Netflix Inc (NFLX) 2021 Q1 法說會逐字稿

Good afternoon, and welcome to the Netflix Q1 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 年第一季財報專訪。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.

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。

With that, let me turn it over to Nidhi for her first question.

接下來，我將把問題交給妮迪，讓她提出第一個問題。

Thanks, Spencer. Thank you all for having me. Great to be with you, and thank you all for all the great work over the years. It's been great for us to be on this journey with you as shareholders. So with that, let's just jump right in. Obviously, you were comping a really big Q1 last year with 50 million net adds. The net adds this quarter came in below your expectations and below the Street's expectations. Any additional color you can provide on what caused this?

謝謝你，史賓塞。謝謝大家的邀請。很高興能和大家在一起，感謝大家多年來的辛勤付出。能與各位股東一起走過這段旅程，我們感到非常榮幸。那麼，我們就直接進入正題吧。顯然，去年第一季新增淨成長5000萬，這是一個非常大的數字。本季淨新增數量低於您的預期，也低於華爾街的預期。關於造成這種情況的原因，您還能提供其他資訊嗎？

Nidhi, it's Spence. I guess I'll take this one first. Hopefully, you can see us. It looks like it's a little frozen, maybe it's just frozen on our end. But look, so in terms of Q1 performance, it really boils down to COVID, frankly. As you know, the extraordinary events of COVID have had a big impact on the world, continue to have a big impact on the world. And for us, at a minimum, creates just some short-term kind of choppiness in some of the business trends that we see in our business.

妮蒂，我是史賓塞。我想我先選這個吧。希望你們能看到我們。看起來好像有點卡住了，可能是我們這邊卡住了。但說實話，就第一季業績而言，歸根究底還是新冠疫情造成的。如您所知，新冠肺炎疫情這一特殊事件已經對世界產生了巨大影響，並且仍在繼續對世界產生巨大影響。至少對我們來說，這會在我們業務中看到的一些商業趨勢中造成一些短期波動。

So in particular, we had this huge pull forward in 2020 in terms of our subscriber additions, nearly 40 million paid net adds in 2020. And we also had a near global shutdown in production, which we've been ramping safely and at scale through much of last year and into this year but it did push some key title launches into the back -- kind of the back end of this year.

因此，尤其是在 2020 年，我們的訂閱用戶數量大幅成長，2020 年付費用戶淨增加近 4,000 萬。此外，我們的生產也幾乎在全球範圍內停滯，雖然我們在去年大部分時間和今年都一直在安全、大規模地恢復生產，但這確實將一些重要的遊戲發布推遲到了今年的後半段。

So the combination of those 2 things does create some noise. It's super hard to obviously kind of forecast quarterly subscribers in a typical quarter for us and particularly hard in this environment. In fact, on Page 2 of our earnings letter, we show our actuals relative to forecast, which in our guide is our internal forecast for subscribers. And because it's our forecast, we're going to miss every quarter. It's just a matter of whether they're bigger or smaller misses.

所以這兩件事結合起來確實會產生一些幹擾。顯然，在通常情況下，預測季度訂閱用戶數量對我們來說非常困難，在當前環境下尤其如此。事實上，在我們的獲利報告第 2 頁，我們展示了實際業績與預測業績的對比情況，而我們的預測業績在我們的指南中指的是我們為訂閱用戶提供的內部預測。因為這是我們的預測，所以我們每季都會出錯。這只是失誤幅度大小的問題而已。

And you can see, over the past 5 years, our biggest kind of misses to forecast, either up or down, the -- most of those big misses and the biggest are in the past 5 quarters relative to the past 5 years, and that was these 5 quarters of COVID. So it's just a difficult time to forecast the business.

你可以看到，在過去的 5 年裡，我們最大的預測失誤，無論是向上還是向下，大部分和最大的失誤都發生在過去 5 年的最近 5 個季度，而這 5 個季度恰好是新冠疫情爆發的時期。所以現在很難預測商業前景。

But the key is the business remains healthy. Our engagement, our viewing per household was up year-over-year in Q1. Our churn was down year-over-year, and the business is still growing. So even at 4 million paid net adds, if you kind of take COVID out and look over the past 2 years, we've grown from 2 years ago at about 150 million members to almost 210 million now. So that's nearly 40% growth and about just under 20% over an average over each of those 2 years, which is in line with the past couple of years.

但關鍵在於企業營運依然健康。第一季度，我們的用戶參與度和每戶觀看量均較去年同期成長。我們的客戶流失率年減，業務仍在成長。所以即使付費淨增用戶只有 400 萬，如果把新冠疫情的影響排除在外，回顧過去兩年，我們的會員數量已經從兩年前的約 1.5 億增長到現在的近 2.1 億。因此，增長了近 40%，比這兩年的平均值高出約 20%，這與過去幾年的情況一致。

So the business remains healthy, and that's because the long-term drivers, this big transition from linear to streaming entertainment, and that remains as healthy as ever. But you do see a little kind of noise in the near term, but a lot of long-term parity.

因此，該行業仍然保持健康發展，這是因為長期的驅動因素，即從線性娛樂到串流娛樂的巨大轉變，仍然像以往一樣健康。但短期內確實會出現一些波動，但長期來看市場趨於穩定。

That's helpful.

那很有幫助。

Nidhi, we had those 10 years where we're growing smooth as silk and then just a little wobbly right now. And of course, we're wondering, "Well, wait a second, are we sure it's not competition?" Because obviously, there's a lot of new competition. And we really looked through all the data, looking at different regions where new competitors are launched, are not launched. And we just can't see any difference in our relative growth in those regions, which is what gives us confidence that it's intensely competitive, but it always has been.

妮蒂，我們經歷了十年如絲般順滑的發展，但現在卻有點搖搖欲墜。當然，我們也會想，「等等，我們確定這不是競爭嗎？」因為很明顯，現在有很多新的競爭對手。我們仔細研究了所有數據，查看了不同地區新競爭對手的推出情況和未推出情況。我們看不出這些地區的相對成長有任何差異，這讓我們確信競爭非常激烈，但一直以來都是如此。

I mean, we've been competing with Amazon Prime for 13 years, with Hulu for 14 years. It's always been very competitive with linear TV, too. So there's no real change that we can detect in the competitive environment. It's always been high and remains high.

我的意思是，我們與亞馬遜 Prime 競爭了 13 年，與 Hulu 競爭了 14 年。它與傳統電視的競爭一直非常激烈。因此，我們無法察覺競爭環境發生了任何真正的變化。它一直很高，而且目前仍然很高。

Well, it's encouraging to hear that your churn was actually down year-over-year, and you did announce some price increases in Q4 and Q1 in a few markets. So maybe just talk about how well the subscriber base has sort of absorbed these price increases in the current environment.

很高興聽到你們的客戶流失率年減，而且你們還在第四季和第一季在一些市場宣布了漲價。所以或許可以談談在當前環境下，使用者群體是如何很好地消化這些價格上漲的。

Sure. Greg, do you want to go first?

當然。格雷格，你想先來嗎？

Yes. So we're seeing results that are very similar to what we've seen over the last 2 years, which is that if we wisely invest in great stories and we increase the variety and the diversity and the quality of our program, which Ted's team is assiduously truck do in every country around the world.

是的。因此，我們看到的結果與過去兩年所看到的結果非常相似，那就是如果我們明智地投資於優秀的故事，並增加我們節目的種類、多樣性和質量，而泰德的團隊正在世界各地孜孜不倦地努力做到這一點。

We also invest in better product experiences that make it more delightful and easy to connect with those stores. We're just delivering more value to our members. And if we do that well, then we can occasionally go back and ask them to pay a little bit more to keep that positive cycle going.

我們也致力於提升產品體驗，讓顧客與這些商店的互動更加愉快便利。我們只是在為會員提供更多價值。如果我們做得好，那麼我們偶爾可以要求他們多付一點錢，以保持這種良性循環。

And so having said that, I just want to reiterate, we think we're still an amazing entertainment value. We want to remain an incredible value compared to our competitors and the competitive offerings that are out there broadly. So even as we continue to improve the service, we got that in mind and we want to make sure that we're accessible to more and more people on the planet through that process.

所以，綜上所述，我只想重申，我們認為我們仍然具有極高的娛樂價值。我們希望與競爭對手以及市場上其他同類產品相比，保持極具競爭力的價格。因此，即使我們不斷改進服務，我們也始終牢記這一點，並希望透過這個過程確保地球上越來越多的人能夠使用我們的服務。

Great. And Nidhi, the only thing I'd just add to what Greg just said, I agree with all that, is just very specifically in terms of what we see in the numbers on the churn side. Our churn is actually below pre-price change levels already in the U.S. and in most of the markets and where we have adjusted prices and just some of the newer ones haven't come all the way back down, but they're rapidly getting there.

偉大的。Nidhi，我只想補充Greg剛才說的，我完全同意，具體來說，就是從客戶流失率的數據來看。在美國和大多數市場，我們的客戶流失率實際上已經低於價格調整前的水平。我們已經調整了價格，只有一些較新的市場價格還沒有完全回落，但它們正在迅速回落。

That's great. Can you talk a little bit about what you're expecting in terms of subscriber growth as the world reopens. If there's anything you're seeing in your more open versus less open markets that would sort of give you a window into this. But how are you thinking about that? And what's sort of baked at your guidance?

那太棒了。能否談談隨著世界各地重新開放，您對用戶成長的預期？如果你在開放程度較高的市場和開放程度較低的市場中觀察到任何現象，這或許能讓你對此有所了解。你對此有何看法？在你的指導下，有哪些烘焙作品比較有名？

Well, tragically, Nidhi, many countries have opened and closed over the year, and we've got many countries right now that are in real crisis. Fortunately, the U.S. is not one of them right now. So we've got a lot of evidence on that point. And there was the initial surge of COVID, which was quite large in subscriber growth and viewing.

唉，不幸的是，妮蒂，今年很多國家都經歷了開放和關閉的交替，現在有很多國家正處於真正的危機之中。幸運的是，美國目前並不屬於其中之一。所以，我們在這方面有很多證據。此外，新冠疫情初期也出現了用戶成長和觀看量大幅上升的情況。

But since then, every opening and closing, including the U.S. over Christmas really didn't generate any noticeable material effect. So I don't think there's any material effect we're going to notice about future openings and closings, again, because we've been through in many countries pretty intense surges, unfortunately.

但自那以後，包括美國聖誕節期間的每一次開閉，實際上都沒有產生任何明顯的實質影響。所以我認為，未來的開放和關閉不會產生任何實質的影響，因為不幸的是，許多國家都經歷了相當嚴重的疫情激增。

And the only thing I'd add, I guess, to Reed's point specific to your question on the Q2 guide, Nidhi, is related to that, it's very similar to what we saw in Q1 is what's reflected in Q2 in terms of still working through that pull forward, still working through some of the pushed slate of some of those big titles into the latter half of the year.

關於里德提出的具體問題，尼迪，我想補充一點：第二季度的情況與我們在第一季度看到的情況非常相似，第二季度的情況也反映了這一點，我們仍在努力推進一些大作的上映計劃，這些大作的上映計劃被推遲到了下半年。

And also, it's a bit of a seasonally soft period for us. So those are all playing into it. But the good news, as we said, the core underlying metrics are very healthy and there's this clear catalyst to a reacceleration of growth and towards that back end of the year as those big titles start to launch and strength of slates and we come out of that pull forward. So feeling good about the long-term trends.

而且，這段時間對我們來說也算是淡季。所以這些因素都起了作用。但正如我們所說，好消息是，核心基礎指標非常健康，而且存在一個明顯的催化劑，推動增長在年底前重新加速，因為隨著那些大作開始推出，陣容實力增強，我們將擺脫這種增長放緩的局面。所以我對長期趨勢感到樂觀。

Do you feel like Q1 and Q2 sort of encapsulate the pull forward that you're expecting? I know it's really hard to forecast when you add 26 million subscribers over the course of 2 quarters last year. But just how are you thinking about how the second half might shape up with the additional content as well as maybe some of the pull forward behind us?

你覺得第一季和第二季是否大致反映了你所預期的發展趨勢？我知道，去年兩季新增 2,600 萬用戶，很難進行預測。但是，考慮到新增內容以及之前的一些進展，您認為下半場會如何展開？

You guys want me to take it? Go for it Ted.

你們想讓我接手嗎？加油，泰德。

I'd just say one of the things to keep in mind is that we normally -- what we have to do kind of day in and day out, week in and week out, year in and year out is deliver programming that our members love and value. And the shape of that gets determined sometimes 2, 3 years in advance. So you go into these production cycles, you go into the planning cycles and you've got a pretty smooth release of high-profile projects and smaller kind of passion projects and all those things.

我想說的是，需要記住的一點是，我們通常——我們日復一日、週復一周、年復一年所做的事情，就是提供我們的會員喜愛和重視的節目。而其具體形式有時早在兩、三年前就已確定。所以，你會進入這些生產週期，你會進入規劃週期，然後你就能順利發布備受矚目的專案和一些規模較小的個人專案等等。

And what happened, I guess, in the first part of this year is a lot of the projects we had hoped to come out earlier did get pushed because of the post production delays and the COVID delays in production. And we think we'll get back to much steadier state in the back half of the year and certainly in Q4, where we've got the returning seasons of some of our most popular shows like The Witcher and You and Cobra Kai as well as some big tempo movies that came to market a little slower than we'd hoped, like Red Notes with The Rock and Ryan Reynolds and Gaga, and Escape From Spiderhead with Chris Hemsworth, big event content.

我想，今年上半年發生的是，我們原本希望早些推出的許多項目，由於後期製作延誤和新冠疫情導致的生產延誤而被推遲了。我們認為，今年下半年，尤其是第四季度，情況會恢復到更穩定的狀態。屆時，我們將迎來一些最受歡迎的劇集回歸，例如《獵魔人》、《你》和《眼鏡蛇道館》，以及一些節奏很快的電影，比如巨石強森、瑞恩·雷諾茲和Lady Gaga主演的《紅色音符》，以及克里斯·海姆斯沃斯主演的《逃離蜘蛛頭》，這些都是比我們預期稍慢一些的重磅內容。

Now all that being said, in every quarter of the year, we released more content than we did in the previous quarter -- in the previous years quarter-by-quarter and in every region is just that I think the shape of the mix of the content is becoming a little more uncertain. And then the long-term impacts of the COVID shutdown are also becoming a little more uncertain in that time frame in the first half of this year.

綜上所述，我們每年每季發布的內容都比上一季多——與往年每季和每個地區的情況相比，我認為內容組合的格局正變得越來越不確定。此外，今年上半年新冠疫情封鎖的長期影響也變得更加不確定。

Great. Well, I'd love to shift to the big picture now that I've beaten you up about the quarter enough. So you're at over 200 million subscribers around the world. You're 5 years into your original content strategy. You seem to be coexisting really well with possibly the largest direct competitor you might ever see. And your self-funding, thank you for that. We did notice. Maybe just talk about, with that backdrop, key priorities, what's your view in 2021 and really just the next 2 to 3 years as you see them, maybe we can start with you, Reed.

偉大的。好了，既然我已經就這季度的事兒跟你爭論得夠多了，我現在想把話題轉到大局上來。所以你們在全球擁有超過2億訂閱用戶。你的原創內容策略已經實施了5年。你似乎與你可能遇到的最大直接競爭對手相處得非常好。還有，感謝你的自籌資金。我們注意到了。在這種背景下，或許我們可以談談關鍵優先事項，你對 2021 年以及未來 2 到 3 年的看法是什麼，或許我們可以先從你開始，里德。

Probably your reference was to Disney, but our largest competitor for TV viewing time is linear TV. Our second largest is YouTube, which is considerably larger than Netflix in viewing time. And Disney is considerably smaller, but we're sort of in the middle of the pack. But in terms of what we focus on, it's the same things that we've always focused on, which is our member satisfaction drives retention and word of mouth and drives our growth.

你指的可能是迪士尼，但我們在電視觀看時間上最大的競爭對手是傳統電視。我們第二大用戶是 YouTube，觀看時長遠超 Netflix。迪士尼的規模要小得多，但我們大概處於中等水平。但就我們關注的重點而言，我們始終關注的還是同一件事，那就是提高會員滿意度，從而促進會員留存和口碑傳播，進而推動我們的成長。

So it's -- where can we find the story that you talk about even more that you connect with? Where can we improve our choosing where the best things are recommended for you? And then ultimately, the content of can we have stories that are just incredibly compelling? And we're just, quarter-by-quarter, learning more lessons on each one of those, which is what improves the member satisfaction, which is what really drives the growth.

所以問題是──我們可以在哪裡找到你更常提及、你更有共鳴的那個故事呢？我們該如何改進推薦流程，才能更好地為您推薦最佳產品？最終，我們能否創造出引人入勝的故事？我們每季都在不斷吸取這些經驗教訓，這提高了會員滿意度，也真正推動了成長。

And I'd say one of the things to keep in mind is, over the years, media companies have been really great at exporting Hollywood content around the world. And I think I'm proud of how we've done that as well. So it was like Bridgerton with over 100 million starters and movies reaching these enormous audiences all over the world. But the one thing that we really have done -- really have sharpened our skills on the last couple of years has been creating content from anywhere in the world and playing it all over the world.

我想指出的是，多年來，媒體公司在向世界各地輸出好萊塢內容方面做得非常出色。而且我覺得我們在這方面做得非常出色，我為此感到自豪。所以就像《布里奇頓》一樣，有超過 1 億的觀眾，電影也觸及了世界各地如此龐大的觀眾群。但在過去幾年裡，我們真正做到的——真正磨練了技能的——是能夠從世界任何地方創作內容，並在世界各地播放。

And the great thing about that is those stories that are coming from all over the world, like we saw with Lupin this year, this quarter, it was our biggest new series on Netflix in the world was Lupin from France. And the show was not like a watered-down French show. It was a very French show. And what's really been great about it is as you tell stories from around the world, those -- the more authentically local they are, the more likely they are to play around the world because people recognize the authenticity of storytelling.

而最棒的是，這些故事來自世界各地，就像我們今年、本季看到的《魯邦三世》，它是 Netflix 上全球最大的新劇集，來自法國。而且這檔節目不像那種縮水版的法國節目。這是一場非常法式的演出。而真正棒的地方在於，當你講述來自世界各地的故事時，這些故事——越是具有地域性的真實性，就越有可能在世界各地流傳，因為人們能夠識別出故事的真實性。

And that's something that we've been really focused on as well as continuing to offer a very big variety of content from Hollywood to the world as well. But we've got new seasons of really popular shows from around the world like Elite in Spain, La Casa de Papel coming up, The Naked Director from Japan, which has been an enormous hit for us, Gift from Turkey. So our ability to do this around the world at scale and be able to bring those stories to a big global audience is something that we're really incredibly proud of, and we'll keep working on over the next couple of years.

這也是我們一直非常關注的方面，同時我們也將繼續向全世界提供來自好萊塢的各種內容。但我們即將推出來自世界各地非常受歡迎的新劇集，例如西班牙的《精英》、即將播出的《紙鈔屋》、在日本大獲成功的《裸體導演》以及土耳其的《禮物》。因此，我們能夠在全球範圍內大規模地開展這項工作，並將這些故事帶給全球廣大觀眾，我們為此感到非常自豪，我們將在未來幾年繼續努力。

And I'll pick it up from there. I'm also super excited about that aspect of our business, to find stories from around the world and connect them with audiences around the world. And a companion piece of that is making sure that we increasingly are understanding what our members needs and sort of the members we haven't signed up, consumers' needs generally, in more and more countries. And they all have sort of unique constraints that they're working through. They have unique expectations from the service. And our job is to learn more and more and more about what those are and make sure that we are being able to offer the service in a way that feels natural that feels delightful to them.

接下來我會繼續跟進。我也對我們業務的這一方面感到非常興奮，那就是尋找來自世界各地的故事，並將它們與世界各地的觀眾聯繫起來。同時，我們也要確保越來越了解我們的會員的需求，以及我們尚未簽約的會員（即消費者）在越來越多的國家/地區的整體需求。他們各自都有一些獨特的限制，需要努力克服。他們對服務有獨特的期望。我們的工作就是不斷了解這些需求是什麼，並確保我們能夠以一種讓他們感到自然愉悅的方式提供服務。

Whether that's having the right payment method so that they -- consumers don't have to think about what hoops they have to jump through to actually sign up and pay for the service, to how we present the content to them regardless of what country it comes from or what language it's in but present it in a way that allows them just to get into the story of it and realize the plenty and the amazing diversity of storytelling that exists across the planet.

無論是提供合適的支付方式，讓消費者不必考慮註冊和支付服務需要經歷哪些繁瑣的步驟，還是無論內容來自哪個國家或使用何種語言，我們都要以某種方式向他們呈現內容，讓他們能夠沉浸在故事中，並意識到全球各地存在著豐富多彩、令人驚嘆的故事講述方式。

Yes. I think it's -- I think everyone's pretty much hit it, Nidhi. I will try to add. I mean I get super excited about just this giant transition to streaming entertainment. And streaming is -- entertainment, it's the now and the future. And we talked a little bit in the letter about our business and how it's transitioned over the last 10-plus years from DVD by mail to streaming from U.S.-only to global and from licensed content to original production, but what's helped is just our velocity of decision-making. And our focus has served us well, and there's just -- we're sitting here, we're still less than 10% TV view share even in our biggest markets.

是的。我覺得──我覺得大家都說得差不多了，妮蒂。我會盡量補充。我是說，我對這種向串流媒體娛樂的巨大轉變感到無比興奮。串流媒體就是娛樂，它代表著現在和未來。我們在信中稍微談到了我們的業務，以及它在過去 10 多年中是如何從 DVD 郵寄轉型到串流媒體，從僅限美國到全球，從授權內容轉型到原創製作的，但真正起到幫助作用的是我們決策的速度。我們的專注為我們帶來了很好的效果，但是——我們現在的情況是，即使在我們最大的市場，我們的電視收視份額仍然不到 10%。

So there's just this big long runway of growth if we stay focused and keep getting better. And so I just -- I love the opportunity to keep kind of continually getting better, improving our creative excellence, our operational excellence and just maintaining that speed and velocity even as we get larger as a company.

所以，如果我們保持專注並不斷進步，那麼我們將擁有巨大的發展空間。所以，我非常喜歡這種不斷進步、提升創造力、營運效率的機會，即使公司規模越來越大，也要維持這種速度和活力。

And on the IR side, Nidhi, I'd say my main job is to continue to make sure you're happy as well as our other shareholders, but I think what that means is just making sure that you all understand what we're doing and why we're doing it from a strategic standpoint.

至於投資者關係方面，Nidhi，我認為我的主要工作是繼續確保您和其他股東都滿意，但我認為這意味著要確保你們都理解我們正在做的事情以及我們為什麼從戰略角度這樣做。

And my broader finance role is supporting Spence on the finance side just to make sure that we're allocating capital as wisely as possible and then continue to support Ted and Greg and the other business units from a finance support standpoint.

我的財務職責更廣泛，就是在財務方面支持 Spence，確保我們盡可能明智地分配資金，然後繼續從財務支持的角度支持 Ted、Greg 和其他業務部門。

Great. So Ted, I'd love to dig a little bit deeper with you. Film has been a recent success for Netflix, 36 Oscar nominations. Congratulations, that's an incredible feat. So my question is, over the long term, do you think Netflix can be the primary or dominant way that people consume films? And if so, what does it take to achieve that?

偉大的。泰德，我很想和你深入探討這個問題。電影是 Netflix 近期取得巨大成功的領域，獲得了 36 項奧斯卡提名。恭喜，這真是了不起的成就。所以我的問題是，從長遠來看，你認為 Netflix 能否成為人們消費電影的主要或主導方式？如果真是如此，那麼要實現這個目標需要哪些條件？

I don't know about dominant, but I would say it's going to be a continually material way people view films. This is where the audience is kind of going. And what we find is that we're not really kind of changing the way we make films for the way people watch film. So they're watching the kind of films they would have gone out to the theater to see but in many cases, in the convenience of their timetable and in the comfort of their home, where they can really enjoy a great new film.

我不知道這是否會成為主流，但我認為人們觀看電影的方式將會持續受到物質因素的影響。這就是觀眾大致要去的方向。我們發現，我們並沒有真正改變電影製作方式來適應人們觀看電影的方式。所以，他們現在觀看的電影，正是他們以前會去電影院觀看的那種，但在很多情況下，他們可以在自己方便的時間和舒適的家中觀看，真正享受一部精彩的新電影。

And it could be a film of enormous scope certainly competitive to the kind of things you see in the theater. You mentioned the Oscar success, and that's certainly one flavor of filmmaking that we're super proud of. Most of -- we had 17 different films with an Oscar nomination this year, which is super incredibly exciting. But also the fact that we can do these very large-scale action movies that audiences love around the world at the same level that are being produced for the theater.

而且它很可能是一部格局宏大的電影，絕對可以與你在電影院看到的電影相提並論。你提到了奧斯卡獎的成功，這當然是我們引以為傲的電影製作方式之一。今年我們有 17 部不同的電影獲得了奧斯卡提名，這真是太令人興奮了。但更重要的是，我們能夠製作出像戲院上映的電影一樣，深受世界各地觀眾喜愛的大規模動作電影。

So I do think that that's going to continue to be more and more meaningful to viewers as to what percentage of the films that they see in or out of their home.

所以我認為，對於觀眾來說，他們在家觀看電影和在外觀看電影的比例將變得越來越重要。

So over the years, you've been really successful at getting a high share of kind of most watched TV shows, whether I look at IMDb top shows or remote search shows on Google. Do you have to do anything fundamentally different in film to achieve that same level of kind of high share of zones?

多年來，無論我查看 IMDb 熱門節目還是在 Google 上搜尋節目，你們在最受歡迎的電視節目方面都取得了巨大的成功，獲得了很高的市場份額。在電影製作中，要達到同樣高的分區佔比，是否需要做出一些根本性的改變？

Yes. It's not dissimilar and that people just have very diverse taste. So you really kind of want to try to hone in on -- we've always kind of set out to do your favorite film, your favorite show, whoever you are, wherever you are and whatever mood you're in. So that's why we kind of go at it from so many different angles. And it's a very unusual thing where you have man sitting next to the Tiger King on the show for most media companies, but we have very specialized teams that focus on being best-in-class of each of those things that they do. And that's how I think why we've had those results you're talking about.

是的。這其實很相似，只是人們的口味非常多元而已。所以你真的想努力聚焦在——我們一直以來的目標就是為你製作你最喜歡的電影、你最喜歡的節目，無論你是誰，無論你在哪裡，無論你心情如何。所以這就是為什麼我們要從很多不同的角度著手。對於大多數媒體公司來說，讓一個人坐在“虎王”旁邊上節目是非常不尋常的事情，但我們有非常專業的團隊，專注於在他們所做的每一件事上做到最好。這就是我們取得你所說的那些結果的原因。

And, Nidhi, I think we would say, too, we would need to spend more. So we spend a lot more right now in series than film. But that will grow as the total budget grows. And then it's also the experience curve. We've been doing series longer, and we're more dialed in about what goes really big and what hits, and we're getting their own film. And also on animation, also on kids. Each of these have their own experience curve that we're progressing down.

妮蒂，我想我們也會說，我們需要投入更多資金。所以我們現在在劇集的投入比電影多得多。但隨著總預算的成長，這個數字也會成長。此外，還有經驗曲線。我們製作劇集的時間更長了，我們更清楚哪些劇集會大獲成功，哪些劇集會大受歡迎，而且我們還會為它們製作電影。也包括動畫，也包括兒童。它們各自都有自己的經驗曲線，我們正在沿著這條曲線前進。

Can you share any more details about the Sony deal? What -- I guess more specifically, what is the rationale for the deal? And what does it get you that your original strategy doesn't achieve for you?

能透露更多關於索尼交易的細節嗎？什麼——更具體地說，這筆交易的理由是什麼？那麼，你採用這種新策略能獲得什麼你最初的策略無法實現的目標呢？

Yes. Well, what's really exciting about that deal is that we're going to be producing global original films from Sony's IP library in their development slate for Netflix. That's really an incredible opportunity, access to IP that we wouldn't otherwise have. And it's part -- it's a big global programming strategy over the next 5 years.

是的。這項交易真正令人興奮的地方在於，我們將利用索尼的IP庫，為Netflix製作全球原創電影。這真是一個絕佳的機會，讓我們能夠獲得原本無法取得的智慧財產權。這是未來五年全球大型規劃策略的一部分。

The domestic Pay 1 deal that is also part of that, I think, complements and adds to -- but only for our domestic subscribers over -- for 5 years. And we do think that that's a great thing, and it complements our growing output of original film as well. And we've had their output prior in through other deals over the last several years. And it's been great. They are great films, and people have diverse taste, like I said, and I think this adds to that, doesn't compete with it.

我認為，國內的 Pay 1 優惠也是其中的一部分，它補充並增強了——但僅適用於我們國內訂閱用戶超過 5 年。我們認為這是一件好事，而且也與我們不斷增長的原創電影產量相輔相成。過去幾年，我們也透過其他交易獲得他們的產品。感覺很棒。這些電影都很棒，正如我所說，人們的口味各不相同，我認為這部電影豐富了這種多樣性，而不是與之競爭。

Great. Greg, switching gears to pricing. Your price range around the world has really widened over the years. But the reality is in terms of willingness to pay, there's probably households in the U.S. that are willing to pay you $50 a month and then in households in India that can't pay you more than $5 a month. So assuming over the long term that you can sort of match everyone's willingness to pay around the world, what do you think your revenue distribution will look like across these different price points?

偉大的。格雷格，接下來談談定價。這些年來，你們在全球範圍內的價格範圍確實擴大了很多。但現實情況是，就支付意願而言，美國可能有一些家庭願意每月支付你 50 美元，而印度可能有一些家庭每月最多只能支付你 5 美元。假設從長遠來看，你能夠滿足世界各地每個人的支付意願，你認為你的收入在不同價格點上的分佈會是怎麼樣的？

Well, as you point out, our spread has been growing wider and I think that that's part of that story. We're really trying to find a set of plan types with the right kind of features. And we know folks are -- some folks have gigantic TVs at home, and some folks are watching on their mobile phones. Some folks are approaching the service as an individual. Some folks are approaching it as a family. So there's just so many different needs out there.

正如你所指出的，我們的傳播範圍越來越廣，我認為這是其中的一部分原因。我們正在努力尋找一套具有合適功能的套餐類型。我們知道有些人家裡有巨型電視，有些人則用手機觀看。有些人以個人身分來尋求服務。有些人把它當作家庭活動。所以，市面上存在著各種不同的需求。

And so we're really going to try and match those feature sets at the right price points to that really wide group of folks. And we know that that inevitably means that we're going to really sort of see an expansion of that. And an important part of that is making sure that we are continually looking at how do we broaden accessibility. So how do we bring in price points that are low enough for more and more of the world's population to be able to access the service to enjoy the kind of amazing stories that that we are creating.

因此，我們真的要努力以合適的價格為廣大用戶提供這些功能。我們知道，這必然意味著我們將看到這種情況的真正擴張。其中重要的一環是確保我們不斷思考如何擴大可及性。那麼，我們如何將價格降低到足夠低的水平，讓世界上越來越多的人能夠享受這項服務，從而欣賞我們正在創作的精緻故事呢？

You've seen us do that with rolling out the mobile plan, for example, in several countries in Asia. That sort of we find a good balance of features and price points. We're going to just do more and more of that. But I think the broad trajectory is the one that you've seen, which is a widening of the breadth of our offerings and price points associated with them.

例如，你們已經看到我們在亞洲幾個國家推出行動方案時就是這麼做的。這樣我們就能在功能和價格之間找到一個很好的平衡。我們只會越來越常這樣做。但我認為，整體發展趨勢正如你所看到的，那就是我們產品範圍和相關價格點的不斷擴大。

Related to that, your investment -- content investment in Asia has ramped up pretty significantly. I think you announced this quarter $500 million in Korea, 40 new films and series in India. Obviously, Japanese anime continues to ramp. I'm curious what's sort of giving you the confidence to invest this aggressively in Asia, particularly in a market like India, which is still below share of global GDP and willingness to pay for premium content theme is pretty...

與此相關的是，您在亞洲的內容投資已經大幅增加。我認為你們本季宣佈在韓國投資 5 億美元，在印度推出 40 部新電影和影集。顯然，日本動漫產業仍在蓬勃發展。我很好奇是什麼讓您有信心在亞洲進行如此積極的投資，尤其是在像印度這樣的市場，其GDP佔全球的比例仍然很低，而且人們對優質內容的付費意願也相當…

Well, remember, I think it's the -- the product market fit is what we're always looking for. Now we're programming the service in a way that consumers value it and love it. And it's a bit of trial and error at the beginning of each of the territories as we've rolled out. I mean we started launching in international territories with no original programming in local language with local producers. And now we're producing in most corners of the world.

記住，我認為我們一直在尋找的是產品與市場的契合度。現在我們正在以一種讓消費者重視並喜愛的方式來編寫服務程式。在拓展業務的每個地區之初，都需要經歷一些試誤過程。我的意思是，我們一開始在國際市場推出節目時，並沒有用當地語言製作原創節目，也沒有聘請當地製作人。現在我們的生產遍佈世界各地。

And I do think our confidence in investment in Korea and India and Japan has been the success of the investments to date and that it gets us closer and closer to that product market fit that we have in our more mature markets. So I do think, like -- and what we have seen in our Korean originals and our Japanese anime is that they play really well around the region as well as in-country and occasionally could be very, very global in their interest and desire. And the fact that we can bring a global audience to those creators in each of the territories has been really attractive.

而且我認為，我們對在韓國、印度和日本的投資的信心，是迄今為止投資成功的原因，也使我們越來越接近我們在更成熟市場中實現的產品市場契合度。所以我覺得，就像——我們在韓國原創作品和日本動畫中看到的那樣，它們在整個地區以及日本國內都非常受歡迎，有時甚至在全球範圍內也擁有很高的知名度和吸引力。我們能夠將全球觀眾帶到各個地區的創作者面前，這真的很有吸引力。

And, Nidhi, we've had enough success in Japan and South Korea for you guys to think about it like Germany or France. Like, it's a big developed rich market. We've got that wired. India, we're still figuring things out. And so that investment takes some guts and belief forward-looking. But the other investments you should think of, just like rich European countries, content exports really well, and we're just getting a little better every month on it.

妮蒂，我們在日本和韓國已經取得了足夠的成功，你們應該像看待德國或法國那樣看待它們。這是一個龐大的發達富裕市場。我們已經接通了。印度，我們還在摸索中。因此，這項投資需要一些勇氣和前瞻性的信念。但你也應該考慮其他投資，就像富裕的歐洲國家一樣，內容出口做得非常好，而且我們每個月都在進步一點點。

Yes. And I'd just add to that, you can kind of see that in the numbers, too, Nidhi, even what we released on the regional numbers. The APAC region was about 1/3 of our member growth this quarter and also still kind of healthy revenue growth, including average revenue per member.

是的。我還要補充一點，妮蒂，你也可以從數據中看出這一點，即使是我們公佈的區域數據也說明了這一點。亞太地區約佔本季會員成長的三分之一，且營收成長依然保持健康水平，包括每位會員的平均收入。

And that's, in part, because as the -- as we're also -- as we improve the service, as engagement is up, and churn is down, we can occasionally take price increases, as Greg mentioned. And that happened recently in Australia, New Zealand and Japan. And I think our members are clearly appreciating the value of what we're delivering them. So the business is scaling, and scaling well.

部分原因是，正如格雷格所提到的那樣，隨著我們服務的改進，參與度提高，流失率下降，我們偶爾可以提價。最近，澳洲、紐西蘭和日本都發生了類似的事情。我認為我們的會員顯然很欣賞我們提供的服務的價值。所以公司正在擴大規模，而且規模擴大得很順利。

Yes. That's helpful. So Reed, is that gut or belief when it comes to kind of these lower ARPU or just the newer market? Is that -- that eventually, you'll be able to play the kind of low ARPU high-volume strategy? Or is it over the long term, incomes will rise in these markets, ARPUs will rise and the math will sort of work?

是的。那很有幫助。所以里德，對於這個較低的ARPU值或僅僅是新興市場而言，你是憑直覺還是憑信念來判斷的？也就是說，最終你將能夠採用低ARPU值、高交易量的策略？或者從長遠來看，這些市場的收入會上升，ARPU（每位用戶平均收入）會上升，從數學角度來看，這最終會行得通？

I think on that, we're still learning. We've done some pricing experiments in India that Greg can talk about. And I would say we're still mostly focused on getting a content fit and getting broader content. So that's why I'd say that one is a more speculative investment than, say, Korea or Japan, which, again, 5 years ago was very speculative when we did those, okay? But we've got off -- we're over the hump on that. We've got a great match.

我認為在這方面，我們仍在學習。我們在印度進行了一些定價實驗，格雷格可以談談這些實驗。我認為我們目前的主要精力仍然集中在確保內容契合度和擴展內容範圍。所以，這就是為什麼我認為投資韓國或日本比投資韓國或日本更具投機性，而五年前我們投資韓國或日本的時候，那也是非常投機的，好嗎？但我們已經克服了難關。我們找到了一個很棒的對手。

And we're still working on India, and it's super exciting. And again, right now, this month, things are terrible in the COVID spike. But outside of that, we've been really producing a lot of great new content that's currently shut down.

我們仍在努力拓展印度市場，這令人非常興奮。而且，就目前這個月，新冠疫情再次爆發，情況非常糟糕。但除此之外，我們一直在製作很多很棒的新內容，可惜目前都暫停了。

Greg, do you want to talk about, like, Jio or any of that?

格雷格，你想聊聊Jio之類的嗎？

Yes. And maybe a couple of things there. Nidhi, we recognize that -- we don't know a lot yet compared to how much we're going to learn over the next many, many years. And so our job is to really try and be innovative and push an experiment. And so whether that is pushing on the actual model in terms of, like, multi-month or sachet and sort of explore the ranges of that kind of offering.

是的。或許還有一些其他的東西。妮蒂，我們承認──與未來很多很多年我們將要學習的東西相比，我們現在知道的還很少。因此，我們的工作就是努力創新，推進實驗。因此，無論是推進實際模式，例如多月裝或小袋裝，並探索此類產品的範圍。

But then also something that we've seen that is quite successful for us in pretty much all the markets we serve around the world is leveraging go-to-market partners who have existing relationships with consumers as a way to expose them to the Netflix service and then have them make it easy to pay.

但我們也發現，在我們服務的全球幾乎所有市場中，利用與消費者已有關係的市場推廣合作夥伴，向消費者推廣 Netflix 服務，並讓他們輕鬆支付，這種做法非常成功。

And of course, the ultimate and easy to pay is it just included the sort of bundled offerings that we've been doing more and more of, and Jio is a great example of a partner we've been working with there to really bring the service to a new demographic at a very, very low price associated with low-cost mobile plans that they're offering as well as home-based IPTV plans. And those have been successful for us as well.

當然，最方便的支付方式就是我們越來越多推出的捆綁式服務，而 Jio 就是一個很好的例子，我們一直與他們合作，以非常非常低的價格將這項服務帶給新的用戶群體，這得益於他們提供的低成本行動套餐以及家庭 IPTV 套餐。這些方法對我們來說也同樣有效。

So it's constantly just trying to push on all those different engines and really figure out what is that right price point, the right offering and the right way that works for the local members and consumers.

所以它一直在嘗試推動所有這些不同的引擎，真正弄清楚哪個價格點、哪個產品、哪種方式最適合當地會員和消費者。

I would just add that India is a tremendous opportunity. And I think Netflix offers a tremendous opportunity for the creative community to connect with enormous audiences. And it's just, like all great opportunities, it's a long journey, and it's a challenge. And we think it's worth it. And that's why we're investing early and trying to stay ahead of it. And I think we'll be able to see those kind of results that we've seen in other places in the world as we continue to learn more and more and more.

我還要補充一點，印度蘊藏著巨大的機會。我認為 Netflix 為創意界提供了一個與龐大觀眾群建立聯繫的絕佳機會。就像所有偉大的機會一樣，這是一段漫長的旅程，也是一場挑戰。我們認為這樣做是值得的。這就是為什麼我們要及早投資並努力保持領先的原因。我認為，隨著我們不斷學習，我們將能夠看到像世界其他地方的成果。

Great. Well, I'm a big consumer of your Indian content, so keep if coming. Greg, you've started to run some tests in certain markets, I think maybe just the U.S., on limiting account sharing. Can you talk about the size of the opportunity here, and why now is kind of the right time to start tightening the screws on that?

偉大的。我經常看你們的印度內容，所以請繼續更新。格雷格，我想你可能已經開始在某些市場（可能只是美國）進行一些關於限制帳戶共享的測試。能談談這裡的機會有多大嗎？為什麼現在是開始加強把握這個機會的好時機？

Yes. First of all, we recognize that our members are in different positions, again, and they have different needs from us as an entertainment service. And we're really seeking that sort of flexible approach to make sure that we are providing the plans with the right features and the right price points to meet those broad set of needs.

是的。首先，我們認識到我們的會員處境各不相同，他們對我們作為娛樂服務提供者的需求也各不相同。我們確實在尋求這種靈活的方式，以確保我們提供的方案具備合適的功能和合適的價格，從而滿足各種不同的需求。

So we're going to keep doing that. We're going to keep working on that, working on accessibility across all of the countries that we serve. But we also want to ensure that while we're doing that, that we're good at making sure that the people who are using a Netflix account, who are accessing it are the ones that are authorized to do so.

所以我們會繼續這樣做。我們將繼續努力，提高我們服務的所有國家的無障礙環境。但我們也希望確保，在執行這些操作的同時，我們能夠很好地確保使用 Netflix 帳戶並存取它的人都是授權的人。

And that's what this sort of line of testing is about. It's not necessarily a new thing. We've been doing this for a while. You may see it pop up here and there in different ways, but it's sort of the same framework that we use. And I think you're familiar with and so much of how we think about continuously improving the service, which is we iteratively work. We use the tests and the test results to inform and guide how we proceed and just sort of continually try and make that better and better.

這就是這類測試的意義。這並非什麼新鮮事。我們已經這樣做了有一段時間了。你可能會在不同的場合看到它以不同的方式出現，但它和我們使用的框架大同小異。我想您應該很熟悉我們不斷改進服務的方式，那就是我們採用迭代的方式。我們利用測試和測試結果來指導我們的工作，並不斷努力使其變得越來越好。

And, Nidhi, we will test many things, but we would never roll something out that feels like turning the screws, as you said. It's got to feel like it makes sense to consumers that they understand. And Greg has been doing a lot of great research on kind of how to try variants that harmonize with the way consumers think about it.

妮蒂，我們會測試很多東西，但我們絕對不會推出像你說的那種讓人感覺像是在擰緊螺絲的東西。它必須讓消費者覺得合情合理，讓他們能理解。格雷格一直在進行大量出色的研究，探索如何嘗試各種變體，使其與消費者的想法相契合。

Are there any particular markets where the subscriber or the user to subscriber ratio is particularly high?

是否存在訂閱用戶或用戶與訂閱用戶比例特別高的市場？

I think different -- every market, every country is different, and so we see different ranges of behavior. And I think just how people orient themselves to the service is different from country to country. So I want to -- it's more than just sort of how they think about how maybe they're working the system or so, probably just how they think about sharing the service with an extended family or people that they love is a natural part of how they connect with the stories that we're telling. So It's all different around the planet, and it's different within countries, too, as you might well expect.

我認為情況各不相同——每個市場、每個國家都不同，所以我們看到的行為範圍也不同。我認為不同國家的人們對這項服務的態度也各不相同。所以我想說——這不僅僅是他們如何看待自己可能如何利用這個系統之類的，可能只是他們如何看待與大家庭或他們所愛的人分享服務，這是他們與我們講述的故事建立聯繫的自然組成部分。所以，正如你所預料的那樣，世界各地情況各不相同，即使在同一個國家內部，情況也各不相同。

If this were a gap that you could close over the very long term, do you think that there's a bigger revenue opportunity in getting some people to pay more through limiting account sharing or getting everyone to pay more your kind of -- like, which is the bigger revenue opportunity over the next, I don't know, 10 years or however long it takes to start closing the gap?

如果這是一個可以長期彌合的差距，你認為透過限制帳戶共享讓一部分人支付更多費用，還是讓所有人支付更多費用，哪種方式能帶來更大的收入機會？例如，在未來10年或彌合差距所需的任何時間內，哪種方式能帶來更大的收入機會？

What I would say is I think the optimal revenue opportunity, optimal business opportunity is trying to figure out a way to best serve our members and trying to figure out the models, the plan types, the right price points, the right features that really work for them in a natural way. And that really is what's informing sort of our investigational exploration.

我認為，最佳的收入機會、最佳的商業機會在於努力找到一種能夠最好地服務於我們會員的方法，並努力找到真正能夠自然而然地為他們服務的模式、計劃類型、合適的價格點和合適的功能。而這正是我們進行調查探索的真正依據。

I would say we don't really know is most of the -- is often the case when we're sort of going down a path of innovation what the right place to land is our priority. That's why we do this experiments and then we do the iterative approach. So it's mostly letting that process unfold and letting our members speak to us about what's really the ideal model for them.

我想說，我們其實並不清楚──這種情況常發生在我們走上創新之路時，而找到正確的落腳點才是我們的首要任務。這就是為什麼我們要進行這些實驗，然後採用迭代方法的原因。所以，我們主要是讓這個過程自然發展，讓我們的成員告訴我們，對他們來說，真正理想的模式是什麼。

Great. That makes sense. Spence, pushing gears to you. Now that your balance sheet doesn't keep me up at night anymore. I can ask a much more fun question, which is, what will you do with all the excess cash? You've been asked to do a $5 billion buyback, which is great to see. Maybe just talk about the parameters and the sort of payments of that -- this particular buyback and just how you think about philosophy over the next couple of years.

偉大的。這很有道理。史賓塞，把齒輪推給你。現在你的資產負債表再也不會讓我夜不能寐了。我可以問一個更有趣的問題，那就是，你會如何處理所有這些多餘的現金？你們被要求進行 50 億美元的股票回購，這真是個好消息。或許可以談談相關的參數和付款方式——這次特別的回購，以及你未來幾年的理念。

Yes. Sure, Nidhi. So as we've said in the letter and the last couple of letters now, we think we've turned the corner. We know we've turned the corner on that cash flow story. So we expect to be about cash flow breakeven this year and then sustainably free cash flow positive and growing thereafter.

是的。當然可以，妮蒂。正如我們在信中以及最近幾封信中所說，我們認為我們已經扭轉了局面。我們知道，我們已經扭轉了現金流的頹勢。因此，我們預計今年現金流將基本達到收支平衡，之後將持續保持正自由現金流並持續成長。

And so -- and we don't intend to build up a bunch of excess cash on the balance sheet. So we will maintain a debt level, a gross debt level in the $10 billion to $15 billion range. We've paid down about $500 million in principal in Q1. So we -- our gross debt did come down from the prior quarter. And we think that share buybacks are a way to return value to shareholders in a way that is responsible steward of capital, but also maintains a level of balance sheet flexibility for us to continue to be strategic.

所以——我們並不打算在資產負債表上累積大量過剩現金。因此，我們將維持債務水平，總債務水平在 100 億美元至 150 億美元之間。第一季我們償還了約 5 億美元的本金。所以，我們的總債務確實比上一季下降。我們認為，股票回購是一種以負責任的資本管理方式向股東返還價值的方法，同時也能保持一定的資產負債表彈性，使我們能夠繼續採取策略性措施。

Because first and foremost, our #1 priority is to invest strategically into the growth of the business, but then, of course, return excess cash to our shareholders. So we're still maintaining a goal of about 2 months of revenue is our kind of cash on the balance sheet. And you'll see us ease into that share buyback program. So it will start this quarter. As I said, I think you'll see us ease into it. And we're authorized up to $5 billion of share repurchase, and we'll kind of get the program going this year.

因為首先，我們的首要任務是策略性地投資於業務成長，當然，之後也會將多餘的現金回饋給股東。因此，我們仍然堅持在資產負債表上保持約兩個月收入的現金目標。你會看到我們逐步推行股票回購計畫。所以它將在本季開始。正如我所說，我認為你會看到我們循序漸進地進行。我們獲準回購高達 50 億美元的股票，我們將在今年啟動該計畫。

Great. Reed, you've remained incredibly focused over the years. I remember you telling me recently just the importance of keeping the main thing the main thing, which has obviously led to a lot of success for Netflix. But when I look forward to the next 10 years, which I realize is a very long time, but if you continue to be successful adding, call it, 30 million subscribers a year, you'll be at well over 500 million subscribers in 10 years, which feels like a high level of penetration. So I guess with that backdrop, how important is it to sort of have a second app versus continuing to let the business mature and focusing on capital return.

偉大的。里德，這些年來你一直保持著驚人的專注力。我記得你最近跟我說過，要永遠抓住重點，這一點顯然為 Netflix 帶來了巨大的成功。但展望未來 10 年，我知道這是一段很長的時間，但如果你繼續保持每年新增 3000 萬訂閱用戶的成功勢頭，那麼 10 年後你的訂閱用戶數量將超過 5 億，這感覺就像是一個很高的滲透率。所以我想，在這種背景下，擁有第二個應用程式與繼續讓業務成熟並專注於資本回報相比，究竟有多重要？

Well, YouTube and Facebook and those properties are multibillion, and the Internet is only growing, so were we so fortunate to get to those numbers that you referred to, we're going to be super hungry to double from there going forward, too. So outside of China, I think pay television peaked about 800 million households. So lots of room -- and that was several years ago that it peaked, lots of room to grow.

YouTube 和 Facebook 等平台價值數十億美元，而且網路還在不斷發展，所以我們很幸運能夠達到你提到的那些數字，未來我們也會非常渴望在此基礎上翻一番。所以，在中國以外，我認為付費電視的尖峰用戶量約為 8 億戶。所以還有很大的發展空間——而且那還是幾年前的巔峰時期，還有很大的成長空間。

So think about it as we do want to expand. So, like, we used to do that thing shipping DVDs and luckily, we didn't get stuck with that. We didn't define that as the main thing. We defined entertainment as the main thing. And so then we expanded into -- Ted -- I should say Ted expanded us into original content.

所以想想看，我們確實想要擴張。所以，我們以前做過那種寄送 DVD 的事情，幸運的是，我們沒有被困在那件事上。我們並沒有把那定義為主要事情。我們將娛樂定義為​​最重要的事。於是，我們拓展到了──應該說是泰德──帶領我們拓展到了原創內容領域。

And first, it was original series and then films and then animation and kids and unscripted. And so bit by bit, we're adding category. So we've got a lot of work to do in terms of different types of entertainment that we'll continue to do that, a lot of work in terms of global production. So I don't think there will be a second act in the sense that you mean like an AWS and Amazon shopping.

首先是原創劇集，然後是電影，然後是動畫、兒童節目和無劇本節目。於是，我們一點一點地加入類別。因此，我們在不同類型的娛樂方面還有很多工作要做，我們將繼續這樣做，在全球製作方面也有很多工作要做。所以，我不認為會有你所說的像AWS和亞馬遜購物那樣的第二幕。

I bet we end up with one, hopefully, gigantic, hopefully, very defensible profit pool and then continue to improve the service for our members by doing that by expanding in category. So I wouldn't look for any big, large secondary pool of profits. There'll be a bunch of supporting pools like consumer products that can be both profitable and can support the title brands. So that's an obvious one.

我敢肯定，我們最終會擁有一個（希望是巨大的）、（希望是）非常穩固的利潤池，然後透過拓展產品類別來不斷改進我們為會員提供的服務。所以我不會去尋找任何巨大的二級利潤池。將會有許多配套項目，例如消費品，這些項目既能獲利，又能支持主品牌的發展。那顯而易見。

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

妮蒂，我們還有時間問最後兩個問題。

Great. So I mean just to follow up on that, people often view gaming as kind of a natural extension or adjacency for you. That's obviously still within the entertainment category, as you mentioned. In what ways is that true or untrue? And is there a way to do gaming in sort of the Netflix title? And Spence built the way in here as we came from that world.

偉大的。所以我的意思是，接著剛才的話題，人們通常把遊戲看作是你的一種自然延伸或鄰近領域。正如你所說，這顯然仍屬於娛樂範疇。這種說法在哪些方面是正確的，哪些方面是不正確的？有沒有辦法在類似 Netflix 的標題中玩遊戲？史賓塞為我們鋪平了通往這裡的道路，因為我們來自那個世界。

Exactly. In ways, we're kind of in gaming now because we have Bandersnatch and we have some very basic interactive things. But Spence, and then Greg, maybe talk a little there.

確切地。從某種程度上說，我們現在也算是涉足遊戲領域了，因為我們有《潘達斯奈基》這款遊戲，而且我們有一些非常基本的互動功能。但是史賓塞，還有格雷格，也許可以聊一會兒。

Well, I'll probably let Greg mostly go. I would just say it kind of ties to what you -- what Reed said. I mean we've kind of dabbled in it already through some of our interactive programming as well as on the licensing and merchandising side in consumer products. And we're a business that continues to learn. And so far, our learning has been -- it's been good learnings. We're happy with how it's played out. And hopefully, we continue to kind of learn from here. But I don't know, Greg, if you want to add to that?

嗯，我大概會放格雷格走。我想說，這和你——里德——所說的有點關係。我的意思是，我們已經透過一些互動節目以及消費品的授權和商品銷售方面涉足過這個領域。我們是一家不斷學習的企業。到目前為止，我們的學習成果——都是很好的學習成果。我們對結果很滿意。希望我們能繼續從中學到教訓。但我不知道，格雷格，你是否想補充什麼？

I'll just take one more sort of point at it, which is that, Nidhi, we're in the business of creating these amazing deep universes and compelling characters and people come to love those universes and they want to immerse themselves more deeply and get to know the characters better and their back stories and all that stuff. And so really we're trying to figure out what are all these different ways that we can increase those points of connection, we can deepen that fandom. And certainly, games is a really interesting component of that.

我再補充一點，妮迪，我們從事的是創造這些令人驚嘆的、深刻的宇宙和引人入勝的角色的工作，人們會愛上這些宇宙，他們想要更深入地沉浸其中，更好地了解角色、他們的背景故事等等。所以，我們其實是在努力弄清楚有哪些不同的方法可以增加這些聯繫點，加深粉絲群。當然，遊戲是其中非常有趣的一個組成部分。

So whether it's gamifying some of the linear storytelling we're doing like interactive, Bandersnatch, and the kids interactive programs, that's been super interesting. We're going to continue working in that space for sure. We've actually launched games themselves. It's part of our licensing and merchandising effort, and we're happy with what we've seen so far. And there's no doubt that games are going to be an important form of entertainment and an important sort of modality to deepen that fan experience. So we're going to keep going, and we'll continue to learn and figure it out as we go.

所以，無論是像互動遊戲《潘達斯奈基》和兒童互動節目那樣，將一些線性敘事遊戲化，都非常有趣。我們肯定會繼續在這個領域深耕。我們實際上已經推出過遊戲了。這是我們授權和商品推廣工作的一部分，我們對目前為止所取得的成果感到滿意。毫無疑問，遊戲將成為重要的娛樂形式，也是加深粉絲體驗的重要途徑。所以我們會繼續前進，邊走邊學，邊做邊摸索。

Great. Well, if we have time for one more. My last question is just, over the last 5 earnings calls, how many times would you say Ted has used the word zeitgeist?

偉大的。嗯，如果我們還有時間的話，再來一個。我的最後一個問題是，在過去的 5 次財報電話會議上，您認為 Ted 使用了多少次「時代精神」這個詞？

Do I use zeitgeist a lot?

我常使用「時代精神」這個詞嗎？

I only noticed it because I was listening to the previous earnings calls...

我注意到這一點是因為我一直在聽之前的財報電話會議…

It's a good word. Nidhi, you've got to admit, it's a good word.

這是一個好詞。妮蒂，你得承認，這確實是個好詞。

I actually have a real last question which is, of your Oscar-nominated films this year, which did you most enjoy watching? And I can go first, mine was White Tiger.

我其實還有一個真正的問題，那就是，在你今年獲得奧斯卡提名的電影中，你最喜歡看哪一部？我可以先來，我的是白老虎。

I'm going to diplomatically pass the question to Reed.

我將委婉地把這個問題轉交給里德。

Chicago 7 for me.

對我來說，芝加哥7號。

White Tiger for me.

對我來說，白虎牌。

Chicago 7 for me.

對我來說，芝加哥7號。

White Tiger for me, too.

我也很喜歡白虎。

And just so I don't completely -- so I don't completely wimp out, you should take the time and watch a really beautiful animated short that's Oscar-nominated called, If Anything Happens I Love You. That is really, I think, a remarkable bit of storytelling in a way that people can really expand the universe of what they think storytelling could be.

為了不讓我徹底——為了不讓我徹底臨陣退縮，你應該抽出時間觀看一部非常漂亮的動畫短片，這部短片獲得了奧斯卡提名，名為《如果發生任何事，我愛你》。我認為這確實是一種非凡的敘事方式，它能夠真正擴展人們對故事敘述的認知。

And Ted, maybe you could wrap us up.

泰德，或許你可以幫我們收尾。

Awesome. Well, thank you so much, Nidhi, for joining us on for the call and walking us through this. I know that our -- what we're busy doing. And I know that some folks are on edge today watching the news and certain pockets of the world like our friends and colleagues in Brazil and India are having a particularly tough time, know that our hearts and thoughts are with you as well. But thank you. We'll see you next quarter.

驚人的。非常感謝Nidhi參加這次電話會議並為我們詳細講解。我知道我們——我們正在忙著做什麼。我知道今天有些人因為關注新聞而感到焦慮不安，世界上的某些地區，例如我們在巴西和印度的朋友和同事們，正經歷著特別艱難的時期，請相信我們也與你們同在。不過，謝謝你。我們下個季度再見。