(NFLX) 2022 Q4 法說會逐字稿

Good afternoon, and welcome to the Netflix Q4 2022 Earnings Interview. I'm Spencer Wang, VP of Finance, IR and Corporate Development.

下午好，歡迎來到 Netflix 2022 年第四季度收益訪談。我是財務、投資者關係和企業發展副總裁 Spencer Wang。

Joining me today are Executive Chairman, Reed Hastings; Co-CEOs Ted Sarandos and Greg Peters; and CFO, Spence Neumann. Our interviewer this quarter is Jessica Reif Ehrlich from Bank of America.

今天加入我的是執行主席 Reed Hastings；聯席首席執行官 Ted Sarandos 和 Greg Peters；首席財務官 Spence Neumann。我們本季度的採訪者是來自美國銀行的 Jessica Reif Ehrlich。

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

提醒一下，我們做出的是前瞻性陳述，實際結果可能會有所不同。

With that, Jessica, over to you for your first question.

有了這個，傑西卡，你的第一個問題就交給你了。

Thank you, and thank you so much for having me today. So Reed, the big announcement about the management changes. Could you give us some more color on the process and how you came to this decision?

謝謝你，非常感謝你今天邀請我。所以里德，關於管理層變動的重大公告。你能給我們更多關於這個過程的顏色以及你是如何做出這個決定的嗎？

Jessica, it feels like yesterday was our IPO. We were covered in red envelopes. We IPO-ed at about $1. Hopefully, some of you have held the stock, the full 21 years. And when I think of the evolution, the three of us and so many other incredible Netflix employees to go from DVD service to streaming leader in films and television and emerging player in games. And now to have over 230 million members, it's just -- well, Jim Collins probably said it best. He calls it a good start. We've had a good start.

傑西卡，感覺就像昨天是我們的首次公開募股。我們被包裹在紅包裡。我們以大約 1 美元的價格首次公開募股。希望你們中的一些人持有股票整整 21 年。當我想到演變時，我們三個人和其他許多令人難以置信的 Netflix 員工從 DVD 服務變成了電影和電視的流媒體領導者以及遊戲的新興玩家。現在擁有超過 2.3 億會員，這只是 - 嗯，吉姆柯林斯可能說得最好。他稱這是一個好的開始。我們有一個好的開始。

But honestly, we dream of the whole world finding their favorite entertainment Netflix, and we shorthand that as entertaining the world. And the three of us have been working together for 15 years now trying to figure out how do we get through this issue, that issue, how do we grow. And I couldn't be happier to complete our succession process.

但老實說，我們夢想全世界都能找到他們最喜歡的娛樂 Netflix，我們將其簡稱為娛樂世界。我們三個人已經一起工作了 15 年，現在試圖弄清楚我們如何解決這個問題，那個問題，我們如何成長。我非常高興能夠完成我們的繼任程序。

It really started about 10 years ago with the Board trying to think through how could this work. They both have such amazing talents and gifts, and to find a platform where they've been able to contribute is fantastic. About 2.5 years ago, we took a partial step. Ted as Co-CEO, Greg as COO. We continue to just make super progress. And frankly, more and more, they've been leading the company, and this is acknowledging really in formal terms how we've been operating for at least the last few quarters. It's just a great feeling.

它真正開始於大約 10 年前，當時董事會試圖徹底思考這項工作如何運作。他們都有如此驚人的才能和天賦，找到一個他們能夠做出貢獻的平台真是太棒了。大約 2.5 年前，我們邁出了部分步驟。泰德擔任聯席首席執行官，格雷格擔任首席運營官。我們繼續取得巨大進步。坦率地說，他們越來越多地領導著公司，這實際上是在正式承認我們至少在過去幾個季度的運營情況。這只是一種很棒的感覺。

And when I think about the stock appreciation over the last decade, I know that they want to beat that record, and I'm all for that. I'll be Executive Chairman, helping them everywhere I can, but it's really theirs to lead and to do that energy and hustle and intensity that we've been doing. They're very ready. That's what's driving the timing, and so I could not be happier. So back over to you.

當我想到過去十年的股票升值時，我知道他們想要打破這一記錄，而我完全贊成。我將擔任執行主席，盡我所能幫助他們，但領導和發揮我們一直在做的那種活力、忙碌和強度真的是他們的責任。他們已經準備好了。這就是推動時機的原因，所以我再高興不過了。所以回到你身邊。

Thank you. Subjectively, I'll just add that this may be the smoothest transition we've seen in media for quite a while. Now for Ted and Greg, what does this mean for Netflix? Does this signal a change in strategy or approach?

謝謝你。主觀上，我只想補充一點，這可能是我們很長一段時間以來在媒體上看到的最平穩的過渡。現在對於泰德和格雷格來說，這對 Netflix 意味著什麼？這是否表明戰略或方法發生了變化？

Jessica, let me start with, first and foremost, to thank Reed personally and professionally. He has been, and I trust will, continue to be a role model, a mentor, a friend. And 22-plus years, he has positively changed my life in every way imaginable, and he leaves some big shoes for Greg and I to fill. Unfortunately, we have four feet to do it with. So that's a good thing.

傑西卡，首先讓我以個人和專業的方式感謝里德。他一直是，我相信將繼續成為榜樣、導師和朋友。 22 多年來，他以各種可以想像的方式積極改變了我的生活，他為格雷格和我留下了一些大鞋子來填補。不幸的是，我們有四隻腳可以做到這一點。所以這是一件好事。

In so many ways, the way that Reed has been able to see around corners. That's why he's been thinking about the succession for the last decade. He generously opened up more of a co-leadership model over a decade ago for he and I -- and like you said, 2.5 years ago made it a little more formal. And in that time, delegating a lot of the day-to-day to Greg and I. And in that time, in the 2.5 years we've been working at it. We've been working together for 15 years, Greg and I. But in the last 2.5 years, particularly, we've been able to build a really trusting, respectful and complementary partnership. In many ways, the same way I would read over the years. And I really do believe that this kind of shared leadership model is going to help us to move fast to challenge each other, to challenge the company to raise to new heights. And I'm just incredible what we're able to do.

在很多方面，里德已經能夠看到拐角處的方式。這就是為什麼他在過去十年裡一直在考慮接班人的問題。十多年前，他慷慨地為他和我開闢了更多的共同領導模式——就像你說的，2.5 年前使它變得更加正式一些。在那段時間裡，將很多日常工作委託給格雷格和我。在那段時間裡，在 2.5 年的時間裡，我們一直在努力。格雷格和我，我們已經一起工作了 15 年。但在過去的 2.5 年裡，尤其是，我們已經能夠建立真正信任、尊重和互補的伙伴關係。在很多方面，就像我多年來閱讀的方式一樣。我真的相信這種共享領導模式將幫助我們快速行動以相互挑戰，挑戰公司提升到新的高度。我對我們的能力感到難以置信。

And to your point, this is the leadership team. It's been pretty stable, and that's why that steady transition feels so steady. The ability of this team has helped us build a great foundation and a culture that can absorb complexity and change. And as you saw in this last quarter, it can rise to any occasion. And Greg, I just want to say I'm thrilled to be in this with you. And Reed, we can't thank you enough.

就您而言，這是領導團隊。它一直非常穩定，這就是為什麼這種穩定的過渡感覺如此穩定。這個團隊的能力幫助我們建立了一個良好的基礎和一種可以吸收復雜性和變化的文化。正如您在上一季度所見，它可以適用於任何場合。格雷格，我只想說我很高興能和你在一起。還有里德，我們對你感激不盡。

Thanks, Ted. It's a real honor to be asked to take on this responsibility and join you as co-CEO and frankly a pleasure to be able to compete to working with some of the most amazing leaders that I've ever had the pleasure of working with and frankly, in my opinion, the best leaders the Netflix has ever had.

謝謝，泰德。很榮幸被要求承擔這一責任並加入你們成為聯席 CEO ，在我看來，這是 Netflix 有史以來最好的領導者。

So I'll just echo Ted's comments. It's been a real fun and rewarding experience to work closely with him over the last couple of years especially, and I'm tremendously proud of the partnership that we've developed in the shorthand and really how we have been able to take what are sort of a complementary set of skills and perspectives and seeing different angles to different situations.

所以我只是附和Ted 的意見。尤其是在過去的幾年裡，與他密切合作是一次非常有趣和有益的經歷，我為我們在速記方面建立的合作夥伴關係以及我們如何能夠真正做到這一點感到非常自豪一套互補的技能和觀點，並從不同的角度看待不同的情況。

But basically, at the end of the day, we are, I've always found, are ultimately motivated by the same thing, which is that we want to serve our members. And we want to grow our business, and that is an incredible powerful lining process to those different perspectives. So I'm proud of the work that we've done over '22 in the latter half, especially to get some more momentum into the business, but I'm even more excited about continuing to push that into '23 and follow the model that Reed has always had of continually seeking excellence and always striving to be better. So looking forward to that.

但基本上，我一直發現，歸根結底，我們最終的動機是一樣的，那就是我們想為我們的會員服務。我們希望發展我們的業務，對於那些不同的觀點來說，這是一個令人難以置信的強大的襯裡過程。因此，我為我們在 22 年後半年所做的工作感到自豪，尤其是為業務注入更多動力，但我更興奮的是繼續將其推向 23 年並遵循模型Reed 始終追求卓越，不斷追求更好。所以很期待。

And then to your specific question, Jessica, we -- there's no big strategy shift or big culture shifts Ted, Reed and I have been working and sort of grinding through our individual on this for a long time. And so really, we look forward to taking things forward as we have been for the last little bit in responding to a dynamic industry and doing the changes that we think are appropriate. But we're not -- we don't have a bank of changes that were -- that we've been holding for this moment. So mostly, it's continuity and move forward.

然後關於你的具體問題，傑西卡，我們 - 沒有大的戰略轉變或大的文化轉變，特德，里德和我一直在努力，並在很長一段時間內通過我們的個人進行磨練。因此，實際上，我們期待著推動事情向前發展，因為我們一直在響應一個充滿活力的行業並做出我們認為合適的改變。但我們沒有——我們沒有一堆變化——我們一直在等待這一刻。所以主要是，它是連續性和前進的。

Great. So this was originally for Reed. But now given the change in leadership structure, maybe for all three of you, for Reed, Ted and Greg. One of the best quotes recently was from John Malone, who said shareholders should build a monument for Reed hastings.

偉大的。所以這最初是給里德的。但現在考慮到領導結構的變化，也許對你們三個人，對里德、泰德和格雷格來說都是如此。最近最好的引述之一來自約翰馬龍，他說股東應該為里德黑斯廷斯建造一座紀念碑。

John Rupert Murdoch ran the dominant global media companies in prior decades, and we're one of the few media executives who've been able to see around corners. Ultimately, they both sold the bulk of their assets. Netflix is now one of the most dominant global media companies, if not the dominant. What is your view of the next 5-plus years? Do you need to get bigger? Stay the course?

約翰·魯珀特·默多克 (John Rupert Murdoch) 在過去幾十年掌管著全球主要媒體公司，而我們是為數不多的能夠看到轉機的媒體高管之一。最終，他們都賣掉了大部分資產。 Netflix 現在是最具統治力的全球媒體公司之一，如果不是占主導地位的話。您對未來 5 年多的時間有何看法？你需要變大嗎？堅持到底？

Well, the one thing I'd point out is that what's happening now and what's going to be happening over the next couple of years is that the consumer is moving to streaming. So the way that they watch content at home delivered to them on Internet on demand, free of the linear schedule and all those things, that is a change, a fundamental shift in the business, and you've got to be where the consumer is. And that's what we've been focused on since we started streaming, doing original content 10 years ago, but being really realizing that we really have benefited from being a customer-first company and meeting the customers where they are.

好吧，我要指出的一件事是，現在正在發生的事情以及未來幾年將會發生的事情是消費者正在轉向流媒體。因此，他們在家中觀看按需在互聯網上傳送給他們的內容的方式，不受線性時間表和所有這些東西的影響，這是一種變化，是業務的根本轉變，你必須站在消費者所在的地方.這就是我們自 10 年前開始流媒體、製作原創內容以來一直關注的重點，但我們真正意識到我們確實受益於成為客戶至上的公司並在客戶所在的地方與他們會面。

And we've also had the blessing of that having to unwind our traditional media business as we built into this one. So we've always been focused on the future and where the consumers are going. And I think our ability to continue to stay focused on that because we're -- this is really -- I know we've been talking about it for a long time, Jessica, but this is really in its infancy. I mean you think about as big as we've become and all these things that are happening. And in the U.S., we're about 8% of TV time still. So it's an enormous amount of growth ahead, even in markets where we are very well-established. So that's the key for us, and I think being able to focus on consumers first. And it has really been our biggest benefit, and I think it's what led us to those milestones that you just referred to. Greg?

我們也很幸運，因為我們在建立這個業務時不得不放棄我們的傳統媒體業務。所以我們一直關注未來和消費者的去向。而且我認為我們有能力繼續專注於此，因為我們 - 這真的 - 我知道我們已經討論了很長時間，傑西卡，但這確實處於起步階段。我的意思是你想想我們已經變得如此之大，以及所有這些正在發生的事情。在美國，我們還有大約 8% 的電視時間。因此，即使在我們已經非常成熟的市場中，未來也會有巨大的增長。所以這對我們來說是關鍵，我認為能夠首先關註消費者。這確實是我們最大的好處，我認為這就是我們達到您剛才提到的那些里程碑的原因。格雷格？

Yes. And Jessica, I would say I think that, that translates into being bigger. And I think that means being bigger in terms of touching more members around the world, delivering them entertainment. We'll see that in terms of being bigger, in terms of the amount of engagement that we can drive, the amount of hours that we're satisfying them. That would be bigger in terms of the culture impact is too. I mean you've seen -- I mean just incredible cultural impact in terms of Wednesday, Stranger Things. The ramifications that these shows have in terms of the popular culture are significant, and that's going to get bigger, too. It also means bigger in terms of revenue and profit streams. So we're looking forward to those as well.

是的。而傑西卡，我會說我認為，這意味著更大。而且我認為這意味著在接觸世界各地的更多成員方面做得更大，為他們提供娛樂。我們會看到，就更大、我們可以推動的參與度、我們滿足他們的時間而言。就文化影響而言，這也會更大。我的意思是你已經看到了 - 我的意思是就星期三，陌生人事物而言，這是令人難以置信的文化影響。這些節目對流行文化的影響是巨大的，而且還會越來越大。這也意味著更大的收入和利潤流。所以我們也很期待這些。

Right. So losing subs in 2022 and the market reaction or valuation reset is akin to August 2015 when Bob Iger called out the early decline of subs and the impact for Disney's ESPN. It will take a while for Disney to build ESPN Plus into a sports streaming giant. And actually, they may never replace the profitability of ESPN at that point in time. Your pivot seems more broad-based by extending genres and going into new areas, whether it's games, fitness, live, et cetera. Do you see any similarities or differences to that momentous inflection point, which has certainly shifted Wall Street's view from subs to profits?

正確的。因此，2022 年訂閱量下降以及市場反應或估值重置類似於 2015 年 8 月，當時鮑勃·艾格 (Bob Iger) 指出訂閱量提前下降以及對迪士尼 ESPN 的影響。迪士尼需要一段時間才能將 ESPN Plus 打造成體育流媒體巨頭。實際上，他們可能永遠不會在那個時間點取代 ESPN 的盈利能力。通過擴展流派並進入新領域，無論是遊戲、健身、直播等，您的支點似乎更加廣泛。您是否看到與那個重要的轉折點有任何相似之處或不同之處，這無疑使華爾街的觀點從潛艇轉向利潤？

I'll take a shot at that. And then Ted, maybe weigh in. But I think it's a fundamentally different situation. And if you look at where we're at, a significant part of what we need to go do is essentially take the core model that we've been operating since we've been starting in streaming and just execute it better in all dimensions.

我會嘗試一下。然後 Ted，也許可以參與。但我認為這是一個根本不同的情況。如果你看看我們現在所處的位置，我們需要做的很重要的一部分就是採用自從我們開始流媒體以來一直在運營的核心模型，並在各個方面更好地執行它。

And so whether it's the incredible content that Bella and Scott's team are producing constantly, how we're talking about that content to the marketing and conversation that we do, the product experiences and business model innovations that we're doing. But a lot of it really fundamentally is about executing that core model better.

因此，無論是 Bella 和 Scott 的團隊不斷製作的令人難以置信的內容，還是我們如何在我們所做的營銷和對話中談論這些內容，我們正在做的產品體驗和商業模式創新。但其中很多實際上是關於更好地執行該核心模型。

We're not -- there's not a lot of massive pivots away from a traditional legacy business model that we have to go figure out. We're planting some seeds in terms of games and things like that, that if we execute well and we're excited about the progress we're seeing so far, will represent the future potential for us in terms of and more profit opportunities. So that's exciting. But essentially, a lot of this is just continue to execute the play that we've got and do it better and better.

我們不是——我們必須弄清楚傳統的遺留商業模式並沒有太多的重大轉變。我們正在遊戲和類似的事情上播下一些種子，如果我們執行得好並且我們對我們目前看到的進展感到興奮，將代表我們未來在更多獲利機會方面的潛力。所以這很令人興奮。但從本質上講，其中很多只是繼續執行我們已有的比賽，並且做得越來越好。

And I don't know about what the similarities, but I would say that this business is really completely about engagement, profit and revenue. So -- and we've got to grow all of those things, and all those things are really are tied to executing on that -- on the content. When the content is working, the business is working. We grow engagement, we grow revenue, we grow profit.

我不知道有什麼相似之處，但我會說這項業務真的完全是關於參與度、利潤和收入的。所以——我們必鬚髮展所有這些東西，所有這些東西都與執行有關——在內容上。當內容在運作時，業務在運作。我們增加參與度，增加收入，增加利潤。

There's an interesting thing starting in July and you think about from Stranger Things Season 4 from the phenomena that it became and what we've been able to offer up to our members from that day forward. So they went from Stranger Things to Extraordinary Attorney Woo, which was a phenomenal success throughout Asia and South Korea, but also built a big cult fan-base in the U.S., straight into Sea Beast, which is our biggest animated film ever; straight into Purple Hearts and Gray Man, two of our most watched films ever on Netflix. And then to August, the Sandman and Never Have I Ever Season 3. September, Copra Kai Season 5. Empress, Cyberpunk is this animated adaptation of a video game that's been hailed as one of the greatest of all time.

從 7 月開始有一件有趣的事情，你會從《怪奇物語》第 4 季開始所發生的現像以及從那天起我們能夠為我們的會員提供什麼來思考。所以他們從《怪奇物語》到《非凡律師吳宇森》，這在整個亞洲和韓國都取得了巨大的成功，但也在美國建立了一個龐大的狂熱粉絲群，直接進入了我們有史以來最大的動畫電影《海獸》；直接進入《紫心》和《灰人》，這是我們在 Netflix 上觀看次數最多的兩部電影。然後是八月，睡魔和我從未有過的第 3 季。九月，Copra Kai 第 5 季。Empress, Cyberpunk 是一部視頻遊戲的動畫改編版，被譽為有史以來最偉大的遊戲之一。

Narcos, saved another monster hit from North Korea. The Jeffrey Dahmer story, Monster, straight into watchers, go back-to-back hi ts from Ryan Murphy. All Quiet on the Western Front, which just today became the most nominated non-English film in the history of BAFTAs. Only Gandhi has got more nominations in the history of BAFTAs, and that's from Germany with the great Ed Burger. And then straight out of that into Enola Holmes 2, a big monster success, sequel to -- with Millie Bobby Brown.

Narcos，拯救了另一個來自朝鮮的怪物。杰弗裡·達默 (Jeffrey Dahmer) 的故事《怪物》(Monster) 直入觀眾視線，接連上演瑞恩·墨菲 (Ryan Murphy) 的熱門單曲。 《西線無戰事》今天成為 BAFTA 歷史上提名最多的非英語電影。在 BAFTA 的歷史上，只有甘地獲得了更多的提名，而且是來自德國的偉大的 Ed Burger。然後直接進入 Enola Holmes 2，一個巨大的成功，續集 - 與 Millie Bobby Brown。

And you look at all of these things that go back and forth, and they go all the way into January now, we'll end the month with you people, Eddie Murphy and Jonah Hill. Any outlet would kill to have any one of those months as their entire year. And it's our ability to fire on those owners and create hits, but more than that create the expectation that as soon as you're done with this one, there's another one waiting for you.

你看看所有這些來來回回的事情，它們一直持續到一月份，我們將與你們 Eddie Murphy 和 Jonah Hill 一起結束這個月。任何一家媒體都會將這些月份中的任何一個作為他們的全年。這是我們向這些所有者開火併創造成功的能力，但更重要的是創造了這樣一種期望，即一旦你完成了這個，就會有另一個等著你。

Jessica, just one thing to add. I know but I just think the analogy is kind of fundamentally different. With ESPN and the example you gave, that was a fundamental kind of shift in the industry from 100-plus million pay TV connected homes to cord cutting that's on a path down to mid- to high single-digit reductions in that distribution platform each year, and that's moving in that direction. So it's kind of a shrinking core distribution platform, where when you see in our earnings letter, the world is shifting from linear to streaming.

傑西卡，只需補充一件事。我知道，但我只是覺得類比有點根本不同。以 ESPN 和您舉的例子為例，這是該行業的一種根本性轉變，從 1 億多百萬付費電視連接家庭到有線電視切斷，每年該分發平台的數量減少到中高個位數，並且正在朝那個方向發展。所以這是一個縮小的核心分發平台，當你在我們的收益信中看到時，世界正在從線性轉向流媒體。

Even in the largest -- there is no country where streaming is more than 40% of share of TV time. And in many big countries, as you saw, it's less than 5%. So it's our 5% -- or less than 5%, it's less than 10%. So there's an incredible runway still in the shift from linear to streaming. And so for us, it's about growing into that shift and also obviously competing well and continuously innovating and improving.

即使在最大的國家中，也沒有一個國家的流媒體播放時間佔電視時間的份額超過 40%。正如你所見，在許多大國，這一比例不到 5%。所以這是我們的 5%——或者說不到 5%，不到 10%。因此，從線性到流媒體的轉變仍然有一條令人難以置信的跑道。所以對我們來說，這是關於適應這種轉變，顯然也能很好地競爭，不斷創新和改進。

And what you saw or what we saw and felt when we had that decline in subscribers was really near-term limiters in growing into that big market. But the big market is still growing as opposed to fundamentally long-term limiters in that ESPN shift that you described.

當我們的訂戶數量下降時，你所看到的或我們所看到和感受到的，確實是進入這個大市場的短期限制因素。但大市場仍在增長，而不是你所描述的 ESPN 轉變的根本長期限制因素。

Right. So let's move on to some of the drivers of growth, both near and medium term and start with advertising. So your advertising platform has been open only months, and you've amazingly given some money back to advertisers indicating in one way that demand is exceeding supply. The company is, you guys have consistently said you're going to crawl, walk and run. How is the process going relative to your expectations?

正確的。因此，讓我們繼續討論近期和中期的一些增長驅動因素，並從廣告開始。所以你的廣告平台只開放了幾個月，你就以某種方式向廣告商返還了一些錢，這表明供不應求。公司是，你們一直說你們要爬行、走路和跑步。相對於您的期望，該過程進展如何？

Yes. Like you say, it's 2 months. And I think the hardest part is actually that first step when you're crawling because you don't really know what exactly to expect as you get it going. And now with 2 months, we're ridiculously early, but we've learned a bunch already, I would say.

是的。就像你說的，2個月。而且我認為最困難的部分實際上是你爬行時的第一步，因為你真的不知道在你開始爬行的過程中會發生什麼。現在還有 2 個月，我們早得離譜，但我想說我們已經學到了很多東西。

So just ticking through this, I mean, I'd say, first and foremost is that we were able to launch this very, very quickly. And the tech is all working. The product experience is good, and that's really a testament to lots of hard work for both Microsoft and Netflix teams who worked very hard to make that happen, and it's really rewarding to that to see.

因此，我的意思是，我要說的是，首先是我們能夠非常非常快地啟動它。技術一切正常。產品體驗很好，這確實證明了微軟和 Netflix 團隊為實現這一目標而付出的辛勤工作，看到這一點真的很值得。

The other, I'd say, pretty significantly fundamental thing is around engagement, and we see that engagement from ads plans users is comparable to sort of similar users on our non-ads plan. So that's really a promising indication. It means we're delivering a solid experience and it's better than we modeled, and that's a great sort of fundamental starting point for us to work with.

另一個，我想說，非常重要的基本事情是參與度，我們看到廣告計劃用戶的參與度與我們非廣告計劃中的類似用戶相當。所以這確實是一個很有希望的跡象。這意味著我們正在提供可靠的體驗，它比我們建模的要好，這是我們工作的一個很好的基本起點。

Furthermore, now, we're seeing take rate and growth on that ads plan is solid. It's great because partly, that take rate and that growth is due to incremental subscribers coming into the service because we have a lower price point. That's $699 in the U.S., EUR 499 in Germany, just to give you two examples. And so that elasticity is a real -- not only a benefit to sort of growing our ad scale and sustainability, but the general business. I expect to see that continue to actually grow over the year.

此外，現在，我們看到該廣告計劃的採用率和增長是穩健的。這很好，部分原因在於，這種採用率和增長是由於越來越多的訂戶進入該服務，因為我們的價格較低。在美國是 699 美元，在德國是 499 歐元，舉兩個例子。因此，這種彈性是真實的——不僅有利於增加我們的廣告規模和可持續性，而且有利於一般業務。我希望看到這一年繼續實際增長。

That take rate fits sort of within the middle of our other plans, which is another really healthy sign. It means that we've got a complementary set of offerings that are working to sort of satisfy different needs for different consumers at the right mix of features and price points. So that's quite good.

該採用率在某種程度上符合我們其他計劃的中間水平，這是另一個非常健康的跡象。這意味著我們有一套互補的產品，這些產品正在努力以適當的功能和價格組合滿足不同消費者的不同需求。所以這很好。

Another important one, I think, for the investor community because it came up a lot before we launched was plan switching. We aren't seeing as expected much switching from high arm subscription plans like premium into our ads plan. So the unit economy remain very good as we modeled. So these are all really good initial sort of progress points, but I think it's important to reiterate that. As you mentioned, we're crawling and we'd like to get to sort of move to the walking phase. We've got a lot to do to get there.

我認為，對於投資者群體來說，另一個重要的問題是計劃轉換，因為它在我們推出之前經常出現。我們沒有像預期的那樣看到從高級訂閱計劃到我們的廣告計劃的大量轉換。因此，正如我們建模的那樣，單位經濟仍然非常好。所以這些都是非常好的初始進展點，但我認為重申這一點很重要。正如你提到的，我們正在爬行，我們希望能夠進入步行階段。我們有很多工作要做。

So there's a bunch of technical improvements terms of ad delivery validation, measurement. We've got progress already on that. More to do in the next quarter or 2. Targeting improvements, which will be better for consumers. More relevant advertising, better for advertisers in terms of more value delivered, a better set of offerings on products for advertisers to buy. We've got a long list of experience improvements that we know we can deliver that will live more value to both subscribers and advertisers.

因此，在廣告投放驗證、測量方面有很多技術改進術語。我們已經在這方面取得了進展。下個季度或 2 有更多工作要做。有針對性的改進，這對消費者來說會更好。更相關的廣告，在交付更多價值方面對廣告商更好，為廣告商購買的產品提供更好的組合。我們有一長串體驗改進清單，我們知道我們可以提供這些改進，這將為訂閱者和廣告商帶來更多價值。

And there's just also some nuts and bolts stuff that we are learning and improving, just things like how do we do a better job with Microsoft at the ad sales and operations processes. There's so much that we need to do both companies need to better serve advertisers sort of an increasing number of advertisers and meet that demand. So we're just getting started. We're constantly improving, and we see the trajectory ahead of us. And really, our aspirations are ultimately successively over a period of years to basically build, just like we have essentially in terms of the streaming experience, the best, most effective, highest quality premium connected TV ads experience as a win for consumers and advertisers and for us as a business.

還有一些我們正在學習和改進的具體細節，比如我們如何在廣告銷售和運營流程中與微軟合作做得更好。我們需要做的事情太多了，兩家公司都需要更好地為越來越多的廣告商服務並滿足這種需求。所以我們才剛剛開始。我們在不斷改進，我們看到了前方的軌跡。事實上，我們的願望最終是在幾年的時間裡逐步建立起來，就像我們在流媒體體驗方面的本質一樣，最好、最有效、最高質量的優質聯網電視廣告體驗，以贏得消費者和廣告商的青睞，對於我們作為企業。

Spence and Greg. Sorry, Jessica. Spence, maybe give a little context on Hulu, kind of what we know about Hulu's advertising. They've got a 10-year head start. And sort of how many years will it take us to sort of pass them in all of these key dynamics?

斯賓塞和格雷格。對不起，傑西卡。 Spence，也許可以提供一些關於 Hulu 的背景信息，比如我們對 Hulu 廣告的了解。他們有 10 年的領先優勢。我們需要多少年才能在所有這些關鍵動態中超越它們？

Greg, do you want to go first or you want me?

格雷格，你想先走還是先走？

No, I'll hand it over to you.

不，我會把它交給你。

All right. Let's see. I mean Hulu is -- yes, they've had a long head start, they started in the ads business. They have -- we would estimate, reason we obviously don't know exactly, but roughly half of their membership is on the ads tier. It's a multibillion dollar business for them already, and that's a domestic business, U.S. only. So lower reach, lower engagement than us.

好的。讓我們來看看。我的意思是 Hulu 是——是的，他們有很長的領先優勢，他們開始從事廣告業務。他們有——我們估計，原因我們顯然不確切知道，但他們大約一半的會員在廣告層。這對他們來說已經是一項價值數十億美元的業務，而且是國內業務，僅限於美國。與我們相比，覆蓋面更小，參與度更低。

So I guess the short story there is we have given what we've seen and what Greg just outlined in terms of the engagement on our ad plan, the strength of the performance in terms of the monetization, kind of the unit economics and our ability to kind of scale in a way that is even better than the kind of comparable ad free plan, plus providing clearly choice that our members or consumers are seeking out because of the sign-up flow that we would expect to be as large or larger over time, certainly in just our U.S. market and more from there.

所以我想簡而言之，我們已經給出了我們所看到的以及 Greg 剛剛概述的關於我們廣告計劃的參與度、貨幣化方面的績效實力、單位經濟類型和我們的能力以一種比類似的無廣告計劃更好的方式擴大規模，再加上我們的會員或消費者正在尋找的明確選擇，因為我們期望的註冊流量與我們預期的一樣大或更大時間，當然只是在我們的美國市場，以及更多來自那裡的市場。

But it's -- I just want to emphasize, it's a multiyear path. So we're not going to be larger than Hulu in year 1. But hopefully, over the next several years, we can be at least as large, and we wouldn't be getting into this business obviously, Reed, as you know, if it couldn't be a meaningful portion of our business. So we're over $30 billion of revenue, almost $32 billion of revenue. in 2022. And we wouldn't get into a business like this if we didn't believe it could be bigger than at least 10% of our revenue and hopefully much more over time in that mix as we grow. So that's kind of how I see it without putting a specific guide on it.

但它——我只想強調，這是一條多年的道路。所以我們不會在第一年比 Hulu 大。但希望在接下來的幾年裡，我們至少能做到和 Hulu 一樣大，而且我們顯然不會涉足這項業務，里德，正如你所知，如果它不能成為我們業務中有意義的一部分。所以我們的收入超過 300 億美元，接近 320 億美元。在 2022 年。如果我們不相信它可能超過我們收入的至少 10%，並且希望隨著我們的成長，隨著時間的推移在這種組合中更多，我們就不會進入這樣的業務。所以這就是我在沒有給出具體指南的情況下的看法。

You committed to an upfront market spot, taking CBS's prior spot,CBS Now Power mount spot, which really indicates your long-term advertising goals of being a major advertising platform. Given this is a prime spot on a critical week for advertisers in premium video. Like it's just -- it's amazing how quickly you just took that lot away. What's the run stage? And how would you and what's the time frame to get there?

你承諾了一個前期市場點，佔據了 CBS 的優先點，CBS Now Power mount 點，這確實表明了你成為主要廣告平台的長期廣告目標。鑑於這是關鍵一周的黃金時段，對於優質視頻廣告商而言。就像它——你把那麼多東西拿走的速度真是太神奇了。什麼是運行階段？你會如何以及到達那裡的時間框架是什麼？

Well, I think as Spence talked about it, it will be an iterative process. To your point, it does signal that we have big aspirations here, and we think there's a big potential opportunity, and so we're committed to incrementally execute against that opportunity.

好吧，我認為正如 Spence 所說，這將是一個迭代過程。就你的觀點而言，這確實表明我們在這裡有遠大的抱負，我們認為存在巨大的潛在機會，因此我們致力於逐步執行這個機會。

But just back to Spence's point, we are starting from a 0 base essentially. And also, we're also starting from a history where as a non-ads platform, we had a lot of folks to basically join Netflix fully as non-ad subscribers, and so I think that we'll be working through that over a period of time. But again, our goal and aspiration is that this is a very meaningful and significant source of revenue and profit for us over many years to come.

但回到 Spence 的觀點，我們基本上是從 0 開始的。而且，我們也從一個歷史開始，作為一個非廣告平台，我們有很多人基本上完全以非廣告訂閱者的身份加入 Netflix，所以我認為我們將在一段時間內解決這個問題一段的時間。但同樣，我們的目標和願望是，這對我們未來許多年來說是一個非常有意義和重要的收入和利潤來源。

So I mean when you think about the pool of money that you're targeting, linear, let's call it, $50 billion, $60 billion business, seems like the easy money, you've mentioned already. These are shifting from streaming to streaming from linear, so we've seen all of the kind of eyeballs move. And so now you have basically more scale or reach, but the digital pool is much larger. But in the past, you've said you've made comments, the company's made comments that you can't compete with Google and Meta or it would be incredibly difficult to compete with them. Has this changed? Has your view changed?

所以我的意思是，當你考慮你所瞄準的資金池時，線性的，我們稱之為，500 億美元，600 億美元的業務，似乎是輕鬆賺錢，你已經提到過。這些正在從流媒體轉向線性流媒體，所以我們已經看到了所有類型的眼球移動。所以現在你基本上有了更大的規模或範圍，但數字池要大得多。但在過去，你說過你發表過評論，公司發表評論說你無法與穀歌和 Meta 競爭，或者與他們競爭將非常困難。這改變了嗎？你的看法改變了嗎？

Not really. I would say that initially, we're competing mostly with that sort of traditional TV advertising pool. Now I think we can layer into that over time, components of what has made digital advertising so effective. So if you think about the targeting capability, the fact that we signed in fully addressable. If you think about the growing relevance of first-party data and how we do that, those are real big advantages that we can bring relative certainly to the traditional world.

並不真地。我會說，最初，我們主要是在與那種傳統的電視廣告池競爭。現在我認為我們可以隨著時間的推移深入了解數字廣告如此有效的組成部分。因此，如果您考慮定位功能，我們登錄的事實是完全可尋址的。如果您考慮第一方數據日益增長的相關性以及我們如何做到這一點，那麼這些都是我們可以相對於傳統世界帶來的真正的巨大優勢。

But again, the form that we have at least for the next couple of years will still be in that sort of lean back -- primarily in that lean back experience. And so that lends itself to certain kinds of advertising and certain kind of advertising goal. And a lot of the demand collection component that a Google or a Facebook is really good at. We won't be well-suited to compete with that for at least some time to come.

但同樣，至少在接下來的幾年裡，我們所擁有的形式仍將處於那種向後傾斜的狀態——主要是那種向後傾斜的體驗。因此，這適用於特定類型的廣告和特定類型的廣告目標。還有很多谷歌或 Facebook 真正擅長的需求收集組件。至少在未來的一段時間內，我們不會非常適合與之競爭。

And Jessica, just to add to that. The good news, as you saw in the letter, is that, that branded video ad market that Greg talked about us focusing on is about $180 billion, globally ex China and Russia. So we have plenty to do and a lot of opportunity ahead just in that area alone.

還有傑西卡，只是為了補充這一點。好消息，正如您在信中看到的那樣，Greg 談到我們關注的品牌視頻廣告市場在全球範圍內約有 1800 億美元，不包括中國和俄羅斯。因此，僅在該領域，我們就有很多工作要做，也有很多機會。

Yes. No, it's an enormous opportunity, but there's also, besides advertising, there's enormous opportunity in incremental subscribers, as you have mentioned. You are the lowest priced service, at least now you are the lowest price, but can you frame the opportunity in terms of sub growth and how you're thinking about it?

是的。不，這是一個巨大的機會，但正如您所提到的，除了廣告之外，還有增加訂閱者的巨大機會。你是價格最低的服務，至少現在你是價格最低的，但你能根據子增長來構建機會嗎？你是如何考慮的？

Sure. And just to comment on lowest price. I mean, again, we don't really think about the pricing question from it perspective. Again, we're -- think of ourselves as a nonsubstitutable good when you think about Wednesday or you think about Glass Onion, these are titles you can only see on Netflix that's extremely powerful. Scott and Bella are delivering more incredible titles that are nonsubstitutable in that regard.

當然。並且只是評論最低價格。我的意思是，我們並沒有真正從它的角度考慮定價問題。再一次，當你想到星期三或者你想到 Glass Onion 時，我們將自己視為不可替代的商品，這些是你只能在 Netflix 上看到的非常強大的標題。斯科特和貝拉正在推出更多令人難以置信的作品，這些作品在這方面是不可替代的。

So really, when you think about the pricing question is how do we offer a wide range of options for a wide range of consumers. We want to make that spectrum even wider as we seek to serve more members around the world and trying to deliver appropriate value at those different price points, and we're doing a good job expanding that range.

所以真的，當你考慮定價問題時，我們如何為廣泛的消費者提供廣泛的選擇。我們希望擴大這一範圍，因為我們尋求為世界各地的更多成員提供服務，並試圖在這些不同的價位上提供適當的價值，而且我們在擴大這一範圍方面做得很好。

And so then you think about so there's sort of two pools of incremental subscribers. There's a bunch of people around the world in countries where we're not deeply penetrated, and we have more opportunity to go attract them. A component of that is we've got folks that are watching Netflix who aren't paying us as part of basically borrowing somebody else's credentials. And our goal is over this year to basically work through that situation and convert many of those folks to be paid accounts or to have the account owner pay for them to get enough subscription. But either way, we're seeking to sort of monetize the viewing value that we're delivering.

然後你會想到有兩個增量訂閱者池。世界上有很多人在我們沒有深入了解的國家，我們有更多機會去吸引他們。其中的一個組成部分是，我們有一些人正在觀看 Netflix，但他們沒有付錢給我們，這基本上是藉用了別人的憑證。我們的目標是在今年結束時基本上解決這種情況，並將其中許多人轉換為付費帳戶，或者讓帳戶所有者為他們付費以獲得足夠的訂閱。但無論哪種方式，我們都在尋求將我們提供的觀看價值貨幣化。

And then beyond that, it's back to Spence's comment, even our most penetrated market we're 8% of total TV time, which is potentially a relatively narrow length to think about the broad competitive entertainment offering. So we have huge opportunity to grow the engagement component of that several X. We feel like we can get to if we do a great job of executing across all fronts, and that represents a tremendous opportunity for more entertainment value delivered, and we believe that the revenue flows from that in time.

除此之外，回到 Spence 的評論，即使是我們滲透率最高的市場，我們也佔電視總時間的 8%，考慮到廣泛的競爭性娛樂產品，這可能是一個相對狹窄的長度。因此，我們有巨大的機會來增加這幾個 X 的參與度。我們覺得，如果我們在所有方面都做得很好，我們就能做到這一點，這代表了提供更多娛樂價值的巨大機會，我們相信收入會及時從中流出。

Before we get to password sharing, just one last advertising question. You now have roughly a decade of producing your own IP. Any thoughts on offering a fast service over time, readvertising supported television?

在我們開始密碼共享之前，最後一個廣告問題。您現在大約有十年的時間製作自己的 IP。關於隨著時間的推移提供快速服務，閱讀廣告支持的電視，有什麼想法嗎？

Ted, do you want to take this one?

泰德，你要拿這個嗎？

Yes. Look, we're open to all these different models that are out there right now, but we've got a lot on our plate this year, both with the paid sharing and with our launch of advertising and continuing to this slate of content that we're trying to drive to our members. So we are keeping an eye on that segment for sure.

是的。看，我們對現在所有這些不同的模式都持開放態度，但今年我們有很多事情要做，包括付費分享和我們推出的廣告，並繼續推出這一系列內容我們正在努力開車去見我們的會員。因此，我們肯定會密切關注該細分市場。

So on the password sharing, what will drive consumers to pay $3 or $4 per sharing versus becoming a sub with their own profile? Is it affordability? Is there something else? What do you expect?

那麼在密碼共享方面，什麼會促使消費者為每次共享支付 3 美元或 4 美元，而不是成為擁有自己個人資料的訂閱者？是負擔能力嗎？還有別的嗎？你能指望什麼？

Yes. I think there's a range of motivations for different borrowers. So some of it is economically driven and so a part of what we're trying to do is that we are being responsive to that and finding the right price points, whether in terms of an individual account or an extra member affordance. And obviously, the ad-supported plans give us the opportunity present a lower consumer face pricing in those countries where we have advertising.

是的。我認為不同的借款人有一系列的動機。所以其中一些是經濟驅動的，所以我們正在努力做的一部分是我們正在對此做出反應並找到合適的價格點，無論是個人賬戶還是額外的會員負擔。顯然，廣告支持的計劃使我們有機會在我們有廣告的國家/地區提供較低的消費者面子定價。

Part of it is just what we call casual sharing, which is people could pay, but they don't need to, and so they're borrowing somebody's account. And so our job is to give them a little bit of a nudge and to create features that make transitioning to their own account easy and simple. So we have this basically a profile export feature, which allows you to take your viewing history and all the great recommendations with you. So to your point, there's a range of motivations and I think a range of solutions that we'll be able to offer to land people in different places.

其中一部分就是我們所說的隨意共享，人們可以付費，但他們不需要付費，所以他們藉用了某人的帳戶。因此，我們的工作是給他們一點推動力，並創建一些功能，讓他們可以輕鬆、簡單地過渡到自己的帳戶。所以我們基本上有一個配置文件導出功能，它允許您隨身攜帶您的觀看歷史記錄和所有很棒的推薦。因此，就您的觀點而言，有多種動機，我認為我們可以提供一系列解決方案來幫助不同地方的人們登陸。

Can you provide any details, including the time frame for converting borrowers to paying accounts?

您能否提供任何詳細信息，包括將藉款人轉換為付款賬戶的時間範圍？

Yes. So we've been working hard at this and trying to do some sort of thoughtful experimentation to let our members speak to us in terms of what set of solutions work for them. So that's the testing that you've seen us do over the last couple of quarters.

是的。因此，我們一直在努力解決這個問題，並嘗試進行某種深思熟慮的實驗，讓我們的成員就適合他們的解決方案集與我們交談。這就是您在過去幾個季度看到我們所做的測試。

We feel like we have gotten to a good set of features. It's the profile export that I mentioned, but there's also a bunch of account management features that we think are important to making this experience work for folks. And so we're ready to roll those out later this quarter. We'll stagger that a bit as we sort of work sets of countries, but we'll really see that happen over the next couple of quarters.

我們覺得我們已經獲得了一組很好的功能。這是我提到的配置文件導出，但我們認為還有一些帳戶管理功能對於讓這種體驗對人們有用很重要。因此，我們準備在本季度晚些時候推出這些產品。當我們對國家/地區的工作進行排序時，我們會錯開一點，但我們會在接下來的幾個季度真正看到這種情況發生。

And I think it's worth noting that this will not be a universally popular move, so there will current members that are unhappy with this move. We'll see a bit of a cancel reaction to that. We think of this as similar to what we see when we raise prices. So we get some increased churn associated with that for a period of time. But then generally, what happens is both from the specific changes that we make, we'll see folks come on as new subscribers, essentially borrowers creating their accounts or incremental monetization through the extra member that will happen shortly thereafter.

而且我認為值得注意的是，這不會是一個普遍流行的舉措，因此會有現有成員對此舉措不滿意。我們會看到一些取消反應。我們認為這與我們提高價格時看到的情況相似。因此，在一段時間內，我們的客戶流失率有所增加。但總的來說，發生的事情是我們所做的具體改變，我們將看到人們作為新訂戶出現，基本上是藉款人創建他們的賬戶或通過此後不久發生的額外成員增加貨幣化。

And then clearly, our job is to continue to grow value, right, to have more amazing titles that people cannot wait to see and whether that's satisfying those members to make those transitions or winning back essentially folks who have turned off the service and bringing them back on the service over the months and years to come.

然後很明顯，我們的工作是繼續增加價值，對吧，擁有更多人們迫不及待想要看到的令人驚嘆的頭銜，以及這是否滿足了那些做出這些轉變的成員，或者基本上贏回了那些已經關閉服務並帶來他們的人在未來數月和數年內恢復服務。

Jessica, sorry, I just -- maybe just because we touched on it a little bit in the letter, but just to kind of reinforce a little bit of what that looks like in terms of timing and guidance. So those dynamics that Greg just walked through, because of that as we kind of start to roll this out later in Q1, based on the timing, what we talked about is that we'll have modest growth we expect in paid net adds in Q1, but kind of atypical seasonality, where typically Q2 would be a softer paid net add quarter. It will probably be a larger paid net add quarter. And most importantly, what we're most focused on is obviously revenue. That is our primary metric.

傑西卡，抱歉，我只是——也許只是因為我們在信中稍微提到了一點，但只是為了在時間和指導方面加強一點看起來像什麼。所以 Greg 剛剛經歷的那些動態，因為我們在第一季度晚些時候開始推出這個，根據時間，我們談論的是我們預計第一季度的付費淨增加將適度增長，但有點非典型的季節性，通常第二季度是一個較疲軟的付費淨增加季度。這可能是一個更大的付費淨增加季度。最重要的是，我們最關注的顯然是收入。這是我們的主要指標。

And what you see is in the guide, these revenue initiatives between paid sharing rolling out and then scaling ads, you don't see much of that in Q1, which is why we're forecasting 80% growth, FX neutral in Q1 revenue. But throughout the course of the year, we would expect to see accelerating revenue growth as we roll out paid sharing broadly across our business and then obviously, scale adds throughout the year, which is a more gradual build. So I just want to kind of highlight that, and that's kind of what you're seeing in the guidance.

你在指南中看到的是，在推出付費共享和擴大廣告之間的這些收入舉措，你在第一季度看不到太多，這就是為什麼我們預測第一季度收入增長 80%，外匯中性。但在整個一年中，隨著我們在整個業務中廣泛推出付費共享，我們預計收入會加速增長，然後顯然，規模會在全年增加，這是一個更加漸進的過程。所以我只想強調這一點，這就是您在指南中看到的內容。

And given the revenue drivers of paid sharing and advertising, how are you thinking about price increases in the current year? Is it just too complicated? How are you thinking about it?

考慮到付費共享和廣告的收入驅動因素，您如何看待今年的價格上漲？是不是太複雜了？你怎麼想的？

Well, I would say the two initiatives that you described represent the bulk of our pricing strategy in '23. We anticipate that they'll both be revenue positive, revenue accretive significantly. So in the -- according to the details that Spence just offered.

好吧，我想說你描述的兩項舉措代表了我們在 23 年的大部分定價策略。我們預計它們都將帶來積極的收入，顯著增加收入。因此，根據 Spence 剛剛提供的詳細信息。

Now having said that, our core sort of pricing approach in theory remains the same, and so we're going to look at the metrics that our members are giving us and telling us and look for opportunities where we've -- I think we've done a good job of creating more value for them and for a certain customer segment and a certain tier and a certain country, we think we've done a good job at delivering more entertainment for them. And then we'll go back and opportunistically ask for them to pay a little bit more so that keep this virtuous cycle going and really invest that back into incredible content and stories. And maybe, Ted, I don't know if you want to highlight anything you see comment on that side.

話雖如此，我們理論上的核心定價方法保持不變，因此我們將研究我們的成員提供給我們並告訴我們的指標，並尋找我們擁有的機會——我認為我們在為他們以及特定客戶群、特定層級和特定國家/地區創造更多價值方面做得很好，我們認為我們在為他們提供更多娛樂方面做得很好。然後我們會回去併機會主義地要求他們多付一點錢，以便保持這種良性循環，並將其真正投入到令人難以置信的內容和故事中。也許，泰德，我不知道你是否想強調你在那邊看到的任何評論。

No, I would just say that it's the must-seeness of the content that will make the paid sharing initiative work. It's -- that will make the advertising launch work that will make continuing to grow revenue work. And so it's across film, across television. It's the content that people must see and then it's on Netflix gives us the ability to do that. And we're super proud of the team and their ability to keep delivering on that month in and month out and quarter in and quarter out and continuing to grow in all these different market segments that our consumers really care about. So that, to me, is core to all these initiatives working, and we've got the wind at our back on that right now.

不，我只想說，內容的必看性將使付費共享計劃發揮作用。這是 - 這將使廣告發布工作，這將使收入繼續增長。所以它跨越了電影，跨越了電視。這是人們必須看到的內容，然後它在 Netflix 上讓我們有能力做到這一點。我們為團隊感到非常自豪，他們有能力在每個月、每個月、每個季度和每個季度繼續交付，並在我們的消費者真正關心的所有這些不同的細分市場中繼續增長。所以，對我來說，這是所有這些舉措的核心，我們現在已經得到了支持。

But you amazingly continue to expand the genres of content, which, as you guys have mentioned, clearly drives engagement. But the most recent new genre, which you introduced on your platform in -- at the end of last -- very end of last month is fitness.

但你們令人驚訝地繼續擴展內容類型，正如你們所提到的，這顯然會推動參與度。但是最近的新類型，你在你的平台上推出的 - 在最後 - 上月底 - 上個月底是健身。

Just in time for your New Year's resolution, yes.

正好趕上你的新年決心，是的。

One class online could be the price of a Netflix subscription. So while many of the work at our bite size. I mean some along, they're simple, but deceivingly effective. Can you talk about what your plans are in this area? And as you develop more content, it really, as I said, drives value for anyone who would work out anywhere else. So how do you define success? And is there anything you could take about partner economics with Nike?

一節在線課程可能是 Netflix 訂閱的價格。因此，雖然許多工作都在我們的一口大小。我的意思是一些，它們很簡單，但具有欺騙性的效果。你能談談你在這方面的計劃嗎？隨著你開發更多的內容，正如我所說，它真的會為任何願意在其他地方鍛煉的人帶來價值。那麼如何定義成功呢？關於耐克的合作夥伴經濟，您有什麼可以藉鑑的嗎？

Yes. We can't comment on the partner economics, but I would tell you that we've historically stayed away from the fitness category because it's abundantly available online. In many cases, for free, as you know. But we thought if we could partner with a great brand, and Nike is certainly a leading brand in fitness with really well-produced content, which this content is, and then let's go out to our members and see if it's something that they value. And we'll see that in the engagement and see where we could take it from there.

是的。我們無法評論合作夥伴的經濟效益，但我會告訴你，我們一直遠離健身類別，因為它在網上很容易買到。如您所知，在許多情況下是免費的。但我們認為，如果我們可以與一個偉大的品牌合作，耐克肯定是健身領域的領先品牌，擁有製作精良的內容，而這個內容就是這樣，然後讓我們去了解我們的會員，看看他們是否看重這些內容。我們將在參與中看到這一點，看看我們可以從那裡得到它。

So I think in that way, working with a great partner and the high quality, to your point, of the content itself, will put it in a really good test, do people want to use Netflix to get in shape or to get back in shape. And if they do, we'd like to keep serving that. And if they don't, we'll keep poking around. So it's the way we kind of -- we're able to test the market at a very high end with a premium brand partner.

所以我認為，以這種方式，與一個偉大的合作夥伴合作，並且就你的觀點而言，內容本身的高質量將對其進行非常好的測試，人們是否想使用 Netflix 來恢復體形或恢復正常形狀。如果他們這樣做，我們希望繼續提供服務。如果他們不這樣做，我們會繼續四處尋找。所以這就是我們的方式 - 我們能夠與優質品牌合作夥伴一起測試非常高端的市場。

There's constant speculation that you will experiment with sports, which is an expensive rental business for many. Does having an advertising offering change your views on offering sports? And any thoughts that you -- on like WWE, which is for sale, that could be -- potentially, I just think that could be owned content like any views on sports.

人們不斷猜測您將嘗試運動，這對許多人來說是一項昂貴的租賃業務。提供廣告是否會改變您對提供體育運動的看法？你的任何想法——比如 WWE，它是待售的，可能是——潛在的，我只是認為這可能是擁有的內容，就像對體育的任何觀點一樣。

Yes. Look, I'd say in sports, our position has been the same, which is we really -- we're not anti-sports for pro profits, and we've not been able to figure out how to deliver profits in renting big league sports in our subscription model. Not to say that, that won't change. We'll be open to it, but that's where it's at today. And in WWE, we look at -- we have a lot of M&A activity all the time. We look at all of them, but nothing we can comment on.

是的。看，我想說的是，在體育界，我們的立場是一樣的，我們真的——我們不是為了盈利而反對體育運動，而且我們一直無法弄清楚如何通過租用大牌來實現利潤我們的訂閱模式中的聯賽體育。不用說，那不會改變。我們會對此持開放態度，但這就是今天的情況。在 WWE，我們看到——我們一直都有很多併購活動。我們查看了所有這些，但沒有什麼可以評論的。

Does this term play a roll in your investments into live events? Live comedy specials seems to have a value outside of the live window. Other events, like you just announced that you're going to host the SAG Awards. Sports, obviously. These have fairly short lives. So how do you balance the investment in live versus the potential to drive advertising dollars?

這個詞對您對現場活動的投資有影響嗎？現場喜劇特別節目似乎在現場直播窗口之外也具有價值。其他活動，比如你剛剛宣布要舉辦美國演員工會獎。運動，顯然。它們的壽命相當短。那麼，您如何平衡直播投資與推動廣告收入的潛力？

I would look at this as part of just like other crawl/walk/run scenarios, where we are really looking at our content that would benefit creatively for being live. So the results show for one of our competition series that we have or a reunion show that drives news or like the SAG Awards and opportunity to engage audiences live. And because we've got the shelf space, we can do hours of shoulder programming around the live events and all of those things that our members may enjoy. So think -- there's nothing particularly novel about live television, as you know. But we are dabbling in it, starting with our Chris Rock Live concert to try to create the excitement around live for those things that are uniquely more exciting to be live.

我會將此視為其他爬行/步行/跑步場景的一部分，我們真正在看我們的內容，這些內容將創造性地受益於直播。因此，結果顯示了我們的一個比賽系列，或者是一個推動新聞的重聚節目，或者像 SAG 獎和現場吸引觀眾的機會。因為我們有貨架空間，我們可以圍繞現場活動和我們的會員可能喜歡的所有事情進行數小時的肩膀編程。所以想一想——如您所知，直播電視並沒有什麼特別新穎的地方。但我們正在涉足其中，從我們的 Chris Rock Live 音樂會開始，嘗試為那些現場直播更令人興奮的事情創造現場的興奮感。

The theatrical release of Glass Onion was incredibly successful in its limited release. But -- so for some , it looks like you left a lot of money on the table by not continuing beyond the first one week. Do you have any regrets? Or can you give us your thoughts on your evolving film strategy?

Glass Onion 的戲劇發行在其有限發行中取得了令人難以置信的成功。但是 - 所以對於一些人來說，看起來你在第一個星期之後沒有繼續下去，所以在桌面上留下了很多錢。你有什麼遺憾嗎？或者你能告訴我們你對你不斷發展的電影策略的看法嗎？

Well, I'm thrilled with every aspect of the release of Glass Onion, starting with Ryan Johnson, and he's a great film -- and Scott Stuber and the film team for bringing it to the table. And I think what you saw was a lot of excitement. We drove a ton of us with that theatrical release, and we created a bunch of demand. And that demand, we fulfilled on our subscription service. So our core business is making movies for our members to watch on Netflix, and that's where we're really focused, and everything else is really a tactic to drive excitement around those films.

好吧，我對 Glass Onion 發行的各個方面都感到非常興奮，從瑞安約翰遜開始，他是一部很棒的電影——還有斯科特·斯圖伯和電影團隊把它帶到了桌面上。我認為你所看到的是非常令人興奮的。我們通過院線上映吸引了大量觀眾，並創造了大量需求。我們通過訂閱服務滿足了這一需求。因此，我們的核心業務是製作電影供我們的會員在 Netflix 上觀看，這才是我們真正關注的領域，而其他一切實際上都是一種策略，可以激發人們對這些電影的興趣。

So look like a massive global hit like a Wednesday. There seems to be so many ways you could drive monetization. I know like just staying with margin for a second. Like the Wednesday makeup was sold down in every Max Store in New York City. You could not buy it anywhere. Do you participate in these types of consumer products? Or is it just a way to fuel balance, fuel engagement?

所以看起來就像星期三一樣在全球範圍內大受歡迎。似乎有很多方法可以推動貨幣化。我知道只需要保持一秒鐘的保證金。就像週三的彩妝在紐約市的每一家 Max Store 都被搶購一空。你無法在任何地方買到它。您參與這些類型的消費品嗎？或者它只是一種促進平衡、促進參與的方式？

It's a little -- mostly the fuel engagement and fuel fandom. We actually -- we do participate in it. Our owned content, we do drive a lot of revenue in our consumer products business. But mostly, the motivation is that is to drive fandom. And Greg alluded to this earlier, but this impact on the culture that this content can have on our platform. In our earnings letter, we mentioned the Lady Gaga song came back after 11 years because of Wednesday. But that doesn't mention, the 4 songs this year that we actually jammed back into the charts, some that never charted and some that were off the charts for 40 years from Metallica, Kate Bush, The Cramps. And that impact on culture, Sofia Carson's music career took off because of Purple Hearts. Jenna Ortega picked up 10 million social media followers in the first week Wednesday launched on Netflix.

這有點——主要是燃料參與和燃料狂熱。我們實際上 - 我們確實參與其中。我們擁有的內容，確實為我們的消費品業務帶來了大量收入。但大多數情況下，動機是為了推動粉絲。格雷格早些時候提到了這一點，但這對內容在我們平台上可能產生的文化產生了影響。在我們的收益信中，我們提到 Lady Gaga 的歌曲在 11 年後因為星期三而回歸。但這還沒有提到，今年我們實際上重新登上排行榜的 4 首歌，一些從未登上排行榜，還有一些來自 Metallica、Kate Bush 和 The Cramps 的歌曲已經離開排行榜 40 年了。以及對文化的影響，索菲亞卡森的音樂事業因紫心樂隊而騰飛。週三，珍娜·奧爾特加 (Jenna Ortega) 在 Netflix 上線的第一周就吸引了 1000 萬社交媒體粉絲。

And all of these folks who built these gigantic careers on Netflix then go on to have to own their own companies, sell their own makeup in many cases and become incredibly powerful influencers. And all that business is drawn because of our -- the impact that this distribution platform, and its incredible UI that basically can take something like Wednesday, which was not a slam dunk for people to predict that people would love it as much as they do. And the UI could pick up on that activity in the early going of the release and push it out to where it's going to be one of our most watched shows in our history all over the world. And we do use consumer products as a way to intensify fandom. And it could be anything from makeup from Wednesday, as you said. Or maybe even a hand on your shoulder, Spence?

所有這些在 Netflix 上建立了這些巨大職業生涯的人都必須繼續擁有自己的公司，在許多情況下出售自己的化妝品，並成為非常有影響力的人。所有這些業務都是因為我們——這個分發平台的影響，以及它令人難以置信的用戶界面，基本上可以像星期三那樣，這並不是人們預測人們會像他們一樣喜歡它的灌籃.用戶界面可以在發布的早期開始接受該活動，並將其推送到它將成為我們在全世界歷史上觀看次數最多的節目之一的地方。我們確實使用消費品來加強粉絲。正如你所說，它可以是從周三開始化妝的任何東西。或者甚至是一隻手放在你的肩膀上，Spence？

Yes. You never know where Wednesday is going to show up or at least thing. I did get my chance to kind of talk and -- and at the risk of going back to the management changes and say, I am thrilled with the changes. I'm going to miss maybe not seeing Reed as frequently as he's supporting Greg and Ted. So I just brought in a little bit of reinforcement with thing even though Reed is not going anywhere. But this way, I've got a little daily reinforcement.

是的。你永遠不知道星期三會在哪裡出現，或者至少是事情。我確實有機會進行某種談話，並且冒著回到管理變革的風險，並說，我對這些變化感到非常興奮。我會想念也許不像里德支持格雷格和泰德那樣頻繁地見到里德。因此，即使里德哪兒也去不了，我還是用東西做了一點補強。但是這樣，我每天都會得到一點強化。

Sticking with content for a few minutes. The local language hits a building, but so as the U.S. hits. How do you think about allocating your $17 billion or so content budget between genres or languages? Like is there any way like you can kind of parse it out?

堅持幾分鐘的內容。當地語言擊中建築物，但美國擊中也是如此。您如何考慮在流派或語言之間分配 170 億美元左右的內容預算？有什麼辦法可以解析出來嗎？

Yes. It's a big task. Watching where viewing is growing and where it's suffering and where we are under programming and over programming around the world is a big task of the job. Spence and his team support Bella and her team in making those allocations, figuring out between film and television, between local language and what is -- and what's really interesting is there aren't that many global hits, meaning that everyone in the world watches the same thing. Squid Game was very rare in that way. And Wednesday looks like one of those too, very rare in that way. There are countries like Japan, as an example, or even Mexico that have a real preference for local content, even when we have our big local hits.

是的。這是一項艱鉅的任務。觀察觀看在哪些地方正在增長，在哪些地方正在遭受損失，以及我們在世界範圍內處於編程和過度編程的狀態是這項工作的一項重大任務。 Spence 和他的團隊支持 Bella 和她的團隊進行這些分配，在電影和電視之間，在當地語言和什麼之間弄清楚 - 真正有趣的是沒有那麼多全球熱門，這意味著世界上每個人都在看一樣的東西。魷魚游戲在這方面非常罕見。星期三看起來也是其中之一，以這種方式非常罕見。例如，有些國家，例如日本，甚至是墨西哥，對本地內容有著真正的偏好，即使我們在本地取得了巨大的成功。

And every once in a while, something like Squid Game is even a big hit in the U.S. So think about in Q4, we launched a top 10 non-English series nearly every week of the quarter from South Korea, from Spain, from Colombia, from Japan, from Poland. And so the benefit of that kind of local language investment and the benefit of doing that early was that we become exceptional on the ground in those countries. Those content teams generate not just content people want to see, but content that's leading the industry.

每隔一段時間，像 Squid Game 這樣的遊戲甚至會在美國大受歡迎。所以想想在第四季度，我們幾乎每週都會從韓國、西班牙、哥倫比亞推出前 10 名非英語系列，來自日本，來自波蘭。因此，這種本地語言投資的好處以及儘早這樣做的好處是，我們在這些國家/地區的實地表現出色。這些內容團隊不僅生成人們想要看到的內容，而且還生成引領行業的內容。

To have Netflix produce the Academy Award entry film for both Mexico and Germany has never happened in the history of the Oscars. It's really phenomenal. And I mentioned earlier the All Quiet on the Western front and the success of BAFTA. And keep in mind that these investments are important because it actually increases the total addressable audience for Netflix around the world. Because if we were just doing English content for the world, we would be mostly attracting Western-centric viewers, but our addressable audience is anyone who's watching TV anywhere in the world.

讓 Netflix 為墨西哥和德國製作奧斯卡獎入圍影片在奧斯卡歷史上從未發生過。這真的很了不起。我之前提到過西線的無戰事和 BAFTA 的成功。請記住，這些投資很重要，因為它實際上增加了 Netflix 在全球的可尋址觀眾總數。因為如果我們只是為世界製作英語內容，我們將主要吸引以西方為中心的觀眾，但我們的可尋址觀眾是世界上任何地方看電視的人。

Jessica, we have time for one or two last questions. I just want to make sure you have a chance to ask about margins or anything else you might want to.

傑西卡，我們有時間回答最後一兩個問題。我只是想確保您有機會詢問利潤率或您可能想要的任何其他問題。

So let's move away from content then. So free cash flow. First of all, like, what an inflection point, $1.6 billion 2, roughly $3 billion in '23, $4 billion plus probably in '24. Can you just talk about -- historically, you've been more build than buy. Is there any change in philosophy as cash starts accelerating? Can you talk about overall capital priorities? And what's driving that operating margin increase?

那麼讓我們遠離內容。所以自由現金流。首先，就像一個拐點，16 億美元 2，23 年大約 30 億美元，24 年可能還有 40 億美元。你能不能談談——從歷史上看，你是在建造而不是在購買。隨著現金開始加速增長，理念是否有任何改變？你能談談總體資本優先次序嗎？是什麼推動了營業利潤率的增長？

Spencer, why don't you go first with the capital allocation philosophy, if you like.

斯賓塞，如果你願意的話，你為什麼不先談談資本配置哲學呢？

Sure. Thanks, Jessica. So as we wrote in the letter, no change at all to our capital structure policy or allocation guidance, which is to, first and foremost, reinvest in the core business and selective acquisitions after that. Those are the main priorities. Beyond that, if we have cash in excess of our minimum cash levels, which we -- which is roughly equates to 2 months of revenue, then we'll return that to shareholders or share program.

當然。謝謝，傑西卡。因此，正如我們在信中所寫，我們的資本結構政策或分配指導沒有任何變化，即首先對核心業務進行再投資，然後進行選擇性收購。這些是主要優先事項。除此之外，如果我們的現金超過我們的最低現金水平，這大約相當於 2 個月的收入，那麼我們會將其返還給股東或股票計劃。

Yes. And I can pick up with margins, I can start with. It's a bit of an explanation. But if you like, in terms of just in the near-ish term, our outlook for '23 and then just generally, what's driving our outlook. But what you saw in the letter, it kind of dates back, frankly.

是的。我可以從利潤率開始，我可以開始。這是一個解釋。但是，如果你喜歡，就近期而言，我們對 23 年的展望，然後一般來說，是什麼推動了我們的展望。但坦率地說，你在信中看到的內容可以追溯到很久以前。

If we walk back to where we were in the beginning of 2022, when we saw a slowing revenue growth, we said, "We're going to manage to operating margin of 19% to 20% FX neutral at those January 2022 rates." And we ended the year at 20%, so at the high end of that range. And now as we kind of turn the page to '23, first, I should say, with everything we talked about, we've got -- we're quite optimistic in terms of our path forward.

如果我們回到 2022 年初的狀態，當我們看到收入增長放緩時，我們說，“按照 2022 年 1 月的匯率，我們將設法實現 19% 至 20% 的外匯中性營業利潤率。”我們以 20% 結束了這一年，因此處於該範圍的高端。現在，當我們將頁面翻到 23 年時，首先，我應該說，根據我們所討論的一切，我們已經——我們對前進的道路非常樂觀。

I also just want to highlight there is also kind of short-term unusual amount of less visibility than typical because the things we're talking about in terms of our revenue initiatives, whether it's scaling our ad platform, launching paid sharing, which globally rolled out yet, these things are early days. And then also all multinationals have a level of macro uncertainty. So that's a bit of a caveat in terms of the variability in the forecast.

我還想強調的是，短期內可見度也比平常低一些，這是因為我們正在談論的關於我們的收入計劃的事情，無論是擴展我們的廣告平台，啟動付費共享，在全球範圍內推廣出來了，這些事情還處於早期階段。此外，所有跨國公司都存在一定程度的宏觀不確定性。因此，就預測的可變性而言，這是一個警告。

But what we see is we see with the -- our path to accelerating revenue growth and our high confidence there that as we turn forward to '23, we're guiding to now 21% to 22% FX-neutral operating margins at those same January 2022 rates. We're now in a new year, so we take it forward to January '23 to current rates, and that's a range of our operating margin guidance of 18% to 20%.

但我們看到的是我們看到的——我們加速收入增長的道路以及我們在那裡的高度信心，即當我們轉向 23 年時，我們正在指導現在 21% 到 22% 的外匯中性營業利潤率2022 年 1 月的利率。我們現在進入了新的一年，所以我們將它提前到 23 年 1 月，達到當前利率，這是我們 18% 到 20% 的營業利潤率指導範圍。

So now FX neutral for '23, we're going to manage within that band to deliver at least within 18% to 20% operating margin guide. So that is growing margins, growing absolute profit. And really what's reflected in there is that this -- we have high confidence in our ability to accelerate revenue throughout the course of the year as we scale ads and we launch paid sharing. We've got high confidence in improving the service and the strength of our content slate with everything that Ted discussed here on the call, and we're also continuing to manage our cost structure with increasing discipline. You saw that in the back half with our slowing expense growth, and we'll carry that through similarly in '23.

因此，現在 23 年的外匯中性，我們將在該範圍內進行管理，以至少在 18% 至 20% 的營業利潤率指南內提供。所以這就是利潤率的增長，絕對利潤的增長。真正反映出來的是，隨著我們擴大廣告規模和推出付費分享，我們對在全年加速收入的能力充滿信心。通過 Ted 在電話會議上討論的所有內容，我們對改善服務和我們內容的強度充滿信心，並且我們還將繼續通過越來越嚴格的紀律來管理我們的成本結構。你在後半部分看到我們的費用增長放緩，我們將在 23 年以類似的方式進行。

So that all lends itself to our focus, which is kind of healthy growing double-digit revenue growth and accelerating that revenue growth throughout the year, expanding our -- both our absolute profit and profit margin and then growing positive free cash flow. So that's all reflected again with the big caveat that there's a bit less visibility than typical in this near term. That's something we'll continue to work through. We'll obviously know a lot more over the next couple of quarters, a few quarters as we roll out paid sharing, and we'll update guidance as appropriate. But that's what plays through and then also plays through cash flow generation that you see, where we believe with all those dynamics and managing at about the same level of cash content spend that we'll have more than $3 billion, at least $3 billion of free cash flow in the year.

所以這一切都適合我們的重點，這是一種健康增長的兩位數收入增長，並在全年加速收入增長，擴大我們的絕對利潤和利潤率，然後增加正的自由現金流。因此，這一切再次反映出來，但需要注意的是，近期的能見度比典型情況要低一些。這是我們將繼續努力解決的問題。在接下來的幾個季度中，我們顯然會知道更多，在我們推出付費共享的幾個季度中，我們將酌情更新指南。但這就是你所看到的現金流產生所發揮的作用，我們相信，在所有這些動態和管理的現金內容支出水平大致相同的情況下，我們將擁有超過 30 億美元，至少 30 億美元年自由現金流。

Thank you, Spence, for that answer and, Jessica, for the last question on all your questions. And before I turn it over to Reed for closing remarks, I just want to say as a longtime Netflix employee, as formerly prior to that as an analyst covering Netflix for many years, Reed, it has been a real privilege to work alongside you. And on behalf of all Netflix employees, we thank you for everything you've done for us and the company over the past 25 years, and we're all super excited for the next chapter with you as our executive and Ted and Greg as our co-CEOs.

感謝 Spence 的回答，感謝 Jessica 關於你所有問題的最後一個問題。在我將其轉交給里德作結束語之前，我只想說，作為一名 Netflix 的長期員工，以及在此之前擔任 Netflix 多年的分析師，里德，與你一起工作是一種真正的榮幸。我們代表所有 Netflix 員工，感謝你們在過去 25 年里為我們和公司所做的一切，我們都為你們作為我們的高管以及泰德和格雷格作為我們的下一個篇章感到非常興奮聯合首席執行官。

So with that, over to you, Reed, to make some...

因此，里德，交給你做一些......

It's Spencer. I just -- because I can't just deal with this thing. I just want to thank Reed as well. This is not a goodbye, I know. But it's been fantastic. I couldn't have asked for a more incredible experience in the past 4 years with you as our leader, learned so much. across everything from work to humanity. And I'm so thrilled with the next chapter with Greg and Ted and you and so super excited. And thanks, Reed.

是斯賓塞。我只是——因為我不能只處理這件事。我也想感謝里德。這不是告別，我知道。但這太棒了。在過去的 4 年裡，我不能要求有比你更令人難以置信的經歷了，你作為我們的領導者，學到了很多東西。跨越從工作到人性的方方面面。我對 Greg 和 Ted 以及你的下一章感到非常興奮，非常興奮。謝謝，里德。

Reed, you might be muted.

里德，你可能被靜音了。

Thanks, you guys. It's certainly not goodbye. I'm heavily invested in Netflix' success. So there's been 83 earnings calls now, and I honestly have loved them. I love the interaction. But it's time for Greg and Ted and the team to lead, and I'll be in the prep sessions, but this will be my last earnings call on screen.

謝謝你們。這當然不是再見。我為 Netflix 的成功投入了大量資金。所以現在已經有 83 次財報電話會議，老實說，我很喜歡他們。我喜歡互動。但現在是格雷格和泰德以及團隊領導的時候了，我將參加準備會議，但這將是我最後一次在屏幕上進行財報電話會議。

Overall, I would say our first 25 years were good, and I'm super excited about Netflix's next 25 years being great under our broadened leadership team. Pleasing our shareholders and members is so satisfying, and I just want to thank all of you for your support and look forward to continued more progress. Thank you, everyone.

總的來說，我會說我們的前 25 年很好，我對 Netflix 在我們擴大的領導團隊的領導下的未來 25 年感到非常興奮。取悅我們的股東和成員是如此令人滿意，我只想感謝你們所有人的支持，並期待繼續取得更大的進步。謝謝大家。