaries. And then gaming, which initially we're focused on the mobile gaming, is a big one.

我們投入了大量精力打造了一個非常強大的電影系列，而這——泰德稱之為「第三局」。感覺我們才剛開始，要實現我們在這個領域所能取得的成就。當然，我們還有各種國際內容，像是真人秀和紀錄片。此外，遊戲也是我們重點發展的方向，我們最初的重點是行動遊戲。

So I would say when mobile gaming is world-leading and we're some of the best producers and like where we are at film today, 2 of the top 10 for our gaming, then you should ask, okay, what's next. Because we're definitely crawl, walk, run and like let's nail the thing and not just be in it for the sake of being in it or for a press release, but we got to please our members by having the absolute best in the category. And Ted and Greg have been doing a terrific job on that, and we'll just continue to work on that. So queue it up for that. When we're winning in games, then we'll take the question.

所以我想說，當行動遊戲成為世界領導者，而我們又擁有一些頂尖的製作團隊，並且像我們如今在電影領域一樣，在遊戲領域也佔據了前十名中的兩席時，你才應該問，好吧，下一步是什麼？因為我們肯定還在摸索、前進、奔跑，我們要做的就是把事情做好，而不是為了參與而參與，或者為了新聞稿而參與，而是要透過提供該領域絕對最好的作品來取悅我們的會員。 Ted 和 Greg 在這方面做得非常出色，我們會繼續努力。所以，請做好準備。當我們在遊戲領域取得成功時，我們才會回答這個問題。

Great. Spence, just turning over to you on margins. Does the guidance for a lower level of margin -- and you gave a lot of explanation around that in the letter. But outside of sort of the FX impact, does it have more to do with some of these incremental investments we're talking about like games and perhaps consumer products? Or does it have more to do with sort of the lower level of revenue growth that you're expecting?

好的。史賓塞，現在把問題交給你，關於利潤率。你之前在信中詳細解釋了利潤率預期下調的原因。除了匯率波動的影響之外，利潤率下調是否更多地與我們討論的新增投資有關，例如遊戲和消費品？還是更多與你預期的營收成長放緩有關？

No, it's really just FX, Nidhi. So as we said in the letter, we lost about $1 billion of expected revenue in '22 through FX. That's about 2 points of margin. So if you just kind of look at our guide and add that back on, we're right on our pace of adding about 3 points of margin per year. And I can't forget we were overdelivering on margin in the last couple of years.

不，其實只是外匯損失，Nidhi。正如我們在信裡所說的，2022年我們因為外匯損失了約10億美元的預期收入，相當於2個百分點的利潤率。所以，如果你看看我們的業績指引，再把這部分損失加回去，我們仍然能夠維持每年3個百分點左右的利潤率成長。而且別忘了，過去幾年我們的利潤率一直都超額完成。

So that's really all that's happening here. And the FX move happened in really the last 6 months of last year. So what we've always said is we don't want to swing the business unnecessarily fast. We want to be able to invest in a healthy way into our growth opportunities. And over time, we will then rightsize our -- appropriately our investment levels, our cost structure, our pricing in order to rightsize for where the currencies are coming in. And so this gives us some time to do it.

所以，這就是目前發生的一切。匯率波動實際上發生在去年最後六個月。我們一直強調，我們不想讓業務發展太快。我們希望能夠以穩健的方式投資於我們的成長機會。隨著時間的推移，我們會根據匯率的波動情況，適當調整我們的投資水準、成本結構和定價策略。這給了我們一些時間來完成這些調整。

So it gives us a little time, but we will catch back up. We're still committed to roughly 3 -- average of 3 points of margin increase over any few year period. But there's no change there. We've been factoring in our content investment, our game investment all along.

這給了我們一些時間，我們會迎頭趕上。我們仍致力於在未來幾年內平均實現3個百分點左右的利潤成長。這一點沒有改變。我們一直都將內容投資和遊戲投資納入考量。

And I just want to say in our growth, too, we talk a lot about this deceleration. Obviously, we'd like to grow faster, but there's still very healthy growth in this business. What you're seeing in -- we ended the year last year with 19% growth year-over-year. What you've seen in the guide is 10% revenue growth for Q1, but that's a bit misleading again because of FX. There's about 4 points of drag in our revenue in Q1.

我還想補充一點，關於我們的成長，我們也常常談到成長放緩的問題。當然，我們希望成長更快，但目前這個行業仍然保持著非常健康的成長動能。去年我們實現了19%的年成長。您在業績指南中看到的是第一季10%的營收成長，但由於匯率波動，這個數據可能會有一定的誤導性。實際上，我們第一季的營收受到了大約4個百分點的拖累。

So the under -- what I would argue, FX-adjusted constant currency for Q1 year-over-year is about 14% growth. It's also a tough comp year-over-year in Q1 because you may remember, we increased prices in the U.S. in Q4 of '20, which flowed through to Q1 of '21 is when it was really materialized. So the year-over-year comp is tough. So the underlying organic revenue growth in the business is, right now, at least in Q1, more like 15%, plus 15%, 16%, 17%. So that's at least just in the quarter.

因此，我認為，經匯率調整後的第一季固定匯率年增率約為14%。第一季同比數據比較困難，因為您可能還記得，我們​​在2020年第四季提高了美國市場的價格，而這一影響直到2021年第一季才真正顯現出來。所以同比數據比較起來比較困難。因此，目前至少在第一季，公司潛在的有機收入成長率約為15%，甚至可能達到15%、16%或17%。這至少是第一季的數據。

And that's still very healthy underlying growth in the business. I don't want to dismiss that. We'd love to be growing faster. We'd love to not have the negative FX swings, but it's still very healthy growth in the business.

這仍然代表著公司業務非常健康的潛在成長。我不想忽視這一點。我們當然希望成長更快，也希望避免匯率波動帶來的負面影響，但就目前而言，這仍然代表著公司業務非常健康的成長。

Nidhi, since it's your last earnings interview, I will grant you one extra question.

Nidhi，因為這是你最後一次財報電話會議，所以我允許你額外問一個問題。

I have one last question. This will be the last one, but it's also for Spence. It's very exciting that you'll become sustainably free cash flow positive this year. Congratulations on reaching this milestone. I feel like I've been waiting 10 years to ask this question. But how will you balance M&A and buybacks with your free cash flow? And maybe sort of related to that, have we peaked in terms of that ratio of cash content spend to amortization? And how long will it take for earnings and free cash flow to kind of converge?

我還有一個問題。這將是最後一個問題，也是問斯賓塞的。你們今年將實現可持續的自由現金流為正，這真是令人振奮。祝賀你們達成這項里程碑。感覺我等了十年才問出這個問題。你們將如何平衡併購和股票回購與自由現金流之間的關係？或許與此相關的是，現金支出與攤銷的比例是否已達到高峰？獲利和自由現金流需要多久才能趨於一致？

I can't believe you wanted to end with me, Nidhi. There's so many more exciting people to speak with on the call. So we appreciate what you said there. It is a big milestone for us to be cash flow positive going forward. We're excited for that. The business model has been proving out. So that's great in terms of our increasing profits, profit margins over time as well as cash.

真不敢相信你竟然想以我當結尾，妮迪。電話會議上還有好多其他精彩的人等著我們去聊天。所以我們很感謝你剛才的發言。對我們來說，實現現金流為正是一個重要的里程碑，我們為此感到非常興奮。我們的商業模式已經證明了它的有效性。這不僅有利於我們利潤的成長，利潤率也會隨著時間的推移而提高，現金流也會更加充裕。

In terms of use of cash, and Spencer, you can chime in, too, but as we've talked about in prior calls, our top priority is to be responsible stewards of the business and our cash but to invest in the healthy growth of our business and strategically invest in the business, first organically, if there's been opportunistically M&A that -- M&A is not the strategy for us per se. M&A is a tactic to accelerate our strategy, whether it's to accelerate our content capabilities and capacity or just acquisition of IP like Dahl across film, TV and games as you've seen.

關於現金的使用，史賓塞，你也可以補充一些意見。但正如我們在先前的電話會議中討論過的，我們的首要任務是負責任地管理公司和現金，同時投資於業務的健康成長，並進行策略性投資。首先是內生式成長，如果出現機會主義的併購，那並非我們的策略。併購是加速我們策略實施的手段，無論是為了提升我們的內容能力和產能，還是像你看到的那樣，收購羅爾德·達爾在電影、電視和遊戲領域的智慧財產權。

And what's left over after that, we're not going to sit on excess cash, as we've said. Our capital allocation plan is as it's been, which is to have roughly 2 months of revenue in the form of cash on our balance sheet. And excess beyond that, we'll return to shareholders opportunistically as we have done. We did that to the tune of about $600 million last year in share repurchase, and we're authorized up to $5 billion share repurchase. So that's still our plan.

至於剩餘的資金，正如我們之前所說，我們不會囤積多餘的現金。我們的資本配置計劃與以往相同，即在資產負債表上保持約兩個月的收入現金儲備。超出這個範圍的剩餘資金，我們會像以往一樣，擇機回購給股東。去年，我們透過股票回購回購了約6億美元，而我們獲準的股票回購規模最高可達50億美元。所以，這仍然是我們的計劃。

In terms of when the -- those ratios converge and earnings and cash flow look the same, I don't want to put a prediction out there. We're still very much in growth mode as a business. So it will continue to converge over time, but I don't want to declare a specific peak. It's been going in the right direction over a multiyear period, and it will continue to do so.

至於這些比率何時趨於一致，獲利和現金流何時趨於平衡，我不想妄下預測。我們目前仍處於高速成長期。因此，隨著時間的推移，這些比率會繼續趨於一致，但我不想斷言何時會達到高峰。多年來，我們的發展方向一直是正確的，而且這種趨勢還會持續下去。

The only thing I would add to that, Nidhi, is just on the capital allocation part. Just to remind you, our balance sheet target is for gross debt of about $10 billion to $15 billion. We ended the quarter slightly above the $15 billion mark. So as we said in the letter, we will be paying down about $700 million in Q1. But obviously, delevering a bit is something you should anticipate in terms of use of cash.

妮迪，我唯一要補充的是資本配置方面。提醒一下，我們的資產負債表目標是總債務在100億至150億美元之間。本季末，我們的總債務略高於150億美元。正如我們在信中所說，我們將在第一季償還約7億美元的債務。但顯然，在現金使用方面，降低槓桿率是您應該預料到的。

And then just lastly, on the EPS free cash flow question. So I just want to remind you, there are some below-the-line items like the noncash remeasurement of our euro bonds that can skew EPS in any sort of given quarter, so just a call-out there.

最後，關於每股盈餘和自由現金流的問題。我想提醒大家，有一些未計入的因素，例如歐元債券的非現金重估，可能會影響任何一個季度的每股收益，所以這裡特別提一下。

But thank you for your questions. I'm going to turn it over to Ted now to -- for his closing remarks and to take us home.

謝謝大家的提問。現在我把時間交給泰德，讓他做總結發言，帶我們回家。

Nidhi, thank you so much for these and thanks for today. The love of film and TV and games has built big businesses for people who can figure out what people love, build a creative environment that creators know how to feed it and then deliver it to fans with a value proposition that they appreciate. I think those fans are positively moving from old linear models and transactional models to more fan-friendly subscription services that are with high-quality programming, delivered well with great value.

妮蒂，非常感謝你分享這些，也謝謝你今天抽出時間。人們對電影、電視和遊戲的熱愛，催生了龐大的商業帝國，這得益於那些能夠洞察大眾喜好、構建創意環境（讓創作者懂得如何激發這種喜好）並以粉絲認可的價值主張將其呈現給粉絲的人。我認為，粉絲們正在積極地從傳統的線性模式和交易模式轉向更人性化的訂閱服務，這些服務提供高品質的節目，並以極具價值的方式呈現。

That's absolutely happening, and it's happening all over the world. The pace of the migration may be a little hard to call from time to time when there are kind of varied global events or even local conditions, but it's absolutely happening. There's no question of that.

這絕對正在發生，而且遍及世界各地。由於全球事件或局部地區情況各異，移民的速度有時可能難以預測，但它確實正在發生，這一點毋庸置疑。

Films that you love and series that you define yourself by and games that thrill you, that's a pretty great business. We're thrilled to be in it. We're also planning to continue to improve what we're doing and to grow this by growing revenue, by growing profits and by growing audience affinity around the world.

你喜歡的電影、讓你產生共鳴的劇集、讓你熱血沸騰的遊戲，這真是一個很棒的行業。我們很榮幸能參與其中。我們也計劃繼續改進我們的工作，並透過增加收入、提高利潤以及增強全球觀眾的忠誠度來發展壯大。

So once again, Nidhi, if I can see you in person, I'd give you this. I've got 2 of them. Where is the other one?

所以，妮蒂，如果我能見到你本人，我會把這個給你。我有兩個。另一個在哪裡？

Ted, I found one for you.

泰德，我找到一個給你的。

Thank you, Nidhi.

謝謝你，妮蒂。