Netflix Inc (NFLX) 2022 Q2 法說會逐字稿

Good afternoon, and welcome to the Netflix Q2 2022 Earnings Interview. I'm Spencer Wang, VP of IR and Corporate Development. Joining me today are Co-CEO, Reed Hastings; Co-CEO and Chief Content Officer, Ted Sarandos; COO and Chief Product Officer, Greg Peters; and CFO, Spence Neumann. Our interviewer this quarter is Doug Anmuth from JPMorgan.

下午好，歡迎來到 Netflix 2022 年第二季度收益採訪。我是 IR 和企業發展副總裁 Spencer Wang。今天加入我的是聯合首席執行官 Reed Hastings；聯合首席執行官兼首席內容官 Ted Sarandos；首席運營官兼首席產品官 Greg Peters；和首席財務官 Spence Neumann。本季度我們的採訪者是摩根大通的 Doug Anmuth。

As a reminder, we'll be making forward-looking statements, and actual results may vary. With that, I'll turn it over to Doug now for his first question.

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。有了這個，我現在把它交給 Doug 來回答他的第一個問題。

Great. Thanks, Spencer. Great to see all of you, and thanks for having me host again today. So there's clearly a lot to talk about on advertising and new initiatives, but let's start with talking about recent trends. So you expected to lose about 2 million subscribers in the quarter, and you did a little bit better at a loss of 970,000. What drove the slightly better-than-expected results in the quarter?

偉大的。謝謝，斯賓塞。很高興見到你們所有人，感謝今天再次邀請我主持。所以顯然有很多關於廣告和新舉措的話題，但讓我們先談談最近的趨勢。因此，您預計本季度將失去約 200 萬訂戶，而您在損失 970,000 的情況下做得更好。是什麼推動了本季度略好於預期的業績？

Looking at the quarter, Doug, we're executing really well on the content side. Obviously, Ozark, Stranger Things, lots of titles, lots of viewing. We're improving the -- everything we do around marketing, improving the service, the merchandising, and all of that solely pays off. If there was a single thing, we might say Stranger Things. But again, we're talking about losing 1 million instead of losing 2 million. So our excitement is tempered by the less bad results.

看看這個季度，道格，我們在內容方面的表現非常好。顯然，Ozark，Stranger Things，很多標題，很多觀看。我們正在改進——我們圍繞營銷、改進服務、商品推銷所做的一切，所有這些都會得到回報。如果只有一件事，我們可能會說 Stranger Things。但同樣，我們談論的是損失 100 萬而不是損失 200 萬。因此，我們的興奮因不太糟糕的結果而有所緩和。

But looking forward, streaming is working everywhere. Everyone is pouring in. It's definitely the end of linear TV over the next 5, 10 years. So very bullish on streaming. And then our core drivers are just continuing to improve. And then, of course, we'll talk later in the call about monetization and how that's improving. So tough, in some ways, losing 1 million and calling it success. But really, we're set up very well for the next year.

但展望未來，流媒體無處不在。每個人都在湧入。這絕對是未來 5、10 年線性電視的終結。所以非常看好流媒體。然後我們的核心驅動力正在繼續改進。然後，當然，我們稍後會在電話會議中討論貨幣化以及如何改進。如此艱難，在某些方面，損失 100 萬美元並稱其為成功。但實際上，我們為明年做好了準備。

And Doug, I'd just add to that. I mean the business stays -- remains really resilient. And basically what you see in the quarter is it played out generally as expected, as Reed said. So the minus 1 million versus minus 2 million is slightly better in terms of member growth, and then on revenue, operating income, cash flow. Other than the strengthening U.S. dollar, which I'm sure we'll talk about it affects multinationals around the world, our revenue was in line with guidance. If you adjust for that in our restructuring costs, our operating income was above guidance. Our EPS was above guidance and our cash flow remains strong. So overall, generally delivering as expected.

還有道格，我想補充一下。我的意思是業務保持不變 - 仍然非常有彈性。正如里德所說，基本上你在本季度看到的是它一般按預期進行。因此，就會員增長而言，負 100 萬與負 200 萬相比稍好一些，然後是收入、營業收入、現金流。除了美元走強（我相信我們會談到它會影響全球跨國公司）之外，我們的收入符合指引。如果您在我們的重組成本中進行調整，我們的營業收入高於指導。我們的每股收益高於指引，我們的現金流仍然強勁。總體而言，總體上按預期交付。

So almost all of the subscriber base has seen a pricing change over the past year. How do you think about that in terms of a factor just perhaps in 2Q and maybe even going forward just in terms of gross adds or churn? I think you still have perhaps some rollout in U.K. and Ireland and maybe the tail perhaps in 2Q in the U.S.

因此，在過去一年中，幾乎所有的用戶群都發生了價格變化。您如何看待這可能只是在第二季度的一個因素，甚至可能只是在總增加或流失方面？我認為您可能在英國和愛爾蘭仍有一些推出，也許在美國的第二季度可能會有尾端。

That's right.

這是正確的。

Go ahead. Go ahead, Greg, and then I'll...

前進。去吧，格雷格，然後我會...

Okay. Yes, I'll kick it off, and then you can take, Spence. But I would say most of what we've seen in the countries that you mentioned, the big ones that we've done so far this year, U.S., U.K., Ireland, we've seen pretty much the standard response that we've seen historically over the last 5 years or so, which is we typically have this adjustment period where there's slightly higher churn post the price change. And that's certainly what we've seen in those countries.

好的。是的，我會開始的，然後你就可以接受了，Spence。但我想說的是，我們在你提到的國家中看到的大部分內容，我們今年迄今為止所做的大事，美國、英國、愛爾蘭，我們已經看到了我們已經看到的幾乎標準的反應從過去 5 年左右的歷史來看，我們通常有這個調整期，價格變化後的流失率略高。這肯定是我們在這些國家看到的情況。

But then if we do a good job basically at taking those price changes, which are significantly net revenue positive and investing those into more great content and the product experiences and marketing and magnifying the conversation around our titles, then we know that we'll deliver more entertainment value when we'll be able to return those metrics. And that's certainly what we are seeing in the United States, for example, where we're seeing those like the churn, for example, that you mentioned, return to pre-price change levels. So largely, that performance is as we've seen historically and what we would expect.

但是，如果我們基本上在接受價格變化方面做得很好，這對淨收入有很大的積極影響，並將其投資於更棒的內容、產品體驗和營銷，並擴大圍繞我們標題的對話，那麼我們就知道我們將提供當我們能夠返回這些指標時，會產生更多的娛樂價值。這肯定是我們在美國看到的情況，例如，我們看到像你提到的客戶流失一樣，恢復到價格變化前的水平。因此，在很大程度上，這種表現正如我們在歷史上所看到的以及我們所期望的那樣。

So Greg, you hit on it at the end in terms of the -- it's part of what you see in the Q2 performance and the Q3 guide is that we're getting further away from some of those price changes. We always expect to see some slight elevated churn after price increases, as Greg said, highly kind of revenue positive. And so we had some elevated churn early in the quarter because we had some big price changes, big markets that had price increases like U.S., U.K., Ireland, some other parts of EMEA, early in both Q1 and rolling through Q2. But then as we get further past that, that's part of why you see positive paid net-adds guidance in Q3.

所以格雷格，你在最後談到它 - 這是你在第二季度表現中看到的一部分，第三季度指南是我們離其中一些價格變化越來越遠。正如格雷格所說，我們總是希望在價格上漲後看到一些輕微的客戶流失率，這對收入是非常有利的。因此，我們在本季度初的客戶流失率有所增加，因為我們有一些大的價格變化，大市場的價格上漲，如美國、英國、愛爾蘭、歐洲、中東和非洲的其他一些地區，在第一季度初和第二季度都在滾動。但是隨著我們進一步超越這一點，這就是為什麼您在第三季度看到積極的付費淨增加指導的部分原因。

Okay. So when you think about the back half, and Spence, you just mentioned some of them, but some of these factors seemingly improve just as you get perhaps greater distance from some of the pandemic pull forward. You mentioned greater distance from pricing, better seasonality, I think the content slate builds through the year. I guess the question is, why only 1 million net adds in 3Q? And how do you think about subscriber growth for the back half overall and for the entire year?

好的。因此，當您考慮後半部分和斯賓塞時，您剛剛提到了其中一些因素，但是當您可能距離一些大流行病的推進距離更遠時，其中一些因素似乎有所改善。您提到了與定價的更大距離，更好的季節性，我認為內容板會在一年中建立。我想問題是，為什麼第三季度只有 100 萬淨增加？您如何看待整體後半部分和全年的訂戶增長？

Well, you kind of hit out, and we talked about some of the things that were near-term kind of headwinds to the -- at least the subscriber growth numbers as well as revenue growth in our business, whether it's the combination of growth in connected TV homes around the world, it's that. It's a little bit of paid sharing. It's competition and some of these macroeconomic factors like higher inflation as well as the invasion of the Ukraine and the knock-on effects around EMEA and other parts of the world. So we're still kind of working through that.

好吧，你有點打了，我們談到了一些近期不利的事情 - 至少是訂戶增長數量以及我們業務的收入增長，無論是增長的組合世界各地的聯網電視家庭，就是這樣。這是一點點付費分享。這是競爭和其中一些宏觀經濟因素，如更高的通貨膨脹、烏克蘭的入侵以及歐洲、中東和非洲和世界其他地區的連鎖反應。所以我們仍在努力解決這個問題。

But exactly as you say, we get further away from price increases, we get to a stronger seasonal period, we get to strength of slate, and we're working to address all these things. Some of them take a little bit more time to address, like what we talked about with paid sharing, which we'd talked about in the letter. And I'm sure you'll get to that, but some of these we actually have to take action to further address.

但正如你所說，我們離價格上漲越來越遠，我們進入了一個更強勁的季節性時期，我們獲得了實力，我們正在努力解決所有這些問題。其中一些需要更多時間來解決，比如我們在信中談到的付費共享。我相信你會做到這一點，但其中一些我們實際上必須採取行動來進一步解決。

Okay. The business was very different, clearly, in 2008 and 2009. But in a recession and just tougher macro in general, how do you think Netflix and streaming, more broadly, would hold up?

好的。顯然，2008 年和 2009 年的業務非常不同。但在經濟衰退和宏觀形勢更加嚴峻的情況下，您認為 Netflix 和更廣泛的流媒體將如何維持？

Do you want me to take it or do you want somebody else?

你要我接還是要別人接？

Just to add real quick. I think it's really important that particularly in tough economic times that consumers see Netflix has a tremendous value. So adding great content that they love and they can't -- that they can't wait for the new season, to add tremendous value in the form of -- this Friday, what do you see this movie, Gray Man, that's going to be premiering on Netflix. This is an enormous big budget action film that normally people would have to go out and spend an enormous amount of money to take -- to go see.

只是為了快速添加。我認為，特別是在經濟困難時期，消費者看到 Netflix 具有巨大的價值，這一點非常重要。所以添加他們喜歡但他們不能 - 他們等不及新一季的精彩內容，以增加巨大的價值 - 這個星期五，你覺得這部電影怎麼樣，Gray Man，那就是在 Netflix 上首映。這是一部巨額預算的動作片，通常人們不得不出去花大量的錢去拍——去看。

And they're going to -- premiering it on Netflix. And then we've got a steady drumbeat from movies like Me Time with Kevin Hart and Mark Wahlberg coming up; and a new addition of 365, Next 365 Days, a big franchise; a new season of Cobra Kai. Obviously, we saw the impact from Stranger Things this quarter, but that's just like the tip of the iceberg for the value that we're bringing to the consumer, and I think the consumer will embrace that even more so in tougher economic times.

他們將在 Netflix 上首映。然後我們從像凱文哈特和馬克沃爾伯格這樣的電影《我的時間》中得到了穩定的鼓聲；以及新加入的 365，Next 365 Days，一個大的特許經營權； Cobra Kai 的新一季。顯然，我們在本季度看到了 Stranger Things 的影響，但這只是我們為消費者帶來的價值的冰山一角，我認為消費者會在經濟困難時期更加接受這一點。

Okay. Great.

好的。偉大的。

I'd extend that just a touch. I mean we think Netflix is a great entertainment value. We want to keep and make sure that it is a great entertainment value. We try to provide a range of price points to consumers around the world to make sure that, that service is accessible even in the current environment. And I would say, I'm sure we'll get to this in a little bit, but I think that our ad-supported offering is an extension of that sort of pro consumer, wide range of prices that will increase accessibility of the service, especially in the years to come.

我會稍微擴展一下。我的意思是，我們認為 Netflix 具有很高的娛樂價值。我們希望保留並確保它具有巨大的娛樂價值。我們嘗試為世界各地的消費者提供一系列價格點，以確保即使在當前環境下也可以訪問該服務。我會說，我相信我們很快就會解決這個問題，但我認為我們的廣告支持產品是這種專業消費者的延伸，價格範圍廣泛，將增加服務的可訪問性，尤其是在未來幾年。

And just to build on, lastly, just the risk of -- Spencer, go ahead. You'll hit on it. Go for it.

最後，只是冒著風險——Spencer，繼續。你會碰上它的。去吧。

Sorry, Doug, I was just going to add, if you zoom out a bit and look at past economic cycles, at least in the U.S. most forms of entertainment have been fairly resilient to downturns. There's a level of escapism, I think, that entertainment provides. Also, if you look at the Pay TV business over economic cycle, it tends to be a bit more resilient as well, just because the value of in-home entertainment increases as folks perhaps don't go out as much.

抱歉，道格，我只是想補充一下，如果你稍微放大一點，看看過去的經濟周期，至少在美國，大多數娛樂形式對經濟衰退都相當有彈性。我認為，娛樂提供了某種程度的逃避現實。此外，如果你從經濟周期來看付費電視業務，它也往往更具彈性，因為家庭娛樂的價值隨著人們外出的次數增加而增加。

And also as a subscription business, it tends to be a little bit stickier. I don't -- obviously, every recession and cycle is different. So we don't want to take that for granted, and we're monitoring pretty closely, but that's hopefully a little bit of helpful context for you.

而且作為訂閱業務，它往往有點粘性。我不——顯然，每次衰退和周期都是不同的。所以我們不想認為這是理所當然的，我們正在密切關注，但希望這對你有一點幫助。

That's helpful. So let's shift gears, talk about advertising, clearly on everybody's minds. Reed, you've talked about making the Netflix ads a better ad experience than what's available on TV today. Can you give us an update on what the product will look like, some early thoughts there? And then also about -- more around timing, which I think you said early 2023.

這很有幫助。所以讓我們換個檔次，談談廣告，這在每個人的腦海中都是顯而易見的。 Reed，您曾談到讓 Netflix 廣告成為比現在電視上的廣告更好的廣告體驗。您能否向我們提供有關產品外觀的最新信息，以及那裡的一些早期想法？然後還有關於 - 更多關於時間安排，我想你在 2023 年初說過。

That's a great question for Greg here.

這對 Greg 來說是一個很好的問題。

Yes. I think we're looking at this as an extension of 2 things that we think that we've historically done, which is, one, to be very consumer-centric and think about the customer experience. And then also just taking an innovation-oriented view, whether it's sort of how we started in streaming to how we think about great quality of experience and the innovations we've led and I think in the discovery and choosing side. So we think that we have a real opportunity here to -- through a period of years and iteratively. So I want to set expectations at the onset.

是的。我認為我們將其視為我們認為歷史上做過的兩件事的延伸，第一，非常以消費者為中心並考慮客戶體驗。然後也只是採取以創新為導向的觀點，無論是我們如何開始流媒體，還是我們如何思考優質體驗和我們領導的創新，我認為是在發現和選擇方面。所以我們認為我們在這裡有一個真正的機會——通過幾年的迭代。所以我想在一開始就設定期望。

We're going to take an iterative approach. This is what we call the Crawl, Walk, Run model. So at the beginning, it will look what you're familiar with. But over time, we think there's a tremendous opportunity to leverage that innovation DNA that we have as well as a bunch of sort of enabling characteristics around addressability and measurability and things like that to, one, provide an incredible experience for consumers, those who choose to take the ad-supported offering, but also provide an incredible experience for brands and advertisers who want to work with us to make sure that we're doing a good job of elevating what that looks like for them.

我們將採用迭代方法。這就是我們所說的爬行、步行、跑步模型。所以一開始，它會看起來是你熟悉的。但隨著時間的推移，我們認為這是一個巨大的機會，可以利用我們擁有的創新 DNA 以及圍繞可尋址性和可測量性的一系列支持特性以及類似的東西，一個為消費者提供令人難以置信的體驗，那些選擇接受廣告支持的產品，但也為想要與我們合作的品牌和廣告商提供令人難以置信的體驗，以確保我們在提升他們的形象方面做得很好。

So there's a bunch of lines, of inquiry lines, of innovation that we're going after that sort of support all of that piece, and I think we'll get into that iteratively as we go. But I think when you look at the scale of our offering, the technical DNA we have, the partners that we've got lined up, I'm pretty optimistic that over a couple of years, we can deliver an experience which is fundamentally different from the ad experience on linear in a way that supports all of the stakeholders.

所以有一堆線，查詢線，創新，我們正在追求那種對所有那部分的支持，我認為我們會在我們進行的過程中迭代地進入。但我認為，當你看到我們產品的規模、我們擁有的技術 DNA、我們已經排隊的合作夥伴時，我非常樂觀地認為，在幾年內，我們可以提供一種完全不同的體驗以支持所有利益相關者的方式從線性廣告體驗中獲得。

And Greg, when you say the partners that you have lined up, I mean, Microsoft, obviously a key one. Are you referring to advertisers here as well? They're already taking a lot of interest. Maybe you could talk more about what that looks like at this early stage.

還有格雷格，當你提到你已經排隊的合作夥伴時，我的意思是微軟，顯然是一個關鍵的合作夥伴。您在這裡也指廣告商嗎？他們已經引起了很大的興趣。也許你可以更多地談論這個早期階段的樣子。

Yes. We've seen a lot of excitement in our early discussions with brands holding agency -- holding companies and the agencies because I think for them, it's been -- they've wanted to connect with the titles, incredible content that Ted's team was putting out there. And I think we also share a perspective on what is a great experience for consumers and for advertisers. So when you think about the kind of advertising we see, frequency caps, what's a great ad experience, we're noticing a high degree of alignment there. So that enthusiasm, that alignment is increasing sort of my optimism and the excitement that I've got to basically get this out there because I think it's going to be a win-win-win for all parties involved.

是的。在與品牌控股代理機構的早期討論中，我們看到了很多令人興奮的事情——控股公司和代理機構，因為我認為對他們來說，一直是——他們想要與 Ted 團隊正在投入的標題和令人難以置信的內容聯繫起來在那裡。而且我認為我們也對什麼是消費者和廣告商的良好體驗有著共同的看法。因此，當您考慮我們看到的廣告類型、頻次上限以及什麼是出色的廣告體驗時，我們會注意到其中的高度一致性。因此，這種熱情，這種一致性正在增加我的樂觀情緒和興奮，因為我認為這對所有相關方來說都是雙贏的。

So will -- in terms of the Microsoft deal, will ads be sold early on exclusively by Microsoft? And how do you think about your desire to build out more of your own sales force over time?

那麼——就微軟的交易而言，廣告是否會在早期由微軟獨家銷售？您如何看待隨著時間的推移建立更多自己的銷售隊伍的願望？

Yes. So all of the ads that are served on our ad-supported offering will come through Microsoft. So that's an exclusive arrangement with them. But one of the reasons that we're partnering with Microsoft, there's a bunch of fundamentals. They've got a technical capacity, which is complementary to ours a go-to-market capacity, which we need to leverage, and it will be very important for us.

是的。因此，在我們的廣告支持產品中投放的所有廣告都將來自 Microsoft。所以這是與他們的獨家安排。但我們與微軟合作的原因之一是有很多基本面。他們擁有技術能力，這是對我們的市場能力的補充，我們需要加以利用，這對我們來說非常重要。

But a key component of what we liked about this partnership was that there was sort of a flexibility in that innovation orientation that I mentioned before. And so they very much, I think, are approaching this as an opportunity to work together to collaborate and to sort of evolve both the technical capacity and also sort of what the experience is and what the go-to-market approach is. So we've got lots of flexibility to work together there and evolve that over time.

但我們喜歡這種夥伴關係的一個關鍵組成部分是，我之前提到的創新方向具有某種靈活性。因此，我認為，他們非常重視這一點，將其視為一個合作的機會，共同合作並發展技術能力，以及體驗和進入市場的方式。所以我們有很大的靈活性可以在那里合作並隨著時間的推移而發展。

Okay. You already have tiers across a range of prices. But what do you anticipate will happen in terms of members switching plans and perhaps trading down to the ad-supported tier? And do you have a view kind of long term what percentage of subscribers might be on the ad-supported tier?

好的。您已經擁有不同價格範圍內的等級。但是，您預計在成員轉換計劃以及降級到廣告支持層方面會發生什麼？您是否長期了解廣告支持層的訂閱者比例？

Yes. I would say, in general, we know that there's price sensitivity around consumers. And that -- some of those consumers are folks that have never actually ever signed up for Netflix. Some of them are folks that were members for us for a period of time and they decided to cancel for a variety of reasons. Some of those are folks that are currently watching Netflix, but they're using another paying member's account credentials, right? So those all, I think, represent opportunities for us because we're bringing a wider range of prices through the ad-supported offering, a lower consumer-facing price to be able to attract a broader set of members. So that's sort of very consistent with our wide range of pricing and our general goals there. We think that's great for consumers. It's good for us, obviously.

是的。我想說，總的來說，我們知道消費者對價格很敏感。而且——其中一些消費者是從未真正註冊過 Netflix 的人。他們中的一些人在一段時間內是我們的會員，但出於各種原因他們決定取消。其中一些人目前正在觀看 Netflix，但他們使用的是其他付費會員的帳戶憑據，對吧？因此，我認為，所有這些都為我們提供了機會，因為我們通過廣告支持的產品帶來了更廣泛的價格，更低的面向消費者的價格能夠吸引更廣泛的成員。因此，這與我們廣泛的定價範圍和我們在那裡的總體目標非常一致。我們認為這對消費者來說很好。顯然，這對我們有好處。

And when we run the models and talking to brands, advertisers to Microsoft, we look at the monetization that is the complement to that sort of subscription part of the ad-supported offering, and we're quite optimistic that the sort of unit economics work to make that monetization sort of equal or maybe even better than what we would see on the comparable side for the non-ad, subscription-only kind of plans. So we think that this is, again, expansive from a member reach perspective but also neutral to positive on the unit economics and monetization. So that's great for us for -- obviously from a business perspective.

當我們運行模型並與品牌商、與微軟的廣告商交談時，我們會關注作為廣告支持產品的那種訂閱部分的補充的貨幣化，我們非常樂觀地認為這種單位經濟學會奏效使這種貨幣化程度與我們在可比方面看到的非廣告、僅限訂閱的計劃相同甚至更好。因此，我們認為，從會員覆蓋面的角度來看，這又是一種擴展，但對單位經濟和貨幣化也是中性到積極的。所以這對我們來說很好——顯然從商業角度來看。

And should we be thinking about this as a single tier essentially below the basic plan?

我們是否應該將其視為基本上低於基本計劃的單層？

I would say, over a period of time, we think that this is sort of one of the dimensions that will inform sort of our plan structure. And I would say, generally, our thinking of going from our Good, Better, Best model that has been sort of the core offering that we've had into making that slightly more complicated because we're going to have more sort of discrimination features that would inform what offering consumers ultimately choose to get to. So there'll be a little bit more complexity there in ads. No ads will be one of those dimensions. But we want to work into that model. And obviously, while we're thinking about the right pricing model there, we also want to keep it as simple as we can from a consumer-facing perspective. So in terms of the on-ramp, the planned selection, how upsells happen, we want to sort of work those flows iteratively over time, so we build into that complexity without making overwhelming for consumers.

我想說，在一段時間內，我們認為這是影響我們計劃結構的維度之一。我會說，一般來說，我們的想法是從我們的好、更好、最好的模型開始，這是我們不得不使這個模型變得稍微複雜一些的核心產品，因為我們將擁有更多種類的歧視功能這將告知消費者最終選擇獲得什麼產品。所以在廣告中會有更多的複雜性。沒有廣告將是這些維度之一。但我們想研究那個模型。顯然，當我們在那裡考慮正確的定價模式時，我們也希望從面向消費者的角度盡可能地保持簡單。因此，就入口、計劃選擇、追加銷售的發生方式而言，我們希望隨著時間的推移迭代地處理這些流程，因此我們在不讓消費者不知所措的情況下建立這種複雜性。

Sure. Okay. And you talked about advertising monetization, essentially helping close the gap perhaps with current ARM or getting above that level. How long -- how do you think about timing? And perhaps how long it could take to get to kind of current ARM levels on the ad tier?

當然。好的。你談到了廣告貨幣化，本質上有助於縮小與當前 ARM 的差距，或者超越這個水平。多長時間——你如何看待時間安排？也許需要多長時間才能在廣告層達到當前的 ARM 級別？

I think about the timing more as sort of how we roll this out and how we sort of build more subscribers on those ad-supported offerings. So a component of this is countries. So obviously, we're launching first in the countries that have sort of the more mature ad markets and we feel more confident in the ad monetization, then we'll sort of explore next tiers of countries over time. So that's a dimension of growth.

我認為時機更像是我們如何推出它，以及我們如何在這些廣告支持的產品上建立更多的訂閱者。因此，其中一個組成部分是國家。所以很明顯，我們首先在廣告市場比較成熟的國家推出，我們對廣告貨幣化更有信心，然後我們會隨著時間的推移探索下一個層次的國家。所以這是增長的一個維度。

But I would say the initial response that we're getting from a brand and an advertiser perspective is quite strong. So we feel quite confident that as we sort of grow into this and we have more subscribers over time on these plans, that at least initially the unit economics are going to be -- are quite good. So we don't sort of see this as sort of building in that, call it, CPM side so much more is that we're actually building the total amount of volume on those plans and then the total amount of revenue. And again, this is going to start small relative to our total revenue mix, but we think we can grow it to be substantial over a period of time.

但我想說，我們從品牌和廣告商的角度得到的初步反應非常強烈。因此，我們非常有信心，隨著我們逐漸成長為這些計劃，並且隨著時間的推移我們有更多的訂閱者參與這些計劃，至少在最初的單位經濟將是非常好的。所以我們不認為這是一種建設，稱之為CPM方面更多的是我們實際上是在建立這些計劃的總量，然後是總收入。再說一次，相對於我們的總收入組合，這將開始很小，但我們認為我們可以在一段時間內將其增長到可觀的程度。

I think that's key, Doug, is that this is going to build over time. It's not like all of a sudden, all folks on ad-free Netflix are going to join advertising Netflix. And so supply/demand, I think, probably works in our favor between both geography as well as opening up the aperture to our members.

道格，我認為關鍵在於這將隨著時間的推移而建立。並不是突然之間，所有在無廣告 Netflix 上的人都會加入廣告 Netflix。因此，我認為，供應/需求可能在地理和向我們的成員開放方面對我們有利。

Okay. You talked in the letter certainly about the ad product is having the potential and likelihood to drive overall member growth and then certainly overall profitability. But Spence, maybe you could talk a little bit about what it means for margins and some of the puts and takes there versus the current business.

好的。您在信中肯定談到了廣告產品具有推動整體會員增長的潛力和可能性，然後肯定是整體盈利能力。但是 Spence，也許你可以談談它對利潤率和一些看跌期權和當前業務的意義。

I'd say, overall, Doug, these are -- this is -- our focus is as we've talked about these initiatives across paid sharing as well as advertising as ways to better monetize our viewing and grow members, as Greg said, advertising, as an example, it can do both. And we believe we can do this both in a revenue-accretive way as well as a profit-accretive way.

我想說，總的來說，道格，這些是 - 這就是 - 我們的重點是，正如格雷格所說，我們已經討論了付費分享和廣告方面的這些舉措，作為更好地通過我們的觀看和增長成員獲利的方式，以廣告為例，它可以兩者兼得。我們相信我們可以通過增加收入和增加利潤的方式來做到這一點。

As we roll out a solution for paid sharing, that probably has a more near-term impact once we get to a solution that works, and there's not a lot of incremental expense to that. And then on the advertising side, we have some -- obviously some incremental costs that go against that business. But as Greg said, there's incremental revenue, we believe, at the unit economic level, so we think we can manage that pretty -- to a -- an operating income neutral to positive pretty soon out of the gate. So -- but it's a slower build over multiple years to have a material impact on the business. But our focus across 2023 and '24 is to build out to kind of return to a more accelerated revenue trajectory for the business.

當我們推出付費共享解決方案時，一旦我們找到可行的解決方案，這可能會產生更近期的影響，而且不會增加太多費用。然後在廣告方面，我們有一些 - 顯然是一些不利於該業務的增量成本。但正如格雷格所說，我們相信，在單位經濟層面上會有增量收入，所以我們認為我們可以管理這個相當不錯的 - 到 - 運營收入中性到正數很快就會消失。所以 - 但多年來對業務產生重大影響的建設速度較慢。但我們在 2023 年和 24 年的重點是擴大業務，以更快地恢復收入軌道。

Okay. Along those lines, there's been a lot of discussion around -- that Netflix needs to renegotiate deals perhaps with content providers to monetize through advertising. But also a lot of your viewing clearly comes through original content. Maybe you can help us understand what needs to be done on the licensing side and how to think about some of those incremental costs.

好的。沿著這些思路，圍繞著 Netflix 需要重新談判交易，可能需要與內容提供商重新談判，以通過廣告獲利。但是，您的很多觀看顯然都來自原始內容。也許您可以幫助我們了解在許可方面需要做什麼以及如何考慮其中一些增量成本。

Ted, do you want to jump in?

泰德，你想跳進去嗎？

Yes. Today, the vast majority of what people watch on Netflix, we can include in the ad-supported tier today. So there are some things that don't that we're in conversation with the studios on. But if we launch the product today, the members in the ad, too, would have a great experience. And we will clear some additional content, but certainly not all of it. If we -- so we're looking -- but I don't think it's a material holdback to the business.

是的。今天，人們在 Netflix 上觀看的絕大多數內容，我們都可以納入今天的廣告支持層。所以有些事情我們正在與工作室進行對話。但如果我們今天推出產品，廣告中的成員也會有很好的體驗。我們將清除一些額外的內容，但肯定不是全部。如果我們 - 所以我們正在尋找 - 但我認為這不會對業務造成重大阻礙。

It's certainly a nice to have, Doug, but it's not a must-have. As Ted says, we can launch today without any additional content clearance rights. And hopefully, we can supplement that, but we'll be disciplined in what we do.

道格，擁有它當然很好，但它不是必須的。正如 Ted 所說，我們無需任何額外的內容許可權即可在今天發布。希望我們可以補充這一點，但我們會在做事時受到紀律處分。

Got it. Okay. Why did you choose Microsoft over other potential ad partners?

知道了。好的。為什麼選擇 Microsoft 而不是其他潛在的廣告合作夥伴？

Some basic levels, they've got the technical components we need. They've got the go-to market components we need. They made a bunch of sort of fundamental, what I would characterize as, table stakes pieces, which is a strong commitment to privacy, data protection, things that we cared a lot about and were fundamental to us.

一些基本級別，他們有我們需要的技術組件。他們有我們需要的進入市場的組件。他們製作了一堆基本的東西，我將其描述為賭注，這是對隱私、數據保護、我們非常關心並且對我們至關重要的事情的堅定承諾。

But I would say at the -- beyond those things, it was really what I mentioned before, which is that we saw a high degree of strategic alignment in their interest in innovating in the space and really working with us over the next several years. to basically try and create a new ads ecosystem around premium TV, connected TV ads. And so both from the consumer perspective because that's really important, and I think we've seen the sort of long arc of advertising towards very pro-consumer, let's make advertising part of the quality of the experience rather than detracting from it as well as having a really strong brand and advertiser kind of focus on what do they need to support their goals from there. And so we saw that as being a lot of alignment out of that, and we're just excited to sort of work with them iteratively on making that happen.

但我想說的是，除了這些之外，這確實是我之前提到的，那就是我們看到了他們在未來幾年內對空間創新的興趣以及與我們真正合作的高度戰略一致性。基本上嘗試圍繞優質電視、聯網電視廣告創建一個新的廣告生態系統。所以無論是從消費者的角度來看，因為這真的很重要，而且我認為我們已經看到了向非常親消費者的廣告的那種長弧，讓我們讓廣告成為體驗質量的一部分，而不是減損它以及擁有一個非常強大的品牌和廣告商會專注於他們需要什麼來支持他們的目標。所以我們認為這是一個很大的一致性，我們很高興能與他們反複合作以實現這一目標。

And is it fair to think that there are some significant guaranteed revenue commitments here over the next few years?

認為未來幾年這裡有一些重要的保證收入承諾是否公平？

I would say we're not going to go into the specifics of any of the deal -- the terms of the deal.

我想說我們不會討論任何交易的細節——交易的條款。

Okay. I'll try one more. I'm not sure where -- what I'll get. But Microsoft, look, is the deal -- can this be broader? And can it be a more strategic partnership beyond advertising? Can it involve elements of cloud, gaming, perhaps other things over time?

好的。我再試一個。我不確定在哪裡——我會得到什麼。但是微軟，看，是交易 - 這可以更廣泛嗎？它能否成為超越廣告的更具戰略性的合作夥伴關係？隨著時間的推移，它會涉及雲、遊戲等元素嗎？

Yes. So a couple of things there. First of all, we picked Microsoft as our ad partner because we think they're going to be great as an ad partner. So that was really the criteria that was used to inform how we thought about the choice on, you mentioned, cloud. We're super excited about Amazon and our partnership with them, and we haven't changed that relationship. We haven't changed our focus on AWS as essentially our cloud infrastructure partner there.

是的。所以有幾件事。首先，我們選擇微軟作為我們的廣告合作夥伴，因為我們認為他們作為廣告合作夥伴會很棒。因此，這確實是用於告知我們如何考慮在您提到的雲上的選擇的標準。我們對亞馬遜以及我們與他們的合作關係感到非常興奮，我們並沒有改變這種關係。我們沒有改變對 AWS 的關注，本質上是我們在那裡的雲基礎設施合作夥伴。

So we also have -- we've done other stuff with Microsoft. We continue to do work with them on sort of go-to-market partnerships, things like that. We'll look for those opportunities as they exist with Microsoft and with other companies as well. So I would say this doesn't foreclose on anything like that. But you should think about this was about a great ads partnership deal at the end of the day.

所以我們也有——我們已經和微軟一起做了其他事情。我們將繼續與他們合作，建立某種進入市場的合作夥伴關係，諸如此類。我們將尋找與 Microsoft 和其他公司一起存在的這些機會。所以我想說這並沒有排除類似的事情。但是您應該考慮一下，這最終是關於一項出色的廣告合作協議。

Okay. Great. So let's shift gears, talk about account sharing a little bit. You put out a blog post yesterday kind of expanding your efforts to monetize account sharing in LatAm across 5 new markets but a slightly different implementation than in the first 3 countries that you announced in March. Just curious what you've learned here early on over these last few months and just how you're thinking about these different implementations going forward.

好的。偉大的。所以讓我們換個角度，稍微談談帳戶共享。您昨天發表了一篇博文，旨在擴大您在 5 個新市場中通過拉美賬戶共享獲利的努力，但與您在 3 月份宣布的前 3 個國家/地區的實施略有不同。只是好奇你在過去幾個月裡在這裡學到了什麼，以及你如何看待這些不同的實現。

Yes. First of all, it's excited to -- I'm excited to get to the stage. We've been sort of working behind the scenes for almost 2 years in building the technical capabilities to get this stuff rolled out, and now we actually get to put something in front of consumers and see how they react. And this is sort of where the rubber meets the road. So we've got the 2 models, as you expressed.

是的。首先，很高興——我很高興能上台。我們已經在幕後工作了將近 2 年，以建立技術能力以推出這些東西，現在我們實際上可以將一些東西放在消費者面前，看看他們的反應。這就是橡膠與道路相遇的地方。因此，正如您所說，我們有 2 個模型。

Essentially, both of them are similar in that they ask consumers not to stop sharing so much but just to pay a little bit more for different forms of sharing. And the first model that we deployed it was pay a little bit more to add a member and share with those additional members. The second model we're trying is pay a little bit more to add an additional home and share the account with the additional homes.

本質上，兩者的相似之處在於他們要求消費者不要停止分享太多，而只是為不同形式的分享支付更多費用。我們部署的第一個模型是支付更多的費用來添加成員並與其他成員共享。我們正在嘗試的第二種模式是多付一點錢來添加額外的房屋並與其他房屋共享帳戶。

So really, at this point, we'll sort of see what works for consumers. That's obviously the reason we're trying these different approaches, is to learn more. We're learning a lot every day on a daily basis at this point in time based on what we've deployed. And I would say while it's early to call it, obviously, we just are getting going on the second approach, so we'll learn more from that.

所以真的，在這一點上，我們會看看什麼對消費者有用。這顯然是我們嘗試這些不同方法的原因，是為了了解更多。根據我們部署的內容，我們每天都在每天都在學習很多東西。我想說，雖然現在說它還為時過早，但顯然，我們只是開始採用第二種方法，所以我們將從中學到更多。

I would say we're tracking quite well to sort of the plan that we had in place. And I am increasingly confident that based on what we're seeing, that we'll have something that we can deploy next year as we were planning.

我想說我們正在很好地跟踪我們制定的計劃。而且我越來越有信心，根據我們所看到的，我們將在明年按照我們的計劃部署一些東西。

Okay. And can you talk about some of the technology that you're using here just to ensure that you're not limiting access for legitimately paying members who are traveling or perhaps away from home, whether that's IP addresses or device ID or other things?

好的。您能否談談您在這裡使用的一些技術，以確保您不會限制正在旅行或可能離家的合法付費會員的訪問，無論是 IP 地址、設備 ID 還是其他東西？

Yes. And one of the reasons we've been working on this quite some time is because we were building those capacities in the background. So -- and these are mostly technical implementations, I understand, through a variety of network signals and stuff, what is happening. But then we're sort of putting it through the lens of the consumer-facing model. And so -- and each of these 2 approaches have slightly different characteristics.

是的。我們一直在努力解決這個問題的原因之一是因為我們在後台建立了這些能力。所以 - 這些主要是技術實現，我理解，通過各種網絡信號和東西，正在發生什麼。但隨後我們將其置於面向消費者的模型的鏡頭中。所以 - 這兩種方法中的每一種都有略微不同的特徵。

But generally, we're trying to lean into a consumer-friendly model that supports legitimate use cases. And travel is a good example of that, personal device use, using your mobile phone as you go around the world, your PC, things like that. So supporting those legitimate use cases, but also making sure that we're doing a good job at getting paid as a business when we're delivering entertainment to folks outside that household or that home in a way that is reasonable where we're asking for a little bit of extra monetization to make that happen, make it a smooth transition as we can for users and really trying to balance that sort of very consumer, pro consumer, consumer of choice model with what we think are practical considerations of the business. So those approaches are different, and that's obviously why we're trying these different things to figure out sort of which is going to work better in managing that balance point.

但總的來說，我們正在嘗試採用支持合法用例的消費者友好型模型。旅行就是一個很好的例子，個人設備的使用，在世界各地使用你的手機，你的電腦，諸如此類。因此，支持那些合法的用例，但也要確保當我們以合理的方式向那個家庭或那個家庭以外的人提供娛樂時，我們作為一家企業在獲得報酬方面做得很好。為了實現這一目標，我們可以通過一些額外的貨幣化來實現這一目標，並儘可能地為用戶實現平穩過渡，並真正嘗試在這種非常消費者、專業消費者、消費者選擇的模式與我們認為對業務的實際考慮因素之間取得平衡.所以這些方法是不同的，這顯然就是為什麼我們要嘗試這些不同的東西來找出哪種方法在管理平衡點方面會更好。

Okay. And timing here, I think you said, is also 2023. Does -- do you need to have account sharing and kind of lining up with the advertising tier rollout? Or are there some benefits in doing that? Or is it not kind of strategically important to you?

好的。我想你說過，這裡的時間也是 2023 年。你是否需要共享帳戶並與廣告層的推出保持一致？或者這樣做有什麼好處？或者它對你來說不是戰略上重要的嗎？

We're pursuing both independently because we think that there's value to the business and value to consumers, frankly, especially on the ads plan with a wide range of prices. So we're pursuing them independently now. There's a great synergy that happens when -- as we think about on sharing and paid sharing.

我們獨立地追求兩者，因為坦率地說，我們認為這對企業和消費者都有價值，特別是在價格範圍廣泛的廣告計劃中。所以我們現在正在獨立地追求它們。當我們考慮共享和付費共享時，就會產生巨大的協同作用。

Part of this is being able to offer to a range of folks who may be borrowing Netflix because they didn't quite see as much value from the entertainment and the viewing to sort of motivate getting their own plan. That's part of that segment. Part of the segment, we just have to encourage them, push them and nudge them to get to that point. But part of what's great about ads is that obviously, we get to give folks that are seeing a little bit less value, a lower price and be able to convince more of them to sign up through that ad plan.

部分原因是能夠為可能藉用 Netflix 的一系列人提供服務，因為他們並沒有從娛樂和觀看中看到那麼多價值，從而激勵他們制定自己的計劃。那是那部分的一部分。作為細分市場的一部分，我們只需要鼓勵他們、推動他們並推動他們達到這一點。但是，廣告的部分優點顯然在於，我們可以為那些看到價值稍低、價格更低的人們提供服務，並能夠說服更多人通過該廣告計劃進行註冊。

Okay. Ted, we're going to talk about content, I promise. All right. So maybe you can talk a little bit about how content performed in 2Q and how you're thinking about it into the back half. Stranger Things, obviously, your best English series debut of all time, Stranger Things 4, but go ahead.

好的。泰德，我保證，我們將討論內容。好的。所以也許你可以談談第二季度的內容表現如何，以及你在後半部分是如何考慮的。 Stranger Things 顯然是你有史以來最好的英文系列首演，Stranger Things 4，但請繼續。

Yes. I think these titles continue to hit new heights, which is really fantastic that we could still be doing this back to back and delivering hits on top of hits, and I think that really belongs to the content teams that do such a phenomenal job around the world. Bela Bajaria, who heads our TV group, they keep surpassing records like we have been able to do with Stranger Things and Bridgerton and Squid Game.

是的。我認為這些遊戲繼續達到新的高度，這真是太棒了，我們仍然可以背靠背地做這件事，並在點擊量的基礎上提供點擊量，我認為這真的屬於內容團隊，他們在世界。 Bela Bajaria 是我們電視團隊的負責人，他們不斷超越記錄，就像我們在 Stranger Things 和 Bridgerton 和 Squid Game 中所做的一樣。

And our biggest hits have all come out in the last 12 months, which is really kind of a phenomenal sign of progress. Scott Stuber and his film team, really killing it. Again, I'm going to call back to the Friday release of Gray Man, because I think it's an unbelievable proof point of what kind of films that this team can put out. I think that this is -- and again, this is kind of back to back to back, where I think Gray Man will join Red Notice and Adam Project to be -- and Don't Look Up as among the most popular movies of the year, not just on Netflix, but period. And I think that really is a testimony to these teams and the teams around the world, working great with creators to create a platform for them to do the best work of their lives.

在過去的 12 個月裡，我們的熱門歌曲全部問世，這確實是一種非凡的進步跡象。斯科特斯圖伯和他的電影團隊，真的殺了它。再一次，我要回顧一下週五上映的《灰人》，因為我認為這是一個令人難以置信的證據，證明了這個團隊可以推出什麼樣的電影。我認為這是 - 再一次，這是一種背靠背，我認為灰人將加入紅色通緝令和亞當計劃 - 並且不要抬頭作為最受歡迎的電影之一年，不僅在 Netflix 上，而且在時期。我認為這確實是對這些團隊和世界各地團隊的證明，他們與創作者合作，為他們創造了一個平台，讓他們能夠完成他們一生中最好的工作。

So we've been really pleased with the output. We've been pleased with the performance. 35 of our original shows are nominated for Emmys this year, which says a lot about the work that's coming out, including 3 best drama nominees, which happened to be among our most-watched shows on Netflix ever. So the fact that they could be crowd-pleasing and award-winning is a pretty tough and pretty gratifying combination.

所以我們對輸出非常滿意。我們對錶現感到滿意。今年我們有 35 部原創節目獲得艾美獎提名，這充分說明了即將上映的作品，包括 3 部最佳劇情片提名，這恰好是我們有史以來在 Netflix 上觀看次數最多的節目之一。因此，他們可以取悅大眾並獲得獎項，這是一個非常艱難但非常令人滿意的組合。

And to kind of toot Ted and the team's horn, driving engagement, which is really the North Star driving viewing because then we can drive member growth and monetization around it. And as we referenced in the letter using the U.S. market as an example, Nielsen is going to be reporting later this week, 7.7% screen time share for Netflix, which is the highest we've ever been, which is again testament to the team and the quality and engagement of what they're delivering.

有點像 Ted 和團隊的號角，推動參與度，這真的是北極星推動觀看，因為這樣我們就可以推動會員增長和貨幣化。正如我們在信中提到的，以美國市場為例，尼爾森將在本週晚些時候報告 Netflix 的屏幕時間份額為 7.7%，這是我們有史以來的最高水平，這再次證明了團隊以及他們提供的內容的質量和參與度。

All right. Hopefully, they won't mind that you gave that number a little early. Okay. On -- let's go back to Gray Man for a minute. Ted, how are you approaching the marketing differently perhaps for this title versus some of the other big movies that you've had in the past?

好的。希望他們不會介意您提前給出了這個數字。好的。開——讓我們回到灰人一分鐘。泰德，你是如何以不同的方式處理這個標題的營銷與你過去看過的其他一些大電影的？

Well, I think you've seen a lot of it out there. I think we've done -- based on the marketability of the projects themselves. This is why our marketing spend is a bit lumpy because they really are trying to focus on the titles that mean a lot to our members and that created a lot of excitement and conversation around the world. Gray Man is certainly one of those movies that's going to attract a very broad audience. So you'll see the marketing spend out there pretty aggressively.

好吧，我想你已經看到了很多。我認為我們已經做到了——基於項目本身的適銷性。這就是為什麼我們的營銷支出有點大的原因，因為他們確實在努力專注於對我們的會員意義重大的標題，並在世界各地引起了很多興奮和對話。 《灰人》無疑是那些將吸引廣大觀眾的電影之一。所以你會看到那裡的營銷支出非常積極。

I would -- I want to point out, Marian Lee, our new CMO, is doing a phenomenal job. She came from inside of Netflix. She was running the U.S. She hit the ground running with that remarkable Stranger Things campaign, I think our best campaign to date, one of the strongest marketing campaigns I've ever seen. And she's in the -- back to straight up with Gray Man. So I think these campaigns are really doing a ton to bolster conversation around the world around these projects. So it's not enough just to watch, but also to get your friends to watch with you, too. So it helps bring folks along in the conversation.

我會——我想指出，我們的新任首席營銷官瑪麗安·李（Marian Lee）做得非常出色。她來自Netflix內部。她正在管理美國。她以非凡的 Stranger Things 活動一舉成名，我認為這是迄今為止我們最好的活動，也是我見過的最強大的營銷活動之一。她在 - 回到與Gray Man的直接關係。所以我認為這些活動確實在促進世界各地圍繞這些項目的對話方面發揮了很大作用。所以光看是不夠的，還要讓你的朋友和你一起看。因此，它有助於讓人們參與對話。

So with Stranger Things 4, your best English series debut of all time, which we talked about. Are there ways that you can leverage that record-breaking viewing to drive engagement with other shows and learnings that you can take to build out additional franchise content?

因此，我們談到了《怪奇物語 4》，這是你有史以來最好的英語系列首演。您是否可以利用這種破紀錄的觀看方式來推動與其他節目的互動和學習，從而構建更多的特許經營內容？

Yes. Look, I think that time spent is such -- the engagement is such an important metric because the time spent on Netflix made you come in and you're exposed to everything else we're doing as well. And Greg and the product team did such a phenomenal job of audience matching to put the most relevant thing in front of you and when you come to Netflix, that you're bound to be exposed to something you're going to love.

是的。看，我認為花費的時間是這樣的——參與度是一個非常重要的指標，因為在 Netflix 上花費的時間讓你進來了，你也會接觸到我們正在做的其他事情。 Greg 和產品團隊在觀眾匹配方面做得非常出色，將最相關的東西放在你面前，當你來到 Netflix 時，你一定會接觸到你會喜歡的東西。

You also see it in the kind of that targeted post-play mechanism. So once you get through that last episode and you're getting that one second of anxiety of what am I going to watch next, you've got a couple of great choices in front of you. And folks use that tool all the time to find the next great thing to watch on Netflix.

您還可以在那種有針對性的後期播放機制中看到它。因此，一旦你看完最後一集，並且對我接下來要看什麼感到焦慮，你面前就有幾個很好的選擇。人們一直在使用該工具來尋找下一個在 Netflix 上觀看的精彩內容。

So it's a pretty great audience where I think it's rewarded in that when the more you watch, the more you'll find great things. So I think we get a Stranger Things that really pays off. We get a Gray Man that really pays off. We just got to do that constantly, Doug. The idea is that not only can we deliver on that but people should expect it back to back.

所以這是一個非常棒的觀眾，我認為這是一種回報，當你看的越多，你就會發現越多的好東西。所以我認為我們得到了一個真正有回報的陌生人事物。我們得到了一個真正有回報的灰人。道格，我們必須不斷地這樣做。這個想法是，我們不僅可以實現這一目標，而且人們應該期待它背靠背。

And Ted, how do you balance out driving both that high-quality content and the significant scale? Because you're clearly releasing a lot of content on an annual basis. Does anything change in your process around content going forward?

Ted，您如何平衡推動高質量內容和顯著規模？因為您顯然每年都會發布大量內容。圍繞內容向前發展的過程有什麼變化嗎？

Look, I think the focus on quality has always been there, and it's intensified as competition intensified. So I think we've got to really focus on working tightly with the great -- I think the output of great content is generally the result of 1,000 great decisions. And the most important one is the creator that you're working with and picking people who really want to win for the audience and working with our teams to create great TV shows. It can go on for multiple seasons or great movies that spawn sequels or just great content that comes in and lives through its life and episodes and makes people feel great.

看，我認為對質量的關註一直存在，並且隨著競爭的加劇而加劇。所以我認為我們必須真正專注於與偉大的人緊密合作——我認為偉大內容的產出通常是 1000 個偉大決定的結果。最重要的是與您合作的創作者，挑選真正想為觀眾贏得勝利的人，並與我們的團隊合作創作精彩的電視節目。它可以持續播放多個季節或產生續集的精彩電影，或者只是出現並貫穿其生活和劇集並讓人感覺很棒的精彩內容。

So I do think that the focus on quality, and the thing that I've always said from the beginning is scale. Scale is the thing that we're going to do that no one else has ever done yet. And the way that we're doing it today is that kind of distributed decision-making among the teams, the decision-making in -- on the ground, in country for our teams making original content is what enables this thing to scale. If it all bottleneck behind 1 or 2 or 3 decision-makers in California, we wouldn't be able to do what we're doing today for sure.

所以我確實認為對質量的關注，以及我從一開始就一直說的就是規模。規模是我們要做的事情，其他人還沒有做過。我們今天這樣做的方式是在團隊之間進行分佈式決策，在實地，在國家/地區為我們的團隊製作原創內容的決策是使這件事能夠擴展的原因。如果這一切都成為加利福尼亞州 1 或 2 或 3 個決策者背後的瓶頸，我們肯定無法做到今天正在做的事情。

Okay. So to support that content, you've talked in the past about kind of the $17 billion to $18 billion spending for this year. Spence, if you can update kind of how you're thinking about it for '22. And as we talk to investors, there's probably about half of them that actually want content spending to come down some and to be kind of reined in a little bit. And then the other half wants that to continue to grow and find more hits and go more globally.

好的。因此，為了支持該內容，您過去曾談到今年的 170 億至 180 億美元的支出。 Spence，如果你能更新一下你對 22 年的想法。當我們與投資者交談時，可能有大約一半的人實際上希望內容支出下降一些並得到一點控制。然後另一半希望它繼續增長並找到更多的熱門歌曲並走向全球。

Have one more and have one less, Doug. Have one more walking into our life.

多一份，少一份，道格。再多走進我們的生活。

I hear you. How do you think about that content spending going forward?

我聽到你了。您如何看待未來的內容支出？

Well, sure. I can take it. And maybe, Ted, you chime in. As you said, we're expecting to spend on -- cash content spend about $17 billion this year, Doug. As we look forward, 2023, next couple of few years, say, we're probably in about the right ZIP code. So cash -- we've come through a pretty big business transition for us and the most cash-intensive portion of that transition over the last 5, 10 years where we moved to original -- Netflix Originals predominantly and producing our own content largely. So about 60% of our content assets on the balance sheet are produced content. So that's been a pretty big transition. We've come through that.

嗯，當然。我可以接受。也許，泰德，你插話。正如你所說，我們預計今年的現金內容支出約為 170 億美元，道格。正如我們所期待的那樣，2023 年，即接下來的幾年，比如說，我們可能處於正確的郵政編碼區。所以現金——我們經歷了一個相當大的業務轉型，在過去的 5 到 10 年裡，我們轉向原創——主要是 Netflix 原創，主要是製作我們自己的內容，是轉型中現金最密集的部分。因此，我們資產負債表上大約 60% 的內容資產是生產內容。所以這是一個相當大的轉變。我們已經度過了難關。

And then also cash content spend is a little bit choppy. So we went through a bit of that COVID wave. We were coming out of COVID. We've got into production when we could, as quickly as we could in some things, including when talent was available. So that pulled forward some cash content spend in '21 and '22. So I'd say just generally, when we look out the next couple of few years, we'll be probably right around in that ZIP code, which puts us in a good place. And also, as we said, we were trying to work through moderating our growth in content expense. So our content expense will continue to grow, but it's more moderated as we adjusted for the growth in our revenue. And we think we've gotten a lot smarter over the last decade or so being in the originals business as to where we can direct our spend for most impact, highest impact and highest satisfaction for our members. So that's about roughly how we're thinking about it.

然後現金內容支出也有點不穩定。因此，我們經歷了一些 COVID 浪潮。我們正從 COVID 中走出來。我們會在可能的情況下盡快投入生產，包括在有人才的情況下。因此，這推動了 21 年和 22 年的一些現金內容支出。所以我會說一般來說，當我們展望未來幾年時，我們可能會在那個郵政編碼附近，這讓我們處於一個很好的位置。而且，正如我們所說，我們正試圖通過緩和內容費用的增長來工作。因此，我們的內容費用將繼續增長，但隨著我們根據收入增長進行調整，它會更加溫和。我們認為，在過去十年左右的時間裡，我們在原創業務方面變得更加聰明，我們可以將我們的支出用於為我們的會員帶來最大影響、最大影響和最高滿意度。這就是我們大致的思考方式。

We spend...

我們花了...

I don't know who that makes happy, by the way. I don't know if it makes either one of them happy.

順便說一句，我不知道這會讓誰開心。我不知道這是否能讓他們中的任何一個開心。

Just half of them. I would say, look, we spend -- the way we spend to get to where we are today, and we think that we're about in the right ZIP code. And as like Spence said, that COVID distortion in the last 2 years kind of make it a little murky. But in general, I think that we're kind of in the right ZIP code, I agree.

只有一半。我想說，看，我們花費 - 我們花費的方式到達今天的位置，我們認為我們在正確的郵政編碼中。正如 Spence 所說，過去 2 年對 COVID 的扭曲讓它有點模糊。但總的來說，我認為我們的郵政編碼是正確的，我同意。

Doug, just to give you a sense, we have about time for 2 more questions. But Reed, I think you want to add something.

道格，只是為了讓您了解一下，我們還有時間再回答 2 個問題。但是里德，我想你想補充一點。

Ted, maybe just talk about Stranger Things 4 as an example, how much did COVID inflate the production costs in your view?

Ted，也許只是以 Stranger Things 4 為例，在您看來，COVID 增加了多少生產成本？

Well, that particular show was probably affected as much as any because of the young cast and the size and scope of the production and the multiple locations we shot in. So it was a very expensive burden on the show to make sure that we could deliver it. One of the catalysts of splitting the season in half was how long it took to produce that show, and a lot of that was stalled because of early shutdown of the production and restarting production and being extremely careful with the cast of the show early on in COVID. So it was more financially impacted than a lot of our other projects were. But -- and again, I think if you did that all again, that spend off the top, you might even get a couple of extra episodes out of it.

好吧，由於年輕的演員陣容、製作的規模和範圍以及我們拍攝的多個地點，那個特定的節目可能會受到最大的影響。因此，確保我們能夠交付給節目帶來了非常昂貴的負擔它。將這一季分成兩半的催化劑之一是製作該節目需要多長時間，其中很多都因為提前停產和重新開始生產而停滯不前，並且在早期對節目的演員非常謹慎冠狀病毒病。因此，與我們的許多其他項目相比，它在財務上受到的影響更大。但是 - 再一次，我認為如果你再一次這樣做，花費超出預期，你甚至可能會從中獲得幾集額外的劇集。

And more broadly, maybe the way to think about it is throughout COVID, we were, at various times, 5% to 10% of our overall spend was kind of COVID-related costs that it started higher, worked down lower. So on these kind of numbers, that's significant. And it's obviously much smaller now, but that was a big kind of drag on our overall efficiency of spend...

更廣泛地說，也許考慮它的方式是在整個 COVID 中，在不同的時間，我們總支出的 5% 到 10% 是與 COVID 相關的成本，它開始較高，但工作較低。所以在這些數字上，這很重要。現在它顯然要小得多，但這對我們的整體支出效率造成了很大的拖累......

Yes. And that wasn't an overall 5% across all production. Some of them impacted a lot more than others.

是的。這並不是所有生產的總體 5%。他們中的一些人比其他人影響更大。

Okay. I want to make sure we talk about operating margins and, of course, free cash flow. So operating margins, Spence, I think you're talking about 19% to 20% for this year, but ex restructuring and then also I think the FX changes from January when those numbers were first provided. So maybe you can just provide a little more context there.

好的。我想確保我們談論營業利潤率，當然還有自由現金流。因此，Spence，我認為您說的是今年的營業利潤率為 19% 到 20%，但經過重組，然後我認為外匯從 1 月份首次提供這些數字時開始發生變化。所以也許你可以在那裡提供更多的上下文。

Yes. So when we had our call, we basically are holding to our margin guidance. So at the beginning of the year on the Q4 '21 calls, so as we started launch and started this year, we said we already saw kind of slowing revenue growth. And we said given the slowing revenue growth, we're going to maintain -- we're going to manage to a 19% to 20% operating margin before any impact of major swings in FX, and that's what we're still holding to. So this year, we've got the FX moves, and we also mentioned the $150 million of restructuring. We're not expecting more restructuring costs throughout the year. So that's what's baked into it, and we're holding to our margin guide and similarly holding to it for '23.

是的。因此，當我們接到電話時，我們基本上是堅持我們的保證金指導。因此，在年初的 21 年第四季度電話會議上，當我們開始發布並於今年開始時，我們說我們已經看到收入增長放緩。我們說，鑑於收入增長放緩，我們將維持——在外匯大幅波動造成任何影響之前，我們將設法將營業利潤率保持在 19% 至 20%，這就是我們仍然堅持的.所以今年，我們有了外匯舉措，我們還提到了 1.5 億美元的重組。我們預計全年重組成本不會增加。所以這就是它所包含的內容，我們堅持我們的保證金指南，並在 23 年同樣堅持它。

So basically, we're saying until we reignite revenue growth, we're holding flat to that margin guide. So overall, underlying very healthy operating metrics. I mean when you look at the revenue side, it's -- we're tracking -- it was 13% constant currency revenue growth this quarter. We're guiding to 12% next quarter. You can see the read-throughs in a kind of a similar range for the full year and to 19% to 20% operating margins for this year and next. But obviously, the strengthening of the U.S. dollar is a major outlier, and we just need to kind of work through that and operate our -- as best as we can on what we can control in the meantime.

所以基本上，我們是說，在我們重新點燃收入增長之前，我們將與利潤率指南持平。總體而言，這是非常健康的運營指標。我的意思是，當您查看收入方面時，我們正在跟踪它本季度的固定貨幣收入增長了 13%。我們預計下個季度將達到 12%。您可以看到全年類似範圍內的通讀率，以及今年和明年 19% 到 20% 的營業利潤率。但顯然，美元走強是一個主要的異常值，我們只需要解決這個問題並在我們可以控制的情況下盡可能地操作我們的。

Okay. And on free cash flow, so 2022, really your first year of sustainable kind of strong free cash flow. You're talking about $1 billion or so for the year. How are you thinking about some of the key puts and takes around that? And what does substantial growth mean in '23?

好的。關於自由現金流，所以到 2022 年，真的是你可持續的強勁自由現金流的第一年。你說的是今年 10 億美元左右。你如何看待一些關鍵的看跌期權？ 23 年的大幅增長意味著什麼？

Well, it will be more than the roughly $1 billion. So again, the numbers we provided are again assuming no major additional kind of big swings in FX. So hopefully, we've seen most of that given the extraordinary moves in the last 3 to 6 months, more than we've seen in the last 20 years. But as you say, we're guiding to $1 billion, plus or minus a few hundred million of positive free cash flow in '22. We think that will continue to grow substantially next year. It's a combination of what we said before. We're through that kind of cash-intensive transition of our business. We're also operating about kind of roughly similar levels of cash content spend next year as this year. In fact, as we said, we pulled forward a little bit of cash spend into '21, '22. So those things are kind of working in our favor as we continue to scale the business.

嗯，這將超過大約 10 億美元。因此，我們提供的數字再次假設外匯沒有重大的額外大幅波動。所以希望，鑑於過去 3 到 6 個月的非凡舉措，我們已經看到了大部分情況，比過去 20 年看到的要多。但正如你所說，我們的目標是 10 億美元，加上或減去 22 年的幾億正自由現金流。我們認為明年將繼續大幅增長。這是我們之前所說的組合。我們正在經歷這種現金密集型的業務轉型。我們明年的現金內容支出水平也與今年大致相似。事實上，正如我們所說，我們將一點現金支出提前到了 21 和 22 年。因此，隨著我們繼續擴大業務規模，這些事情對我們有利。

So I don't want to put a specific number out there, but assume it will be kind of meaningfully more. And then obviously, as we kind of work through what we expect to do in terms of accelerating our revenue growth and then start ramping up operating margins again. And hopefully, there's a little bit of reversion on these various global currencies. All those things accelerate cash flow generation down the road.

所以我不想把一個具體的數字放在那裡，但假設它會更有意義。然後很明顯，當我們努力通過我們期望做的事情來加速我們的收入增長，然後再次開始提高營業利潤率時。希望這些不同的全球貨幣有一點點回歸。所有這些都加速了未來現金流的產生。

Okay. And then we just want to maybe close out with what content each of you are most excited about in the back half. And I don't know if it's Gray Man for everybody or not, but I'm sure there's a lot of other good things.

好的。然後我們只是想結束你們每個人在後半部分最興奮的內容。我不知道它是否適合所有人，但我相信還有很多其他的好東西。

Well, Gray Man has a recency advantage for sure because it's coming on this Friday, and it is mind-blowing.

好吧，《灰人》肯定有新近度優勢，因為它將於本週五上映，而且令人興奮。

For me, Doug, I'm super excited for Knives Out 2. I've heard great things from our content executives on that one. So definitely anticipating that one for me.

對我來說，Doug，我對 Knives Out 2 感到非常興奮。我從我們的內容主管那裡聽到了很棒的事情。所以我肯定會期待那個。

Spencer, you beat me to the punch there. I'm going to go Knives Out 2. But I'll flip back to what I'm currently watching, which is Umbrella Academy, which is a great current season.

斯賓塞，你在那裡打敗了我。我要去看《利刃出鞘 2》。但我會回到我目前正在觀看的內容，即 Umbrella Academy，這是一個很棒的賽季。

I'll jump in and let Reed close it out. I just -- I've been going through Stranger Things to catch up. I just finished that, and I am really looking forward to Extraordinary Attorney Woo. I'm hearing great things from everyone throughout the hallways, and I'm excited to watch it soon.

我會跳進去讓里德把它關掉。我只是——我一直在經歷陌生的事情來趕上。我剛剛看完了，我真的很期待吳大律師。我從走廊裡的每個人那裡聽到了很棒的事情，我很高興很快就能看到它。

I'm going to be in trouble because we just watched Michael Pollan about hallucinogenics, and a great documentary series.

我會遇到麻煩，因為我們剛剛看了邁克爾·波倫關於致幻劑和一部很棒的紀錄片系列。

Changing your mind.

改變主意。

Thanks. Thanks a lot, Doug. Billions of people around the world love streaming TV and film, and we only serve a few hundred million of them. So the opportunity for growth here is enormous. We have some headwinds right now, and we are navigating through them. Remember, this company and this team has navigated through a lot of change in the last 20-plus years. We've seen entertainment formats come and go. We've seen entertainment business models come and go, and we have managed to grow through all of them through all kinds of economic conditions and through all levels of competition. So we're super confident that as long as we make the films and the TV series and the games that people love, we're going to continue to lead this exciting and young industry. Thanks a lot, Doug.

謝謝。非常感謝，道格。全世界有數十億人喜歡流媒體電視和電影，而我們只為其中的幾億人提供服務。因此，這裡的增長機會是巨大的。我們現在有一些逆風，我們正在克服它們。請記住，這家公司和這支團隊在過去 20 多年中經歷了很多變化。我們已經看到娛樂形式來來去去。我們已經看到娛樂商業模式來來去去，我們已經成功地通過各種經濟條件和各種競爭水平在所有這些模式中成長。所以我們非常有信心，只要我們製作出人們喜愛的電影、電視劇和遊戲，我們就會繼續引領這個令人興奮的年輕行業。非常感謝，道格。