(NFLX) 2021 Q3 法說會逐字稿

Good afternoon, and welcome to the Netflix Q3 2021 Earnings Interview.

下午好，歡迎來到 Netflix 2021 年第三季度收益採訪。

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

我是 IR 和企業發展副總裁 Spencer Wang。

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.

今天加入我的是聯合首席執行官 Reed Hastings；聯合首席執行官兼首席內容官 Ted Sarandos；首席運營官兼首席產品官 Greg Peters；和首席財務官 Spence Neumann。

Our interviewer this quarter is Nidhi Gupta from Fidelity.

我們本季度的採訪者是來自 Fidelity 的 Nidhi Gupta。

As a reminder, we'll 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。

Nidhi, you now have the green light to ask your first question.

Nidhi，你現在可以問你的第一個問題了。

Thank you, Spencer.

謝謝你，斯賓塞。

Great to be with you all again.

很高興再次和大家在一起。

First off, I want to say congratulations on all your success in the quarter, 44 Emmy wins, the amazing viewership of Squid Game.

首先，我要祝賀你在本季度取得的所有成功，44 次艾美獎，Squid Game 的驚人收視率。

My children will never play red light, green light again, and your acquisition of Night School Studio and the announced acquisition of the Roald Dahl Story Company.

我的孩子們再也不會玩紅燈、綠燈了，你們收購夜校工作室和宣布收購羅爾德達爾故事公司。

So we have a lot to talk about this quarter.

因此，本季度我們有很多話要談。

First, I want to start with subs, which came in better than expected.

首先，我想從 subs 開始，它比預期的要好。

So just help us kind of dissect the outperformance there.

因此，請幫助我們剖析那裡的出色表現。

Sure.

當然。

I can take that one, Nidhi.

我可以拿那個，尼迪。

So great to see you, and thanks for the kind words in the opening.

很高興見到你，感謝開場的客氣話。

In terms of what we saw this quarter for Q3, I guess, it really boils down to what we saw as sort of what we expected.

就我們本季度第三季度看到的情況而言，我想，這真的歸結為我們所看到的我們所期望的。

We talked about on the last call that we hoped that we were getting towards that kind of tail end of the COVID choppiness, the pull-forward of sub growth into 2020 and those production delays that we're working through as well.

我們在最後一次電話會議上談到，我們希望我們正朝著 COVID 波動的尾端、到 2020 年的次級增長以及我們正在努力解決的那些生產延遲邁進。

And that's kind of what we're seeing.

這就是我們所看到的。

So throughout the quarter, the business remained healthy as it had been throughout the year with churn at low levels, down prior to the comparable periods, both in 2020 and 2 years ago, pre-COVID in 2019.

因此，在整個季度，該業務保持健康，與全年一樣，流失率處於低水平，低於 2020 年和 2 年前的可比時期，即 2019 年新冠疫情之前的時期。

So retention was very healthy.

所以保留是非常健康的。

And viewing was up.

並且收視率上升。

Viewing per member, maybe slightly down compared to the very COVID-distorted 2020 Q3, but up healthy compared to 2019 comparable period.

每位成員的觀看次數可能與受 COVID 影響的 2020 年第三季度相比略有下降，但與 2019 年可比期間相比則保持健康。

And then what we saw -- as the quarter continued into September, we saw acceleration in our growth, which is what we had been hoping for and expecting but it was good to see as we got into the strength of our schedule.

然後我們所看到的——隨著這個季度持續到 9 月，我們看到了我們的增長加速，這是我們一直希望和期待的，但是當我們進入日程安排的強度時，很高興看到。

We had a couple big hits.

我們有幾個大熱門。

As you know, you mentioned one with Squid Game, La Casa de Papel, the first part of Season 5, but a lot of variety and quality programming throughout the quarter with things like Never Have I Ever, and He's All That and Chestnut Man and Copenhagen at the end of the quarter.

如你所知，你提到了 Squid Game、La Casa de Papel、第 5 季的第一部分，但整個季度的節目種類繁多且質量上乘，例如 Never Have I Ever、He's All That 和 Chestnut Man 和本季度末的哥本哈根。

So just -- that's basically the way it played out is as we got into the strength of the schedule on top of already kind of healthy business fundamentals, we saw a bit of an uptick in growth.

所以只是 - 這基本上就是它的表現方式，當我們在已經健康的業務基本面之上進入時間表的力量時，我們看到了增長的一點點上升。

And can you talk a little bit about the weakness that you saw in Latin America?

你能談談你在拉丁美洲看到的弱點嗎？

What drove that?

是什麼推動了它？

And how is that making you think about the longer-term prospects there?

這如何讓你思考那裡的長期前景？

Sure, I can take that one as well, and others could jump in.

當然，我也可以接受那個，其他人也可以加入。

For Latin America, we saw that growth was a little bit soft in the quarter.

對於拉丁美洲，我們看到該季度的增長有點疲軟。

It was primarily -- we took some price increases in Brazil in Q3.

主要是 - 我們在第三季度在巴西進行了一些價格上漲。

And as not unexpected, that tends to -- when we do those things, slow down growth a little bit for the short term.

不出所料，這往往會 - 當我們做這些事情時，會在短期內稍微放慢增長。

The good news is we only take pricing like that, as Greg speaks to a lot, when we believe we're increasing the value to our members.

好消息是，當我們相信我們正在增加對會員的價值時，我們只會採用這樣的定價，正如 Greg 所說的那樣。

And we believe we've done that.

我們相信我們已經做到了。

So there's -- it's a sort of a short-term slowdown in growth, but good for our business.

所以有 - 這是一種短期的增長放緩，但對我們的業務有好處。

And we're already continuing to grow through it.

我們已經通過它繼續成長。

But it did slow us down a little bit in Latin America in Q3.

但它確實讓我們在第三季度在拉丁美洲放慢了一點。

And so we also talked about in the letter for Latin America and UCAN, both of those markets are a bit more mature, more tenured, more penetrated than some of our other markets.

因此，我們還在拉丁美洲和 UCAN 的信中談到，這兩個市場都比我們的其他一些市場更成熟、更成熟、更滲透。

So we would expect growth to be just a little bit harder to work for, but still a lot of runway for growth in both of those regions.

因此，我們預計增長會更難一些，但在這兩個地區仍有很多增長空間。

And Nidhi, I'd only add that just like everywhere else in the world, we have to make the shows and films that people in Latin America love, and that's what's going to continue to fuel our growth.

Nidhi，我只想補充一點，就像世界其他地方一樣，我們必須製作拉丁美洲人喜愛的節目和電影，這將繼續推動我們的發展。

In Q4, by way of example, we have the new season in the Sintonia coming up, which is our largest original series from Brazil.

例如，在第四季度，我們將迎來新賽季的 Sintonia，這是我們最大的巴西原創系列賽。

So it really -- and we think that these big, high-profile shows and Luis Miguel in Mexico, new season coming up, will continue to reignite growth in that area as well.

確實如此 - 我們認為這些大型、高調的節目和墨西哥的路易斯米格爾，新一季即將到來，也將繼續重新點燃該領域的增長。

Great.

偉大的。

And as we look ahead to Q4, you have an extensive content slate coming.

當我們展望第四季度時，您將獲得大量內容。

What's sort of the magnitude of impact you would expect to see on gross adds and churn just based on history?

僅根據歷史，您期望看到的對總增加和流失的影響有多大？

Or is the huge number of additions that you pulled into the service in 2020 making that relationship less clear, perhaps?

或者，您在 2020 年為該服務添加的大量新增功能是否讓這種關係變得不那麼清晰？

Well, we don't really break down the differential between the 2, other than to say that the -- what we've sort of been seeing throughout the year, we would expect to continue in terms of that healthy retention.

好吧，我們並沒有真正分解兩者之間的差異，只是說 - 我們全年看到的情況，我們希望繼續保持健康的保留率。

And then this kind of acceleration as we get past those market -- those initial market reopenings with COVID, past that COVID pull forward into the strength of our slate, as you say, across the board from big returning English-language series like The Witcher and Cobra Kai, and even unscripted like Tiger King, and then non-English language series like La Casa that we talked about already.

然後隨著我們越過這些市場，這種加速——那些最初的市場隨著 COVID 重新開放，過去 COVID 推動了我們的實力，正如你所說，從像 The Witcher 這樣的大型回歸英語系列和 Cobra Kai，甚至像 Tiger King 這樣的無劇本，然後是我們已經討論過的像 La Casa 這樣的非英語系列。

We had the final, final in late in the quarter.

我們在本季度末進行了決賽。

And then we've got big films like Red Notice and Harder They Fall.

然後我們有像紅色通緝令和更難跌倒這樣的大電影。

So there's just a lot coming -- so going into that strength of our slate plus stronger seasonal period that's kind of playing into it with underlying healthy retention.

所以會有很多事情發生——所以進入我們名單的力量加上更強的季節性時期，這有點像潛在的健康保留。

What Spencer is saying fundamentally is we're in uncharted territory in that we have so much content coming in Q4 like we've never had.

斯賓塞從根本上說的是我們處於未知領域，因為我們在第四季度有如此多的內容，這是我們從未有過的。

So we'll have to feel our way through, and it rolls into a great next year also.

因此，我們必須摸索出路，明年也將迎來美好的一年。

That's it.

而已。

In one quarter, to have this many high-profile films and the returning seasons of our most popular shows, and we're in new territory of normalized post-COVID or pre-COVID or in-COVID, all those different ways that we kind of -- that impact the metrics and the performance we're all looking at how that's going to impact.

在一個季度，有這麼多備受矚目的電影和我們最受歡迎的節目的回歸季節，我們處於正常化的後 COVID 或前 COVID 或 COVID 的新領域，我們喜歡所有這些不同的方式的——這會影響指標和性能，我們都在研究這將如何產生影響。

But it's -- we certainly think it's positive.

但它 - 我們當然認為這是積極的。

Great.

偉大的。

And sorry, Spence, were you going to say something?

對不起，斯賓塞，你想說點什麼嗎？

No, I was just going to say, the net of it, as you see in the guide.

不，我只是想說，它的網絡，正如你在指南中看到的那樣。

So the guide is at 8.5 million paid net adds is essentially in line with the past few years, even pre-COVID, where we're kind of in that 8 million to 8.8 million-ish range.

因此，該指南是 850 萬付費淨增加與過去幾年基本一致，甚至在 COVID 之前，我們在 800 萬到 880 萬左右的範圍內。

Right, right.

是的是的。

And you mentioned 2022, as the world starts to normalize next year, we'll see what that looks like, but how do you feel about your ability to sort of get back to that 27 million, 28 million annual sub addition level?

你提到了 2022 年，隨著明年世界開始正常化，我們會看看會是什麼樣子，但是你覺得你有能力回到每年 2700 萬、2800 萬的附加水平嗎？

And I hesitate to even ask the question because we're sort of anchoring to this 27 million, which -- it would be helpful to understand actually why it fell into that consistent range over the last few years.

我什至不願問這個問題，因為我們有點錨定這 2700 萬，這 - 這將有助於理解為什麼它在過去幾年中落入這個一致的範圍內。

And are we wrong to sort of anchor on that recent history to begin with?

我們一開始就錨定最近的歷史是錯誤的嗎？

Do you want me to take it?

你要我拿走嗎？

I can take it, Spence.

我可以接受，斯賓塞。

The big picture is no one's really sure, Nidhi.

Nidhi，沒有人真正確定大局。

We can't come off the craziness of COVID and be confident of the next 2 years.

我們不能擺脫 COVID 的瘋狂，對未來 2 年充滿信心。

So we're going to push really hard.

所以我們要非常努力。

If you think about the big picture, we're at 200-and-something million.

如果你考慮大局，我們有 200 多萬。

That's pretty small compared to pay TV households, ex China.

與中國以外的付費電視家庭相比，這相當小。

So just matching the pay TV households, plenty of room for growth.

所以只要匹配付費電視戶，增長空間很大。

Streaming is developing at a great pace, all kinds of devices and competitors helping that market growing.

流媒體正在以極快的速度發展，各種設備和競爭對手都在幫助該市場增長。

Competition, obviously, that's a factor, but the amount of scale of content and entertainment that we have, and the way we're set up -- it's like Squid Game is incredible.

顯然，競爭是一個因素，但我們擁有的內容和娛樂規模，以及我們的設置方式——就像 Squid Game 一樣令人難以置信。

But it's not that Ted commissioned it.

但這並不是特德委託的。

The most incredible part is it's the system that Ted's built with a highly distributed [business model] when it was one of our leaders in Korea 2 years ago that commissioned it.

最令人難以置信的部分是 Ted 在 2 年前委託我們在韓國的一位領導者時使用高度分佈式 [商業模式] 構建的系統。

And so there's got to be other amazing ones like that, that even Ted or I or any of us don't even yet know about that are digesting in the Netflix content engine.

所以肯定還有其他類似的精彩內容，即使是 Ted、我或我們中的任何人都不知道這些內容正在 Netflix 內容引擎中消化。

So we certainly hope so, but there's no real certainty.

所以我們當然希望如此，但沒有真正的確定性。

I wouldn't want to give it like management credibility of that.

我不想給它像管理層那樣的可信度。

We want it, and we're going to push hard into it.

我們想要它，而且我們會全力以赴。

But I think we're all wrestling with the post-COVID, how do things come back together.

但我認為我們都在與後 COVID 鬥爭，事情如何重新組合在一起。

Spence, anything you want to add on that?

Spence，你有什麼要補充的嗎？

No.

不。

I mean, you really hit it.

我的意思是，你真的擊中了它。

I mean, at the end of the day, it's about, as Reed talked about, we're just trying to continually improve our service around content and the ability to discover that content with our choosing and driving conversation every day and getting better every day.

我的意思是，歸根結底，正如 Reed 所說，我們只是在努力不斷改進圍繞內容的服務，以及通過我們每天選擇和推動對話來發現內容的能力，並且每天都在變得更好.

And if we can do that and be that first choice in entertainment, then ultimately, that's what's driving that secular growth from linear to streaming entertainment.

如果我們能做到這一點並成為娛樂的首選，那麼最終，這就是推動從線性娛樂到流媒體娛樂的長期增長的原因。

And over long trends, it tends to be, at least to date, fairly predictable just as we saw through Q3.

從長期趨勢來看，至少到目前為止，正如我們在第三季度看到的那樣，它往往是相當可預測的。

And if we deliver our guidance through Q4 over a trailing 24-month period, that's about 55 million paid net adds or about 27.5 million, on average, which is kind of where we've been in the last few years.

如果我們在過去的 24 個月內通過第四季度提供我們的指導，那大約是 5500 萬付費淨增加或大約 2750 萬，平均而言，這是我們過去幾年一直在的地方。

But to Reed's point, we can't predict with certainty, but those secular growth trends are pretty strong so long as we continue to improve our service.

但就里德而言，我們無法確定地預測，但只要我們繼續改進服務，這些長期增長趨勢就會非常強勁。

Great.

偉大的。

Well, Ted, turning it over to you.

好吧，泰德，把它交給你。

Squid Game is top of mind for a lot of folks.

魷魚游戲是很多人的頭等大事。

Clearly, for Reed and Spencer as well, it's the big topic today.

顯然，對於 Reed 和 Spencer 來說，這也是今天的大話題。

Your biggest series launch ever, 142 million viewers in the first few weeks, as you said in the letter.

正如你在信中所說，你有史以來最大的系列發布，前幾周有 1.42 億觀眾。

Many of those viewers outside of its home market, South Korea, which makes it even more impressive.

其中許多觀眾不在其本土市場韓國，這使它更加令人印象深刻。

Can you talk to us about how this happened?

你能和我們談談這是怎麼發生的嗎？

What made the show so successful around the world?

是什麼讓這個節目在世界範圍內如此成功？

Well, I think it's really -- it goes into this kind of storied history of content creation.

嗯，我認為它真的 - 它進入了這種內容創作的傳奇歷史。

Squid Game, as Reed pointed out, got -- was picked up a couple of years ago from the Korea team who did recognize it to be one of what they thought would be their biggest title this year.

正如 Reed 所指出的，Squid Game 是幾年前從韓國隊中挑選出來的，他們確實認為這是他們認為今年最大的冠軍頭銜之一。

So good that they did.

太好了，他們做到了。

But I can't tell you that we had the same eyeball on it to tell you that it was going to be the biggest title in our history around the world.

但我不能告訴你，我們有相同的眼球來告訴你這將是我們歷史上在世界範圍內最大的頭銜。

And to your point, the growth -- the viewing outside of Korea has been phenomenal and everywhere, everywhere we operate.

就你的觀點而言，增長——韓國以外的收視率非常驚人，而且無處不在，我們經營的每一個地方。

So if you look at these numbers, they are -- the internal viewing looks a lot like a local language show in any country you look at it.

因此，如果您查看這些數字，它們就是- 內部觀看看起來很像您觀看的任何國家/地區的本地語言節目。

It was enormously successful.

它非常成功。

And that's 10 years trying to sell the show.

那是 10 年來試圖賣掉這個節目。

Our team recognized something that nobody else did and created an environment for that creator to make a great show.

我們的團隊認識到了其他人沒有做過的事情，並為該創作者創造了一個製作精彩節目的環境。

So how something can go viral is really hard to predict, but it's super powerful when it happens, and to show us to deliver the goods to be able to deliver that much viewing and you have people talk about it in such short hand that you can spoof it on Saturday Night Live because it's so in the zeitgeist.

因此，如何傳播病毒真的很難預測，但是當它發生時，它是非常強大的，並且向我們展示了交付商品以提供如此多的觀看次數，並且您讓人們以如此簡短的方式談論它，以至於您可以在周六夜現場惡搞它，因為它在時代精神中是如此。

There, I said it for you.

在那裡，我替你說了。

And it happens.

它發生了。

And we feel it when it's happening and you know when it's happening.

當它發生時我們會感覺到它，你知道它何時發生。

It's a little hard to predict sometimes.

有時有點難以預測。

Sometimes you think you've got lightning in a bottle and you're wrong.

有時你認為你的瓶子裡有閃電，你錯了。

And sometimes, you think you've got a great Korean show that turns out to be lightning in the bottle for the world.

有時，你認為你有一個很棒的韓國節目，結果證明是世界上的閃電。

But remember, it's -- that came from Korea, which is super phenomenal, but we've had successes not on that scale, but like that, with La Casa de Papel from Spain, with Lupin from France, with the film Blood Red Sky from Germany, from Sex Education in the U.K., where the stories of the world can increasingly come from anywhere in the world.

但是請記住，它來自韓國，這是非常了不起的，但我們取得的成功不是那麼大，而是像這樣，來自西班牙的 La Casa de Papel，來自法國的盧平，以及電影血紅色的天空來自德國，來自英國的性教育，世界的故事越來越多地來自世界任何地方。

And this is a thing that we really work on day in and day out.

這是我們真正日復一日地工作的事情。

And the teams that are doing that around the world, the thing that they're mostly focused on is a great, great windfall when these things happen, but they're mostly focused on a bunch of shows you never heard of, like -- but that are hugely impactful in territory.

而在世界各地這樣做的團隊，他們最關注的事情是當這些事情發生時巨大的意外之財，但他們主要關注的是一堆你從未聽說過的節目，比如——但這在領土上產生了巨大的影響。

Sintonia in Brazil, Chestnut Man right now in Denmark for us is an enormous success.

巴西的 Sintonia，丹麥的 Chestnut Man 對我們來說是一個巨大的成功。

Coming up in the quarter, a spinout version of Call My Agent!

即將在本季度推出的衍生版本 Call My Agent！

from India (sic) [France]; the Italian film, The Hand of God; new season of Luis Miguel.

來自印度（原文如此）[法國]；意大利電影《上帝之手》；路易斯米格爾的新賽季。

So these are all shows that are meant to be hugely impactful and loved in territory.

因此，這些都是旨在在領域內產生巨大影響和喜愛的節目。

And if they really catch on, they travel a lot.

如果他們真的流行起來，他們會經常出差。

But they're really focused on making a difference.

但他們真正專注於有所作為。

And around the world, non-English content viewing has grown 3x since we started in 2008 making content.

自 2008 年我們開始製作內容以來，在全球範圍內，非英語內容的瀏覽量增長了 3 倍。

So I started thinking about the impact of that and the impact of that growth and the idea that we can put new storytellers into the world from everywhere in the world, and they will dictate the way TV and film is made in the future.

所以我開始思考它的影響和增長的影響，以及我們可以讓世界各地的新故事講述者進入世界的想法，他們將決定未來電視和電影的製作方式。

Yes -- no.

是——不是。

I mean, my guess would be you're reaching close to 1 billion TV fans globally with your content, and that can obviously generate a lot of virality for a great piece of content, as you said, the content has to deliver.

我的意思是，我的猜測是，您的內容將在全球範圍內吸引近 10 億電視粉絲，這顯然可以為大量內容產生大量病毒式傳播，正如您所說，內容必須交付。

What does a success like Squid Game and all of the other international hits that you've talked about, what does that mean for your ability to acquire the best stories going forward?

像 Squid Game 和您談到的所有其他國際熱門遊戲這樣的成功是什麼，這對您獲得未來最佳故事的能力意味著什麼？

Especially in international markets where there aren't as many global buyers of content.

尤其是在國際市場上，全球內容買家並不多。

Yes.

是的。

Look, the best content has always been competitive.

看，最好的內容總是有競爭力的。

And ever since we got into this, we've been navigating these waters of really competitive spaces to find the content.

自從我們進入這個領域以來，我們一直在這些競爭激烈的領域中航行以尋找內容。

The one thing we can promise international creators is the possibility of having a Squid Game experience, where the star of your show in Korea can go from 400,000 social media followers to 15 million in 5 days.

我們可以向國際創作者承諾的一件事是擁有 Squid Game 體驗的可能性，您在韓國演出的明星可以在 5 天內從 400,000 名社交媒體粉絲增加到 1500 萬。

It's that kind of thing that happens on this -- that can happen on Netflix because we have this really engaged fan base and we have this UI that recognizes and helps them figure out how to find the show they're going to love, even if they've never watched a show from Korea.

正是這種情況發生在 Netflix 上——這可能發生在 Netflix 上，因為我們有這個真正投入的粉絲群，我們有這個 UI 可以識別並幫助他們弄清楚如何找到他們會喜歡的節目，即使他們從來沒有看過韓國的節目。

I think it's an amazing proof point of the content, but it's also an amazing proof point of the delivery system that helps people find content.

我認為這是內容的一個驚人的證明點，但它也是幫助人們找到內容的交付系統的一個驚人的證明點。

Right.

正確的。

I mean you're 9 years into your original content strategy, Ted.

我的意思是你的原創內容策略已經 9 年了，泰德。

You've had a steady stream of hit shows.

你有源源不斷的熱門節目。

Your -- you have a high share of the top IMDB shows at any given time.

你的——你在任何給定時間都在頂級 IMDB 節目中佔有很高的份額。

You seem to have at least 1 show a year that everyone is talking about.

你似乎每年至少有一場所有人都在談論的節目。

Can you talk about why we haven't seen sort of that consistency of success in original films yet?

你能談談為什麼我們還沒有在原創電影中看到那種成功的一致性嗎？

Is there anything inherently different about getting a hit film versus a hit show?

獲得熱門電影和熱門節目有什麼本質上的不同嗎？

And if there are, how can you sort of address those over time?

如果有，隨著時間的推移，你如何解決這些問題？

Well, remember, we're a few years behind in the film business, the way we -- from our TV business when we started making meaningful budget original film about 3 years ago.

好吧，請記住，我們在電影業務方面落後了幾年，我們的方式——從我們的電視業務開始，大約 3 年前我們開始製作有意義的預算原創電影。

So -- and in that time, we've had 5 Oscar-nominated best pictures and some big, big films in terms of viewing.

所以——在那段時間裡，我們有 5 部奧斯卡提名的最佳影片和一些大片，就觀看而言。

You see that in the letter where we publish some of those numbers.

您可以在我們發布其中一些數字的信函中看到這一點。

I think it's interesting that, that's going to continue to grow.

我認為有趣的是，這將繼續增長。

And I don't think -- I don't have any doubt that we're going to see that kind of excitement in the culture around our movies as we have with our TV show over time.

而且我不認為 - 我毫不懷疑，隨著時間的推移，我們會在電影文化中看到那種興奮，就像我們在電視節目中看到的那樣。

It's interesting that people love to talk about their favorite TV show in a different way than they do movies.

有趣的是，人們喜歡以與電影不同的方式談論他們最喜歡的電視節目。

So I think maybe it just feels a little bit louder.

所以我想也許它只是感覺有點響亮。

But as you see in those numbers, we're getting big viewing on our original films.

但正如你在這些數字中看到的那樣，我們的原創電影獲得了很高的收視率。

And we're going to -- some of our biggest bets yet are coming in the fourth quarter of this year and the first half of next year.

我們將——我們最大的一些賭注將在今年第四季度和明年上半年到來。

Great.

偉大的。

Switching gears to engagement for a second.

將齒輪切換到接合狀態一秒鐘。

You've been doing a lot more with mobile in recent years.

近年來，您在移動設備方面做得更多。

You've obviously got the mobile-only plans.

您顯然擁有僅限移動設備的計劃。

You're launching mobile games now.

您現在正在推出手機遊戲。

You launched mobile trailers a while ago, Fast Laughs recently.

你前段時間推出了移動預告片，最近快笑了。

Is it a strategic priority at the company to grow mobile engagement specifically?

專門增加移動參與度是否是公司的戰略重點？

Well, I think the strategic priority, Nidhi, is to sort of meet our members where they're at.

好吧，我認為 Nidhi 的戰略重點是與我們的成員會面。

And the vast majority of our members engage with us on a mobile device.

我們的絕大多數會員都在移動設備上與我們互動。

And so we want to make sure that when they're at that moment, and then sometimes that's when they're out and about, that they have the opportunity to get a great Netflix experience with their mobile phone.

因此，我們希望確保當他們在那一刻，然後有時在他們外出時，他們有機會通過他們的手機獲得出色的 Netflix 體驗。

And that could be, to your point, it could be trailers, it could be Fast Laughs, something that's short.

就你而言，這可能是預告片，也可能是 Fast Laughs，一些簡短的東西。

Or it could be actually just getting the next 10 minutes of Squid Game because they were watching it in their home when they left and they had to go out and then we could have an uninterrupted experience there.

或者實際上可能只是獲得接下來的 10 分鐘 Squid Game，因為他們離開時正在家裡觀看比賽，他們必須出去，然後我們可以在那裡獲得不間斷的體驗。

So we definitely want to target those devices and do the sort of best we can in terms of giving our members great experiences on those devices as well.

因此，我們絕對希望以這些設備為目標，並儘我們所能為我們的會員在這些設備上提供出色的體驗。

And you mentioned mobile games.

你提到了手機遊戲。

Great to see you launch some games in the quarter.

很高興看到您在本季度推出了一些遊戲。

Greg, maybe talk to us a little bit about what you've learned from the experience of both producing and launching those games, both the mobile games in Poland, Italy and Spain as well as the Oculus game?

Greg，也許能和我們談談你從製作和發布這些遊戲的經驗中學到的東西，包括波蘭、意大利和西班牙的手機遊戲以及 Oculus 遊戲？

Yes.

是的。

I would say it's -- we're incredibly early in this process.

我想說的是——我們在這個過程中處於難以置信的早期階段。

And mostly what we've done to date is about essentially making sure that all of our systems are working as we expect.

迄今為止，我們所做的主要是確保我們所有的系統都按照我們的預期工作。

So it's really about proving to ourselves that we can do the delivery in the way that we want.

因此，這實際上是向我們自己證明，我們可以按照我們想要的方式進行交付。

And we're building all the systems around it.

我們正在圍繞它構建所有系統。

The same things that's made our service very powerful for recommending movies and TV shows, what Ted mentioned, sort of connecting great content creators into this audience, that's the capability that we need to build on the game side as well now.

同樣的事情使我們的服務在推薦電影和電視節目方面非常強大，正如 Ted 所說，將優秀的內容創作者與觀眾聯繫起來，這也是我們現在需要在遊戲方面建立的能力。

So we're really just sort of checking off the first bits of that process, and that's going well.

所以我們實際上只是在檢查該過程的第一部分，並且進展順利。

We've got a positive trajectory.

我們有一個積極的軌跡。

But I think what you're trying to get to, which is all the sort of much more exciting questions that come behind that, which means like what's the business value?

但我認為你想要解決的問題是背後的各種更令人興奮的問題，這意味著商業價值是什麼？

How do we think about engagement?

我們如何看待參與？

What are our specific genre or our title performance, we're still many months and really, frankly, years into learning incrementally about all those details.

我們的具體類型或標題表現是什麼，我們仍然需要數月時間，坦率地說，我們需要數年才能逐步了解所有這些細節。

So really more to come there.

所以真的更多來那裡。

As a management team, you've always been laser-focused on the consumer, which has led to a lot of success in TV and films.

作為一個管理團隊，你一直非常關註消費者，這在電視和電影領域取得了很大的成功。

And I'm curious how can you improve the consumer experience in games?

我很好奇你們如何改善遊戲中的消費者體驗？

What kinds of new game experiences or new distribution models can you enable, particularly early on not having to worry about direct monetization?

您可以啟用哪些新的遊戲體驗或新的分發模式，尤其是在不必擔心直接貨幣化的早期？

Yes.

是的。

And I think it's important to note that, first of all, we're going to learn our way through that just as we have in the other content categories that we've served.

我認為重要的是要注意，首先，我們將通過我們的方式來學習，就像我們在我們服務過的其他內容類別中一樣。

And we'll learn by basically putting stuff out there and then having our members tell us what's working and what's not.

我們將通過基本上把東西放在那裡然後讓我們的成員告訴我們什麼有效，什麼無效來學習。

But we're excited about the idea that by taking away what we see as distractions from the core enjoyment experience associated with other models like advertisements or in-app monetization, per-title costs that we can really give our members a much easier, direct enjoyment experience with games, just like we have with TV shows and movies.

但我們對這樣的想法感到興奮，即通過消除我們認為與其他模式（如廣告或應用內貨幣化）相關的核心享受體驗的干擾，我們可以真正為我們的會員提供更輕鬆、更直接的按標題收費遊戲的享受體驗，就像我們在電視節目和電影中所擁有的一樣。

And there's a great flip side to that coin as well, which is that our creators can really put all of their energy, everything they're excited about into making that maximal enjoyment experience for the users, the players of those games, without having to worry about those other things that they have to in other models in terms of monetization.

這枚硬幣還有一個很好的反面，那就是我們的創作者可以真正投入他們所有的精力，他們興奮的一切，為用戶，這些遊戲的玩家創造最大的享受體驗，而無需擔心在貨幣化方面他們在其他模型中必須要做的其他事情。

So that's one really key area that we're excited to explore.

所以這是我們很高興探索的一個非常關鍵的領域。

And another one is that we think that this just connects really well with the other work that we are doing.

另一個是我們認為這與我們正在做的其他工作有很好的聯繫。

We're creating all these amazing universes and worlds and characters and storylines, and we can attach to the passion and fandom that our members have on viewing those on the video side with game experiences and allow them to go deeper and explore spaces that they wouldn't have otherwise seen on the video side.

我們正在創造所有這些令人驚嘆的宇宙、世界、角色和故事情節，我們可以利用我們的成員在觀看視頻方面的遊戲體驗時的熱情和狂熱，讓他們更深入地探索他們不會的空間'沒有在視頻方面看到。

And so we really think there's a good connection and synergy there.

所以我們真的認為那裡有很好的聯繫和協同作用。

And over time, we'll try and bring those closer together and sort of let those 2 worlds more influence each other and have a more direct connection.

隨著時間的推移，我們將嘗試將它們拉得更近，讓這兩個世界更多地相互影響並建立更直接的聯繫。

But again, that's something that is years in the making.

但同樣，這是多年前的事情。

We've really got to iteratively explore, and none of us know exactly what that will look like because we'll have to sort of find our way as we go.

我們真的需要反复探索，我們誰也不知道那會是什麼樣子，因為我們必須在前進的過程中找到自己的路。

And maybe imagine 3 years from now and some future Squid Game is launching, and it comes along with an incredible array of interactive or gaming options and it's all built into the service.

也許想像 3 年後，一些未來的 Squid Game 即將推出，它伴隨著一系列令人難以置信的互動或遊戲選項，並且都內置在服務中。

And then, of course, you've got your off-Netflix aspects, the experiences that we're building out, consumer products, all of that coming together.

然後，當然，你有你的非 Netflix 方面，我們正在建立的體驗，消費產品，所有這些都融合在一起。

So a company like Disney is still ahead of us in some of those dimensions of putting that whole experience together, but boy, are we making progress.

因此，像迪士尼這樣的公司在將整個體驗整合在一起的某些方面仍然領先於我們，但是男孩，我們正在取得進展嗎？

And so exciting over the next 3 to 5 years, kind of closing that gap.

在接下來的 3 到 5 年如此令人興奮，有點縮小差距。

And hope to pass them on that spectacular all-around experience.

並希望通過這種壯觀的全方位體驗傳遞給他們。

That's great color.

這顏色真好。

And you mentioned Squid Game and this idea of kind of building the worlds and the experiences around the IP.

你提到了 Squid Game 以及圍繞 IP 構建世界和體驗的想法。

How tightly do you want to control the IP for games and experiences that are created on other platforms?

您希望對在其他平台上創建的遊戲和體驗的 IP 進行嚴格控制嗎？

Roblox, for example, has a lot of Squid Game-inspired activities and games right now.

例如，Roblox 現在有很多受 Squid Game 啟發的活動和遊戲。

How do you think about that going forward?

您如何看待未來的發展？

Well, it's just tremendously exciting to see something like Squid Game blow up in the cultural zeitgeist.

好吧，看到像 Squid Game 這樣的東西在文化時代精神中爆發，真是令人興奮。

There you go, Ted.

你去吧，泰德。

I stole your word here.

我在這裡偷了你的話。

And then how that basically shows up that passion for the title shows up in all these different places.

然後這基本上表明了對標題的熱情出現在所有這些不同的地方。

We definitely want to be part of some of that passion in the games and the interactive experiences we do will be designed.

我們絕對希望成為遊戲熱情的一部分，我們將設計我們所做的互動體驗。

And we'll get better and better at trying to make sure that those are available on land and are ready to be complements when that happens.

我們將越來越好地嘗試確保這些在陸地上可用，並準備好在發生這種情況時成為補充。

But there's no, I think, monopoly on that passion.

但我認為，這種激情並沒有壟斷。

And so you'll see it in other places.

所以你會在其他地方看到它。

And people are sending around TikTok videos or they're doing their own sort of mini games in Roblox or things like that.

人們正在發送 TikTok 視頻，或者他們在 Roblox 中製作自己的迷你游戲或類似的東西。

I think that's great.

我認為這很棒。

And I think that we should celebrate that fandom and that excitement as well.

我認為我們也應該慶祝這種狂熱和興奮。

Yes, that makes sense.

是的，這是有道理的。

What do you think will be the hardest part about creating great games?

你認為創造偉大遊戲最難的部分是什麼？

What are sort of the skills and assets you feel like you already have versus what you need to attain?

您覺得自己已經擁有的技能和資產與您需要獲得的技能和資產是什麼？

And maybe you can sort of comment on Night School Studio in the context of that.

也許你可以在這方面對夜校工作室發表評論。

Why was that the perfect acquisition for you when you sort of surveyed the landscape?

為什麼當你調查景觀時，這對你來說是完美的收購？

Yes.

是的。

Well, it's a whole different muscle, right?

嗯，這是完全不同的肌肉，對吧？

And creating games is this alchemy of a whole variety of stuff, where you have engineering and you have the design and the story and then you have sort of a data element, especially in games that are sort of living and evolve as players interact with it.

創造遊戲是各種東西的煉金術，你有工程，你有設計和故事，然後你有某種數據元素，尤其是在玩家與之互動時有生命和進化的遊戲中.

So we've never done that before.

所以我們以前從未這樣做過。

And so the hard part is going to be putting that all together and really learning how to be successful at that.

因此，困難的部分是將所有這些放在一起，並真正學習如何在這方面取得成功。

And again, back to your point previously, we've only been in the originals game for less than a decade.

再說一次，回到你之前的觀點，我們在原版遊戲中只出現了不到十年。

And we've done a pretty good job at building the capability to be better and better at that.

我們在建立越來越好的能力方面做得非常好。

And so our plan is to essentially follow that same trajectory and apply the same kind of approaches that we have and really be focusing as a learning organization on how do we advance those skills.

因此，我們的計劃是基本上遵循相同的軌跡並應用我們擁有的相同類型的方法，並且作為一個學習型組織真正專注於我們如何提升這些技能。

And I think we're going to take a bunch of different approaches to try and be successful in that space, just like we did in movies and TV shows.

而且我認為我們將採取一系列不同的方法來嘗試在該領域取得成功，就像我們在電影和電視節目中所做的那樣。

If you think about license to partner-produced, to self-produced, there's multiple avenues that we get to, to producing incredible entertainment experiences for our members.

如果您考慮許可合作夥伴製作或自行製作，我們可以通過多種途徑為我們的會員提供令人難以置信的娛樂體驗。

I think we're going to take a similar approach with games, which will have multiple different approaches, including an internal game development capability.

我認為我們將對遊戲採取類似的方法，這將有多種不同的方法，包括內部遊戲開發能力。

And that internal capability really allows us to sort of push the edges on what is interactive storytelling and how do we bridge that more tightly with the linear storytelling that we're doing on the video side.

這種內部能力確實讓我們能夠在什麼是交互式講故事方面取得突破，以及我們如何將其與我們在視頻方面所做的線性講故事更緊密地聯繫起來。

So we want to build that up.

所以我們想建立它。

And one of the ways to sort of accelerate that process is when we find the right opportunities through acquisition, and that's what we did with Night School.

加速這一過程的方法之一是當我們通過收購找到合適的機會時，這就是我們對夜校所做的。

And we're tremendously excited about that team in specific because they really -- the core of what they've done is to try and explore story and narrative essentially as the central game mechanic.

我們對這個團隊感到非常興奮，因為他們真的——他們所做的核心是嘗試探索故事和敘事本質上作為核心遊戲機制。

And we think that fits really, really well with what we're trying to do.

我們認為這非常非常適合我們正在嘗試做的事情。

And so it's been great to get them on board and involved and to hear their thoughts and ideas.

因此，讓他們參與進來並聽取他們的想法和想法真是太好了。

And I expect it will be a sort of a rich partnership over years to come.

而且我預計在未來幾年這將是一種豐富的合作夥伴關係。

Greg, and...

格雷格和...

Go ahead.

前進。

Go ahead, Reed.

去吧，里德。

Greg and Spencer, how do you want to set Nidhi's expectations in terms of future Night Schools?

Greg 和 Spencer，你想如何設定 Nidhi 對未來夜校的期望？

Again, it's something that will be opportunistic.

同樣，這將是機會主義的。

So I would say don't expect us to go on a tearing, buying spree or something like that.

所以我想說不要指望我們會繼續撕裂，瘋狂購買或類似的事情。

This will be one of the tools that we use, and we'll use it opportunistically when we find a great opportunity out there.

這將是我們使用的工具之一，當我們在那裡找到一個很好的機會時，我們會投機取巧地使用它。

And Spence or Spencer, do you want to elaborate on that?

Spence 或 Spencer，你想詳細說明一下嗎？

Yes, I think you hit the nail on the head, Greg.

是的，格雷格，我認為你一針見血。

I think Nidhi, as you can tell from our track record, we are fairly selective when it comes to M&A.

我認為 Nidhi，正如您從我們的業績記錄中可以看出的那樣，我們在併購方面相當挑剔。

But as Greg said, when an opportunity presents itself, where we feel like we're aligned with the company, I think that's an opportunity we'll take.

但正如格雷格所說，當機會出現時，我們覺得我們與公司保持一致，我認為這是我們會抓住的機會。

But again, it's not -- nothing more than that.

但同樣，它不是——僅此而已。

And the only thing I'd add just more broadly, Nidhi, just -- and Greg talked about this -- touched on this, which is this is going to be that we're learning into this.

我唯一要更廣泛地補充一點，Nidhi，只是 - Greg 談到了這一點 - 談到了這一點，這將是我們正在學習的內容。

So this is in terms of business impact over time from games.

所以這是從遊戲對業務的影響來看。

This is not just months, but years of building.

這不僅僅是幾個月，而是幾年的建設。

So even in our most kind of ambitious success scenario, it will be years, we would expect, before this could have a meaningful impact on our business.

因此，即使在我們最雄心勃勃的成功場景中，我們預計也需要數年時間才能對我們的業務產生有意義的影響。

So very excited for the long term.

從長遠來看，非常興奮。

We're going to be patient.

我們會耐心等待。

We're going to move quickly and learn quickly, but this is a multiyear build.

我們將快速行動并快速學習，但這是一個多年的構建。

Well, we're excited to see what you build.

好吧，我們很高興看到您構建了什麼。

Moving over to you, Ted.

轉向你，泰德。

You announced the acquisition of the Roald Dahl Story Company this quarter as well.

您在本季度也宣布收購 Roald Dahl Story Company。

Can you talk about your vision for this IP?

你能談談你對這個IP的看法嗎？

Yes, look, I think the Dahl's characters that were created over the years have had an incredibly enduring staying power for kids and parents.

是的，看，我認為多年來創造的達爾角色對孩子和父母來說具有令人難以置信的持久力。

They've done really well in feature film.

他們在故事片中做得非常好。

And I think we had an interesting take when we entered into our commercial relationship with the Storytelling -- with Roald Dahl Story Company to make a very kind of feature-quality animated series based on these characters and books.

我認為，當我們與 Storytelling 建立商業關係時，我們有一個有趣的想法——與 Roald Dahl Story Company 合作，根據這些角色和書籍製作一部非常具有特色的動畫系列。

And through that process, we went through the organization, our live-action film TV teams, our film series teams and everybody going through saying -- and there was enough interest and desire to create in this universe.

在這個過程中，我們經歷了整個組織、我們的真人電影電視團隊、我們的電影系列團隊和每個人都在經歷的事情——並且有足夠的興趣和渴望在這個宇宙中創造。

So we thought it would make sense for it to be -- to all reside here in Netflix, creating stories for the world from this universe with these really richly developed characters that have done great.

所以我們認為它是有意義的——所有人都住在 Netflix，用這些非常豐富的角色為這個世界創造故事，這些角色做得很好。

Like from James and the Giant Peach to BFG, and of course, Willy Wonka and all the characters that are coming from that.

就像從詹姆斯和大桃子到 BFG，當然還有威利旺卡和所有由此而來的角色。

We're doing an origin story series from Willy Wonka.

我們正在製作威利旺卡的起源故事系列。

And we've had so much creator interest from all of our overall partners that want to tell stories in this world that we thought it would be a great partnership to, to move forward on and bring it inside Netflix and see if we could preserve these great stories for the future.

我們的所有合作夥伴都對創作者產生了濃厚的興趣，他們希望在這個世界上講述故事，我們認為這將是一個很好的合作夥伴關係，繼續前進並將其帶入 Netflix，看看我們是否可以保留這些未來的精彩故事。

And I think, by the way, we'll tell -- we'll create value in our game world.

我想，順便說一下，我們會告訴我們——我們會在我們的遊戲世界中創造價值。

We certainly continue to create good value in the publishing world, and our Consumer Products group is just sinking their teeth into it now.

我們當然會繼續在出版界創造良好的價值，而我們的消費品部門現在才剛剛投入其中。

Ted, maybe more broadly, what have been sort of your key learnings developing the kids content vertical over the last 5 years or so?

Ted，也許更廣泛地說，在過去 5 年左右的時間裡，您在垂直開發兒童內容方面的主要學習是什麼？

What does it take to really succeed with this audience?

怎樣才能在這些觀眾中真正取得成功？

It's still a long term -- a long time out.

這仍然是一個長期的 - 一個很長的時間。

Our investment feels like it's been -- we've been at this a long time, but the production cycles on these feature films, by way of example, it could be 3 to 5 years.

我們的投資感覺就像是 - 我們已經這樣做了很長時間，但是這些故事片的製作週期，例如，可能是 3 到 5 年。

So that's -- the learn is we're a pretty impatient lot.

所以那是 - 學習是我們非常不耐煩。

So we're trying to run as fast as we can.

因此，我們正在嘗試盡可能快地運行。

And we've got this one part of the business that it's going to take a little bit longer to prove itself out or not.

而且我們已經獲得了業務的這一部分，它需要更長的時間來證明自己是否成功。

What I have found is, though, that we've got some of the greatest storytellers on the planet, making their next projects at Netflix.

不過，我發現，我們有一些地球上最偉大的故事講述者，正在 Netflix 製作他們的下一個項目。

And we're really excited to see how they're coming together.

我們真的很高興看到他們如何走到一起。

What I believe is that you don't need necessarily this enormous machine to create brand loyalty around its characters in kids film.

我相信你不一定需要這台巨大的機器來圍繞兒童電影中的角色建立品牌忠誠度。

We've had great success on -- without any of the machine, without any of the machine, just being able to be a very important part of kids' viewing life.

我們已經取得了巨大的成功——沒有任何機器，沒有任何機器，只是能夠成為孩子們觀看生活中非常重要的一部分。

So I think we've got to really focus on -- like we do everything else, on how good is the storytelling, how good is the execution, how great is the production value, are we advancing the art of animation for the animation world, which will continue to attract the best and brightest?

所以我認為我們必須真正專注於——就像我們做其他所有事情一樣，講故事有多好，執行有多好，製作價值有多高，我們是否在為動畫世界推進動畫藝術，這將繼續吸引最優秀和最聰明的人？

And those things, I think, we're all on the right track for.

我認為，這些事情我們都在正確的軌道上。

And I think it's going to take a couple more years for it to really play itself out.

而且我認為它還需要幾年的時間才能真正發揮作用。

Well, you will definitely have an audience for your Dahl content in my household.

好吧，在我家，你的達爾內容肯定會有觀眾。

I look forward to it.

我很期待。

A couple of you mentioned consumer products.

你們中的一些人提到了消費品。

You recently launched an e-commerce site as well as a partnership with Walmart.

您最近推出了一個電子商務網站，並與沃爾瑪建立了合作關係。

Can you talk about how developed your plans are for consumer products?

你能談談你的消費產品計劃是如何制定的嗎？

And what are you trying to achieve over the long term?

從長遠來看，您想要實現什麼目標？

I believe that the consumer products is really a great way to enhance the relationship with content and fans.

我相信消費產品確實是增強與內容和粉絲關係的好方法。

So you can -- like Reed and Spencer are modeling for us right now, if you're loving Squid Game and you show up in that track suit, you're going to be the talk at a dinner party.

所以你可以 - 就像 Reed 和 Spencer 現在正在為我們做模特一樣，如果你喜歡 Squid Game 並且穿著那件運動服出現，那麼你將成為晚宴上的話題。

So the ability to do that, I think, is really -- we have it in our wheelhouse to be able to do it and to grow it big.

因此，我認為，做到這一點的能力真的是——我們在我們的駕駛室裡擁有它，能夠做到這一點，並將其發展壯大。

I don't think even a huge success against the revenue and margins of the core business that it will look like it will make much difference in terms -- the core for us is that it gets very, very big so that it enhances the talkability and zeitgeist moments around our content and gives fans a way to express that fandom in a way that amplifies it and attracts more fans.

我認為，即使在核心業務的收入和利潤率方面取得巨大成功，它看起來也會產生很大的不同——對我們來說，核心是它變得非常非常大，從而提高了可談論性和圍繞我們內容的時代精神時刻，並為粉絲提供一種表達粉絲的方式，以放大它並吸引更多粉絲。

Great.

偉大的。

Spence, switching gears to margins, always a fun topic.

Spence，將齒輪切換到利潤，總是一個有趣的話題。

As you invest in gaming and some of these other initiatives that we've been talking about on this call, how comfortable are you doing that within kind of the 300 basis point margin improvement per year, particularly if revenue growth sort of slows below the 20% level?

當您投資於遊戲和我們在本次電話會議上討論的其他一些舉措時，您在每年利潤率提高 300 個基點的情況下做這件事有多舒服，特別是如果收入增長放緩至低於 20 ％ 等級？

Sure.

當然。

Well, as you point out, we're -- our revenue growth remains healthy.

好吧，正如你所指出的，我們 - 我們的收入增長保持健康。

It is -- but it is right around that point.

它是——但它就在這一點附近。

So with our guidance, we're guiding to roughly just a tick under 20%, 19% revenue growth for the year.

因此，在我們的指導下，我們預計今年的收入增長大約只有 20%，即 19%。

Still very healthy revenue growth.

收入增長仍然非常健康。

I mean for -- that's on a base of roughly $30 billion of revenue.

我的意思是——這是基於大約 300 億美元的收入。

So if we can sustain anything around those levels, that's pretty rare air at that scale.

因此，如果我們能夠維持在這些水平附近的任何東西，那在這種規模上是非常稀有的空氣。

And so we'll work hard to do that.

所以我們會努力做到這一點。

And that comes down to what I said before.

這歸結為我之前所說的。

Ultimately, what we -- how we control that is -- our best control, it is to make our service better and better every day through this amazing variety and quality of content and better discovery of that content and connecting with our fans around the world.

歸根結底，我們——我們如何控制——我們最好的控制，就是通過這種驚人的內容多樣性和質量，更好地發現這些內容並與世界各地的粉絲聯繫，讓我們的服務每天都變得越來越好.

So that's where we're focused on.

所以這就是我們關注的地方。

If we can do that and we can kind of manage our business in a prudent, scrappy way, we're committed to doing so.

如果我們能做到這一點，並且我們能夠以一種謹慎、鬥志昂揚的方式管理我們的業務，我們將致力於這樣做。

So for the next few years, at least, we're committed to making those trade-offs, growing healthy, strategically investing in the business and growing our margins at that roughly 3 percentage points per year on average on a kind of on a multiyear basis.

因此，至少在接下來的幾年裡，我們致力於做出這些權衡，健康成長，對業務進行戰略性投資，並將我們的利潤率平均每年增長大約 3 個百分點基礎。

And longer term, when you think about what it takes to fulfill the content needs of everyone you want to reach, every day of the week, do you look at your current kind of $17 billion of cash spend and say, "Well, it's easy to imagine that being 2x or 3x that level to achieve what we want to achieve." I remember, Spencer used to throw out an estimate that there's something like $100 billion being spent globally per year to produce content.

從長遠來看，當您考慮如何滿足您想要接觸的每個人的內容需求時，一周中的每一天，您是否會查看您目前 170 億美元的現金支出並說：“嗯，這很容易想像以 2 倍或 3 倍的水平來實現我們想要實現的目標。”我記得，Spencer 曾經拋出一個估計，即全球每年要花費大約 1000 億美元來製作內容。

And I'm sure that number is higher now.

我敢肯定這個數字現在更高了。

But is that sort of the context you think about?

但是，你考慮的是那種背景嗎？

And do you feel like you're still relatively early or fairly far along?

你覺得你還比較早還是很遠？

I can jump in.

我可以跳進去

I'll take it.

我要買它。

Spencer, go ahead.

斯賓塞，繼續。

(inaudible)

（聽不清）

We always know that Ted will find ways to spend more on content.

我們一直都知道，泰德會想方設法在內容上花費更多。

So no, the short of it is that we think we're still early days.

所以不，不足之處在於我們認為我們還處於早期階段。

And when we talk even in the letter about the secular growth here is this transition from linear to streaming entertainment even in our most kind of mature markets like the U.S., which we show in the letter, we're at between 6% of TV share in terms of screen time.

當我們在信中談到長期增長時，即使在我們最成熟的市場（如美國）中，這種從線性娛樂到流媒體娛樂的轉變，我們在信中顯示，我們的電視份額在 6% 之間在屏幕時間方面。

And so in categories we talked about, gaming, we're literally just getting started.

因此，在我們談到的遊戲類別中，我們實際上才剛剛開始。

So who knows where that's going to take us.

所以誰知道這會帶我們去哪裡。

Animation, we talked about, we're just a few years into a long cycle.

我們談到了動畫，我們只是進入了一個漫長的周期。

These non-English language series and films around the world, we're now producing I think in roughly 45 countries around the world.

這些世界各地的非英語劇集和電影，我想我們現在正在全球大約 45 個國家製作。

It will be more than 50 next year, but again, still early days.

明年將超過 50 個，但同樣，仍處於早期階段。

So we think we have a super long runway here to address those upwards of 1 billion pay TV households or broadband households, however you measure it, around the world.

因此，我們認為我們在這裡有一條超長的跑道來解決全球超過 10 億個付費電視家庭或寬帶家庭，無論你怎麼衡量它。

So what we look at is, are we continuing to grow in a healthy way, driving acquisition, retention, more viewing, delivering more joy to our members.

因此，我們關注的是，我們是否繼續以健康的方式增長，推動獲取、保留、更多觀看，為我們的會員帶來更多快樂。

I don't think there's a precise number there, Nidhi, other than that we have the ability, we believe, to grow across all those content categories for the foreseeable future, some more than others, right, in terms of pace of growth.

Nidhi，我認為那裡沒有確切的數字，除了我們相信，在可預見的未來，我們有能力在所有這些內容類別中增長，就增長速度而言，其中一些比其他內容類別要多。

So some of those are just earlier and higher growth, but we're growing across all those content categories, and we don't see a ceiling at least for the foreseeable future.

所以其中一些只是更早和更高的增長，但我們在所有這些內容類別中都在增長，至少在可預見的未來我們看不到上限。

And since I threw out that number, Nidhi, I guess, I'll just add on one minor comment, which is, look, I think we feel very confident about the next couple of years given just the trajectory of the business.

既然我扔掉了這個數字，Nidhi，我想，我只想添加一個小評論，那就是，看，我認為我們對未來幾年的業務發展軌跡充滿信心。

I think we're just going to feel our way along and monitor all those things that Spence talked about, right, which is engagement and retention and things of that nature to sort of judge the appropriate level of spend.

我認為我們只是要摸索前進，並監控 Spence 談到的所有這些事情，對，這是參與和保留以及那種性質的事情，以判斷適當的支出水平。

Nidhi...

尼迪...

I saw a thumbs up from Reed when I said 2x or 3x, so I think you're early.

當我說 2x 或 3x 時，我看到 Reed 豎起大拇指，所以我認為你還早。

We're really entertaining the world.

我們真的在娛樂世界。

If we -- even ex China, if we're able to pull that off and be the place that the whole world goes to for most of their entertainment, then you're definitely thinking too small.

如果我們——即使是在中國，如果我們能夠實現這一目標並成為全世界大部分娛樂的地方，那麼你肯定想得太小了。

Now it will take a couple of decades to get there.

現在需要幾十年才能到達那裡。

It's not overnight.

這不是一夜之間。

But in the long term, we've got to be able to monetize it.

但從長遠來看，我們必須能夠將其貨幣化。

So we got to be able to have the revenue growth and margins, but it would be incredibly satisfying if we could build up to much bigger content budgets that we have, usefully deploy it for our members' love and that's all those categories.

因此，我們必須能夠實現收入增長和利潤率，但如果我們能夠建立更大的內容預算，並將其有效地部署為我們會員的喜愛，這將是非常令人滿意的，這就是所有這些類別。

Nidhi, we have time for 2 last questions, please.

Nidhi，我們有時間回答最後兩個問題。

Great.

偉大的。

Greg, I'll switch it over to you for a second.

格雷格，我一會兒把它轉給你。

It's a blessing and a curse, but Netflix has grown so fast that I imagine the company has not been able to sort of dot its Is and cross its Ts along the way.

這是福也是禍，但 Netflix 發展得如此之快，以至於我認為該公司無法在此過程中打點其 Is 並跨越其 Ts。

So I'm curious, as you look around the company's operations, what are sort of the biggest areas of optimizations that you see?

所以我很好奇，當你環顧公司的運營情況時，你看到的最大優化領域是什麼？

And maybe more specifically on the studio, what can sort of taking a tech company approach to studio operations unlock over time?

也許更具體地說，在工作室方面，隨著時間的推移，採用科技公司的方式來運營工作室會帶來什麼？

And what's kind of the magnitude of games to be had?

遊戲的規模有多大？

Well, as you know, it's still -- we're a work in progress, but I'd say we're constantly a work in progress because we constantly aspire to be better and better.

好吧，如你所知，它仍然是 - 我們是一項正在進行的工作，但我想說我們一直在進行一項工作，因為我們一直渴望變得越來越好。

And one of the things I love about working here is just that unsatiable appetite for improvement.

我喜歡在這里工作的一件事就是對改進的永不滿足的渴望。

And one of the areas -- one of the biggest dimensions that we're seeing, which is, I think, really apropos to sort of what we've been talking about in this call is how we go from being really a U.S. company that has international relation -- international operations to really a truly global company.

其中一個領域——我們看到的最大維度之一，我認為，與我們在本次電話會議中一直在談論的內容非常相稱的是，我們如何從真正的美國公司轉變為具有國際關係——國際業務真正成為一家真正的全球性公司。

And we can see the opportunity there, whether it's seeing content like Squid Game or Lupin or La Casa de Papel, and we really want to just do that more and more and more.

我們可以在那裡看到機會，無論是看到像 Squid Game、Lupin 還是 La Casa de Papel 這樣的內容，我們真的希望越來越多地這樣做。

So we're working through how do we, as a company, set ourselves up to operate even more effectively in that context and do even more of what you've sort of seen with those titles.

因此，我們正在研究作為一家公司，我們如何讓自己在這種情況下更有效地運營，並做更多你在這些遊戲中看到的事情。

So that's a big dimension of growth for us.

所以這對我們來說是一個很大的增長維度。

And then on the studio side, we're really excited about how do we leverage some of the -- what we have as DNA in the company around tech and things like that to try and figure out, is there a way to better serve our creators and our creative partners, give them a bigger palette, a bigger envelope to work from.

然後在工作室方面，我們真的很興奮我們如何利用一些 - 我們在公司中圍繞技術和類似的東西所擁有的 DNA 來嘗試和弄清楚，有沒有辦法更好地為我們服務創作者和我們的創意合作夥伴，給他們一個更大的調色板，一個更大的工作空間。

And I think one of the exciting areas around this is -- again, that sort of platform, if you will, of creation, that sort of set of tools and capabilities.

我認為圍繞這一點的一個令人興奮的領域是——再一次，如果你願意的話，那種平台，一種創造，那種工具和能力。

If we can do that well, we can sort of give that to everybody, all of our creative partners around the world, and give them sort of a bigger place to stand from and tell their story, and that's pretty exciting.

如果我們能做到這一點，我們就可以把它提供給每個人，我們在世界各地的所有創意合作夥伴，並給他們一個更大的立足之地並講述他們的故事，這非常令人興奮。

Great.

偉大的。

Well, last question for everyone.

好吧，每個人的最後一個問題。

What is your favorite recent show or movie on Netflix, other than Squid Game?

除了 Squid Game，你最近在 Netflix 上最喜歡的節目或電影是什麼？

I was going to go with the Maid.

我打算和女僕一起去。

Just incredible character drama, so well put together.

只是令人難以置信的角色戲劇，組合得很好。

To the investor audience, I'll bet that it's even more pleasing than Squid Game.

對於投資者觀眾，我敢打賭它比 Squid Game 更令人愉悅。

I'm going to go with Chestnut Man, our latest Danish series.

我要和我們最新的丹麥系列 Chestnut Man 一起去。

So atmospheric.

好大氣。

And since I haven't been to Denmark in a long time, I felt like I was there by watching it.

而且由於我已經很久沒有去過丹麥了，所以我感覺就像我在看它一樣。

I can go -- well, gosh, and not Squid.

我可以去——好吧，天哪，不是魷魚。

I mean I love La Casa, I'm enjoying Maid, but I'm not all the way through.

我的意思是我喜歡 La Casa，我很喜歡 Maid，但我並沒有完全走完。

I'll stop there.

我會停在那裡。

Reed stole my thunder on Maid.

里德在女僕身上搶走了我的風頭。

But I would say that the final season of La Casa de Papel is not disappointing.

但我想說，紙之家的最後一季並不令人失望。

I can't wait for the second batch to hit so I could talk about it with everybody.

我等不及第二批來了，所以我可以和大家談談。

It's really got that excitement of a big-budget feature in every hour of that show.

在該節目的每一個小時裡，它真的讓人興奮不已。

Really incredible.

真是不可思議。

For me, I got 2 episodes left of Squid Game.

對我來說，我還剩下 2 集 Squid Game。

But I would say the other one is Sex Education Season 3 was my favorite recent one as well.

但我想說另一個是性教育第 3 季，也是我最近最喜歡的一個。

Ted, do you want to take us home?

泰德，你想帶我們回家嗎？

Yes.

是的。

Look, I want to say, first of all, thanks for doing this, Nidhi.

看，我想說，首先，謝謝你這樣做，Nidhi。

We've had what I think is a tremendous quarter, delivering on films and TV shows that people really love and love to talk about.

我們有一個我認為是巨大的季度，提供人們真正喜歡和喜歡談論的電影和電視節目。

And if we keep doing that well, that's what fuels our growth.

如果我們繼續做得很好，那就是推動我們增長的動力。

We are focused on delivering value every time one of our members tries to figure out what they want to watch next, every time they figure out how much they want to spend for -- to entertain themselves, we want to be in that equation.

每當我們的成員試圖弄清楚他們接下來想看什麼時，每當他們弄清楚他們想花多少錢時，我們都專注於提供價值——為了娛樂自己，我們希望成為那個等式。

And we do that, I think, if we focus on that, the way we have for films, the way we have for series and the way we will for games, that we're going to be delivering hours and hours and hours of entertainment and hours and hours of joy for our members.

我們這樣做，我認為，如果我們專注於這一點，我們對電影的方式，我們對系列的方式以及我們對遊戲的方式，我們將提供數小時和數小時的娛樂並為我們的會員帶來數小時的歡樂。

And we're midway through October.

我們正處於十月中旬。

And in Q4, still to come, we have our biggest film bets we've ever made.

在即將到來的第四季度，我們進行了有史以來最大的電影賭注。

Star-studded, crowd-pleasing movies like Red Notice and Harder They Fall and Don't Look Up; returning seasons of our most popular shows like The Witcher, La Casa de Papel, You, Emily in Paris, Cobra Kai, and it's -- that's just in Q4.

星光熠熠、觀眾喜聞樂見的電影，例如《紅色通緝令》和《更難跌倒不抬頭》；我們最受歡迎的節目的回歸季節，例如 The Witcher、La Casa de Papel、You、Emily in Paris、Cobra Kai，而這只是在第四季度。

So if we keep doing what we're doing and you keep coming back, we're going to keep you entertained.

因此，如果我們繼續做我們正在做的事情並且你繼續回來，我們會讓你開心。

And thanks for visiting with us.

並感謝您訪問我們。