Netflix Inc (NFLX) 2023 Q2 法說會逐字稿

Hello, and welcome to the Netflix Q2 2023 Earnings Interview. I'm Spencer Wang, VP of Finance, IR and Corporate Development.

您好，歡迎收看 Netflix 2023 年第二季度收益採訪。我是 Spencer Wang，財務、投資者關係和企業發展副總裁。

Joining me today are Co-CEOs, Ted Sarandos and Greg Peters; and CFO, Spence Neumann. Our interviewer this quarter is Jessica Reif Ehrlich from Bank of America. As a reminder, we'll be making forward-looking statements, and actual results may vary.

今天加入我的還有聯合首席執行官 Ted Sarandos 和 Greg Peters；和首席財務官斯賓塞·諾伊曼。本季度我們的採訪者是來自美國銀行的 Jessica Reif Ehrlich。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。

Jessica, I'll now turn over the call to you for your first question.

傑西卡，我現在將電話轉給你回答你的第一個問題。

Well, let's start with the topic du jour, the -- not one, but two strikes. Can you give us your views of how this affects your business on a practical basis? How far out does your original content take you? And how much of the content spend do you think gets pushed from '23 -- from this year into next year?

好吧，讓我們從今天的話題開始——不是一次，而是兩次罷工。您能否向我們介紹一下這對您的業務有何實際影響？您的原創內容能帶您走多遠？您認為從 23 年到明年，有多少內容支出會被推遲？

Thanks, Jessica. Good afternoon, and thanks for the questions. Let me start by making something absolutely clear. These strikes -- this strike is not an outcome that we wanted. We make deals all the time. We are constantly at the table negotiating with writers, with directors, with actors and producers, with everyone across the industry and we very much hope to reach an agreement by now.

謝謝，傑西卡。下午好，感謝您的提問。讓我首先明確一些事情。這些罷工——這次罷工不是我們想要的結果。我們一直在做交易。我們一直在與編劇、導演、演員和製片人以及整個行業的每個人進行談判，我們非常希望現在能夠達成協議。

So I also want to say, if I may, on a personal level, I was raised in a union household. My dad was a member of IBEW Local 640. He was a local -- he was a union electrician. And I remember his local because that union was very much a part of our lives when I was growing up.

所以我還想說，如果可以的話，就我個人而言，我是在一個工會家庭中長大的。我父親是 IBEW Local 640 的成員。他是當地人——他是一名工會電工。我記得他的地方，因為在我成長的過程中，那個工會是我們生活的一部分。

And I also remember, on more than one occasion, my dad being out on strike. And I remember that because it takes an enormous [toll] on your family financially and emotionally. So you should know that nobody here, nobody within AMP TP and I'm sure nobody at SAG or nobody at the WGA took any of this lightly.

我還記得，我父親不止一次參加過罷工。我記得這一點，因為這對你的家庭在經濟上和情感上造成了巨大的[損失]。所以你應該知道，這裡沒有人，AMP TP 內部沒有人，我確信 SAG 或 WGA 沒有人對這件事掉以輕心。

But we've got a lot of work to do. There are a handful of complicated issues. We're super committed to getting to an agreement as soon as possible, one that's equitable and one that enables the industry and everybody in it to move forward into the future.

但我們還有很多工作要做。有一些複雜的問題。我們非常致力於盡快達成一項協議，一份公平的協議，讓行業和行業中的每個人都能邁向未來。

And in terms of like content, how much original content do you have? Do you run out? Like at a certain point in time, you probably will.

就類似內容而言，您有多少原創內容？你用完了嗎？就像在某個特定的時間點，你可能會的。

Well, look, we've put some of our upcoming content in the letter. We've said in the last call, we produced heavily across all kinds of content, TV, film, unscripted, scripted, local, domestic, English, non-English, all those things. And they're all true. But that's beside the point. The real point is we need to get to -- this strike to a conclusion so that we can all move forward.

好吧，看，我們已經在信中放入了一些即將發布的內容。我們在上次電話會議中說過，我們大量製作了各種內容，電視、電影、無劇本、有劇本、本地、國內、英語、非英語，所有這些內容。它們都是真的。但這不是重點。真正的重點是我們需要讓這次罷工結束，這樣我們才能繼續前進。

Absolutely. So let's move on to password sharing which is something everyone on the call wants to hear about. Could you just give us kind of like state of the union? What progress have you made to date? And when will the rollout be complete?

絕對地。那麼，讓我們繼續討論密碼共享，這是通話中每個人都想听到的內容。您能給我們介紹一下國情咨文嗎？迄今為止您取得了哪些進展？推出何時完成？

Yes, Jessica. So we've worked really hard iteratively over many months and really even over 1.5 years to find an approach that we thought was a good product experience for most consumers that gave them the information that they needed to make clear decisions that included features that they wanted. So think about transferring our profile and your viewing history to a new account, easy ways to manage your devices and account access, being able to purchase that extra membership for a loved one.

是的，傑西卡。因此，我們經過數月甚至超過 1.5 年的反复努力，找到了一種我們認為對大多數消費者來說是良好產品體驗的方法，為他們提供了做出明確決策所需的信息，其中包括他們想要的功能。因此，請考慮將我們的個人資料和您的觀看歷史記錄轉移到新帳戶，管理您的設備和帳戶訪問的簡單方法，以及能夠為親人購買額外的會員資格。

So we've done a good job at building those features, we think, but also in a way that balances those user considerations with making sure that Netflix was able to get reasonably paid when we delivered entertainment to someone so then, of course, we could invest that into making the service better for everyone.

因此，我們認為，我們在構建這些功能方面做得很好，但同時也平衡了這些用戶考慮因素，確保當我們向某人提供娛樂時 Netflix 能夠獲得合理的報酬，所以，當然，我們可以將其投資於為每個人提供更好的服務。

As of today, we've now launched that experience in almost all the countries that we operate in, and we're seeing that it's working. We're positive in terms of both revenue and subscribers relative to prelaunch in all of our regions. But I also think it's important to note that the business impacts of that product experience will roll in over several quarters.

截至今天，我們已經在我們開展業務的幾乎所有國家/地區推出了這種體驗，並且我們看到它正在發揮作用。相對於我們所有地區的預發布而言，我們在收入和訂閱者方面都持樂觀態度。但我還認為值得注意的是，該產品體驗的業務影響將在幾個季度內顯現出來。

So it's not an overnight kind of thing because, in part, the interventions are applied gradually and, in part, because some borrowers won't immediately sign up for their own account but will do so next month or 3 months or 6 months or maybe even longer down the line as we launch a title that they're particularly interested in. So we're live in the vast majority of countries, in over 90% of countries by revenue, and we're going to continue to iterate and execute that model.

因此，這不是一朝一夕的事情，部分原因是乾預措施是逐步實施的，部分原因是一些借款人不會立即註冊自己的賬戶，而是會在下個月、3 個月、6 個月或可能的時間註冊。甚至更長的時間，因為我們推出了他們特別感興趣的遊戲。因此，我們在絕大多數國家/地區開展業務，按收入計算，我們在超過 90% 的國家/地區開展業務，我們將繼續迭代和執行那個型號。

Is there a way to think about segments of borrowers who have yet to convert? I mean it feels like there's another wave coming or maybe several waves, maybe college students who are home for the summer and will go back in August or September. I don't know that mobile devices have been shut off yet. Anecdotally, many people who are not on mobile devices have said they haven't been cut off yet. So can you help us think through that?

有沒有辦法考慮尚未轉換的借款人群體？我的意思是，感覺好像又一波浪潮即將到來，或者可能是幾波浪潮，也許是回家過暑假的大學生，將在八月或九月返回。我不知道移動設備已經被關閉了。有趣的是，許多不使用移動設備的人表示他們還沒有被切斷。那麼你能幫助我們思考一下嗎？

Yes. So there's components of it that are essentially what you described, where whether it's because there's behaviors or because how we've organized the product experience, how those roll out, they'll happen over time. And so we'll see those interventions broaden to more of those cohorts over a period of time. So that's one sort of component of phasing it out.

是的。因此，它的某些組成部分本質上就是您所描述的，無論是因為存在行為，還是因為我們如何組織產品體驗，如何推出這些體驗，它們都會隨著時間的推移而發生。因此，我們將在一段時間內看到這些干預措施擴大到更多的人群。所以這是逐步淘汰它的一種組成部分。

The other component is that we see differential engagement across that borrower population. So there are some borrowers who are using it -- the service every day. And those folks are very likely to transfer to their own accounts very soon. And then some folks are less engaged. And it's going to take us a little bit longer to convince them to move over with great stories, great TV shows and films.

另一個組成部分是我們看到借款人群體的參與度存在差異。所以有些借款人每天都在使用這項服務。這些人很可能很快就會轉入自己的賬戶。然後有些人就不太參與了。我們需要更長的時間才能用精彩的故事、精彩的電視節目和電影來說服他們搬走。

So that's -- both of those effects essentially are what distributes the business impact from this product experience. So that's why I would think about it as we're seeing effects right now, but we'll also see those effects over the next many quarters.

這就是——這兩種影響本質上是分配該產品體驗的業務影響的因素。這就是為什麼我會考慮這個問題，因為我們現在看到了影響，但我們也將在接下來的幾個季度看到這些影響。

Can you provide any color on the results? Like what percent have converted to paying what plan? Like how many much members versus subscribers? Your subscriber numbers were great this quarter, but there are also add-ons to households. So can you help us think through? And what kind of -- did people change plans?

你能提供結果的任何顏色嗎？比如有多少百分比已轉換為支付什麼計劃？比如會員數量與訂戶數量之比？本季度您的訂戶數量非常多，但也有家庭的附加服務。那你能幫我們想一下嗎？人們改變了什麼樣的計劃？

Yes. I would say, generally, what we see is these are well-qualified members. So in other words, they are choosing plans and are engaging at rates, have retention characteristics that generally look like higher tenure members, that's good because they are well qualified, that retention is quite good in essence. So that's a broad way to think about what those borrower cohorts are. And that's consistent also with the fact that we'll convert essentially those most engaged, most well-qualified borrowers first. That's a general way to think about it. And then beyond that, I won't comment on more specific numbers.

是的。我想說，總的來說，我們看到的是這些都是合格的成員。換句話說，他們正在選擇計劃並按比例參與，具有通常看起來像高級終身會員的保留特徵，這很好，因為他們非常合格，保留本質上是相當好的。因此，這是一種思考借款人群體的廣泛方式。這也與我們將首先轉換那些最積極、最合格的借款人這一事實相一致。這是一般的思考方式。除此之外，我不會評論更具體的數字。

Well, maybe -- but if you can help us think through like in UCAN, how much of the ARM growth is a function of add-on members to existing accounts versus new subs signing up to higher-priced plans? And it sounds like from your letter that ARM will accelerate in the second half as you get further along in password sharings. Is that correct?

嗯，也許吧，但如果你能幫助我們像 UCAN 一樣思考一下，ARM 的增長有多少是現有帳戶的附加成員與簽署更高價格計劃的新訂閱者的函數？從你的信中可以看出，隨著你在密碼共享方面取得進一步進展，ARM 將在下半年加速。那是對的嗎？

Yes, Spence, did you want to take this one up?

是的，斯賓塞，你想接受這個嗎？

Yes. Maybe just broadly thinking about our kind of revenue in Q2 and going forward. Jessica, the key is that we delivered revenue in line in Q2 with our expectations, and we're on track to accelerate that revenue in Q3 and further accelerate it in Q4. And that's really our primary objective around revenue acceleration, and we're set to deliver on it.

是的。也許只是廣泛地思考我們第二季度和未來的收入。傑西卡，關鍵是我們在第二季度的收入符合我們的預期，並且我們有望在第三季度加速該收入，並在第四季度進一步加速。這確實是我們圍繞收入加速的主要目標，我們將實現這一目標。

But if we step back on thinking about our revenue growth and components overall or within a given region, it's driven by a combination of pricing, volume and new revenue streams like ads. So if we think about each one of those, so we're now more than a year out from any price adjustments in our big revenue countries.

但如果我們退一步思考整體或特定區域內的收入增長和組成部分，就會發現它是由定價、銷量和廣告等新收入流共同推動的。因此，如果我們考慮其中的每一個，那麼我們的收入大國現在距離任何價格調整還有一年多的時間。

We largely pause them during paid sharing rollout and so that's to be expected. For ads, that new revenue stream, we've expected a gradual revenue build, and so that's not expected to be a big contributor this year so continues to be on target.

我們在付費共享推出期間基本上暫停了它們，所以這是可以預料的。對於廣告這一新的收入來源，我們預計收入將逐步增加，因此預計今年不會成為主要收入來源，因此將繼續實現目標。

So most of our revenue growth this year is from growth in volume through new paid memberships, and that's largely driven by our paid sharing rollout. It is our primary revenue accelerator in the year and we expect that impact, as Greg said, to build over several quarters. So that's what we're seeing in each of our regions and in UCAN. So UCAN is a little bit more benefit from ads per se because it's a bigger advertising market, but still very, very small overall because it's still nascent to the business.

因此，我們今年的收入增長大部分來自新付費會員數量的增長，而這在很大程度上是由我們的付費共享推出推動的。這是我們今年主要的收入加速器，正如格雷格所說，我們預計這種影響將在幾個季度內形成。這就是我們在每個地區和 UCAN 中看到的情況。因此，UCAN 從廣告本身中獲益更多，因為它是一個更大的廣告市場，但總體而言仍然非常非常小，因為它對於這項業務來說仍處於新生階段。

But there's another surprise that you had this in the last couple of weeks, which seems like it could also be a very positive driver to ARM, and that is that you dropped the basic plan in Canada several weeks ago, and you just announced that in the U.S. and U.K.

但還有一個令人驚訝的事情是，你在過去的幾周里做到了這一點，這似乎也可能對 ARM 產生非常積極的推動作用，那就是你幾週前放棄了加拿大的基本計劃，並且你剛剛宣佈在美國和英國

So I guess a couple of questions here. Are there any plans for the rest of the world? And has it so far -- from your experience in Canada, has it driven the response that you hoped for? Is the response that you -- more people go to the advertising tier?

所以我想這裡有幾個問題。對於世界其他地區有什麼計劃嗎？到目前為止——根據您在加拿大的經歷，它是否引起了您所希望的反應？您的反應是——更多的人進入了廣告層？

And then I guess one other final part of this question is that it's an obvious positive for ARPU. I mean it feels like the impact is like $5 or more per month. When this is fully rolled out over 3 years or so -- like over what period of time do you think this will have the most impact?

我想這個問題的最後一部分是，這對 ARPU 來說是一個明顯的積極影響。我的意思是，感覺每月的影響大約是 5 美元或更多。當這項技術在三年左右的時間裡全面推出時——您認為這在什麼時期內會產生最大的影響？

Sure. We think of this as a continuation of what we've generally done for a long period of time. which is think about how do we optimize the plan structure, the pricing, the features that we have with really 2 goals in mind. One goal is we want to give consumers access across a wide range of price points so that more people around the world can enjoy the great stories that Bela's team is doing.

當然。我們認為這是我們長期以來所做的事情的延續。這是考慮我們如何優化計劃結構、定價和我們擁有的功能，實際上有兩個目標。我們的目標之一是讓消費者能夠接觸到各種價位的產品，以便世界各地更多的人能夠欣賞 Bela 團隊正在製作的精彩故事。

That means the appropriate spread of prices and the appropriate corresponding futures, including ads, no ads, video quality, number of simultaneous streams. And we'll seek to actually add to that list of features over a period of time.

這意味著適當的價格差和適當的相應期貨，包括廣告、無廣告、視頻質量、同時流的數量。我們將在一段時間內尋求實際添加到該功能列表中。

And the second big goal that we've got and think about this as optimizing long-term revenue, and that includes a bunch of factors that you might expect. It's sign-up conversion, it's plan take rate, engagement, retention. And just as we evolve from a single plan years ago, and have adjusted our offering over time, this latest move reflects what we think will best achieve those goals in the countries that we launched it in, U.S., U.K. and Canada.

我們的第二個大目標是優化長期收入，其中包括許多您可能期望的因素。它是註冊轉化率、計劃採用率、參與度、保留率。正如我們從幾年前的單一計劃發展而來，並隨著時間的推移調整我們的產品一樣，這一最新舉措反映了我們認為最能在我們推出該計劃的國家（美國、英國和加拿大）實現這些目標的舉措。

And I think it's also important to note that from that perspective, accessibility and affordability, we think the entry prices that we have right now in those countries, so $6.99 in the United States, GBP 4.99 in the U.K. and CAD 5.99 in Canada represent an amazing entertainment value, and those are attracting a healthy share of sign-ups.

我認為還需要注意的是，從可及性和可承受性的角度來看，我們認為這些國家目前的入門價格，因此美國的 6.99 美元、英國的 4.99 英鎊和加拿大的 5.99 加元代表了令人驚嘆的娛樂價值，吸引了大量的註冊用戶。

So in terms of the specific effects that you're talking about, it's pretty much what you would expect, which is when we drop that basic tier, folks that would have signed up for that tier essentially sort into 2 tiers. They either take the ads plan, which is that really low attractive entry-level price or they move into the standard plan. And so we see that sorting.

因此，就您所談論的具體效果而言，這幾乎是您所期望的，即當我們放棄該基本層時，本來會註冊該層的人基本上分為兩層。他們要么採用廣告計劃，這是非常低有吸引力的入門級價格，要么轉向標準計劃。所以我們看到了這種排序。

In terms of what we would expect, I mean we are rolling this out in an iterative fashion across countries, and that allows us to understand the impacts and not be surprised. So I think things are generally going as we expect in that regard.

就我們的期望而言，我的意思是我們正在各國以迭代的方式推出這一點，這使我們能夠了解其影響並且不會感到驚訝。所以我認為在這方面事情總體上正如我們預期的那樣進行。

So one last question and then I'll move on to advertising. But for your new members or new subs from the password sharing, are there any noticeable differences in churn?

最後一個問題，然後我將繼續討論廣告。但是對於您的新成員或密碼共享的新訂閱者來說，流失率是否有任何明顯的差異？

Well, I would say, as I mentioned before, the way to think about these, the way that we're seeing them in terms of the members that are signing up, borrowers are spinning off right now, I would characterize them as well qualified. They are folks that have watched Netflix for a long period of time. They know how Netflix works, so they're behaving in terms of retention characteristics, churn characteristics like more higher tenure subscribers, which is good. That means better retention.

好吧，我想說，正如我之前提到的，思考這些問題的方式，我們從正在簽約的成員、借款人現在正在剝離的角度看待它們的方式，我認為他們也是合格的。他們是長期觀看 Netflix 的人。他們知道 Netflix 是如何運作的，所以他們在保留特徵、流失特徵方面表現得很好，比如更多的高級訂閱用戶，這很好。這意味著更好的保留。

And Jessica, maybe just a number of the questions you were asking is kind of getting in a little bit of -- I think you mentioned ARPU and we call it ARM or average revenue per member, but what are we kind of seeing in the numbers and how does that play out with -- as you think about the move out of the basic ad-free tier as you mentioned in Canada and a couple of other countries as of today and also as we build our ads.

傑西卡，也許你問的一些問題有點涉及 - 我想你提到了 ARPU，我們稱之為 ARM 或每個會員的平均收入，但我們在數字中看到了什麼當您考慮從今天起在加拿大和其他幾個國家/地區以及我們製作廣告時所提到的基本無廣告層的轉變時，這將如何發揮作用。

So maybe if I can just for a second talk that through because it can get a little complicated. But if you think about the drivers of average revenue per member, starting with the revenue drivers that we spoke about a moment ago, you can see our FX-neutral ARM is -- it was down 1% FX neutral in Q2 and we expect similar in Q3, flat to slightly down. That's mostly due to the limited price adjustments we mentioned over the past year in our big revenue markets in advance of rolling out paid sharing.

所以也許我可以再談談這個問題，因為它可能會變得有點複雜。但如果你考慮一下每個會員平均收入的驅動因素，從我們剛才談到的收入驅動因素開始，你可以看到我們的外匯中性 ARM 在第二季度下降了 1% 的外匯中性，我們預計類似第三季度持平或略有下降。這主要是由於我們在過去一年中提到的在推出付費共享之前在我們的大收入市場中進行了有限的價格調整。

There's also some -- at play here, some movement in plan and country mix shift over time. Most of our member growth over the past year has been outside of UCAN, so in lower ARM countries. So that plays into the arm trends.

還有一些因素在這裡發揮作用，計劃和國家組合的一些變化隨著時間的推移而發生變化。過去一年我們的會員增長大部分來自 UCAN 以外的地區，即 ARM 較低的國家/地區。這符合手臂趨勢。

But importantly, over time and over the medium to longer term, we expect ARM will benefit from price adjustments. I mean we haven't changed our long-term pricing philosophy and it will benefit from ads and the extra members that you mentioned. It's just that both of those are early.

但重要的是，隨著時間的推移和中長期來看，我們預計 ARM 將受益於價格調整。我的意思是，我們沒有改變我們的長期定價理念，它將受益於廣告和你提到的額外會員。只是這兩個都還早。

We're still only a small percentage of our members are on the ads tier even with the moves we just mentioned, nice growth in the ads tier but still off a small base. And we're really early in terms of paid sharing impacts, including extra member, for the reasons that Greg mentioned, that's going to build up over multiple quarters. And as they do, we'll see all of that demonstrating itself in growth in ARM over time, we would expect.

即使採取了我們剛才提到的舉措，我們的會員中仍然只有一小部分處於廣告層，廣告層的增長不錯，但基數仍然很小。就付費共享影響（包括額外會員）而言，我們確實處於早期階段，正如格雷格提到的，這將在多個季度內不斷累積。正如我們所期望的那樣，隨著時間的推移，我們將看到所有這些都在 ARM 的增長中得到體現。

Moving on to advertising. Could you give some color on some of the innovative or nontraditional offerings that you have? I mean one of the things you talked about in the upfront was like offering advertisers the ability to go into the top 10, which is -- provides an incredible reach, that guaranteed reach really every -- all the time. Just talk through some of the ways because you're thinking in ways that are very different from traditional media.

繼續做廣告。您能否介紹一下您擁有的一些創新或非傳統產品？我的意思是，您在前面談到的一件事是為廣告商提供進入前十名的能力，即提供令人難以置信的覆蓋範圍，保證每次都能覆蓋。只是談論一些方式，因為你的思考方式與傳統媒體非常不同。

Yes. I think stepping back, it's useful to start with we've got a lot of work to grow this business and the first priority that we're focused on is scale. We know that reach is one of the predominant considerations that advertisers have when they think about where to go to spend their dollars. We want to be in that top list.

是的。我認為退一步來說，首先我們有很多工作來發展這項業務，而我們關注的首要任務是規模。我們知道，當廣告商考慮將資金花在哪裡時，覆蓋範圍是主要考慮因素之一。我們希望進入該排行榜。

We grew ads plan membership almost 100% quarter-to-quarter. So that's good growth. That's a good trajectory. As Spence mentioned, we want to continue that. So that's job #1.

我們的廣告計劃會員數量每季度增長幾乎 100%。所以這是良好的增長。這是一個很好的軌跡。正如斯賓塞所說，我們希望繼續這樣做。這就是工作#1。

Job #2 is we've got a really solid list of advertiser-facing features that are not in that innovation category that are really more following a well-trodden path. We're rolling those out. These are things like verification, they're measurement, they're targeting. I'd actually include in that bucket building out our go-to-market and sales capabilities in every country so that we can serve more advertisers and serve them more effectively.

第 2 項工作是我們有一個非常可靠的面向廣告商的功能列表，這些功能不屬於創新類別，但實際上更多的是遵循人們常走的道路。我們正在推出這些。這些是諸如驗證之類的東西，它們是測量，它們是目標。實際上，我會在每個國家/地區建立我們的上市和銷售能力，以便我們能夠為更多的廣告商提供服務並更有效地為他們服務。

So there's a bunch of very straightforward work. These follow in this well-established path. We just need to do the work. We know we can do it, so it's heads down and execute.

所以有很多非常簡單的工作。這些都遵循這條既定的道路。我們只需要做好工作即可。我們知道我們能做到，所以我們會低頭執行。

And then we get to a little bit what you're talking about, which is an opportunity over time to really think about our offering, both in terms of unique capabilities that we can deliver that blend TV with properties of digital advertising and also work at the interface of the user experience and the ads experiencing.

然後我們會了解一下您正在談論的內容，這是一個隨著時間的推移真正考慮我們的產品的機會，無論是在我們可以提供將電視與數字廣告特性相結合的獨特功能方面，還是在用戶體驗和廣告體驗的界面。

And that really leverages the core capabilities that we've used for a long, long period of time of UX testing, iterative development, data-driven personalization to establish over time, a leadership position in defining what is the premium ads experience on CTV.

這真正利用了我們長期以來使用的用戶體驗測試、迭代開發、數據驅動的個性化的核心功能，隨著時間的推移，我們在定義 CTV 優質廣告體驗方面建立了領導地位。

You can see glimpses of that right now. You mentioned top 10. I think that, that is a creative way to think about how we give advertisers a different way to have essentially a guaranteed participation in the most popular shows, most popular films at any given moment on Netflix. So that's exciting.

你現在就可以看到這一點。您提到了前 10 名。我認為，這是一種創造性的方式來思考我們如何為廣告商提供一種不同的方式，以保證在任何特定時刻都能參與 Netflix 上最受歡迎的節目、最受歡迎的電影。所以這很令人興奮。

But there's just tons of work ahead of us, tons of opportunity, and we're really focused on continual improvement. And we're also confident that all the fundamentals are there and that we can build over those several years a material ads business.

但我們面前還有大量的工作、大量的機會，我們真正專注於持續改進。我們也相信所有的基本面都已具備，並且我們可以在這幾年內建立一個實質性的廣告業務。

Has there been any change to advertising ARM since last quarter when you said advertising ARM was at least as high as the standard tier, indicating that advertising-only part of it was $8.50 or more?

自上個季度以來，廣告 ARM 是否有任何變化，當時您說廣告 ARM 至少與標準層一樣高，表明其中僅廣告部分為 8.50 美元或更多？

I can take it if you want, Greg. It's no change. Our overall ads arm continues to be higher than basic ad free globally, same as statement on standard in terms of standard where the ads higher -- higher than standard ad free in the U.S.

如果你願意的話我可以接受，格雷格。這沒什麼變化。我們的整體廣告部門繼續高於全球基本無廣告標準，與廣告標準方面的標準聲明相同，高於美國的無廣告標準。

And so generally, we're just -- we're pleased with our per member ad economics and continue to feel really good about the opportunity to grow the ads plan, the ads offering, good for members, good for our business. But as Greg said, we just got -- we've got a lot of work to do to get from here to where it can be, we believe, over time, which is a material additional incremental revenue and margin driver for the business.

總的來說，我們對每位會員的廣告經濟效益感到滿意，並繼續對擴大廣告計劃和廣告服務的機會感到非常滿意，這對會員和我們的業務都有好處。但正如格雷格所說，我們還有很多工作要做，我們相信，隨著時間的推移，我們還有很多工作要做，才能從現在達到目標，這對業務來說是一個實質性的額外增量收入和利潤驅動力。

Can you tell us about your initial upfront advertising performance? I mean, you seem to have everything advertisers are looking for. But this is a really tepid overall advertising environment. So is there anything you can say about how -- what the reaction has been?

您能告訴我們您最初的前期廣告表現嗎？我的意思是，您似乎擁有廣告商正在尋找的一切。但這是一個整體廣告環境確實不溫不火的情況。那麼您能說一下大家的反應嗎？

Yes, sure. It's -- first of all, it's great to be able to have an opportunity to meet with so many advertisers in a concentrated period and hear what they need from us. And so that's helpful to synthesize what are our top requirements and how can we better support those advertisers.

是的，當然。首先，很高興能夠有機會在集中時間與如此多的廣告商會面，並聽到他們對我們的需求。因此，這有助於綜合我們的首要要求以及我們如何更好地支持這些廣告商。

I think you're absolutely right that the general market is soft. We're seeing that across multiple different companies. But we benefit right now from being relatively small. So there's scarcity around our inventory. So I think we're able to manage that process effectively, and we're seeing good demand and good progress on the upfront within that sort of broader soft market.

我認為你說的總體市場疲軟是完全正確的。我們在多家不同的公司都看到了這一點。但我們現在受益於規模相對較小。所以我們的庫存很稀缺。因此，我認為我們能夠有效地管理該流程，並且我們在更廣泛的軟市場中看到了良好的需求和良好的前期進展。

But our job really now is to add as quickly as we can advertiser features that meet their needs so that we can make that -- our offering more attractive as we scale that inventory up.

但我們現在的工作實際上是盡快添加滿足廣告客戶需求的功能，以便我們能夠在擴大庫存的同時，使我們的產品更具吸引力。

What tools and how much time do you need to like invest to build your own ad-tech infrastructure?

您需要投資哪些工具和多少時間來構建自己的廣告技術基礎設施？

Well, I would say we're -- it's a gradual ramp, but if you're looking for a specific number, we have tens of engineers working on this at this point in time. They're delivering features on a consistent basis. Microsoft has even more than that, that are delivering features on a consistent basis. And we're working in collaboration essentially in a priority order when we see back to that what are advertisers telling us they need. We're just sort of knocking these down one after another.

嗯，我想說的是，這是一個漸進的過程，但如果你正在尋找一個具體的數字，我們目前有數十名工程師正在研究這個問題。他們在一致的基礎上提供功能。微軟的功能還不止於此，它還在一致的基礎上提供功能。當我們回顧廣告商告訴我們他們需要什麼時，我們基本上是按照優先順序進行合作的。我們只是一個接一個地把它們擊倒。

But is there like a time period? Like in order to achieve scale, is this like a 3-year plan before you feel like you really have all the tech capabilities in place?

但有一個時間段嗎？就像為了實現規模化一樣，這是否像是一個三年計劃，然後你才會覺得自己真正擁有了所有的技術能力？

Yes, both scale in terms of reach, and the tech capabilities in terms of features aren't sort of a binary condition. It's not like you have it -- you don't have it one day and then you suddenly have it the next day. So I would say we're just constantly iterating and walking up both of those hills.

是的，兩者在覆蓋範圍方面都有規模，而在功能方面的技術能力並不是二元條件。這並不像你擁有它——你某一天沒有它，然後第二天你突然有了它。所以我想說我們只是不斷迭代並爬上這兩座山。

So scale, I'm pretty impressed with being able to get to 100% quarter-to-quarter growth. So that's a good trajectory that feel like puts us in a good place, and that will be better and better every year essentially.

就規模而言，我對能夠實現 100% 的季度增長印象非常深刻。所以這是一個很好的軌跡，感覺讓我們處於一個好的位置，而且基本上每年都會變得越來越好。

And then the technical features, again, we've got a long list, and it's not as if one day we're magically done. But continued progress on what we're doing right now, allows us to sort of move from building the basics into that sort of innovative space that you mentioned before.

然後是技術功能，我們有一個很長的清單，但並不是有一天我們就神奇地完成了。但我們現在正在做的事情的持續進展，使我們能夠從構建基礎轉向您之前提到的那種創新空間。

Spence, this one maybe for you, but -- what's your vision for the advertising contribution? You've said in the past that you'd like it to be 10% of revenue. But given the decline of linear, are you rethinking this so that it would be a higher percent?

斯賓塞，這也許適合你，但是——你對廣告貢獻的願景是什麼？您過去曾說過希望佔收入的 10%。但考慮到線性的下降，您是否正在重新考慮這一點，以便其百分比更高？

Well, I think we've got a long way to go from where we are today to even getting to 10%, Jessica. So I just -- we don't want to get ahead of our skis, if you will. We've got a lot of blocking and tackling to do. We believe it can be a meaningful part of our business. So when we say 10%, it's in part because we wouldn't spend all this effort, time and energy resource allocation, senior management focus of Greg and Ted and others if we didn't think it could be at least 10% of revenue. So I would say that's something that is a bar we're shooting for hoping to meet or beat over time.

嗯，我認為從今天的水平到達到 10%，我們還有很長的路要走，傑西卡。所以我只是——如果你願意的話，我們不想超越我們的滑雪板。我們有很多阻擋和鏟斷要做。我們相信它可以成為我們業務中有意義的一部分。因此，當我們說 10% 時，部分原因是，如果我們不認為它至少佔收入的 10%，我們就不會花費所有的精力、時間和精力資源分配、格雷格和特德等高級管理人員的關注。所以我想說，這是我們正在拍攝的一個目標，希望隨著時間的推移能夠達到或超越。

But -- and as you say, there's a lot of branded TV ad dollars that are -- that we set our sights on over time because we think we're a great ecosystem and environment to collect that demand, but we have to prove it out over time. So not ready to kind of increase our long-term projections from one we haven't even really come close to getting to yet, Jessica, so give us a little time, I guess, is what I would ask.

但是，正如你所說，隨著時間的推移，我們會瞄準大量的品牌電視廣告收入，因為我們認為我們是一個很好的生態系統和環境來收集這種需求，但我們必須證明這一點隨著時間的推移。因此，傑西卡，我們還沒有準備好增加我們的長期預測，所以我想，請給我們一點時間。

Sure. But maybe to follow up on what you just said, like where do you think the pool of ad dollars will come from over time? Like why would it -- given that all of the capabilities that Greg just talked about, why would it be limited to linear because you're going to have such extraordinary capabilities, like shouldn't the pool be linear and digital?

當然。但也許是為了跟進你剛才所說的，比如你認為隨著時間的推移，廣告資金池將來自哪裡？就像為什麼會這樣——考慮到格雷格剛才談到的所有功能，為什麼它會僅限於線性，因為你將擁有如此非凡的功能，就像池不應該是線性和數字的嗎？

Yes. And it should be, but well, I'll let Greg speak to it.

是的。應該是這樣，但是好吧，我會讓格雷格來談談。

I think it's fair to say that over a period of time, we anticipate pulling both linear and digital dollars. But where we are today, we're much more targeted at that linear brand-focused TV advertising. And that's a sweet spot that we can speak to right now. We're definitely building capabilities and have an aspiration to build capabilities that over time will allow us to expand that envelope.

我認為可以公平地說，在一段時間內，我們預計會拉動線性美元和數字美元。但我們今天所處的位置，我們更多地針對以品牌為中心的線性電視廣告。這是我們現在可以討論的一個最佳點。我們確實正在建設能力，並且渴望建設能力，隨著時間的推移，我們將能夠擴大這一範圍。

But again, we -- prize #1 first is to go after that brand advertising. There's a lot of dollars there. There's a lot of dollars looking for great consumers to connect with, and we think we can provide that solution.

但同樣，我們的第一要務是追求品牌廣告。那裡有很多美元。有很多資金正在尋找可以聯繫的優秀消費者，我們認為我們可以提供該解決方案。

Jessica, it's really over time to be a better than TV model. And so it starts with that, but it's blending the two together and capturing both brand and digital dollars over time.

傑西卡，隨著時間的推移，成為一個比電視模特更好的人確實是需要時間的。因此，它從這裡開始，但它正在將兩者融合在一起，並隨著時間的推移捕獲品牌和數字美元。

One last question on this, and then I'll move on. But has engagement changed in the past quarter or so? Are there any noticeable differences between the tiers?

關於這一點的最後一個問題，然後我將繼續。但在過去的一個季度左右，參與度是否發生了變化？各層之間是否存在明顯差異？

Well, there's generally some differences across the tiers that you might expect, more qualified, more engagement generally means, as a broad statement, higher tier participation, but we haven't seen a change over time if that's specifically what we're getting to. So we're seeing good engagement across all of our tiers, good engagements across our ads plan as well.

好吧，正如您所期望的那樣，各個級別之間通常存在一些差異，從廣義上講，更合格、更多參與通常意味著更高級別的參與，但如果這就是我們具體要實現的目標，那麼隨著時間的推移，我們還沒有看到任何變化。因此，我們在所有層級中都看到了良好的參與度，在我們的廣告計劃中也看到了良好的參與度。

I don't know, Ted, if you -- I don't know if I cut you off on...

我不知道，特德，如果你——我不知道我是否打斷了你的話……

Yes. No, the thing to keep in mind is that as streaming continues to grow. So it's 37% of TV time now in the U.S. And then we continue to grow our share of streaming in that growing space, even though it's very, very competitive. Probably best evidence is for nearly every week of this year we've had the #1 show and the #1 film on streaming, which is -- so that creates an enormous amount of, to your point, Jessica, of possibilities, but all dependent on building those capabilities.

是的。不，要記住的是，隨著流媒體的不斷增長。因此，現在美國的電視時間佔 37%。然後，我們在這個不斷增長的領域中繼續增加流媒體份額，儘管競爭非常非常激烈。也許最好的證據是，今年我們幾乎每週都會在流媒體上播放排名第一的節目和排名第一的電影，因此，就傑西卡你的觀點而言，這創造了大量的可能性，但所有這些取決於這些能力的建設。

So as we put those things together, there's an enormous opportunity as eyeballs increasingly move to streaming. And they -- or by the way, they're moving to streaming because this is where the consumer demand is running. This isn't like we've invented something and we're dragging them in.

因此，當我們將這些東西放在一起時，隨著眼球越來越多地轉向流媒體，就會出現巨大的機會。他們——或者順便說一句，他們正在轉向流媒體，因為這是消費者需求的所在。這並不是說我們發明了一些東西然後把它們拖進來。

Basically, the consumers are long away from this notion of the linear grid dictating what they can watch and where they can watch it and how they can watch it and the demand is on us to deliver on streaming and high-quality content that they love.

基本上，消費者已經遠離了線性網格的概念，這種線性網格決定了他們可以觀看什麼、在哪裡觀看以及如何觀看，並且我們需要提供他們喜歡的流媒體和高質量內容。

And our ability to monetize it both through pure subscription and through advertising if they choose to do so, is really dependent on us having the content that they're excited about, day in and day out, week in and week out and in every country in the world.

我們通過純粹的訂閱和廣告（如果他們選擇這樣做的話）將其貨幣化的能力實際上取決於我們日復一日、周復一周、在每個國家/地區提供他們感興趣的內容在世界上。

Yes, I think that's exactly right. And just the foundation of our attractiveness to advertisers is ultimately our reach, this high-level engagement and amazing titles, TV shows and films like Ted mentioned in the top 10 that they want to have their brands next to them.

是的，我認為這是完全正確的。我們對廣告商的吸引力的基礎最終是我們的影響力，這種高水平的參與度和令人驚嘆的標題、電視節目和電影，比如泰德提到的前十名，他們希望自己的品牌緊隨其後。

So let's move on to free cash flow. You had an extraordinary quarter, this second quarter, and you said -- you talked about the outlook for Q3. Could you just maybe address the underlying dynamics? Talk a little bit about content spend and other investments?

那麼讓我們繼續討論自由現金流。第二季度是一個非凡的季度，您談到了第三季度的前景。您能談談潛在的動態嗎？談談內容支出和其他投資？

Yes, sure. I can take that one, Jessica. I mean what you see in our cash flow forecast, we took it up for 2023 in terms of our expectations, it's really driven by a few things. One, just higher certainty in our forecast with the success of the early success of the paid sharing rollout.

是的，當然。我可以接受那個，傑西卡。我的意思是你在我們的現金流預測中看到的，我們根據我們的預期對 2023 年進行了預測，這實際上是由一些因素驅動的。第一，隨著付費共享的早期成功，我們的預測更加確定。

We also had some move in production timing, just the typical ins and outs of the schedule. And then lastly, the impact of the strikes. And so there's still a pretty wide range of outcomes for where we're going to ultimately land on cash flow this year given the ongoing strikes, but -- and that may also create some lumpiness actually between 2023 and '24. So still a substantial expected free cash flow in '24, but some lumpiness between the years.

我們還在製作時間上做了一些調整，只是時間表的典型細節。最後是罷工的影響。因此，考慮到持續的罷工，我們今年最終的現金流仍然存在相當廣泛的結果，但是——這實際上也可能在 2023 年至 24 年間造成一些波動。因此，24 年的預期自由現金流仍然很大，但年份之間有些波動。

But more broadly, we're past that most cash-intensive phase of building out our original programming strategy. So we'll have some near-term lumpiness. But if we apply a multiyear lens, we expect positive and growing free cash flow trajectory in the years ahead.

但更廣泛地說，我們已經度過了製定最初的節目策略的最現金密集的階段。因此，短期內我們會出現一些波動。但如果我們採用多年的視角，我們預計未來幾年自由現金流將呈現積極且不斷增長的軌跡。

So that's generally what you're seeing. And of course, as part of that just ongoing prudent expense management, still growing our expenses but trying to grow slower than revenue in a responsible way that helps us scale healthy.

這通常就是您所看到的。當然，作為持續審慎費用管理的一部分，我們的費用仍在增長，但試圖以負責任的方式慢於收入增長，這有助於我們健康擴張。

What's your content spend outlook for the next few years? What is normal post the strikes plural?

您對未來幾年的內容支出前景有何看法？罷工後正常的複數是什麼？

Well, what you've seen is -- and what we talked about when our revenue had slowed down in early '22 is that we would keep our content -- our cash content spend roughly flat. And that's what we've been doing from 2022 through with the plan through '24 with the lumpiness that we talked about, some of it because of that kind of coming out of the throes of COVID, as we talked about in the last couple of calls and now most recently because of the strikes.

好吧，你所看到的是 - 當我們的收入在 22 年初放緩時我們談到的是我們將保持我們的內容 - 我們的現金內容支出大致持平。這就是我們從 2022 年到 24 年的計劃一直在做的事情，其中​​一些是因為我們從新冠病毒的陣痛中走出來，正如我們在過去幾年中談到的那樣電話，現在最近是因為罷工。

But our hope and our expectation is we get back up to those levels similar to levels in '24 as we were in '22. So we will grow next year is our hope and expectation back to those levels. And we talked about it in the letter too, what that works out to is roughly about 1.1 ratio in terms of our cash content spend relative to our content expense.

但我們的希望和期望是我們能回到與 24 年和 22 年類似的水平。因此，我們的希望和期望是明年我們將恢復到這些水平。我們在信中也談到了這一點，結果是我們的現金內容支出與內容支出的比率約為 1.1。

So that allows us to kind of scale in a healthy way while also kind of growing our cash flow over time. And then as we prove out revenue acceleration, which we expect to do and as we've guided to, start in Q3 and then further in Q4, we hope to start ticking up our cash spend on content again and doing it in a healthy way. We just -- we have to prove that out, obviously. But we've got a lot of great entertainment that we hope to provide to members all around the world as Ted said. So we think we've got a lot more we can spend into, spend into a big opportunity, but we want to do it responsibly.

因此，這使我們能夠以健康的方式擴大規模，同時隨著時間的推移也增加我們的現金流。然後，當我們證明收入加速時，我們希望做到這一點，並且正如我們所指導的那樣，從第三季度開始，然後在第四季度進一步增加，我們希望開始再次增加在內容上的現金支出，並以健康的方式做到這一點。顯然，我們只是——我們必須證明這一點。但正如特德所說，我們希望為世界各地的會員提供許多精彩的娛樂活動。所以我們認為我們有更多的錢可以花在一個巨大的機會上，但我們希望負責任地這樣做。

But with your content spend very measured, let's put it that way, and you're kind of maybe investing in ad tech capabilities. But beyond that, like it feels like there's tremendous leverage in your business model. So is there a way like to think about growth and free cash flow beyond '24?

但是，由於您的內容支出非常謹慎，我們可以這麼說，您可能會投資於廣告技術能力。但除此之外，你的商業模式似乎具有巨大的影響力。那麼有沒有一種方法可以思考 24 世紀之後的增長和自由現金流呢？

So I would say, Jessica, the best way to think about it is we expect to grow revenue and profits over time. As Spence mentioned, we are past the most cash-intensive phase. So that cash -- content cash spend to content amortization ratio that we've talked a lot about in the past, we think, is going to be roughly in the neighborhood of 1.1x in 2024 and probably somewhere around that area for the foreseeable future based on the current plans.

所以我想說，傑西卡，最好的思考方式是我們期望隨著時間的推移增加收入和利潤。正如斯賓塞所提到的，我們已經度過了現金最密集的階段。因此，我們認為，到 2024 年，我們過去經常討論的現金內容現金支出與內容攤銷比率將大致在 1.1 倍左右，並且在可預見的未來可能會在該區域附近根據目前的計劃。

But I think that gives you the right sort of building blocks and be able to get a rough sense of it. I think what you would see is that would lead to very healthy free cash flow generation for the foreseeable future.

但我認為這為你提供了正確的構建模塊，並且能夠對其有一個粗略的認識。我認為你會看到這將在可預見的未來帶來非常健康的自由現金流生成。

So can we talk about uses of free cash flow? And maybe possibly M&A. I mean there are a lot of distressed assets in media land, maybe the lowest multiples in memory that we've seen. What assets might be interesting to you?

那麼我們可以談談自由現金流的用途嗎？也許還有併購。我的意思是，媒體領域有很多不良資產，可能是我們記憶中見過的最低倍數。您可能會對哪些資產感興趣？

Spencer, do you want to take that one?

斯賓塞，你想拿那個嗎？

Yes, we just said we've got -- we've always looked at these things in terms of the opportunity for IP versus those assets, some of those assets are stressed for a reason. And so we're mostly looking at when we look at our M&A activity would be mostly around IP that we can develop into great content for our members, which is our real strength in business.

是的，我們剛剛說過，我們一直根據知識產權與這些資產的機會來看待這些事情，其中​​一些資產受到壓力是有原因的。因此，當我們考慮併購活動時，我們主要關注的是知識產權，我們可以將其開發為會員的精彩內容，這是我們在業務上的真正優勢。

So that's -- I would think we have traditionally been very strong builders over buyers, and that really hasn't fundamentally changed. But if there are opportunities that give us access to pools of IP that we could develop into and against that could be super interesting.

所以，我認為我們傳統上是非常強大的建設者而不是買家，而且這一點確實沒有從根本上改變。但如果有機會讓我們能夠接觸到知識產權池，我們可以開發並反對這可能會非常有趣。

And just maybe moving to sort of a little bit away from that, but you've developed a library over 10-plus years at this point. And it's pretty substantial, and you've got some amazing -- I mean, really amazing global titles. Would you consider selling your library content to others?

也許只是稍微偏離了這一點，但此時您已經開發了一個庫超過 10 年了。而且數量相當可觀，而且有一些令人驚嘆的——我的意思是，非常令人驚嘆的全球遊戲。您會考慮將您的圖書館內容出售給其他人嗎？

Look, we've always found that we offer this content to our members in an unbelievable value on Netflix as of now. And then almost anywhere else we put it, there's either a crossover and they otherwise have a Netflix account or have a much smaller viewing base. So we're -- we think we're taking the right course in terms of offering the content to our members and having it around even after its original run on Netflix.

看，我們一直發現，到目前為止，我們在 Netflix 上以令人難以置信的價值向我們的會員提供這些內容。然後幾乎在我們放置的其他任何地方，要么存在交叉，要么擁有 Netflix 帳戶，或者觀看基礎要小得多。因此，我們認為，我們在向會員提供內容方面採取了正確的做法，即使在 Netflix 上首次播放後也能繼續使用。

So the syndication market, home video markets that continue to exist today are kind of contracting in a way that isn't too exciting to build up against versus this opportunity we have with -- to please our members and thrill our members with our content all the way back through the history of our content and the opportunity.

因此，今天繼續存在的聯合市場、家庭視頻市場正在以一種不太令人興奮的方式收縮，與我們擁有的這個機會相比——用我們的內容取悅我們的會員並讓我們的會員興奮不已回顧我們的內容和機會的歷史。

But we've also seen things like when Extraction 2 just did so well for us this past quarter, Extraction 1 was popped right back up into the top 10. We've seen that a lot with new seasons of shows when Queen Charlotte hit into top 10, here comes Bridgerton 1 and 2. So it's a really -- it's a very fluid way -- a very fluid and dynamic offering in that way. And it's even better the deeper and richer that library becomes.

但我們也看到了一些事情，比如《驚天營救 2》在上個季度的表現非常好，《驚天營救 1》又重新回到了前十名。當夏洛特女王進入新一季的節目時，我們已經看到了很多這樣的情況。前 10 名，這是 Bridgerton 1 和 2。所以這確實是一種非常流暢的方式，一種非常流暢和動態的方式。圖書館變得越深入、越豐富就越好。

Jessica, we have time for probably one last question. You can make it 2 parts if you want, Jessica.

傑西卡，我們可能有時間回答最後一個問題。如果你願意的話，你可以把它分成兩部分，傑西卡。

Okay. Well, can you talk a little bit about your life strategy, including sports experimentation. I mean there seems to be a lot going on in sports. I mean you supposedly outbid or reportedly outbid ESPN for NFL sports documentary. So maybe if you could include in live sports, that would be great.

好的。好吧，你能談談你的生活策略嗎，包括運動實驗。我的意思是，體育界似乎發生了很多事情。我的意思是，您的 NFL 體育紀錄片的出價據說高於或據報導高於 ESPN。所以也許如果你能參與現場體育比賽，那就太好了。

Look, it's -- our position in live sports remains unchanged. We're super excited about the success of our sports adjacent programming. We just had it recently -- just launched a great one called Quarterback with the NFL. A few months -- a few weeks ago, we had Tour de France, which did exactly what we saw with Drive to Survive, which is introduce a brand-new audience to a sport that's been around for a really long time and not very well understood. And you do that through exceptional storytelling, not through the liveness of the game.

看，我們在體育直播中的地位保持不變。我們對體育相關節目的成功感到非常興奮。我們最近剛剛推出——剛剛與 NFL 推出了一款名為 Quarterback 的出色產品。幾個月前，幾週前，我們舉辦了環法自行車賽，它所做的正是我們在《Drive to Survive》中所看到的，它向全新的觀眾介紹了一項已經存在很長時間但效果不佳的運動明白了。你可以通過出色的故事講述來做到這一點，而不是通過遊戲的活躍度。

So -- by doing that, we can now offer this wide variety of sports programming for sports fans that's in season year-round, and it really leans on our strengths, which are storytelling. So we're really excited about that.

因此，通過這樣做，我們現在可以為體育迷全年提供各種體育節目，這確實依賴於我們的優勢，即講故事。所以我們對此感到非常興奮。

And you've read some of the experimental stuff that we're going to be doing, like this live golf match in November. And we're excited about that because it serves as a promotional vehicle for our sports brands like full swing and Drive to Survive. So we really think that we can have a really strong offering for sports fans on Netflix without having to be part of the difficulty of the economic model of live sports licensing.

您已經閱讀了我們將要做的一些實驗性內容，例如 11 月份的現場高爾夫比賽。我們對此感到很興奮，因為它可以作為我們的運動品牌（例如 Full swing 和 Drive to Survive）的促銷工具。因此，我們確實認為我們可以在 Netflix 上為體育迷提供非常強大的服務，而不必陷入體育直播許可經濟模式的困難。

Great. Well, thank you, Ted, for that answer. Thank you, Jessica, for your questions, and thanks to the audience for tuning into the video interview, and we look forward to speaking to you all next quarter. Thank you.

偉大的。嗯，謝謝你，特德，的回答。謝謝杰西卡提出的問題，也感謝觀眾收看視頻採訪，我們期待著下個季度與大家交談。謝謝。