Netflix Inc (NFLX) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to Netflix Q3 2023 Earnings Interview. I'm Spencer Wang, VP of Finance, IR and Corporate Development. 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 will be making forward-looking statements, and actual results may vary. Jessica, let me turn it over to you now for your first question.

下午好，歡迎來到 Netflix 2023 年第三季財報採訪。我是 Spencer Wang，財務、投資人關係與企業發展副總裁。今天加入我的還有聯合執行長 Ted Sarandos；和格雷格·彼得斯；和財務長斯賓塞·諾伊曼。本季我們的訪談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。潔西卡，現在讓我把你的第一個問題交給你。

Thank you. So let's start with the you, Ted. Now that 1 strike is over, the writers guild, what are the implications for your business?

謝謝。那麼，讓我們從你開始吧，泰德。現在1次罷工結束了，作家協會，對你們的生意有什麼影響？

Thanks, Jessica. Let me first say, we want nothing more than to resolve this and get everyone back to work. That's true for Netflix. That's true for every member of the AMPTP. It's why our member CEOs have prioritized these negotiations above everything else we're doing. We spent hours and hours with SAG-AFTRA over the last few weeks, and we were actually very optimistic that we are making progress.

謝謝，傑西卡。首先我要說的是，我們只想解決這個問題，讓每個人都能重返工作崗位。對於 Netflix 來說也是如此。對於 AMPTP 的每個成員都是如此。這就是為什麼我們的執行長成員將這些談判置於我們正在做的一切之上。在過去幾週，我們花了很多時間與 SAG-AFTRA 合作，實際上我們對我們正在取得的進展非常樂觀。

But at the very end of our last session together, the guild presented this new demand that, kind of on top of everything, for a per subscriber levy unrelated to viewing or success, and this really broke our momentum, unfortunately. But you should know, we are incredibly and totally committed to ending this strike. The industry, our communities and the economy are all hurting. So we need to get a deal done that respects all sides as soon as we possibly can.

但在我們最後一次會議結束時，公會提出了這一新的要求，即在一切之上，對與觀看或成功無關的每位訂戶徵稅，不幸的是，這確實打破了我們的勢頭。但你應該知道，我們非常完全致力於結束這次罷工。產業、我們的社區和經濟都受到了傷害。因此，我們需要盡快達成一項尊重各方的協議。

In terms of the impact, these are the times that I'm glad we have such a rich and deep and broad programming selection. We -- programming costs themselves rise nearly every year, primarily driven by competition. Competition for talent, competition for shows and films. And you can see we've managed successfully through that year on year on year. And the same is true for -- during COVID when we were able to manage the slate through a prolonged and pretty unpredictable production interruptions. So -- but I really think we're not really that focused right there on how this impacts much, except for our biggest opportunity, which is to continue improving the quality of the slate.

就影響力而言，我很高興我們有如此豐富、深入和廣泛的節目選擇。我們——程式設計成本本身幾乎每年都在上漲，這主要是由競爭推動的。人才的競爭，節目和電影的競爭。你可以看到我們年復一年地成功地度過了這一年。在新冠疫情期間，情況也是如此，當時我們能夠透過長期且難以預測的生產中斷來管理生產狀況。所以，但我真的認為我們並沒有真正關注這會產生多大的影響，除了我們最大的機會，即繼續提高板岩的品質。

We're focused on that day in, day out, year in, year out. And I'm incredibly pleased with Bela and the team and the progress that they're making. So if you'll indulge me for just a second, I just would draw your attention to the Q4 slate as an example of that, headlined by the return of The Crown for its final season. This is one of the most ambitious television shows in the history of television.

我們日復一日、年復一年地專注於這一天。我對貝拉和團隊以及他們所取得的進步感到非常滿意。因此，如果您能稍微縱容我一下，我只想提請您注意第四季度的名單，作為一個例子，其中的頭條新聞是《王冠》最後一季的回歸。這是電視史上最雄心勃勃的電視節目之一。

We have a new season of Big Mouth, a history -- a new season of Elite, the launch of Berlin, which is a spin-off from our La Casa de Papel, our Money Heist franchise, a new limited series like All the Light We Cannot See from Shawn Levy. That's incredible. And Bodies from the U.K. And that's just on the TV side.

我們有新一季的《大嘴巴》，一段歷史——新一季的《精英》，推出了《柏林》，這是我們《紙之家》的衍生劇，我們的《金錢搶劫》系列，還有像《All the Light》這樣的新限量劇我們看不到肖恩·利維。那真是難以置信。還有來自英國的屍體，這只是在電視方面。

And on the film side, one of our strongest quarters ever. We have this enormous sci-fi spectacular from Zack Snyder, Rebel Moon; a new film from David Fincher, The Killer. And these films that just lit up the fall film festivals recently, like May December from Todd Haynes; and Bradley Cooper's Maestro; the doc feature, American Symphony. That's all coming in Q4.

在電影方面，這是我們有史以來最強的季度之一。我們有紮克施奈德的這部巨大的科幻奇觀《叛逆的月亮》；大衛芬奇的新片《殺手》。這些最近剛在秋季電影節上大放異彩的電影，例如托德·海恩斯的《五月十二月》；和布萊德利·庫柏的大師；文件專題，美國交響樂。這一切都將在第四季實現。

And for family too, we've got a new animated feature from Adam Sandler, we've Leo, that's hysterical; Chicken Run 2, which is a sequel to the most successful stop-motion animation film ever; and a new series from the CoComelon world called CoComelon Lane; Family Switch from Director McG, which stars Jennifer Garner and Ed Helm. So it's an incredible slate, something new and exciting for all taste all moods, all ages, and we're just super proud of the team that they've been able to manage through this and still deliver so much to it for our members.

對於家庭來說，我們還有亞當桑德勒 (Adam Sandler) 的新動畫長片，我們有《獅子座》(Leo)，這太歇斯底里了； 《小雞快跑 2》是有史以來最成功的定格動畫電影的續集；以及來自 CoComelon 世界的新系列，名為 CoComelon Lane； 《家庭轉換》由麥克導演執導，由珍妮佛嘉納和艾德赫爾姆主演。所以這是一個令人難以置信的石板，對於所有口味、所有情緒、所有年齡段的人來說都是新鮮而令人興奮的東西，我們為團隊感到非常自豪，他們能夠度過難關，並且仍然為我們的會員提供了很多東西。

One more on strike-related -- like, just the aftermath, you discussed at a recent conference, giving talent more transparency. Could you talk about what that looks like? What are the new metrics talent will be paid on? And is it even standardized across the industry?

還有一個與罷工相關的問題，例如您在最近的一次會議上討論過的後果，為人才提供了更多的透明度。你能談談那是什麼樣子嗎？人才薪酬的新指標是什麼？它甚至在整個行業都標準化了嗎？

Yes. Look, what I talked about there was heading towards a world where -- that -- where streaming data will be much more readily available. Remember, data -- streaming itself is not that exotic anymore. We've been doing it for 15 years. So we -- in the beginning, we thought there was a hard kind of apples and oranges comparison to ratings and streaming.

是的。聽著，我所說的正在走向一個串流資料將更容易獲得的世界。請記住，資料流本身已不再那麼奇特。我們已經這樣做了 15 年。所以，一開始，我們認為收視率和串流媒體之間存在著一個難以比較的情況。

And I think we've gotten to a place where it's mostly about engagement and that does capture the value of watching and that things will become much more transparent the way TV has always had ratings and music has always had billboard and the theatrical has always had box office. So it'll be much more common for the data to be fully transparent.

我認為我們已經達到了這樣一個階段：主要是參與度，並且確實抓住了觀看的價值，事情將變得更加透明，就像電視一直有收視率、音樂一直有廣告牌、戲劇一直有廣告牌一樣。票房。因此，數據完全透明將會更常見。

What I didn't mention though is that part of that -- of our reason for not publishing early was part of our promise with creators. At the time we started creating original program, our creators felt like they were pretty trapped in this kind of overnight ratings world and weekend box office world defining their success and failures.

但我沒有提到的是，我們不提前發布的部分原因是我們對創作者的承諾的一部分。當我們開始創作原創節目時，我們的創作者覺得他們陷入了這種隔夜收視率世界和週末票房世界決定他們的成功和失敗的情況。

And as we all know, a show might have enormous success down the road and it wasn't captured in that opening box office. So part of this was the relationship with talent, not just the business aspects of it. And I do think that over time, people are much more interested in this. We're on the continuum today of how much data do we publish. I think we've been leading the charge, starting everyone down the path of a top 10, publishing our top 10 list and our annual wrap-up list and everything that give a lot of transparency to the viewing. And I just expect it'll be more and more transparent.

眾所周知，一部劇可能會在未來取得巨大成功，但它並不是在首映票房中體現出來的。因此，其中一部分是與人才的關係，而不僅僅是商業方面。我確實認為，隨著時間的推移，人們對此更加感興趣。今天我們發布了多少數據。我認為我們一直在引領潮流，讓每個人都走上前 10 名的道路，發布我們的前 10 名名單和年度總結名單以及為觀看提供很大透明度的一切。我只是希望它會變得越來越透明。

Great. Let's move on to paid sharing. Have you identified most of the borrowers? And can you provide any help in how much more is left to go and the challenge in completing the crackdown?

偉大的。讓我們繼續付費分享。您確定了大多數借款人的身分嗎？您能否提供任何幫助來說明還剩下多少工作以及完成打擊行動面臨的挑戰？

Sure. I'll take that one. And I'll start by saying we're just incredibly pleased with how it's been going. And you can see the progress from our membership growth in Q2. Now in Q3, you can see it embedded in the revenue outlook for Q4. I think paid sharing represents the kind of difficult challenge where we needed to balance both important relevant consumer considerations with the importance of ensuring that our business got reasonably paid when we deliver entertainment.

當然。我會接受那個。首先我要說的是，我們對目前的進展感到非常滿意。您可以從我們第二季的會員成長中看到進展。現在在第三季度，您可以看到它嵌入到第四季度的收入前景中。我認為付費共享代表了一種艱鉅的挑戰，我們需要平衡重要的相關消費者考慮因素和確保我們的業務在提供娛樂時獲得合理報酬的重要性。

And it's an example where we leveraged core execution capabilities that we've been building for over a decade, sort of how you develop good product experiences, how do you solve hard problems through them, how do you have an iterative model where you listen to consumers to tell us what's working and what's not, so we've been excited about that.

這是一個例子，我們利用了我們十多年來一直在構建的核心執行能力，例如如何開發良好的產品體驗，如何透過它們解決難題，如何擁有一個可以傾聽的迭代模型消費者告訴我們什麼有效，什麼無效，所以我們對此感到很興奮。

But because it's such a challenging problem, such -- we're shifting essentially consumers' expectations and what they expect from us, we've always thought that making this change should be done in a steady, considered way. And so our plan has been to stage out this rollout. We've been delivering our product experience to different borrower cohorts according to that plan. And as a result, I think as you're alluding to, there are a number of borrower cohorts, which has, as of today, have not received part of that experience.

但因為這是一個如此具有挑戰性的問題，所以我們本質上正在改變消費者的期望以及他們對我們的期望，我們一直認為應該以穩定、深思熟慮的方式進行這項改變。因此，我們的計劃是逐步推出此版本。我們一直根據該計劃向不同的借款人群體提供我們的產品體驗。因此，我認為正如您所提到的，有許多藉款人群體截至今天還沒有獲得部分這種經驗。

And just to explain that a bit. I mean, part of the motivation to stage it out is based on technical considerations. So this is our ability to build features and improve model accuracy over time in a way that allows us to ensure that we're accurately developing and applying our interventions in as effective and as positive a way for consumers as possible.

只是稍微解釋一下。我的意思是，推出它的部分動機是基於技術考量。因此，這是我們隨著時間的推移構建特徵和提高模型準確性的能力，使我們能夠確保我們以盡可能有效和積極的方式準確地開發和應用我們的干預措施，以盡可能為消費者提供幫助。

Part of that has been just to stage things out based on borrower behavior. So we want to show up with the right product experience at the right moment that's more likely to convert a borrower over rather than have them spin off. So we want to think about that from maximizing long-term revenue.

其中一部分只是根據借款人的行為來安排事情的進行。因此，我們希望在正確的時刻提供正確的產品體驗，這更有可能轉化借款人，而不是讓他們剝離。所以我們想從最大化長期收入的角度來考慮這個問題。

So we're going to continue the rollout for the next couple of quarters, and I think folks are trying to figure out how much how much juice is left there. And I would say we anticipate that we will have incremental acquisition, incremental adds for the next several quarters. We've seen that in the last couple of quarters. I think also worth noting that, that was on top of also very healthy organic, meaning not driven by paid sharing growth.

因此，我們將在接下來的幾個季度繼續推出，我認為人們正在努力弄清楚還剩下多少果汁。我想說的是，我們預期未來幾季我們將進行增量收購、增量增加。我們在過去幾個季度已經看到了這一點。我認為還值得注意的是，這是在非常健康的有機成長之上的，這意味著不是由付費共享成長所驅動的。

So we anticipate seeing that for the next several quarters to come. And then just stepping back, there's a set of borrowers that we're not going to convert. We haven't converted yet. We're not going to convert over the next couple of quarters. But that really represents how we think about paid sharing going forward, which is it's now become part of just our standard way of operating. And we have many hundreds of millions of qualified households out there. They're smart TV households that we want to win over, over the next several years.

因此，我們預計在接下來的幾個季度中會看到這種情況。然後退一步，我們不會轉換一些借款人。我們還沒有轉換。我們不會在接下來的幾個季度內進行轉換。但這確實代表了我們對未來付費共享的看法，即它現在已成為我們標準營運方式的一部分。我們有數億合格的家庭。他們是我們希望在未來幾年贏得的智慧電視家庭。

And those borrowers we're not going to convert in the next couple of quarters represent that same group. So we got to go after them the same way we're going after people who have never signed up for Netflix, which is having an incredible content offering, an incredible value and get them so excited that they just have to sign up.

我們不會在接下來的幾個季度內轉換的借款人也代表同一群體。因此，我們必須像對待從未註冊過 Netflix 的用戶一樣對待他們，Netflix 提供令人難以置信的內容和令人難以置信的價值，讓他們興奮不已，不得不註冊。

Right. Moving on to the recent advertising restructuring. Can you talk about why you made the management change and what you would like to accomplish?

正確的。繼續最近的廣告重組。您能談談為什麼要進行管理層變動以及您希望實現什麼目標嗎？

Yes. First, I'd say Jeremi has done a great job getting us essentially from 0 to where we are today. She'd laid the foundation for the ads business. She's hired and built a burgeoning team of leaders who, in turn, now are hiring the teams and people who are going to take the business forward.

是的。首先，我想說 Jeremi 做得非常出色，讓我們從 0 到今天的水平。她為廣告業務奠定了基礎。她聘請並建立了一支新興的領導團隊，而這些領導團隊現在正在招募將推動業務向前發展的團隊和人員。

But it's an important time and I think a great time for Amy to come in and extend that great work, to build on that foundation and drive our ads business to the next level. And why am I so specifically excited about Amy in the role. First of all, she's a high Netflix tenure employee. She's been with the company for over 7 years.

但這是一個重要的時刻，我認為對艾米來說，這是一個很好的時機，可以加入並擴展這項偉大的工作，在此基礎上再接再厲，將我們的廣告業務推向新的水平。為什麼我對艾米扮演的角色如此特別興奮？首先，她是 Netflix 的高級終身員工。她在公司工作 7 年多了。

She's demonstrated really positive impact and great results in several different roles, but most recently as part of the studio and leading a big global team that is scaling very, very, very quickly, which sounds familiar when you think about what -- where we want to take our ads business. Second, she's got broad entertainment experience, ranging from content licensing, distribution. She's got business development, finance strategy at Netflix and in prior roles.

她在多個不同的角色中表現出了真正積極的影響和出色的成果，但最近作為工作室的一員，領導著一個規模非常非常非常快的大型全球團隊，當你想到我們想要什麼時，這聽起來很熟悉來接手我們的廣告業務。其次，她擁有廣泛的娛樂經驗，從內容授權到發行。她曾在 Netflix 擔任業務開發、財務策略等職務。

So I think when you think about that assemblage of skills, and you think about the existing ads leadership team that we have that has got a rich, rich history in ads in general and connected TV, especially if you think about somebody like Peter Naylor, who started selling connected TV at Hulu. That's a strong team to take our ads business to the next level.

所以我認為，當你想到這些技能的組合時，你會想到我們現有的廣告領導團隊，他們在一般廣告和聯網電視方面擁有豐富的歷史，特別是如果你想到像彼得·內勒這樣的人，他開始在 Hulu 上銷售連網電視。這是一支強大的團隊，可以將我們的廣告業務提升到新的水平。

And if -- and maybe I'll just -- if you -- I want to maybe just restate what we think the promise and the opportunity and sort of where we're at on ads business is. And so first of all, just starting off with, this is a $180 billion opportunity when you think about linear TV, you think about connected TV, not including YouTube, not including China and Russia. And we think we're in a great position to win some of those dollars.

如果——也許我會——如果你——我想重申我們認為的承諾、機會以及我們在廣告業務上的處境。首先，當你想到線性電視、連網電視時，這是一個 1800 億美元的機會，不包括 YouTube，也不包括中國和俄羅斯。我們認為我們處於有利地位，可以贏得其中一些美元。

We've got great content. The brands want to be next to. We're a safe place for brands to exist. We got great engagement from our members. That's a really strong foundation to work with. But we got a lot of work, and we know we have a lot of work to fulfill that potential.

我們有很棒的內容。這些品牌希望緊隨其後。我們是品牌生存的安全之地。我們得到了會員的積極參與。這是一個非常堅實的合作基礎。但我們還有很多工作要做，我們知道要發揮這潛力還有很多工作要做。

Among that work, we've said it many times, I'll say it probably many times going forward. But scale is the #1 priority. We're making good progress there. This quarter, we grew our ad plan membership 70% sequentially quarter-to-quarter. That's on top of the last quarter where we grew at 100% quarter-to-quarter. We now have 30% of our new sign-ups choosing our ads plan in our ads countries.

在這項工作中，我們已經說過很多次了，我以後可能還會說很多次。但規模是第一要務。我們在那裡取得了良好的進展。本季度，我們的廣告計劃會員數量較上季增加了 70%。上個季度我們的季度環比成長率為 100%。現在，我們有 30% 的新註冊用戶在我們的廣告國家/地區選擇了我們的廣告方案。

And we've done it by making the ads offering more competitive. We've gotten to over 95% content period with our non-ads plans. We've improved features like a number of streams, the video resolution. We're going to keep doing that. We're adding downloads now. So we'll keep that good trajectory going and keep focusing on it.

我們透過提高廣告的競爭力來做到這一點。我們的非廣告計劃已達到超過 95% 的內容期。我們改進了串流數量、視訊解析度等功能。我們將繼續這樣做。我們現在正在新增下載。因此，我們將保持這一良好的軌跡並繼續關注它。

Second big priority for us is delivering features and products that advertisers want. We've heard again and again, I've heard it this week, ad week from advertisers, top of that list is measurement. We've launched our measurement partnership with Nielsen in the United States this month in October. So we're excited about that. We've got a long list of other partners across other countries that we've got to deliver that same capability in, so we're excited about getting that out.

我們的第二大優先事項是提供廣告主想要的功能和產品。我們一次又一次地聽到，我在本週的廣告週上從廣告商那裡聽到了，最重要的是衡量。十月，我們與美國尼爾森建立了測量夥伴關係。所以我們對此感到興奮。我們在其他國家/地區有一長串其他合作夥伴，我們必須向這些合作夥伴提供相同的功能，因此我們很高興能將其推出。

We're also excited about new products. So we've rolled out our top 10 media buy. We're going to roll out our binge ad product later this year. We're launching more ways to buy programmatically through Microsoft that gives more buyers more ways to access our inventory. So we've got a lot of work to do here on all of those fronts, but we've always said this is a multiyear build, a multiyear progress. We got a lot that we've got going on, and we're excited about the future to come.

我們也對新產品感到興奮。因此，我們推出了十大媒體購買項目。我們將於今年稍後推出我們的狂歡廣告產品。我們正在推出更多透過 Microsoft 以程式方式購買的方式，為更多買家提供更多存取我們庫存的方式。因此，我們在所有這些方面都有很多工作要做，但我們總是說這是一個多年的建設，一個多年的進步。我們有很多事情要做，我們對未來感到興奮。

So now that you've phased out basic for new subs and you're getting extra members or paid more per sub from password sharing crackdown you've introduced advertising in 12 countries, could you talk about the outlook for ARM in '24 and beyond?

現在，您已經逐步淘汰了新訂閱者的基本功能，並且您通過打擊密碼共享獲得了額外的會員或為每個訂閱者支付了更多費用，您已經在12 個國家/地區推出了廣告，您能談談ARM 在24 年及以後的前景嗎？

You want -- you guys want me to take that one?

你們想要──你們想讓我接受那個嗎？

Go ahead, Spence.

繼續吧，斯賓塞。

All right, you winded up for me. Thanks, Jessica. So I would say just generally, when we think about '24 and beyond, think about it as our revenue growth profile in general. And we talked about this recently. We expect a more balanced mix of membership and ARM growth in '24 and beyond '24.

好吧，你為我而戰。謝謝，傑西卡。因此，我想說的是，當我們考慮 24 年及以後時，請將其視為我們的整體收入成長概況。我們最近談到了這一點。我們預計 24 年及以後的會員資格和 ARM 成長將更加平衡。

So just looking at '24 specifically, as Ted talked about, we expect to have a great slate to drive the business forward. And we expect to continue to do things like add extra members, grow our advertising revenue, as Greg discussed. And in addition, have some pricing adjustments. You saw that in our letter. All those things will drive ARM.

因此，正如 Ted 所說，具體來看 24 年，我們預計會有一個很好的陣容來推動業務向前發展。正如格雷格所討論的，我們希望繼續做一些事情，例如增加額外的會員，增加我們的廣告收入。此外，還有一些定價調整。你在我們的信中看到了這一點。所有這些都將驅動 ARM。

So '23 was a pretty unusual year where essentially all of our growth came from member growth. And going forward, more broadly, not just '24 and beyond, we'll grow our business by continuing to kind of improve our service, increasing engagement, increasingly satisfying current and future members. And now that, as Greg discussed, we've got and account sharing solution, we have a more clear path to more deeply penetrate that big addressable market of 0.5 billion connected TV households and growing.

因此，23 年是非常不尋常的一年，我們的所有成長基本上都來自會員成長。展望未來，更廣泛地說，不僅僅是 24 日及以後，我們將透過繼續改進我們的服務、增加參與度、日益滿足當前和未來的會員來發展我們的業務。現在，正如格雷格所討論的，我們已經有了帳戶共享解決方案，我們有了更清晰的路徑來更深入地滲透這個擁有 5 億個聯網電視家庭並不斷增長的巨大潛在市場。

And with our continued plan evolution, pricing sophistication and all that hard work growing our ads business, we'll keep getting better at monetizing that big and growing reach and engagement. So we believe we've got a long runway for growth in both kind of more membership and higher ARM over time in a more balanced way than what you saw this year, which was, again, a pretty early year.

隨著我們計劃的不斷發展、定價的複雜性以及廣告業務發展的所有努力，我們將不斷更好地透過不斷擴大的影響力和參與度來貨幣化。因此，我們相信，隨著時間的推移，我們在更多會員和更高ARM 方面的成長還有很長的路要走，而且會以比今年更平衡的方式成長，而今年又是相當早的一年。

And then you touched on -- Greg touched on scale and advertising. How do you get to scale? Is it all through pricing, like, pricing changes? And what would you consider scale?

然後你談到了——格雷格談到了規模和廣告。如何擴大規模？這一切都是透過定價，例如價格變動嗎？您會考慮什麼規模？

Yes. I think it's important to note that scale isn't -- it's not a binary condition, right? So it's not like you suddenly add 1 more member and you become a must-buy situation. So we become increasingly competitive with increasing reach. It's also, I think, worth noting that it's different in different countries. And it's largely based on what's the competitive channels and what's that competitive dynamic.

是的。我認為重要的是要注意規模不是——它不是一個二元條件，對吧？所以並不是說你突然多了1個會員變成了必買的狀況。因此，隨著影響力的擴大，我們的競爭力也越來越強。我認為，值得注意的是，不同國家的情況有所不同。這很大程度取決於競爭管道和競爭動態。

So having said that, though, we carry several relevancy targets on a per country basis, think about this as essentially percentage of market penetration that helps us focus and drive the rate of growth that we desire. And we've got more work to do to get those. So, I mean, like, we're not satisfied with the scale that we're at in any country that we're in. We want to be bigger, and we know we can be bigger.

因此，儘管如此，我們在每個國家/地區都有幾個相關性目標，但可以將其視為市場滲透率的本質百分比，幫助我們集中精力並推動我們期望的成長率。為了實現這些目標，我們還有更多工作要做。所以，我的意思是，我們對我們所在的任何國家的規模都不滿意。我們想要變得更大，我們知道我們可以變得更大。

I think there's a variety of techniques that we can employ to do that pricing and thinking about how do we factor in what's optimal pricing for ads, no ads. That's part of what we're doing and thinking about plan evolution. Part of it is what I mentioned before, which is feature set, right? These are the things that consumers want to sign up for. Part of it, too, is actually just educating consumers.

我認為我們可以採用多種技術來進行定價，並思考如何考慮廣告（無廣告）的最佳定價。這是我們正在做和思考計劃演變的一部分。其中一部分就是我之前提到的，功能集，對嗎？這些都是消費者想要註冊的東西。實際上，其中一部分也只是教育消費者。

I think what we are seeing is, in some of our countries, consumers think about an ads experience mostly anchored and linear in what their expectation around ad load, frequency rates are. And to some degree, actually, some of our streaming competitors haven't done maybe as great a job in building an ads experience, which informs that expectation as well.

我認為我們所看到的是，在我們的一些國家/地區，消費者對廣告體驗的考慮主要取決於他們對廣告負載和頻率的期望。實際上，在某種程度上，我們的一些串流媒體競爭對手在建立廣告體驗方面可能沒有做得那麼出色，這也反映了這種期望。

The part of it is just educating consumers about what the actual Netflix ads experience is so that they can think about what's the right choice for them. Do they want a lower price with ads and what we think is a great ads experience for consumers really, or do they want to pay more and skip ads. So it's all those things coming together that ultimately drive us to the several multiples of scale that we're at today that we'll be satisfied with.

其中的一部分只是讓消費者了解 Netflix 廣告的實際體驗，以便他們思考什麼是適合他們的正確選擇。他們是否想要更低的廣告價格以及我們認為真正為消費者提供良好的廣告體驗，或者他們是否想要支付更多費用並跳過廣告。因此，正是所有這些因素結合在一起，最終推動我們達到今天的幾倍規模，讓我們感到滿意。

One last one maybe on advertising before we move on to margins. But you mentioned a lot of the innovative offerings that you plan on and some of it's sponsored. Just -- it's very unique. It's different. When do we get to a point or when will you have a point where it's targeted, addressable, so it's really relevant for consumers and so they would want to see the ads?

在我們轉向利潤之前，最後一篇可能是關於廣告的。但您提到了您計劃的許多創新產品，其中一些是受到贊助的。只是——它非常獨特。這不一樣。我們什麼時候能達到這樣的程度，或者什麼時候你才能達到這樣的程度：它是有針對性的、可尋址的，因此它與消費者真正相關，因此他們願意看到廣告？

Yes. So we're working with Microsoft right now on targeting, so you'll see that roll out in the near future. And that, I think, is the first step of how we think about increasing targeting relevance through both a combination of product sets. So what are the types of ad products that brands can buy that yield increasing relevance as well as improving our sort of sophistication on what we might call targeting from a digital perspective, which is basically matching consumers who are most interested in that particular brand's message.

是的。因此，我們現在正在與 Microsoft 合作進行定位，因此您將在不久的將來看到該功能的推出。我認為，這是我們考慮透過產品組合來提高目標相關性的第一步。那麼，品牌可以購買哪些類型的廣告產品來提高相關性，並提高我們所謂的從數位角度定位的複雜程度，這基本上是匹配對特定品牌訊息最感興趣的消費者。

Right. So Spence, I guess this one's for you on margins. But could you elaborate on areas like ad tech, content spend? Well, you did talk about content spend in your letter, but any other meaningful investment areas, something that maybe we're not thinking about?

正確的。斯彭斯，我想這個是給你的。但能否詳細介紹廣告技術、內容支出等領域？嗯，您確實在信中談到了內容支出，但還有其他有意義的投資領域，也許我們沒有考慮到嗎？

Sure. So let me step back a bit with some quick context. So first, Jessica, we set margin targets. They're our best judgment of how kind of best to grow the long-term value of Netflix, and we're trying to balance investment for future growth with near-term profits.

當然。讓我退後一步，簡單介紹一下背景。首先，傑西卡，我們設定利潤目標。它們是我們對如何最好地成長 Netflix 長期價值的最佳判斷，我們正在努力平衡未來成長的投資與近期利潤。

So for instance, after investing heavily to launch Global in 2016, Global Netflix, we wanted to take a disciplined approach to building profitability as we grew revenue because we felt, one, it was a good way to build that profit muscle across the company; and two, we understood that investors were -- they've been pretty patient with us, so we wanted to demonstrate the scalability and the health of the business model. And so that took us from -- it was, like, 4% OI margin, our operating income margin business in 2016 to our current roughly 20% margin. So we think a pretty good indicator that ad scale streaming can be a quite good business.

例如，在 2016 年投入巨資推出 Global Netflix 之後，我們希望在收入成長的同時採取嚴格的方法來建立獲利能力，因為我們認為，第一，這是在整個公司建立利潤實力的好方法；第二，我們知道投資者對我們非常有耐心，所以我們想展示商業模式的可擴展性和健康性。因此，這使我們從 2016 年營業利潤率業務的 4% OI 利潤率提高到目前約 20% 的利潤率。因此，我們認為這是一個很好的指標，表明廣告規模串流媒體可以成為一項非常好的業務。

Now stepping back, there's no change in our financial objectives and also no change in our long-term margin expectations, including the fact that we see a -- and we don't think we're anywhere near a margin ceiling. We've got a long runway of margin growth. So again, no change in our objectives, no change in our long-term margin expectations.

現在退一步來說，我們的財務目標沒有變化，我們的長期利潤預期也沒有變化，包括我們看到的事實——而且我們認為我們還沒有接近利潤上限。我們的利潤率成長還有很長的路要走。再說一次，我們的目標沒有改變，我們的長期利潤預期也沒有改變。

But our current profitability and scale, we think it's prudent to balance that historical pace of margin improvement with growth investments. So you asked about growth investments. We think we've got a lot of places where we can continue to invest, plenty of room to invest further in our existing content categories. We're a small share of viewing in every country in which we operate.

但就我們目前的獲利能力和規模而言，我們認為平衡利潤率改善的歷史速度與成長投資是明智的。所以你問到了成長投資的問題。我們認為我們有很多地方可以繼續投資，在現有的內容類別上有足夠的空間進一步投資。在我們開展業務的每個國家/地區，我們的觀看份額都很小。

Plus building out those ads capabilities that Greg talked about, our live offering and new content categories like games, so there's plenty to do. But all that said, we'll continue to drive healthy margin expansion. We expect roughly 22% to 23% operating margin in '24, assuming no material swings in FX. So that's up from our current expectation of 20% this year, which is at the high end of the range that we targeted in the beginning of the year.

再加上建立格雷格談到的廣告功能、我們的直播產品和遊戲等新內容類別，所以還有很多事情要做。但話雖如此，我們將繼續推動利潤率的健康擴張。假設外匯沒有重大波動，我們預期 24 年營業利潤率約為 22% 至 23%。因此，這高於我們今年 20% 的當前預期，這是我們年初目標範圍的高端。

So again, Jessica, just like we did in the past, going forward, we'll take a disciplined approach to balancing margin improvement with investing into our growth. We actually put a chart at the end of the letter that shows how we managed that balance historically, growing content investment, profit margins and cash flow. And you should expect that we'll carry that same discipline going forward as we invest and grow into that big opportunity we have.

傑西卡，就像我們過去所做的那樣，展望未來，我們將採取嚴格的方法來平衡利潤率提高與成長投資。實際上，我們在信件的末尾放了一張圖表，顯示了我們歷史上如何管理這種平衡、不斷增長的內容投資、利潤率和現金流。您應該期望，當我們投資並成長為我們擁有的巨大機會時，我們將繼續遵循相同的紀律。

How does licensing content from third parties play into your overall content strategy? It seems like you've had incredible success with third-party content and -- I mean you always have, but in the last year, things like Suits or Band of Brothers, and you mentioned it in the letter, but if you could just talk about the third-party licensing.

來自第三方的授權內容如何影響您的整體內容策略？看來你們在第三方內容方面取得了令人難以置信的成功，而且——我的意思是你們一直在做，但在去年，像《金裝律師》或《兄弟連》之類的東西，你在信中提到過，但如果你可以的話談論第三方許可。

Yes. Yes. Licensing third-party content has always been part of our strategy, and we've -- something we've been really great at being able to do is match that audience. I think Suits is a great example of the impact of the Netflix effect that we can have because of our distribution footprint and our recommendation system, we were able to take suits, which had played on cable and had played on other streaming services and pop it right into the center of the culture in a huge way, not just in the U.S. but all over the world.

是的。是的。授權第三方內容一直是我們策略的一部分，我們非常擅長做的事情就是匹配受眾。我認為《金裝律師》是Netflix 效應影響力的一個很好的例子，由於我們的發行足跡和推薦系統，我們能夠將在有線電視和其他串流媒體服務上播放過的《訴訟律師》拿下來並流行起來。不僅在美國，而且在全世界，都在很大程度上進入了文化的中心。

According to the Nielsen charts, Suits was the #1 watched streaming series for 13 straight weeks. That's like -- that is a record for Nielsen. So this continues to be important for us to add a lot of breadth of storytelling to our consumers of a wide range of taste. And we can't make everything, but we can help you find just about anything. That's really the strength.

根據尼爾森排行榜，《金裝律師》連續 13 週成為收視率第一的串流影集。這就像是——這是尼爾森的記錄。因此，這對於我們為不同品味的消費者增加故事敘述的廣度仍然很重要。我們無法製造一切，但我們可以幫助您找到任何東西。這確實是實力。

And I do think that looking -- you mentioned Band of Brothers, but in that HBO deal, we had Insecure, we had Ballers. They came out and they were very successful in Netflix, and they popped into the top 10 on their originating network for the first time. So that was on their streaming service, which is really powerful.

我確實認為，你提到了《兄弟連》，但在 HBO 的交易中，我們有《Insecure》，我們有《Ballers》。他們在 Netflix 上取得了巨大成功，並且首次躋身其原始網路的前十名。這就是他們的串流媒體服務，它非常強大。

And I think we have more to come with Six Feet Under and True Blood coming and not just on the TV side, but we're also proud to be able to bring movies like Super Mario Brothers and Spider Man across the Spider-Verse from our other suppliers. And in one way or another, we're in business with nearly every supplier, including our direct competitors.

我認為隨著《六呎風雲》和《真愛如血》的到來，我們還有更多的事情要做，不僅是在電視方面，我們也很自豪能夠將《超級瑪利歐兄弟》和《蜘蛛人》等電影從我們的蜘蛛人宇宙中帶出來。其他供應商。以某種方式，我們幾乎與所有供應商都有業務往來，包括我們的直接競爭對手。

And I think that we bring a ton of value to them. And I think when you think about what happens when that show runs in and becomes a huge success on Netflix, it has lasting value. I mean, look at the value we created that still continues today for shows like Friends and The Office and Full House and Gilmore Girls and all these other shows that really found an audience on Netflix even after they have more or less played out through traditional models.

我認為我們為他們帶來了很多價值。我認為，當你想到該劇在 Netflix 上播出並取得巨大成功時會發生什麼，它就具有持久的價值。我的意思是，看看我們為《老友記》、《辦公室》、《歡樂滿屋》和《吉爾摩女孩》等節目創造的價值，這些價值至今仍在延續，以及所有其他節目，這些節目在Netflix上真正找到了觀眾，即使它們或多或少是透過傳統模式播放的。

Spence, one more on margins for you, but you said in September that long-term margins will be, I think the way you said it was similar to other networks, which historically have been in the 40% to 50% range. Could you help us think through the ramp in margins over time?

Spence，再為您介紹一下利潤率，但您在 9 月份說過，長期利潤率將是，我認為您所說的方式與其他網絡類似，歷史上一直在 40% 到 50% 的範圍內。您能否幫助我們思考隨著時間的推移利潤率的上升情況？

Jessica, I'll probably disappoint you as I have in the past on this. We're not going to put a long-term number out there. As I said, we don't see any ceiling, any near-term ceiling to our long-term margin potential.

傑西卡，我可能會像過去一樣讓你失望。我們不會公佈長期數字。正如我所說，我們的長期利潤潛力沒有任何上限，任何近期上限。

We've talked in the past about how we're going to feel our way through to those kind of long-term steady-state margins, but we think we have a lot of things working in our favor. We have a very scalable business model. You see that play out over the last handful of years and continue to do so as we produce content all over the world for big local impact, but also with the ability for those stories to through great subs, dubs, discovery to reach more and more people and to be enjoyed around the world. So it's a very scalable content model.

我們過去曾討論過我們將如何實現長期穩定的利潤率，但我們認為有很多事情對我們有利。我們有一個非常可擴展的商業模式。你會看到這種情況在過去幾年中得到了體現，並且隨著我們在世界各地製作內容以在當地產生巨大的影響，而且這些故事也能夠通過出色的字幕、配音、發現來影響越來越多的人，因此這種情況會持續下去。人們並在世界各地享受。所以這是一個非常可擴展的內容模型。

It's a global network at scale that has -- in many ways, has not been seen with legacy entertainment networks. So we think we've got a long way to go. As I just talked about, we want to balance those increasing profits in the near term with investing into that long-term opportunities. So still a lot of runway that's a set of benchmarks. You can look at it. There's others as well. But suffice to say, we think we've got a long and healthy runway in terms of growing margins.

這是一個大規模的全球網絡，在許多方面都是傳統娛樂網絡所沒有的。所以我們認為我們還有很長的路要走。正如我剛才談到的，我們希望在短期利潤成長與長期機會投資之間取得平衡。因此，仍然有許多跑道是一組基準。你可以看看。還有其他的。但可以說的是，我們認為在利潤成長方面我們有一條漫長而健康的跑道。

One thing I would add to that, Jessica, also I totally agree with what Spence said, which is, again, a lot of opportunity to grow margins, but profit dollars also matter, too, right? So as we expand into big new addressable markets like advertising that Greg alluded to or gaming also, right? So those open up big new sort of areas for us to expand into.

我要補充的一件事是，潔西卡，我也完全同意史賓塞所說的，這又是增加利潤的許多機會，但利潤也很重要，對吧？因此，當我們擴展到新的大型潛在市場時，例如格雷格提到的廣告或遊戲，對吧？因此，這些為我們開拓了新的廣大領域。

And then we intend to grow margins, too, but we also want a lot of profit dollars as well. So we're not narrowly optimizing just for a percentage margin.

然後我們也打算增加利潤，但我們也想要大量的利潤。因此，我們不僅僅針對百分比利潤進行狹隘優化。

Right. Of course. You announced some price changes today in premium and basic in several countries and more to come, can you provide a current view of price increase or time frame for the standards here?

正確的。當然。您今天宣布了多個國家/地區的高級版和基本版的一些價格變化，以及未來更多國家/地區的價格變化，您能否提供當前價格上漲的看法或標準的時間框架？

Yes. So as you know, our focus on plan evolution over the last 18 months has largely been about paid sharing. And now that we've rolled that out, we broadly see the benefits. As I outlined in the letter, that's become a normal part of our business, which then allows us to return to our core approach to pricing. And that approach, that philosophy has not changed.

是的。如您所知，過去 18 個月我們對計劃演變的關注主要集中在付費共享上。現在我們已經推出了它，我們廣泛地看到了它的好處。正如我在信中概述的那樣，這已成為我們業務的正常組成部分，這使我們能夠回歸我們的核心定價方法。這種方法、這種理念並沒有改變。

We look to wisely invest the money that members pay us, deliver back to them more amazing stories, more entertainment value. And then when we think we're doing that, we'll occasionally ask them to pay a bit more to keep that virtuous circle spinning, so hence, the changes that you noted that we've announced in the letter.

我們希望明智地投資會員支付給我們的錢，為他們帶來更多精彩的故事、更多的娛樂價值。然後，當我們認為我們正在這樣做時，我們偶爾會要求他們多付一點錢以保持良性循環的運轉，因此，您注意到我們在信中宣布了這些變化。

I think it's also worthing that we seek to have a wide and even wider over time range of price points with the corresponding set of features, of course, that allows entertainment fans from around the world that have different needs to be able to access the great storytelling that our creative partners are doing at a price point that works for them at a feature set that works for them.

我認為同樣值得的是，我們尋求擁有更廣泛甚至更廣泛的價格範圍以及相應的功能集，當然，這可以讓來自世界各地有不同需求的娛樂迷能夠獲得精彩的內容我們的創意合作夥伴正在以適合他們的價格點和適合他們的功能集來講述原因。

Part of that widespread is a low entry price point, and that's why we're keeping that low entry price point static as it is. So we think that this $6.99 in the U.S., GBP 4.99 in the U.K., EUR 5.99 in France. It's just an incredible entertainment value. And if you think about the breadth and the variety of storytelling that we're offering, whether that's compared to our streaming competitors, compared to traditional pay TV, certainly, even the price of a movie ticket, we think that's just an amazing offer.

這種普遍現象的一部分是低入門價格點，這就是為什麼我們保持低入門價格點不變。所以我們認為在美國是 6.99 美元，在英國是 4.99 英鎊，在法國是 5.99 歐元。這只是一個令人難以置信的娛樂價值。如果你考慮我們提供的故事講述的廣度和多樣性，無論是與我們的串流媒體競爭對手相比，還是與傳統付費電視相比，當然，甚至是電影票的價格，我們認為這都是一個令人驚嘆的報價。

And our goal and plan is to continue to be a great entertainment value. And beyond that, we're not going to comment on other price changes or other changes on tiers. We'll sort of find our way based on that philosophy and see when the right time to ask customers to pay a little bit more would be.

我們的目標和計劃是繼續成為一個偉大的娛樂價值。除此之外，我們不會評論其他價格變化或其他等級變化。我們將根據這個理念找到我們的方法，看看什麼時候是要求客戶多付一點錢的合適時機。

One more question on the pricing, though. Would you -- given the price increase for just premium and basic not standard, do you expect any -- or advertising tier, do you expect any movement between the tiers as a result of these price increases?

不過，還有一個關於定價的問題。鑑於僅高級版和基本版而非標準版的價格上漲，您是否預計會有任何廣告級別的價格上漲，您是否預計這些價格上漲會導致各級別之間出現任何變動？

I think pricing always results in a bit of movement between the tiers. More of that movement is how people are signing up. So we see that as more what it influences. But also, it'll influence plan changes as well. But generally, plan changes tend to be -- our plans tend to be relatively sticky. So I would imagine that there is a -- that momentum will continue.

我認為定價總是會導致各層之間發生一些變化。這種變化更多的是人們如何註冊。所以我們認為這更多的是它的影響。而且，它也會影響計劃的變化。但一般來說，計劃的改變往往是——我們的計劃往往是相對黏性的。所以我想這種勢頭將會持續下去。

So your letter today says that -- you stated that you will spend $17 billion in '24 on content spend, up from $13 billion in '23. Obviously, that was somewhat strike impacted. That is how should we -- how can you help us think through how content spend will grow beyond '24. What is normalized growth?

因此，您今天的信中表示，您表示 24 年將在內容支出上花費 170 億美元，高於 23 年的 130 億美元。顯然，這受到了罷工的影響。這就是我們應該如何——你如何幫助我們思考 24 年後內容支出將如何成長。什麼是正常化成長？

Well, you see that we've done is we want to grow the content spend just about half a step ahead of the -- ahead of revenue to create the value proposition for our members. So the more we put into it, and a lot of it is tied to the ability to create hits out of that pool.

好吧，你看，我們所做的是，我們希望增加內容支出，比收入提前半步，為我們的會員創造價值主張。因此，我們投入的越多，其中很大一部分都與從該池中創造命中的能力有關。

And I would say one thing if I could, if you don't -- this past quarter, we had this really remarkable story about something that we could do. But Spence talked a little bit about the kind of scale of the content spend, but this show One Piece. One Piece is something that is a very unique property. It was created 26 years ago by Eiichiro Oda. It is over 1,000 episodes of the animated series based on the Japanese Manga.

如果可以的話，我想說一件事，如果你不這樣做的話——上個季度，我們有一個關於我們可以做的事情的非常了不起的故事。但史賓塞談到了內容支出的規模，但這部劇《海賊王》。海賊王是一種非常獨特的財產。它是由尾田榮一郎於 26 年前創建的。這是根據日本漫畫改編的動畫系列，共有 1,000 多集。

It's nearly sacred IP. And we were able to -- with our Japanese creative teams and our American teams getting together, working with our partners at Tomorrow Studios and the showrunner, Steven Maeda to adapt this into a show that the world fell in love with. And when I say to that, it's -- we've got -- this show is #1 in 84 countries around the world, which is something that Stranger Things couldn't -- didn't do, that Wednesday didn't do.

這幾乎是神聖的智慧財產權。我們的日本創意團隊和美國團隊齊心協力，與 Tomorrow Studios 的合作夥伴以及劇集主管史蒂文·前田 (Steven Maeda) 合作，將其改編成一部令全世界都喜愛的劇集。當我這麼說時，我們已經知道，這部劇在全球 84 個國家排名第一，這是《怪奇物語》無法做到的，週三也沒有做到。 。

And it's so rare for an English show to be that popular in Japan and Korea, Brazil and in the U.S. at the same time. And the other fun part of it is Iñaki Godoy, who stars in the show, it was one of the most difficult casting challenges in the history of our original programming was who's going to play Monkey D. Luffy and he was right under our nose, right in our talent family.

一部英語節目同時在日本、韓國、巴西和美國如此受歡迎，實屬罕見。其中另一個有趣的部分是伊尼亞基·戈多伊（Iñaki Godoy），他是該劇的主演，這是我們原創節目歷史上最困難的選角挑戰之一，誰將扮演蒙奇·D ·魯夫（Monkey D. Luffy），而他就在我們的手下。鼻子，就在我們的人才家族中。

We discovered him a couple of years ago, met him in this great show at our Mexican series called Who Killed Sara, and then we were able to cast him in this and now he's a global superstar. So this is that kind of thing you could do well, a thing that's hard to copy and gives us kind of competitive running room from our competitors, being able to do that more and more.

幾年前，我們發現了他，在墨西哥電視劇《誰殺了薩拉》的精彩演出中認識了他，然後我們就讓他出演了這部劇，現在他已成為全球超級巨星。因此，這是一種你可以做得很好的事情，一件很難複製的事情，並為我們提供了與競爭對手競爭的競爭空間，讓我們能夠越來越多地做到這一點。

I don't mean -- when I say that, I don't mean making things more global, I think making things that really resonate for the core audience. And usually, local audiences want very local content. And in this case, the local audience is the fan of One Piece, which was very discriminating, and we had to please them first, just like our original shows in Spain have to really please the Spanish customer first. So we can do this. We spend the money well. We have impact with the spend, and we grow it as we grow revenue.

我並不是說——當我這麼說時，我並不是說要讓事情變得更加全球化，我認為是讓事情真正引起核心受眾的共鳴。通常，當地觀眾想要非常本地化的內容。在這種情況下，當地觀眾是海賊王的粉絲，這是非常有歧視性的，我們必須先取悅他們，就像我們在西班牙的原創節目必須先真正取悅西班牙顧客一樣。所以我們可以這樣做。我們把錢花得很好。我們對支出產生影響，並且隨著收入的增加而增加支出。

Maybe -- sorry, go ahead -- Jessica. I was just going to build kind of a little bit on Ted's point on the kind of trajectory of content spend. So -- and we talked about this a little bit in the past. So first, in the letter, we talk about that after '24, we hope to get cash content spend back up to you at or near that $17 billion level.

也許——抱歉，繼續吧——潔西卡。我只是想在泰德關於內容支出軌跡的觀點上做一些闡述。所以——我們過去討論過這個問題。首先，在信中，我們談到 24 年後，我們希望將現金內容支出恢復到或接近 170 億美元的水平。

The biggest swing factor is going to be when the SAG-AFTRA strike resolves. And so that'll get us to a cash to P&L ratio kind of closer to 1:1.1x. And so we're not putting a specific number out there for free cash flow in '24. What that gets us to, when you think about the combination of our revenue growth outlook, our margin guidance and target cash content spend, we'll deliver substantial free cash flow in '24. And then going beyond that, we do expect to tick up our content investment over time as we also prove out sustained healthy revenue growth.

最大的搖擺因素將是 SAG-AFTRA 罷工何時解決。因此，這將使我們的現金與損益比率接近 1:1.1 倍。因此，我們不會給出 24 年自由現金流的具體數字。當你考慮我們的收入成長前景、利潤指導和目標現金支出的組合時，我們將得到什麼，我們將在 24 年提供大量的自由現金流。除此之外，我們確實希望隨著時間的推移增加我們的內容投資，因為我們也證明了持續健康的收入成長。

So assuming -- we talked about it, I think, in the last call. Assuming no big expansions, we'd expect our cash to P&L ratio of content spend cash to content amort in the P&L to be roughly 1.1x. So that's kind of one way folks are thinking about how to model our growth in content spend. If we -- as we grow our revenue, as we improve our profitability, we should see both increasing content spend but also free cash flow growing nicely over time.

所以假設——我想，我們在上次通話中討論過這個問題。假設沒有大規模擴張，我們預期內容支出現金與損益表中內容攤銷的現金與損益比率約為 1.1 倍。這是人們思考如何模擬內容支出成長的一種方式。如果我們——隨著我們收入的增長，隨著我們盈利能力的提高，我們應該會看到內容支出不斷增加，而且自由現金流也會隨著時間的推移而增長良好。

And then just 1 last -- just a follow-up for Ted though. There's so much going on in content right now. Can you maybe talk about investment priorities? Like, how do you think about whether it's local language film, TV? You've made a lot of deals with some third-party film companies, television companies. Could you give us some color on how you think about content spend?

最後就是最後一個——不過只是 Ted 的後續。現在的內容很多。能談談投資重點嗎？例如，你如何看待它是否是本地語言電影、電視？你們已經與一些第三方電影公司、電視公司達成了許多交易。您能否告訴我們您對內容支出的看法？

Yes. We always have a lot of plate spinning because our members have got such different tastes and different desires. And we're trying to please them all and like I say, trying to find that person who really fell in love with us for Prestige TV and then discovered Love is Blind. That's a pretty common household to be honest with you.

是的。我們總是有很多的盤旋，因為我們的成員有不同的品味和不同的願望。我們正在努力取悅他們所有人，就像我說的，試圖找到那個真正愛上我們的人，然後發現愛是盲目的。老實說，這是一個很平凡的家庭。

So we've got to be able to be good at so many different things. And our partnerships, I'm assuming you're talking about Skydance in this case, is -- it really helps us find and keep up that scale as we grow. So we're really thrilled with our success in animated features. It's a very long cycle of development and production. Sometimes it could take a decade to deliver a really great animated feature film.

所以我們必須能夠擅長很多不同的事情。我們的合作關係，我假設你在這種情況下談論的是 Skydance，它確實幫助我們在成長過程中找到並保持這種規模。因此，我們對動畫長片的成功感到非常興奮。這是一個非常長的開發和生產週期。有時可能需要十年的時間才能製作出一部真正出色的動畫長片。

And as you know, we move pretty fast, and we've been moving pretty fast. And no single company has ever really successfully launched more than 2 animated features in a single year. So we wanted -- that deal helps us to complement the work that we're doing, like you saw this year with Leo and Chicken Run coming out and Nimona that already came out.

如您所知，我們的行動非常快，而且我們一直在快速行動。沒有任何一家公司能夠真正在一年內成功推出超過 2 部動畫長片。所以我們希望——這筆交易可以幫助我們補充我們正在做的工作，就像你今年看到的《Leo》和《Chicken Run》以及已經上映的《Nimona》一樣。

So we've got a very -- there's a ton of appetite. If you look at the top 10 animated features of since Nielsen's been tracking movie watching and 7 of them are animated features. So there's a lot of appetite for animated features, and we're committed to that part of the business.

所以我們的胃口非常大。如果你看看尼爾森追蹤電影觀看以來的前 10 部動畫長片，你會發現其中 7 部是動畫長片。因此，人們對動畫電影有很大的興趣，我們致力於這部分業務。

And we do that through a combination of licensing, partnerships and original production and original creation, and not just the U.S. but all over the world. So we have to find that right balance of invest, finding the right product market fit, which helps us grow those territories, and most importantly, helps create a value proposition for consumers, and they could say, "Hey, that -- what I pay for Netflix, I can pay a little bit more because I get so much value there, and I'm spending so much of my time there."

我們透過授權、合作夥伴關係以及原創製作和原創創作的結合來做到這一點，不僅在美國，而且在全世界。因此，我們必須找到正確的投資平衡，找到適合市場的正確產品，這有助於我們擴大這些領域，最重要的是，有助於為消費者創造價值主張，他們可能會說，「嘿，那- 我為 Netflix 付費，我可以多付一點錢，因為我在那裡得到了很多價值，而且我在那裡度過了很多時間。”

So if you think about the -- for the last 37 of the last 38 weeks of this year, Netflix has had the #1 streaming series on -- of all -- in all of streaming. And for 31 of those 38 weeks, we've had the #1 movie, too. And in any given week, we might have had the #1, 2 and 3. So we really -- we've got a lot going on and we've got to stay focused on continuing to improve the value proposition to consumers, which drive the numbers that we've been talking about on this call.

因此，如果你想一想，今年過去 38 週中的最後 37 週，Netflix 的串流媒體連續劇在所有串流媒體中排名第一。在這 38 週中的 31 周里，我們也擁有了排名第一的電影。在任何特定的一周，我們可能都會有第一、第二和第三個。所以我們真的——我們有很多事情要做，我們必須集中精力繼續改善對消費者的價值主張，這推動我們在這次電話會議中討論的數字。

Spence, you announced a very significant increase in your buyback today. Should we think of the $2.5 billion buyback in the third quarter as sort of a run rate moving forward?

斯賓塞，您今天宣布大幅增加回購規模。我們是否應該將第三季 25 億美元的回購視為未來的運行率？

I wouldn't kind of read through to that, Jessica. We had kind of slowed down as we -- as the business slowed down and we wanted to -- we talked about the fact that we had less than typical forward visibility into our forecast over the past year or so as we were looking to reaccelerate the business and also roll out paid sharing. And now much of that is behind us, as we've said, and we've got a better view going forward and so we ramped up our repurchase because we had built up some cash on the balance sheet as well.

我不會讀下去，潔西卡。我們有點放慢了速度，因為我們——隨著業務放緩，我們想要——我們談到了這樣一個事實，即我們對過去一年左右的預測的前瞻性了解程度低於典型，因為我們希望重新加速業務並推出付費共享。正如我們所說，現在大部分事情已經過去，我們對未來有了更好的看法，因此我們加大了回購力度，因為我們在資產負債表上也累積了一些現金。

Our target minimum cash is roughly 2 months of revenue. So plus or minus $6 billion of cash that we look to hold on our balance sheet, and we've gotten ahead of that, are still a little ahead of that. So -- but that's really what we're managing, too, is to: one, primarily drive the business forward, grow the business, expand our cash flow; and then as cash -- excess cash builds on the balance sheet, to return it to shareholders. So we put a pretty specific target out there of roughly 2 months of revenue in the form of cash on the balance sheet, and that's the way I think you should think about what our pacing will be over time.

我們的最低現金目標大約是兩個月的收入。因此，我們希望在資產負債表上持有正負 60 億美元的現金，而且我們已經超前了，但仍然有點超前。所以——但這實際上也是我們正在管理的，是：第一，主要推動業務發展，發展業務，擴大我們的現金流；然後作為現金——多餘的現金建立在資產負債表上，並返還給股東。因此，我們在資產負債表上以現金形式設定了一個非常具體的目標，即大約兩個月的收入，這就是我認為您應該考慮我們隨著時間的推移的節奏的方式。

Moving on to gaming. It feels like almost like the way you described advertising, like a walk, crawl, run approach. What is a near and midterm strategy in gaming?

繼續遊戲。感覺就像你描述的廣告方式一樣，就像步行、爬行、跑步的方法。遊戲領域的近期和中期策略是什麼？

Well, let's start with the big prize. I think that's the better way to look at it, which is games is a huge entertainment opportunity. So we're talking about $140 billion worth of consumer spend on games outside of China and outside of Russia. And from a strategic perspective, we believe that we can build games into a strong content category, leveraging our current core film and series by connecting members, especially members that are fans of specific Ips, with games that they will love.

好吧，讓我們從大獎開始。我認為這是更好的看待它的方式，遊戲是一個巨大的娛樂機會。因此，我們討論的是中國境外和俄羅斯境外的遊戲消費者支出價值 1,400 億美元。從戰略角度來看，我們相信我們可以利用我們當前的核心電影和系列，透過將會員（尤其是特定 IP 粉絲的會員）與他們喜愛的遊戲聯繫起來，將遊戲打造成一個強大的內容類別。

I think it's worth noting that if we can make those connections and as we make those connections as we're seeing, we're essentially sidestepping the biggest issue that the mobile games market has today, which is how do you cost effectively acquire new players.

我認為值得注意的是，如果我們能夠建立這些聯繫，並且當我們建立我們所看到的這些聯繫時，我們基本上就迴避了當今手機遊戲市場面臨的最大問題，即如何經濟有效地獲取新玩家。

So that's the real proposition. We think if we deliver that, we give members great games, entertainment experiences that they love at sufficient scale, then we leverage back into the core business. We increase engagement. We increase retention. We Increase value delivered. Those all drive our core business metrics.

這才是真正的提議。我們認為，如果我們做到了這一點，我們就能為會員提供足夠規模的精彩遊戲和他們喜愛的娛樂體驗，然後我們會重新利用核心業務。我們增加參與度。我們提高保留率。我們增加交付的價值。這些都推動了我們的核心業務指標。

And I think it's actually just a very natural extension of what you were just talking with Ted about. If you think about the range of content that we're offering, the variety of content and entertainment that we're offering, games just adds 1 extra layer to that variety and that depth.

我認為這實際上只是您剛剛與特德談論的內容的非常自然的延伸。如果您考慮我們提供的內容範圍、內容和娛樂的多樣性，您會發現遊戲只是在多樣性和深度上增加了一層。

And we're also seeing, I would say, back to moving it more to your short term and midterm. We're also seeing performance metrics that support that this fundamental strategic hypotheses are sound. So games engagement right now on our service drives core business metrics in a way which is incremental to movies and series.

我想說，我們也看到，更多地將其轉移到短期和中期。我們也看到績效指標支持這個基本策略假設是合理的。因此，我們服務上的遊戲參與度以一種增量的方式推動了核心業務指標，這對電影和電視劇來說是增量的。

So -- but the main challenge ahead of us, to get to your midterm, is that our current scale and, frankly, our current investment level are both very, very, very small relative to our overall content spend and engagement. So now our job is to incrementally scale to the place where games have a material impact on the business. We've got ambitious plans there. We want to really grow our engagement by many multiples of where it is today over the next handful of years.

所以，但要達到中期目標，我們面臨的主要挑戰是，我們目前的規模，坦白說，我們目前的投資水準相對於我們的整體內容支出和參與度來說都非常非常小。因此，現在我們的工作是逐步擴展到遊戲對業務產生重大影響的地方。我們在那裡有雄心勃勃的計劃。我們希望在未來幾年內將我們的參與度真正提高到目前的數倍。

And we can see how to get there. Looking a layer deeper at the title level, we see -- some titles are really working for our members, and they're working for our business. If we can do more of those, we know we can scale into that proposition.

我們可以看到如何到達那裡。更深入地研究頭銜級別，我們發現——有些頭銜確實為我們的會員服務，並且它們為我們的業務服務。如果我們能做更多這樣的事情，我們就知道我們可以擴大規模來實現這個主張。

We've got to do that through better title selection based on everything that we're learning. We got to do it on better product features to maximize connection with the audience for any given title. And we have to do it by gradually improving consumer awareness, which is we've seen as when we launched other content categories. You can think about unscripted or you can think about film, that broadly lifts overall engagement metrics as consumers learn that we're a place to go to, to find games.

我們必須根據我們所學到的一切，透過更好的標題選擇來做到這一點。我們必須在更好的產品功能上做到這一點，以最大限度地提高與任何給定遊戲的觀眾的聯繫。我們必須透過逐步提高消費者意識來做到這一點，這就是我們在推出其他內容類別時所看到的。你可以考慮無劇本，也可以考慮電影，當消費者了解到我們是一個可以去尋找遊戲的地方時，這會廣泛提升整體參與度指標。

I'm excited about what we got going on in Q4. We're going to launch some big, high-profile titles which sort of keeps that drumbeat going. We got Dead Cells. We've got Football Manager 2024. We've got Money Heist. Think about connections with our IP that's coming in Q4 as well. That's Casa De Papel for folks who have -- saw it in that language. We also have Virgin River coming in Q1.

我對第四季發生的事情感到興奮。我們將推出一些大型、高調的遊戲，以保持這種鼓聲繼續下去。我們有《死亡細胞》。我們有《足球經理 2024》。我們有《金錢搶劫》。考慮一下與我們第四季度即將推出的 IP 的連接。這就是為那些看過那種語言的人準備的 Casa De Papel。我們還有 Virgin River 將在第一季推出。

So as you pointed out, this trajectory is not dissimilar from what we've seen before, when we've launched a new region. Think about Latin America or we launched a country like Japan where traditional Western media companies have struggled or we launched new genres like unscripted. We've got to crawl, walk, run and we build it, but we see a tremendous amount of opportunity to build a long-term center value of entertainment, more entertainment value for our members.

因此，正如您所指出的，這一軌跡與我們之前推出新區域時所看到的並沒有什麼不同。想想拉丁美洲，或者我們推出了像日本這樣的國家，傳統的西方媒體公司在該國舉步維艱，或者我們推出了像即興節目這樣的新類型。我們必須爬行、行走、跑步，然後我們才能建造它，但我們看到了巨大的機會來建立長期的娛樂中心價值，為我們的會員提供更多的娛樂價值。

That's a great experience for the super fan to get themselves in the universe in between seasons of a show. It's really exciting.

對於超級粉絲來說，在節目的兩季間隙進入宇宙是一次很棒的體驗。這真的很令人興奮。

Jessica, we have time for about 2 last questions, please.

傑西卡，我們還有時間回答最後兩個問題。

Okay, great. I'll get to it and so the first of the 2, sports. You're creating the Netflix Cup Tournament to be your next month. Is this a change in your sports strategy at all? Or how should we think about that?

好的，太好了。我會講到它，所以兩個中的第一個是體育。您正在為下個月舉辦 Netflix 盃錦標賽。這對你的運動策略有什麼改變嗎？或者說我們該如何思考這個問題？

Yes. I knew this was coming, Jessica. We are in the sports business, but we're in the part of the sports business that we bring the most value to, which is the drama of sport. So look at the success we've had with Drive to Survive. Look at the success we've had with Tour de France, Quarterback, Full Swing, Untold, most recently with Beckham. David Beckman is one of the biggest stars in the world and his documentary on Netflix brought him almost 0.5 million new social media followers in a week.

是的。我知道這會發生，傑西卡。我們從事體育業務，但我們從事的是體育業務中為我們帶來最大價值的部分，這就是體育戲劇。看看我們在「Drive to Survive」方面的成功。看看我們在環法自行車賽、四分衛、Full Swing、Untold 以及最近與貝克漢的比賽中所取得的成功。大衛貝克曼 (David Beckman) 是世界上最著名的明星之一，他在 Netflix 上發布的紀錄片在一周內為他在社交媒體上新增了近 50 萬粉絲。

So we are having a big impact on sports through the thing that we're most great at, which is the drama of sport. The Netflix Cup is a live event that actually brings together the cast of Drive to Survive and Full Swing and puts them into a live golf tournament that we are going to stream live on Netflix on November 14. And it's -- I think about it as a great way of extending those great drama of sport brands that we've created. But no core change in our live sport strategy or licensing and live sports.

因此，我們透過我們最擅長的事情，即體育的戲劇性，對體育產生了巨大的影響。 Netflix 盃是一項現場活動，實際上將《Drive to Survive》和《Full Swing》的演員聚集在一起，讓他們參加一場現場高爾夫錦標賽，我們將於11 月14 日在Netflix 上進行直播。我認為它是這是延續我們所創造的運動品牌偉大戲劇的好方法。但我們的體育直播策略或許可和體育直播沒有核心變化。

We are investing heavily in increasing our live capabilities so that as we -- as the demand grows for that and we find different ways, the liveness can be part of the creative storytelling, we want to be able to do that at a big scale.

我們正在大力投資提高我們的直播能力，以便隨著需求的增長，我們找到不同的方式，讓直播成為創意故事敘述的一部分，我們希望能夠大規模地做到這一點。

There was some news also today, I guess, on comedy. But my last question, to stay with where Spencer is, you've talked a little bit more recently about your ancillary businesses, including the Netflix House. Can you talk about what that looks like over time? And will it be a big investment area? But more importantly, will it be a contributor?

我想今天也有一些關於喜劇的新聞。但我的最後一個問題是，為了繼續討論 Spencer 的情況，您最近談到了您的輔助業務，包括 Netflix House。你能談談隨著時間的推移會是什麼樣子嗎？這會是一個大的投資領域嗎？但更重要的是，它會成為貢獻者嗎？

Yes. Look at the -- this initiative lives inside of our Consumer Products and Experiences Group. Today, they run these successful businesses where they travel these live experiences all over the world and fans engage in them in ways that would shock you. People love these things so much, they show up. Dozens of people have proposed marriage in the -- at the Bridgerton Ball.

是的。看看——這個計劃就在我們的消費者產品和體驗小組內部。如今，他們經營著這些成功的企業，他們在世界各地提供這些現場體驗，粉絲們以令你震驚的方式參與其中。人們非常喜歡這些東西，所以它們就出現了。數十人在布里奇頓舞會上求婚。

It's really important, in a way, to kind of deepen fandom, a way to express fandom. You kind of see it on a large scale with theme parks. These build-outs are not going to be like a theme park, both in that they won't have that gigantic CapEx. And they also -- we expect that fans will go multiple times a year, not just once every couple of years. And it's a way to take a business that's really good at growing our brands and strengthening our brands.

在某種程度上，加深粉絲群、表達粉絲群的方式非常重要。你可以在大型主題樂園中看到它。這些擴建項目不會像主題公園那樣，因為它們不會有巨大的資本支出。我們也預計粉絲們每年會去多次，而不僅僅是每隔幾年去一次。這是一種收購真正擅長發展我們的品牌和強化我們的品牌的業務的方法。

And today, it doesn't -- has a big start-up and shutdown costs as they travel around and put them under 1 umbrella where we can add a little technology and make it a really phenomenal experience from being as part of the Money Heist, Escape Room or the Stranger Things experience or the Squid Game challenge, all those different things that people can do live together and have a lot of fun. And they can also go to the Netflix Bites and have food experience with all the Netflix food brands.

而今天，它沒有——當它們到處旅行並將它們置於一個保護傘下時，它會產生巨大的啟動和關閉成本，我們可以在其中添加一點技術，並使其成為金錢搶劫的一部分，成為一種真正非凡的體驗、密室逃脫、怪奇物語體驗或魷魚遊戲挑戰，所有這些不同的事情都是人們可以一起生活並享受很多樂趣。他們還可以前往 Netflix Bites，體驗所有 Netflix 食品品牌的美食。

So it really kind of strengthens the brands and strengthens the excitement about the things people are watching on Netflix and falling in love with. It gives them a place to go and express it. It's not a material investment relative to the court, to the big business that we're all in. But it's a great way of building it, like our consumer products business.

因此，它確實增強了品牌，增強了人們對在 Netflix 上觀看並愛上的內容的興奮感。它為他們提供了一個可以去表達的地方。相對於法庭和我們所參與的大企業來說，這並不是一項物質投資。但這是一種很好的建設方式，就像我們的消費品業務一樣。

Great. Well, great well, Jessica, thank you very much for your questions, and we appreciate everybody tuning into our earnings call. And we're looking forward to chatting with you all next quarter, if not sooner. Thank you.

偉大的。好吧，很好，傑西卡，非常感謝您提出的問題，我們感謝大家收聽我們的財報電話會議。我們期待下個季度（甚至更早）與大家交談。謝謝。