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，歡迎參加 Netflix 2022 年第二季財報訪談。我是投資人關係與企業發展副總裁 Spencer Wang。今天與我一起的還有聯合首席執行官里德·哈斯廷斯 (Reed Hastings)；聯合首席執行官兼首席內容官 Ted Sarandos；首席營運官兼首席產品官 Greg Peters；和首席財務官斯賓塞·諾伊曼 (Spence Neumann)。本季我們的訪談者是摩根大通的 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。現在，我將把第一個問題交給 Doug 來回答。

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，史賓塞。很高興見到你們，謝謝你們今天再次邀請我主持。因此，關於廣告和新舉措顯然有很多值得討論的地方，但我們首先要討論最近的趨勢。所以你預計本季會損失約 200 萬用戶，但實際情況稍微好一點，只損失了 97 萬用戶。是什麼原因導致本季業績略優於預期？

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.

道格，縱觀本季，我們在內容方面表現非常出色。顯然，《黑錢勝地》、《怪奇物語》等很多片名，也有很多觀看次數。我們正在改進——我們在行銷、改進服務和商品銷售方面所做的一切，所有這些都是有回報的。如果只有一件事，我們可能會說《怪奇物語》。但我們再次討論的是損失 100 萬而不是損失 200 萬。因此，雖然結果不那麼糟糕，但我們的興奮情緒有所緩和。

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，串流媒體將在任何地方發揮作用。每個人都湧入。未來 5 到 10 年內，線性電視肯定會終結。因此非常看好串流媒體。然後我們的核心驅動力就會不斷改進。當然，我們稍後會在電話會議上討論貨幣化以及如何改善貨幣化。從某種程度上來說，損失 100 萬美元並稱之為成功，這真是太艱難了。但實際上，我們已經為明年做好了充分的準備。

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.

道格，我只是想補充一點。我的意思是業務仍然保持——仍然具有真正的彈性。正如里德所說，基本上你在本季看到的情況與預期基本一致。因此，從會員成長、收入、營業收入和現金流來看，-100 萬比-200 萬好一些。除了美元走強（我相信我們會討論它對全球跨國公司的影響）之外，我們的收入符合預期。如果對我們的重組成本進行調整，我們的營業收入將高於預期。我們的每股盈餘高於預期，現金流依然強勁。整體而言，整體而言，交付情況符合預期。

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，幾乎所有的用戶群在過去一年都看到了價格變化。您如何看待這個問題？這個問題可能只會影響第二季度，甚至未來總增值或流失率嗎？我認為你們可能仍會在英國和愛爾蘭推出一些產品，並且可能在第二季在美國推出尾部產品。

That's right.

這是正確的。

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

前進。繼續吧，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，我先開始，然後你就可以接手了，史賓塞。但我想說的是，在您提到的這些國家，也就是我們今年迄今為止開展業務的大型國家，例如美國、英國、愛爾蘭，我們看到的大多數情況，基本上都是過去 5 年左右歷史上見過的標準反應，也就是我們通常經歷的調整期，價格變動後客戶流失率會略高一些。這確實是我們在這些國家所看到的情況。

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，如果我們能夠很好地應對這些價格變化，這些變化對淨收入有顯著的積極影響，並將其投資於更精彩的內容、產品體驗和營銷，並擴大圍繞我們遊戲的討論，那麼我們知道，當我們能夠恢復這些指標時，我們將提供更多的娛樂價值。這當然就是我們在美國看到的情況，例如，我們看到那些像您提到的那樣的客戶流失率已經回到了價格變動之前的水平。因此，總體而言，這種表現正如我們在歷史上所見，也正如我們所預期。

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，你最後談到了這一點——這是你在第二季的表現和第三季的指南中看到的一部分，那就是我們正在遠離一些價格變化。正如格雷格所說，我們總是期望價格上漲後客戶流失率會略有上升，這對收入有很大的正面影響。因此，我們在本季初就出現了一些較高的客戶流失率，因為我們經歷了一些較大的價格變化，美國、英國、愛爾蘭、歐洲、中東和非洲其他一些地區等大市場在第一季初和第二季都出現了價格上漲。但隨著我們進一步了解這一點，這就是為什麼你會看到第三季付費淨增值預期呈現正向態勢的原因之一。

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，當您考慮後半部分時，斯賓塞，您剛才提到了其中的一些，但是其中一些因素似乎有所改善，就像您與一些大流行的拉動距離越來越遠一樣。您提到了與定價的距離更大，季節性更好，我認為內容清單會在全年內建立。我想問的是，為什麼第三季淨增用戶只有 100 萬？您如何看待下半年以及全年的整體用戶成長？

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，你有點反駁了，我們討論了一些短期內對我們業務的阻力——至少是用戶增長數量以及收入增長，無論是全球聯網電視家庭的增長組合，都是如此。這有點像是付費分享。這是競爭和一些宏觀經濟因素，如通貨膨脹率上升、入侵烏克蘭以及對歐洲、中東和非洲地區以及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.

但正如您所說，我們離價格上漲越來越遠，我們進入了更強勁的季節性時期，我們獲得了板岩的強度，我們正在努力解決所有這些問題。有些問題需要更多時間來解決，例如我們在信中談到的付費分享問題。我相信你會明白這一點，但其中一些問題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 年的業務情況截然不同。但在經濟衰退和宏觀經濟狀況普遍嚴峻的情況下，您認為 Netflix 和串流媒體產業將如何保持穩定？

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

你想讓我拿走還是想讓別人拿走？

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，讓消費者看到 Netflix 的巨大價值非常重要，尤其是在經濟困難時期。因此，添加他們喜愛的精彩內容，讓他們迫不及待地想看到新一季，以這種形式增加巨大的價值——本週五，您看好將在 Netflix 上首映的電影《灰人》。這是一部製作精良、預算龐大的動作片，通常人們需要花費巨額資金才能觀看。

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 上首播該劇。然後我們又聽到了凱文·哈特和馬克·沃爾伯格即將上映的《我的時光》等電影的穩定節奏；以及新增的 365、Next 365 Days，一個大型特許經營項目；眼鏡蛇凱的新一季。顯然，我們在本季看到了《怪奇物語》的影響，但這只是我們為消費者帶來的價值的冰山一角，我認為在經濟更加困難的時期，消費者會更加接受這一點。

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.

我會稍微延長一下。我的意思是我們認為 Netflix 具有很高的娛樂價值。我們希望保留它並確保它具有很高的娛樂價值。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能獲得該服務。我想說，我相信我們很快就會談到這一點，但我認為我們的廣告支援服務是這種親消費者服務的延伸，廣泛的價格範圍將提高服務的可近性，特別是在未來幾年。

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

最後，為了進一步說明風險，斯賓塞，請繼續。你會成功的。大膽試試吧。

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，我只是想補充一點，如果你稍微放遠一點，看看過去的經濟週期，至少在美國，大多數形式的娛樂活動都相當能抵禦經濟衰退。我認為娛樂能提供一定程度的逃避現實的感覺。此外，如果你從經濟週期的角度來看付費電視業務，它往往也更具彈性，因為隨著人們外出次數減少，家庭娛樂的價值會增加。

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.

而且作為一項訂閱業務，它往往更具黏性。我不這麼認為——顯然，每一次經濟衰退和週期都是不同的。因此，我們不想認為這是理所當然的，我們正在密切關注，但希望這對您有一點幫助。

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。那麼讓我們換個話題，談談廣告，這顯然是每個人心中的話題。里德，您曾談到如何讓 Netflix 廣告比目前電視上的廣告提供更好的廣告體驗。您能否向我們介紹一下該產品的最新情況以及一些早期的想法？然後還有關於時間安排的更多內容，我想您說的是 2023 年初。

That's a great question for Greg here.

這對格雷格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。我認為我們將此視為我們過去所做的兩件事的延伸，即第一，以消費者為中心並考慮客戶體驗。然後也採取以創新為導向的觀點，無論是我們如何開始串流媒體，還是我們如何看待高品質的體驗，以及我們所引領的創新，我認為是在發現和選擇方面。因此，我們認為我們在這裡有一個真正的機會——經過數年的時間反覆進行。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.

我們將採取迭代方法。這就是我們所說的爬行、走路、跑步模型。所以一開始，它看起來就像你所熟悉的那樣。但隨著時間的推移，我們認為有巨大的機會利用我們擁有的創新 DNA 以及圍繞可尋址性和可測量性等方面的一系列支持特性，一方面，為消費者（那些選擇接受廣告支持產品的消費者）提供令人難以置信的體驗，另一方面，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，以確保我們能夠很好地提升他們的體驗。

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.

因此，我們正在尋求一系列的線索、一系列的探究和創新來支持所有這些部分，我認為我們會在前進的過程中不斷迭代地進入這些領域。但我認為，當你看到我們提供的產品的規模、我們擁有的技術 DNA 以及我們已簽約的合作夥伴時，我非常樂觀地認為，在未來幾年內，我們可以提供一種與線性廣告體驗根本不同的體驗，從而支持所有利益相關者。

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.

格雷格，當您說到您已經選定的合作夥伴時，我指的是微軟，顯然它是關鍵的一個。您這裡指的也是廣告商嗎？他們已經表現出了濃厚的興趣。也許您可以進一步談談目前早期階段的情況。

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。我們在與品牌控股代理商（控股公司和代理商）的早期討論中看到了很多令人興奮的事情，因為我認為對他們來說，他們一直希望與泰德團隊推出的標題和精彩內容建立聯繫。我認為，我們對消費者和廣告商的最佳體驗也抱持相同的看法。因此，當您考慮我們看到的廣告類型、頻率上限以及什麼是良好的廣告體驗時，我們注意到它們之間存在高度的一致性。所以，這種熱情、這種一致性正在增加我的樂觀情緒和興奮感，我必須把這個事情做下去，因為我認為這對所有參與者來說都將是一個三贏的局面。

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，廣告是否會早期由微軟獨家銷售？您如何看待自己隨著時間的推移建立更多銷售團隊的願望？

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，我們在廣告支援產品中提供的所有廣告都將透過微軟提供。所以這是與他們達成的獨家協議。但我們與微軟合作的原因之一是有很多基本原因。他們擁有技術能力，這與我們的市場進入能力相輔相成，我們需要利用這一點，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.

但我們喜歡這種合作關係的一個關鍵因素是，我之前提到的創新導向具有一定的彈性。因此，我認為，他們將此視為一個共同合作的機會，以提陞技術能力、經驗和市場進入方式。因此，我們擁有很大的靈活性，可以在那裡合作並隨著時間的推移不斷發展。

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。您已經擁有涵蓋一系列價格的等級。但是，您預計會員轉換計劃並降級到廣告支援等級時會發生什麼情況？您是否對長期來看有多少比例的訂閱者會選擇廣告支援層級有一個看法？

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，其中一些消費者實際上從未註冊過 Netflix。他們中的一些人曾經是我們一段時間的會員，但由於各種原因他們決定取消會員資格。其中一些目前正在觀看 Netflix，但他們使用的是其他付費會員的帳戶憑證，對嗎？所以我認為這些對我們來說都代表著機遇，因為我們透過廣告支援的產品提供更廣泛的價格範圍，更低的面向消費者的價格，從而能夠吸引更廣泛的會員。這與我們的廣泛定價範圍和整體目標非常一致。我們認為這對消費者來說非常好。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、廣告商和微軟交談時，我們關注的是作為廣告支援產品訂閱部分補充的貨幣化，我們非常樂觀地認為，這種單位經濟學可以使這種貨幣化與我們在非廣告、僅限訂閱的計劃中看到的貨幣化相當甚至更好。因此，我們認為，從會員覆蓋率的角度來看，這再次具有擴張性，但對於單位經濟和貨幣化也是中性到正面的。從商業角度來看，這對我們來說顯然是件好事。

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計劃之下的單一層級？

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。我想說，總的來說，我們的想法是從「好、更好、最好」的模式（這是我們一直以來提供的核心產品）開始，使其稍微複雜一些，因為我們將擁有更多的歧視性特徵，以告知消費者最終會選擇什麼產品。因此廣告會變得更複雜一些。沒有廣告會成為這些維度之一。但我們希望採用這種模式。顯然，當我們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保持簡單。因此，就入口、計劃選擇、追加銷售如何進行而言，我們希望隨著時間的推移以迭代的方式完成這些流程，這樣我們就可以在不讓消費者感到不知所措的情況下融入這種複雜性。

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。您談到了廣告貨幣化，本質上有助於縮小與當前 ARM 的差距或超越該水準。多長時間—您如何考慮時間安排？也許需要多長時間才能達到廣告層目前的 ARM 水平？

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.

我更考慮時機，即我們如何推出這項服務，以及如何在這些廣告支援的產品上吸引更多的訂閱用戶。因此，其中一個組成部分就是國家。顯然，我們首先會在廣告市場比較成熟、我們對廣告盈利更有信心的國家推出這項服務，然後我們會隨著時間的推移探索下一級的國家。這就是成長的一個向度。

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，從品牌和廣告商的角度來看，我們得到的初步反應非常強烈。因此，我們非常有信心，隨著我們的發展，隨著時間的推移，這些計劃的用戶越來越多，至少在最初階段，單位經濟效益將會非常好。因此，我們並不認為這是 CPM 方面的構建，而是我們實際上是在構建這些計劃的總量，然後是總收入。再次強調，相對於我們的總收入結構而言，這個數字一開始很小，但我們認為，在一段時間內，我們可以將其成長到相當大的規模。

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，我認為這是關鍵，因為這將隨著時間的推移而不斷建立。這並不意味著突然之間所有使用無廣告 Netflix 的用戶都會加入廣告 Netflix。因此，我認為，供需關係可能對我們有利，既能從地理位置上滿足需求，又能為我們的會員打開機會之門。

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。您在信中確實談到了廣告產品具有推動整體會員成長以及整體獲利能力的潛力和可能性。但是斯賓塞，也許你可以稍微談一下這對利潤率意味著什麼，以及與當前業務相比，它的一些利弊。

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 - 這是 - 我們的重點是，正如我們所討論的，這些舉措涵蓋付費分享以及廣告，以更好地將我們的觀看貨幣化並增加會員，正如格雷格所說，以廣告為例，它可以同時做到這兩點。我們相信，我們既可以增加收入，又可以增加利潤。

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，一旦我們找到有效的解決方案，它可能會產生更短期的影響，並且不會產生太多的增量費用。然後在廣告方面，我們有一些——顯然是一些與該業務相反的增量成本。但正如格雷格所說，我們相信，在單位經濟層面上，收入是遞增的，因此，我們認為我們可以很快實現營業收入從中性到正值的成長。所以 — — 但這需要多年的緩慢累積才能對業務產生實質影響。但我們在 2023 年和 2024 年的重點是讓業務恢復到更快的營收軌跡。

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。沿著這個思路，人們進行了​​很多討論——Netflix 可能需要與內容提供者重新談判協議，以便透過廣告賺錢。但顯然，您的許多觀看內容都來自原創內容。也許您可以幫助我們了解許可方面需要做什麼以及如何考慮一些增量成本。

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。如今，人們在 Netflix 上觀看的絕大多數內容，我們都可以納入廣告支援的層級。因此，我們正在與工作室討論一些尚未解決的問題。但如果我們今天推出產品，廣告中的會員也會獲得很棒的體驗。我們會清除一些額外的內容，但肯定不會是全部。如果我們 — — 所以我們正在考慮 — — 但我不認為這會對業務造成實質的阻礙。

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，但這不是必須的。正如泰德所說，我們今天就可以推出，而無需任何額外的內容許可權。希望我們能夠補充這一點，但我們會嚴格遵守我們所做的事情。

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

知道了。好的。為什麼您選擇微軟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.

在一些基本層面上，他們已經擁有我們需要的技術組件。他們擁有我們需要的市場組件。他們制定了一系列基本原則，我稱之為“基本要求”，即對隱私和資料保護的堅定承諾，這些都是我們非常關心、對我們至關重要的事情。

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，那就是我們看到他們對該領域的創新興趣以及在未來幾年與我們真正合作的興趣具有高度的戰略一致性。基本上嘗試圍繞付費電視、連網電視廣告創造一個新的廣告生態系統。因此，從消費者的角度來看，這非常重要，而且我認為我們已經看到了廣告朝著非常有利於消費者的方向發展的長期趨勢，讓我們將廣告作為體驗質量的一部分，而不是降低體驗質量，同時擁有一個真正強大的品牌和廣告商，讓他們專注於他們需要什麼來支持他們的目標。因此，我們認為這需要很大的協調，並且我們很高興能夠與他們進行反覆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?

是否可以公平地認為，未來幾年這裡會有一些重要的保證收入承諾？

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

我想說的是，我們不會談論該協議的任何具體細節——協議的條款。

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。我再試一次。我不知道在哪裡——我會得到什麼。但是微軟，你看，這筆交易──可以更廣嗎？這能否成為超越廣告的更具策略性的合作關係？它是否可以涉及雲端、遊戲或其他元素？

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。那裡有幾件事。首先，我們選擇微軟作為我們的廣告合作夥伴，因為我們認為他們會成為優秀的廣告合作夥伴。所以這實際上是我們用來決定如何選擇您提到的雲端的標準。我們對亞馬遜以及與他們的合作感到非常興奮，我們不會改變這段關係。我們沒有改變對 AWS 的關注，本質上它是我們在那裡的雲端基礎設施合作夥伴。

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.

因此，我們也與微軟合作做過其他事情。我們將繼續與他們合作，建立市場合作等類似的合作關係。我們將尋找與微軟和其他公司合作的機會。所以我想說這不會阻止任何類似的事情。但你應該想想，這最終是一項偉大的廣告合作協議。

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。那麼讓我們換個話題，稍微討論一下帳戶共享。您昨天發布了一篇部落格文章，擴大了您在拉丁美洲 5 個新市場中透過帳戶共享賺錢的努力，但與您 3 月宣布的前 3 個國家的實施方式略有不同。只是好奇您在過去幾個月學到了什麼，以及您對未來這些不同實施方案的看法。

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，我很高興——我很高興能登上這個舞台。為了推出這些產品，我們已經在幕後工作了近兩年，致力於建立技術能力，現在我們終於可以把這些產品擺到消費者面前，看看他們的反應了。這就是輪胎與道路接觸的地方。正如您所說，我們有 2 種模型。

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，它們都是類似的，都要求消費者不要停止分享，而只是為不同形式的分享支付一點點費用。我們部署的第一個模型是支付稍微多一點的費用來添加會員並與這些額外的會員分享。我們正在嘗試的第二種模式是支付多一點的費用來添加額外的房屋並與額外的房屋共享帳戶。

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.

所以實際上，在這一點上，我們會看看什麼對消費者有用。顯然，我們嘗試這些不同方法的原因是為了了解更多。目前，根據我們所部署的內容，我們每天都在學習很多東西。我想說，雖然現在下結論還為時過早，但顯然我們才剛開始採用第二種方法，因此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.

我想說的是，我們正在順利地執行我們所製定的計劃。而且我越來越有信心，根據我們所看到的情況，我們明年可以按照計劃部署一些東西。

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某些技術，以確保您不會限制正在旅行或離家在外的合法付費會員的訪問，無論是 IP 位址、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。我們在這方面持續努力的原因之一是，我們一直在後台建立這些能力。所以——據我了解，這些主要是技術實現，透過各種網路訊號和東西，了解正在發生的事情。但我們會從面向消費者的模型的角度來看這個問題。所以 — — 這兩種方法各有略為不同的特性。

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，我們正試圖傾向於支援合法用例的消費者友善模型。旅行就是一個很好的例子，個人設備的使用，在環遊世界時使用手機、電腦等等。因此，我們不僅要支持這些合法的使用案例，還要確保當我們以合理的方式向家庭以外的人們提供娛樂時，我們能夠很好地獲得商業報酬，我們要求一點額外的貨幣化來實現這一點，盡可能為用戶提供平穩的過渡，並真正嘗試平衡這種非常消費者、親消費者、消費者選擇的模式與我們認為是業務的實際考慮。所以這些方法是不同的，顯然這就是為什麼我們要嘗試這些不同的方法來找出哪種方法在管理平衡點方面更有效。

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。我想您說過，這裡的時間也是 2023 年。您是否需要共享帳戶並與廣告層級推出保持一致？或者這樣做有什麼好處？或者說這對您來說並不具有戰略重要性？

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.

我們獨立追求這兩項目標，因為我們認為這對企業和消費者都有價值，坦白說，尤其是在價格範圍廣泛的廣告計劃上。因此我們現在正在獨立追求它們。當我們考慮共享和付費共享時，就會產生巨大的綜效。

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.

其中一部分原因是，我們能夠向那些可能藉用 Netflix 的人提供服務，因為他們認為娛樂和觀看的價值並不大，因此他們決定購買自己的套餐。這是該片段的一部分。對於這一部分，我們只需要鼓勵他們、推動他們、督促他們達到這一點。但廣告的優點之一顯然在於，我們可以為那些認為價值較低的人提供更低的價格，並能夠說服更多的人透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，我們將討論內容，我保證。好的。所以也許您可以談談第二季的內容表現如何，以及您對下半年的看法。 《怪奇物語》，顯然是你有史以來最好的英語系列處女作，《怪奇物語 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。我認為這些作品將繼續創下新高，我們能夠連續不斷地推出熱門作品，這真是太棒了，我認為這真的歸功於在世界各地做出如此傑出貢獻的內容團隊。我們的電視組負責人貝拉·巴賈裡亞 (Bela Bajaria) 說，他們不斷超越記錄，就像我們在《怪奇物語》、《布里奇頓》和《魷魚遊戲》中所做的那樣。

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.

我們最熱門的作品都是在過去 12 個月內推出的，這確實是一種非凡的進步標誌。斯科特·斯圖伯和他的電影團隊真的很棒。再次，我要回顧週五上映的《灰人》，因為我認為這是一個令人難以置信的證明，證明了這個團隊可以製作出什麼樣的電影。我認為這是——再說一次，這是一種背靠背的結合，我認為《灰人》將與《紅色通緝令》和《亞當計劃》一起成為——《勿抬頭》成為年度最受歡迎的電影之一，不僅在 Netflix 上，而是在整個時期。我認為這確實證明了這些團隊以及世界各地的團隊與創作者合作得很好，為他們創造了一個平台，讓他們完成一生中最好的工作。

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.

因此我們對結果非常滿意。我們對於演出很滿意。今年，我們有 35 部原創劇集獲得艾美獎提名，這充分說明了即將上映的作品的實力，其中包括 3 部最佳劇情類劇集提名，而這些劇集恰好也是 Netflix 有史以來觀看次數最多的劇集之一。因此，他們能夠獲得觀眾的喜愛並贏得獎項，這是一個相當艱難但相當令人滿意的組合。

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.

這也算是對 Ted 和團隊的認可，推動參與度，這實際上是推動觀看的北極星，因為這樣我們就可以推動會員成長和貨幣化。正如我們在信中以美國市場為例提到的那樣，尼爾森將在本週晚些時候報告 Netflix 的螢幕時間份額為 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所交付產品的品質和參與度。

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。希望他們不會介意你太早給這個數字。好的。讓我們先回到《灰人》的話題。泰德，與你過去拍攝過的一些大片相比，這部電影的營銷方式有什麼不同？

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.

嗯，我想你已經看到很多了。我認為我們已經做到了——基於專案本身的適銷性。這就是為什麼我們的行銷支出有點不穩定，因為他們確實試圖把重點放在對我們的會員意義重大、在世界各地引起很多興奮和討論的作品上。 《灰人》無疑是一部能吸引廣大觀眾的電影。因此，你會看到行銷支出相當大。

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.

我想指出的是，我們的新任行銷長 Marian Lee 做得非常出色。她來自 Netflix 內部。她當時正在競選美國總統。她以那場令人驚嘆的《怪奇物語》行銷活動一鳴驚人，我認為這是我們迄今為止最好的行銷活動，也是我見過的最強大的行銷活動之一。她又回到了與灰人直接對話的地方。所以我認為這些活動確實在很大程度上促進了世界各地圍繞這些項目的討論。所以光是觀看是不夠的，還要讓你的朋友和你一起觀看。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?

那麼，我們談論了《怪奇物語 4》，這是您有史以來最好的英語系列處女作。您是否可以利用這項破紀錄的收視率來推動與其他節目的互動，並藉鑒這些經驗來建立額外的特許經營內容？

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。你看，我認為花費的時間是如此——參與度是一個非常重要的指標，因為在 Netflix 上花費的時間讓你加入進來，並且你也會接觸到我們正在做的其他一切。格雷格和產品團隊在受眾配對方面做得非常出色，將最相關的內容呈現在您面前，當您來到 Netflix 時，您一定會接觸到您喜歡的內容。

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.

您也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，並且開始有一秒鐘的焦慮，想知道接下來要看什麼，你面前有幾個不錯的選擇。人們經常使用該工具來尋找 Netflix 上值得觀看的下一部精彩作品。

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群體，我認為他們會得到回報，因為你看得越多，你就會發現越多精彩的東西。所以我認為我們會得到一部真正值得的《怪奇物語》。我們得到了一個真正值得的灰人。我們必須不斷地這樣做，道格。我們的想法是，我們不僅能夠實現這一目標，而且人們應該期待它連續實現。

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?

泰德，您如何在推動高品質內容和顯著規模之間取得平衡？因為您顯然每年都會發布大量內容。您在內容方面未來的流程有什麼改變嗎？

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，我認為對品質的關注始終存在，隨著競爭的加劇，這種關注也愈發強烈。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 1,000 個偉大決策的結果。最重要的是與你合作的創作者，挑選真正想贏得觀眾青睞的人，並與我們的團隊合作創作出精彩的電視節目。它可以持續多個季節，也可以是產生續集的精彩電影，或者只是出現並貫穿其生命和情節並讓人們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.

所以我確實認為重點在於質量，而且我從一開始就一直說的是規模。規模是我們要做的事情，其他人還沒做過。我們今天的做法是，在團隊之間進行分散式決策，在當地、在國內為製作原創內容的團隊進行決策，這使得這個專案能夠擴大規模。如果所有瓶頸都集中在加州的一兩個或三個決策者身上，我們肯定無法完成今天所做的事情。

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。史賓塞，你能不能更新一下你對 22 年的看法。當我們與投資者交談時，大約有一半的人實際上希望內容支出能夠下降，並且受到一定程度的控制。而另一半則希望它能繼續發展，獲得更多成功，走向全球。

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

多一個，少一個，道格。再有一個人走進我們的生活。

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

我聽見了。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。泰德，也許你會插嘴。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。展望未來，例如 2023 年和接下來的幾年，我們可能處於正確的郵遞區號範圍內。所以現金——我們經歷了相當大的業務轉型，而轉型中最耗費現金的部分是在過去 5 到 10 年裡，我們轉向了原創——主要是 Netflix Originals，並且主要製作我們自己的內容。因此，我們資產負債表上大約 60% 的內容資產都是製作的內容。這是一個相當大的轉變。我們已經渡過了難關。

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.

而且現金內容支出也有點不穩定。因此，我們經歷了一些新冠疫情浪潮。我們剛擺脫新冠疫情。只要有人才，我們就會盡快投入生產。因此，這提前了 21 年和 22 年的一些現金內容支出。所以我想說，總的來說，當我們展望未來幾年時，我們可能就處於那個郵遞區號附近，這讓我們處於一個有利的位置。而且，正如我們所說，我們正在努力控制內容費用的成長。因此，我們的內容支出將繼續成長，但隨著我們根據收入成長進行調整，成長會更加溫和。我們認為，在過去十年左右的原創業務中，我們變得更加聰明，我們可以將支出用於哪些方面，以便為我們的會員帶來最大的影響、最高的效益和最高的滿意度。這就是我們大致的想法。

We spend...

我們花費...

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，我不知道這會讓誰高興。我不知道這是否會讓他們中的任何一個人高興。

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，你看，我們花錢——我們花錢的方式是為了達到我們今天所處的位置，我們認為我們處於正確的郵遞區號。正如史賓塞所說，過去兩年新冠疫情造成的扭曲讓情況變得有點模糊。但總的來說，我認為我們的郵遞區號是正確的，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，為了讓你有大致的了解，我們還有時間再回答兩個問題。但是里德，我想你想補充一些內容。

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

泰德，或許就以《怪奇物語 4》為例，您認為新冠疫情讓製作成本增加了多少？

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.

嗯，那部劇可能受到的影響和其他劇一樣大，因為演員陣容年輕，製作規模龐大，而且我們在多個地點拍攝。因此，為了確保我們能夠完成這部劇，我們承擔了非常昂貴的負擔。將這一季分成兩半的原因之一是製作該節目所需的時間太長，而由於在 COVID 初期提前停止製作並重新開始製作，以及對節目演員陣容極其謹慎，許多製作都陷入停滯。因此，它受到的財務影響比我們的許多其他項目都要大。但是——我再說一次，我認為如果你再次這樣做，花掉這些錢，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，也許可以這樣想：在整個新冠疫情期間，在不同時期，我們總支出的 5% 到 10% 是與新冠疫情相關的成本，這個比例一開始較高，後來逐漸降低。因此，對於這類數字來說，這是很重要的。現在顯然規模小了很多，但這對我們的整體支出效率造成了很大的阻礙…

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

是的。而這並不是整個生產過程中的 5%。其中一些的影響比其他的要大得多。

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。我想確保我們討論營業利潤率，當然還有自由現金流。因此，斯賓塞，我認為您說的是今年的營業利潤率在 19% 到 20% 之間，但不包括重組，而且我認為外匯匯率自 1 月份首次提供這些數據時起有所變化。所以也許您可以提供更多背景資訊。

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，我們基本上堅持我們的保證金指導。因此，在今年年初的 21 年第四季電話會議上，當我們開始推出並在今年開始時，我們說我們已經看到收入成長放緩。我們說過，鑑於收入成長放緩，我們將維持——在外匯出現大幅波動的影響之前，我們將設法將營業利潤率維持在 19% 至 20% 之間，我們仍將堅持這一目標。因此，今年我們採取了外匯舉措，也提到了 1.5 億美元的重組。我們預計全年不會有更多的重組成本。這就是其中的內容，我們堅持我們的保證金指南，同樣堅持 23 年的保證金指南。

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，我們的意思是，直到我們重新點燃收入成長的熱情之前，我們都會保持這個利潤率指南不變。整體而言，營運指標非常健康。我的意思是，當你看收入方面時，我們正在追蹤——本季的固定匯率營收成長率為 13%。我們預計下個季度的增幅將達到 12%。您可以看到全年的讀數處於類似的範圍內，今年和明年的營業利潤率在 19％ 到 20％ 之間。但顯然，美元走強是一個重大異常現象，我們只需要解決這個問題，並盡我們所能控制它。

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。就自由現金流而言，2022 年實際上是實現可持續強勁自由現金流的第一年。你說的是每年 10 億美元左右。您如何看待與此相關的一些關鍵優缺點？那麼，23年的大幅成長意味著什麼呢？

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，這個數字將超過大約 10 億美元。因此，我們提供的數字再次假設外匯不會有其他重大波動。因此，希望我們已經看到了大部分這樣的情況，因為過去 3 到 6 個月出現了許多非同尋常的舉措，比過去 20 年看到的還要多。但正如你所說，我們預計 2022 年的自由現金流將達到 10 億美元，上下浮動數億美元。我們認為明年這一數字將繼續大幅成長。這是我們之前所說的內容的組合。我們的業務正在經歷這種現金密集型轉型。我們明年的現金內容支出水準也與今年大致相同。事實上，正如我們所說，我們將少量現金支出提前到了 21 年和 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.

所以我不想給一個具體的數字，但假設它會更有意義。然後顯然，隨著我們努力實現我們期望的目標，即加速我們的收入成長，然後再次開始提高營業利潤率。希望這些全球貨幣能夠回歸。所有這些都會加速未來的現金流產生。

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，我們可能只想用你們每個人對後半部分最感興趣的內容來結束。我不知道《灰人》是否適合所有人，但我確信它還有很多其他好東西。

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

嗯，《灰俠》確實具有新近優勢，因為它將於本週五上映，而且非常令人興奮。

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，道格，我對《利刃出鞘2》非常期待。我從我們的內容主管那裡聽到了關於這部電影的大量好評。所以我絕對期待這一點。

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.

史賓塞，你搶先一步了。我要去看《利刃出鞘2》。但我先回頭看看我現在正在看的《傘學院》，這是本季很棒的戲劇。

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.

我會加入並讓里德結束這一切。我只是——我一直在看《怪奇物語》來了解最新情況。我剛看完那部電影，我真的很期待《非凡吳律師》。我聽到走廊上每個人都在談論一些很棒的事情，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.

我要有麻煩了，因為我們剛剛看了麥可波倫關於致幻劑的精彩紀錄片系列。

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。全球數十億人喜歡串流電視和電影，而我們只為其中幾億人提供服務。因此，這裡的成長機會是巨大的。我們現在面臨一些阻力，但我們正在努力克服它們。請記住，這家公司和這個團隊在過去 20 多年裡經歷了許多變化。我們見證了娛樂形式的興衰。我們見證了娛樂商業模式的興衰，我們成功地在各種經濟條件和各種競爭水平中成長。因此，我們非常有信心，只要我們製作人們喜愛的電影、電視節目和遊戲，我們就會繼續引領這個令人興奮且年輕的產業。非常感謝，道格。