Netflix Inc (NFLX) 2020 Q2 法說會逐字稿

Good afternoon, and welcome to the Netflix Q2 2020 Earnings Interview. I'm Spencer Wang, VP of IR and Corporate Development. Joining me today are Co-CEOs, Reed Hastings and Ted Sarandos; COO, Greg Peters; and CFO, Spence Neumann. Our interviewer this quarter is Kannan Venkateshwar from Barclays Capital.

下午好，歡迎收看 Netflix 2020 年第二季財報採訪。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：聯合執行長里德·哈斯廷斯和泰德·薩蘭多斯；首席營運長格雷格·彼得斯；以及首席財務官斯賓塞·諾伊曼。本季我們的訪問嘉賓是來自巴克萊資本的坎南·文卡特什瓦爾。

As a reminder, we'll be making forward-looking statements and actual results may vary. Now let me turn it over to Kannan for his first question.

再次提醒，我們將發表一些前瞻性聲明，實際結果可能會有所不同。現在讓我們把時間交給坎南，讓他提出第一個問題。

Thank you, Spencer, and you nailed my last name. So congratulations for that.

謝謝你，史賓塞，你把我的姓念得沒錯。所以，恭喜你。

I practiced.

我練習過了。

So thanks for having me here. And I guess the best place to start here is Ted and Greg, congratulations on your new role; and Reed, you too, I guess you can relax a little bit more.

謝謝你們邀請我來。我想先祝賀 Ted 和 Greg 榮升新職；還有 Reed，你也是一樣，我想你可以稍微放鬆一下了。

So maybe we could just start off with your priorities, Ted, and maybe followed by Greg, just in terms of how you see the world evolving, what your priorities are. And of course, we are in the middle of a lot of change, so how you see the world. So maybe you could just start there.

那麼，泰德，或許我們可以先從你的優先事項開始，然後是格雷格，就從你們如何看待世界發展以及你們的優先事項開始談談。當然，我們正處於很多變革之中，所以你如何看待這個世界也很重要。所以或許你可以從那裡開始。

Well, we should start by saying that the chances that Reed's going to relax a little more are very low, whereas I'm just -- everyone should know that Reed and I have worked together for more than 20 years. He's been an unbelievable role model and source of inspiration for me. We've navigated some of the toughest decisions the company has made over those years, from mailing DVDs around the U.S. to streaming around the world. And my focus is to continue the successful train we've been on for the next 200 million subs around the world. And Greg, I'm thrilled to throw it over to you.

首先，我們應該說明里德放鬆一些的可能性非常低，而我——大家都應該知道，我和里德已經合作超過 20 年了。他一直是我非常敬佩的榜樣和靈感來源。這些年來，我們經歷了公司做出的一些最艱難的決定，從在美國各地郵寄 DVD 到在全球範圍內進行串流媒體。我的目標是讓這趟成功的列車繼續前行，在全球範圍內實現下一個2億訂閱用戶的目標。格雷格，我很高興把這個任務交給你。

Thank you, Ted. From my perspective, when I think about what our future is and I think it's just a tremendous next stage of growth that we will see mostly coming from outside the United States. So think of more and more employees outside the United States, more productions, more operations happening outside the U.S. and hopefully, many, many more members outside the U.S. This is an opportunity to lean in just a little bit more, be proactive and drive a little bit more alignment across those activities where we think alignment will benefit the business and push the optimization of those activities a little bit more.

謝謝你，泰德。從我的角度來看，當我思考我們的未來時，我認為我們將迎來一個巨大的成長階段，而這個成長主要來自美國以外。所以，想像一下，越來越多的員工在美國境外，越來越多的生產，越來越多的營運在美國境外進行，而且，希望有更多更多的成員在美國境外。這是一個機會，讓我們更積極主動地參與其中，推動這些活動中更多的協調一致，我們認為這種協調一致將有利於業務發展，並進一步優化這些活動。

And Kannan, you might not know, but many years ago now it feels, I was able to spend a couple of years in Japan, launching the service there. And I got a chance to work with the local teams that we were hiring and growing there as well as our global teams to really look at every aspect of the service and try and improve it for our Japanese members and grow our membership base there. So I think of that as sort of like a mini version or a trial or a test out for what I anticipate I'll be doing more in this role.

還有 Kannan，你可能不知道，但感覺已經是很多年前的事了，我曾在日本待了幾年，在那裡推出了這項服務。我有機會與我們正在招募和發展的當地團隊以及我們的全球團隊合作，真正審視服務的方方面面，努力改進服務，以更好地服務於我們的日本會員，並擴大我們在日本的會員基礎。所以我認為這就像是一個迷你版、試用版或測試版，用來檢驗我預計在這個職位上會更多地從事的工作。

And just as a small little fun fact for our listeners and shareholders who may not know, but Greg actually speaks 5 languages. So I think as we become more global service, that skill set will really benefit the company.

還有一點小趣聞要告訴可能不太了解情況的聽眾和股東們，格雷格實際上會說 5 種語言。所以我認為，隨著我們的服務越來越全球化，這種技能組合將真正使公司受益。

Notice how he didn't say how well he speaks.

注意他沒有說自己口語有多好。

Are you talking Java, C++? So you mean like (inaudible). How do you find time, Greg, to do all that? It's pretty amazing. We are so excited about the next decade of Netflix growth. We've definitely got a good start, but the opportunity across the next decade is just amazing for us. It's a lot international, as Greg was referring, but I couldn't be more excited about it, and it will be great to have some help as we expand the globe, and I'm looking forward to that. And to be totally clear, I'm in for a decade. So let me be really clear on that. I'm in for a decade, okay. And as Co-CEO, it's 2 of us full time. It's not like a part-time deal. So it's definitely broadening the management team and helping us grow even faster over the next 10 years.

你指的是Java還是C++？所以你的意思是像（聽不清楚）？格雷格，你是怎麼抽出時間做這麼多事的？真是太神奇了。我們對Netflix未來十年的發展前景感到非常興奮。我們已經有了一個好的開端，但未來十年對我們來說機會無限。正如格雷格所說，這具有很強的國際性，我對此感到無比興奮，在我們拓展全球業務的過程中，能夠得到一些幫助將是件好事，我對此充滿期待。坦白說，我承諾簽約十年。所以，讓我把話說清楚。我承諾至少十年，沒問題。作為聯合首席執行官，我們兩人全職投入。這可不是兼職。因此，這無疑會擴大管理團隊，並幫助我們在未來 10 年內實現更快的成長。

That's great. And so maybe, Reed, from your perspective, now that you have a relatively new setup, is there any kind of growth plans maybe that's out of the ordinary that you might be thinking about? I mean is Netflix in the next 10 years the same that -- compared to the Netflix in the last 10 years? So if you could just help us think through what your priorities are potentially now that you're sharing a job with Ted.

那太棒了。那麼，里德，從你的角度來看，既然你現在有了一個相對較新的系統，有沒有什麼不同尋常的成長計畫是你正在考慮的？我的意思是，未來 10 年的 Netflix 和過去 10 年的 Netflix 相比，會是同樣的情況嗎？所以，如果你能幫我們理清一下你現在和泰德共事的優先事項，那就太好了。

The 3 of us have been working together so long. There's essentially no difference next quarter. I mean Ted's got some increased external stature, and he can put bigger deals together for us, and that's really cool. And Greg will start to spend more time around the world for us. But think of it as much more consistent with the past than different.

我們三個已經一起工作很久了。下個季度基本上沒什麼差別。我的意思是，泰德的外部聲望提高了不少，他可以為我們促成更大的交易，這真的很棒。格雷格將開始花更多的時間在世界各地為我們服務。但你應該把它看作是與過去更加一致，而不是截然不同。

And then the beautiful thing about the next 10 years is we've got a good model. We just need to make it better. Every day, we work on making our service better, trying to make it so the billboard on the front of the UI, you could just click it and watch it and just like trust that result and then, of course, having amazing breadth of content, which we've been expanding. A couple of years ago, we only had premium TV. And now to be really good in movies, to be really good in unscripted, emerging in animation, very strong in local language shows and series, I mean it's just -- it's incredible the expansion that Ted's pulled off over the last 5 years. So think of it as just us doing more of that at higher scale and pleasing more people, so no change in the focus or the execution and preparing for greater scale.

接下來的十年最美好的地方在於，我們有了一個很好的模式。我們只需要讓它變得更好。我們每天都在努力改進我們的服務，力求讓用戶介面前端的廣告牌，用戶只需點擊即可觀看並信任其結果，當然，我們還擁有豐富的內容，並且一直在不斷擴展。幾年前，我們只有付費電視服務。現在，他在電影方面表現出色，在真人秀方面也表現出色，在動畫領域嶄露頭角，在本土語言節目和劇集中也實力強勁，我的意思是——泰德在過去5年裡取得的擴張成就令人難以置信。所以你可以把它理解為我們以更大的規模做更多的事情，取悅更多的人，因此重點和執行方式沒有改變，只是在為更大的規模做準備。

I feel like we have to make the shows and the films that people love and the stars that they want to spend more time with and being able to launch those brands, whatever your taste is all around the world, is such a monumental job, and I'm just thrilled that we have such a strong team to do it together.

我覺得我們必須製作人們喜愛的節目和電影，打造他們想要花更多時間與之相處的明星，並且能夠將這些品牌推廣到世界各地，無論你的口味如何，這都是一項意義非凡的工作，我很高興我們擁有如此強大的團隊來共同完成這項工作。

That's great. And maybe we could just start with the environment we are in the middle of right now. Things seem to be -- seemed to be opening up but now, it looks like things might go back again a little bit. So when you think about the environment around you, a lot around us has changed, the way we work, the workflows around different organizations. So when you think about your plans for Netflix going forward, how has COVID impacted your plans? In what instances are these planned changes permanent? And can you actually benefit either from a cost perspective or a workflow perspective in some ways that might be here to stay for much longer?

那太棒了。或許我們可以從目前所處的環境著手。事情似乎——似乎正在好轉，但現在看來，情況可能又會稍微倒退一些。所以，當你思考周遭的環境時，你會發現周遭的許多東西都發生了變化，包括我們的工作方式、不同組織的運作流程。那麼，在考慮 Netflix 未來的發展計畫時，新冠疫情對您的計畫產生了哪些影響？這些計劃中的變更在哪些情況下是永久性的？從成本或工作流程的角度來看，您真的能從某些方面受益嗎？這些方面可能會長期存在。

Do you want to start, Spence?

史賓塞，你想先開始嗎？

Sure. I mean generally, Kannan, it doesn't change too much. I mean what we've learned is that the Internet, as Reed said even last quarter, we know that's a more important part of our lives and that's kind of here to stay, and also that people love film and television shows. So that -- our strategy is just to get better and better every day with that content, with that product, as we talked about. You can see in the business and we can talk about it here at some point. Obviously, we've seen some pull forward in our member growth, if you will, but frankly, our strategy hasn't fundamentally changed. There's things on the margin in terms of things around real estate strategy and how much content we acquire or commission in certain parts of the world. But fundamentally, our strategy remains the same and the growth opportunity is as big as ever.

當然。我的意思是，總的來說，坎南，情況不會有太大變化。我的意思是，我們已經了解到，正如里德上個季度所說，互聯網是我們生活中更重要的一部分，而且它將一直存在下去，同時人們也熱愛電影和電視節目。所以——我們的策略就是像我們剛才說的那樣，每天都讓內容和產品變得更好。你可以看看這個行業的情況，我們以後也可以在這裡談談。顯然，我們的會員成長有所提升，但坦白說，我們的策略並沒有從根本上改變。在房地產策略以及我們在世界某些地區獲取或委託製作的內容數量方面，還有一些邊緣性的問題。但從根本上講，我們的策略保持不變，成長機會也一如既往地大。

I could jump in on the production side. I mean it's been remarkable how nimble the teams have been to going from full-blown production to completely shut down to ramping back up all over the world in the space of a few months. I think some of the things, like the safety protocols that we're putting into place around the world, will become a permanent part of production, which is a good thing. I think this time in between the shutdown and ramping back up, the extra time that was spent on scripts and development and preparedness will make the shoots actually more efficient, which I think will stick around.

我可以參與製作環節。我的意思是，這些團隊的敏捷性令人驚嘆，他們能夠在短短幾個月內，從全面投產到完全停產，再到在全球範圍內迅速恢復生產。我認為有些措施，例如我們在世界各地實施的安全規程，將成為生產過程中永久的一部分，這是一件好事。我認為，在停工和復工之間的這段時間裡，花在劇本創作、開發和準備工作上的額外時間，實際上會讓拍攝更加高效，我認為這將持續下去。

I think when it comes time to releasing the programming and the content to the world and working with the press on how we do that, we've done this remarkable virtual press junkets with our publicity teams that have put talent in front of the best writers in the world, almost uninterrupted just from their living room instead of a hotel room. And it's been -- the pickup and the efficiency of that, there's been some parts of that, I think, will probably last a long time. The different marketing functions, how you backfill not being able to host a screening, all of those things are being learned. And I think some of those things are going to be appropriate for certain content from today on and -- but I think we'll just be better and smarter, the way that we've come out of many tragic things in our history.

我認為，在向全世界發布節目和內容，並與媒體合作探討如何發布節目和內容時，我們與宣傳團隊一起舉辦了非常出色的虛擬新聞發布會，讓明星們有機會與世界上最優秀的作家見面，而且幾乎不受干擾，他們只需待在自己的客廳裡，而不是在酒店房間裡。而且，這種成長和效率，我認為，其中的某些方面可能會持續很長時間。不同的行銷職能，以及如何彌補無法舉辦放映會的情況，所有這些都在學習之中。我認為從今天起，有些東西將適用於某些內容，而且——但我認為我們會變得更好、更聰明，就像我們從歷史上許多悲劇中走出來一樣。

And just to pile onto that, I think it's been an opportunity to accelerate things that we were already excited about. One, I think, great example is creating a sort of technical infrastructure that allows distributed content creative artists, think about visual effects artists, animating artists to be effective when they're at home and collaborate collectively on assets. We think that was in the plans before this all happened. But it's the opportunity to accelerate that and make sure that we're incrementally more effective during this period has been great and we'll learn a bunch from it that I think will serve us quite well as we go back to a more normal working pattern.

而且，我認為這是一個加速推進我們原本就很感興趣的專案的機會。我認為一個很好的例子是創建一種技術基礎設施，使分散式內容創作藝術家（例如視覺特效藝術家、動畫藝術家）能夠在家中高效工作，並集體協作處理素材。我們認為這在這一切發生之前就已經在計劃之中了。但正是這個機會讓我們能夠加速這一進程，並確保我們在此期間逐步提高效率，這非常棒，我們將從中學習到很多東西，我認為這對我們恢復正常工作模式大有裨益。

That's great. And when we look at the first half in terms of the subscriber numbers, obviously, you guys did close to the numbers that all of 2019 did. And so when you think about your guidance in that context, it does seem to embed an expectation of a lot of pull forward of growth. But over this period, we've also seen cord-cutting reach record levels, and that doesn't seem to be slowing down. And some parts of the world, again, seem to be shutting down right now. So if you could just help us think through the framework for growth for the next quarter and the guidance, that would be great.

那太棒了。當我們從訂閱用戶數量的角度來看上半年時，很明顯，你們的訂閱用戶數量與 2019 年全年的訂閱​​用戶數量接近。因此，當你從這個角度思考你的指導時，它似乎確實包含著對快速成長的強烈期望。但在此期間，我們也看到「剪線族」（放棄有線電視服務）的數量達到了創紀錄的水平，而且這種趨勢似乎並沒有放緩的跡象。目前，世界上的某些地區似乎又開始停擺了。所以，如果您能幫助我們理清下一季的成長框架和業績指引，那就太好了。

Sure. Let me take that one. I'll take it. So Kannan, you really nailed it. I mean when we think about the guidance for Q3, we're not thinking about Q3 just in and of itself. We have to look at it in the context of what just happened in Q2. And we just added 10 million members, which is the largest growth we've ever had in a second quarter. And if you look at the -- so we kind of look at the totality across the Q2 and Q3 period. And if we look at that quarterly period, 2 quarters in a row, the best we've ever done in that period is actually 2 years ago in 2018, where we grew by 11.5 million numbers. So if we, this year, deliver on that Q3 guidance, that means we're growing 12.5 million members in that same time period, which is 1 million more than we've ever done, which is we think big growth on top of what was already a very big Q1.

當然。讓我來做吧。我要買它。坎南，你做得太棒了。我的意思是，當我們考慮第三季的業績指引時，我們不僅僅是在考慮第三季本身。我們必須結合第二季發生的事情來看待這個問題。我們剛剛新增了 1000 萬會員，這是我們第二季有史以來最大的成長。如果你看一下——所以我們要看一下第二季和第三季的整體情況。如果我們看一下連續兩個季度的數據，就會發現我們在這個時期取得的最佳成績實際上是兩年前的 2018 年，當時我們的增長量達到了 1150 萬。因此，如果我們今年能夠實現第三季的業績預期，那就意味著我們在同一時期內將新增 1250 萬會員，比我們以往任何時候都多出 100 萬，我們認為這是在第一季度已經非常強勁的增長基礎上實現的又一次巨大增長。

So the nice thing is that those newer members are actually highly engaged. They're sticking around with us actually as well or better than pre-COVID. And our service keeps getting better. So Netflix 2021 is going to be a much better service than Netflix 2020, which gives those newer members and existing members even more reason to stay highly engaged and stick around and also to entice future members to join. So we think that the growth opportunity is as big as ever. There's just that kind of near-term pull forward that you're seeing.

所以令人欣慰的是，這些新成員的參與度都非常高。實際上，他們和我們在一起的時間比新冠疫情前還要多。我們的服務也在不斷改進。因此，2021 年的 Netflix 將比 2020 年的 Netflix 服務好得多，這讓新舊會員更有理由保持高度參與並繼續使用，同時也吸引未來的會員加入。所以我們認為成長機會依然巨大。你現在看到的正是這種短期內向前發展的趨勢。

Okay. And when you think about other components of guidance, obviously, what stands out is the margin and the marketing spend as a proportion of revenues is 7%, which is obviously extraordinarily low. So when you think about -- and also the guidance with respect to content being more back-ended next year versus this year, that would suggest that as you go into the second half of this year and first half of next year, your marketing spend should continue to be lower than usual. So first of all, is that the right way to read it? And structurally, does this also mean that the amount you need to spend on marketing as a result of the kind of engagement growth is lower going forward?

好的。而當你考慮其他指導方針時，顯然，最突出的是利潤率，行銷支出佔收入的比例為 7%，這顯然非常低。所以，考慮到明年內容行銷將比今年更加側重後半程，這意味著今年下半年和明年上半年，你的行銷支出應該會繼續低於往常。首先，這種解讀方式正確嗎？從結構上看，這是否也意味著，隨著用戶參與度的提高，未來需要在行銷方面投入的資金會減少？

Well, one of the things that's unique about our services, our members spend a lot of time on Netflix every day. So it turns out the best place to talk to them about Netflix is on Netflix. And our investment in time, energy and dollars goes into kind of building the conversation, the zeitgeist, the buzz around our shows and our stars and how do we make sure we amplify that even when you're not on Netflix. But in terms of the march towards less traditional media, we've been on that for some time, meaning that it's just a more efficient, more impactful and more global way to talk to our members is not through always through the most traditional channels. So yes, you're spending less but doing more to attract buzz and attention to our shows, trying to cut through a world where there's a lot of choices.

我們服務的獨特之處在於，我們的會員每天都會在 Netflix 上花費大量時間。所以事實證明，和他們談論 Netflix 的最佳場所就是 Netflix 本身。我們投入的時間、精力和金錢都用於構建對話、時代精神，以及圍繞我們的節目和明星製造熱度，並確保即使你不在 Netflix 上，我們也能擴大這種熱度。但就向非傳統媒體轉型而言，我們已經走了一段時間，這意味著與我們的成員溝通，更有效、更有影響力、更俱全球性的方式並不總是透過最傳統的管道。所以，沒錯，你們花的錢更少了，但做的更多是為了吸引人們關注我們的節目，努力在這個選擇眾多的世界中脫穎而出。

And maybe the only thing I'd just add is a little bit of what Ted touched on earlier, which is we assume marketing, in general, would be about flat this year, which is still about $2 billion of spend, which is a tremendous amount of spend across our marketing channels. But it does look like it will be lower because of some of those things we're seeing in this kind of new world in terms of more virtual junkets and PR and actually not doing as much awards marketing and those sorts of things. Now some of that is temporary in nature. Some of that is permanent learnings as to how we can be more effective going forward. But I think you're right that as a result, it's -- most of this is just consistent with our strategic shift, and some of it is some near term, I guess, cost/benefit from what's happening in the world.

我唯一想補充的是 Ted 之前提到的一點，那就是我們預計今年的營銷支出總體上將與去年持平，但仍將達到約 20 億美元，這對於我們所有的營銷渠道來說都是一筆巨大的支出。但由於我們在這種新世界中看到的一些現象，例如更多的虛擬宣傳和公關活動，以及實際上減少獎項行銷等等，看起來獲獎人數會減少。其中一些情況是暫時的。其中一些經驗教訓將永久有效，有助於我們未來更有效率地開展工作。但我認為你是對的，結果是——大部分都與我們的策略轉變一致，而其中一些則是近期世界局勢帶來的成本效益。

Okay. And so when we think about...

好的。所以當我們思考…

We're seeing, Kannan, that the service has just been able to generate amazing viewing. And so as the service gets better and better, we're able to take advantage of that.

坎南，我們看到這項服務已經能夠帶來驚人的觀看體驗。因此，隨著服務越來越好，我們就能從中受益。

Right. And when we think about your margin guidance for next year in that context, you have been improving margins about 300 basis points every year, but it looks like there is incremental opportunity now, but the guidance for next year is consistent more or less with the broader framework. So is that just conservativeness? Or is there something else guiding that as we go into next year?

正確的。當我們從這個角度考慮您明年的利潤率預期時，您每年都在提高利潤率約 300 個基點，但現在看來還有進一步提高的機會，不過明年的預期與整體框架基本一致。所以，這僅僅是保守主義嗎？或者，在進入明年之際，是否還有其他因素在指引我們？

It's called tamping down the expectations. This is a great growth opportunity for us. So any revenue upside, we would tend to put into more content for our members, which generates more growth over time. So we've been pretty good about that, which is taking that upside and then converting it into more and more growth through service quality. So that would be the plan.

這叫做降低預期。這對我們來說是一個絕佳的發展機會。因此，任何收入的成長，我們都會傾向於投入為會員提供更多內容中，從而隨著時間的推移帶來更大的成長。所以我們在這方面做得相當不錯，那就是抓住這個優勢，然後透過提高服務品質將其轉化為不斷增長的成長。這就是計劃。

Yes. And I would just say that we -- to Reed's point, we're always looking to spend strategically and invest strategically in the service. But we did signal that in the very near term, there may be some margin upside this year in 2020, but we're really kind of trying to manage to that multiyear, continuing to increase our margins, which is why we wanted to let folks know that we're, at this point, managing still to another 300 basis points increase next year, which would get us to that 19% margin.

是的。我只想說，正如里德所說，我們始終致力於對服務進行策略性支出和策略性投資。但我們確實表示，在短期內，2020 年的利潤率可能會有一些上升空間，但我們真正想做的是努力實現多年持續提高利潤率的目標，所以我們想讓大家知道，目前我們仍在努力爭取明年再提高 300 個基點，這將使我們的利潤率達到 19%。

And worth reiterating in an environment where Netflix 2021 is better than Netflix '20.

在 Netflix 2021 比 Netflix 2020 更好的環境下，這一點值得重申。

Yes.

是的。

That's great. And so Ted, just to follow up on that comment, when you say it's better in '21 versus '20, are we talking about subscribers? Are we talking about the amount of content? So how should we frame that?

那太棒了。泰德，為了跟進你剛才的評論，你說 2021 年比 2020 年好，我們說的是訂閱用戶數量嗎？我們是在討論內容的數量嗎？那我們該如何表述呢？

I'm talking about the forward trajectory of the releasing of the content that's coming your way. I mean think about it right now at a time where most of the world is at a standstill. The rest of this month, you're going to see from Netflix a brand-new series starring Katherine Langford from 13 Reasons Why called Cursed, a big, large-scale movie that kind of reimagines the King Arthur legend.

我指的是即將向大家展示的內容的發布進程。我的意思是，想想現在世界大部分地區都處於停滯狀態的時候。在本月剩餘時間裡，Netflix 將推出一部由《十三個原因》主演凱瑟琳·蘭福德領銜主演的全新劇集《詛咒》，這是一部規模宏大的電影，它以一種重新演繹的方式詮釋了亞瑟王的傳說。

We have a sequel to one of our biggest movies, Kissing Booth 2, the original that kind of birthed the rom-com movement on Netflix with Joey King and Jacob Elordi. We have a new season of Umbrella Academy, one of our most global and most successful series on Netflix that was a big hit for us when it came out in its first season in '19 and go rolling right into a big, high-octane action thriller named Project Power with Jamie Foxx and Joseph Gordon-Levitt.

我們推出了熱門電影之一《親吻亭2》的續集，這部電影由喬伊金和雅各布埃洛迪主演，可以說是Netflix浪漫喜劇運動的開山之作。我們推出了《傘學院》新一季，這是我們在 Netflix 上最受歡迎、最成功的劇集之一，該劇第一季於 2019 年播出時就大獲成功。接下來，我們將推出一部由傑米福克斯和約瑟夫戈登萊維特主演的精彩刺激的動作驚悚片《超能計畫》。

So it's that kind of ongoing beat of content and programming. Think about this. Last year, we had barely dabbled in competition and reality programming. This quarter alone, with Floor is Lava and Too Hot to Handle, we had 2 of our biggest hits ever in that -- not just in that genre but in our -- all of our programming. Too Hot to Handle, as a percentage of watching, was as big in Japan as it was in the U.S., which is a wild phenomenon. So that, to me, is all those learnings, they keep compounding and keep compounding and expanding across programming genres that make it a great value for consumers.

所以，內容和節目的更新節奏就是這樣持續不斷的。想想看。去年，我們幾乎沒有涉足競賽和真人秀節目領域。僅本季度，憑藉《地板是熔岩》和《太熱了》這兩部影片，我們就取得了該類型節目有史以來最大的兩部熱門影片——不僅在該類型節目中，而且在我們所有的節目中都是如此。《欲罷不能》在日本的收視率與在美國一樣高，真是驚人的現象。所以，在我看來，所有這些學習成果都在不斷累積、不斷擴展，涵蓋了各種程式設計類型，這對消費者來說極具價值。

That's great. So I guess sticking on that theme for a bit. When we think about the content mix, obviously, that's changed quite a bit over the last few years with reality shows and now animation and so on. So when you think about this particular mix, reality shows do seem to be a better return on investment in some ways because a lot of them have shown up, like Too Hot to Handle is in the top 10 list, was there for some time. So when you think about this mix, is it fair to think about reality shows or maybe documentary programming as being a slightly better return and, therefore, the mix shifting slightly more in favor of that? And is this even a framework that you consider, which is when you invest in something, what the returns are versus the engagement?

那太棒了。所以我想暫時延續這個主題吧。當我們考慮內容組合時，很顯然，在過去幾年裡，隨著真人秀節目、現在的動畫等等的出現，內容組合發生了很大的變化。所以，當你考慮到這種特殊的組合時，真人秀節目在某些方面似乎確實具有更好的投資回報率，因為很多真人秀節目都曾出現過，比如《欲罷不能》就進入了前十名，並且已經持續了一段時間。所以，在考慮這種組合時，將真人秀或紀錄片節目視為回報略高一些，因此組合略微向這類節目傾斜，這種想法是否合理？你是否考慮過這樣的框架，即當你投資某件事時，回報與投入之間的關係？

The big motivation to invest in reality and unscripted is not the cost savings of production, but the love that people have for this programming and how important it's become in people's lives. So if we're trying to be more and more your go-to destination for entertainment, not to ignore an area of programming that kind of dominates broadcast, it would be silly of us. So we've been dabbling in unscripted and reality. We kind of got very, very accomplished in the documentary space and then have moved that over into -- to expand that to unscripted. And then now the competition space, which -- this is only our -- it was only our third or fourth show really in the competition space that we've dabbled into. But the motivation really is consumer love for the programming, not the marginal cost savings.

投資真人秀和非劇本類節目的最大動力並非節省製作成本，而是人們對這類節目的熱愛，以及它們在人們生活中變得多麼重要。所以，如果我們想成為您越來越首選的娛樂目的地，卻忽略了在廣播中佔據主導地位的節目領域，那就太愚蠢了。所以我們一直在嘗試製作無劇本的真人秀節目。我們在紀錄片領域取得了非常非常大的成就，然後我們把這種成就轉移到了——擴展到了無劇本節目領域。然後是比賽領域，這只是我們——這只是我們真正涉足的第三或第四個比賽領域。但真正的動機是消費者對節目的熱愛，而不是節省邊際成本。

Okay. Got it. And Greg, just to think about the world from a distribution perspective, there's a lot going on right now in terms of disputes, the Peacock and HBO not getting carried on Roku. And of course, they're having problems with Amazon as well. And notably, when you think about this, I mean it almost feels like the legacy cable network MVPD disputes of the past where the aggregators are essentially becoming gatekeepers. How do you see this playing out? And is this a risk in the future for Netflix?

好的。知道了。格雷格，從發行角度來看，目前有很多糾紛，例如 Peacock 和 HBO 無法在 Roku 上播出。當然，他們和亞馬遜之間也存在問題。值得注意的是，仔細想想，這幾乎就像過去傳統有線電視網MVPD之間的糾紛一樣，聚合商實際上正在變成守門人。你覺得這件事會如何發展？這對 Netflix 未來是否構成風險？

First of all, I think it's just really unfortunate when those negotiations between a device manufacturer and an entertainment service provider get to this point where it really impacts consumers and they can't watch the shows that they're thrilled to watch on the device that they have. We've been lucky to be working, investing alongside, collaborating with a wide, wide range of device manufacturing partners around the world and really working together to create better Netflix experiences on those devices. And that's really a very positive model. It's really -- it's a win-win-win, right? It's great for us. We get to reach more of our members with better experiences. It's great for the device manufacturers because those experiences make their devices more valuable, more attractive. And most importantly and ultimately, it's a win for consumers to -- sort of the benefactors of those better experiences.

首先，我認為設備製造商和娛樂服務提供者之間的談判發展到這種地步，嚴重影響到消費者，讓他們無法在自己擁有的設備上觀看自己想看的節目，這真的非常令人遺憾。我們很幸運能夠與世界各地眾多設備製造合作夥伴一起工作、投資和協作，真正攜手合作，在這些設備上創造更好的 Netflix 體驗。這確實是一個非常積極的模式。這真的是三贏，對吧？這對我們來說是件好事。我們可以透過提供更好的體驗來惠及更多會員。這對設備製造商來說是件好事，因為這些體驗會讓他們的設備更有價值、更具吸引力。最重要的是，最終這對消費者來說也是一種勝利——他們是這些更好體驗的受益者。

So we're going to keep investing in that model. We have whole teams that basically do nothing but work to make that whole process better, to make it easier for our manufacturing partners to ingest the technology that we produce for those better experiences, to think about how do we leverage the qualities and features of the devices that those manufacturers are investing in their side to really show up those benefits. And I think we're hopeful and we expect that that positive model will be able to continue.

所以我們會繼續投資這種模式。我們有一個專門的團隊，他們基本上什麼都不做，就是努力改進整個流程，使我們的製造合作夥伴更容易吸收我們為提供更好體驗而生產的技術，思考如何利用這些製造商在其設備方面投入的品質和功能，真正展現這些優勢。我認為我們充滿希望，並期待這種積極的模式能夠繼續下去。

Okay. And then I guess the other model for distribution is just your deals with MVPDs as well as wireless companies, and you have a number of these deals globally. So when you think about mature markets like the U.S. versus the rest of the world, your guidance for next quarter as well as the broader growth framework would suggest that marginally, these become a bit more important than the organic growth channels. So how are you thinking about these wholesale distribution deals? What kind of role do they have going forward? And what's the objective you're trying to solve for when you get into a deal with these guys?

好的。然後，我想另一種分銷模式就是與多頻道視訊節目分銷商 (MVPD) 以及無線公司達成協議，而且你們在全球範圍內有很多這樣的協議。因此，當你考慮到美國等成熟市場與世界其他地區相比時，你對下一季度的指導以及更廣泛的成長框架表明，從某種程度上來說，這些市場比有機成長通路更為重要。那麼，您對這些批發分銷交易有什麼看法？他們未來將扮演什麼樣的角色？你和這些人達成交易的目的是什麼？

Yes. I think you have it right, which is that we think that these will grow in importance, but I think it's also important to note that they remain a relatively small percentage of our total acquisition in really what we call the organic channel. People signing up with us directly is still very much the dominant mode. But we sort of think about the criteria, which we sort of are evaluating these partnerships on 2 fronts. Obviously, we're looking at it as how much growth acceleration, how much membership acceleration do we get by adding a channel like that but then wanting to understand sort of what -- what are the revenue impacts, right? There's some cannibalization. There might be different economics involved. So we want to evaluate that and make sure that we're doing these on a positive revenue basis.

是的。我認為你的觀點是對的，我們認為這些管道的重要性將會日益增長，但同樣重要的是要注意，它們在我們所謂的自然增長管道的總獲客量中所佔的比例仍然相對較小。人們直接向我們註冊仍然是目前最主要的註冊方式。但我們會考慮一些標準，我們會從兩個方面來評估這些合作關係。顯然，我們正在考慮透過增加這樣的管道，我們可以獲得多少成長加速、多少會員成長加速，但同時也想了解──對收入的影響是什麼，對吧？存在一些蠶食現象。這可能涉及不同的經濟因素。所以我們希望評估這一點，並確保我們這樣做能帶來正收益。

And then the other very important lens is we actually sort of look at it from what's the consumer experience, what's the member experience. And so we're looking at it qualitatively to sort of understanding what that member journey is and working with those partners to make sure that that's as positive, as friction-free as we possibly can. And then we all obviously back it up with the metrics, too, right? So we're looking at engagement and how frequently people use the service, churn characteristics to really make sure that we're delivering a high-quality experience to our members through those channels.

另一個非常重要的視角是，我們其實是從消費者體驗、會員體驗的角度來看這個問題。因此，我們正在定性地研究會員體驗歷程，並與合作夥伴共同努力，確保會員體驗盡可能地積極、順暢。然後我們顯然也會用數據指標來佐證，對吧？因此，我們正在研究用戶參與度、用戶使用服務的頻率以及流失特徵，以確保我們透過這些管道為會員提供高品質的體驗。

And I would say that we're very positive on both of those fronts. And so to your point, we expect to continue to do these deals, to expand these deals. We're working with multiple partners both in, to your point, territories that we're sort of further penetrated in, but it's also a great accelerant to territories that we're still in earlier phases. And so we think both are great places to do that kind of partnership.

我認為我們在這兩方面都非常樂觀。所以，正如您所說，我們希望繼續達成這些交易，並擴大這些交易。正如您所說，我們正在與多個合作夥伴合作，不僅在我們已進一步滲透的地區，而且對我們仍處於早期階段的地區來說，也是一個巨大的加速器。因此，我們認為這兩個地方都是開展此類合作的絕佳場所。

That's great. And then I guess looking at pricing, which is also slightly linked to the distribution discussion to some extent, but when you think about the pricing algorithm we've come to expect, it's been in that mid-single-digit growth range over time for Netflix. But more recently, I think when you strip out the effect of the price increases, it's trending a little bit lower than that because of some of the newer plans. So when you think about the pricing algorithm, how are you thinking about that going forward? Is it still the same mid-single-digit kind of a growth profile that you're thinking about? Or has that equation changed?

那太棒了。然後我想看看定價，這在某種程度上也與發行討論有關，但當你考慮到我們所期望的定價演算法時，Netflix 的定價一直保持在個位數的中等增長範圍內。但最近，我認為如果剔除價格上漲的影響，由於一些新方案的推出，其趨勢略低於先前水準。那麼，在考慮定價演算法時，您是如何展望未來的呢？還是你之前設想的那種個位數中段的成長速度嗎？或者說，這個等式改變了？

Yes. I think it's important to start with just reiterating what we mentioned last time that really, for the last several months, we've been principally focused on just making sure that the service has been there for our members when they turn to us for a moment of escape and entertainment. And so we're very much enthusiastic about being able to serve in that role. And actually, we've invested in making the service more valuable through that period of time, adding more content, adding more service features through that period as well.

是的。我認為首先有必要重申我們上次提到的內容，那就是在過去的幾個月裡，我們主要致力於確保當我們的會員尋求片刻的放鬆和娛樂時，我們的服務能夠隨時為他們提供。因此，我們非常熱衷於擔任這一角色。事實上，在此期間，我們投入了大量資源來提升服務的價值，增加了更多內容，也增加了更多服務功能。

But when we look forward, I would say every country is in a different mode. And so we're going to sort of continue to assess a bunch of different factors over time. We'll look at macro factors country by country. We'll also look very closely at -- on our specific metrics, and it's metrics like engagement, like churn. And those are the signals that we have for indicating when we have created more value for our members, so back to your plan. And it's not so much sort of an a priori plan that we have but really more using those signs that we've done a good job at building more value for our members, which indicate to us, hey, it might be time to go back to them and ask them for a little bit more so that we can then invest that further into amazing stories, great content, better product experiences and create even more value for them.

但展望未來，我認為每個國家的發展模式都不同。因此，我們將繼續隨著時間的推移評估各種不同的因素。我們將逐國分析宏觀因素。我們也會非常仔細地研究──我們的具體指標，例如參與度、流失率等指標。這些訊號顯示我們何時為會員創造了更多價值，所以回到你的計畫。與其說我們事先制定了計劃，不如說我們更多地是利用那些跡象表明，我們在為會員創造更多價值方面做得很好，這些跡象告訴我們，嘿，也許是時候回頭向他們索取更多，以便我們可以將這些資金進一步投入到精彩的故事、優質的內容、更好的產品體驗中，並為他們創造更多價值。

And Kannan, just to remind you, we don't narrowly manage towards an ARPU number or an ARPU growth number. Our orientation is really on optimizing for revenue.

還有，坎南，提醒你一下，我們的管理目標並非只是ARPU值或ARPU成長率。我們的目標其實就是要最大限度地提高收入。

Great. And so when we think about the way you manage this whole dynamic on yield, which is revenue maximization, obviously, units are a part of it, pricing is a part of it, but the other important component of this is churn. And that -- and given the scale that you have right now, even small movements in churn can have a massive impact broadly on the entire income statement. And so when you think about churn, given the COVID period and the increase in engagement, is that structurally leading to a better churn performance in cohorts that are potentially newer versus cohorts that came in earlier? If you could just help us think through consumer behavior across this period as engagement has gone up, that would be great.

偉大的。因此，當我們考慮如何管理收益的整個動態過程（即收入最大化）時，顯然，銷售是其中的一部分，定價也是其中的一部分，但另一個重要的組成部分是客戶流失率。而且—鑑於你目前的規模，即使客戶流失率出現微小的變化，也會對整個損益表產生巨大的影響。因此，考慮到新冠疫情期間用戶參與度的提高，從結構上看，對於可能較新的用戶群體而言，其流失率是否會比早期用戶群體更低？如果您能幫我們分析一下這段期間內消費者參與度上升時的行為模式，那就太好了。

Yes. Spence, do you want to take that one?

是的。史賓塞，你想接那個嗎？

Sure, I can start. I mean the short story, Kannan, is that these newer members look very much like the members that are pre-existing members of the business. So it's very broad-based, and you can see that these members are coming in from everywhere in the world, a few million each in APAC and EMEA and U.K. and then a couple of million in Lat Am. They're highly engaged. Actually, the retention across every cohort is as good or better than pre-COVID. So -- and not surprisingly, the -- this membership base, both new and older, loves film and TV content, as we said, and they look pretty similar. But I don't know, Greg or Ted or others, if you'd add to that.

當然，我可以開始。我的意思是，卡南，簡而言之，這些新成員看起來和公司原有的成員非常相似。所以它的基礎非常廣泛，你可以看到這些成員來自世界各地，亞太地區、歐洲、中東和非洲地區以及英國各有數百萬成員，拉丁美洲也有數百萬成員。他們參與度很高。事實上，所有族群的留存率都與新冠疫情前一樣好，甚至更好。所以——不出所料——這個會員群體，無論是新會員還是老會員，都熱愛電影和電視內容，正如我們所說，而且他們的喜好非常相似。但我不知道格雷格、泰德或其他人，你們願不願意補充。

I think maybe the one thing other than this sort of big structural engagement change which was sort of really a result of people being in lockdown and quarantine and turning to us for some escape, I would say, to Spence's point, backing up the high-level churn pieces, when we look at other sort of metrics that inform how they're engaging with the service, we see it being very, very similar to members we added pre-COVID.

我認為，除了這種巨大的結構性參與變化（這實際上是人們被封鎖和隔離，並轉向我們尋求一些逃避的結果）之外，我想說，正如 Spence 所指出的，為了支持高層流失率的說法，當我們查看其他反映他們如何與服務互動的指標時，我們發現它與我們在 COVID 之前添加的會員非常非常相似。

And I was going to say, Kannan, it's a little oversimplified, but I think of it as when someone churns, it's always temporary. They're going to come back. It's just a matter of timing as our service gets better, as maybe their income increases, as the Internet gets faster. So we'd love people to get a taste of Netflix. We hope they stay for 50 years. But if they drop out, we think of it as always temporary and we're going to work hard to improve the service enough that they want to spend money with us.

我本來想說，坎南，這有點過於簡單化了，但我認為，當一個人情緒波動時，這總是暫時的。他們會回來的。這只是時間問題，隨著我們的服務越來越好，隨著他們的收入越來越高，隨著網路速度越來越快。所以我們希望大家都能體驗一下 Netflix。我們希望他們能待上50年。但如果他們流失，我們始終認為這只是暫時的，我們將努力改進服務，讓他們願意在我們這裡消費。

It's been interesting to see the evolution of our relationship with that member, where they used to think of us as the place to watch the reruns of the shows that they missed on other networks all the way to now to where they come to us to be their favorite show and now for Friday night at the movies, where you have Netflix premiering the biggest movies in the world on Netflix. So it's an evolving relationship constantly but nothing unique in this subset of folks in terms of their watching and their churn behavior. So it's exciting.

看到我們與該會員關係的演變很有意思，他們以前把我們當作觀看其他電視台錯過的節目重播的地方，而現在他們把我們當作他們最喜歡的節目，現在周五晚上在電影院，Netflix 會首播世界上最熱門的電影。所以這是一種不斷發展的關係，但就這部分人群的觀看習慣和流失行為而言，並沒有什麼特別之處。所以這很令人興奮。

That's great. And then I guess when you think about the product itself, one of the big discussion points has been content discovery because there's an enormous amount of content and there are an enormous number of streaming services now. And so we've got to sort through all of that in order to figure out what to watch. So when you think about content discovery, I mean, Greg, I know you run a lot of A/B tests all through the year, you run hundreds of them. So what are the kind of things you're thinking about in terms of improving the experience? You have the top 10 list. How has that done? If you could just give us some sense of how you're sort of looking at that issue.

那太棒了。然後，我想當你思考產品本身時，一個重要的討論點就是內容發現，因為現在內容浩如煙海，串流媒體服務也數不勝數。所以，我們必須把所有這些資訊整理出來，才能決定看什麼。所以，當你想到內容發現的時候，我的意思是，格雷格，我知道你全年都會進行大量的 A/B 測試，你進行了數百次這樣的測試。那麼，在改善使用者體驗方面，您正在考慮哪些方面呢？你已經有了前十名榜單。效果如何？如果您能簡要介紹一下您是如何看待這個問題的就太好了。

Yes. Well, I'll just -- I'll talk about the top 10 list and then get to the big macro question, which is one of my favorite questions, of course. So thanks for asking that one. But top 10 is an example of a nice, little positive lift in overall engagement. It's not game changing. But more importantly, it actually speaks to what we think is a real member need that some of our members not all have, where they want to know what shows are popular so they can watch those easily and then participate in the broader social conversation that's happening around those shows.

是的。好吧，我就先談談前十名，然後再談談宏觀大問題，這當然是我最喜歡的問題之一。謝謝你問這個問題。但前 10 名就是一個整體參與度略有提升的好例子。這並非顛覆性的改變。但更重要的是，它實際上反映了我們認為部分會員的真正需求，他們想知道哪些節目受歡迎，以便輕鬆觀看這些節目，然後參與圍繞這些節目的更廣泛的社交對話中。

But I think it's indicative of the kind of work that we need to go do, right? And I think that we have created literally the most incredible collection of entertainment options that has ever existed available to a consumer at a click of a button. And Ted's team is off producing more and more fantastic content at an accelerating rate. And that is, for our members, simply wonderful. It creates both challenges and opportunities for us as a product team to think about the experiences that we evolve to make the process of choosing and finding a great story in that as delightful and as easy as we possibly can.

但我認為這表明了我們需要去做哪些工作，對吧？我認為我們已經創造了有史以來最令人難以置信的娛樂選擇集合，消費者只需點擊一下按鈕即可享受這些選擇。泰德的團隊正以越來越快的速度製作出越來越多精彩的內容。這對我們的會員來說，簡直太棒了。這為我們產品團隊帶來了挑戰和機遇，讓我們思考如何改善使用者體驗，使用戶能夠盡可能愉快、輕鬆地選擇和找到一個精彩的故事。

And how -- the way we think about it is actually that we have to make almost every aspect of that experience better. And it's not going to be one thing that's going to be sort of like suddenly make a perfect choosing experience. So we have teams that think about exactly how do we pick what titles are perfect for each member, how do we pick those recommendations to make those better every single day, how do we present those titles in a more compelling way, a way that's specific to what we think the member's interest is. We're thinking about how our user experiences work and the features that are included in there. And we want those to adapt and evolve so that they can be responsive to the specific needs of a growing number of members around the world that have growing and diverse needs from our experiences.

而我們思考的方法是，實際上我們必須讓這種體驗的幾乎每一個面向都變得更好。而且，不會有那麼一件事能突然創造出完美的選購體驗。因此，我們有團隊專門思考如何為每個成員挑選最合適的書籍，如何每天改進這些推薦，如何以更吸引人的方式呈現這些書籍，以符合我們認為成員興趣的方式呈現。我們正在思考使用者體驗是如何運作的，以及其中包含哪些功能。我們希望這些措施能夠適應和發展，以便能夠響應世界各地日益增長的成員的特定需求，這些成員的需求根據我們的經驗不斷增長且多樣化。

So the perhaps sort of unhelpful answer is there's going to be like literally hundreds of things that are going to have to change, but when you aggregate all those changes, they're transformative. And I would invite you to go back and sort of look at a Netflix experience from 5 years ago compared to today, and it's just stunning how much progress we can make through that process. And we are committed to making even more progress sort of in the next 5 years to come to make that wealth of content a joy for our members around the world.

所以，或許不太有幫助的答案是，會有成百上千件事需要改變，但當你把所有這些改變加起來，它們就會帶來改變。我建議大家回顧一下 5 年前的 Netflix 體驗與今天的 Netflix 體驗，你會驚訝於我們透過這個過程所取得的進步之大。我們致力於在未來 5 年內取得更大的進步，讓世界各地的會員都能享受這些豐富的內容所帶來的樂趣。

And so Reed, I guess one of the questions that this raises is given the amount of content, I mean a comment that you had made -- I think this was in 2017, was that Ted was not feeling enough when it came to the success rate of shows and he was not feeling much. Do you think you're at a point where there is enough balance in the portfolio of content that you have? Or do you feel like Netflix has to take more risk in terms of the portfolio? Where are we in terms of that mix in content?

所以里德，我想這引發的一個問題是，考慮到內容的數量，我的意思是，你曾經說過——我想那是在 2017 年——泰德對節目的成功率感到不滿，他並沒有感到太多。你認為目前的內容組合是否已經達到了足夠的平衡？或者你認為Netflix在投資組合方面需要承擔更大的風險嗎？就內容組合而言，我們目前處於什麼階段？

I feel excellent about the number of big bets that Ted has coming up. I'm privy to stuff that we're doing now that will come out in 2 or 3 years. And it's a little -- amazing, I mean. And some of it will turn out truly great and I'll be so proud of it. So I'm excited that we're taking those risks. And we want to have so many hits that when you come to Netflix, you can just go from hit to hit to hit and never have to think about any of those other services, right? We want to be like your primary, your best friend, the one you turn to. And of course, occasionally, there's Hamilton and you're going to go to someone else's service for an extraordinary film. But for the most part, we want to be the one that just always please you with the convenient, simple and easy choice.

我對泰德接下來要進行的許多大筆投注感到非常滿意。我了解一些我們正在進行的項目，這些項目將在兩三年後面世。這有點——我是說，很神奇。有些作品最終會非常出色，我會為此感到無比自豪。所以我很興奮我們願意承擔這些風險。我們希望擁有如此多的熱門影片，以至於當你訪問 Netflix 時，你可以一部接一部地觀看熱門影片，而不必考慮其他任何服務，對吧？我們希望成為你最親密的朋友，你最好的朋友，你遇到困難時可以依靠的人。當然，偶爾也會有像《漢密爾頓》這樣的電影，你會為了欣賞一部非凡的電影而選擇其他導演的作品。但大多數情況下，我們希望成為那個總是為您提供便利、簡單、輕鬆的選擇，讓您滿意的公司。

That's great. And Ted, from your perspective, when you think about production worldwide, obviously, we are still in a shutdown mode and there are still issues around the world. And while things are getting better in Q3, it seems like there would be some impact to the '21 slate given your comments about it being more back-end-weighted. But then on the other side, you also have content that the studios are not able to release quite quickly, right? So when you think about this, does it make you think about the mix slightly differently? Maybe do we get a bit more movie-heavy initially compared to originals maybe later in the year? And what else can we expect because of the kind of disruption going on right now?

那太棒了。泰德，從你的角度來看，當你考慮全球生產時，顯然，我們仍然處於停工狀態，世界各地仍然存在問題。雖然第三季情況有所好轉，但考慮到你之前提到2021年的電影市場更加專注於後半段，這似乎會對2021年的電影市場產生一些影響。但另一方面，也有一些內容是工作室無法很快發布的，對吧？所以當你思考這個問題時，這是否會讓你對這種混合方式產生一些不同的看法？或許今年初期我們會多推出一些電影作品，而原創作品可能會在今年稍後推出更多？鑑於目前發生的這種混亂局面，我們還能期待什麼呢？

Well, I mentioned last quarter, one of the benefits of releasing our series all at once is that we work very far ahead of our release cycle. So that's how we're able to continue to release this ongoing steady flow. So even during the shutdown, we're partially shot on a lot of shows. So when we pick them back up, it's not like starting from scratch again. So -- and outside of North America, parts of India and Brazil, we're running pretty much in a normal fashion in terms of our volume around the world, and it's ramping up in different various stages of preproduction.

正如我在上個季度提到的，我們一次發布所有系列作品的好處之一是，我們可以提前很長時間完成發布週期的工作。所以，這就是我們能夠持續且穩定地釋放這種能量流的原因。所以即使在停工期間，我們很多節目也都是部分拍攝完成的。所以當我們重新拾起它們時，並不是從頭開始。所以——除了北美、印度和巴西的部分地區之外，我們在全球範圍內的產量基本上都正常，並且在不同的生產前階段都在逐步增加。

And we've got a couple of shooting days in Los Angeles this week that we're really excited about. Now that's coming back around. So I do think that our ability to keep up with that has a lot to do with our kind of unique offer to the consumer that turned out to be a hidden benefit at a time when things would be shut down.

我們本週將在洛杉磯進行幾天的拍攝，我們對此感到非常興奮。現在這股風潮又回來了。所以我認為，我們能夠跟上時代步伐，很大程度上要歸功於我們為消費者提供的獨特產品，這在很多事情都停滯不前的時候，反而成了一項隱藏的好處。

And the other one was the kind of nimble nature of our creatives who could, on a dime, pick up post-production remotely on shows that were already running. And as far as film to TV, they both require a lot of prep work, a lot of creative at the beginning, the production and then a big, long post-production cycle very similar in terms of the work cycle. So I don't see us pivoting to that. I do see that there's opportunities. We did a few with the studios to pick up some movies that they were having a hard time releasing.

另一個優點是我們創意人員的靈活應變能力，他們可以迅速遠端接手正在播出的節目的後期製作。至於電影和電視，兩者都需要大量的準備工作，在初期需要大量的創意投入，然後是製作，之後是漫長而龐大的後期製作週期，在工作週期方面非常相似。所以我認為我們不會轉向那方面。我確實看到了機會。我們與一些電影公司合作，爭取發行一些他們難以上映的電影。

And then we've also picked up a couple of nearly finished seasons of television with a brand-new show called Emily in Paris that we've got coming up later this year with Lily Collins who we really love; and Cobra Kai that we picked up from YouTube, not just the first 2 seasons, but a brand-new, yet-to-air third season that we're finishing right now. And that, by the way, was a show that was super competitive 3 years ago when they brought it to market and we were devastated not to get it to start with. So we're excited to have Cobra Kai in the Netflix family.

此外，我們還引進了幾部即將結束的電視劇，包括一部名為《艾米麗在巴黎》的全新劇集，將於今年晚些時候播出，主演是我們非常喜歡的莉莉·柯林斯；還有我們從 YouTube 上引進的《眼鏡蛇道館》，不僅是前兩季，還有全新的、尚未播出的第三季，我們現在正在觀看。順便一提，這個節目三年前剛推出時競爭非常激烈，我們一開始沒能拿下它，真是太遺憾了。所以我們很高興《眼鏡蛇道館》加入 Netflix 大家庭。

So there's all kinds of adjustments. Our ability to license and produce, create very long lead and very fast, like you saw us do with the Tiger King finale episode a couple of months ago, I think it's our ability to do all those things that make me really excited to jump out of bed and come to work at Netflix in the morning.

所以需要進行各種各樣的調整。我們擁有授權和製作的能力，能夠快速地完成很長的製作週期，就像你們幾個月前看到的《虎王》最後一集一樣，我認為正是我們具備這些能力，讓我每天早上都迫不及待地從床上跳起來來 Netflix 工作。

That's great. And when you think about different pieces of content, movies versus TV shows or even within TV shows' different genres, is there any difference in origination versus retention characteristics of different pieces of content? Do movies originate better or retain better versus TV shows? I mean is there anything you can tell us about that?

那太棒了。當你思考不同的內容形式，例如電影與電視節目，甚至是電視節目的不同類型時，不同內容形式的產生和保留特徵是否有任何差異？電影的製作水準和保存效果比電視劇好嗎？我的意思是，您能告訴我們一些相關資訊嗎？

Both films and TV can have the same, exact attraction to consumers in terms of what gets them excited, how they behave after, how they retain afterwards, how they tell friends, all those things. A really great experience is what they're looking for. And if -- the chances that they're going to have that are higher on Netflix than anywhere in the world, going to the thing you cited about earlier about having so many great choices to make. But I think a film, when it's usually successful, can be very acquisitive, can be attention, it could be retention-driving and also could be -- bring a lot of joy to our members. And series can do that as well. So it just depends on what you're in the mood for.

電影和電視在吸引消費者方面，無論是讓他們興奮、讓他們之後的行為、讓他們之後的記憶、讓他們如何告訴朋友等等，都具有完全相同的吸引力。他們追求的是真正絕佳的體驗。而且——他們在 Netflix 上獲得這種體驗的可能性比在世界任何地方都高，正如你之前提到的，他們有很多很棒的選擇。但我認為，一部成功的電影通常會非常吸引人，能夠引起關注，能夠提高用戶留存率，而且還可以為我們的會員帶來很多快樂。劇集也可以做到這一點。所以這完全取決於你當時的心情。

Kannan, we have time for 1 or 2 more questions.

坎南，我們還有時間再問一兩個問題。

Sure. So maybe, Spence, a couple of questions in terms of the guidance and the financials. I mean one of the things that came out was the free cash flow margin was 15%, and your EBITDA -- I mean operating income margin was obviously 22%. So could you just help us bridge the gap? And how do we think about cash flows going forward?

當然。史賓塞，或許我可以問幾個關於業績指引和財務上的問題。我的意思是，其中一項結果顯示，自由現金流利潤率為 15%，而 EBITDA——我的意思是營業利潤率顯然為 22%。所以，您能否幫助我們彌補這一差距？那麼，我們該如何看待未來的現金流呢？

Sure. Thanks for noticing the positive free cash flow margin, Kannan. I'd say 2 things explain that variance. Number one is obviously CapEx. So that was about 200 basis points of the difference between the free cash flow margin and the operating margin. The second expense item was interest expense, which obviously falls below operating income but obviously reduces free cash flow. And there, just keep in mind that while we accrue our interest expense quarterly, we pay cash interest primarily semiannually. So you actually have about -- roughly 2 quarters of cash interest expense in Q2.

當然。感謝你注意到正的自由現金流利潤率，坎南。我認為有兩個因素可以解釋這種差異。第一點顯然是資本支出。所以，自由現金流利潤率和營業利益率之間的差額大約是 200 個基點。第二項支出是利息支出，這顯然低於營業收入，但顯然會減少自由現金流。另外，請記住，雖然我們按季度提列利息支出，但我們主要按半年支付現金利息。所以實際上，你在第二季大約有 2 個季度的現金利息支出。

Yes. I'd just add. That's great, Spencer. And I'd just add to Spencer's point, if you think about cash flow going forward, it was sort of a bit of a unique window into that forward-looking cash generation opportunity or potential for our business because of the pandemic. So we generally are forward-investing into the growth of our business and into content. So our content cash spend is in excess of our content expense in a given year. But because of the pause in productions, you can see that basically, that cash spend and expense in content were the same this quarter, essentially at a 1:1 ratio.

是的。我還要補充一點。太好了，斯賓塞。我還要補充 Spencer 的觀點，如果你考慮未來的現金流，由於疫情的影響，這為我們業務的未來現金流創造機會或潛力提供了一個獨特的視角。因此，我們通常會對業務成長和內容進行前瞻性投資。因此，我們每年的內容投入超過了內容支出。但由於製作暫停，你可以看到，基本上，本季現金支出和內容支出相同，基本上保持 1:1 的比例。

And as a result -- as we said in the letter, resulted in a 15% cash flow -- free cash flow margin. Going forward, we do expect to turn cash flow negative again in 2021 and as our business and our production ramps up, but we're still on that multiyear path to being cash flow positive. And when we are sustaining cash flow positive, we expect to be a much bigger and more profitable business. So hopefully, that 15% cash flow margin is just the start.

因此——正如我們在信中所說——實現了 15% 的現金流——自由現金流利潤率。展望未來，我們預計 2021 年現金流將再次轉為負值，隨著業務和生產的逐步推進，但我們仍在朝著實現現金流為正的目標邁進，這需要多年的時間。當我們持續實現正現金流時，我們期望能成為一家規模更大、獲利能力更強的企業。所以，希望這15%的現金流利潤率只是個開始。

That's great. So I guess since we have time for maybe one last question, we could just think about the world going forward, longer term. Reed, from your perspective, a lot of the franchises that are getting created in today's world seem to be coming from the video game side. A lot of shows that you have, which have been very successful, have been from that side. And obviously, some of your shows have become video games in some instances. So when you think about the -- and even the interactivity of some of your shows makes them feel like video games. So when you think about the way the world is evolving, it just seems like these 2 sides of the world are starting to converge to some extent, both in terms of the kind of content as well as the experiences. So why not think about video games as an extension of where Netflix is today? If you could just help us think through that framework and how you consider that going forward.

那太棒了。所以我想，既然我們還有時間問最後一個問題，我們可以思考世界未來的發展，更長遠的未來。里德，從你的角度來看，當今世界湧現的許多系列作品似乎都源自於電子遊戲領域。你們很多非常成功的節目都是從那個角度製作的。很顯然，你們的一些節目在某些情況下已經變成了電子遊戲。所以當你思考的時候——甚至你們某些節目的互動性會讓它們感覺像電子遊戲。所以，當你思考世界的發展方式時，你會發現世界的這兩個面向似乎在某種程度上開始融合，無論是在內容類型還是體驗方面。那為什麼不把電子遊戲看成是 Netflix 現有模式的延伸呢？如果您能幫我們理清一下這個框架，以及您未來會如何考慮，那就太好了。

Sure. If you'll think about franchise IP development and Harry Potter and then just hundreds of enormous franchises that come out of full-length books, then there's Marvel and our own, The Old Guard, that come out of a comic book world, and then there might be a few coming out of video games but that's like pretty small. So really, think of it as the big franchises have come out of books and comic books.

當然。如果你想想特許經營 IP 的發展，想想哈利波特，想想數百個源自長篇小說的巨大系列，想想漫威，想想我們自己的《永生守衛》，它們都源自漫畫世界，然後可能還有一些源自電子遊戲，但這非常少。所以，你可以把很多大型系列作品看作是源自書籍和漫畫。

Now video games, a great and interesting area, it's got a number of aspects in terms of multiplayer that are changing, e-sports that are changing, PC-based gaming. So it remains a very interesting area. But Ted's got big plans to spend future billions in our movies, in series, in animation. And so we've got lots of places to put the money, and we're definitely focused on creating franchises. And maybe, Ted, in your Co-CEO role, maybe you can wrap us up here with final comments and about building franchises.

電子遊戲是一個偉大而有趣的領域，它在多人遊戲、電子競技和基於 PC 的遊戲等方面都發生了許多變化。所以這仍然是一個非常有趣的領域。但泰德計劃在未來投入數十億美元用於我們的電影、劇集和動畫製作。因此，我們有很多地方可以投入資金，而且我們肯定會專注於打造特許經營權。泰德，作為聯合首席執行官，也許你可以在這裡做最後的總結，談談關於建立特許經營權的問題。

Yes. Look, I think franchise is the active, successfully -- successful world-building. And video games obviously have a world-building aspect to them, but so do books and so do graphic novels and so do comic books and so does original IP. And really, this is a matter of how well it's executed. We were really unbelievably encouraged by the first attempt at it here with The Old Guard, which is kind of a new flavor of that kind of storytelling that I think has got a world and stories to be told for some time to come.

是的。我認為特許經營是一種積極、成功的——成功的——世界建構方式。電子遊戲顯然具有世界建構的層面，但書籍、圖像小說、漫畫書以及原創IP也同樣具有世界建構的面向。實際上，這取決於執行得如何。我們對《永生守護者》的首次嘗試感到非常鼓舞，這是一種全新的敘事方式，我認為它蘊含著豐富的世界觀和故事，值得在未來一段時間內繼續講述。

I look to other things that were more original IP, like La Casa de Papel, which in this quarter, La Casa de Papel was the most watched new season of television on Netflix, hard stop, not just non-English, English. And that's in its fourth season, and it's become an incredible world that we're going to keep building on and keep building on. So IP is a great place to start, but it's -- like everything else in the world, it's hugely execution-dependent. And if you do it well, people want to come back for more. And you don't disappoint them, you can keep doing it. So we're really thrilled about it and thrilled about doing it from a variety of sources.

我比較關注其他一些更有原創性的IP，像是《紙鈔屋》（La Casa de Papel）。在本季度，《紙鈔屋》是Netflix上觀看次數最多的新劇集，沒有之一，而且不僅僅是非英語劇集，也包括英文劇集。這部劇已經播出到第四季了，它已經發展成一個令人難以置信的世界，我們將繼續在這個基礎上不斷發展壯大。所以智慧財產權是一個很好的起點，但是——就像世界上其他所有事情一樣——它很大程度上取決於執行情況。如果你做得好，人們會想要再次光顧。只要你不讓他們失望，你就可以繼續這樣做。所以我們對此感到非常興奮，也很高興能從各種管道獲取資訊。

That's great. Thank you all. Thank you.

那太棒了。謝謝大家。謝謝。

Thanks, Kannan.

謝謝你，坎南。

Thank you.

謝謝。