Netflix Inc (NFLX) 2020 Q4 法說會逐字稿

Hello, and welcome to the Netflix Q4 2020 Earnings Interview.

您好，歡迎來到 Netflix 2020 年第四季度收益訪談。

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 Kannan Venkateshwar from Barclays.

本季度我們的採訪者是來自巴克萊的 Kannan Venkateshwar。

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 Kannan for the first question.

有了這個，讓我把它交給 Kannan 來回答第一個問題。

Thank you, Spencer, and good afternoon, everyone.

謝謝斯賓塞，大家下午好。

So maybe, Spence, we could start off with you, just given the guidance and the beat during the quarter relative to guidance.

所以也許，Spence，我們可以從你開始，只要給出指導和本季度相對於指導的節拍。

Sequentially, the first quarter tends to be higher in net additions than Q4.

因此，第一季度的淨增加值往往高於第四季度。

But your guidance is lower despite the fact that you beat Q4 by a relatively large amount.

但是，儘管您以相對較大的幅度擊敗了第四季度，但您的指導卻較低。

And it feels like the pull-forward effect is more or less behind us.

感覺前拉效應或多或少地落後於我們。

So if you could just help us walk through the thought behind the guidance and the framework that you used for that, that would be a good place to start.

因此，如果您可以幫助我們了解指導背後的思想和您為此使用的框架，那將是一個很好的起點。

Yes, sure, Kannan.

是的，當然，卡南。

Well, great to see you.

嗯，很高興見到你。

Happy New Year, obviously delayed.

新年快樂，明顯延遲了。

So in terms of the guide, first of all, we guided to 6 million paid net adds for Q1, if you saw.

因此，就指導而言，首先，如果您看到的話，我們將第一季度的付費淨增加量指導為 600 萬。

And obviously, that's still a big number, especially when you think about it in context of 2020, which was, by far, a record year with 37 million paid net adds.

顯然，這仍然是一個很大的數字，尤其是當你在 2020 年的背景下考慮它時，到目前為止，這是一個創紀錄的一年，有 3700 萬付費淨增加。

So I know you mentioned the pull-forward.

所以我知道你提到了前拉。

I don't think we're declaring that we're necessarily through that yet.

我認為我們還沒有宣布我們必須通過那個。

So we think there's puts and calls every quarter.

所以我們認為每個季度都有看跌期權和看漲期權。

But one that's still a meaningful factor for us in the guide is thinking through how we kind of grow through that growth from 2020.

但是，在指南中對我們來說仍然是一個有意義的因素是思考我們如何通過 2020 年的增長來實現增長。

So there's probably still a little bit of that pull-forward dynamic in the early parts of 2021.

因此，在 2021 年初，可能仍有一點這種前行的動力。

And then more broadly, Kannan, it's just so difficult in this time.

然後更廣泛地說，Kannan，在這個時候真是太難了。

I mean, this is one of the more uniquely challenging times, not just for life but -- that's most important -- but also obviously in terms of trying to just forecast the growth trajectory of the business.

我的意思是，這是一個更具獨特挑戰的時代，不僅是對生活，而且——這是最重要的——而且顯然是在試圖預測業務的增長軌跡方面。

There's just so much uncertainty right now.

現在有太多的不確定性。

So it's more uncertain than we've ever seen, and we're trying to forecast through that.

所以它比我們所見過的更加不確定，我們正試圖通過它來預測。

But at the same time, one thing that's maybe counterbalancing that is that what COVID has done for that is it's accelerated that big shift from linear to streaming entertainment.

但與此同時，可能會產生平衡的一件事是，COVID 為此所做的就是加速了從線性娛樂到流媒體娛樂的巨大轉變。

So the long-term growth trajectory is at least as strong as ever.

因此，長期增長軌跡至少與以往一樣強勁。

There's just more short-term noise and uncertainty right now but still very strong underlying growth metrics, and that's what you're seeing in the Q1 guide.

現在只有更多的短期噪音和不確定性，但仍然非常強勁的潛在增長指標，這就是你在第一季度指南中看到的。

I guess if you just look at the full year in terms of cadence, '21, obviously, has tough comps versus 2020.

我想如果你只從節奏的角度來看全年，'21 顯然與 2020 年相比具有艱難的競爭。

But I think one of the things you guys also indicated was potentially a 4 million to 5 million pull-forward into 2020 from a growth perspective.

但我認為你們還指出的一件事是，從增長的角度來看，到 2020 年可能會有 400 萬到 500 萬的增長。

And I think there's been a lot of debate about what you actually meant by that 4 million to 5 million.

我認為關於你所說的 400 萬到 500 萬的實際含義存在很多爭論。

So if you could just contextualize the guidance for Q1 more in the context of 2021.

因此，如果您可以在 2021 年的背景下將第一季度的指導更加具體化。

You typically do 28 million, 30 million subs in a given year.

您通常會在給定的一年內完成 2800 萬到 3000 萬次訂閱。

Is that framework more or less intact?

該框架或多或少完好無損？

Or should we read that 4 million to 5 million comment as a pull-forward into '20?

還是我們應該將 400 萬到 500 萬條評論解讀為 20 世紀的前奏？

Well, look, I'll take this one.

好吧，看，我會拿這個。

Others can jump in as well.

其他人也可以加入。

Unfortunately, Kannan, we're just -- we're not going to provide a full year guide.

不幸的是，Kannan，我們只是 - 我們不會提供全年指南。

I mean just as we talked about, there's so much uncertainty in the business.

我的意思是，正如我們所談到的，業務中存在很多不確定性。

We can provide a number, but I'm not sure it would be worth -- it would be bankable, right?

我們可以提供一個數字，但我不確定它是否值得——它是否可以銀行存款，對吧？

I mean it's hard enough to project the next 90 days, let alone the next 12 months.

我的意思是預測接下來的 90 天已經夠難了，更不用說接下來的 12 個月了。

What we feel very good about, as I said, is that longer-term growth trajectory.

正如我所說，我們對長期增長軌跡感到非常滿意。

You've seen us, as you pointed out, the historical growth trends.

正如您所指出的，您已經看到了我們的歷史增長趨勢。

Hopefully, it will be plus or minus that, but it's a bit impossible to predict.

希望它會增加或減少，但這有點無法預測。

What we do see is that viewing is up in every region of the world.

我們所看到的是，世界每個地區的收視率都在上升。

It's kind of returned from those peak COVID levels, but it's up year-over-year in all regions.

它是從那些峰值 COVID 水平中恢復過來的，但在所有地區都在逐年上升。

Retention is better than it was a year ago.

留存率比一年前要好。

Acquisition is strong.

收購勢頭強勁。

So the underlying metrics are strong in the business, but I don't want to provide false precision on a 12-month target.

因此，業務中的基本指標很強大，但我不想在 12 個月的目標上提供錯誤的精確度。

Okay.

好的。

And if you could touch on a couple of regions, I mean, the one thing that stood out during the quarter, of course, is UCAN, where most of us thought the market was saturated but you guys keep accelerating growth despite price increases, which is even more impressive.

如果你能談到幾個地區，我的意思是，本季度最突出的一件事當然是 UCAN，我們大多數人都認為市場已經飽和，但儘管價格上漲，你們仍在加速增長，這更令人印象深刻。

And then the other region which until Q3 seems to be -- despite the benefit of COVID -- seemed to have slower growth than 2019 despite the market not being saturated.

然後，儘管市場尚未飽和，但在第三季度之前似乎是另一個地區——儘管有 COVID 的好處——但增長似乎比 2019 年慢。

So if you could just talk about the underlying trends in some of these markets and what you're seeing, which is driving some of these trends, that might be useful.

因此，如果您可以談論其中一些市場的潛在趨勢以及您所看到的推動其中一些趨勢的因素，那可能會很有用。

Do you want me to go or someone else want to go?

你想我去還是別人想去？

Sure.

當然。

Yes.

是的。

Okay.

好的。

I'll go again, Kannan.

我會再去的，卡南。

I think the story is pretty similar throughout the world.

我認為這個故事在世界各地都非常相似。

Every country is a little bit different.

每個國家都有點不同。

But what we're seeing in terms of our viewing trends are similar around the world.

但是，就我們的觀看趨勢而言，我們在全球範圍內看到的情況是相似的。

The types of content that our members are viewing is kind of similar, pre-COVID and post-COVID.

我們的會員正在查看的內容類型有點相似，包括 COVID 之前和 COVID 之後。

Obviously, we have more and more variety of content and great experiences that we're offering to our members.

顯然，我們提供給會員的內容和體驗越來越多樣化。

But the story is pretty similar.

但故事非常相似。

As you know, there are certain countries around the world where we're just further along in our content market fit and our maturation, but we're seeing growth everywhere.

如您所知，在世界上某些國家/地區，我們在內容市場契合度和成熟度方面走得更遠，但我們到處都看到了增長。

I mean even -- like you pick Latin America as an example, one of our more mature markets.

我的意思是——就像你選擇拉丁美洲作為例子，我們更成熟的市場之一。

You look over the past few years, and we've been steadily growing about 5 million to 6 million paid net adds a year.

你看看過去幾年，我們每年的付費淨增加量一直在穩步增長約 500 萬至 600 萬。

As you mentioned, in the kind of U.S., UCAN market, we're roughly 60% penetrated, and we're still growing.

正如您所提到的，在美國 UCAN 市場中，我們的滲透率大約為 60%，而且我們仍在增長。

So we're still a very small share of even just pay-TV penetration in most markets around the world and small share of viewing.

因此，即使只是付費電視在全球大多數市場的滲透率和收視率，我們仍然只佔很小的份額。

So we think we've got a lot of headroom in all these markets, and we're just trying to get a little better every day.

所以我們認為我們在所有這些市場都有很大的空間，我們只是每天都在努力變得更好。

And Kannan, if you take the U.S. being our most penetrated market, we're still under 10% of television viewing time as Netflix.

Kannan，如果你把美國作為我們滲透率最高的市場，我們的電視觀看時間仍然不到 Netflix 的 10%。

So again, there -- we've got a lot of subscribers here in the U.S., but we still have a lot more viewing time that we would like to earn with an embeddable service and embeddable content.

再說一次，我們在美國有很多訂閱者，但我們仍然有更多的觀看時間，我們希望通過可嵌入的服務和可嵌入的內容來賺取。

Okay.

好的。

And Spence, maybe one last financial question and we'll get this out of the way and get into the more interesting part of the discussion.

還有Spence，也許是最後一個財務問題，我們會解決這個問題並進入討論中更有趣的部分。

But...

但...

I won't take offense to that last comment, Kannan.

我不會對最後的評論生氣，卡南。

But the one thing, obviously, which is new in the letter this quarter is the cash flow guidance, and your cash flow guidance is better than what you guys initially indicated, and the buyback guidance.

但是，很明顯，本季度信中的新內容是現金流指導，你的現金流指導比你們最初表示的要好，還有回購指導。

So maybe you could talk about capital allocation and using the cash for buybacks versus potentially other opportunities.

因此，也許您可以談論資本配置以及將現金用於回購與潛在的其他機會。

And also, why use an absolute gross debt number instead of a leverage target to frame the buyback discussion?

此外，為什麼要使用絕對總債務數字而不是槓桿目標來構建回購討論？

So it would be helpful to get that context.

因此，了解這種情況會很有幫助。

Yes, sure.

是的，當然。

So thanks, Kannan.

所以謝謝，卡南。

We're super proud of where we are from a free cash flow perspective.

從自由現金流的角度來看，我們為自己所處的位置感到非常自豪。

And we talked a bit internally before the call as to what was a bigger milestone for us: to pass the 200 million member mark or kind of turning to this next chapter in terms of our free cash flow, and the ability to self-fund our growth going forward.

在電話會議之前，我們在內部談了一些關於什麼對我們來說是一個更大的里程碑：通過 2 億會員大關，或者在我們的自由現金流方面轉向下一章，以及自籌資金的能力未來的增長。

And we think that's a pretty big milestone for us.

我們認為這對我們來說是一個相當大的里程碑。

To the point of our capital allocation approach, the philosophy remains unchanged, which is that we're going to be disciplined stewards of the capital and try to do things that we believe are value maximizing for our shareholders.

就我們的資本分配方法而言，理念保持不變，即我們將成為紀律嚴明的資本管理者，並嘗試做我們認為對股東價值最大化的事情。

But we have turned this corner where now we can, as we talked about with $8 billion of cash on the balance sheet, projecting to be cash flow about breakeven in 2021 and then positive thereafter.

但是，正如我們談到資產負債表上有 80 億美元的現金時，我們已經轉向了這個拐角，預計 2021 年的現金流量將達到盈虧平衡，然後是正數。

We want to return excess cash to our shareholders.

我們希望將多餘的現金返還給我們的股東。

So we won't build up a bunch of excess cash.

所以我們不會積累大量多餘的現金。

We'll maintain, as you say, about -- as we said in the letter, and as you mentioned, about $10 billion to $15 billion of gross debt on the balance sheet.

正如你所說，我們將維持大約——正如我們在信中所說，正如你提到的，資產負債表上的總債務約為 100 億至 150 億美元。

And that's really just to maintain familiarity and access to the debt markets, should we need it, but there's really not a whole lot of science beyond that.

這實際上只是為了保持熟悉和進入債務市場，如果我們需要的話，但除此之外真的沒有很多科學。

And then beyond, as I say, we're -- we put a premium on balance sheet flexibility.

然後，正如我所說，我們非常重視資產負債表的靈活性。

So we're going to continue to invest aggressively into the growth opportunities that we see.

因此，我們將繼續積極投資於我們看到的增長機會。

And that's always going to come first.

這永遠是第一位的。

But beyond that, if we have excess cash, we'll return it to shareholders through a share buyback program.

但除此之外，如果我們有多餘的現金，我們將通過股票回購計劃將其返還給股東。

And Reed and Ted, if we could just pivot to a question on competition.

還有 Reed 和 Ted，如果我們可以轉向一個關於競爭的問題。

I mean this question may feel a little bit unfair, to be honest, because in many ways, you created the streaming template for others to replicate.

老實說，我的意思是這個問題可能讓人覺得有點不公平，因為在很多方面，您創建了流模板供其他人復制。

But given Disney's recent success and the kind of numbers they are putting up, it almost feels like Netflix is underachieving versus its potential and has to work a lot harder to get to comparable scale.

但鑑於迪士尼最近的成功以及他們提供的數字，幾乎感覺 Netflix 與其潛力相比表現不佳，並且必須更加努力地工作才能達到可比的規模。

So are there any reasons why the Disney numbers are not a benchmark for Netflix and why you got -- the company can't get there?

那麼，迪士尼的數字不是 Netflix 的基準有什麼原因，為什麼你得到了 - 公司無法做到這一點？

Underachieving, Kannan, I mean, if you look at our financials, in the bottom of our earnings, which is the return -- the annualized return over 18 years being 40%, so if that's underperformance, we'll do more of that.

表現不佳，Kannan，我的意思是，如果你看看我們的財務狀況，在我們收益的底部，即回報率——18 年的年化回報率為 40%，所以如果這是表現不佳，我們會做更多的事情。

Look, it's super impressive what Disney has done.

看，迪斯尼的所作所為令人印象深刻。

I mean it's the incredible execution for an incumbent to pivot and taking on an insurgent.

我的意思是，對於一個現任者來說，這是一個令人難以置信的執行力，可以扭轉並對付一個叛亂分子。

And so that's great.

所以這很棒。

And it shows that members are interested and willing to pay more for more content because they're hungry for great stories, and Disney does have some great stories.

這表明會員有興趣並願意為更多內容支付更多費用，因為他們渴望精彩的故事，而迪士尼確實有一些精彩的故事。

And so it gets us fired up about increasing our membership, increasing our content budget.

所以它讓我們對增加我們的會員資格、增加我們的內容預算感到興奮。

And it's going to be great for the world that Disney and Netflix are competing show by show, movie by movie.

迪士尼和 Netflix 逐個節目、逐部電影競爭，這對世界來說將是一件好事。

And we're very fired up about catching them in family animation, maybe eventually passing them, we'll see, a long way to go just to catch them, and maintaining our lead in general entertainment that's so stimulating like Bridgerton, which I don't think you're going to see on Disney anytime soon.

而且我們非常熱衷於在家庭動畫中捕捉它們，也許最終會超過它們，我們會看到，要捕捉它們還有很長的路要走，並保持我們在像布里傑頓這樣刺激的一般娛樂領域的領先地位，我不知道不要認為你很快就會在迪士尼上看到。

Ted, do you want to follow up on that?

泰德，你想跟進嗎？

No, I think when you talk about it in competitive terms, you think about Christmas Day 2020 where you have an enormously anticipated film like Wonder Woman '84 and Soul both debuting on competitive services, and us launching what turns out to be one of our biggest launches ever.

不，我認為當您以競爭性術語談論它時，您會想到 2020 年聖誕節，在那裡您將有一部備受期待的電影，例如《神奇女俠 '84》和《靈魂》都在競爭性服務上首次亮相，而我們推出的最終證明是我們的有史以來最大的發射。

And I do think what Reed said is that it does point to people have tremendously big appetite for great entertainment and all different kinds of it.

我確實認為里德所說的是，它確實表明人們對精彩的娛樂和各種不同的娛樂有著極大的興趣。

And the fact that they're willing to pay more for more programming, I think, is very encouraging.

我認為，他們願意為更多的編程支付更多的費用，這一事實非常令人鼓舞。

We've always said that people will -- our goal is we want to make everybody's favorite show, everybody's favorite film.

我們一直說人們會——我們的目標是製作每個人都喜歡的節目，每個人都喜歡的電影。

Other people are going to try to do that, too, and people will supplement their Netflix subscription to get that content, which I think is a super healthy dynamic.

其他人也會嘗試這樣做，人們會補充他們的 Netflix 訂閱以獲得該內容，我認為這是一種非常健康的動態。

And Kannan, if I -- sorry, go ahead, Greg.

Kannan，如果我—— 抱歉，請繼續，Greg。

I'm sorry, but if I could just add as well, I think there's the membership lens in the number of subscribers.

抱歉，如果我也可以添加的話，我認為訂閱人數中存在會員資格。

But it's also useful to look at it from a revenue lens, which, of course, is the fuel that we have to basically create more of that content to get that virtuous cycle flowing more.

但從收入的角度來看也是有用的，當然，這是我們必須創造更多內容以使良性循環更加流動的燃料。

And the only other thing I would add to that, Kannan, not to get too in the weeds on the numbers -- and not to take anything away at all from what Disney has done because it's been amazing, and I'm a happy customer myself -- but 30% of their, I think, 87 million paid subscribers were Hotstar, which I think we all sort of recognize as a bit of a different service.

我唯一要補充的一點是，Kannan，不要太在意數字——也不要從迪士尼所做的事情中拿走任何東西，因為它太棒了，我是一個快樂的顧客我自己——但我認為，他們的 8700 萬付費用戶中有 30% 是 Hotstar，我認為我們都認為這是一種不同的服務。

So that's -- sort of 87 million is closer to 60 million, and our ARPU is roughly double or actually more than double.

這就是 - 8700 萬接近 6000 萬，我們的 ARPU 大約是兩倍或實際上是兩倍多。

So we added close to 40 million last year alone.

因此，僅去年我們就增加了近 4000 萬。

So I think when you factor in those dynamics and the fact that we're coming from a higher level of penetration globally, I think we feel very good about the performance.

所以我認為，當你考慮到這些動態以及我們來自全球更高水平的滲透這一事實時，我認為我們對錶現感到非常好。

So you took the bait.

所以你上鉤了。

Kannan was trying to get us to [chest pound] some more.

Kannan 試圖讓我們再 [胸磅] 一些。

I don't mean to be provocative.

我沒有挑釁的意思。

It turned out to be just -- but just a follow-up.

結果只是——但只是一個後續行動。

And Greg, I guess you're going to have a lot to say on this topic.

Greg，我想你會在這個話題上有很多話要說。

But when you think about Disney coming in or even Discovery or all these new launches that are happening, in some ways, this expands the pie quite a bit for streaming in general because there are also new distribution models that are being attempted.

但是，當您考慮迪士尼的到來，甚至是發現或所有這些正在發生的新發佈時，在某些方面，這通常會大大擴展流媒體的餡餅，因為還有新的發行模式正在嘗試中。

And telecom companies have started to see this as a new normal.

電信公司已經開始將其視為一種新常態。

And my guess is this will lead to all kinds of other permutations in the future.

而我的猜測是，這將在未來導致各種其他排列。

So when you think about more streaming services coming out over the course of '21, does that, in some way, provide an opportunity to try new distribution avenues or accelerate growth because of the growth in streaming in some ways?

因此，當您考慮在 21 年期間推出更多流媒體服務時，這是否在某種程度上提供了嘗試新的分發途徑或由於流媒體在某些方面的增長而加速增長的機會？

Well, I think you're right.

嗯，我認為你是對的。

I mean we're seeing this big macro shift.

我的意思是我們正在看到這種巨大的宏觀轉變。

And certainly, the global pandemic has accelerated that process.

當然，全球大流行加速了這一進程。

And really, I think the first bit is just even that big impetus to move is, to some degree, a tailwind for us because we have more and more consumers who are -- around the world who are aware of these services.

真的，我認為第一點甚至是推動行動的巨大動力，在某種程度上，對我們來說是順風，因為我們有越來越多的消費者——全世界都知道這些服務。

We have more and more intention, more activity out there.

我們有越來越多的意圖，更多的活動。

We are seeking to be innovative and constantly pushing the edges around how we can accelerate our growth, how we can improve our distribution footprint, how do we access members more and more.

我們正在尋求創新，並不斷推動我們如何加速增長，如何改善我們的分銷足跡，我們如何越來越多地接觸會員。

And also -- and what's really the key engine of our growth is just how do we satisfy those folks that have signed up for us because that really is the ultimate stimulus, when they have a great experience and they talk wildly about how great the service is, how amazing the titles that they're viewing there to their friends, their families, their colleagues, that's really what motivates that next round of subscribers to sign up.

而且——我們增長的真正關鍵引擎是我們如何讓那些註冊了我們的人滿意，因為這確實是最終的刺激，當他們有很好的體驗並且他們瘋狂地談論服務有多棒時就是，他們在那裡向他們的朋友、家人、同事觀看的標題多麼令人驚嘆，這才是下一輪訂閱者註冊的真正動力。

So we'll keep pushing the edges.

因此，我們將繼續推動邊緣。

We seek to be innovative in that way, and we'll come up with many creative ideas we can to grow.

我們尋求以這種方式進行創新，我們會想出許多可以發展的創意。

All right.

好的。

And I guess extending on that topic, you ran a couple of interesting experiments during the quarter.

我想延伸到這個話題，你在本季度進行了一些有趣的實驗。

I think Netflix was free in India for a weekend.

我認為 Netflix 在印度有一個週末是免費的。

And in France, you have tried the linear format.

在法國，您已經嘗試過線性格式。

So could you talk a little bit about the learnings from these experiments?

那麼你能談談從這些實驗中學到的東西嗎？

And are these successful enough to expand to other regions?

這些成功是否足以擴展到其他地區？

Yes.

是的。

So StreamFest in India, I mean the primary learning, which is very evident, is that there's a lot of interest amongst consumers in India to try Netflix.

所以印度的 StreamFest，我的意思是主要的學習，非常明顯，印度的消費者對嘗試 Netflix 有很大的興趣。

We had millions of people that had access for a 48-hour period to the service.

我們有數百萬人可以在 48 小時內使用該服務。

And now we go through the more difficult part of actually analyzing how that interest through this specific tactic translates into sustained incremental growth.

現在，我們將經歷更困難的部分，即通過這種特定策略實際分析這種興趣如何轉化為持續的增量增長。

And we're still working through the details of that.

我們仍在研究其中的細節。

And obviously, based on what we see there will inform how we think about how we leverage that tactic again or how do we improve on it, what other places we think it might be leverageable.

顯然，根據我們在那裡看到的情況，我們將如何思考如何再次利用該策略或我們如何改進它，以及我們認為它可能在哪些其他地方可以利用。

And then on -- to your other point, I think Netflix members come to the service seeking to be entertained in a whole variety of ways.

然後 - 對於你的另一點，我認為 Netflix 會員來到服務尋求以各種方式獲得娛樂。

Sometimes they're looking for a movie or sometimes a TV show or animation or scripted or unscripted.

有時他們正在尋找電影，有時是電視節目或動畫，或有劇本或無劇本。

And sometimes they show up and they're not really sure what they want to watch.

有時他們會出現，但他們並不確定他們想看什麼。

And so we've had the opportunity to try and be innovative and try new mechanisms to sort of help our members in that particular state.

所以我們有機會嘗試創新並嘗試新的機制來幫助我們在那個特定州的成員。

So there's -- the linear feed is one example of that.

所以有 - 線性饋送就是其中的一個例子。

It's still unclear how that's going to work out.

目前還不清楚這將如何解決。

So we're still looking at that one.

所以我們還在研究那個。

But I think an even better example of that is a new feature that we've been testing and we're going to now roll out globally because it's really working for us, where our members can basically indicate to us that they just want to skip browsing entirely, click one button and we'll pick a title for them just to instantly play.

但我認為一個更好的例子是我們一直在測試的一個新功能，我們現在將在全球推出，因為它真的對我們有用，我們的會員基本上可以向我們表明他們只是想跳過完全瀏覽，單擊一個按鈕，我們將為他們選擇一個標題，以便立即播放。

And that's a great mechanism that's worked quite well for our members in that situation.

這是一個很棒的機制，在這種情況下對我們的成員來說效果很好。

Greg, are we going to call it, "I'm feeling lucky"?

格雷格，我們會稱它為“我感覺很幸運”嗎？

Or are you going to come up with something better?

或者你會想出更好的東西嗎？

We're going to come up with something better than that.

我們會想出比這更好的東西。

So stand by for the specific verbiage.

因此，請等待具體的措辭。

You'll see it when it rolls out.

當它推出時，你會看到它。

And so Greg, just following up on Asia a little bit more.

所以格雷格，只是對亞洲多一點跟進。

You mentioned the $4 billion to $5 billion in revenues that Netflix has been able to add over the last few years.

您提到了 Netflix 在過去幾年中能夠增加的 40 億到 50 億美元的收入。

As EMEA becomes a bigger region and as your reliance on growth in that region increases, is that $4 billion to $5 billion the right way to think about revenue growth?

隨著歐洲、中東和非洲地區變得更大，並且隨著您對該地區增長的依賴增加，40 億到 50 億美元是考慮收入增長的正確方式嗎？

And also -- and because of the ARPU, of course, in that region being much lower, how should we think about that framework for revenue growth going forward?

而且 - 當然，由於 ARPU 在該地區要低得多，我們應該如何考慮未來收入增長的框架？

Yes.

是的。

I mean we're proud of the sustained $4 billion to $5 billion annual revenue growth, which we think is unprecedented in the entertainment industry.

我的意思是，我們為 40 億至 50 億美元的年收入持續增長感到自豪，我們認為這在娛樂行業是前所未有的。

And certainly, our aspirations are to do as well as we can, and growing -- continue to grow that revenue.

當然，我們的願望是盡我們所能，並不斷增長——繼續增加收入。

But to your point, specifically, what we're seeing is we have to find ways to improve the accessibility of the Netflix service.

但就您而言，具體而言，我們看到的是我們必須找到改善 Netflix 服務可訪問性的方法。

And oftentimes, that means doing some trade-offs between subscriber growth at different ASPs.

通常，這意味著在不同 ASP 的用戶增長之間進行一些權衡。

But really our framework for all of that and the way we assess the moves that we make and how we expand those moves and when we test, how we evaluate those tests is really around that sort of revenue optimization piece.

但實際上我們的所有這些框架以及我們評估我們所做的動作的方式以及我們如何擴展這些動作以及我們在測試時如何評估這些測試實際上都是圍繞著那種收入優化部分。

And so that's always the lens that we get to, and we're going to use that to continue to try and basically fuel as much revenue growth as we can.

因此，這始終是我們的目標，我們將利用它繼續嘗試並基本上推動盡可能多的收入增長。

And I would just add to that, Kannan, just in this past quarter, the APAC region was the second largest contributor to growth.

Kannan，我想補充一點，就在上個季度，亞太地區是增長的第二大貢獻者。

And you see the kind of revenue acceleration, frankly, that's happening in our business from about $4 billion increase over the total year -- 2 years ago to about $5 billion this year.

坦率地說，你會看到收入的加速，這發生在我們的業務中，從 2 年前的全年約 40 億美元增長到今年的約 50 億美元。

And even just in our guidance for Q1, it's, I think, 24% year-over-year.

即使僅在我們對第一季度的指導中，我認為也是同比增長 24%。

So on an absolute basis, that revenue is growing.

因此，在絕對基礎上，該收入正在增長。

And when you think about the APAC region, I mean, obviously, that's -- that region is very different in terms of price sensitivity and the kind of diversity the region has, languages and so on and so forth.

當你想到亞太地區時，我的意思是，很明顯，那個地區在價格敏感性和該地區的多樣性、語言等等方面非常不同。

So when you approach that particular region, is the present model more or less the steady state of trying a mobile-only kind of a plan and then trying to upgrade people from there?

所以當你接近那個特定地區時，目前的模式或多或少是嘗試一種僅限移動設備的計劃，然後嘗試從那裡升級人們的穩定狀態？

Or are there other things you can do either in terms of pricing or product to potentially accelerate that?

還是您可以在定價或產品方面做其他事情來加速這一進程？

There are 100 things that we can and we need to go do, and we know that it's really not about just one trick or one thing that will basically make us successful in the region.

有 100 件事情我們可以做，我們需要去做，我們知道這真的不僅僅是一個技巧或一件事，基本上會讓我們在該地區取得成功。

But it's just constantly looking at all of the ways at which the current product experience doesn't satisfy completely our members, our members to be.

但它只是不斷地研究當前產品體驗不能完全滿足我們的會員、我們的會員的所有方式。

And you mentioned language.

你提到了語言。

It's a great one where even simple things like we're improving the ability for our members to tell us what languages they want in terms of the content when they're browsing.

這是一件很棒的事情，即使是像我們這樣簡單的事情，我們也在提高我們的會員在瀏覽內容時告訴我們他們想要什麼語言的能力。

And there are sort of these different scenarios.

並且有一些不同的場景。

There's a scenario maybe when you're by yourself and if you're multilingual, that can result in sort of different choices.

有一種情況可能是你一個人，如果你會多種語言，這可能會導致不同的選擇。

If you're in a multigenerational household, then all of a sudden, that might shift how you think about like what titles you want to present and what language it is.

如果您在一個多代人的家庭中，那麼突然之間，這可能會改變您的想法，例如您想要呈現什麼標題以及它是什麼語言。

And so that's just one small example of places where we know we can improve the product experience and be more effective in satisfying members.

這只是我們知道我們可以改善產品體驗並更有效地滿足會員的地方的一個小例子。

But it goes on and on from that to like the methods of payments that we know we need to expand, and we're constantly working to add more of those and make those more effective, the partnerships we have that make the service more accessible and more immediate, easier for members to find out and sign up.

但它會不斷地喜歡我們知道我們需要擴展的支付方式，我們一直在努力增加更多的方式，讓這些方式更有效，我們擁有的合作夥伴關係使服務更容易獲得和更直接，更容易讓會員找到和註冊。

So there's tons of things that we're looking at.

所以我們正在研究很多東西。

Okay.

好的。

And speaking of an area of overachievement instead of underachievement, Ted, 70 movies in a year.

說到成績超群而不是成績不佳的領域，泰德，一年拍了 70 部電影。

So now you guys are the industry in many ways.

所以現在你們在很多方面都是這個行業。

I think the top 5 studios potentially do about 90 movies a year.

我認為排名前 5 的製片廠每年可能製作約 90 部電影。

You guys are doing 70 a year.

你們一年做70個。

So at what point is this too much?

那麼這在什麼時候太過分了？

How do you judge that balance?

你如何判斷這種平衡？

And how are you juggling?

你是怎麼玩雜耍的？

Or how are you evaluating returns on this investment?

或者您如何評估這項投資的回報？

It's likely more than 70.

可能超過70。

That's just what we were able to talk about in that last release, in that exciting trailer.

這正是我們在上一個版本中，在那個令人興奮的預告片中能夠談論的內容。

I mean you think about it as you think about how diverse people's tastes are, you think about the appetite to watch a movie is.

我的意思是當你考慮人們的口味有多多樣化時，你會考慮它，你會考慮看電影的胃口。

It isn't just one a week.

這不僅僅是一周一次。

I think there's plenty of room to grow that.

我認為有很大的發展空間。

But -- and we're doing that at a much larger scale today.

但是 - 我們今天正在以更大的規模這樣做。

So thinking about movie stars like Gal Gadot and Leonardo DiCaprio and Meryl Streep and filmmakers like Jane Campion and Adam McKay, Zack Snyder, Antoine Fuqua making films at enormous scale for Netflix so that when people have an appetite to watch a movie, they can do it at home and they could do it on a big screen or they could do it on their phone.

因此，想想蓋爾·加朵、萊昂納多·迪卡普里奧和梅麗爾·斯特里普等電影明星，以及簡·坎皮恩、亞當·麥凱、扎克·施奈德、安托萬·富誇等電影製作人，他們為 Netflix 製作了大規模的電影，這樣當人們有興趣看電影時，他們就可以在家裡，他們可以在大屏幕上進行，也可以在手機上進行。

And I just think that that evolution will continue to grow and expand well beyond a movie a week because that's -- we're talking about serving a global audience with incredibly diverse taste.

而且我只是認為，這種演變將繼續增長並遠遠超出每週一部電影的範圍，因為那是 - 我們正在談論為具有令人難以置信的多樣化品味的全球觀眾提供服務。

So that one a week is -- in many weeks, it's already 2 or 3. And some of them are hugely impactful in the region that they're created for, and some of them become very, very global, like we saw with #Alive last year with -- from Korea, which became a very big hit for us around the world.

所以每週一個是 - 在許多周內，它已經是 2 或 3 個。其中一些在創建它們的地區產生了巨大的影響，其中一些變得非常非常全球化，就像我們在 # 中看到的那樣去年還活著——來自韓國，這對我們在世界各地來說是一個非常大的打擊。

And when you make these titles, I mean, you innovated with respect to the kind of financial model on content creation with a cost-plus kind of a structure relative to the deficit finance models in the past for content.

當您製作這些標題時，我的意思是，您在內容創作的財務模型方面進行了創新，相對於過去內容的赤字財務模型，您採用成本加成的結構。

When you do the kind of output that you're doing and the volumes that you're doing, is there a risk that this leads to lower returns over time because there is really no downside, in some ways, for studios to create this content on a cost-plus basis?

當你做你正在做的那種輸出和你正在做的數量時，是否存在隨著時間的推移會導致回報降低的風險，因為在某些方面，工作室創建這些內容確實沒有負面影響在成本加成的基礎上？

And does it make sense at this scale versus when you were essentially doing originals as a start-up?

與您作為初創公司基本上做原創作品時相比，這種規模是否有意義？

I think it does.

我認為確實如此。

I mean we're seeing it scale up more than double every year and continuing to scale both in the scope of the projects, the ambition of the projects and the execution of the projects.

我的意思是我們看到它每年都擴大一倍以上，並在項目範圍、項目雄心和項目執行方面繼續擴大規模。

And I do think the financial return, if you think about it relative on a handful of titles that wind up doing an enormous return for the studio versus the hundreds of titles that barely break even, this is a great model for producers to produce in.

而且我確實認為財務回報，如果你考慮到少數幾部最終為工作室帶來巨大回報的作品與數百部幾乎收支平衡的作品相比，這對於製作人來說是一個很好的製作模式。

And the fact that we can support it, day in and day out, at this kind of volume and make projects that are otherwise pretty difficult to make, in some cases, has been really encouraging for filmmakers to embrace this model.

事實上，我們可以日復一日地以這種數量支持它，並製作在某些情況下很難製作的項目，這確實鼓勵了電影製作人接受這種模式。

Got it.

知道了。

And given the kind of volumes that you're doing on movies now and also because of COVID, there's been a significant shift in the release patterns for movies, not just at Netflix but across the industry, does this, in some ways, create essentially a new distribution channel for you?

考慮到你現在在電影上做的那種數量，也因為 COVID，電影的發行模式發生了重大轉變，不僅在 Netflix，而且在整個行業，這在某些方面，本質上是創造適合您的新分銷渠道？

If day and date releases or shorter windows become more acceptable, does it become possible for you to essentially tap the box office with wider releases on a very short window?

如果日期和日期發布或更短的窗口變得更容易接受，那麼您是否有可能在非常短的窗口上通過更廣泛的版本來挖掘票房？

And does that become a new revenue stream at some point?

這會在某個時候成為新的收入來源嗎？

Kannan, potentially, I mean, we've looked at this before.

Kannan，可能，我的意思是，我們以前看過這個。

We've never had any issue with movies being in theaters.

我們從來沒有遇到過電影在影院上映的問題。

Our biggest issue has been that you had to commit to this very long window of exclusivity to get access to any theaters.

我們最大的問題是，您必須承諾在這個非常長的排他性窗口中才能進入任何劇院。

That's been the biggest challenge.

那是最大的挑戰。

So if those windows are going to collapse and we'd have easier access to films to show our films in theaters, I'd love to have consumers be able to make the choice between seeing it out or seeing it at home, which is becoming the norm in -- during COVID, certainly.

因此，如果這些窗戶要倒塌，我們可以更輕鬆地獲得電影以在影院放映我們的電影，我希望消費者能夠在觀看或在家觀看之間做出選擇，這正在成為在 COVID 期間，當然是常態。

And we'll see how much that sticks.

我們會看到有多少堅持。

But I think that consumer behavior, human behavior, things change a lot over time.

但我認為消費者行為，人類行為，隨著時間的推移會發生很大變化。

But there's a very different experience associated with going out and going to the theater with strangers and seeing a movie, and it's fantastic.

但是和陌生人一起去電影院看電影會有一種非常不同的體驗，這太棒了。

It's just not core to our business.

這不是我們業務的核心。

Hopefully, with Warner Bros.

希望與華納兄弟合作。

sort of COVID move, what we'll see is post-COVID, like the second half of the year, is that people both go to the theaters in significant numbers and watch their films and their premier simultaneously on HBO Max.

類似於 COVID 的舉措，我們將看到在 COVID 之後，就像今年下半年一樣，人們都會大量去電影院，並在 HBO Max 上同時觀看他們的電影和首映式。

And then that will really set a path where simultaneous is good for the film, helps both online and on streaming and then also in the theaters.

然後，這將真正開闢一條同時對電影有利的道路，對在線和流媒體以及影院都有幫助。

But we have to wait to post-COVID to get a clean read of that.

但我們必須等到 COVID 發布後才能清楚地了解這一點。

Yes.

是的。

So what you're seeing today, though, is exactly what we've been trying to do for a couple of years since we're making these films at this size.

所以你今天看到的，正是我們多年來一直在努力做的事情，因為我們製作了這種尺寸的電影。

I guess the other side of this coin is, given your distribution scale now, if a studio wanted to release a movie on Netflix, this is one of the most efficient channels they can get to.

我猜這個硬幣的另一面是，考慮到你現在的發行規模，如果一個工作室想在 Netflix 上發行一部電影，這是他們可以獲得的最有效的渠道之一。

Why is that not an attractive model for Netflix, either in the form of a premium VOD channel or some other distribution model?

為什麼這對 Netflix 來說不是一個有吸引力的模式，無論是付費 VOD 頻道還是其他分發模式？

But why is that not an attractive model for you?

但為什麼這對你來說不是一個有吸引力的模型呢？

I'm not -- we're not saying that it isn't.

我不是——我們不是說它不是。

What we're saying is this one has been the most attractive model.

我們要說的是，這是最有吸引力的模型。

So in terms of -- both for consumers and for our own business.

因此，就消費者和我們自己的業務而言。

And then, Kannan, I think you alluded maybe to a different model, sort of a transactional kind of approach.

然後，Kannan，我認為您可能提到了一種不同的模型，一種交易方式的方法。

And I would say that we really believe that from a consumer orientation, the simplicity of our ad-free, no additional payments, one subscription, it's really, really powerful, and really, really satisfying to consumers around the world.

我想說的是，我們真的相信，從面向消費者的角度來看，我們的無廣告簡單、無需額外付款、一次訂閱，它真的非常強大，並且真的非常讓世界各地的消費者滿意。

And so we want to keep emphasizing that.

所以我們想繼續強調這一點。

It's interesting when you challenge the people to figure out, one of the great things about the subscription model is I think it opens up for consumers to be much more adventurous about what they watch.

當你挑戰人們去弄清楚時，這很有趣，訂閱模式的一大優點是我認為它讓消費者對他們觀看的內容更具冒險精神。

So I think you can throw out a lot of preconceived notions about what works and what doesn't because those are mostly established by business trends, not by consumer trends.

所以我認為你可以拋棄很多關於什麼有效、什麼無效的先入為主的觀念，因為這些觀念主要是由商業趨勢而非消費趨勢所確立的。

And what -- so I think what happens is people say, "Hey, I don't watch foreign language television, but I've heard of this show called Lupin and I'm super excited to see it.

還有什麼——所以我想人們會說，“嘿，我不看外語電視，但我聽說過這個叫盧平的節目，我很高興看到它。

And it's included in my subscription; I'll push play." And 10 minutes later, all of a sudden, they like foreign language television.

它包含在我的訂閱中；我推播。” 10分鐘後，突然間，他們喜歡上了外語電視。

So it's a really incredible evolution.

所以這是一個非常不可思議的進化。

Bong Joon-ho said it so beautifully at the Oscars, that audiences have to get over the 1-inch wall to enjoy a whole another world of entertainment.

奉俊昊在奧斯卡頒獎典禮上說得非常漂亮，觀眾必須翻過一英寸的牆才能享受另一個娛樂世界。

And we're seeing that at incredible scale already by watching -- by having great stories from anywhere in the world to everywhere in the world on Netflix.

通過觀看，我們已經以驚人的規模看到了這一點——通過在 Netflix 上從世界任何地方到世界各地的精彩故事。

And that 1-inch wall is the subtitles or you can watch it with dubs or you can watch it in the original language track.

而那面1英寸的牆是字幕，或者你可以配音看，也可以在原語軌道上看。

And I guess when you have this kind of content volume and also the kind of movie slate that you're putting up, it also gives you a lot more pricing power because instead of watching a movie for $10 or as a family for $30, you essentially pay for Netflix.

而且我想當你擁有這樣的內容量和你要發布的那種電影片時，它也會給你更多的定價權，因為你不是花 10 美元看電影或花 30 美元全家觀看電影，而是基本上是為 Netflix 付費。

So your pricing power implicitly goes up in this environment because of the kind of product.

因此，由於產品的種類，您的定價能力在這種環境中隱含地上升。

So we're increasing value.

所以我們正在增加價值。

We're increasing the value proposition for the consumer.

我們正在為消費者增加價值主張。

Every time we get another 10 minutes of watching on Netflix, you're increasing the value of that subscription.

每次我們在 Netflix 上再看 10 分鐘，您就在增加該訂閱的價值。

So I think it's -- by increasing the options, we are also increasing the likeliness that you're going to push play.

所以我認為這是——通過增加選項，我們也增加了你推動比賽的可能性。

And when you do push play, you're going to love what you see.

當你推動遊戲時，你會愛上你所看到的。

And Kannan, realistically, out-of-home entertainment, it's just most consumers think of that differently, just like you could cook cheaply but people still go out to dinner.

Kannan，實際上，戶外娛樂，只是大多數消費者的想法不同，就像你可以便宜地做飯，但人們仍然出去吃飯。

And they still go out and they see that as an experience that's just different.

他們仍然出去，他們認為這是一種不同的體驗。

So don't think of that as the direct -- or our members don't think of that as the direct comp.

所以不要認為那是直接的——或者我們的成員不認為那是直接的組合。

But what they love is for a low price, they get to watch an unlimited amount and be very experimental, back to what Ted was saying, in their taste, and to try Alice in Borderland and to try Lupin.

但他們喜歡的是低價，他們可以無限量觀看，並且非常具有實驗性，回到泰德所說的，在他們的品味中，並嘗試在無主之地的愛麗絲和嘗試盧平。

So it's -- all these things are kind of interconnected to be able to create a really unique and incredible viewing experience.

所以它 - 所有這些東西都是相互關聯的，能夠創造一種真正獨特和令人難以置信的觀看體驗。

Right.

對。

So I guess when you think about these factors, I mean, there are 2 ways to think about pricing in this environment.

所以我想當你考慮這些因素時，我的意思是，在這種環境下有兩種方法來考慮定價。

One is when you have so much competition and consumer wallets essentially have to be spread more widely.

一種是當你有如此多的競爭並且消費者的錢包基本上必須更廣泛地傳播時。

One way to read the environment is to say that pricing power is limited.

解讀環境的一種方式是說定價權是有限的。

But then on the other side of it, your share of total engagement could continue to go up and the pie itself could increase.

但另一方面，您在總參與度中所佔的份額可能會繼續上升，而餡餅本身可能會增加。

And you have more product which consumers -- basically, that wallet is coming out of somewhere else instead of television.

而且你有更多的產品消費者 - 基本上，那個錢包來自其他地方而不是電視。

Which of these 2 dynamics should we expect to see?

我們應該期待看到這兩種動態中的哪一種？

In other words, should pricing power accelerate or ARPU growth accelerate in the coming years, at least in the Western markets?

換言之，定價能力或 ARPU 是否會在未來幾年加速增長，至少在西方市場是這樣？

Yes.

是的。

I would say our competition set we think of is extremely broad, whether you think about it as share of wallet or share of time and attention, share of entertainment, share of delight.

我想說的是，我們想到的競爭範圍非常廣泛，無論您認為它是錢包的份額還是時間和注意力的份額，娛樂的份額，快樂的份額。

And we feel like we have so much more room to growth and -- to grow.

而且我們覺得我們有更多的成長空間和 - 成長。

And really, it's exciting to now see the sort of new dimensions of value creation for our users, like bringing a foreign language show, Lupin, Casa de Papel, shows that are now becoming global hits from countries and in languages that that's never happened before.

確實，現在看到為我們的用戶創造價值的新維度令人興奮，例如帶來外語節目 Lupin，Casa de Papel，這些節目現在正在成為全球熱門節目，以前所未有的方式在各國和語言中出現.

So that's super exciting to see that kind of value creation.

所以看到這種價值創造是非常令人興奮的。

And that's really just where we stay focused.

這就是我們真正專注的地方。

So we're not trying to predict the future in that way but just stay tightly, tightly disciplined on trying to think about what's that next incremental step where we can create more value for our members, engage them, delight them, more great content, more great product experiences.

因此，我們不是試圖以這種方式預測未來，而是保持嚴格、嚴格的紀律，試圖思考下一步的漸進步驟是什麼，我們可以為我們的會員創造更多價值、吸引他們、讓他們高興、更多精彩的內容，更多優秀的產品體驗。

And if we think we do that well, then we think our business will grow in turn.

如果我們認為我們做得很好，那麼我們認為我們的業務也會隨之增長。

And Kannan, we've been pretty cautious and we'll continue to be pretty cautious.

Kannan，我們一直非常謹慎，我們將繼續非常謹慎。

So maybe Spencer Wang, can you remember the -- what's -- the last 3 years, what's happened with average revenue per member, what's it moved up from?

所以也許Spencer Wang，你還記得過去3年——什麼是——每個會員的平均收入發生了什麼，它是從什麼開始上升的？

Yes.

是的。

So it's moved up from less than $10.

所以它從不到10美元上漲了。

It's around sort of $9.90 per month per membership to, in the last quarter, slightly north of $11.

每個會員每月大約 9.90 美元，上個季度略高於 11 美元。

And just bear in mind, Kannan, I think you know this, but we had significant FX headwinds over that course of time, too.

請記住，Kannan，我想你知道這一點，但在那段時間裡我們也遇到了重大的外匯逆風。

So we've seen that grow steadily.

所以我們看到它穩步增長。

So that's, I think, a helpful framework for you.

所以，我認為，這對你來說是一個有用的框架。

Yes.

是的。

It's about 10% over 3 years.

3年內大約10%。

So pretty cautious, and it's working well for us to provide incredible value.

非常謹慎，它為我們提供了令人難以置信的價值。

Yes.

是的。

And maybe just another way of stating [that cautious] is just thinking about it.

也許只是另一種表達[謹慎]的方式只是考慮一下。

We do think we're an incredible entertainment value, and we want to remain incredible entertainment value.

我們確實認為我們具有令人難以置信的娛樂價值，並且我們希望保持令人難以置信的娛樂價值。

Yes.

是的。

And I draw you back to the Christmas Day releases where we had Bridgerton.

我把你帶回到我們有布里奇頓的聖誕節版本。

But a couple of days before that, we had Midnight Sky.

但在那之前的幾天，我們有午夜天空。

And a couple of days after that, we had Cobra Kai.

幾天后，我們有了 Cobra Kai。

And a couple of days after that, we had Lupin.

幾天后，我們有了盧平。

And a couple of days after that, we had Pieces of a Woman.

幾天后，我們有了一個女人的碎片。

I mean it's a phenomenal -- and you can see -- and the numbers are in front of you.

我的意思是這是一個驚人的 - 你可以看到 - 數字就在你面前。

The way that people have enjoyed these series and films has been unprecedented.

人們享受這些系列和電影的方式是前所未有的。

And I think the rhythm and the pace of that has been really keeping up.

而且我認為它的節奏和步伐一直在跟上。

And I think that is the definition of consumer value.

我認為這就是消費者價值的定義。

And just the recent data points, Kannan, we referenced in the letter, but we had price increases in the U.S. in the fourth quarter.

我們在信中提到了最近的數據點 Kannan，但我們在第四季度在美國出現了價格上漲。

We announced in the U.K. in December.

我們於 12 月在英國宣布。

And we've grown nicely through that because I think to this point, we're continuing to increase the variety and value of what we're delivering for our members.

我們在這方面發展得很好，因為我認為到目前為止，我們正在繼續增加我們為會員提供的服務的多樣性和價值。

And I guess on the pricing front, I mean, at a certain level, the elasticity -- and there's some action a research on this.

而且我想在定價方面，我的意思是，在一定程度上，彈性 - 並且對此進行了一些研究。

But essentially, elasticity seems to be a function of the price itself, which means as you go higher and higher, when you start taking price up, potentially maybe the elasticity of demand changes.

但本質上，彈性似乎是價格本身的函數，這意味著隨著價格越來越高，當你開始接受價格上漲時，需求彈性可能會發生變化。

But is that something that you guys have seen yet?

但是，你們已經看到了嗎？

Or are we still very far away from that point at which these factors kick in for you?

或者我們離這些因素對你起作用的那一點還很遠？

So if you could just talk about what you've seen so far as you've taken price up across different regions in terms of potentially churn or cohort behavior, that might be a useful framework for us.

因此，如果您可以談論到目前為止您所看到的，就潛在的流失或同類行為而言，您在不同地區採取了價格，這對我們來說可能是一個有用的框架。

Yes.

是的。

And I think rather than sort of that academic perspective, we look at it perhaps more practically and more operationally.

我認為，與其從學術角度來看，我們可能會更實際、更可操作地看待它。

And really, it's almost reversing it, which is that we are looking for signals and signs from our members that are telling us essentially that we have added more value.

實際上，它幾乎正在逆轉它，那就是我們正在尋找來自我們成員的信號和跡象，這些信號和跡象基本上告訴我們我們增加了更多價值。

So you think about engagement with the service and retention and churn characteristics, acquisition.

因此，您考慮參與服務、保留和流失特徵、獲取。

Those are the things that we're really looking for that are key to basically saying, okay, we've added more value in the service.

這些是我們真正在尋找的東西，它們是基本上說，好吧，我們在服務中增加了更多價值的關鍵。

Now it's the right time to go back to those members and ask them to pay a little bit more so that we can reinvest it and keep adding it.

現在是時候回到這些成員那裡，要求他們多付一點錢，這樣我們就可以再投資並繼續添加。

So it's really that sort of iterative, feel our way forward kind of orientation that we have.

所以這真的是那種迭代，感覺我們前進的方向。

Got it.

知道了。

Pivoting to a slightly different topic.

轉向一個稍微不同的話題。

You guys added Strive Masiyiwa, I hope I'm pronouncing that right, to the Board.

你們向董事會添加了 Strive Masiyiwa，我希望我說得對。

And Africa is not a region we've discussed in the past, but Disney started creating a lot of content in the region.

非洲不是我們過去討論過的地區，但迪士尼開始在該地區創作大量內容。

And obviously, this Board appointment is pretty interesting.

顯然，這次董事會任命非常有趣。

Is this the next focus?

這是下一個重點嗎？

How should we think about this as an opportunity?

我們應該如何看待這個機會？

Well, Strive is a global board member.

好吧，Strive 是全球董事會成員。

He's not coming on board to be a marketing consultant for Africa, although he does know it extremely well.

儘管他確實非常了解這一點，但他並不是要成為非洲的營銷顧問。

But he's a voice about how to build large subscription businesses, which he's done.

但他是如何建立大型訂閱業務的代言人，他已經做到了。

He's enormously sophisticated at dealing with governments, which, as we grow, is an increasingly important skill for us to have.

他在與政府打交道方面非常老練，隨著我們的成長，這對我們來說是一項越來越重要的技能。

So think of him as a great global advocate for us.

因此，請將他視為我們偉大的全球倡導者。

He also knows Europe very well and the rest of the world reasonably well.

他也非常了解歐洲和世界其他地方。

So I think it's -- we've been broadening our global board membership, and it's a continuation of that.

所以我認為這是 - 我們一直在擴大我們的全球董事會成員，這是它的延續。

And again, Africa has a ton of potential.

再說一次，非洲有很大的潛力。

We're doing more content there.

我們正在那裡做更多的內容。

We're growing our membership.

我們正在增加我們的會員。

But again, that's not Strive's role specifically.

但同樣，這並不是 Strive 的具體職責。

And just looking at the rest of the world, I mean there's been a lot of small transactions.

看看世界其他地方，我的意思是有很多小額交易。

And Spencer, this one might be for you, and I'm sure the others will chime in as well.

斯賓塞，這個可能適合你，我相信其他人也會加入。

But there have been a couple of streaming services in Southeast Asia, which essentially were acquired by some of the Chinese Internet majors.

但東南亞有幾家流媒體服務，基本上是被一些中國互聯網巨頭收購的。

Sony, of course, did the acquisition of Crunchyroll.

當然，索尼收購了 Crunchyroll。

So there's been interesting assets which could have helped you scale potentially faster but obviously passed on it or did not really show any interest in these assets.

因此，有一些有趣的資產可以幫助您潛在地更快地擴展，但顯然傳遞給它或者並沒有真正表現出對這些資產的任何興趣。

So could you help us think through what kind of assets you guys would care about?

那麼你能幫我們想想你們會關心什麼樣的資產嗎？

Is it more like the Millarworld assets?

它更像 Millarworld 的資產嗎？

Or why are these assets not interesting?

或者為什麼這些資產不有趣？

Sure.

當然。

To answer the first question, Kannan, with respect to other streaming services, our view is many people subscribe to multiple different services.

為了回答第一個問題，Kannan，關於其他流媒體服務，我們的觀點是很多人訂閱了多種不同的服務。

So acquiring another one just for their members doesn't really help us.

因此，僅僅為他們的會員購買另一個並不能真正幫助我們。

And we wanted to stay focused on capturing and earning that subscription from each person organically rather than just doing some sort of M&A deal.

我們希望繼續專注於有機地從每個人那裡獲得訂閱，而不是僅僅進行某種併購交易。

So that's sort of point one.

所以這是第一點。

Point two, in terms of your other question around what are we interested in, it is largely around things that can help us bolster our core business, which is entertainment and specifically content assets inclusive of things like intellectual property that we can hopefully turn into great TV shows and great movies.

第二點，就您關於我們對什麼感興趣的其他問題而言，主要是圍繞可以幫助我們支持我們的核心業務的事情，即娛樂，特別是內容資產，包括我們希望能夠變得偉大的知識產權等內容電視節目和精彩的電影。

I would just add that historically, we've been builders, not buyers.

我只想補充一點，從歷史上看，我們一直是建設者，而不是買家。

And years ago, I used to try to get the team to wrap their head around the potential scale of the business by saying things like someday we'll be so big, we'll have a VP of anime.

幾年前，我曾經試圖讓團隊了解業務的潛在規模，比如說有一天我們會變得如此之大，我們會有一個動畫副總裁。

And then that someday is now; we're one of the largest producers of anime in the world.

然後那一天就是現在；我們是世界上最大的動漫製作商之一。

So you think about those kind of things now, and it's like what would you -- when you look at those assets, they're primarily distribution assets, not really IP assets.

所以你現在想想這類事情，你會怎麼想——當你查看這些資產時，它們主要是發行資產，而不是真正的 IP 資產。

So that's -- and we've been taking the approach like with our unscripted programming, with our anime, with our animated features, with the big budget original film, we're building over a couple of years versus acquiring.

所以這就是——我們一直在採取這種方法，比如我們的無腳本節目、我們的動畫、我們的動畫功能、大預算的原創電影，我們正在建設幾年而不是收購。

We have time for one more question, please.

我們有時間再問一個問題，拜託。

Got it.

知道了。

Spencer, maybe -- sorry, Reed, I'll ask you this final question more with respect to the longer-term outlook for the business.

斯賓塞，也許——對不起，里德，我會問你最後一個問題，更多的是關於業務的長期前景。

And Ted, obviously, feel free to chime in as well on this one.

顯然，泰德也可以隨意加入這個話題。

But is there any regrets you guys have had in terms of things that you guys could have done but did not do?

但是你們有沒有對你們本可以做但沒有做的事情感到遺憾？

And one instance that comes to mind is something like Roku, if it was part of the company instead of being spun out.

想到的一個例子是 Roku，如果它是公司的一部分而不是被分拆出來。

And also when you look at the competitive landscape, what do you perceive as the real competition?

而且，當您查看競爭格局時，您認為真正的競爭是什麼？

Is it streaming services?

是流媒體服務嗎？

Or does it come from outside, from things like Fortnite, which you've mentioned in the past as an engagement driver for consumers?

還是它來自外部，來自像 Fortnite 之類的東西，你過去曾提到它是消費者參與度的驅動力？

Reed?

蘆葦？

I think it was directed to Spencer.

我認為它是針對斯賓塞的。

So I was going to -- I was going to see how he answers this one.

所以我打算——我打算看看他是如何回答這個問題的。

I could take a stab at it.

我可以試一試。

I mean -- and then I'll pass it over to Reed and/or Ted.

我的意思是——然後我會把它交給 Reed 和/或 Ted。

Look, we -- as Greg mentioned earlier, we think the competitive set is incredibly large and wide.

看，我們——正如格雷格之前提到的，我們認為競爭環境非常龐大和廣泛。

And so look, I think we have a lot of work to do to continue to grow that small share of screen time that we have today to hopefully become more and more valuable to our members.

所以看，我認為我們還有很多工作要做，以繼續增加我們今天擁有的一小部分屏幕時間，希望對我們的會員變得越來越有價值。

I think the other part of your question was, is there anything that we sort of regret.

我認為你問題的另一部分是，有什麼讓我們感到遺憾的地方。

I've only been here 5.5 years compared to Greg, Reed and Ted who have been here much, much longer.

與在這裡待的時間長得多的 Greg、Reed 和 Ted 相比，我只在這裡待了 5.5 年。

So I think my window of regret is probably smaller.

所以我認為我的遺憾窗口可能更小。

So I don't think that there's anything that jumps out to mind right now.

所以我不認為現在有什麼可以跳出來的。

Spencer's regret is not joining 3 years earlier.

斯賓塞的遺憾是沒有提前 3 年加入。

He could have.

他本可以的。

That is correct.

那是對的。

No, not materially.

不，不是物質上的。

I mean I think it is fantastic that we've executed.

我的意思是我認為我們的執行非常棒。

If we had kept Roku inside, it's very unlikely they would have been the success that they have.

如果我們把 Roku 留在裡面，他們就不太可能取得他們所擁有的成功。

What Anthony and his team have done has taken enormous energy and focus on their side.

安東尼和他的團隊所做的事情花費了巨大的精力並專注於他們的身邊。

And it was an enormous test for us just to become a leader in both streaming and then original programming and then global.

對我們來說，成為流媒體、原創節目和全球的領導者是一個巨大的考驗。

So I -- we're happy for their success, but no regrets on that front.

所以我——我們為他們的成功感到高興，但在這方面並不後悔。

Got it.

知道了。

I think for the -- with the hours and hours of joy we're bringing to hundreds of millions of people around the world and with the return to our shareholders, it's hard to look back with much regret.

我認為，隨著我們為全球數億人帶來數小時的歡樂以及對股東的回報，我們很難帶著遺憾回首往事。

Here is one for you, Kannan.

這是給你的，卡南。

We regret not buying a global license to House of Cards in the first deal, that we had to go back in piecemeal at that extraordinary expense.

我們很遺憾沒有在第一筆交易中購買《紙牌屋》的全球許可證，我們不得不以如此高昂的費用零碎地回去。

That's a good note to end on, I guess.

我想這是一個很好的結尾。

Thank you, Kannan, and thank you to all of our shareholders, and look forward to talking to you in another quarter.

謝謝你，Kannan，也感謝我們所有的股東，期待在另一個季度與你交談。

Okay.

好的。

Thanks to all.

謝謝大家。

Thanks, Kannan.

謝謝，坎南。

Thanks, guys.

多謝你們。

Happy New Year.

新年快樂。