Netflix Inc (NFLX) 2020 Q2 法說會逐字稿

Good afternoon, and welcome to the Netflix Q2 2020 Earnings Interview.

下午好，歡迎來到 Netflix 2020 年第二季度收益採訪。

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

我是 IR 和企業發展副總裁 Spencer Wang。

Joining me today are Co-CEOs, Reed Hastings and Ted Sarandos; COO, Greg Peters; and CFO, Spence Neumann.

今天加入我的是聯合首席執行官里德黑斯廷斯和泰德薩蘭多斯；首席運營官格雷格·彼得斯；和首席財務官 Spence Neumann。

Our interviewer this quarter is Kannan Venkateshwar from Barclays Capital.

本季度我們的採訪者是來自巴克萊資本的 Kannan Venkateshwar。

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

提醒一下，我們將做出前瞻性陳述，實際結果可能會有所不同。

Now let me turn it over to Kannan for his first question.

現在讓我把它交給 Kannan 來回答他的第一個問題。

Thank you, Spencer, and you nailed my last name.

謝謝你，斯賓塞，你確定了我的姓氏。

So congratulations for that.

所以祝賀你。

I practiced.

我練習了。

So thanks for having me here.

所以謝謝你讓我在這裡。

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.

我想最好的起點是 Ted 和 Greg，恭喜你擔任新角色；還有里德，你也是，我想你可以多放鬆一點。

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.

所以也許我們可以從你的優先事項開始，Ted，然後是 Greg，就你如何看待世界的發展，你的優先事項是什麼而言。

And of course, we are in the middle of a lot of change, so how you see the world.

當然，我們正處於很多變化之中，所以你如何看待世界。

So maybe you could just start there.

所以也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.

好吧，我們首先應該說，里德放鬆一點的機會非常低，而我只是——每個人都應該知道，里德和我一起工作了 20 多年。

He's been an unbelievable role model and source of inspiration for me.

他一直是我難以置信的榜樣和靈感的源泉。

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.

我們已經完成了公司多年來做出的一些最艱難的決定，從在美國各地郵寄 DVD 到在世界各地進行流媒體播放。

And my focus is to continue the successful train we've been on for the next 200 million subs around the world.

我的重點是繼續我們為全球下一個 2 億潛艇所做的成功培訓。

And Greg, I'm thrilled to throw it over to you.

還有格雷格，我很高興把它交給你。

Thank you, Ted.

謝謝你，泰德。

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.

從我的角度來看，當我考慮我們的未來時，我認為這只是下一個巨大的增長階段，我們將看到主要來自美國以外的地區。

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.

所以想想越來越多的美國以外的員工，更多的生產，更多的業務發生在美國以外，希望有更多，更多的美國以外的成員。這是一個機會多一點，積極主動，推動在我們認為對齊將有利於業務並推動這些活動的優化更多一點的活動中，更多的對齊。

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.

Kannan，你可能不知道，但很多年前現在感覺，我能夠在日本度過幾年，在那裡推出服務。

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.

我有機會與我們在當地招聘和發展的當地團隊以及我們的全球團隊合作，真正了解服務的各個方面，並嘗試為我們的日本會員改進它，並在那裡擴大我們的會員基礎。

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.

所以我認為這有點像迷你版或試用版或測試，我預計我會在這個角色中做更多的事情。

And just as a small little fun fact for our listeners and shareholders who may not know, but Greg actually speaks 5 languages.

對於我們可能不知道的聽眾和股東來說，這是一個有趣的小事實，但 Greg 實際上會說 5 種語言。

So I think as we become more global service, that skill set will really benefit the company.

因此，我認為隨著我們變得更加全球化服務，這種技能組合將真正使公司受益。

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

注意他沒有說他說得有多好。

Are you talking Java, C++?

你說的是Java，C++？

So you mean like (inaudible).

所以你的意思是（聽不清）。

How do you find time, Greg, to do all that?

格雷格，你如何找到時間來做這一切？

It's pretty amazing.

這真是太神奇了。

We are so excited about the next decade of Netflix growth.

我們對 Netflix 未來十年的增長感到非常興奮。

We've definitely got a good start, but the opportunity across the next decade is just amazing for us.

我們肯定有了一個良好的開端，但未來十年的機會對我們來說簡直太棒了。

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.

正如格雷格所指的那樣，它非常國際化，但我對此感到非常興奮，隨著我們擴大全球範圍，能得到一些幫助會很棒，我很期待。

And to be totally clear, I'm in for a decade.

並且完全清楚，我已經有十年了。

So let me be really clear on that.

所以讓我非常清楚這一點。

I'm in for a decade, okay.

我已經十年了，好吧。

And as Co-CEO, it's 2 of us full time.

作為聯合首席執行官，我們兩個人是全職的。

It's not like a part-time deal.

這不像是兼職交易。

So it's definitely broadening the management team and helping us grow even faster over the next 10 years.

因此，這無疑擴大了管理團隊，並幫助我們在未來 10 年更快地發展。

That's great.

那太棒了。

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?

所以也許，從你的角度來看，里德，現在你有一個相對較新的設置，有沒有什麼不同尋常的增長計劃，你可能正在考慮？

I mean is Netflix in the next 10 years the same that -- compared to the Netflix in the last 10 years?

我的意思是，與過去 10 年的 Netflix 相比，未來 10 年的 Netflix 是否相同？

So if you could just help us think through what your priorities are potentially now that you're sharing a job with Ted.

因此，如果您可以幫助我們考慮一下您現在與 Ted 共享工作的優先事項。

The 3 of us have been working together so long.

我們三個人合作了這麼久。

There's essentially no difference next quarter.

下個季度基本沒有區別。

I mean Ted's got some increased external stature, and he can put bigger deals together for us, and that's really cool.

我的意思是泰德的外部地位有所提高，他可以為我們達成更大的交易，這真的很酷。

And Greg will start to spend more time around the world for us.

Greg 將開始為我們在世界各地花費更多時間。

But think of it as much more consistent with the past than different.

但是認為它與過去的一致性比不同的要多得多。

And then the beautiful thing about the next 10 years is we've got a good model.

未來 10 年的美好之處在於我們有一個很好的模型。

We just need to make it better.

我們只需要讓它變得更好。

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.

每天，我們都在努力改進我們的服務，努力讓它成為 UI 前面的廣告牌，你可以點擊它並觀看它，就像相信結果一樣，當然，還有令人驚嘆的內容，我們一直在擴展。

A couple of years ago, we only had premium TV.

幾年前，我們只有高級電視。

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.

現在要在電影方面表現出色，在無劇本方面表現出色，在動畫領域嶄露頭角，在本地語言節目和連續劇中表現出色，我的意思是，泰德在過去 5 年中取得的擴張令人難以置信。

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.

所以把它想像成我們只是在更大的範圍內做更多的事情並取悅更多的人，所以沒有改變重點或執行並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，以及他們想花更多時間與之相處的明星，並且能夠在世界各地推出這些品牌，無論你的品味如何，這是一項艱鉅的工作，並且我很高興我們有如此強大的團隊一起做這件事。

That's great.

那太棒了。

And maybe we could just start with the environment we are in the middle of right now.

也許我們可以從我們現在所處的環境開始。

Things seem to be -- seemed to be opening up but now, it looks like things might go back again a little bit.

事情似乎 - 似乎正在開放，但現在，看起來事情可能會再次回歸。

So when you think about the environment around you, a lot around us has changed, the way we work, the workflows around different organizations.

所以當你想到你周圍的環境時，我們周圍的很多東西都發生了變化，我們的工作方式，不同組織的工作流程。

So when you think about your plans for Netflix going forward, how has COVID impacted your plans?

因此，當您考慮 Netflix 的未來計劃時，COVID 對您的計劃有何影響？

In what instances are these planned changes permanent?

在哪些情況下，這些計劃中的更改是永久性的？

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?

您是否真的可以從成本角度或工作流程角度以某些可能會持續更長時間的方式受益？

Do you want to start, Spence?

你想開始嗎，斯賓塞？

Sure.

當然。

I mean generally, Kannan, it doesn't change too much.

我的意思是，一般來說，坎南，它並沒有太大的變化。

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.

我的意思是，我們了解到的是，正如里德在上個季度所說的那樣，互聯網是我們生活中更重要的一部分，並且會一直存在，而且人們喜歡電影和電視節目。

So that -- our strategy is just to get better and better every day with that content, with that product, as we talked about.

因此，正如我們所討論的那樣，我們的策略就是每天使用該內容，使用該產品變得越來越好。

You can see in the business and we can talk about it here at some point.

您可以在業務中看到，我們可以在某個時候在這裡討論它。

Obviously, we've seen some pull forward in our member growth, if you will, but frankly, our strategy hasn't fundamentally changed.

顯然，如果您願意的話，我們已經看到我們的會員增長出現了一些進步，但坦率地說，我們的戰略並沒有從根本上改變。

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.

圍繞房地產戰略以及我們在世界某些地區獲得或委託多少內容，這些事情都處於邊緣地位。

But fundamentally, our strategy remains the same and the growth opportunity is as big as ever.

但從根本上說，我們的戰略保持不變，增長機會與以往一樣大。

I could jump in on the production side.

我可以加入生產方面。

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.

我的意思是，在幾個月的時間裡，團隊從全面生產到完全關閉，再到在全球範圍內恢復生產，是多麼靈活，這是非常了不起的。

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.

我認為有些東西，比如我們在世界各地實施的安全協議，將成為生產的永久部分，這是一件好事。

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.

我認為這一次在停工和重新啟動之間，花在劇本、開發和準備上的額外時間將使拍攝實際上更有效率，我認為這將繼續存在。

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.

我認為，當需要向世界發布節目和內容並與媒體合作討論我們如何做到這一點時，我們已經與我們的宣傳團隊一起完成了這個非凡的虛擬新聞中介，將人才放在最優秀的作家面前在世界上，幾乎不間斷的只是從他們的客廳而不是酒店房間。

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.

而且它一直 - 皮卡和效率，我認為其中的某些部分可能會持續很長時間。

The different marketing functions, how you backfill not being able to host a screening, all of those things are being learned.

不同的營銷功能，如何回填無法主持放映，所有這些都在學習中。

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.

我認為從今天開始，其中一些內容將適用於某些內容——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慘的事情中走出來的那樣。

And just to pile onto that, I think it's been an opportunity to accelerate things that we were already excited about.

只是為了加強這一點，我認為這是一個加速我們已經興奮的事情的機會。

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.

一個，我認為，一個很好的例子是創建一種技術基礎設施，允許分佈式內容創意藝術家，考慮視覺效果藝術家，動畫藝術家在家時有效並在資產上集體協作。

We think that was in the plans before this all happened.

我們認為這是在這一切發生之前的計劃中。

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.

但這是加速這一進程的機會，並確保我們在此期間逐漸提高效率，這很棒，我們會從中學到很多東西，我認為這對我們很有幫助，因為我們回到了更正常的工作模式.

That's great.

那太棒了。

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.

當我們看上半年的訂戶數量時，很明顯，你們的數字接近 2019 年全年的數字。

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.

因此，當您在這種情況下考慮您的指導時，它似乎確實包含了對大量增長的預期。

But over this period, we've also seen cord-cutting reach record levels, and that doesn't seem to be slowing down.

但在此期間，我們也看到剪線達到創紀錄的水平，而且似乎並沒有放緩。

And some parts of the world, again, seem to be shutting down right now.

世界上的某些地方現在似乎又要關閉了。

So if you could just help us think through the framework for growth for the next quarter and the guidance, that would be great.

因此，如果您能幫助我們思考下一季度的增長框架和指導，那就太好了。

Sure.

當然。

Let me take that one.

讓我拿那個。

I'll take it.

我要買它。

So Kannan, you really nailed it.

所以卡南，你真的做到了。

I mean when we think about the guidance for Q3, we're not thinking about Q3 just in and of itself.

我的意思是，當我們考慮第三季度的指導時，我們並不僅僅考慮第三季度本身。

We have to look at it in the context of what just happened in Q2.

我們必須在第二季度剛剛發生的情況下看待它。

And we just added 10 million members, which is the largest growth we've ever had in a second quarter.

而且我們剛剛增加了 1000 萬會員，這是我們第二季度有史以來最大的增長。

And if you look at the -- so we kind of look at the totality across the Q2 and Q3 period.

如果你看一下 - 所以我們會看一下第二季度和第三季度的總體情況。

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.

如果我們看那個季度，連續兩個季度，我們在那個時期做過的最好的實際上是 2 年前的 2018 年，我們增長了 1150 萬個數字。

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.

因此，如果我們今年實現第三季度的指導，這意味著我們在同一時期內增加了 1250 萬會員，這比我們以往任何時候都多 100 萬，這是我們認為除此之外還有很大的增長已經是一個非常大的 Q1。

So the nice thing is that those newer members are actually highly engaged.

好消息是這些新成員實際上參與度很高。

They're sticking around with us actually as well or better than pre-COVID.

實際上，他們與我們在一起的情況與 COVID 之前一樣好或更好。

And our service keeps getting better.

而且我們的服務越來越好。

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.

因此，Netflix 2021 將提供比 Netflix 2020 更好的服務，這讓新會員和現有會員更有理由保持高度參與和堅持，並吸引未來的會員加入。

So we think that the growth opportunity is as big as ever.

所以我們認為增長機會和以往一樣大。

There's just that kind of near-term pull forward that you're seeing.

你所看到的就是這種近期的拉動。

Okay.

好的。

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.

而當你考慮到指導的其他組成部分時，很明顯，最突出的是利潤率和營銷支出佔收入的比例是 7%，這顯然是非常低的。

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.

因此，當您考慮 - 以及關於明年內容比今年更加後端的指導時，這表明當您進入今年下半年和明年上半年時，您的營銷支出應該會繼續低於平時。

So first of all, is that the right way to read it?

那麼首先，這是正確的閱讀方式嗎？

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?

從結構上講，這是否也意味著由於參與度的增長，您需要在營銷上花費的金額在未來會降低？

Well, one of the things that's unique about our services, our members spend a lot of time on Netflix every day.

嗯，我們服務的獨特之處之一在於，我們的會員每天都在 Netflix 上花費大量時間。

So it turns out the best place to talk to them about Netflix is on Netflix.

因此，與他們談論 Netflix 的最佳地點是在 Netflix 上。

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.

我們在時間、精力和資金上的投資用於建立對話、時代精神、圍繞我們的節目和我們的明星的嗡嗡聲，以及我們如何確保即使你不在 Netflix 上也能放大它們。

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.

但就向非傳統媒體進軍而言，我們已經有一段時間了，這意味著它只是一種更有效、更有影響力和更全球化的方式與我們的會員交談，並不總是通過最傳統的渠道。

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.

所以，是的，你花更少的錢，但做更多的事情來吸引我們的節目的嗡嗡聲和關注，試圖穿越一個有很多選擇的世界。

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.

也許我唯一要補充的是泰德早些時候提到的一點，我們假設營銷，總的來說，今年將持平，仍然是大約 20 億美元的支出，這是一個巨大的我們營銷渠道的支出金額。

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.

但它看起來確實會更低，因為我們在這種新世界中看到的一些事情是更多的虛擬中介和公關，實際上並沒有做那麼多的獎項營銷和類似的事情。

Now some of that is temporary in nature.

現在，其中一些本質上是暫時的。

Some of that is permanent learnings as to how we can be more effective going forward.

其中一些是關於我們如何更有效地前進的永久學習。

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.

但我認為你是對的，結果是——其中大部分與我們的戰略轉變一致，其中一些是近期的，我猜是世界上正在發生的事情的成本/收益。

Okay.

好的。

And so when we think about...

所以當我們考慮...

We're seeing, Kannan, that the service has just been able to generate amazing viewing.

Kannan，我們看到該服務剛剛能夠產生驚人的觀看效果。

And so as the service gets better and better, we're able to take advantage of that.

因此，隨著服務越來越好，我們能夠利用這一點。

Right.

對。

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.

當我們在這種情況下考慮您對明年的利潤率指導時，您每年都會提高約 300 個基點的利潤率，但現在看起來機會增加了，但明年的指導或多或少與更廣泛的框架。

So is that just conservativeness?

那麼這只是保守嗎？

Or is there something else guiding that as we go into next year?

或者當我們進入明年時，還有其他的指導嗎？

It's called tamping down the expectations.

這叫做降低期望值。

This is a great growth opportunity for us.

這對我們來說是一個巨大的增長機會。

So any revenue upside, we would tend to put into more content for our members, which generates more growth over time.

因此，任何收入增長，我們都會傾向於為我們的會員投入更多內容，隨著時間的推移產生更多的增長。

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.

所以我們在這方面做得很好，它正在利用這一優勢，然後通過服務質量將其轉化為越來越多的增長。

So that would be the plan.

所以這將是計劃。

Yes.

是的。

And I would just say that we -- to Reed's point, we're always looking to spend strategically and invest strategically in the service.

我只想說，在里德看來，我們一直在尋求戰略性支出並戰略性地投資於服務。

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.

但我們確實暗示，在短期內，2020 年今年的利潤率可能會有所上升，但我們確實在努力實現這一多年，繼續增加我們的利潤率，這就是為什麼我們想讓人們知道我們在這一點上，明年還要再增加 300 個基點，這將使我們達到 19% 的利潤率。

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

在 Netflix 2021 優於 Netflix '20 的環境中值得重申。

Yes.

是的。

That's great.

那太棒了。

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?

所以特德，只是為了跟進那個評論，當你說 21 年比 20 年更好時，我們是在談論訂閱者嗎？

Are we talking about the amount of content?

我們在談論內容的數量嗎？

So how should we frame that?

那麼我們應該如何構建它呢？

I'm talking about the forward trajectory of the releasing of the content that's coming your way.

我說的是即將發布的內容的前進軌跡。

I mean think about it right now at a time where most of the world is at a standstill.

我的意思是在世界大部分地區都處於停滯狀態的時候考慮一下。

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.

本月餘下的時間，您將在 Netflix 上看到由凱瑟琳·蘭福德主演的全新劇集，該劇來自 13 個原因，名為 Cursed，這是一部重新想像亞瑟王傳奇的大型大型電影。

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.

我們有一部我們最大的電影《接吻亭 2》的續集，這部原作在 Netflix 上與 Joey King 和 Jacob Elordi 一起催生了 rom-com 運動。

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.

我們迎來了新一季的《雨傘學院》，這是我們在 Netflix 上最全球化、最成功的系列之一，在 19 年的第一季播出時對我們來說是一個巨大的成功，並直接進入了一個高強度的大動作Jamie Foxx 和 Joseph Gordon-Levitt 的驚悚片名為 Project Power。

So it's that kind of ongoing beat of content and programming.

所以這就是內容和節目的持續節拍。

Think about this.

想想這個。

Last year, we had barely dabbled in competition and reality programming.

去年，我們幾乎沒有涉足競賽和真人秀節目。

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.

僅在本季度，《Floor is Lava》和《Too Hot to Handle》，我們就有了 2 部有史以來最熱門的作品——不僅是那種類型，而且是我們所有的節目。

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.

太熱了，從觀看的百分比來看，日本和美國一樣大，這是一個瘋狂的現象。

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.

因此，對我來說，這就是所有這些學習，他們不斷地複合，不斷地複合和擴展編程類型，使其對消費者俱有巨大的價值。

That's great.

那太棒了。

So I guess sticking on that theme for a bit.

所以我想堅持一下這個主題。

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.

當我們考慮內容組合時，很明顯，在過去的幾年裡，真人秀節目和現在的動畫等等發生了很大的變化。

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.

所以當你考慮這種特殊的組合時，真人秀在某些方面似乎確實是一個更好的投資回報，因為它們中的很多都出現了，比如《太熱了，無法駕馭》進入前 10 名，已經存在了一段時間。

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?

因此，當您考慮這種組合時，將真人秀或紀錄片節目視為稍微更好的回報是否公平，因此，組合會稍微更傾向於這種方式？

And is this even a framework that you consider, which is when you invest in something, what the returns are versus the engagement?

這甚至是您考慮的一個框架，即當您投資某物時，回報與參與度的關係是多少？

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.

投資現實和無劇本的最大動機不是生產成本的節省，而是人們對這個節目的熱愛以及它在人們生活中的重要性。

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.

因此，如果我們試圖越來越多地成為您娛樂的首選目的地，而不是忽視那種主導廣播的節目領域，那我們就太傻了。

So we've been dabbling in unscripted and reality.

所以我們一直在涉足無腳本和現實。

We kind of got very, very accomplished in the documentary space and then have moved that over into -- to expand that to unscripted.

我們在紀錄片領域取得了非常非常出色的成就，然後將其轉移到 - 將其擴展到無劇本。

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.

然後是比賽空間，這只是我們的比賽，這只是我們真正涉足的比賽空間中的第三或第四場演出。

But the motivation really is consumer love for the programming, not the marginal cost savings.

但真正的動機是消費者對編程的熱愛，而不是邊際成本節省。

Okay.

好的。

Got it.

知道了。

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.

還有格雷格，只是從發行的角度來思考這個世界，現在在爭議方面發生了很多事情，孔雀和 HBO 並沒有被 Roku 繼承。

And of course, they're having problems with Amazon as well.

當然，他們也遇到了亞馬遜的問題。

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.

值得注意的是，當你想到這一點時，我的意思是，它幾乎感覺就像過去的傳統有線網絡 MVPD 爭議，聚合器基本上成為了看門人。

How do you see this playing out?

你怎麼看這個結果？

And is this a risk in the future for Netflix?

這對 Netflix 來說是不是未來的風險？

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.

首先，我認為當設備製造商和娛樂服務提供商之間的談判發展到真正影響消費者並且他們無法在設備上觀看他們興奮地觀看的節目時，這真的很不幸。他們有。

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.

我們很幸運能夠與世界各地廣泛的設備製造合作夥伴一起工作、投資、合作，並真正共同努力在這些設備上創造更好的 Netflix 體驗。

And that's really a very positive model.

這確實是一個非常積極的模式。

It's really -- it's a win-win-win, right?

真的——這是雙贏的，對吧？

It's great for us.

這對我們來說很棒。

We get to reach more of our members with better experiences.

我們可以通過更好的體驗接觸到更多的會員。

It's great for the device manufacturers because those experiences make their devices more valuable, more attractive.

這對設備製造商來說非常有用，因為這些體驗使他們的設備更有價值、更具吸引力。

And most importantly and ultimately, it's a win for consumers to -- sort of the benefactors of those better experiences.

最重要的是，最終，消費者能夠獲得這些更好體驗的受益者。

So we're going to keep investing in that model.

因此，我們將繼續投資於該模型。

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.

我們的整個團隊基本上什麼都不做，只是努力讓整個流程變得更好，讓我們的製造合作夥伴更容易吸收我們為獲得更好體驗而生產的技術，思考我們如何利用這些製造商正在投資的設備以真正顯示這些好處。

And I think we're hopeful and we expect that that positive model will be able to continue.

我認為我們充滿希望，我們希望這種積極的模式能夠繼續下去。

Okay.

好的。

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.

然後我猜另一種分銷模式就是你與 MVPD 以及無線公司的交易，而且你在全球範圍內有很多這樣的交易。

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.

因此，當您考慮美國等成熟市場與世界其他地區的比較時，您對下個季度的指導以及更廣泛的增長框架會表明，這些變得比有機增長渠道更重要一些。

So how are you thinking about these wholesale distribution deals?

那麼，您如何看待這些批發分銷交易？

What kind of role do they have going forward?

他們在未來扮演什麼樣的角色？

And what's the objective you're trying to solve for when you get into a deal with these guys?

當你與這些人達成協議時，你試圖解決的目標是什麼？

Yes.

是的。

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.

我認為你說得對，那就是我們認為這些將變得越來越重要，但我認為同樣重要的是要注意，在我們所謂的有機渠道中，它們仍然占我們總收購量的相對較小的比例。

People signing up with us directly is still very much the dominant mode.

人們直接與我們簽約仍然是非常占主導地位的模式。

But we sort of think about the criteria, which we sort of are evaluating these partnerships on 2 fronts.

但是我們會考慮標準，我們會在兩個方面評估這些合作夥伴關係。

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?

顯然，我們將其視為增長加速，通過添加這樣的渠道我們獲得了多少會員加速，但隨後想了解什麼 - 收入影響是什麼，對嗎？

There's some cannibalization.

有一些自相殘殺。

There might be different economics involved.

可能涉及不同的經濟學。

So we want to evaluate that and make sure that we're doing these on a positive revenue basis.

因此，我們希望對此進行評估，並確保我們在積極的收入基礎上開展這些工作。

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.

然後另一個非常重要的鏡頭是我們實際上從什麼是消費者體驗，什麼是會員體驗來看待它。

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.

因此，我們正在定性地研究它，以了解會員旅程是什麼，並與這些合作夥伴合作，以確保這是盡可能積極、無摩擦的。

And then we all obviously back it up with the metrics, too, right?

然後我們顯然也都用指標來支持它，對吧？

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.

因此，我們正在關注參與度以及人們使用該服務的頻率、流失特徵，以真正確保我們通過這些渠道為我們的會員提供高質量的體驗。

And I would say that we're very positive on both of those fronts.

我想說我們在這兩個方面都非常積極。

And so to your point, we expect to continue to do these deals, to expand these deals.

因此，就您而言，我們希望繼續進行這些交易，以擴大這些交易。

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.

我們正在與多個合作夥伴合作，就您而言，我們正在進一步滲透的領域，但它也是我們仍處於早期階段的領域的一個很好的促進劑。

And so we think both are great places to do that kind of partnership.

所以我們認為兩者都是建立這種夥伴關係的好地方。

That's great.

那太棒了。

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.

然後我想看看定價，這在某種程度上也與分銷討論略有關聯，但是當你考慮我們所期望的定價算法時，隨著時間的推移，它一直處於中個位數的增長范圍內網飛。

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.

但最近，我認為當你排除價格上漲的影響時，由於一些較新的計劃，它的趨勢會比這低一點。

So when you think about the pricing algorithm, how are you thinking about that going forward?

所以當你考慮定價算法時，你是如何考慮未來的？

Is it still the same mid-single-digit kind of a growth profile that you're thinking about?

它仍然是您正在考慮的中個位數的增長概況嗎？

Or has that equation changed?

還是這個等式改變了？

Yes.

是的。

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.

我認為首先重申我們上次提到的內容很重要，在過去的幾個月裡，我們一直主要專注於確保我們的會員在他們轉向我們時為他們提供服務逃生和娛樂。

And so we're very much enthusiastic about being able to serve in that role.

所以我們非常熱衷於能夠擔任這個角色。

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.

實際上，我們已經投資於在這段時間內使服務更有價值，添加更多內容，並在這段時間內添加更多服務功能。

But when we look forward, I would say every country is in a different mode.

但當我們展望未來時，我想說每個國家都處於不同的模式。

And so we're going to sort of continue to assess a bunch of different factors over time.

因此，隨著時間的推移，我們將繼續評估一系列不同的因素。

We'll look at macro factors country by country.

我們將逐個國家研究宏觀因素。

We'll also look very closely at -- on our specific metrics, and it's metrics like engagement, like churn.

我們還將密切關注我們的具體指標，它是參與度、流失率等指標。

And those are the signals that we have for indicating when we have created more value for our members, so back to your plan.

這些是我們用來指示我們何時為會員創造更多價值的信號，所以回到你的計劃。

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.

我們擁有的並不是一種先驗計劃，而是更多地使用這些跡象，表明我們在為會員創造更多價值方面做得很好，這向我們表明，嘿，可能是時候回去了給他們並要求他們多一點，這樣我們就可以進一步投資於精彩的故事、精彩的內容、更好的產品體驗，並為他們創造更多的價值。

And Kannan, just to remind you, we don't narrowly manage towards an ARPU number or an ARPU growth number.

Kannan，提醒您一下，我們不會狹隘地管理 ARPU 數字或 ARPU 增長數字。

Our orientation is really on optimizing for revenue.

我們的方向實際上是優化收入。

Great.

偉大的。

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.

因此，當我們考慮管理整個收益動態的方式時，即收入最大化，顯然，單位是其中的一部分，定價是其中的一部分，但另一個重要的組成部分是客戶流失。

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.

而且 - 鑑於您現在擁有的規模，即使是流失的微小變動也會對整個損益表產生廣泛的影響。

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?

因此，當您考慮流失時，考慮到 COVID 時期和參與度的增加，與較早出現的群組相比，這在結構上是否會導致可能較新的群組有更好的流失表現？

If you could just help us think through consumer behavior across this period as engagement has gone up, that would be great.

隨著參與度的提高，如果您能幫助我們思考這一時期的消費者行為，那就太好了。

Yes.

是的。

Spence, do you want to take that one?

斯賓塞，你想拿那個嗎？

Sure, I can start.

當然，我可以開始了。

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.

我的意思是，Kannan 的短篇故事是，這些新成員看起來非常像企業中已有成員的成員。

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.

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、中東和非洲和英國各有幾百萬，然後是拉丁美洲的幾百萬。

They're highly engaged.

他們高度敬業。

Actually, the retention across every cohort is as good or better than pre-COVID.

實際上，每個隊列的留存率都與 COVID 之前一樣好或更好。

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.

因此，正如我們所說，這個會員群，無論新老，都喜歡電影和電視內容，這並不奇怪，而且它們看起來非常相似。

But I don't know, Greg or Ted or others, if you'd add to that.

但我不知道，Greg 或 Ted 或其他人，您是否願意補充。

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.

我認為除了這種重大的結構性參與變化之外，也許還有一件事，這實際上是人們處於封鎖和隔離狀態並轉向我們尋求逃避的結果，我想說，就斯賓塞而言，支持高-水平流失的部分，當我們查看其他類型的指標來告知他們如何與服務互動時，我們發現它與我們在 COVID 之前添加的成員非常非常相似。

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.

我想說的是，Kannan，這有點過於簡單了，但我認為當有人流失時，它總是暫時的。

They're going to come back.

他們會回來的。

It's just a matter of timing as our service gets better, as maybe their income increases, as the Internet gets faster.

隨著我們的服務變得更好，他們的收入可能會隨著互聯網變得更快，這只是時間問題。

So we'd love people to get a taste of Netflix.

因此，我們希望人們能夠體驗 Netflix。

We hope they stay for 50 years.

我們希望他們能堅持 50 年。

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.

但如果他們退出，我們認為這總是暫時的，我們將努力改善服務，讓他們願意花錢和我們一起花錢。

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.

看到我們與該成員關係的演變很有趣，他們曾經認為我們是觀看他們在其他網絡上一直錯過的節目重播的地方，直到現在他們來到我們這裡他們最喜歡的節目，現在是周五晚上的電影，在那裡你有 Netflix 在 Netflix 上首映世界上最大的電影。

So it's an evolving relationship constantly but nothing unique in this subset of folks in terms of their watching and their churn behavior.

因此，這是一種不斷發展的關係，但就他們的觀看和流失行為而言，這部分人並沒有什麼獨特之處。

So it's exciting.

所以這很令人興奮。

That's great.

那太棒了。

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.

然後我想當你考慮產品本身時，最大的討論點之一就是內容髮現，因為現在有大量的內容和大量的流媒體服務。

And so we've got to sort through all of that in order to figure out what to watch.

因此，我們必須對所有這些進行整理，以便弄清楚該看什麼。

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.

所以當你想到內容髮現時，我的意思是，格雷格，我知道你全年都在運行很多 A/B 測試，你運行了數百個。

So what are the kind of things you're thinking about in terms of improving the experience?

那麼，在改善體驗方面，您正在考慮哪些事情？

You have the top 10 list.

你有前 10 名的名單。

How has that done?

那是怎麼做到的？

If you could just give us some sense of how you're sort of looking at that issue.

如果你能告訴我們你是如何看待這個問題的。

Yes.

是的。

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.

好吧，我將——我將討論前 10 名列表，然後討論宏觀問題，當然，這是我最喜歡的問題之一。

So thanks for asking that one.

所以謝謝你問那個。

But top 10 is an example of a nice, little positive lift in overall engagement.

但前 10 名是一個很好的例子，整體參與度略有積極提升。

It's not game changing.

這不是改變遊戲規則。

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.

但更重要的是，它實際上說明了我們認為真正的會員需求，而我們的一些會員並非所有人都有，他們想知道哪些節目很受歡迎，以便他們可以輕鬆觀看這些節目，然後參與正在發生的更廣泛的社交對話圍繞那些節目。

But I think it's indicative of the kind of work that we need to go do, right?

但我認為這表明了我們需要去做的工作，對吧？

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.

而且我認為我們已經創造了最令人難以置信的娛樂選項集合，消費者只需單擊一個按鈕就可以使用這些選項。

And Ted's team is off producing more and more fantastic content at an accelerating rate.

Ted 的團隊正在以越來越快的速度製作越來越精彩的內容。

And that is, for our members, simply wonderful.

也就是說，對於我們的會員來說，簡直太棒了。

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.

它為我們作為一個產品團隊創造了挑戰和機遇，讓我們思考我們不斷發展的體驗，以使選擇和發現一個偉大故事的過程盡可能愉快和容易。

And how -- the way we think about it is actually that we have to make almost every aspect of that experience better.

以及如何 - 我們思考它的方式實際上是我們必須使這種體驗的幾乎每個方面都變得更好。

And it's not going to be one thing that's going to be sort of like suddenly make a perfect choosing experience.

而且這不會是一件事，它會有點像突然做出完美的選擇體驗。

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.

所以我們的團隊會思考如何為每個成員挑選最適合的標題，我們如何挑選這些建議以使它們每天都變得更好，我們如何以更引人注目的方式呈現這些標題，一種特定的方式我們認為會員的利益是什麼。

We're thinking about how our user experiences work and the features that are included in there.

我們正在考慮我們的用戶體驗如何運作以及其中包含的功能。

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.

我們希望他們能夠適應和發展，以便他們能夠響應世界各地越來越多的成員的特定需求，這些成員從我們的經驗中獲得了不斷增長和多樣化的需求。

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.

因此，也許這種無益的答案是，實際上將有數百件事情需要改變，但是當你匯總所有這些變化時，它們是變革性的。

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.

我會邀請你回過頭來看看 5 年前與今天相比的 Netflix 體驗，我們在這個過程中取得的進步令人驚嘆。

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.

我們致力於在未來 5 年內取得更大的進步，讓這些豐富的內容成為我們世界各地會員的快樂。

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.

所以里德，我想這引發的問題之一是內容的數量，我的意思是你發表的評論 - 我認為這是在 2017 年，是泰德在成功時感覺不夠節目的速度，他並沒有太大的感覺。

Do you think you're at a point where there is enough balance in the portfolio of content that you have?

您是否認為自己的內容組合達到了足夠的平衡？

Or do you feel like Netflix has to take more risk in terms of the portfolio?

還是您覺得 Netflix 必須在投資組合方面承擔更多風險？

Where are we in terms of that mix in content?

就內容組合而言，我們在哪裡？

I feel excellent about the number of big bets that Ted has coming up.

我對 Ted 的大賭注數量感到非常滿意。

I'm privy to stuff that we're doing now that will come out in 2 or 3 years.

我知道我們現在正在做的事情將在 2 或 3 年內推出。

And it's a little -- amazing, I mean.

這有點——太神奇了，我的意思是。

And some of it will turn out truly great and I'll be so proud of it.

其中一些會變得非常棒，我會為此感到自豪。

So I'm excited that we're taking those risks.

所以我很高興我們正在承擔這些風險。

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?

而且我們希望擁有如此多的熱門歌曲，以至於當您來到 Netflix 時，您可以從熱門歌曲到熱門歌曲，而無需考慮任何其他服務，對吧？

We want to be like your primary, your best friend, the one you turn to.

我們希望成為您的主要成員、您最好的朋友、您求助的人。

And of course, occasionally, there's Hamilton and you're going to go to someone else's service for an extraordinary film.

當然，偶爾會有漢密爾頓，你會去為別人服務拍一部非凡的電影。

But for the most part, we want to be the one that just always please you with the convenient, simple and easy choice.

但在大多數情況下，我們希望通過方便、簡單和容易的選擇始終讓您滿意。

That's great.

那太棒了。

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.

Ted，從您的角度來看，當您考慮全球生產時，顯然，我們仍處於關閉模式，世界各地仍然存在問題。

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.

儘管第三季度情況有所好轉，但考慮到您對 21 年版的評論認為它更具後端權重，這似乎會對它產生一些影響。

But then on the other side, you also have content that the studios are not able to release quite quickly, right?

但另一方面，你也有工作室無法很快發布的內容，對吧？

So when you think about this, does it make you think about the mix slightly differently?

所以當你想到這個的時候，是不是讓你對混音的看法略有不同？

Maybe do we get a bit more movie-heavy initially compared to originals maybe later in the year?

也許在今年晚些時候，與原版相比，我們最初會獲得更多的電影重心嗎？

And what else can we expect because of the kind of disruption going on right now?

由於目前正在發生的這種破壞，我們還能期待什麼？

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.

好吧，我在上個季度提到過，一次性發布我們的系列的好處之一是我們的工作遠遠領先於我們的發布週期。

So that's how we're able to continue to release this ongoing steady flow.

所以這就是我們能夠繼續釋放這種持續穩定的流量的方式。

So even during the shutdown, we're partially shot on a lot of shows.

所以即使在停工期間，我們也會在很多節目中被部分拍攝。

So when we pick them back up, it's not like starting from scratch again.

因此，當我們重新拾取它們時，這不像是從頭開始。

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.

所以——在北美以外，印度和巴西的部分地區，就我們在世界各地的產量而言，我們幾乎以正常的方式運行，並且在預生產的不同階段都在增加。

And we've got a couple of shooting days in Los Angeles this week that we're really excited about.

本週我們在洛杉磯進行了幾天的拍攝，我們對此感到非常興奮。

Now that's coming back around.

現在又回來了。

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.

因此，我確實認為，我們跟上這一步伐的能力與我們向消費者提供的獨特優惠有很大關係，在事情將被關閉的時候，這種獨特的優惠被證明是一種隱藏的好處。

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.

另一個原因是我們的創意人員具有靈活的天性，他們只需一角錢，就可以遠程完成已經在運行的節目的後期製作。

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.

就電影到電視而言，它們都需要大量的準備工作，一開始就需要大量的創意，然後是製作，然後是一個大而長的後期製作週期，就工作週期而言非常相似。

So I don't see us pivoting to that.

所以我不認為我們會轉向那個。

I do see that there's opportunities.

我確實看到有機會。

We did a few with the studios to pick up some movies that they were having a hard time releasing.

我們與製片廠做了一些，以挑選一些他們很難發行的電影。

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.

然後，我們還拍攝了幾季即將結束的電視節目，名為“巴黎艾米麗”的全新節目，我們將在今年晚些時候與我們真正喜愛的莉莉柯林斯合作；還有我們從 YouTube 上挑選的 Cobra Kai，不僅是前兩季，還有一個全新的、尚未播出的第三季，我們現在正在完成。

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.

順便說一句，那是 3 年前當他們將它推向市場時的一個超級競爭的節目，我們很沮喪，沒有開始它。

So we're excited to have Cobra Kai in the Netflix family.

因此，我們很高興 Cobra Kai 加入 Netflix 大家庭。

So there's all kinds of adjustments.

所以有各種各樣的調整。

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.

我們的授權和製作能力，創造非常長的領先優勢和非常快的速度，就像你在幾個月前看到我們在虎王結局中所做的那樣，我認為這是我們做所有這些事情的能力，讓我非常興奮地跳出來早上起來去 Netflix 工作。

That's great.

那太棒了。

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?

當你考慮不同的內容，電影與電視節目，甚至電視節目的不同類型時，不同內容的來源與保留特徵是否有任何差異？

Do movies originate better or retain better versus TV shows?

與電視節目相比，電影的起源更好還是保留得更好？

I mean is there anything you can tell us about that?

我的意思是你有什麼可以告訴我們的嗎？

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.

電影和電視都可以對消費者產生相同的、確切的吸引力，包括讓他們興奮的東西、之後的行為方式、之後的保留方式、告訴朋友的方式等等。

A really great experience is what they're looking for.

他們正在尋找一個非常棒的體驗。

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.

如果 - 他們在 Netflix 上的機會比世界上任何地方都高，那就去看看你之前提到的關於有這麼多很棒的選擇要做的事情。

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.

但我認為一部電影，如果它通常是成功的，它可能會非常吸引人，可能會引起關注，它可能會推動保留率，也可能會 - 給我們的成員帶來很多快樂。

And series can do that as well.

系列也可以做到這一點。

So it just depends on what you're in the mood for.

因此，這僅取決於您的心情。

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

Kannan，我們還有時間再回答 1 到 2 個問題。

Sure.

當然。

So maybe, Spence, a couple of questions in terms of the guidance and the financials.

所以也許，Spence，關於指導和財務方面的幾個問題。

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%.

我的意思是其中一件事是自由現金流利潤率為 15%，而您的 EBITDA——我的意思是營業收入利潤率顯然為 22%。

So could you just help us bridge the gap?

所以你能幫我們縮小差距嗎？

And how do we think about cash flows going forward?

我們如何看待未來的現金流？

Sure.

當然。

Thanks for noticing the positive free cash flow margin, Kannan.

感謝您注意到正的自由現金流邊際，Kannan。

I'd say 2 things explain that variance.

我想說兩件事解釋了這種差異。

Number one is obviously CapEx.

第一顯然是資本支出。

So that was about 200 basis points of the difference between the free cash flow margin and the operating margin.

因此，自由現金流邊際和營業利潤率之間的差異約為 200 個基點。

The second expense item was interest expense, which obviously falls below operating income but obviously reduces free cash flow.

第二個支出項目是利息支出，明顯低於營業收入，但明顯減少了自由現金流。

And there, just keep in mind that while we accrue our interest expense quarterly, we pay cash interest primarily semiannually.

在那裡，請記住，雖然我們按季度計提利息費用，但我們主要每半年支付一次現金利息。

So you actually have about -- roughly 2 quarters of cash interest expense in Q2.

因此，您實際上在第二季度大約有 2 個季度的現金利息支出。

Yes.

是的。

I'd just add.

我只是補充。

That's great, Spencer.

太好了，斯賓塞。

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.

我想補充一下斯賓塞的觀點，如果你考慮未來的現金流，那是一個獨特的窗口，可以看到由於大流行而產生的前瞻性現金產生機會或我們業務的潛力。

So we generally are forward-investing into the growth of our business and into content.

因此，我們通常對業務增長和內容進行前瞻性投資。

So our content cash spend is in excess of our content expense in a given year.

因此，我們的內容現金支出超過了我們在給定年份的內容支出。

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.

但是由於製作暫停，您可以看到，本季度的現金支出和內容支出基本上是相同的，基本上是 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.

結果——正如我們在信中所說，產生了 15% 的現金流——自由現金流邊際。

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.

展望未來，我們確實預計 2021 年現金流將再次為負，隨著我們的業務和產量的增加，但我們仍處於現金流為正的多年道路上。

And when we are sustaining cash flow positive, we expect to be a much bigger and more profitable business.

當我們維持正現金流時，我們期望成為一個更大、更有利可圖的業務。

So hopefully, that 15% cash flow margin is just the start.

因此，希望 15% 的現金流量利潤率只是一個開始。

That's great.

那太棒了。

So I guess since we have time for maybe one last question, we could just think about the world going forward, longer term.

所以我想，既然我們有時間回答最後一個問題，我們可以考慮一下世界的未來，從長遠來看。

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.

Reed，從你的角度來看，當今世界上創造的許多特許經營權似乎都來自視頻遊戲方面。

A lot of shows that you have, which have been very successful, have been from that side.

你有很多非常成功的節目都來自那方面。

And obviously, some of your shows have become video games in some instances.

顯然，在某些情況下，你們的一些節目已經變成了電子遊戲。

So when you think about the -- and even the interactivity of some of your shows makes them feel like video games.

因此，當您考慮某些節目的互動性甚至是互動性時，它們會讓人感覺像是電子遊戲。

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.

因此，當您考慮世界的發展方式時，似乎世界的這兩個方面開始在某種程度上開始融合，無論是在內容類型方面還是在體驗方面。

So why not think about video games as an extension of where Netflix is today?

那麼，為什麼不將視頻遊戲視為 Netflix 今天的延伸呢？

If you could just help us think through that framework and how you consider that going forward.

如果您能幫助我們思考該框架以及您如何考慮未來的發展。

Sure.

當然。

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.

如果你會想到特許經營 IP 開發和哈利波特，然後是數百個來自長篇小說的龐大特許經營權，那麼就會有漫威和我們自己的《老衛兵》，它們來自漫畫世界，然後可能會有一些來自視頻遊戲，但這就像很小的一樣。

So really, think of it as the big franchises have come out of books and comic books.

所以真的，把它想像成大型特許經營權來自書籍和漫畫書。

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.

現在視頻遊戲，一個偉大而有趣的領域，它有很多方面正在改變的多人遊戲，正在改變的電子競技，基於 PC 的遊戲。

So it remains a very interesting area.

所以它仍然是一個非常有趣的領域。

But Ted's got big plans to spend future billions in our movies, in series, in animation.

但泰德有一個宏偉的計劃，要在我們的電影、連續劇、動畫中花費數十億美元。

And so we've got lots of places to put the money, and we're definitely focused on creating franchises.

所以我們有很多地方可以投入資金，而且我們絕對專注於創造特許經營權。

And maybe, Ted, in your Co-CEO role, maybe you can wrap us up here with final comments and about building franchises.

也許，泰德，作為你的聯合首席執行官，也許你可以在這裡總結我們的最終評論和關於建立特許經營權的問題。

Yes.

是的。

Look, I think franchise is the active, successfully -- successful world-building.

看，我認為特許經營是積極的、成功的——成功的世界建設。

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.

電子遊戲顯然具有構建世界的一面，但書籍如此，圖畫小說如此，漫畫書如此，原創IP也是如此。

And really, this is a matter of how well it's executed.

實際上，這是執行得如何的問題。

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.

第一次嘗試《The Old Guard》時，我們真的受到了難以置信的鼓舞，這是一種新的敘事方式，我認為它在未來一段時間內有一個世界和故事可以講述。

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.

我看其他更原創 IP 的東西，比如 La Casa de Papel，在本季度，La Casa de Papel 是 Netflix 上收視率最高的新一季電視節目，很難停，不僅僅是非英語，英語。

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.

這是它的第四季，它已經成為一個令人難以置信的世界，我們將繼續建設並繼續建設。

So IP is a great place to start, but it's -- like everything else in the world, it's hugely execution-dependent.

所以 IP 是一個很好的起點，但它 - 就像世界上的其他一切一樣，它非常依賴於執行。

And if you do it well, people want to come back for more.

如果你做得好，人們會想回來更多。

And you don't disappoint them, you can keep doing it.

你不會讓他們失望，你可以繼續這樣做。

So we're really thrilled about it and thrilled about doing it from a variety of sources.

所以我們真的很興奮，也很高興能從各種來源做這件事。

That's great.

那太棒了。

Thank you all.

謝謝你們。

Thank you.

謝謝你。

Thanks, Kannan.

謝謝，坎南。

Thank you.

謝謝你。