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.

大家好，歡迎收看Netflix 2023年第二季財報專訪。我是財務、投資關係和企業發展副總裁Spencer Wang。

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.

今天與我一同出席的有聯合執行長泰德·薩蘭多斯和格雷格·彼得斯，以及財務長斯賓塞·諾伊曼。本季的訪問嘉賓是美國銀行的傑西卡·雷夫·埃爾利希。提醒各位，我們將發表一些前瞻性聲明，實際結果可能有所不同。

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

潔西卡，現在我把電話交給你，你的第一個問題來了。

Thank you. 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?

謝謝。好的，我們先來談談今天的熱門話題—兩次打擊。您能否談談這對您業務的實際影響？您的原創內容能撐多久？您認為有多少內容支出會從今年延後到明年？

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 hoped to reach an agreement by now.

謝謝傑西卡。下午好，感謝你的提問。首先，我要先明確一點。這次罷工——這次罷工並非我們所願。我們一直在進行談判。我們一直在與編劇、導演、演員、製片人以及業內所有人士進行談判，我們原本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，如果可以的話，我還想就我個人而言說一下，我是在工會家庭長大的。我父親是國際電氣工人兄弟會（IBEW）640分會的成員。他是一名工會電工。我對他的分會記憶猶新，因為在我成長的過程中，這個工會是我們生命中非常重要的一部分。

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 AMPTP and I'm sure nobody at SAG or nobody at the WGA took any of this lightly.

我也記得，不只一次，我父親參與了罷工。我記得很清楚，因為這給家庭的經濟和情感都帶來了巨大的打擊。所以你應該明白，在場的所有人，包括美國電影電視製片人協會（AMPTP）的所有人，我相信美國演員工會（SAG）和美國編劇工會（WGA）的所有人，都非常重視這件事。

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。其中涉及一些複雜的問題。我們竭盡全力盡快達成協議，達成一項公平的協議，使整個行業及其所有從業人員都能朝著未來發展。

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.

至於原創內容方面，你們有多少原創內容？會不會出現內容短缺的情況？可能在某個時候，你們會遇到這種情況。

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.

嗯，你看，我們在信裡提到了一些即將推出的內容。我們在上次的電話會議中也說過，我們製作了各種類型的節目，包括電視、電影、真人秀、劇本節目、本地節目、國內節目、英語節目、非英語節目等等。這些都是事實。但這並非重點。真正的重點是，我們需要盡快結束這次罷工，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?

當然。那我們接下來來談談密碼共享，這是所有與會者都想了解的話題。能否簡單介紹一下目前的情況？迄今為止取得了哪些進展？全面推廣何時才能完成？

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。我們花了幾個月甚至一年半的時間，反覆迭代，努力尋找一種我們認為對大多數消費者來說都良好的產品體驗方案，讓他們能夠獲得所需的信息，從而做出包含他們想要的功能的明確決策。例如，您可以將個人資料和瀏覽記錄轉移到新帳戶，輕鬆管理您的裝置和帳戶存取權限，也可以為您的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.

所以，我們認為我們在建立這些功能方面做得很好，同時也兼顧了用戶考慮因素，確保 Netflix 在向用戶提供娛樂內容時能夠獲得合理的報酬，這樣我們當然就可以將這些收入投入到改善服務中，讓每個人都能從中受益。

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.

截至今日，我們已在幾乎所有營運國家/地區推出了這項體驗，並且效果顯著。在所有地區，無論從收入或訂閱用戶數量來看，我們都比預售階段有所成長。但我認為同樣重要的是，這項產品體驗對業務的影響將在幾季內逐步顯現。

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.

所以這並非一朝一夕就能完成的事情，部分原因是乾預措施是逐步實施的，部分原因是有些借閱者不會立即註冊自己的帳戶，而是會在下個月、3個月、6個月甚至更久之後，等到我們推出他們特別感興趣的圖書時才會註冊。目前，我們的服務已涵蓋絕大多數國家，以收入計算，覆蓋率超過90%，我們將繼續迭代並完善此模式。

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?

有沒有辦法考慮那些尚未轉換帳戶的借款人群體？我的意思是，感覺可能還有一波甚至幾波的轉換潮即將到來，像是那些暑假回家、八、九月才會返校的大學生。我不知道他們的行動裝置帳戶是否已經被關閉。據我了解，很多不使用行動裝置的人都說他們的帳戶還沒有被關閉。所以，您能幫我們分析一下這個問題嗎？

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。所以，其中有些組成部分基本上就是你剛才描述的那樣，無論是由於用戶行為，還是由於我們組織產品體驗的方式，以及這些體驗的推出方式，這些都會隨著時間的推移而發生。因此，我們會看到這些幹預措施在一段時間內擴展到更多用戶群。這是逐步淘汰的一個組成部分。

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.

另一方面，我們發現借款人群體的參與度有差異。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移到自己的帳戶。而有些借款人的參與度較低，我們需要花更多時間，透過精彩的故事、優秀的電視節目和電影來說服他們遷移過來。

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.

所以，這兩種效應本質上決定了該產品體驗對業務的影響範圍。因此，我認為我們現在看到的這些效應，未來幾季我們也會看到這些效應持續存在。

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?

您能提供一些關於結果的具體資訊嗎？例如，有多少百分比的用戶轉換成了付費方案？會員和訂閱用戶的比例是多少？你們這季度的訂閱用戶數量很棒，但家庭用戶也會有額外的支出。能幫我們分析一下嗎？還有，用戶更改套餐的情況有哪些？

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。總的來說，我們看到的都是資質優良的會員。換句話說，他們選擇的計劃和參與度都很高，而且他們的留存率通常與長期會員相似，這很好，因為他們資質優良，所以留存率總體來說相當不錯。以上是對借款人群體的大致描述。這也與我們優先轉換那些參與度最高、資質最優良的借款人這項策略相符。以上是整體思路。除此之外，我不會對更具體的數字發表評論。

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——但如果您能像在 UCAN 一樣幫我們分析一下，ARM 的成長有多少是現有帳戶的附加會員帶來的，又有多少是新用戶註冊更高價位套餐帶來的？而且從您的信中聽起來，隨著​​密碼共享技術的進一步發展，ARM 的成長將在下半年加速。是這樣嗎？

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

是的，史賓塞，你想接手這個計畫嗎？

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。或許我們可以大致考慮一下第二季以及未來的營收。傑西卡，關鍵在於我們第二季的營收達到了預期，我們預計將在第三季加速成長，並在第四季進一步提升。這才是我們加速營收成長的首要目標，我們一定能夠實現。

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.

但如果我們退後一步，從整體或特定區域的角度來思考我們的收入成長及其組成，就會發現它是由定價、銷售和廣告等新的收入來源共同驅動的。因此，如果我們逐一考慮這些因素，就會發現，在我們主要收入來源的國家，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.

我們在付費分享推廣期間基本上會暫停這些功能，所以這在意料之中。至於廣告這項新的收入來源，我們預期收入會逐步成長，因此預計今年不會貢獻太多，目前仍符合預期。

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.

所以，我們今年的收入成長大多來自付費會員數量的成長，而這主要得益於我們付費分享功能的推出。付費分享功能是我們今年的主要營收成長點，正如格雷格所說，我們預計這種影響將在未來幾季持續增強。我們在各個區域以及UCAN都看到了類似的成長。 UCAN從廣告本身獲益更多，因為它的廣告市場規模更大，但總體而言，由於其業務仍處於起步階段，因此規模仍然非常小。

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.

但過去幾週你還有另一個驚喜，這似乎也可能對 ARM 產生非常積極的影響，那就是你幾週前在加拿大放棄了基本計劃，並且剛剛宣佈在美國和英國也放棄了該計劃。

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?

所以我想問幾個問題。你們對世界其他地區有什麼計畫嗎？就你們在加拿大的經驗來看，目前的反應是否達到了你們的期待？例如，更多的人選擇廣告層級嗎？

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?

最後，我想補充一點，這項措施對每位用戶平均收入（ARPU）來說顯然是好消息。我的意思是，感覺每月能帶來5美元甚至更多的收益。這項措施全面實施後（大約需要3年時間），您認為在哪個時間內影響最大？

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做法的延續，即思考如何優化計劃結構、定價和功能，而我們真正關注的是兩個目標。第一個目標是讓消費者能夠以不同的價格區間獲得服務，從而使世界各地更多的人都能欣賞到貝拉團隊創作的精彩故事。

That means the appropriate spread of prices and the appropriate corresponding features, 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.

這意味著合理的定價策略和相應的功能，包括是否包含廣告、影片品質以及同時播放的影片數量。我們將在一段時間內持續豐富這些功能。

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.

我們的第二個重要目標是優化長期收入，這涵蓋了您可能預期的許多因素，例如註冊轉換率、套餐購買率、用戶參與度和留存率。正如我們多年前從單一套餐發展而來，並隨著時間的推移不斷調整產品一樣，這項最新舉措也體現了我們認為最能幫助我們在美國、英國和加拿大這三個首發國家實現這些目標的方案。

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.

而且我認為同樣重要的是，從可及性和可負擔性的角度來看，我們認為目前這些國家的入門價格，即美國的 6.99 美元、英國的 4.99 英鎊和加拿大的 5.99 加元，代表著極高的娛樂價值，並且吸引了相當一部分註冊用戶。

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.

所以，就你提到的具體影響而言，結果基本上符合預期。當我們取消基本套餐後，原本註冊該套餐的用戶基本上會分成兩類：要麼選擇價格非常低廉、極具吸引力的廣告套餐，要麼升級到標準套餐。因此，我們看到了這種用戶分化。

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.

就預期結果而言，我們正在各國分階段逐步推廣這項措施，這樣可以讓我們了解其影響，避免措手不及。所以我覺得，就這方面而言，整體進展符合預期。

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，之後我就要開始談廣告了。對於透過密碼共享獲得的新會員或新訂閱用戶來說，流失率方面有明顯的差異嗎？

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 and 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.

嗯，正如我之前提到的，我們應該這樣看待這些新用戶，也就是我們現在看到的這些借閱者，我認為他們都是優質用戶。他們都是Netflix的長期用戶，了解Netflix的運作方式，所以他們的行為符合用戶留存率和流失率的特徵，例如訂閱時長更長的用戶更多，這是好事。這意味著更高的用戶留存率。

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，你提出的一些問題可能涉及到了——我想你提到了ARPU，我們稱之為ARM或每位會員平均收入，但我們從這些數字中看到了什麼，以及這與——正如你今天在加拿大和其他幾個國家提到的，從基本的無廣告層級過渡到無廣告層級——以及我們建立廣告的方式有何關係。

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，或許我可以花一點時間詳細解釋一下，因為這有點複雜。但如果你考慮一下每位會員平均收入的驅動因素，首先從我們剛才提到的收入驅動因素開始，你會發現我們經匯率中性調整後的每位會員平均收入在第二季度下降了1%，我們預計第三季度情況類似，持平或略有下降。這主要是由於過去一年我們在主要收入市場推出付費分享功能之前，價格調整幅度有限。

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.

此外，還有一些因素在起作用，例如計劃和國家組合隨時間推移而發生的變化。過去一年，我們的會員成長大多來自UCAN以外的國家，也就是ARM較低的國家。因此，這也會影響ARM的趨勢。

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.

但重要的是，從中長期來看，我們預期ARM將受益於價格調整。我的意思是，我們並沒有改變長期的定價策略，而且正如您所提到的，廣告收入和新增會員也會對ARM有利。

It's just that both of those are early. 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.

只是目前這兩個面向都還處於早期階段。即使我們採取了剛才提到的措施，廣告層級的會員比例仍然很低，雖然廣告層級的成長不錯，但基數仍然很小。至於付費分享的影響，包括額外會員，我們目前也還處於早期階段，正如格雷格所提到的，這些影響需要幾個季度才能顯現。隨著時間的推移，我們預計所有這些因素最終都會體現在ARM的成長上。

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.

接下來談談廣告。能否詳細介紹貴公司的一些創新或非傳統廣告形式？例如，您在預售會上提到，貴公司可以讓廣告商的廣告進入搜尋結果前十名，這能帶來驚人的覆蓋面，而且這種覆蓋面幾乎是全天候的。請您詳細談談貴公司的具體做法，因為貴公司的想法與傳統媒體截然不同。

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。我認為退一步思考很有幫助，我們還有很多工作要做才能發展壯大這項業務，而我們首要關注的是規模。我們知道，覆蓋面是廣告商考慮投放廣告時最主要的考量因素之一。我們希望躋身他們的首選名單。

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 number one.

我們的廣告計劃會員數量環比增長近100%，這是一個不錯的增長。正如史賓塞所說，這是一個好的發展趨勢。我們希望繼續保持這種勢頭，這是我們的首要任務。

Job number two 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.

第二項任務是，我們已經制定了一份非常完善的廣告主的功能清單，這些功能並不屬於創新範疇，而是遵循成熟的模式。我們正在逐步推出這些功能。這些功能包括驗證、衡量和定向。實際上，我還要把在每個國家/地區建立我們的市場推廣和銷售能力也納入其中，以便我們能夠服務更多廣告主，並更有效地服務他們。

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，接下來有很多非常簡單直接的工作。這些工作都遵循既定的流程。我們只需要埋頭苦幹。我們知道自己能做到，所以就埋頭苦幹吧。

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.

然後我們就稍微談到了你剛才提到的一點，那就是隨著時間的推移，我們有機會真正思考我們的產品，包括我們能夠提供的獨特功能，這些功能將電視與數位廣告的特性相結合，並且還能在用戶體驗和廣告體驗的介面上發揮作用。

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在用戶體驗測試、迭代開發、數據驅動的個人化方面所擁有的核心能力，從而隨著時間的推移，在定義 CTV 上的優質廣告體驗方面確立了領導地位。

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.

現在就能看到一些端倪。你提到了前十名。我認為這是一種很有創意的思考方式，它能讓廣告商以一種全新的途徑，確保他們能夠參與Netflix上任何時刻最熱門的劇集和電影的推廣中。這令人興奮。

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.

但我們面前還有很多工作要做，很多機會，我們真正專注於持續改進。我們也相信所有基本要素都已具備，我們可以在未來幾年內建立一個實質的廣告業務。

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，ARM 的廣告費用是否有所變動？當時您表示，ARM 的廣告費用至少與標準費用一樣高，這意味著僅廣告部分的費用為 8.50 美元或更高。

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 ad's higher -- higher than standard ad free in the U.S.

格雷格，如果你想的話我可以接受。情況沒有改變。我們的整體廣告 ARM 費用在全球範圍內仍然高於基本的無廣告套餐，這與標準套餐的聲明相同，即在美國，標準套餐的廣告費用高於標準無廣告套餐。

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，我們對目前的會員廣告收益感到滿意，並且對拓展廣告計劃和廣告產品充滿信心，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，才能達到我們認為的長期目標，從而為公司帶來顯著的額外收入和利潤成長。

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?

能談談您最初的預售廣告成效嗎？我的意思是，您似乎擁有廣告商想要的一切。但目前整體廣告市場環境確實較低迷。能否談談市場反應如何？

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.

當然可以。首先，能夠在短時間內與這麼多廣告主見面，了解他們的需求，這非常棒。這有助於我們總結最重要的需求，以及如何更好地為這些廣告主提供支援。

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 upfronts within that sort of broader soft market.

我認為您說的完全正確，整體市場確實疲軟。我們看到很多公司都面臨著同樣的問題。但我們目前的優勢在於規模相對較小，庫存比較緊張。因此，我認為我們能夠有效地應對這種情況，並且在整體疲軟的市場環境下，預售需求仍然旺盛，進展順利。

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.

但我們現在的真正任務是盡快添加滿足廣告商需求的功能，以便隨著庫存規模的擴大，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?

你需要哪些工具以及投入多少時間來建立自己的廣告科技基礎設施？

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，這是一個循序漸進的過程，但如果你想知道具體數字，目前我們有數十位工程師在負責這項工作。他們正在持續地交付新功能。微軟的工程師人數更多，他們也持續地交付新功能。我們基本上是按照優先順序協作開發的，優先順序取決於廣告商告訴我們他們的需求。我們正在逐一解決這些問題。

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?

但是，這其中是否存在一個時間週期？例如，為了實現規模化，是否需要一個為期三年的計劃，直到你感覺自己真正具備了所有技術能力？

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，無論是涵蓋範圍的規模，或是功能方面的技術能力，都不是一種非此即彼的關係。它不是說你今天還沒有，明天突然有了。所以我覺得我們一直在不斷迭代，努力攀登這兩座高峰。

So scale, I'm pretty impressed with being able to get to 100% quarter-to-quarter growth. So that's a good trajectory that I 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%的季度環比成長感到非常滿意。我認為這是一個很好的發展軌跡，讓我們處於有利地位，而且基本上每年都會越來越好。

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.

至於技術面，我們列了一長串清單，而且也不是說有一天我們就能神奇地完成所有工作。但是，如果我們能持續推進目前正在進行的工作，就能讓我們從建立基礎功能逐步過渡到您之前提到的那種創新領域。

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?

史賓塞，這個問題或許是問你的──你對廣告收入的貢獻有什麼想像？你之前說過希望廣告收入佔總收入的10%。但考慮到傳統電視的衰落，你是否正在重新考慮，提高廣告收入佔比？

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.

潔西卡，我覺得我們離10%的目標還有很長的路要走。所以，我們不想操之過急。我們還有很多基礎工作要做。我們相信它能成為我們業務的重要組成部分。我們之所以說10%，部分原因是，如果我們不認為它至少能佔到收入的10%，我們就不會投入這麼多精力、時間和資源，也不會讓格雷格、泰德和其他高階主管如此關注。所以，我想說，這是我們努力的目標，我們希望隨著時間的推移能夠達到甚至超越它。

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 when 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，有很多品牌電視廣告預算——是我們長期關注的目標，因為我們認為我們擁有一個能夠滿足這些需求的絕佳生態系統和環境，但我們需要時間來證明這一點。所以，傑西卡，在我們距離目標還很遠的時候，我們並不准備提高長期預測，所以我想請你給我們一些時間。

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。不過，我想接著你剛才說的，問問你覺得未來廣告資金的來源會是什麼？考慮到格雷格剛才提到的所有能力，為什麼廣告管道會被侷限在線性管道呢？既然你們擁有如此強大的能力，廣告資金的來源不應該是線性管道和數位管道的結合嗎？

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

是的。而且理應如此，不過，還是讓格雷格來談談吧。

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.

我認為可以肯定地說，從長遠來看，我們預計會同時吸引傳統電視和數位媒體的廣告預算。但就目前而言，我們更專注於以品牌為中心的傳統電視廣告。這是我們目前的優勢所在。我們正積極提升自身能力，並渴望未來能拓展業務範圍。

But again, we -- prize number one 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.

但是，我們首先要做的，就是拿下品牌廣告市場。那裡蘊藏著巨大的商機。很多公司都在尋找能夠與之建立連結的優質消費者，而我們認為我們能夠提供這樣的解決方案。

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.

潔西卡，隨著時間的推移，你真的會成為比電視模特兒更優秀的模特兒。一切都從這裡開始，但關鍵在於將兩者融合起來，並隨著時間的推移，同時贏得品牌和數位行銷的雙重收益。

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?

關於這個問題，我還有一個問題，問完我就繼續。過去一個季度左右，用戶參與度是否有所改變？不同層級之間是否有明顯的差異？

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 you're getting to. So we're seeing good engagement across all of our tiers, good engagements across our ads plan as well.

嗯，正如您所預期的，不同層級之間通常存在一些差異。一般來說，更優質的用戶、更高的參與度意味著更高層級的參與度，但如果您具體指的是這一點，我們目前還沒有看到隨時間推移而發生的變化。因此，我們看到所有層級的用戶參與度都很高，廣告計劃的用戶參與度也同樣良好。

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

我不知道，泰德，你——我不知道我是否切斷了和你的聯繫…

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，需要記住的是，串流媒體正在持續成長。目前，在美國，串流媒體已經佔據了37%的電視觀看時間。而且，儘管競爭非常激烈，我們在這個不斷增長的領域中的份額也在持續增長。最好的證明或許是，今年幾乎每週我們都有串流平台的劇集和電影位居榜首——正如傑西卡所說，這創造了巨大的可能性，但這一切都取決於我們能否建立起相應的能力。

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 consumers' demand is running. This isn't like we've invented something and we're dragging them in.

所以，當我們把這些因素綜合起來，就會發現一個巨大的機遇，因為越來越多的人開始關注串流媒體。而且，他們——或者更確切地說，他們正在轉向串流媒體，因為這是消費者需求的所在。這並不是我們發明了什麼東西然後硬把他們拉進來的。

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，消費者早已不再受線性網格的概念束縛，不再由這種網格來決定他們能看什麼、在哪裡看以及如何看，現在的需求是我們提供他們喜愛的串流媒體和高品質內容。

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.

我們能否透過純訂閱和廣告（如果他們選擇這樣做）來實現盈利，實際上取決於我們能否日復一日、週復一周地在世界各國提供讓他們興奮的內容。

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.

是的，我認為完全正確。我們對廣告商的吸引力歸根結底在於我們的覆蓋面，這種高水準的互動以及像泰德提到的十大熱門影片、電視節目和電影，這些都是他們希望品牌與之合作的。

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?

那我們接下來來談談自由現金流。你們第二季業績非常出色，你們也談到了第三季的展望。能否請您談談背後的驅動因素？例如內容支出和其他投資方面的狀況？

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.

當然可以。傑西卡，我可以回答這個問題。我的意思是，正如你在我們的現金流預測中看到的，我們上調了2023年的預期，這主要是受幾個因素驅動的。首先，付費分享計畫早期推廣的成功提高了我們預測的確定性。

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.

生產進度也做了一些調整，這是生產計畫中常見的變化。最後，還有罷工的影響。鑑於罷工仍在持續，今年的現金流最終結果仍然存在很大的不確定性，而且——這也可能導致2023年和2024年之間出現一些波動。因此，預計2024年仍將有可觀的自由現金流，但各年份之間可能會出現一些波動。

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，我們已經度過了建構原創節目策略這項資金最密集的階段。因此，短期內可能會出現一些波動。但如果從多年角度來看，我們預計未來幾年自由現金流將保持正成長。

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.

所以，這大致上就是你看到的情況。當然，作為其中的一部分，我們也在持續進行審慎的費用管理，雖然我們的支出仍在增長，但我們會努力以負責任的方式控制支出增長速度，使其低於收入增長速度，從而幫助我們實現健康的規模化發展。

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

未來幾年您的內容支出預期如何？罷工後的正常支出水準是多少？

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 between -- 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.

正如您所看到的—我們在2022年初收入放緩時也討論過，我們會保持內容方面的現金支出大致不變。從2022年到2024年，我們一直都在這樣做，儘管計劃中出現了一些波動，正如我們之前提到的，部分原因是疫情的影響，正如我們在最近幾次電話會議中提到的，而最近的罷工也是原因之一。

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.

但我們希望並預期，我們能夠恢復到2024年左右的水平，就像我們在2022年一樣。所以，我們希望並預期明年能夠恢復到那個水準。我們在信中也提到過，這大致意味著我們的現金內容支出與內容費用之比約為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, it started 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.

這樣一來，我們就能以健康的方式擴大規模，同時也能隨著時間的推移增加現金流。隨著我們證實營收成長動能（正如我們預期的那樣，第三季開始加速成長，第四季進一步增強），我們希望能夠再次增加內容方面的投入，並以健康的方式進行。當然，我們還需要時間來驗證這一點。正如泰德所說，我們有許多精彩的娛樂內容想要提供給世界各地的會員。因此，我們認為我們還有很多可以投入的資金，可以抓住這個巨大的機遇，但我們希望以負責任的方式進行。

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?

但可以說，你們的內容支出非常謹慎，而且你們可能也在投資廣告技術能力。除此之外，感覺你們的商業模式還有巨大的潛力。那麼，你們是如何展望2024年以後的成長和自由現金流的呢？

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，傑西卡，我認為最好的理解方式是，我們預期收入和利潤會隨著時間的推移而增長。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，我們過去經常討論的現金支出與內容攤銷比率，我們認為到2024年將大致在1.1倍左右，並且根據目前的計劃，在可預見的未來可能都會維持在這個水平附近。

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.

但我認為這能為你提供正確的基礎，讓你對情況有個大致了解。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。

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，我們能聊聊自由現金流的用途嗎？或許還可以談併購？我的意思是，媒體產業有很多不良資產，估值倍數可能是我們記憶中最低的。你對哪些資產感興趣？

Spencer, do you want to take that one?

史賓塞，你想接那個嗎？

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，我們剛才說過，我們一直以來都是從智慧財產權的機會與現有資產的角度來看待這些問題的，其中一些資產之所以面臨困境是有原因的。因此，我們進行併購活動時，主要關注的是那些可以開發成優質內容供會員使用的智慧財產權，這才是我們真正的業務優勢。

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，我認為我們歷來都是更傾向於建造而非收購的一方，這一點從根本上來說並沒有改變。但如果有一些機會能夠讓我們接觸到大量的智慧財產權，我們可以利用這些智慧財產權進行開發或與之競爭，那將會非常有趣。

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?

或許我想稍微偏離一下這個主題，但您在十多年裡已經建立了一個相當龐大的圖書庫。而且其中不乏一些非常棒的——我是說，非常非常棒的全球性書籍。您會考慮將您的圖書庫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.

你看，我們一直覺得，目前在 Netflix 上以超值價格向會員提供這些內容是最佳選擇。而幾乎在其他任何平台上，要嘛觀眾本身就有 Netflix 帳號，要嘛觀眾群就小得多。所以，我們認為，在向會員提供這些內容，並在 Netflix 首播結束後繼續保留這些內容方面，我們採取的策略是正確的。

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 which we've also seen things like when Extraction II just did so well for us this past quarter, Extraction I 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 -- but even better, the deeper and richer that library becomes.

所以，如今依然存在的聯合發行市場和家庭錄影市場正在萎縮，這種萎縮帶來的衝擊並不大，相比之下，我們擁有一個絕佳的機會——透過我們豐富的內容庫，滿足會員的需求，讓他們感到興奮。我們也看到了這樣的機會：例如上個季度《驚天營救2》的出色表現，帶動了《驚天營救1》重返前十名。我們常看到新劇集上線後帶來這樣的效果：《夏洛特女王》進入前十後，《布里奇頓》第一季和第二季也緊跟著來。所以，這是一個非常靈活、充滿活力的市場。而且，更重要的是，我們的片庫會越來越豐富、越來越深入。

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

潔西卡，我們可能還有時間問最後一個問題。如果你願意，可以分兩部分問。

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。那麼，您能談談您的人生規劃嗎？包括您在體育方面的嘗試？我的意思是，體育界似乎有很多事情正在發生。據說您擊敗了ESPN，並獲得了NFL體育紀錄片的製作權。所以，如果您能參與現場體育賽事的製作中，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.

你看，我們在體育直播領域的地位依然不變。我們對體育衍生節目的成功感到非常興奮。我們最近剛推出了一個很棒的節目，叫做《四分衛》（Quarterback），是和NFL合作的。幾個月前，或者說幾週前，我們推出了環法自行車賽，它和《極速求生》（Drive to Survive）一樣，成功地將一項歷史悠久但鮮為人知的運動介紹給了全新的觀眾群體。而做到這一點的關鍵在於精彩的故事敘述，而不是比賽本身的直播。

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.

所以，透過這種方式，我們現在可以為體育迷提供全年不間斷的豐富體育節目，這真正發揮了我們講故事的優勢。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.

您也讀過我們即將推出的一些實驗性項目，例如11月的這場高爾夫直播比賽。我們對此感到非常興奮，因為它能很好地推廣我們的運動品牌，例如Full Swing和Drive to Survive。因此，我們相信，無需承擔直播體育賽事授權的複雜經濟模式，就能在Netflix上為體育迷們提供真正優質的內容。

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.

太好了。謝謝泰德的回答。謝謝潔西卡的提問，也感謝各位觀眾收看影片採訪，我們期待下季與大家再次交流。謝謝。