Netflix Inc (NFLX) 2021 Q1 法說會逐字稿

Good afternoon, and welcome to the Netflix Q1 2021 Earnings Interview.

下午好，歡迎來到 Netflix 2021 年第一季度收益採訪。

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

我是 IR 和企業發展副總裁 Spencer Wang。

Joining me today are Co-CEO, Reed Hastings; Co-CEO and Chief Content Officer, Ted Sarandos; COO and Chief Product Officer, Greg Peters; and CFO, Spence Neumann.

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

Our interviewer this quarter is Nidhi Gupta from Fidelity.

我們本季度的採訪者是來自 Fidelity 的 Nidhi Gupta。

As a reminder, we'll be making forward-looking statements, and actual results may vary.

提醒一下，我們將做出前瞻性陳述，實際結果可能會有所不同。

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

有了這個，讓我把它交給 Nidhi 來回答她的第一個問題。

Thanks, Spencer.

謝謝，斯賓塞。

Thank you all for having me.

謝謝大家有我。

Great to be with you, and thank you all for all the great work over the years.

很高興和你在一起，感謝大家多年來所做的所有偉大工作。

It's been great for us to be on this journey with you as shareholders.

作為股東，我們很高興能與您一起踏上這段旅程。

So with that, let's just jump right in.

因此，讓我們直接進入。

Obviously, you were comping a really big Q1 last year with 50 million net adds.

很明顯，去年第一季度的淨增加量是 5000 萬。

The net adds this quarter came in below your expectations and below the Street's expectations.

本季度的淨增加值低於您的預期，也低於華爾街的預期。

Any additional color you can provide on what caused this?

您可以提供任何其他顏色來說明造成這種情況的原因嗎？

Nidhi, it's Spence.

尼迪，是斯賓塞。

I guess I'll take this one first.

我想我會先拿這個。

Hopefully, you can see us.

希望你能看到我們。

It looks like it's a little frozen, maybe it's just frozen on our end.

看起來它有點凍，也許它只是在我們這邊凍住了。

But look, so in terms of Q1 performance, it really boils down to COVID, frankly.

但是看，坦率地說，就第一季度的表現而言，它真的歸結為 COVID。

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.

如您所知，COVID 的非凡事件對世界產生了重大影響，並將繼續對世界產生重大影響。

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.

對我們來說，至少在我們在業務中看到的一些業務趨勢中造成了一些短期的波動。

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.

因此，特別是，我們在 2020 年的訂戶增加量方面取得了巨大的進步，2020 年的付費淨增加量接近 4000 萬。

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.

而且我們的生產也幾乎在全球範圍內停產，在去年和今年的大部分時間裡，我們一直在安全和大規模地進行生產，但它確實將一些關鍵遊戲的發布推到了後面——有點像這個的後端年。

So the combination of those 2 things does create some noise.

所以這兩件事的結合確實會產生一些噪音。

It's super hard to obviously kind of forecast quarterly subscribers in a typical quarter for us and particularly hard in this environment.

對我們來說，在一個典型的季度預測季度訂閱用戶顯然是非常困難的，在這種環境下尤其困難。

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.

事實上，在我們收益信的第 2 頁上，我們顯示了相對於預測的實際數據，在我們的指南中，這是我們對訂閱者的內部預測。

And because it's our forecast, we're going to miss every quarter.

因為這是我們的預測，所以我們每個季度都會錯過。

It's just a matter of whether they're bigger or smaller misses.

這只是他們是更大還是更小的失誤的問題。

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.

你可以看到，在過去的 5 年裡，我們最大的失誤預測，無論是向上還是向下，大多數重大失誤和最大的失誤是在過去 5 個季度相對於過去 5 年，而且是這 5 個季度的 COVID。

So it's just a difficult time to forecast the business.

因此，這只是預測業務的困難時期。

But the key is the business remains healthy.

但關鍵是業務保持健康。

Our engagement, our viewing per household was up year-over-year in Q1.

我們的參與度，我們每戶的收視率在第一季度同比增長。

Our churn was down year-over-year, and the business is still growing.

我們的流失率逐年下降，業務仍在增長。

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.

因此，即使有 400 萬付費淨增加，如果你把 COVID 拿出來看看過去 2 年，我們已經從 2 年前的約 1.5 億會員增長到現在的近 2.1 億。

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.

所以這幾乎是 40% 的增長，並且比這兩年的平均增長率略低於 20%，這與過去幾年是一致的。

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.

因此，業務保持健康，這是因為長期驅動因素，從線性娛樂到流媒體娛樂的巨大轉變，並且一如既往地健康。

But you do see a little kind of noise in the near term, but a lot of long-term parity.

但你確實在短期內看到了一些噪音，但在長期內出現了很多平價。

That's helpful.

這很有幫助。

Nidhi, we had those 10 years where we're growing smooth as silk and then just a little wobbly right now.

Nidhi，在這 10 年裡，我們變得像絲綢一樣光滑，然後現在只是有點搖擺不定。

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.

當然，我們想知道，“好吧，等一下，我們確定這不是競爭嗎？”因為很明顯，有很多新的競爭。

And we really looked through all the data, looking at different regions where new competitors are launched, are not launched.

我們真的查看了所有數據，查看了推出新競爭對手的不同地區，沒有推出。

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.

我們只是看不到我們在這些地區的相對增長有任何差異，這讓我們相信它的競爭非常激烈，但它一直如此。

I mean, we've been competing with Amazon Prime for 13 years, with Hulu for 14 years.

我的意思是，我們已經與 Amazon Prime 競爭了 13 年，與 Hulu 競爭了 14 年。

It's always been very competitive with linear TV, too.

它也一直與線性電視競爭非常激烈。

So there's no real change that we can detect in the competitive environment.

因此，我們無法在競爭環境中檢測到真正的變化。

It's always been high and remains high.

它一直很高並且仍然很高。

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.

好吧，聽到您的流失率實際上同比下降令人鼓舞，並且您確實宣布了一些市場的第四季度和第一季度價格上漲。

So maybe just talk about how well the subscriber base has sort of absorbed these price increases in the current environment.

因此，也許只是談論訂戶群在當前環境中吸收這些價格上漲的程度如何。

Sure.

當然。

Greg, do you want to go first?

格雷格，你想先走嗎？

Yes.

是的。

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.

因此，我們看到的結果與我們在過去 2 年中看到的非常相似，也就是說，如果我們明智地投資於精彩的故事，我們會增加節目的多樣性、多樣性和質量，這就是 Ted 的團隊在世界各地的每個國家都孜孜不倦地做卡車。

We also invest in better product experiences that make it more delightful and easy to connect with those stores.

我們還投資於更好的產品體驗，使與這些商店的聯繫更加愉快和容易。

We're just delivering more value to our members.

我們只是為我們的會員提供更多價值。

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.

如果我們做得好，那麼我們偶爾可以回去要求他們多付一點錢來保持這個積極的循環。

And so having said that, I just want to reiterate, we think we're still an amazing entertainment value.

話雖如此，我只想重申，我們認為我們仍然具有驚人的娛樂價值。

We want to remain an incredible value compared to our competitors and the competitive offerings that are out there broadly.

與我們的競爭對手和廣泛存在的競爭產品相比，我們希望保持令人難以置信的價值。

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.

因此，即使我們繼續改進服務，我們也牢記這一點，我們希望確保地球上越來越多的人可以通過這個過程訪問我們。

Great.

偉大的。

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.

Nidhi，我唯一要補充的是 Greg 剛才所說的，我同意所有這些，只是非常具體地就我們在客戶流失方面看到的數字而言。

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.

我們的流失率實際上已經低於美國和大多數市場的價格變化前水平，我們已經調整了價格，只是一些較新的價格並沒有完全回落，但它們正在迅速到達那裡.

That's great.

那太棒了。

Can you talk a little bit about what you're expecting in terms of subscriber growth as the world reopens.

隨著世界重新開放，您能否談談您對訂戶增長的預期。

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.

如果您在更開放和更不開放的市場中看到任何東西，這會給您一個了解這一點的窗口。

But how are you thinking about that?

但你是怎麼想的？

And what's sort of baked at your guidance?

在你的指導下有什麼好吃的？

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.

好吧，可悲的是，Nidhi，許多國家在過去一年中開放和關閉，我們現在有許多國家處於真正的危機中。

Fortunately, the U.S. is not one of them right now.

幸運的是，美國現在不是其中之一。

So we've got a lot of evidence on that point.

所以我們在這一點上有很多證據。

And there was the initial surge of COVID, which was quite large in subscriber growth and viewing.

並且出現了最初的 COVID 激增，這在訂閱者增長和觀看方面相當大。

But since then, every opening and closing, including the U.S. over Christmas really didn't generate any noticeable material effect.

但從那以後，每一次開閉幕，包括美國過聖誕節，都沒有產生任何明顯的物質效應。

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.

因此，我認為我們不會再注意到未來的開業和關閉有任何實質性影響，因為不幸的是，我們在許多國家都經歷了相當劇烈的激增。

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.

我想，我唯一要補充的一點是 Reed 針對您在 Q2 指南 Nidhi 上的問題所提出的具體問題，這與我們在 Q1 中看到的非常相似，那就是在 Q2 中反映的仍然有效通過這一推動，仍在努力將其中一些大型遊戲的一些推到下半年。

And also, it's a bit of a seasonally soft period for us.

而且，這對我們來說是一個季節性的疲軟時期。

So those are all playing into it.

所以這些都在參與其中。

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.

但好消息，正如我們所說，核心的基本指標非常健康，隨著那些大遊戲開始推出和板岩實力，我們走出了重新加速增長和到年底的明顯催化劑向前拉。

So feeling good about the long-term trends.

所以對長期趨勢感覺良好。

Do you feel like Q1 and Q2 sort of encapsulate the pull forward that you're expecting?

您是否覺得 Q1 和 Q2 有點像您所期望的那樣封裝了向前的推動力？

I know it's really hard to forecast when you add 26 million subscribers over the course of 2 quarters last year.

我知道當你在去年的兩個季度中增加 2600 萬訂戶時，真的很難預測。

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?

但是，您如何看待下半年可能會如何隨著額外內容以及我們背後的一些推動力而形成？

You guys want me to take it?

你們要我接嗎？

Go for it Ted.

去吧，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.

我只想說要記住的一件事是，我們通常——我們必須日復一日、一周又一周、年復一年地做的是提供我們的會員喜歡的節目和價值。

And the shape of that gets determined sometimes 2, 3 years in advance.

有時會提前 2、3 年確定其形狀。

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.

因此，您進入這些生產週期，進入計劃週期，並且您已經非常順利地發布了備受矚目的項目和較小的激情項目以及所有這些東西。

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.

我猜，今年上半年發生的事情是，由於後期製作延遲和 COVID 生產延遲，我們原本希望早點推出的很多項目都被推遲了。

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.

而且我們認為我們將在今年下半年恢復到更加穩定的狀態，當然在第四季度，我們已經獲得了一些最受歡迎的節目的回歸季節，例如 The Witcher and You 和 Cobra Kai 以及一些大型節奏電影的上市速度比我們希望的要慢一些，例如與 The Rock 和 Ryan Reynolds 和 Gaga 合作的 Red Notes，以及與 Chris Hemsworth 合作的 Escape From Spiderhead，大型活動內容。

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.

話雖如此，在一年中的每個季度，我們發布的內容都比上一季度多——在過去幾年中，每個季度和每個地區的內容都只是我認為混合的形狀內容變得更加不確定。

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.

然後，在今年上半年的那個時間範圍內，COVID 關閉的長期影響也變得更加不確定。

Great.

偉大的。

Well, I'd love to shift to the big picture now that I've beaten you up about the quarter enough.

好吧，既然我已經在本季度擊敗了你，我很想轉向大局。

So you're at over 200 million subscribers around the world.

因此，您在全球擁有超過 2 億訂閱者。

You're 5 years into your original content strategy.

你的原創內容策略已經 5 年了。

You seem to be coexisting really well with possibly the largest direct competitor you might ever see.

您似乎與您可能見過的最大的直接競爭對手共存得非常好。

And your self-funding, thank you for that.

還有你的自籌資金，謝謝你。

We did notice.

我們確實注意到了。

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.

也許只是談談，在這種背景下，關鍵優先事項，你對 2021 年的看法是什麼，實際上只是你所看到的未來 2 到 3 年，也許我們可以從你開始，里德。

Probably your reference was to Disney, but our largest competitor for TV viewing time is linear TV.

您的參考可能是迪士尼，但我們最大的電視觀看時間競爭對手是線性電視。

Our second largest is YouTube, which is considerably larger than Netflix in viewing time.

我們的第二大是 YouTube，它的觀看時間比 Netflix 大得多。

And Disney is considerably smaller, but we're sort of in the middle of the pack.

迪士尼的規模要小得多，但我們處於中間位置。

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.

但就我們關注的內容而言，這與我們一直關注的相同，即我們的會員滿意度推動了保留和口碑，推動了我們的增長。

So it's -- where can we find the story that you talk about even more that you connect with?

因此，我們在哪裡可以找到您談論的更多與您有聯繫的故事？

Where can we improve our choosing where the best things are recommended for you?

我們可以在哪裡改進我們選擇向您推薦最好的東西的地方？

And then ultimately, the content of can we have stories that are just incredibly compelling?

然後最終，我們能否擁有令人難以置信的引人入勝的故事的內容？

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.

而且我們只是一個季度一個季度地從每個季度學習更多的課程，這就是提高會員滿意度的原因，這才是真正推動增長的原因。

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.

我要記住的一件事是，多年來，媒體公司在向全球輸出好萊塢內容方面表現出色。

And I think I'm proud of how we've done that as well.

我想我也為我們如何做到這一點感到自豪。

So it was like Bridgerton with over 100 million starters and movies reaching these enormous audiences all over the world.

因此，它就像布里傑頓一樣，擁有超過 1 億首發和電影，吸引了全世界這些龐大的觀眾。

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.

但我們真正做過的一件事——在過去幾年裡真正提高了我們的技能，就是在世界任何地方創建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.

最棒的是那些來自世界各地的故事，就像我們在今年和本季度看到的 Lupin 一樣，這是我們在全球 Netflix 上最大的新劇集，來自法國的 Lupin。

And the show was not like a watered-down French show.

而且這個節目不像是淡化的法國節目。

It was a very French show.

這是一個非常法國的節目。

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.

真正很棒的是，當你講述來自世界各地的故事時，那些——他們越是真正的本地人，他們就越有可能在世界各地玩耍，因為人們認識到講故事的真實性。

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.

這也是我們一直非常關注的事情，並繼續提供從好萊塢到世界的各種各樣的內容。

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.

但是我們有來自世界各地的真正受歡迎的節目的新季節，例如西班牙的精英，即將到來的紙之家，來自日本的裸體導演，這對我們來說是一個巨大的打擊，來自土耳其的禮物。

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.

因此，我們能夠在全球範圍內大規模開展這項工作，並將這些故事帶給全球廣大觀眾，這讓我們感到非常自豪，我們將在未來幾年繼續努力。

And I'll pick it up from there.

我會從那裡拿起它。

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.

我也對我們業務的這方面感到非常興奮，能夠找到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。

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.

其中一個配套是確保我們越來越多地了解我們的會員需要什麼，以及我們尚未註冊的會員類型，消費者的普遍需求，在越來越多的國家。

And they all have sort of unique constraints that they're working through.

他們都有一些獨特的限制，他們正在努力解決。

They have unique expectations from the service.

他們對服務有獨特的期望。

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.

我們的工作是越來越多地了解這些是什麼，並確保我們能夠以一種讓他們感覺自然、讓他們感到愉快的方式提供服務。

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.

這是否具有正確的付款方式，以便他們——消費者不必考慮他們必須跳過哪些環節才能實際註冊並支付服務費用，以及我們如何向他們展示內容，而不管它在哪個國家它來自或使用什麼語言，但以一種方式呈現它，使他們能夠進入它的故事並意識到存在於地球上的大量和驚人的講故事的多樣性。

Yes.

是的。

I think it's -- I think everyone's pretty much hit it, Nidhi.

我認為是——我認為每個人都非常喜歡它，Nidhi。

I will try to add.

我會嘗試添加。

I mean I get super excited about just this giant transition to streaming entertainment.

我的意思是，我對這種向流媒體娛樂的巨大轉變感到非常興奮。

And streaming is -- entertainment, it's the now and the future.

流媒體是——娛樂，是現在和未來。

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.

我們在信中談到了我們的業務，以及過去 10 多年裡它是如何從郵寄 DVD 到流媒體從僅限美國到全球以及從許可內容到原創製作的，但有幫助的只是我們的速度的決策。

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.

我們的重點對我們很有幫助，而且只是——我們坐在這裡，即使在我們最大的市場中，我們的電視觀看份額仍然不到 10%。

So there's just this big long runway of growth if we stay focused and keep getting better.

因此，如果我們保持專注並不斷變得更好，那麼就會有這麼長的增長跑道。

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.

所以我只是 - 我喜歡有機會不斷變得更好，提高我們的創造力，我們的卓越運營，即使我們作為一家公司變得更大，也能保持這種速度和速度。

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.

在 IR 方面，Nidhi，我想說我的主要工作是繼續確保你和我們的其他股東一樣快樂，但我認為這意味著只是確保你們都了解我們是什麼從戰略的角度來看，我們為什麼要這樣做以及為什麼要這樣做。

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.

我更廣泛的財務職責是在財務方面支持 Spence，以確保我們盡可能明智地分配資金，然後從財務支持的角度繼續支持 Ted 和 Greg 以及其他業務部門。

Great.

偉大的。

So Ted, I'd love to dig a little bit deeper with you.

所以泰德，我很想和你一起深入一點。

Film has been a recent success for Netflix, 36 Oscar nominations.

這部電影最近為 Netflix 取得了成功，獲得了 36 項奧斯卡提名。

Congratulations, that's an incredible feat.

恭喜，這是一個了不起的壯舉。

So my question is, over the long term, do you think Netflix can be the primary or dominant way that people consume films?

所以我的問題是，從長遠來看，你認為 Netflix 會成為人們消費電影的主要或主導方式嗎？

And if so, what does it take to achieve that?

如果是這樣，實現這一目標需要什麼？

I don't know about dominant, but I would say it's going to be a continually material way people view films.

我不知道主導，但我想說這將是人們觀看電影的一種持續物質化的方式。

This is where the audience is kind of going.

這就是觀眾要去的地方。

And what we find is that we're not really kind of changing the way we make films for the way people watch film.

我們發現，我們並沒有真正改變我們製作電影的方式來適應人們觀看電影的方式。

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.

所以他們正在觀看他們本來會去電影院看的那種電影，但在許多情況下，在他們方便的時間表和舒適的家中，他們可以真正享受一部很棒的新電影。

And it could be a film of enormous scope certainly competitive to the kind of things you see in the theater.

它可能是一部規模巨大的電影，與你在劇院裡看到的那種東西相比肯定是有競爭力的。

You mentioned the Oscar success, and that's certainly one flavor of filmmaking that we're super proud of.

你提到了奧斯卡的成功，這當然是我們非常自豪的一種電影製作風格。

Most of -- we had 17 different films with an Oscar nomination this year, which is super incredibly exciting.

大多數——今年我們有 17 部不同的電影獲得了奧斯卡提名，這非常令人興奮。

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.

但事實上，我們可以製作這些世界各地觀眾喜愛的超大型動作片，而這些動作片的製作水平與為影院製作的水平相同。

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.

所以我確實認為，對於觀眾來說，他們在家中或在家外看到的電影的百分比將繼續變得越來越有意義。

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.

因此，這些年來，無論我是看 IMDb 熱門節目還是谷歌上的遠程搜索節目，你都非常成功地獲得了大部分觀看次數最多的電視節目。

Do you have to do anything fundamentally different in film to achieve that same level of kind of high share of zones?

您是否必須在電影中做一些根本不同的事情才能達到同樣水平的高區域份額？

Yes.

是的。

It's not dissimilar and that people just have very diverse taste.

這並沒有什麼不同，人們只是有非常不同的品味。

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.

所以你真的很想嘗試去磨練——我們總是開始做你最喜歡的電影，你最喜歡的節目，無論你是誰，無論你在哪裡，無論你處於什麼心情。

So that's why we kind of go at it from so many different angles.

所以這就是為什麼我們從這麼多不同的角度去研究它。

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.

對於大多數媒體公司來說，在節目中，有人坐在虎王旁邊，這是一件非常不尋常的事情，但我們有非常專業的團隊，他們專注於在他們所做的每一件事上做到一流。

And that's how I think why we've had those results you're talking about.

這就是我認為我們有你所說的結果的原因。

And, Nidhi, I think we would say, too, we would need to spend more.

而且，Nidhi，我想我們也會說，我們需要花更多的錢。

So we spend a lot more right now in series than film.

所以我們現在在劇集上的花費比電影要多得多。

But that will grow as the total budget grows.

但這將隨著總預算的增長而增長。

And then it's also the experience curve.

然後它也是經驗曲線。

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.

我們做系列的時間更長了，我們更了解什麼是真正的大片和什麼熱門，我們正在製作他們自己的電影。

And also on animation, also on kids.

還有動畫，還有孩子。

Each of these have their own experience curve that we're progressing down.

這些都有自己的經驗曲線，我們正在逐步下降。

Can you share any more details about the Sony deal?

你能分享更多關於索尼交易的細節嗎？

What -- I guess more specifically, what is the rationale for the deal?

什麼——我想更具體地說，這筆交易的理由是什麼？

And what does it get you that your original strategy doesn't achieve for you?

你的原始策略沒有為你帶來什麼？

Yes.

是的。

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.

好吧，這筆交易真正令人興奮的是，我們將在索尼的 IP 庫中為 Netflix 的開發計劃製作全球原創電影。

That's really an incredible opportunity, access to IP that we wouldn't otherwise have.

這確實是一個難以置信的機會，可以訪問我們原本不會擁有的 IP。

And it's part -- it's a big global programming strategy over the next 5 years.

它是一部分——它是未來 5 年的全球大型編程戰略。

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.

我認為，國內的 Pay 1 交易也是其中的一部分，補充和增加了——但僅限於我們的國內用戶——為期 5 年。

And we do think that that's a great thing, and it complements our growing output of original film as well.

我們確實認為這是一件很棒的事情，它也補充了我們不斷增長的原創電影產量。

And we've had their output prior in through other deals over the last several years.

在過去的幾年裡，我們已經通過其他交易獲得了他們的產出。

And it's been great.

這很棒。

They are great films, and people have diverse taste, like I said, and I think this adds to that, doesn't compete with it.

它們是很棒的電影，人們有不同的品味，就像我說的那樣，我認為這增加了這一點，並不能與之競爭。

Great.

偉大的。

Greg, switching gears to pricing.

格雷格，轉向定價。

Your price range around the world has really widened over the years.

多年來，您在世界各地的價格範圍確實擴大了。

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.

但現實是在支付意願方面，美國的家庭可能願意每月付給你 50 美元，而印度的家庭每月付給你的錢不能超過 5 美元。

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?

因此，假設從長遠來看，您可以匹配全世界每個人的支付意願，您認為您的收入分配在這些不同的價格點上會是什麼樣子？

Well, as you point out, our spread has been growing wider and I think that that's part of that story.

好吧，正如你所指出的，我們的傳播範圍越來越廣，我認為這就是故事的一部分。

We're really trying to find a set of plan types with the right kind of features.

我們真的在嘗試找到一組具有正確功能的計劃類型。

And we know folks are -- some folks have gigantic TVs at home, and some folks are watching on their mobile phones.

我們知道人們——有些人家裡有巨大的電視，有些人正在手機上觀看。

Some folks are approaching the service as an individual.

有些人正在以個人身份接近這項服務。

Some folks are approaching it as a family.

有些人正在接近它作為一個家庭。

So there's just so many different needs out there.

所以那裡有很多不同的需求。

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.

因此，我們真的會嘗試以合適的價格點將這些功能集與真正廣泛的人群相匹配。

And we know that that inevitably means that we're going to really sort of see an expansion of that.

而且我們知道這不可避免地意味著我們將真正看到它的擴展。

And an important part of that is making sure that we are continually looking at how do we broaden accessibility.

其中一個重要部分是確保我們不斷研究如何擴大可訪問性。

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.

那麼，我們如何引入足夠低的價格點，讓世界上越來越多的人能夠訪問該服務，享受我們正在創造的那種令人驚嘆的故事。

You've seen us do that with rolling out the mobile plan, for example, in several countries in Asia.

您已經看到我們通過推出移動計劃來做到這一點，例如，在亞洲的幾個國家。

That sort of we find a good balance of features and price points.

這種我們在功能和價格點之間找到了很好的平衡。

We're going to just do more and more of that.

我們將做越來越多的事情。

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.

但我認為你已經看到了廣泛的軌跡，它擴大了我們產品的廣度和與之相關的價格點。

Related to that, your investment -- content investment in Asia has ramped up pretty significantly.

與此相關的是，您在亞洲的投資——內容投資已經顯著增加。

I think you announced this quarter $500 million in Korea, 40 new films and series in India.

我想你本季度在韓國宣布了 5 億美元，在印度推出了 40 部新電影和連續劇。

Obviously, Japanese anime continues to ramp.

顯然，日本動漫繼續升溫。

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...

我很好奇是什麼讓你有信心在亞洲積極投資，特別是在像印度這樣的市場，它仍然低於全球 GDP 的份額，並且願意為優質內容主題付費……

Well, remember, I think it's the -- the product market fit is what we're always looking for.

好吧，請記住，我認為這是我們一直在尋找的產品市場契合度。

Now we're programming the service in a way that consumers value it and love it.

現在，我們正在以消費者重視和喜愛它的方式對服務進行編程。

And it's a bit of trial and error at the beginning of each of the territories as we've rolled out.

在我們推出的每個區域開始時，都會有一些反複試驗。

I mean we started launching in international territories with no original programming in local language with local producers.

我的意思是我們開始在國際地區推出，沒有與當地製作人一起使用當地語言進行原創節目。

And now we're producing in most corners of the world.

現在我們在世界的大多數角落生產。

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.

我確實認為我們對韓國、印度和日本投資的信心是迄今為止投資的成功，它讓我們越來越接近我們在更成熟市場中擁有的產品市場。

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.

所以我確實認為，就像我們在韓國原創作品和日本動漫中看到的那樣，它們在該地區和國內都表現得非常好，有時他們的興趣和願望可能非常非常全球化。

And the fact that we can bring a global audience to those creators in each of the territories has been really attractive.

我們可以為每個地區的創作者帶來全球觀眾，這一事實非常有吸引力。

And, Nidhi, we've had enough success in Japan and South Korea for you guys to think about it like Germany or France.

而且，Nidhi，我們在日本和韓國取得了足夠的成功，讓你們可以像德國或法國一樣思考它。

Like, it's a big developed rich market.

就像，這是一個發達的大富豪市場。

We've got that wired.

我們已經連接好了。

India, we're still figuring things out.

印度，我們仍在解決問題。

And so that investment takes some guts and belief forward-looking.

因此，這項投資需要一些勇氣和前瞻性的信念。

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.

但是你應該考慮的其他投資，就像富裕的歐洲國家一樣，內容出口非常好，而且我們每個月都在進步一點點。

Yes.

是的。

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.

我想補充一點，你也可以在數字中看到這一點，Nidhi，甚至我們發布的地區數字。

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.

亞太地區本季度約占我們會員增長的 1/3，而且收入增長仍然很健康，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.

這在一定程度上是因為——正如我們一樣——隨著我們改進服務、參與度上升、客戶流失率下降，我們偶爾會漲價，正如格雷格所說。

And that happened recently in Australia, New Zealand and Japan.

這最近發生在澳大利亞、新西蘭和日本。

And I think our members are clearly appreciating the value of what we're delivering them.

我認為我們的成員顯然很欣賞我們為他們提供的價值。

So the business is scaling, and scaling well.

因此，業務正在擴展，並且擴展得很好。

Yes.

是的。

That's helpful.

這很有幫助。

So Reed, is that gut or belief when it comes to kind of these lower ARPU or just the newer market?

那麼 Reed，對於這些較低的 ARPU 或只是較新的市場，是直覺還是信念？

Is that -- that eventually, you'll be able to play the kind of low ARPU high-volume strategy?

是不是——最終，你將能夠玩低 ARPU 的大容量策略？

Or is it over the long term, incomes will rise in these markets, ARPUs will rise and the math will sort of work?

還是從長遠來看，這些市場的收入會上升，ARPUs 會上升，數學會起作用？

I think on that, we're still learning.

我認為，我們仍在學習。

We've done some pricing experiments in India that Greg can talk about.

我們在印度做了一些 Greg 可以談論的定價實驗。

And I would say we're still mostly focused on getting a content fit and getting broader content.

我想說的是，我們仍然主要專注於獲得合適的內容並獲得更廣泛的內容。

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?

所以這就是為什麼我會說一個比韓國或日本更具投機性的投資，同樣，5 年前我們做這些的時候非常投機，好嗎？

But we've got off -- we're over the hump on that.

但是我們已經下車了——我們已經克服了困難。

We've got a great match.

我們有一場精彩的比賽。

And we're still working on India, and it's super exciting.

而且我們仍在印度工作，這非常令人興奮。

And again, right now, this month, things are terrible in the COVID spike.

再說一次，現在，這個月，COVID 飆升的情況很糟糕。

But outside of that, we've been really producing a lot of great new content that's currently shut down.

但除此之外，我們確實製作了許多目前已關閉的很棒的新內容。

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

格雷格，你想談談，比如 Jio 還是其中的任何一個？

Yes.

是的。

And maybe a couple of things there.

也許那裡有幾件事。

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.

Nidhi，我們認識到 - 與我們將在接下來的很多很多年裡學到的東西相比，我們還不知道很多。

And so our job is to really try and be innovative and push an experiment.

所以我們的工作是真正嘗試創新並推動實驗。

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.

因此，無論是在多月或小袋等方面推動實際模型，並在某種程度上探索這種產品的範圍。

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.

但我們也看到，在我們服務的全球幾乎所有市場中，我們都非常成功的是，利用與消費者有現有關係的上市合作夥伴，作為讓他們接觸 Netflix 服務的一種方式然後讓他們輕鬆付款。

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.

當然，最終且易於支付的是它只包括我們一直在做越來越多的那種捆綁產品，而 Jio 是我們一直在那里合作的合作夥伴的一個很好的例子，它真正帶來了以與他們提供的低成本移動計劃以及家庭 IPTV 計劃相關的非常、非常低的價格向新的人群提供服務。

And those have been successful for us as well.

這些對我們來說也很成功。

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.

因此，它不斷嘗試推動所有這些不同的引擎，並真正找出適合當地會員和消費者的正確價格點、正確的產品和正確的方式。

I would just add that India is a tremendous opportunity.

我只想補充一點，印度是一個巨大的機會。

And I think Netflix offers a tremendous opportunity for the creative community to connect with enormous audiences.

而且我認為 Netflix 為創意社區提供了與大量觀眾建立聯繫的巨大機會。

And it's just, like all great opportunities, it's a long journey, and it's a challenge.

就像所有偉大的機會一樣，這是一個漫長的旅程，也是一個挑戰。

And we think it's worth it.

我們認為這是值得的。

And that's why we're investing early and trying to stay ahead of it.

這就是為什麼我們要儘早投資並努力保持領先地位。

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.

而且我認為，隨著我們繼續學習越來越多，我們將能夠看到我們在世界其他地方看到的那種結果。

Great.

偉大的。

Well, I'm a big consumer of your Indian content, so keep if coming.

好吧，我是你的印度內容的大消費者，所以如果來了就繼續。

Greg, you've started to run some tests in certain markets, I think maybe just the U.S., on limiting account sharing.

格雷格，你已經開始在某些市場進行一些測試，我想可能只是在美國，限制賬戶共享。

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?

你能在這裡談談機會的大小嗎？為什麼現在是開始擰緊螺絲的合適時機？

Yes.

是的。

First of all, we recognize that our members are in different positions, again, and they have different needs from us as an entertainment service.

首先，我們再次認識到我們的會員處於不同的位置，他們對我們作為娛樂服務的需求也不同。

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.

我們確實在尋求那種靈活的方法，以確保我們提供的計劃具有正確的功能和正確的價格點，以滿足這些廣泛的需求。

So we're going to keep doing that.

所以我們將繼續這樣做。

We're going to keep working on that, working on accessibility across all of the countries that we serve.

我們將繼續努力，致力於在我們服務的所有國家/地區實現可訪問性。

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.

但我們也想確保，在我們這樣做的同時，我們擅長確保使用 Netflix 帳戶、訪問它的人是有權這樣做的人。

And that's what this sort of line of testing is about.

這就是這種測試線的意義所在。

It's not necessarily a new thing.

這不一定是新事物。

We've been doing this for a while.

我們已經這樣做了一段時間。

You may see it pop up here and there in different ways, but it's sort of the same framework that we use.

你可能會看到它以不同的方式出現在這里和那裡，但它與我們使用的框架是一樣的。

And I think you're familiar with and so much of how we think about continuously improving the service, which is we iteratively work.

而且我認為您非常熟悉我們如何考慮不斷改進服務，這是我們反復工作的方式。

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.

我們使用測試和測試結果來告知和指導我們如何進行，並不斷嘗試使之變得越來越好。

And, Nidhi, we will test many things, but we would never roll something out that feels like turning the screws, as you said.

而且，Nidhi，我們會測試很多東西，但我們永遠不會推出像你說的那樣轉動螺絲的東西。

It's got to feel like it makes sense to consumers that they understand.

必須讓消費者覺得他們理解的東西是有意義的。

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.

Greg 一直在對如何嘗試與消費者的想法相協調的變體進行大量研究。

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

是否有任何特定市場的訂閱者或用戶與訂閱者的比率特別高？

I think different -- every market, every country is different, and so we see different ranges of behavior.

我認為不同——每個市場、每個國家都是不同的，所以我們看到不同的行為範圍。

And I think just how people orient themselves to the service is different from country to country.

而且我認為人們對服務的定位方式因國家而異。

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.

所以我想 - 這不僅僅是他們如何看待他們如何運作系統，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是自然的一部分他們如何與我們正在講述的故事聯繫起來。

So It's all different around the planet, and it's different within countries, too, as you might well expect.

因此，正如您所預料的那樣，全球各地都不同，國家內部也不同。

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?

如果這是一個您可以在很長一段時間內縮小的差距，您是否認為通過限制帳戶共享或讓每個人支付更多費用來讓一些人支付更多費用會帶來更大的收入機會 - 比如，這是下一個更大的收入機會，我不知道，10 年或開始縮小差距需要多長時間？

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.

我想說的是，我認為最佳的收入機會，最佳的商業機會是試圖找出一種方法來最好地為我們的會員服務，並試圖找出真正有效的模型、計劃類型、正確的價格點、正確的功能以自然的方式為他們服務。

And that really is what's informing sort of our investigational exploration.

這確實是我們進行調查探索的信息。

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.

我想說的是，我們真的不知道大多數情況——當我們走上一條創新之路時，我們的首要任務是什麼合適的著陸點。

That's why we do this experiments and then we do the iterative approach.

這就是為什麼我們做這個實驗，然後我們做迭代方法。

So it's mostly letting that process unfold and letting our members speak to us about what's really the ideal model for them.

所以主要是讓這個過程展開，讓我們的成員與我們討論什麼才是他們真正的理想模型。

Great.

偉大的。

That makes sense.

這就說得通了。

Spence, pushing gears to you.

斯賓塞，向你推齒輪。

Now that your balance sheet doesn't keep me up at night anymore.

現在你的資產負債表不再讓我夜不能寐。

I can ask a much more fun question, which is, what will you do with all the excess cash?

我可以問一個更有趣的問題，那就是，你將如何處理所有多餘的現金？

You've been asked to do a $5 billion buyback, which is great to see.

你被要求進行 50 億美元的回購，這很高興。

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.

也許只是談談參數和支付方式——這次特別的回購，以及你對未來幾年哲學的看法。

Yes.

是的。

Sure, Nidhi.

當然，尼迪。

So as we've said in the letter and the last couple of letters now, we think we've turned the corner.

因此，正如我們在信中和現在最後幾封信中所說的那樣，我們認為我們已經走到了拐角處。

We know we've turned the corner on that cash flow story.

我們知道我們已經扭轉了現金流的故事。

So we expect to be about cash flow breakeven this year and then sustainably free cash flow positive and growing thereafter.

因此，我們預計今年的現金流量將達到收支平衡，然後是可持續的自由現金流量為正，並在此後不斷增長。

And so -- and we don't intend to build up a bunch of excess cash on the balance sheet.

所以——我們不打算在資產負債表上積累大量多餘的現金。

So we will maintain a debt level, a gross debt level in the $10 billion to $15 billion range.

所以我們將維持一個債務水平，總債務水平在 100 億美元到 150 億美元之間。

We've paid down about $500 million in principal in Q1.

我們在第一季度已經支付了大約 5 億美元的本金。

So we -- our gross debt did come down from the prior quarter.

所以我們 - 我們的總債務確實比上一季度有所下降。

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.

我們認為，股票回購是一種以負責任的資本管家方式向股東回報價值的方式，同時也為我們保持一定程度的資產負債表靈活性以繼續具有戰略意義。

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.

因為首先，我們的第一要務是戰略性地投資於業務的增長，但當然，然後將多餘的現金返還給我們的股東。

So we're still maintaining a goal of about 2 months of revenue is our kind of cash on the balance sheet.

所以我們仍然維持大約 2 個月的收入目標是我們資產負債表上的現金。

And you'll see us ease into that share buyback program.

你會看到我們輕鬆地參與到股票回購計劃中。

So it will start this quarter.

所以它將在本季度開始。

As I said, I think you'll see us ease into it.

正如我所說，我想你會看到我們輕鬆進入它。

And we're authorized up to $5 billion of share repurchase, and we'll kind of get the program going this year.

我們獲得了高達 50 億美元的股票回購授權，我們將在今年啟動該計劃。

Great.

偉大的。

Reed, you've remained incredibly focused over the years.

里德，這些年來你一直非常專注。

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.

我記得你最近告訴我保持主要內容的重要性，這顯然為 Netflix 帶來了很多成功。

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.

但是當我期待下一個 10 年時，我意識到這是一段很長的時間，但如果你繼續成功地增加，稱之為，每年 3000 萬訂閱者，你將在 10 年內超過 5 億訂閱者年，感覺滲透率很高。

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.

所以我想在這種背景下，擁有第二個應用程序與繼續讓業務成熟並專注於資本回報有多重要。

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.

嗯，YouTube 和 Facebook 以及這些資產價值數十億，而互聯網只是在增長，所以如果我們有幸獲得你提到的這些數字，我們也將非常渴望從那裡翻倍。

So outside of China, I think pay television peaked about 800 million households.

因此，在中國以外，我認為付費電視的峰值約為 8 億戶。

So lots of room -- and that was several years ago that it peaked, lots of room to grow.

這麼大的空間——那是幾年前它達到頂峰的時候，還有很大的增長空間。

So think about it as we do want to expand.

因此，在我們確實想要擴展時考慮一下。

So, like, we used to do that thing shipping DVDs and luckily, we didn't get stuck with that.

所以，就像，我們曾經做過運送 DVD 的事情，幸運的是，我們並沒有被困住。

We didn't define that as the main thing.

我們沒有將其定義為主要內容。

We defined entertainment as the main thing.

我們將娛樂定義為主要內容。

And so then we expanded into -- Ted -- I should say Ted expanded us into original content.

然後我們擴展為-- Ted-- 我應該說Ted 將我們擴展為原始內容。

And first, it was original series and then films and then animation and kids and unscripted.

首先，它是原創系列，然後是電影，然後是動畫、兒童和無劇本。

And so bit by bit, we're adding category.

所以一點一點地，我們正在添加類別。

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.

所以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，在全球製作方面還有很多工作要做。

So I don't think there will be a second act in the sense that you mean like an AWS and Amazon shopping.

所以我認為不會有第二次行動，就像你所說的 AWS 和亞馬遜購物一樣。

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.

我敢打賭，我們最終會得到一個巨大的、有希望的、非常有保障的利潤池，然後通過擴大類別繼續改善為我們的會員提供的服務。

So I wouldn't look for any big, large secondary pool of profits.

所以我不會尋找任何大的、大的二級利潤池。

There'll be a bunch of supporting pools like consumer products that can be both profitable and can support the title brands.

將會有一堆支持池，比如既可以盈利又可以支持標題品牌的消費品。

So that's an obvious one.

所以這是顯而易見的。

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

而且，Nidhi，我們有時間回答最後兩個問題。

Great.

偉大的。

So I mean just to follow up on that, people often view gaming as kind of a natural extension or adjacency for you.

所以我的意思是跟進這一點，人們經常將游戲視為你的一種自然延伸或鄰接。

That's obviously still within the entertainment category, as you mentioned.

正如您所提到的，這顯然仍屬於娛樂類別。

In what ways is that true or untrue?

這在哪些方面是真實的或不真實的？

And is there a way to do gaming in sort of the Netflix title?

有沒有辦法在 Netflix 標題中進行遊戲？

And Spence built the way in here as we came from that world.

當我們來自那個世界時，斯賓塞在這裡開闢了道路。

Exactly.

確切地。

In ways, we're kind of in gaming now because we have Bandersnatch and we have some very basic interactive things.

在某些方面，我們現在有點像在玩遊戲，因為我們有 Bandersnatch，我們有一些非常基本的互動事物。

But Spence, and then Greg, maybe talk a little there.

但是 Spence，然後是 Greg，也許會在那裡談一談。

Well, I'll probably let Greg mostly go.

好吧，我可能會讓格雷格大部分時間離開。

I would just say it kind of ties to what you -- what Reed said.

我只想說這與你所說的——里德所說的有關。

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.

我的意思是，我們已經通過我們的一些交互式編程以及消費產品的許可和銷售方面涉足了它。

And we're a business that continues to learn.

我們是一家不斷學習的企業。

And so far, our learning has been -- it's been good learnings.

到目前為止，我們的學習一直是——這是很好的學習。

We're happy with how it's played out.

我們對它的表現感到滿意。

And hopefully, we continue to kind of learn from here.

希望我們能繼續從這裡學習。

But I don't know, Greg, if you want to add to that?

但我不知道，格雷格，你想補充嗎？

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.

我再強調一點，那就是，Nidhi，我們致力於創造這些令人驚嘆的深邃宇宙和引人入勝的角色，人們開始愛上這些宇宙，他們想要更深入地沉浸在自己的世界中，更好地了解角色以及他們的背景故事和所有這些東西。

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.

所以我們真的在試圖弄清楚我們可以增加這些聯繫點的所有這些不同的方式，我們可以加深這種狂熱。

And certainly, games is a really interesting component of that.

當然，遊戲是其中一個非常有趣的組成部分。

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.

因此，無論是遊戲化我們正在做的一些線性故事，比如互動、Bandersnatch 和兒童互動節目，這都非常有趣。

We're going to continue working in that space for sure.

我們肯定會繼續在這個領域工作。

We've actually launched games themselves.

我們實際上已經自己推出了遊戲。

It's part of our licensing and merchandising effort, and we're happy with what we've seen so far.

這是我們的許可和銷售工作的一部分，我們對迄今為止所看到的感到滿意。

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.

毫無疑問，遊戲將成為一種重要的娛樂形式，也是一種加深粉絲體驗的重要方式。

So we're going to keep going, and we'll continue to learn and figure it out as we go.

所以我們將繼續前進，我們將繼續學習並在我們前進的過程中弄清楚。

Great.

偉大的。

Well, if we have time for one more.

好吧，如果我們有時間再來一次。

My last question is just, over the last 5 earnings calls, how many times would you say Ted has used the word zeitgeist?

我的最後一個問題是，在過去的 5 次財報電話會議中，你會說 Ted 使用了多少次時代精神這個詞？

Do I use zeitgeist a lot?

我經常使用時代精神嗎？

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

我只是注意到它，因為我正在聽以前的財報電話......

It's a good word.

這是個好詞。

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

Nidhi，你必須承認，這是個好詞。

I actually have a real last question which is, of your Oscar-nominated films this year, which did you most enjoy watching?

我實際上有一個真正的最後一個問題，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？

And I can go first, mine was White Tiger.

我可以先走，我的是白虎。

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

我將通過外交方式將問題轉交給 Reed。

Chicago 7 for me.

芝加哥 7 對我來說。

White Tiger for me.

白虎給我。

Chicago 7 for me.

芝加哥 7 對我來說。

White Tiger for me, too.

白虎對我來說也是。

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.

只是所以我不完全 - 所以我不會完全懦弱，你應該花時間觀看一部非常漂亮的動畫短片，它獲得了奧斯卡提名，名為“如果發生任何事情，我愛你”。

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.

我認為，這確實是一種非凡的講故事方式，人們可以真正擴展他們認為講故事的範圍。

And Ted, maybe you could wrap us up.

還有泰德，也許你可以把我們包起來。

Awesome.

驚人的。

Well, thank you so much, Nidhi, for joining us on for the call and walking us through this.

好吧，非常感謝 Nidhi 加入我們的電話並引導我們完成這一切。

I know that our -- what we're busy doing.

我知道我們正在忙著做什麼。

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.

我知道今天有些人看新聞很緊張，世界上的某些人，比如我們在巴西和印度的朋友和同事，正經歷著特別艱難的時期，我們的心和想法也與你們同在。

But thank you.

不過謝謝。

We'll see you next quarter.

我們下個季度見。