Netflix Inc (NFLX) 2020 Q4 法說會逐字稿

Hello, and welcome to the Netflix Q4 2020 Earnings Interview. I'm Spencer Wang, VP of IR and Corporate Development. Joining me today are Co-CEO, Reed Hastings; Co-CEO and Chief Content Officer, Ted Sarandos; COO and Chief Product Officer, Greg Peters; and CFO, Spence Neumann. Our interviewer this quarter is Kannan Venkateshwar from Barclays.

大家好，歡迎收看Netflix 2020年第四季財報採訪。我是 Spencer Wang，投資人關係與企業發展副總裁。今天與我一同出席的有：聯合首席執行官里德·哈斯廷斯；聯合首席執行官兼首席內容官泰德·薩蘭多斯；首席營運官兼首席產品官格雷格·彼得斯；以及首席財務官斯賓塞·諾伊曼。本季我們的面試官是來自巴克萊銀行的坎南·文卡特什瓦爾。

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

再次提醒，我們將發表一些前瞻性聲明，實際結果可能會有所不同。

With that, let me turn it over to Kannan for the first question.

那麼，現在讓我把第一個問題交給坎南。

Thank you, Spencer, and good afternoon, everyone. So maybe, Spence, we could start off with you, just given the guidance and the beat during the quarter relative to guidance. Sequentially, the first quarter tends to be higher in net additions than Q4. But your guidance is lower despite the fact that you beat Q4 by a relatively large amount. And it feels like the pull-forward effect is more or less behind us. 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.

謝謝你，史賓塞，大家下午好。那麼，史賓塞，或許我們可以先從你開始，就根據本季業績指引和超出指引的情況來談談。從季度來看，第一季的淨新增數量往往高於第四季。儘管第四季業績大幅超出預期，但您的業績指引卻有所下調。感覺這種前拉效應已經基本過去了。所以，如果您能幫我們梳理一下您制定指導方針背後的思路以及您所使用的框架，那將是一個很好的起點。

Yes, sure, Kannan. Well, great to see you. Happy New Year, obviously delayed. So in terms of the guide, first of all, we guided to 6 million paid net adds for Q1, if you saw. 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.

當然可以，坎南。很高興見到你。新年快樂，雖然遲了點。所以就預測而言，首先，我們預測第一季的付費淨廣告量將達到 600 萬，如果你看過的話。顯然，這仍然是一個很大的數字，尤其是在考慮到 2020 年的情況時，2020 年是迄今為止付費淨新增用戶達到 3,700 萬的創紀錄年份。

So I know you mentioned the pull-forward. I don't think we're declaring that we're necessarily through that yet. So we think there's puts and calls every quarter. 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. So there's probably still a little bit of that pull-forward dynamic in the early parts of 2021.

我知道你提到了向前拉。我認為我們還沒到宣布我們已經徹底度過難關的地步的時候了。所以我們認為每季都會有買權和賣權。但對我們來說，本指南中仍然非常重要的一個因素是思考我們如何從 2020 年的成長中繼續成長。所以，2021 年初期可能還會出現一些提早到來的趨勢。

And then more broadly, Kannan, it's just so difficult in this time. 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. There's just so much uncertainty right now. So it's more uncertain than we've ever seen, and we're trying to forecast through that.

更廣泛地說，坎南，在這個時代真的太難了。我的意思是，這無疑是一個極具挑戰性的時期，不僅對生活而言如此，而且——這一點最為重要——顯然對預測企業的成長軌跡而言也是如此。現在存在太多不確定因素。所以現在的情況比以往任何時候都更不確定，我們正在努力做出預測。

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

但同時，新冠疫情加速了從傳統電視娛樂到串流娛樂的巨大轉變，這或許在某種程度上抵消了上述影響。因此，長期成長勢頭至少和以往一樣強勁。目前存在更多短期噪音和不確定性，但基本成長指標仍然非常強勁，這就是你在第一季業績指引中看到的情況。

I guess if you just look at the full year in terms of cadence, '21, obviously, has tough comps versus 2020. 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. And I think there's been a lot of debate about what you actually meant by that 4 million to 5 million. So if you could just contextualize the guidance for Q1 more in the context of 2021. You typically do 28 million, 30 million subs in a given year. Is that framework more or less intact? Or should we read that 4 million to 5 million comment as a pull-forward into '20?

我想，如果從全年的節奏來看，2021 年顯然與 2020 年相比面臨嚴峻的挑戰。但我認為你們也指出了一點，從成長的角度來看，2020 年可能會提前實現 400 萬至 500 萬美元的目標。我認為，對於你所說的 400 萬到 500 萬究竟是什麼意思，一直存在著很多爭論。所以，如果您能將第一季的指導意見更多地放在 2021 年的背景下進行解釋就更好了。通常情況下，一年內會有 2,800 萬到 3,000 萬訂閱用戶。這個框架基本上完好無損嗎？還是我們應該把400萬到500萬的說法理解為2020年的預測？

Well, look, I'll take this one. Others can jump in as well. Unfortunately, Kannan, we're just -- we're not going to provide a full year guide. I mean just as we talked about, there's so much uncertainty in the business. We can provide a number, but I'm not sure it would be worth -- it would be bankable, right? I mean it's hard enough to project the next 90 days, let alone the next 12 months. What we feel very good about, as I said, is that longer-term growth trajectory. You've seen us, as you pointed out, the historical growth trends. Hopefully, it will be plus or minus that, but it's a bit impossible to predict.

好吧，那我就接受這個了。其他人也可以加入。很遺憾，坎南，我們——我們無法提供全年指南。我的意思是，就像我們剛才討論的那樣，這個行業存在著太多的不確定性。我們可以提供一個數字，但我不太確定它是否值得——它能被銀行接受嗎？我的意思是，預測未來90天就已經很困難了，更別說預測未來12個月了。正如我所說，我們感到非常欣慰的是這種長期的成長軌跡。正如您所指出的，我們已經看到了歷史成長趨勢。希望結果會在這個範圍內，但很難預測。

What we do see is that viewing is up in every region of the world. It's kind of returned from those peak COVID levels, but it's up year-over-year in all regions. Retention is better than it was a year ago. Acquisition is strong. So the underlying metrics are strong in the business, but I don't want to provide false precision on a 12-month target.

我們看到的是，世界各地的收視率都在上升。雖然已經從新冠疫情高峰期有所回落，但所有地區的感染率都比去年同期上升。留存率比一年前有所提高。收購勢頭強勁。因此，該業務的基本指標表現強勁，但我不想對 12 個月的目標給出虛假的精確度。

Okay. 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. 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. 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.

好的。如果你能談談幾個地區的情況，我的意思是，本季最突出的當然是 UCAN，我們大多數人都認為那裡的市場已經飽和，但你們在價格上漲的情況下仍然不斷加速增長，這更加令人印象深刻。而另一個地區，儘管受到新冠疫情的影響，但直到第三季度，其成長速度似乎仍比 2019 年慢，儘管市場尚未飽和。所以，如果您能談談這些市場的一些潛在趨勢以及您所看到的、推動這些趨勢的因素，那可能會很有幫助。

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

你想讓我去還是讓其他人去？

Sure.

當然。

Yes. Okay. I'll go again, Kannan. I think the story is pretty similar throughout the world. Every country is a little bit different. But what we're seeing in terms of our viewing trends are similar around the world. The types of content that our members are viewing is kind of similar, pre-COVID and post-COVID. Obviously, we have more and more variety of content and great experiences that we're offering to our members. But the story is pretty similar.

是的。好的。我會再去一次，坎南。我認為世界各地的情況都大同小異。每個國家的情況都略有不同。但就觀看趨勢而言，我們看到世界各地的情況都類似。新冠疫情前後，我們會員瀏覽的內容類型基本上相似。顯然，我們正在為會員提供越來越豐富的內容和精彩的體驗。但故事大同小異。

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. I mean even -- like you pick Latin America as an example, one of our more mature markets. You look over the past few years, and we've been steadily growing about 5 million to 6 million paid net adds a year. As you mentioned, in the kind of U.S., UCAN market, we're roughly 60% penetrated, and we're still growing. 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. 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.

如您所知，在世界某些國家，我們的內容市場契合度和成熟度已經更高，但我們在世界各地都看到了成長。我的意思是，即使像你以拉丁美洲為例，這也是我們比較成熟的市場之一。回顧過去幾年，我們每年的付費用戶淨增量一直穩定在 500 萬到 600 萬左右。正如您所提到的，在美國這樣的UCAN市場，我們的滲透率約為60%，而且我們仍在成長。因此，即使在世界大多數市場，我們的付費電視滲透率和收視份額仍然非常小。所以我們認為在所有這些市場中還有很大的發展空間，我們只是努力每天做得更好一點。

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

Kannan，即使把美國視為我們滲透率最高的市場，Netflix 的電視觀看時間佔比仍然不到 10%。所以，我們再次強調——我們在美國有很多訂閱用戶，但我們仍然有很多觀看時間，我們希望透過嵌入式服務和嵌入式內容來獲得更多觀看時間。

Okay. 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. But...

好的。史賓塞，或許最後一個財務問題，問完這個問題我們就可以進入更有趣的討論部分了。但...

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

坎南，我不會因為你最後那句話而生氣。

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. So maybe you could talk about capital allocation and using the cash for buybacks versus potentially other opportunities. And also, why use an absolute gross debt number instead of a leverage target to frame the buyback discussion? So it would be helpful to get that context.

但很顯然，本季信函中新增的一點是現金流指引，你們的現金流指引比你們最初給出的要好，還有股票回購指引。所以或許你可以談談資本配置，以及將現金用於股票回購還是其他潛在機會。此外，為什麼使用絕對總債務數字而不是槓桿目標來建立回購討論？所以了解背景資訊會很有幫助。

Yes, sure. So thanks, Kannan. We're super proud of where we are from a free cash flow perspective. 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. And we think that's a pretty big milestone for us.

當然可以。謝謝你，坎南。從自由現金流的角度來看，我們目前的狀況讓我們感到非常自豪。在電話會議之前，我們內部討論了一下，對我們來說哪個里程碑更重要：是突破 2 億會員大關，還是在自由現金流方面進入下一個階段，以及未來實現自我融資增長的能力。我們認為這對我們來說是一個非常重要的里程碑。

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. 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. We want to return excess cash to our shareholders.

就我們的資本配置方法而言，其理念仍然不變，那就是我們將嚴格管理資本，並努力做我們認為能夠為股東創造最大價值的事情。但我們已經扭轉了局面，正如我們之前所說，資產負債表上有 80 億美元的現金，預計 2021 年現金流將達到損益兩平，之後將達到正現金流。我們希望將多餘的現金回饋給股東。

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

所以我們不會累積大量多餘的現金。正如您所說，我們將維持資產負債表上約 100 億至 150 億美元的總債務。這其實只是為了在需要時保持對債務市場的熟悉和准入，但除此之外並沒有什麼科學根據。

And then beyond, as I say, we're -- we put a premium on balance sheet flexibility. So we're going to continue to invest aggressively into the growth opportunities that we see. And that's always going to come first. But beyond that, if we have excess cash, we'll return it to shareholders through a share buyback program.

而且，正如我所說，我們非常重視資產負債表的靈活性。因此，我們將繼續大力投資我們所看到的成長機會。而且，這件事永遠是第一位的。但除此之外，如果我們有多餘的現金，我們將透過股票回購計畫將其回饋給股東。

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

瑞德和泰德，我們能否稍微轉換一下話題，談競爭？說實話，這個問題可能有點不公平，因為在很多方面，你為其他人複製串流媒體模板做出了貢獻。但鑑於迪士尼近期的成功以及他們取得的成績，Netflix 似乎未能充分發揮其潛力，需要付出更多努力才能達到類似的規模。那麼，迪士尼的業績為何不能作為 Netflix 的衡量標準，以及該公司為何無法達到迪士尼的業績水平，有什麼原因嗎？

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.

Kannan，我的意思是，如果你看看我們的財務報表，在收益的底部，也就是回報率——18 年的年化回報率是 40%，所以如果這都算業績不佳，我們會繼續努力。

Look, it's super impressive what Disney has done. I mean it's the incredible execution for an incumbent to pivot and taking on an insurgent. And so that's great. 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. And so it gets us fired up about increasing our membership, increasing our content budget. And it's going to be great for the world that Disney and Netflix are competing show by show, movie by movie. 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.

你看，迪士尼所取得的成就真是令人印象深刻。我的意思是，對於一個在位者來說，能夠扭轉乾坤並對抗一個挑戰者，這簡直是不可思議的執行力。那真是太好了。這表明會員們對精彩的內容感興趣，並且願意為此支付更多費用，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。因此，這激勵我們增加會員人數，增加內容預算。迪士尼和Netflix在劇集和電影方面競爭，這對世界來說是一件好事。我們非常熱衷於在家庭動畫領域追趕他們，也許最終會超越他們，我們拭目以待，要追趕他們還有很長的路要走，同時還要保持我們在像《布里奇頓》這樣令人興奮的綜合娛樂領域的領先地位，我認為你近期不會在迪士尼看到這樣的作品。

Ted, do you want to follow up on that?

泰德，你想跟進一下嗎？

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

不，我認為從競爭的角度來看，想想 2020 年聖誕節，當時備受期待的電影《神力女超人 84》和《心靈奇旅》都在競爭對手的平台上首映，而我們則推出了有史以來規模最大的首映之一。而且我認為里德所說的確實表明人們對精彩的娛樂節目以及各種類型的娛樂節目有著巨大的需求。我認為，他們願意為更多節目支付更多費用，這一點非常令人鼓舞。

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

我們一直說，人們會——我們的目標是製作出每個人都喜歡的節目，每個人都喜歡的電影。其他人也會嘗試這樣做，人們會為了獲取這些內容而額外訂閱 Netflix，我認為這是一個非常健康的動態。

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

還有坎南，如果我──抱歉，格雷格，你先說。

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

抱歉，如果可以的話，我想補充一點，我認為訂閱者數量也反映了會員數量這一因素。但從收入的角度來看也很有用，收入當然是我們創造更多內容、讓良性循環持續運作的動力。

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. So that's -- sort of 87 million is closer to 60 million, and our ARPU is roughly double or actually more than double. So we added close to 40 million last year alone. 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.

Kannan，我唯一想補充的是，我不想過多糾結於數字——也絕非要貶低迪士尼的成就，因為他們做得非常出色，我自己也是他們的忠實用戶——但他們8700萬付費用戶中有30%是Hotstar，我想我們都意識到Hotstar和迪士尼的服務有點不一樣。所以，8700萬更接近6000萬，而我們的ARPU大約是原來的兩倍，或者實際上是兩倍多。光是去年，我們就新增了近4000萬。所以，考慮到這些因素，以及我們目前在全球滲透率較高這一事實，我認為我們對目前的業績感到非常滿意。

So you took the bait. Kannan was trying to get us to [chest pound] some more.

你上鉤了。坎南想讓我們再多搥胸頓足。

I don't mean to be provocative. It turned out to be just -- but just a follow-up. And Greg, I guess you're going to have a lot to say on this topic. 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. And telecom companies have started to see this as a new normal. And my guess is this will lead to all kinds of other permutations in the future. 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?

我無意挑釁。結果證明，這只是——但只是一個後續問題。格雷格，我想你在這個主題上有很多話要說。但當你想到迪士尼的加入，甚至是探索頻道，或者所有這些正在發生的新變化時，從某種程度上來說，這大大擴大了串流媒體的市場份額，因為新的發行模式也在嘗試之中。電信公司已經開始將此視為一種新常態。我猜測這在未來會導致各種各樣的其他變化。所以，考慮到 2021 年會有更多串流媒體服務推出，這是否在某種程度上為嘗試新的分銷管道或因串流媒體的成長而加速成長提供了機會？

Well, I think you're right. I mean we're seeing this big macro shift. And certainly, the global pandemic has accelerated that process. 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. We have more and more intention, more activity out there.

嗯，我覺得你說得對。我的意思是，我們正在目睹一場巨大的宏觀轉變。當然，全球疫情加速了這一進程。實際上，我認為第一個因素是，推動我們前進的巨大動力在某種程度上對我們來說是一種順風，因為世界各地越來越多的消費者都了解這些服務。我們越來越有目標，也越來越積極參與其中。

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. 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.

我們力求創新，不斷突破界限，探索如何加速成長、如何擴大分銷範圍、如何更多地接觸會員。而且──我們成長的關鍵引擎在於如何滿足那些已經註冊的用戶，因為這才是最終的激勵因素。當他們擁有良好的體驗，並熱情地向朋友、家人、同事講述這項服務有多棒，他們在那裡觀看的影片有多精彩時，這才是真正激勵下一批用戶註冊的動力。

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

所以我們會繼續突破極限。我們力求在這方面進行創新，並將提出許多富有創意的想法來實現成長。

All right. And I guess extending on that topic, you ran a couple of interesting experiments during the quarter. I think Netflix was free in India for a weekend. And in France, you have tried the linear format. So could you talk a little bit about the learnings from these experiments? And are these successful enough to expand to other regions?

好的。我想，關於這個主題，你在本季進行了一些有趣的實驗。我記得Netflix在印度週末是免費的。在法國，你們嘗試過線性格式。那麼，您能否談談從這些實驗中獲得的經驗教訓？這些模式是否夠成功，可以擴展到其他地區？

Yes. 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. We had millions of people that had access for a 48-hour period to the service. And now we go through the more difficult part of actually analyzing how that interest through this specific tactic translates into sustained incremental growth. And we're still working through the details of that. 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.

是的。所以，在印度舉辦的 StreamFest 活動中，我的主要發現（這一點非常明顯）是，印度消費者對嘗試 Netflix 非常感興趣。我們有數百萬人可以在 48 小時內使用該服務。現在我們要進入更困難的部分，即分析這種特定策略所帶來的興趣如何轉化為持續的增量成長。我們仍在研究其中的細節。顯然，根據我們在那裡看到的情況，我們將思考如何再次利用這種策略，或者如何改進它，以及我們認為它可能在哪些其他地方可以加以利用。

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. Sometimes they're looking for a movie or sometimes a TV show or animation or scripted or unscripted. And sometimes they show up and they're not really sure what they want to watch. 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.

然後——關於你的另一點，我認為 Netflix 會員使用這項服務是為了尋求各種各樣的娛樂方式。他們有時會想找電影，有時想找電視劇、動畫片，有時想找有劇本的節目，有時會想找無劇本的節目。有時候他們來了，卻不太確定自己想看什麼。因此，我們有機會嘗試創新，嘗試新的機制來幫助我們在該特定狀態下的成員。

So there's -- the linear feed is one example of that. It's still unclear how that's going to work out. So we're still looking at that one. 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. And that's a great mechanism that's worked quite well for our members in that situation.

所以，線性進給就是其中的一個例子。目前還不清楚最終結果會如何。所以我們還在研究這個問題。但我認為一個更好的例子是我們一直在測試的一項新功能，我們現在將在全球範圍內推出這項功能，因為它對我們來說真的非常有效。我們的會員可以告訴我們他們只想完全跳過瀏覽，只需點擊一個按鈕，我們就會為他們選擇一個遊戲標題，讓他們立即開始播放。在這種情況下，這確實是一個很好的機制，對我們的成員來說效果非常好。

Greg, are we going to call it, "I'm feeling lucky"? Or are you going to come up with something better?

格雷格，我們是不是要把它叫做「我手氣不錯」？還是你打算想出更好的辦法？

We're going to come up with something better than that. So stand by for the specific verbiage. You'll see it when it rolls out.

我們會想出比這更好的辦法。所以請稍候，具體措詞待定。等它正式推出的時候你就會看到了。

And so Greg, just following up on Asia a little bit more. You mentioned the $4 billion to $5 billion in revenues that Netflix has been able to add over the last few years. 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? 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?

所以，格雷格，接下來再跟進一下亞洲的狀況。你提到Netflix在過去幾年新增了40億至50億美元的收入。隨著 EMEA 地區規模的擴大，以及您對該地區成長的依賴程度的增加，40 億至 50 億美元是否是衡量收入成長的正確方式？當然，由於該地區的 ARPU 值要低得多，我們應該如何看待未來收入成長的框架？

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

是的。我的意思是，我們為每年持續成長 40 億至 50 億美元的收入感到自豪，我們認為這在娛樂產業是前所未有的。當然，我們的目標是做到最好，並且不斷成長－持續成長收入。

But to your point, specifically, what we're seeing is we have to find ways to improve the accessibility of the Netflix service. And oftentimes, that means doing some trade-offs between subscriber growth at different ASPs. 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. 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.

但正如你所指出的，具體來說，我們看到的是，我們必須找到方法來提高 Netflix 服務的可近性。很多時候，這意味著需要在不同的平均售價 (ASP) 下，在用戶成長之間做出一些權衡。但實際上，我們所有這一切的框架，以及我們評估所採取的行動、如何擴展這些行動、何時進行測試、如何評估這些測試的方式，都是圍繞著收入優化這一核心展開的。所以，這就是我們始終關注的視角，我們將利用這一點繼續努力，盡可能地推動營收成長。

And I would just add to that, Kannan, just in this past quarter, the APAC region was the second largest contributor to growth. 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. And even just in our guidance for Q1, it's, I think, 24% year-over-year. So on an absolute basis, that revenue is growing.

我還要補充一點，Kannan，就在上個季度，亞太地區是第二大成長貢獻者。坦白說，您可以看到我們業務的收入正在加速成長，從兩年前的全年約 40 億美元增長到今年的約 50 億美元。即使僅就我們對第一季的預期而言，我認為同比增長了 24%。因此，從絕對值來看，收入正在成長。

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

而當你想到亞太地區時，我的意思是，很明顯，該地區在價格敏感度和多樣性方面，例如語言等等，都非常不同。所以，當你進入那個特定區域時，目前的模式是比較穩定地嘗試一種僅限行動裝置的方案，然後嘗試從那裡開始逐步升級嗎？或者，在定價或產品方面，還有其他方法可以加快這一進程嗎？

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. 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.

我們有 100 件可以做也需要做的事情，我們知道，在這個地區取得成功，靠的並不是一個技巧或一件事。但我們一直在審視當前產品體驗在哪些方面無法完全滿足我們現有會員和潛在會員的需求。

And you mentioned language. 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. And there are sort of these different scenarios. There's a scenario maybe when you're by yourself and if you're multilingual, that can result in sort of different choices. 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. 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.

你提到了語言。這是一個很棒的平台，甚至像我們正在改進會員在瀏覽內容時選擇他們想要的語言這樣的簡單事情。而且還有這樣幾種不同的情況。例如，當你獨自一人且會多種語言時，可能會出現一些不同的選擇。如果你生活在一個多代同堂的家庭中，那麼突然之間，你可能會改變你想呈現的標題和語言的看法。這只是我們知道可以改善產品體驗並更有效地滿足會員需求的眾多領域中的一個小例子。

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

但事情遠不止於此，例如我們知道需要擴展的支付方式，我們一直在努力增加更多支付方式並提高其有效性，以及我們建立的合作夥伴關係，這些合作夥伴關係使服務更容易獲得、更快捷，讓會員更容易了解和註冊。所以有很多事情我們正在研究。

Okay. And speaking of an area of overachievement instead of underachievement, Ted, 70 movies in a year. So now you guys are the industry in many ways. I think the top 5 studios potentially do about 90 movies a year. You guys are doing 70 a year. So at what point is this too much? How do you judge that balance? And how are you juggling? Or how are you evaluating returns on this investment?

好的。說到超常發揮而不是表現不佳，泰德一年拍了 70 部電影。所以現在你們在很多方面都代表了整個產業。我認為排名前五的電影公司每年可能會製作大約 90 部電影。你們一年做70個。那麼，什麼程度才算過分呢？你如何判斷這種平衡？你是如何兼顧這兩件事的？或者，您如何評估這項投資的回報？

It's likely more than 70. That's just what we were able to talk about in that last release, in that exciting trailer. 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. It isn't just one a week. I think there's plenty of room to grow that. But -- and we're doing that at a much larger scale today.

很可能超過70。這正是我們在上一期節目中，在那支令人興奮的預告片裡所要討論的內容。我的意思是，想想人們的口味有多麼多樣化，想想人們對看電影的熱情有多高漲。不僅僅是每週一次。我認為這方面還有很大的發展空間。但是——而且我們現在正在以更大的規模做這件事。

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. 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.

所以想想像蓋爾加朵、李奧納多狄卡皮歐、梅莉史翠普這樣的電影明星，以及珍坎皮恩、亞當麥凱、查克史奈德、安東尼福奎阿這樣的電影製作人，他們為 Netflix 製作大規模的電影，這樣當人們想看電影的時候，他們可以在家裡的大螢幕上看，也可以在手機上看。而且我認為這種發展將會繼續壯大，遠遠超出每週一部電影的範疇，因為我們談論的是服務於口味極其多樣化的全球觀眾。

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，每週一個影片——很多時候，已經是兩三個了。其中一些影片在其創作的地區產生了巨大的影響，而另一些影片則變得非常非常具有全球影響力，就像我們去年看到的來自韓國的#Alive一樣，它在全球範圍內都非常受歡迎。

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

我的意思是，在製作這些作品時，你們在內容創作的財務模式方面進行了創新，採用了成本加成結構，這與過去內容創作的赤字融資模式截然不同。當你進行你現在這種產量和規模的製作時，是否有隨著時間的推移導致回報下降的風險？因為從某種程度上來說，工作室以成本加成的方式製作這些內容實際上沒有任何弊端？在這個規模下，這種做法是否合理？這與你作為一家新創公司，主要做原創內容時相比，是否更有意義？

I think it does. 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. 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. 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.

我認為確實如此。我的意思是，我們看到它的規模每年都在翻倍以上，並且在專案範圍、專案目標和專案執行方面都在不斷擴大。而且我認為，如果你從相對的角度來看，少數幾部作品最終能為工作室帶來巨大的回報，而數百部作品卻幾乎無法收回成本，那麼對於製片人來說，這確實是一個很棒的製作模式。我們能夠日復一日地以這樣的規模支持它，並製作一些原本很難製作的項目，在某些情況下，這極大地鼓舞了電影製作人接受這種模式。

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

知道了。鑑於你們現在製作的電影數量，以及新冠疫情的影響，電影的發行模式發生了重大變化，不僅在 Netflix，而且在整個行業都是如此，這是否在某種程度上為你們創造了一個新的發行管道？如果同步上映或更短的窗口期變得更受歡迎，那麼是否有可能透過在非常短的窗口期內進行更大規模的上映來充分利用票房？那麼它是否會在某個時候成為新的收入來源？

Kannan, potentially, I mean, we've looked at this before. We've never had any issue with movies being in theaters. Our biggest issue has been that you had to commit to this very long window of exclusivity to get access to any theaters. That's been the biggest challenge. 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. And we'll see how much that sticks.

Kannan，或許吧，我的意思是，我們以前也考慮過這個問題。我們從來沒有對電影院上映電影提出任何異議。我們最大的問題是，你必須承諾遵守非常長的獨家觀看期限才能進入任何戲院。這是最大的挑戰。所以，如果這些窗口期即將結束，我們將更容易獲得電影資源並在影院放映，我希望消費者能夠自由選擇是去影院觀看還是在家觀看，這在新冠疫情期間尤其成為一種常態。我們拭目以待，看看這種說法能撐多久。

But I think that consumer behavior, human behavior, things change a lot over time. 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. It's just not core to our business.

但我認為，消費者的行為、人類的行為，都會隨著時間而產生很大的改變。但是，和陌生人一起去劇院看電影的體驗截然不同，而且非常棒。這並非我們的核心業務。

Hopefully, with Warner Bros. 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. 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. But we have to wait to post-COVID to get a clean read of that.

希望華納兄弟公司能夠…類似新冠疫情期間的趨勢，我們將在後疫情時代，例如今年下半年，看到人們既會大量湧入電影院，也會同時在 HBO Max 上觀看電影及其首映。這樣一來，同步發行和串流媒體發行就對電影有利，既有利於線上發行和串流媒體播放，也有利於戲院上映。但我們必須等到新冠疫情結束後才能對此有更清晰的了解。

Yes. 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.

是的。所以，你今天看到的，正是我們這兩年來一直努力想做的事情，因為我們一直在製作這種規模的電影。

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

我想事情的另一面是，考慮到你們現在的發行規模，如果一家電影公司想在 Netflix 上發行電影，這是他們能接觸到的最有效的管道之一。為什麼這種模式對 Netflix 來說沒有吸引力呢？無論是以付費點播頻道的形式，或是以其他分發模式的形式。但為什麼你覺得這種模式沒有吸引力呢？

I'm not -- we're not saying that it isn't. What we're saying is this one has been the most attractive model. So in terms of -- both for consumers and for our own business.

我不是——我們並不是說它不是。我們想說的是，這款車型是最具吸引力的。所以，無論對消費者或對我們自己的業務而言，都是如此。

And then, Kannan, I think you alluded maybe to a different model, sort of a transactional kind of approach. 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. And so we want to keep emphasizing that.

然後，坎南，我想你暗示過一種不同的模式，一種交易型的方法。而且我認為，從消費者的角度來看，我們堅信，我們無廣告、無額外付費、只需一次訂閱的簡單模式，對世界各地的消費者來說，真的非常強大，也真的非常令人滿意。所以我們要繼續強調這一點。

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. 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.

當你挑戰人們去思考時，你會發現這很有趣。我認為訂閱模式的一大優點是，它讓消費者在觀看內容方面更勇於嘗試。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，因為這些觀念大多是由商業趨勢決定的，而不是由消費者趨勢決定的。

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

所以我覺得人們會說：“嘿，我不看外語電視節目，但我聽說過一個叫《魯邦三世》的節目，我非常興奮想看它。”「而且它包含在我的訂閱裡；我這就播放。」10 分鐘後，他們突然就喜歡上外語電視節目了。所以這真是不可思議的演變。

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. 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. 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.

奉俊昊在奧斯卡頒獎典禮上說得非常精彩，觀眾必須跨越那1吋的障礙才能享受到另一個完全不同的娛樂世界。我們已經透過觀看 Netflix 上來自世界各地的精彩故事，以驚人的規模看到了這一點。那1吋寬的牆就是字幕，你可以選擇觀看配音版，也可以選擇觀賞原聲版。

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

我想，當你擁有如此龐大的內容量以及如此豐富的電影片單時，你也會擁有更大的定價權，因為你不再需要花 10 美元去看一部電影，或者花 30 美元和家人一起看一部電影，而是直接付費訂閱 Netflix。因此，在這種環境下，由於產品類型的不同，你的定價權實際上會提高。

So we're increasing value. We're increasing the value proposition for the consumer. Every time we get another 10 minutes of watching on Netflix, you're increasing the value of that subscription. So I think it's -- by increasing the options, we are also increasing the likeliness that you're going to push play. And when you do push play, you're going to love what you see.

所以我們正在提升價值。我們正在提升對消費者的價值主張。我們每次在 Netflix 上多看 10 分鐘，就等於增加了訂閱的價值。所以我認為——透過增加選項，我們也增加了你按下播放鍵的可能性。當你按下播放鍵時，你一定會喜歡你所看到的。

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. And they still go out and they see that as an experience that's just different. So don't think of that as the direct -- or our members don't think of that as the direct comp. 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. So it's -- all these things are kind of interconnected to be able to create a really unique and incredible viewing experience.

坎南，說實話，戶外娛樂，只是大多數消費者對此有不同的看法，就像你可以自己做飯很便宜，但人們仍然會出去吃飯一樣。他們仍然會外出，並認為那是一種不同的體驗。所以不要把那看作是直接補償——或者說，我們的會員不認為那是直接補償。但他們喜歡的是，只需花費少量的錢，就可以無限量地觀看，而且可以非常大膽地嘗試，就像泰德剛才說的那樣，按照自己的口味，去嘗試《愛麗絲夢遊仙境》和《魯邦三世》。所以，所有這些因素都是相互關聯的，從而能夠創造出一種真正獨特而令人難以置信的觀看體驗。

Right. So I guess when you think about these factors, I mean, there are 2 ways to think about pricing in this environment. One is when you have so much competition and consumer wallets essentially have to be spread more widely. One way to read the environment is to say that pricing power is limited. But then on the other side of it, your share of total engagement could continue to go up and the pie itself could increase. And you have more product which consumers -- basically, that wallet is coming out of somewhere else instead of television. Which of these 2 dynamics should we expect to see? In other words, should pricing power accelerate or ARPU growth accelerate in the coming years, at least in the Western markets?

正確的。所以我覺得，當你考慮這些因素時，我的意思是，在這種環境下，定價有兩種思考方式。一種情況是競爭非常激烈，消費者的錢包不得不分散開來。解讀當前環境的一種方式是認為定價權是有限的。但另一方面，你的參與度份額可能會繼續上升，市場蛋糕本身也可能會變大。而且，消費者的錢包也從電視以外的管道掏出了更多產品。我們應該預期看到這兩種動態中的哪一種？換句話說，至少在西方市場，未來幾年定價權或每位用戶平均收入成長應該加快嗎？

Yes. 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. And we feel like we have so much more room to growth and -- to grow. 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. So that's super exciting to see that kind of value creation. And that's really just where we stay focused.

是的。我認為我們所考慮的競爭對手範圍非常廣泛，無論你從錢包份額、時間和注意力份額、娛樂份額還是愉悅份額來考慮。我們感覺我們還有很大的發展空間。確實，看到我們為用戶創造價值的新維度，令人興奮不已，例如引進外語節目《魯邦三世：紙鈔屋》，這些節目現在正從以前從未發生過的國家和語言中風靡全球。看到這種價值創造真是令人興奮。這就是我們一直在關注的重點。

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

所以我們不是試圖以這種方式預測未來，而是要保持高度的自律，努力思考下一步該如何做，才能為我們的會員創造更多價值，吸引他們，讓他們感到愉悅，提供更多優質內容和更優質的產品體驗。如果我們認為我們在這方面做得很好，那麼我們認為我們的業務也會隨之成長。

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

至於坎南，我們一直都非常謹慎，而且會繼續保持謹慎。

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 Spencer Wang，你還記得過去三年，每位會員的平均收入發生了什麼變化嗎？它從什麼水準成長到了什麼水準？

Yes. So it's moved up from less than $10. It's around sort of $9.90 per month per membership to, in the last quarter, slightly north of $11. And just bear in mind, Kannan, I think you know this, but we had significant FX headwinds over that course of time, too. So we've seen that grow steadily. So that's, I think, a helpful framework for you.

是的。所以它的價格已經從不到 10 美元上漲了。會員費大約每月 9.90 美元，上個季度略高於 11 美元。還有一點要記住，坎南，我想你也知道，在那段時間裡，我們也面臨巨大的外匯逆風。所以我們看到這種情況一直在穩定成長。所以，我認為這對你來說是一個很有幫助的框架。

Yes. It's about 10% over 3 years. So pretty cautious, and it's working well for us to provide incredible value.

是的。三年內約增長10%。所以，我們採取了相當謹慎的態度，而這種態度也讓我們能夠提供極具價值的產品。

Yes. And maybe just another way of stating [that cautious] is just thinking about it. We do think we're an incredible entertainment value, and we want to remain incredible entertainment value.

是的。或許另一種表達謹慎的方式就是多加思考。我們認為我們具有極高的娛樂價值，我們也希望維持這種極高的娛樂價值。

Yes. And I draw you back to the Christmas Day releases where we had Bridgerton. But a couple of days before that, we had Midnight Sky. And a couple of days after that, we had Cobra Kai. And a couple of days after that, we had Lupin. And a couple of days after that, we had Pieces of a Woman. I mean it's a phenomenal -- and you can see -- and the numbers are in front of you. The way that people have enjoyed these series and films has been unprecedented. And I think the rhythm and the pace of that has been really keeping up. And I think that is the definition of consumer value.

是的。這讓我想起了聖誕節上映的影片，像是《布里奇頓》。但就在那之前的幾天，我們看了《午夜天空》。幾天后，我們迎來了《眼鏡蛇道館》。幾天后，我們迎來了盧平。幾天后，我們又推出了《女人的碎片》。我的意思是，這真是太驚人了——你可以親眼看到——數字就擺在你眼前。人們對這些劇集和電影的喜愛程度是前所未有的。我認為這種節奏和速度一直都保持得很好。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. We announced in the U.K. in December. 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.

坎南，正如我們在信中提到的，最近的數據顯示，我們在美國第四季的價格有所上漲。我們在去年12月在英國宣布了這項消息。我們因此取得了良好的發展，因為我認為到目前為止，我們一直在不斷增加為會員提供的產品和服務的種類和價值。

And I guess on the pricing front, I mean, at a certain level, the elasticity -- and there's some action a research on this. 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. But is that something that you guys have seen yet? Or are we still very far away from that point at which these factors kick in for you? 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.

至於定價方面，我的意思是，在一定水平上，彈性——這方面已經有一些行動和研究了。但從本質上講，彈性似乎是價格本身的函數，這意味著隨著價格越來越高，當你開始提高價格時，需求彈性可能會改變。但你們有看過這種情況嗎？或者說，我們距離這些因素對你產生影響的臨界點還很遠？所以，如果您能談談您在不同地區漲價過程中觀察到的潛在客戶流失或客戶群行為，這對我們來說可能是一個有用的框架。

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

是的。我認為，與其從學術角度來看，我們或許應該從更實際、更操作的角度來看這個問題。實際上，這幾乎是顛倒了局面，也就是說，我們正在從會員那裡尋找訊號和跡象，這些訊號和跡象告訴我們，我們已經增加了更多價值。

So you think about engagement with the service and retention and churn characteristics, acquisition. 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. 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. So it's really that sort of iterative, feel our way forward kind of orientation that we have.

所以你要考慮用戶對服務的參與度、用戶留存率和用戶流失率特徵以及用戶獲取情況。這些才是我們真正想要尋找的，也是能夠證明我們為服務增加了更多價值的關鍵。現在是時候回去聯絡這些會員，請他們多付一點錢，這樣我們就可以把這些錢再投資，不斷增加投入。所以，我們採取的是一種不斷迭代、摸索前進的方式。

Got it. Pivoting to a slightly different topic. You guys added Strive Masiyiwa, I hope I'm pronouncing that right, to the Board. And Africa is not a region we've discussed in the past, but Disney started creating a lot of content in the region. And obviously, this Board appointment is pretty interesting. Is this the next focus? How should we think about this as an opportunity?

知道了。稍微轉換一下話題。你們把 Strive Masiyiwa（希望我沒念錯他的名字）加到董事會了。非洲並不是我們過去討論過的地區，但迪士尼已經開始在該地區製作大量內容。顯然，這項董事會任命非常有趣。這是下一個重點嗎？我們該如何看待這是一個機會？

Well, Strive is a global board member. He's not coming on board to be a marketing consultant for Africa, although he does know it extremely well. But he's a voice about how to build large subscription businesses, which he's done. He's enormously sophisticated at dealing with governments, which, as we grow, is an increasingly important skill for us to have.

Strive是全球董事會成員。他加入公司並非擔任非洲行銷顧問，儘管他對非洲非常了解。但他對如何建立大型訂閱業務有著獨到的見解，而他也確實做到了。他非常擅長與政府打交道，隨著我們不斷發展壯大，這項技能對我們來說越來越重要。

So think of him as a great global advocate for us. He also knows Europe very well and the rest of the world reasonably well. So I think it's -- we've been broadening our global board membership, and it's a continuation of that. And again, Africa has a ton of potential. We're doing more content there. We're growing our membership. But again, that's not Strive's role specifically.

所以，不妨把他看作是我們偉大的全球倡議者。他對歐洲非常了解，對世界其他地區也相當熟悉。所以我認為——我們一直在擴大全球董事會成員範圍，這是這一趨勢的延續。再次強調，非洲擁有巨大的潛力。我們正在那邊製作更多內容。我們的會員人數正在增加。但再說一遍，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. And Spencer, this one might be for you, and I'm sure the others will chime in as well. But there have been a couple of streaming services in Southeast Asia, which essentially were acquired by some of the Chinese Internet majors. Sony, of course, did the acquisition of 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. So could you help us think through what kind of assets you guys would care about? Is it more like the Millarworld assets? Or why are these assets not interesting?

放眼世界其他地方，你會發現有很多小額交易。史賓塞，這或許是為你準備的，我相信其他人也會有同感。但東南亞曾出現過幾家串流媒體服務公司，它們基本上都被一些中國網路巨頭收購了。當然，收購 Crunchyroll 的是索尼。所以，有一些很有意思的資產，可以幫助你更快地發展壯大，但你顯然錯過了它們，或者對這些資產沒有表現出任何興趣。那麼，你們能否幫我們思考一下，你們會關注哪些類型的資產呢？它更像是 Millarworld 的資產嗎？或者說，為什麼這些資產不吸引人？

Sure. To answer the first question, Kannan, with respect to other streaming services, our view is many people subscribe to multiple different services. So acquiring another one just for their members doesn't really help us. 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. So that's sort of point one.

當然。坎南，關於其他串流媒體服務，我們的觀點是很多人訂閱了多種不同的服務。所以，僅僅為了他們的成員而再購置一台設備對我們也沒有什麼幫助。我們希望專注於透過自然的方式獲取和贏得每個人的訂閱，而不是僅僅進行某種併購交易。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，關於你提出的另一個問題，即我們感興趣的是什麼，我們主要關注那些能夠幫助我們加強核心業務的事物，也就是娛樂，特別是內容資產，包括知識產權等，我們希望能夠將其轉化為優秀的電視節目和電影。

I would just add that historically, we've been builders, not buyers. 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. And then that someday is now; we're one of the largest producers of anime in the world.

我還要補充一點，從歷史上看，我們一直是建造者，而不是買家。多年前，我常常試著讓團隊理解這項業務的潛在規模，例如我會說，總有一天我們會成長到設立一個動漫副總裁。而那一天已經到來；我們已成為世界上最大的動漫製作公司之一。

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. 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.

所以你現在想想這些事情，就會覺得──當你審視這些資產時，它們主要是分銷資產，而不是真正的智慧財產權資產。所以，我們一直在採取的策略是，就像我們的非劇本節目、動畫、動畫長片、大製作原創電影一樣，我們用幾年時間慢慢打造，而不是收購。

We have time for one more question, please.

我們還有時間回答最後一個問題。

Got it. Spencer, maybe -- sorry, Reed, I'll ask you this final question more with respect to the longer-term outlook for the business. And Ted, obviously, feel free to chime in as well on this one. But is there any regrets you guys have had in terms of things that you guys could have done but did not do? And one instance that comes to mind is something like Roku, if it was part of the company instead of being spun out. And also when you look at the competitive landscape, what do you perceive as the real competition? Is it streaming services? Or does it come from outside, from things like Fortnite, which you've mentioned in the past as an engagement driver for consumers?

知道了。史賓塞，或許──抱歉，里德，我最後一個問題更多的是關於公司長期發展前景的。當然，Ted，你也隨時可以發表你的看法。但你們有沒有後悔過，有沒有什麼事情是你們本來可以做但卻沒有做的？我想到的一個例子是 Roku，如果它是公司的一部分而不是被剝離出來的話。此外，從競爭格局來看，你認為真正的競爭對手是什麼？它是串流媒體服務嗎？或者它是否來自外部，例如像 Fortnite 這樣的遊戲？你之前曾提到 Fortnite 可以推動消費者參與？

Reed?

蘆葦？

I think it was directed to Spencer. So I was going to -- I was going to see how he answers this one.

我覺得這是給史賓塞的。所以我打算——我打算看看他會如何回答這個問題。

I could take a stab at it. I mean -- and then I'll pass it over to Reed and/or Ted. Look, we -- as Greg mentioned earlier, we think the competitive set is incredibly large and wide. 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.

我可以嘗試一下。我的意思是——然後我會把它交給里德和/或泰德。你看，正如格雷格之前提到的那樣，我們認為競爭格局非常龐大且廣泛。所以，我認為我們還有很多工作要做，才能繼續擴大我們目前所佔的一小部分螢幕時間，並希望它能對我們的會員越來越有價值。

I think the other part of your question was, is there anything that we sort of regret. I've only been here 5.5 years compared to Greg, Reed and Ted who have been here much, much longer. So I think my window of regret is probably smaller. So I don't think that there's anything that jumps out to mind right now.

我認為你問題的另一部分是，我們是否有一些後悔的事情。我在這裡只待了5年半，而格雷格、里德和泰德在這裡待的時間比我長得多。所以我覺得我的後悔期可能比較短。所以，我現在還沒想到什麼特別適合的。

Spencer's regret is not joining 3 years earlier.

史賓塞後悔沒有早三年加入。

He could have.

他本來可以的。

That is correct.

沒錯。

No, not materially. I mean I think it is fantastic that we've executed. If we had kept Roku inside, it's very unlikely they would have been the success that they have. What Anthony and his team have done has taken enormous energy and focus on their side. And it was an enormous test for us just to become a leader in both streaming and then original programming and then global. So I -- we're happy for their success, but no regrets on that front.

不，沒有實質的影響。我的意思是，我認為我們執行得非常出色。如果我們當初沒有引進 Roku，他們很可能不會有現在這樣的成功。安東尼和他的團隊所做的一切，都凝聚了他們巨大的精力和專注力。對我們來說，要成為串流媒體、原創節目甚至全球領域的領導者，都是一個巨大的考驗。所以——我們為他們的成功感到高興，但在這方面我們並不後悔。

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，考慮到我們為全世界數億人帶來了數小時的歡樂，以及我們為股東帶來的回報，很難對過去感到太多遺憾。

Here is one for you, Kannan. 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.

坎南，這是給你的。我們後悔當初沒有在第一次交易中購​​買《紙牌屋》的全球授權，以至於後來不得不花費巨資一點一點地重新購買。

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

我想，這算是個不錯的結尾吧。

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

謝謝坎南，也謝謝我們所有的股東，期待下季再與大家交流。

Okay. Thanks to all.

好的。謝謝大家。

Thanks, Kannan. Thanks, guys.

謝謝你，坎南。謝謝各位。

Happy New Year.

新年快樂。