Netflix Inc (NFLX) 2021 Q3 法說會逐字稿

Good afternoon, and welcome to the Netflix Q3 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.

下午好，歡迎收看 Netflix 2021 年第三季財報採訪。我是 Spencer Wang，投資人關係與企業發展副總裁。今天與我一同出席的有：聯合首席執行官里德·哈斯廷斯；聯合首席執行官兼首席內容官泰德·薩蘭多斯；首席營運官兼首席產品官格雷格·彼得斯；以及首席財務官斯賓塞·諾伊曼。本季我們的面試官是來自富達的Nidhi Gupta。

As a reminder, we'll be making forward-looking statements, and actual results may vary. Nidhi, you now have the green light to ask your first question.

再次提醒，我們將發表一些前瞻性聲明，實際結果可能會有所不同。妮蒂，現在可以問你的第一個問題了。

Thank you, Spencer. Great to be with you all again. First off, I want to say congratulations on all your success in the quarter, 44 Emmy wins, the amazing viewership of Squid Game. 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. So we have a lot to talk about this quarter.

謝謝你，史賓塞。很高興能再次和大家相聚。首先，我要祝賀你們在本季度取得的所有成功，獲得了 44 項艾美獎，《魷魚遊戲》的收視率也非常驚人。我的孩子們再也不會玩「紅燈綠燈」遊戲了，還有你們收購夜校工作室以及宣布收購羅爾德·達爾故事公司。所以這季我們有很多事情要談。

First, I want to start with subs, which came in better than expected. So just help us kind of dissect the outperformance there.

首先，我想先說說字幕，字幕的效果比預期的還要好。所以請幫我們分析一下這方面的優異表現。

Sure. I can take that one, Nidhi. So great to see you, and thanks for the kind words in the opening. 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. 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. And that's kind of what we're seeing.

當然。妮蒂，我可以接受這個挑戰。很高興見到你，感謝你在開場白中的鼓勵。就第三季的情況而言，我想，這實際上與我們所看到的和預期的差不多。我們在上次電話會議上談到，我們希望新冠疫情帶來的動盪能夠接近尾聲，推動潛艇業務增長提前到 2020 年，並解決我們正在努力克服的生產延誤問題。而這正是我們目前所看到的。

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

因此，整個季度以來，公司業務保持健康，與全年一樣，客戶流失率處於較低水平，低於 2020 年同期和兩年前（即新冠疫情爆發前的 2010 年）同期水平。所以留存率非常健康。觀看量上升了。每位會員的觀看量可能略低於受新冠疫情嚴重影響的 2020 年第三季度，但與 2019 年同期相比則穩定成長。

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. We had a couple big hits. 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. 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.

然後我們看到——隨著季度進入九月份，我們的成長速度加快了，這正是我們一直希望和期待的，而且隨著我們進入強勢階段，看到這種情況令人欣慰。我們有過幾次大熱歌。如你所知，你提到了《魷魚遊戲》、《紙鈔屋》第五季的第一部分，但整個季度還有很多其他精彩紛呈、高品質的節目，例如《好想做一次》、《窈窕淑男》和《栗子人》，以及季度末的《哥本哈根》。所以，事情基本上就是這樣發展的：隨著檔期安排的加強，再加上原本就相當健康的業務基本面，我們看到了成長的加速。

And can you talk a little bit about the weakness that you saw in Latin America? What drove that? And how is that making you think about the longer-term prospects there?

您能否談談您在拉丁美洲看到的弱點？是什麼原因導致這種情況？那你對那裡的長期前景有何看法？

Sure, I can take that one as well, and others could jump in. For Latin America, we saw that growth was a little bit soft in the quarter. It was primarily -- we took some price increases in Brazil in Q3. And as not unexpected, that tends to -- when we do those things, slow down growth a little bit for the short term. 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. And we believe we've done that. So there's -- it's a sort of a short-term slowdown in growth, but good for our business. And we're already continuing to grow through it.

當然，我也可以接受，其他人也可以加入。就拉丁美洲而言，我們看到本季的成長略顯疲軟。主要原因是——我們在第三季對巴西市場進行了一些漲價。不出所料，當我們做這些事情時，短期內成長速度往往會稍微放緩。好消息是，正如格雷格經常提到的那樣，只有當我們認為這樣能為我們的會員增加價值時，我們才會採取這樣的定價策略。我們相信我們已經做到了這一點。所以，這是一種短期成長放緩，但對我們的業務來說是好事。而且我們已經透過這種方式持續發展壯大。

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

但這確實在第三季稍微拖慢了我們在拉丁美洲的業務發展速度。因此，我們在信中也談到了拉丁美洲和UCAN市場，這兩個市場都比我們的一些其他市場更加成熟、更有歷史、滲透率更高。因此，我們預計這兩個地區的成長會稍微困難一些，但仍有很大的成長空間。

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.

妮蒂，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民喜歡的節目和電影，這才是我們持續發展的動力。

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

例如，在第四季度，我們將推出《辛托尼亞》的新一季，這是我們迄今為止最大的巴西原創劇集。所以，我們認為這些大型、備受矚目的節目，以及路易斯·米格爾在墨西哥的新一季，也將繼續重新點燃該地區的成長。

Great. And as we look ahead to Q4, you have an extensive content slate coming. What's sort of the magnitude of impact you would expect to see on gross adds and churn just based on history? Or is the huge number of additions that you pulled into the service in 2020 making that relationship less clear, perhaps?

偉大的。展望第四季度，我們將推出大量精彩內容。根據歷史數據，您預期新用戶成長和用戶流失率會受到多大程度的影響？或者，2020 年你們向服務中添加的大量新用戶是否讓這種關係變得不太清晰了？

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. 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. We had the final, final in late in the quarter. And then we've got big films like Red Notice and Harder They Fall. 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.

嗯，我們並沒有真正分析這兩者之間的差異，只是說——我們今年以來一直看到的這種健康的客戶留存率，我們預計會繼續保持下去。然後，隨著我們度過疫情初期市場重新開放的階段，這種加速發展勢頭將持續下去，正如你所說，這得益於我們強大的節目陣容，包括像《獵魔人》和《眼鏡蛇道館》這樣的大型回歸英語劇集，甚至是像《虎王》這樣的非劇本節目，以及我們之前討論過的像《La Casa》這樣的非英語劇集。我們在季度末進行了期末考。然後我們還有像《紅色通緝令》和《越戰越勇》這樣的大片。所以接下來會有很多事情發生——我們強大的陣容加上更強勁的季節性因素，以及潛在的健康客戶留存率，都會對此產生正面影響。

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

史賓塞的根本意思是，我們正處於前所未有的境地，因為第四季度我們將迎來前所未有的大量內容。所以，我們只能摸著石頭過河，明年也會很順利。

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

就是這樣。在一個季度內，我們擁有如此多備受矚目的電影和最受歡迎的劇集的回歸季，而且我們正處於後疫情時代、疫情前或疫情期間的常態化新領域，所有這些不同的因素都會影響指標和業績，我們都在關注這將產生怎樣的影響。但我們當然認為這是好事。

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

偉大的。抱歉，史賓塞，你剛才想說什麼嗎？

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

不，我只是想說，就像你在指南裡看到的那樣，它的網狀結構。因此，850萬付費淨新增用戶數的指導價值與過去幾年，甚至在新冠疫情之前，基本上持平，當時我們的用戶數大約在800萬到880萬之間。

Right, right. 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? 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. And are we wrong to sort of anchor on that recent history to begin with?

對，對。您提到了 2022 年，隨著世界明年開始恢復正常，我們拭目以待，但您覺得您能否恢復到每年新增 2700 萬、2800 萬用戶的水平？我甚至不敢問這個問題，因為我們一直把目光鎖定在 2700 萬這個數字上，而了解為什麼過去幾年裡這個數字一直保持在這個穩定的範圍內，實際上會很有幫助。我們一開始就以這段近期歷史為依據，難道錯了嗎？

Do you want me to take it?

你想讓我拿嗎？

I can take it, Spence. The big picture is no one's really sure, Nidhi. We can't come off the craziness of COVID and be confident of the next 2 years. So we're going to push really hard. If you think about the big picture, we're at 200-and-something million. That's pretty small compared to pay TV households, ex China. So just matching the pay TV households, plenty of room for growth. Streaming is developing at a great pace, all kinds of devices and competitors helping that market growing.

我能承受，史賓塞。尼迪，說到底，誰也說不準最終結果如何。我們無法從新冠疫情的混亂中走出來，就對未來兩年充滿信心。所以我們要全力以赴。從大局來看，我們的人口已經達到兩億多。與中國以外的付費電視家庭相比，這個數字相當小。所以，光是與付費電視用戶數量相當，還有很大的成長空間。串流媒體發展迅猛，各種設備和競爭對手都在推動這個市場的成長。

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. But it's not that Ted commissioned it. 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. 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.

競爭當然是一個因素，但我們擁有的內容和娛樂規模，以及我們的發展模式——就像魷魚遊戲一樣，簡直不可思議。但這並不是泰德委託創作的。最不可思議的是，這是泰德用高度分散的商業模式所建構的系統，而兩年前，正是我們在韓國的一位領導人委託我們所開發的。所以肯定還有其他像這樣的精彩內容，甚至連泰德、我或我們任何人都還不知道，它們正在 Netflix 的內容引擎中被消化吸收。

So we certainly hope so, but there's no real certainty. I wouldn't want to give it like management credibility of that. We want it, and we're going to push hard into it. But I think we're all wrestling with the post-COVID, how do things come back together. Spence, anything you want to add on that?

我們當然希望如此，但目前還無法確定。我不想賦予它管理上的可信度。我們想要它，我們會全力以赴去爭取。但我認為我們都在努力應對後疫情時代的問題，那就是一切該如何恢復正常。史賓塞，你還有什麼要補充的嗎？

No. I mean, you really hit it. 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. 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. And over long trends, it tends to be, at least to date, fairly predictable just as we saw through Q3.

不。我的意思是，你真的說對了。我的意思是，歸根結底，正如里德所說，我們只是想不斷改進我們圍繞內容提供的服務，以及透過我們的選擇發現這些內容的能力，並每天推動對話，每天都做得更好。如果我們能夠做到這一點，成為娛樂領域的首選，那麼最終，這將推動娛樂方式從傳統線性模式轉向串流媒體模式的長期轉變。從長遠趨勢來看，至少到目前為止，它往往相當可預測，就像我們在第三季看到的那樣。

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. 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.

如果我們按照過去 24 個月的周期，在第四季度實現預期目標，那麼付費淨新增用戶約為 5500 萬，平均約為 2750 萬，這與我們過去幾年的水平大致相當。但正如里德所說，我們無法準確預測，但只要我們繼續改善服務，這些長期成長趨勢就會非常強勁。

Great. Well, Ted, turning it over to you. Squid Game is top of mind for a lot of folks. Clearly, for Reed and Spencer as well, it's the big topic today. Your biggest series launch ever, 142 million viewers in the first few weeks, as you said in the letter. Many of those viewers outside of its home market, South Korea, which makes it even more impressive. Can you talk to us about how this happened? What made the show so successful around the world?

偉大的。好了，泰德，接下來交給你了。很多人都對《魷魚遊戲》這款遊戲念念不忘。顯然，對里德和史賓塞來說，這也是今天大家熱議的話題。正如你在信中所說，這是你迄今為止最成功的劇集首播，前幾週就吸引了 1.42 億觀眾。許多觀眾來自韓國以外的市場，這使得它更加令人印象深刻。您能跟我們說說這件事是怎麼發生的嗎？是什麼讓這個節目在世界各地如此成功？

Well, I think it's really -- it goes into this kind of storied history of content creation. 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. So good that they did. 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. And to your point, the growth -- the viewing outside of Korea has been phenomenal and everywhere, everywhere we operate. 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. It was enormously successful.

嗯，我認為這真的——它融入了內容創作的悠久歷史中。正如里德指出的那樣，《魷魚遊戲》幾年前被韓國團隊收購，當時韓國團隊認為這將是他們今年最重要的遊戲之一。他們做得太好了。但我不能告訴你，我們當時都密切關注著這件事，並預言它將成為我們歷史上在全球範圍內最偉大的冠軍頭銜。正如您所說，成長——在韓國以外地區的觀看量非常驚人，在我們運營的每個地方都是如此。所以如果你看一下這些數字，你會發現——無論你查看哪個國家，國內收視率看起來都和當地語言節目非常相似。它取得了巨大的成功。

And that's 10 years trying to sell the show. Our team recognized something that nobody else did and created an environment for that creator to make a great show. 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. There, I said it for you. And it happens.

這就是我們花了十年時間試圖推銷這個節目的過程。我們的團隊發現了別人沒有發現的東西，並為這位創作者創造了一個能夠創造出優秀作品的環境。所以，某件事如何走紅真的很難預測，但一旦走紅，它的力量就非常強大。它向我們展示瞭如何提供高品質的內容，以獲得如此高的觀看量，讓人們用如此簡潔的方式談論它，以至於你可以在《週六夜現場》節目中對其進行惡搞，因為它太符合時代精神了。好了，我替你說了。這種事確實會發生。

And we feel it when it's happening and you know when it's happening. It's a little hard to predict sometimes. Sometimes you think you've got lightning in a bottle and you're wrong. And sometimes, you think you've got a great Korean show that turns out to be lightning in the bottle for the world.

當它發生時，我們能感覺到，你也知道它什麼時候會發生。有時候很難預測。有時候你以為自己找到了致勝法寶，結果卻發現錯了。有時候，你以為你找到了一部很棒的韓國劇，結果卻發現它對全世界來說都是驚豔之作。

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

但請記住，這——它來自韓國，這非常了不起，但我們也取得了一些類似的成功，雖然規模沒有那麼大，但比如西班牙的《紙鈔屋》，法國的《魯邦三世》，德國的電影《血紅的天空》，英國的《性教育》，世界的故事可以越來越多地來自世界各地。這是我們日復一日努力的方向。

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. Sintonia in Brazil, Chestnut Man right now in Denmark for us is an enormous success. Coming up in the quarter, a spinout version of Call My Agent! from India (sic) [France]; the Italian film, The Hand of God; new season of Luis Miguel. So these are all shows that are meant to be hugely impactful and loved in territory. And if they really catch on, they travel a lot.

而世界各地從事這項工作的團隊，他們最關注的是當這些事情發生時能獲得巨大的意外之財，但他們主要關注的是一些你從未聽說過的節目，但這些節目在特定地區卻有著巨大的影響力。Sintonia 在巴西取得了巨大成功，Chestnut Man 目前在丹麥也取得了巨大成功。本季即將推出《Call My Agent!》的衍生版本來自印度（原文如此）[法國]；義大利電影《上帝之手》；路易斯·米格爾的新一季。所以這些都是旨在產生巨大影響並在其所在地區廣受歡迎的節目。如果他們真的喜歡上了這種風格，他們就會到處旅行。

But they're really focused on making a difference. And around the world, non-English content viewing has grown 3x since we started in 2008 making content. 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.

但他們確實專注於做出改變。自 2008 年我們開始製作內容以來，全球非英語內容的觀看量增加了 3 倍。所以我開始思考這件事的影響，以及這種成長的影響，還有我們可以把來自世界各地的新故事講述者推向世界，他們將決定未來電視和電影的製作方式這一想法。

Yes -- no. 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.

是的——不。我的意思是，我估計你的內容在全球擁有近 10 億電視觀眾，這顯然可以為優秀的內容帶來大量的病毒式傳播，正如你所說，內容必須足夠吸引人。

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

像是《魷魚遊戲》以及你提到的所有其他國際熱門作品的成功，對你未來獲得最佳故事的能力意味著什麼？尤其是在國際市場上，全球內容買家並不多。

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

是的。你看，最好的內容一直都是競爭性的。自從我們涉足這個領域以來，我們就一直在競爭激烈的市場中尋找內容。我們能向國際創作者承諾的一件事是，他們有機會體驗「魷魚遊戲」的樂趣，讓你們在韓國的明星在 5 天內從 40 萬社交媒體粉絲增長到 1500 萬。這種事情就是這樣發生的——在 Netflix 上，這種情況是可以發生的，因為我們擁有非常活躍的粉絲群體，而且我們的用戶界面能夠識別並幫助他們找到自己會喜歡的節目，即使他們從未看過韓國的節目。我認為這不僅是內容本身的絕佳證明，也是幫助人們找到內容的分發系統的絕佳證明。

Right. I mean you're 9 years into your original content strategy, Ted. You've had a steady stream of hit shows. Your -- you have a high share of the top IMDB shows at any given time. You seem to have at least 1 show a year that everyone is talking about.

正確的。我的意思是，Ted，你的原創內容策略已經實施了9年。你們一直都有一系列熱門節目。你的劇集在任何時候都佔據了IMDB熱門影集清單的很高份額。你似乎每年至少會有一場演出成為大家熱門的話題。

Can you talk about why we haven't seen sort of that consistency of success in original films yet? Is there anything inherently different about getting a hit film versus a hit show? And if there are, how can you sort of address those over time?

您能否談談為什麼我們至今仍沒有看到原創電影持續的成功？一部電影走紅和一部電視劇走紅，本質上有什麼不同嗎？如果有這些問題，你該如何逐步解決這些問題？

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. So -- and in that time, we've had 5 Oscar-nominated best pictures and some big, big films in terms of viewing. You see that in the letter where we publish some of those numbers. I think it's interesting that, that's going to continue to grow. 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.

記住，我們在電影業比電視業落後幾年，我們大約3年前才開始製作有意義的預算原創電影。所以——在那段時間裡，我們有 5 部獲得奧斯卡最佳影片提名的電影，以及一些在觀影方面非常非常成功的電影。您可以在那封信中看到我們公佈的一些數字。我認為有趣的是，這種情況還會繼續增長。而且我認為——我毫不懷疑，隨著時間的推移，我們的電影文化將會像我們的電視節目一樣，引起人們的極大興趣。

It's interesting that people love to talk about their favorite TV show in a different way than they do movies. So I think maybe it just feels a little bit louder. But as you see in those numbers, we're getting big viewing on our original films. 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.

有趣的是，人們談論自己喜歡的電視劇的方式與談論電影的方式截然不同。所以我覺得可能只是覺得聲音稍微大了一點。但正如你從這些數據中看到的，我們的原創電影獲得了很高的觀看量。而且，我們一些最大的投資將在今年第四季和明年上半年進行。

Great. Switching gears to engagement for a second. You've been doing a lot more with mobile in recent years. You've obviously got the mobile-only plans. You're launching mobile games now. You launched mobile trailers a while ago, Fast Laughs recently. Is it a strategic priority at the company to grow mobile engagement specifically?

偉大的。暫時把話題轉到互動上。近年來，你們在行動領域投入了更多精力。顯然你選擇的是僅限手機使用的套餐。你們現在要推出手機遊戲了。你們之前推出了行動裝置預告片，Fast Laughs 最近也推出了。提升行動端用戶參與度是否是公司的策略重點？

Well, I think the strategic priority, Nidhi, is to sort of meet our members where they're at. And the vast majority of our members engage with us on a mobile device. 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. And that could be, to your point, it could be trailers, it could be Fast Laughs, something that's short. 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. 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.

嗯，Nidhi，我認為策略重點是要了解我們成員的實際情況並滿足他們的需求。絕大多數會員都是透過行動裝置與我們互動。因此，我們希望確保當他們有時間或有空閒時間時（有時是當他們外出時），他們有機會透過手機獲得絕佳的 Netflix 體驗。正如你所說，那可能是預告片，也可能是短片，或是其他一些短小的內容。或者，也可能只是因為他們出門前在家正在看《魷魚遊戲》，所以才讓我們能看完接下來的 10 分鐘，這樣我們就可以不受干擾地觀看了。因此，我們肯定希望專注於這些設備，並盡我們所能為會員提供在這些設備上的良好體驗。

And you mentioned mobile games. Great to see you launch some games in the quarter. 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?

你還提到了手機遊戲。很高興看到你們在本季推出了一些遊戲。格雷格，能否跟我們談談你從製作和發行這些遊戲（包括在波蘭、義大利和西班牙的手機遊戲以及 Oculus 遊戲）的經驗中學到了什麼？

Yes. I would say it's -- we're incredibly early in this process. And mostly what we've done to date is about essentially making sure that all of our systems are working as we expect. So it's really about proving to ourselves that we can do the delivery in the way that we want. And we're building all the systems around it. 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.

是的。我想說，我們目前還處於這個過程的非常早期階段。到目前為止，我們所做的大部分工作基本上都是確保我們所有的系統都能如預期運作。所以，這其實是為了向我們自己證明，我們可以按照我們想要的方式完成交付。我們正在圍繞它構建所有系統。泰德提到的那些讓我們的服務在推薦電影和電視節目方面非常強大的因素，就是將優秀的內容創作者與觀眾聯繫起來，而這正是我們現在需要在遊戲方面構建的能力。

So we're really just sort of checking off the first bits of that process, and that's going well. We've got a positive trajectory. 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? How do we think about engagement? 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. So really more to come there.

所以我們現在只是在逐步完成這個過程的最初幾個步驟，目前進展順利。我們目前的發展勢頭良好。但我認為你想表達的是，這背後其實隱藏著許多更令人興奮的問題，例如，它的商業價值是什麼？我們如何看待參與度？我們的具體類型或我們的主打表演是什麼？坦白說，我們還需要幾個月甚至幾年的時間才能逐步了解所有這些細節。所以，這方面還有更多內容即將推出。

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. And I'm curious how can you improve the consumer experience in games? What kinds of new game experiences or new distribution models can you enable, particularly early on not having to worry about direct monetization?

作為管理團隊，你們始終以消費者為中心，這在電視和電影領域取得了巨大的成功。我很好奇如何才能改善遊戲的使用者體驗？您可以實現哪些類型的新遊戲體驗或新發行模式，尤其是在早期階段，無需擔心直接獲利？

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

是的。我認為首先需要指出的是，我們將像在我們提供的其他內容類別中一樣，逐步摸索前進。我們基本上是透過把一些東西推出來，然後讓我們的成員告訴我們哪些有效，哪些無效，從而來學習的。但我們很高興地看到，通過去除我們認為會分散玩家對核心娛樂體驗的干擾因素（例如廣告或應用內盈利、單款遊戲費用等），我們可以真正為我們的會員提供更輕鬆、更直接的遊戲娛樂體驗，就像我們為電視和電影提供的體驗一樣。

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

硬幣的另一面也很棒，那就是我們的創作者可以真正將他們所有的精力和熱情投入到為用戶、為遊戲玩家創造最大的享受體驗中，而無需擔心他們在其他盈利模式下必須考慮的那些事情。所以這是我們非常期待探索的關鍵領域。

And another one is that we think that this just connects really well with the other work that we are doing. 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. And so we really think there's a good connection and synergy there. 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.

還有一點是，我們認為這與我們正在做的其他工作非常契合。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，我們可以將我們的成員在視頻方面對這些內容的熱情和喜愛與遊戲體驗聯繫起來，讓他們更深入地探索他們在視頻方面原本看不到的空間。因此，我們真的認為這兩者之間存在著良好的聯繫和協同效應。隨著時間的推移，我們將努力拉近這兩個世界的距離，讓它們相互影響，建立更直接的連結。

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

但話說回來，這又是多年籌備的結果。我們必須不斷迭代探索，但我們誰也不知道最終會是什麼樣子，因為我們只能摸著石頭過河。

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. 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.

也許想像一下，3年後，某個未來的魷魚遊戲上線了，它帶來了一系列令人難以置信的互動或遊戲選項，而且所有這些都內建在服務中。當然，還有 Netflix 以外的方面，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. And so exciting over the next 3 to 5 years, kind of closing that gap. And hope to pass them on that spectacular all-around experience.

所以像迪士尼這樣的公司在打造整體體驗的某些方面仍然領先於我們，但是，我們確實取得了長足的進步。未來 3 到 5 年，縮小這一差距，真是令人興奮。希望將這種精彩的全方位體驗傳遞給他們。

That's great color. And you mentioned Squid Game and this idea of kind of building the worlds and the experiences around the IP. How tightly do you want to control the IP for games and experiences that are created on other platforms? Roblox, for example, has a lot of Squid Game-inspired activities and games right now. How do you think about that going forward?

顏色真好看。你提到了《魷魚遊戲》，以及圍繞IP建構世界和體驗的想法。您希望對在其他平台上創建的遊戲和體驗的知識產權進行多嚴格的控制？例如，Roblox 目前有很多受 Squid Game 啟發而推出的活動和遊戲。你對未來有何打算？

Well, it's just tremendously exciting to see something like Squid Game blow up in the cultural zeitgeist. There you go, Ted. I stole your word here. And then how that basically shows up that passion for the title shows up in all these different places. We definitely want to be part of some of that passion in the games and the interactive experiences we do will be designed. 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.

看到像《魷魚遊戲》這樣的作品在文化思潮中爆紅，真是令人無比興奮。好了，泰德。我盜用了你的話。然後，這種對冠軍的熱情就體現在所有這些不同的地方。我們當然希望將這種熱情融入遊戲中，我們將設計出相應的互動體驗。我們會越來越努力確保這些資源在陸地上可用，並在需要時能發揮補充作用。

But there's no, I think, monopoly on that passion. And so you'll see it in other places. And people are sending around TikTok videos or they're doing their own sort of mini games in Roblox or things like that. I think that's great. And I think that we should celebrate that fandom and that excitement as well.

但我認為，這種熱情並非任何人的專屬。所以你會在其他地方看到它。人們在TikTok上分享視頻，或在Roblox等平台上玩自己的小遊戲等等。我覺得這很棒。我認為我們也應該為這種粉絲熱情和興奮之情而喝采。

Yes, that makes sense. What do you think will be the hardest part about creating great games? What are sort of the skills and assets you feel like you already have versus what you need to attain? And maybe you can sort of comment on Night School Studio in the context of that. Why was that the perfect acquisition for you when you sort of surveyed the landscape?

是的，這很有道理。你認為製作優秀遊戲最困難的部分是什麼？你覺得自己已經擁有哪些技能和優勢？還需要獲得哪些技能和優勢？或許你可以藉此機會對夜校工作室發表一些評論。當你檢視市場狀況後，為什麼你會覺得這是最理想的收購目標？

Yes. Well, it's a whole different muscle, right? 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. So we've never done that before. And so the hard part is going to be putting that all together and really learning how to be successful at that.

是的。嗯，那是完全不同的肌肉，對吧？遊戲創作是各種元素的煉金術，它包含了工程、設計、故事，以及數據元素，尤其是在那些隨著玩家互動而不斷發展演變的遊戲中。我們以前從未這樣做過。因此，最困難的部分在於如何將所有這些結合起來，並真正學習如何成功做到這一點。

And again, back to your point previously, we've only been in the originals game for less than a decade. And we've done a pretty good job at building the capability to be better and better at that. 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.

再說一遍，回到你之前的觀點，我們涉足原創遊戲領域還不到十年。而且我們在提升自身能力方面做得相當不錯，能夠做得越來越好。因此，我們的計劃基本上是遵循同樣的軌跡，應用同樣的方法，真正作為一個學習型組織，專注於如何提升這些技能。

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

我認為我們將採取多種不同的方法來嘗試在這個領域取得成功，就像我們在電影和電視節目領域所做的那樣。從授權製作到合作製作，再到自主製作，我們有很多途徑可以為我們的會員製作精彩的娛樂體驗。我認為我們在遊戲方面也會採取類似的方法，即採用多種不同的方法，包括建立內部遊戲開發能力。這種內在能力確實使我們能夠拓展互動敘事的邊界，以及如何將互動敘事與我們在影片方面所做的線性敘事更緊密地結合在一起。

So we want to build that up. 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. 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. And we think that fits really, really well with what we're trying to do. And so it's been great to get them on board and involved and to hear their thoughts and ideas. And I expect it will be a sort of a rich partnership over years to come.

所以我們希望逐步建立起這種勢頭。加速這一進程的方法之一就是透過收購找到合適的機遇，而我們對 Night School 的收購就是如此。我們尤其對這個團隊感到無比興奮，因為他們所做的核心工作就是嘗試探索故事和敘事，並將其作為遊戲的核心機制。我們認為這和我們正在做的事情非常契合。因此，能夠讓他們參與進來，傾聽他們的想法和意見，真是太好了。我預計這將是一種在未來幾年內富有成效的合作關係。

Greg, and...

格雷格，還有…

Go ahead. Go ahead, Reed.

前進。請繼續，里德。

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

格雷格和史賓塞，你們想如何讓妮蒂對未來的夜校有所期待？

Again, it's something that will be opportunistic. So I would say don't expect us to go on a tearing, buying spree or something like that. This will be one of the tools that we use, and we'll use it opportunistically when we find a great opportunity out there. And Spence or Spencer, do you want to elaborate on that?

這又是一種投機取巧的行為。所以我想說，不要指望我們會瘋狂購物之類的。這將是我們使用的工具之一，我們將抓住機會，在發現絕佳機會時加以利用。史賓塞（Spence）或史賓塞先生（Spencer），您想詳細解釋一下嗎？

Yes, I think you hit the nail on the head, Greg. I think Nidhi, as you can tell from our track record, we are fairly selective when it comes to M&A. 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. But again, it's not -- nothing more than that.

是的，格雷格，我覺得你說得太對了。妮蒂，我認為，正如你從我們的過往業績中可以看出的那樣，我們在併購方面相當謹慎。但正如格雷格所說，當機會出現，而我們又覺得我們與公司的理念相符時，我認為我們會抓住這個機會。但再說一遍，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. So this is in terms of business impact over time from games. This is not just months, but years of building. 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. So very excited for the long term. We're going to be patient. We're going to move quickly and learn quickly, but this is a multiyear build.

我唯一想補充的是，更廣泛地說，Nidhi，就像 Greg 談到的——也提到了這一點，那就是我們將要學習的就是這一點。這是從遊戲對商業的長期影響角度來看的。這並非幾個月，而是幾年的建設成果。因此，即使在我們最雄心勃勃的成功設想中，我們也預計，這需要數年時間才能對我們的業務產生有意義的影響。我對長遠發展感到非常興奮。我們會保持耐心。我們將快速行動，快速學習，但這需要多年的時間才能完成。

Well, we're excited to see what you build. Moving over to you, Ted. You announced the acquisition of the Roald Dahl Story Company this quarter as well. Can you talk about your vision for this IP?

我們很期待看到你的作品。接下來輪到你了，泰德。本季您也宣布了對羅爾德·達爾故事公司的收購。您能談談您對這個智慧財產權的願景嗎？

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. They've done really well in feature film. 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. 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. 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.

是的，你看，我認為達爾筆下這些年來塑造的角色對孩子和家長來說都具有不可思議的持久魅力。他們在電影領域做得非常出色。我認為，當我們與羅爾德·達爾故事公司建立商業合作關係，根據這些角色和書籍製作一部非常高品質的動畫系列片時，我們的想法很有趣。在這個過程中，我們與組織、真人電影電視團隊、電影系列團隊以及所有參與其中的人員進行了交流，結果表明——大家對在這個宇宙中進行創作有足夠的興趣和願望。所以我們認為，讓所有角色都聚集在 Netflix 上，為這個世界創作故事，講述這些塑造得非常成功、角色形象飽滿的故事，是合理的。

Like from James and the Giant Peach to BFG, and of course, Willy Wonka and all the characters that are coming from that. We're doing an origin story series from Willy Wonka. 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.

例如從《詹姆斯與巨桃》到《吹夢巨人》，當然還有《查理與巧克力工廠》以及所有由此衍生出的角色。我們正在製作一部關於威利·旺卡的起源故事劇集。我們所有的合作夥伴都對在這個世界中講述故事表現出了極大的興趣，因此我們認為這是一個很棒的合作項目，可以推進這個項目，將其引入 Netflix，看看我們能否將這些精彩的故事保存下來，留給未來。

And I think, by the way, we'll tell -- we'll create value in our game world. We certainly continue to create good value in the publishing world, and our Consumer Products group is just sinking their teeth into it now.

順便說一句，我認為我們會告訴大家——我們會在遊戲世界中創造價值。我們當然會繼續在出版界創造良好的價值，而我們的消費品集團現在才剛開始涉足這一領域。

Ted, maybe more broadly, what have been sort of your key learnings developing the kids content vertical over the last 5 years or so? What does it take to really succeed with this audience?

泰德，更廣泛地說，在過去 5 年左右的時間裡，您在發展兒童內容垂直領域的過程中，有哪些關鍵的經驗教訓？要真正贏得這部分觀眾的喜愛，需要哪些條件？

It's still a long term -- a long time out. 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. So that's -- the learn is we're a pretty impatient lot. So we're trying to run as fast as we can. 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. What I have found is, though, that we've got some of the greatest storytellers on the planet, making their next projects at Netflix. And we're really excited to see how they're coming together.

這仍然是一個長期計劃——還需要很長時間。我們的投資感覺已經——我們已經投入了很長時間，但舉例來說，這些長片的製作週期可能是 3 到 5 年。所以，我們得到的教訓是──我們都是一群相當沒有耐心的人。所以我們正在盡力跑得最快。我們業務的這一部分需要更長的時間才能證明其有效性。不過，我發現，地球上一些最偉大的故事講述者正在 Netflix 製作他們的下一個項目。我們非常期待看到他們的合作成果。

What I believe is that you don't need necessarily this enormous machine to create brand loyalty around its characters in kids film. 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. 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? And those things, I think, we're all on the right track for. And I think it's going to take a couple more years for it to really play itself out.

我認為，在兒童電影中，你不一定需要如此龐大的機器來圍繞其角色建立品牌忠誠度。我們取得了巨大的成功——沒有任何機器的輔助，沒有任何機器的輔助，只是成為孩子們觀看生活中非常重要的一部分。所以我覺得我們必須像對待其他所有事情一樣，真正關注故事講述得好不好、執行得好不好、製作水平有多高，我們是否在為動畫界推進動畫藝術的發展，從而繼續吸引最優秀、最聰明的人才？我認為，在這些方面，我們都走在正確的道路上。我認為這還需要幾年時間才能真正塵埃落定。

Well, you will definitely have an audience for your Dahl content in my household. I look forward to it.

嗯，你寫的達爾作品在我家肯定會很受歡迎。我很期待。

A couple of you mentioned consumer products. You recently launched an e-commerce site as well as a partnership with Walmart. Can you talk about how developed your plans are for consumer products? And what are you trying to achieve over the long term?

你們當中有幾位提到了消費品。您最近推出了電子商務網站，並與沃爾瑪建立了合作關係。能談談貴公司在消費品方面的計畫進展如何嗎？長遠來看，你想要實現什麼目標？

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

我認為消費品確實是加強與內容創作者和粉絲之間聯繫的絕佳方式。所以你可以——就像 Reed 和 Spencer 現在為我們做的示範一樣，如果你喜歡《魷魚遊戲》，並且穿著那套運動服出現，你就會成為晚宴上的焦點。所以我認為，我們確實有能力做到這一點，而且能夠將其發展壯大。

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.

我不認為即使對核心業務的收入和利潤率來說取得了巨大的成功，從表面上看也不會產生太大的影響——對我們來說，核心在於它能夠變得非常非常大，從而增強我們內容的討論性和時代精神，並讓粉絲以一種能夠放大這種討論和吸引更多粉絲的方式來表達他們的喜愛之情。

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

偉大的。史賓塞，接下來我們來談談利潤率，這始終是一個有趣的話題。當您投資遊戲以及我們在本次電話會議中討論的其他一些項目時，您覺得在每年 300 個基點的利潤率提升目標下進行這些投資有多大把握？尤其是在收入成長放緩至 20% 以下的情​​況下？

Sure. Well, as you point out, we're -- our revenue growth remains healthy. It is -- but it is right around that point. So with our guidance, we're guiding to roughly just a tick under 20%, 19% revenue growth for the year. Still very healthy revenue growth. I mean for -- that's on a base of roughly $30 billion of revenue.

當然。正如您所指出的，我們的收入成長依然保持健康。確實如此——但就在那個點附近。因此，根據我們的預測，我們預計今年的營收成長率將略低於 20%，為 19%。營收成長依然非常健康。我的意思是——這是在約 300 億美元的營收基礎上實現的。

So if we can sustain anything around those levels, that's pretty rare air at that scale. And so we'll work hard to do that. And that comes down to what I said before. 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. So that's where we're focused on.

所以如果我們能維持在這些水平附近，那將是這種規模下非常稀有的空氣。所以我們會努力做到這一點。而這又回到了我之前說的那些話。歸根結底，我們如何控制它——也就是我們最好的控制方式——就是透過豐富多樣、高品質的內容，以及更好地發現這些內容，並與世界各地的粉絲建立聯繫，讓我們的服務每天都變得越來越好。所以這就是我們關注的重點。

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

如果我們能做到這一點，並且能夠以謹慎、務實的方式經營我們的業務，我們就會致力於這樣做。因此，至少在接下來的幾年裡，我們將致力於做出這些權衡，實現健康成長，對業務進行策略性投資，並在多年基礎上平均每年將利潤率提高約 3 個百分點。

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. And I'm sure that number is higher now. But is that sort of the context you think about? And do you feel like you're still relatively early or fairly far along?

從長遠來看，當你思考如何滿足你想觸達的每個人的內容需求，並且滿足他們一周七天的需求時，你會不會看著目前170億美元的現金支出說：“嗯，很容易想像，為了實現我們的目標，這個數字可能需要翻兩到三倍。” 我記得，斯賓塞曾經估計，全球每年用於內容製作的支出大約為1000億美元。我相信現在這個數字肯定更高了。但你考慮的是這種背景嗎？你覺得自己還處於比較早期的階段，還是已經走了相當長的一段路？

I can jump in.

我可以加入。

I'll take it. Spencer, go ahead.

我要買它。史賓塞，請講。

(inaudible)

（聽不清楚）

We always know that Ted will find ways to spend more on content. So no, the short of it is that we think we're still early days. 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. And so in categories we talked about, gaming, we're literally just getting started. So who knows where that's going to take us. Animation, we talked about, we're just a few years into a long cycle. These non-English language series and films around the world, we're now producing I think in roughly 45 countries around the world. It will be more than 50 next year, but again, still early days.

我們一直都知道，Ted總是會找到辦法在內容創作上投入更多資金。所以，簡而言之，我們認為現在還處於早期階段。即使在信中我們談到長期成長時，也提到了從線性娛樂向串流媒體娛樂的轉變，即使在像美國這樣最成熟的市場也是如此，正如我們在信中展示的那樣，就螢幕時間而言，我們的電視份額也達到了 6%。所以，在我們談到的類別中，例如遊戲，我們實際上才剛起步。所以誰知道這會把我們帶到哪裡去。我們之前討論過動畫，我們現在才剛進入一個漫長週期中的幾年。我們現在在世界各地製作這些非英語劇集和電影，我認為目前已覆蓋全球約 45 個國家。明年將超過 50，但現在下結論還為時過早。

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. 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.

所以我們認為我們有非常充裕的時間來解決全球超過 10 億的付費電視家庭或寬頻家庭（無論你如何衡量）的問題。因此，我們要關注的是，我們是否以健康的方式持續成長，推動用戶獲取、用戶留存、更多觀看量，並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. 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.

妮蒂，我認為沒有一個確切的數字，但我們相信，在可預見的未來，我們有能力在所有這些內容類別中實現成長，只是成長速度會因類別而異。所以其中一些只是成長較早且速度更快，但我們在所有這些內容類別中都在成長，而且至少在可預見的未來，我們看不到成長的上限。

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. 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.

既然我提到了這個數字，Nidhi，我想我就補充一點，那就是，鑑於公司目前的業務發展軌跡，我們對未來幾年充滿信心。我認為我們只能摸著石頭過河，密切關注斯賓塞提到的所有事情，例如參與度和留存率等等，以此來判斷合適的支出水平。

Nidhi...

妮蒂...

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

我說2倍或3倍的時候，里德豎起了大拇指，所以我認為你來得早。

We're really entertaining the world. 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. Now it will take a couple of decades to get there. It's not overnight. But in the long term, we've got to be able to monetize it. 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.

我們真的在娛樂全世界。如果我們——即使是中國以外的國家，如果我們能夠做到這一點，成為全世界大部分人娛樂的目的地，那麼你的想法肯定太局限了。現在要達到這個目標還需要二十年。這並非一朝一夕就能完成的。但從長遠來看，我們必須能夠將其變現。所以我們必須實現收入成長和利潤率，但如果我們能夠建立起比現在更大的內容預算，並將其有效地用於滿足會員的喜愛，那將是非常令人滿意的，而這涵蓋了所有這些類別。

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

妮蒂，我們還有時間問最後兩個問題，好嗎？

Great. Greg, I'll switch it over to you for a second. 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. So I'm curious, as you look around the company's operations, what are sort of the biggest areas of optimizations that you see? And maybe more specifically on the studio, what can sort of taking a tech company approach to studio operations unlock over time? And what's kind of the magnitude of games to be had?

偉大的。格雷格，我把麥克風交給你一會兒。這既是好事也是壞事，但 Netflix 發展如此迅速，我想該公司可能一路走來都沒能把所有細節都考慮周全。所以我很好奇，當你審視公司的營運狀況時，你認為最大的最佳化領域是什麼？更具體地說，就工作室而言，採用科技公司的方式來經營工作室，隨著時間的推移，能帶來哪些可能性？遊戲的規模大概有多大？

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

如你所知，我們仍在不斷進步，但我認為我們一直在進步，因為我們不斷追求變得更好。我喜歡在這裡工作的原因之一就是這裡對進步永無止境的追求。我們看到的一個領域——也是最重要的方面之一，我認為這與我們在這次電話會議中一直在討論的內容非常契合，那就是我們如何從一家擁有國際關係——國際業務的美國公司，轉變為真正的全球性公司。

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

我們看到了其中的機會，無論是像《魷魚遊戲》、《魯邦三世》或《紙鈔屋》這樣的內容，我們都想越來越多地製作這類內容。所以我們正在研究，作為一家公司，我們如何在這種環境下更有效地運營，並做更多像你們在這些遊戲中看到的那樣的事情。所以這對我們來說是一個重要的成長維度。

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. 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. 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.

在工作室方面，我們非常興奮地思考如何利用公司在技術等方面的基因優勢，來探索如何更好地服務我們的創作者和創意夥伴，為他們提供更大的創作空間和更大的發揮空間。我認為這方面令人興奮的領域之一是──再次強調，就是那種創作平台，那種工具和能力的集合。如果我們能把這一點做好，我們就能把這個理念傳遞給世界各地的所有創意夥伴，讓他們擁有更大的平台去講述自己的故事，這真是令人興奮。

Great. Well, last question for everyone. What is your favorite recent show or movie on Netflix, other than Squid Game?

偉大的。好了，最後一個問題。除了《魷魚遊戲》之外，你最近在 Netflix 上最喜歡的劇集或電影是什麼？

I was going to go with the Maid. Just incredible character drama, so well put together. To the investor audience, I'll bet that it's even more pleasing than Squid Game.

我本來打算和女傭一起去。精彩絕倫的人物劇，劇情銜接得非常完美。我敢打賭，對於投資者來說，它甚至比魷魚遊戲更受歡迎。

I'm going to go with Chestnut Man, our latest Danish series. So atmospheric. And since I haven't been to Denmark in a long time, I felt like I was there by watching it.

我打算推薦《栗子人》，這是我們最新的丹麥影集。氣氛真好。由於我已經很久沒去過丹麥了，所以透過觀看這部影片，我感覺自己彷彿身臨其境。

I can go -- well, gosh, and not Squid. I mean I love La Casa, I'm enjoying Maid, but I'm not all the way through. I'll stop there.

我可以去──哎呀，總之不是魷魚。我很喜歡《La Casa》，也挺喜歡《Maid》，但我還沒看完。我就說到這裡吧。

Reed stole my thunder on Maid. But I would say that the final season of La Casa de Papel is not disappointing. I can't wait for the second batch to hit so I could talk about it with everybody. It's really got that excitement of a big-budget feature in every hour of that show. Really incredible.

Reed搶了我的風頭，毀了《女僕》這部劇。但我認為《紙鈔屋》的最後一季並沒有讓人失望。我迫不及待想等第二批貨到，這樣我就可以跟大家討論一下了。這部劇的每一小時都充滿了堪比大製作電影的刺激感。真是不可思議。

For me, I got 2 episodes left of Squid Game. But I would say the other one is Sex Education Season 3 was my favorite recent one as well.

我還有兩集《魷魚遊戲》沒看完。但我覺得《性教育》第三季也是我近期最喜歡的影集之一。

Ted, do you want to take us home?

泰德，你想送我們回家嗎？

Yes. Look, I want to say, first of all, thanks for doing this, 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. And if we keep doing that well, that's what fuels our growth.

是的。首先，我想說，謝謝你做這件事，妮蒂。我認為我們度過了一個非常棒的季度，推出了一系列深受觀眾喜愛、人們樂於談論的電影和電視節目。如果我們能繼續保持這種良好的狀態，那將是我們發展的動力。

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. 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.

我們致力於為會員提供價值，無論他們是想決定接下來要看什麼，還是想花多少錢來娛樂自己，我們都希望能參與其中。我認為，如果我們像對待電影、電視劇以及未來對待遊戲那樣專注於此，我們就能為我們的會員帶來數小時的娛樂和快樂。

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

現在已經是十月中旬了。而第四季度，也就是即將到來的季度，我們將進行有史以來最大的電影投資。星光熠熠、深受觀眾喜愛的電影，如《紅色通緝令》、《他們越陷越深》和《不要抬頭》；我們最受歡迎的劇集回歸季，如《獵魔人》、《紙鈔屋》、《你》、《艾蜜莉在巴黎》、《眼鏡蛇道館》等等——這只是第四季的情況。

So if we keep doing what we're doing and you keep coming back, we're going to keep you entertained. And thanks for visiting with us.

所以，如果我們繼續這樣做，而你們也繼續光顧，我們就能一直讓你們感到愉快。感謝您的光臨。