Netflix Inc (NFLX) 2024 Q2 法說會逐字稿

Welcome to the Netflix Q2 2024 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. As a reminder, we'll be making forward-looking statements, and actual results may vary.

歡迎參加 Netflix 2024 年第二季財報訪談。我是 Spencer Wang，財務、投資人關係與企業發展副總裁。今天與我一起出席的還有聯合首席執行官泰德·薩蘭多斯 (Ted Sarandos) 和格雷格·彼得斯 (Greg Peters)；和首席財務官斯賓塞·諾伊曼 (Spence Neumann)。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。

We'll now take questions from the sell-side community that have been submitted, and we'll begin with a set of questions on our Q2 results and our forecast. So the first question on our results come from Doug Anmuth of JPMorgan. So Spence, Doug asks, can you provide some color on how churn is trending and perhaps share some color on what drove revenue growth in the quarter?

我們現在將回答賣方社區提交的問題，我們將從第二季業績和預測的一系列問題開始。關於我們的結果的第一個問題來自摩根大通的 Doug Anmuth。那麼，道格問道，斯賓塞，您能否提供一些關於客戶流失趨勢的詳細信息，並分享一些推動本季度收入增長的因素？

Sure. Thanks, Doug, and thanks, Spencer. We're pleased with our performance in Q2. There was strong performance across the board, good momentum across the business, strong revenue growth, member growth, and profit growth.

當然。謝謝，道格，謝謝，史賓塞。我們對第二季的表現感到滿意。整體表現強勁，業務動能良好，營收成長強勁，會員成長強勁，利潤成長強勁。

In terms of that member growth and churn, I'd say that the outsized paid net adds in the quarter was primarily driven by stronger acquisition, a little stronger than we expected, but also very healthy -- continued healthy retention in the quarter, and that's across all regions.

就會員成長和流失而言，我想說，本季度超額的付費淨增主要是由更強勁的收購推動的，比我們預期的要強一些，但也非常健康——本季度繼續保持健康的保留率，而且這適用於所有地區。

In terms of growth generally, there's probably three key factors that drove member growth. First, strong performance of our content slate and wide variety of titles that delivered across genres and regions, and I'm sure we'll talk more about that. There was some positive impact from paid sharing that continues.

就整體成長而言，可能有三個關鍵因素推動會員成長。首先，我們的內容陣容表現強勁，涵蓋了跨類型、跨地區的多種內容，我相信我們會對此進行更多討論。付費分享的持續存在確實帶來了一些正面影響。

As we've said on recent calls, it's tougher and tougher to tease that out. We're clearly seeing healthy organic growth in the business, but we're also continuing to get better and better at translating improvements in our service into business value, including getting better and better at converting unpaid accounts.

正如我們在最近的電話會議中所說的那樣，解決這個問題變得越來越困難。我們清楚地看到業務在健康地有機增長，但我們也在不斷更好地將服務的改進轉化為商業價值，包括在轉換未付費帳戶方面做得越來越好。

And at least on the paid member front, we're also probably benefiting from that attractive entry point in terms of price point and feature set for our ads plan. So you put all that together and it was a nice quarter for subscriber growth, but even more importantly, a nice quarter in terms of driving healthy revenue growth and healthy profit growth. So 17% reported revenue growth and margins that were up 5 percentage points year over year.

至少在付費會員方面，我們也可能從廣告計劃的價格和功能集方面這個有吸引力的切入點中受益。所以，綜合起來，這是一個用戶成長良好的季度，但更重要的是，這是一個推動健康收入成長和健康利潤成長的好季度。因此，17% 的企業報告營收成長且利潤率年增 5 個百分點。

Thanks, Spence. Doug also has a follow-up question on the results. We noted -- or Netflix noted that India was our number two and number three country in terms of paid net adds and percent of revenue growth in the second quarter. Do you feel like you're hitting more of an inflection point in that market? Or is that more about a very specific successful content slate in Q2?

謝謝，史賓塞。道格也對結果提出了後續問題。我們注意到——或者說 Netflix 注意到，就第二季度的付費淨增值額和收入成長百分比而言，印度是我們排名第二和第三的國家。您是否覺得自己在該市場中正遭遇更大的轉捩點？或者這更多是關於第二季度非常具體成功的內容？

Ted, do you want to take it or --

泰德，你想接受它還是--

Yeah. Well, look, I think India's growth is a story that we see around the world playing out very similarly. So you look at the content, the product market fit is what drives our ability to attract members and retain members and monetize with them as well. So I feel like what's going on in the quarter has been this ongoing build. We had this great show, Heeramandi, Sanjay Leela Bhansali.

是的。嗯，我認為印度的成長故事和我們在世界各地看到的非常相似。所以你看看內容，產品市場契合度是我們吸引會員、留住會員並利用會員賺錢的能力的驅動力。所以我覺得本季發生的事情是持續不斷的建設。我們有這場精彩的演出，Heeramandi，Sanjay Leela Bhansali。

SLB is one of the most celebrated filmmakers in India, and he took on this incredibly ambitious series and brought it to screen on Netflix, directed every episode, and it's our biggest drama series to date in India.

SLB 是印度最著名的電影製片人之一，他接手了這個雄心勃勃的系列劇，並將其帶到 Netflix 上映，執導了每一集，這是我們迄今為止在印度最大的電視劇。

So on top of that, our original films and our license films, those films in the pay TV window, immediately following theatrical, continue to thrill our members. So we pick them well, we program well. We improve the product market fit. We improve engagement, we grow members, we grow our revenue.

除此之外，我們的原創電影和授權電影，即影院上映後立即在付費電視窗口播放的電影，繼續讓我們的會員興奮不已。因此，我們精心挑選，精心編程。我們提高產品市場契合度。我們提高參與度，增加會員，增加收入。

It's the same formula. I think everywhere else -- everywhere we go. And there's certainly plenty of room to grow in India as long as we keep thrilling our audiences there.

這是相同的公式。我認為在其他地方——無論我們去哪裡。只要我們繼續讓印度觀眾興奮，那麼在印度肯定還有很大的發展空間。

Thank you, Ted. Our next question on the results relate to operating margin, and the question comes from Jessica Reif Ehrlich of Bank of America. For Spence, how should we think about the pace of margin expansion going forward and the drivers of the margin outperformance this year?

謝謝你，泰德。我們對業績的下一個問題與營業利潤率有關，這個問題來自美國銀行的 Jessica Reif Ehrlich。對於 Spence 來說，我們應該如何看待未來利潤率擴張的速度以及今年利潤率優異表現的驅動因素？

Thanks, Jessica. Well, when we think about margin expansion, we're obviously pleased with how it's trending so far. Our focus, kind of stepping back, our focus is to sustain healthy revenue growth and grow margins each year. So we feel good about what we've been delivering.

謝謝，傑西卡。好吧，當我們考慮利潤率擴大時，我們顯然對目前的趨勢感到滿意。我們的重點是保持健康的收入成長和每年增加利潤率。因此，我們對我們所做的一切感到滿意。

As you see in the letter, we're now targeting 26% full-year operating income margin. That's up from our prior guide of 25%, and it's up 5 percentage points year over year, assuming we kind of land there.

正如您在信中看到的，我們現在的目標是實現全年營業收入利潤率 26%。這高於我們先前預測的 25%，並且假設我們能夠達到這個目標，那麼去年將比去年上升 5 個百分點。

But the amount of annual margin expansion as we look forward, it could bounce around each year. We've talked about that in recent quarters. It could bounce around because of foreign exchange in a year, where that moves, or other business considerations.

但展望未來，年度利潤率擴張幅度可能每年都會出現波動。最近幾季我們已經討論過這個問題了。它可能會因為一年內外匯的變動或其他商業考慮而出現波動。

But we're committed to grow margins each year. And we see a lot of room to continue to grow profit margin, absolute profit dollars, and do that over an extended period of time for years to come.

但我們致力於每年提高利潤率。我們看到利潤率、絕對利潤額還有很大的成長空間，而且這種成長還會持續幾年甚至更長的時間。

Thank you, Spence. Our next question comes from Steven Cahall from Wells Fargo, and it's regarding free cash flow. So the question is Netflix has raised their full-year revenue and margin outlook but did not change their free cash flow forecast of approximately $6 billion. Is this just a pull forward in cash content spend or is there anything else that is impacting your free cash flow guidance?

謝謝你，史賓塞。我們的下一個問題來自富國銀行的史蒂文·卡霍爾 (Steven Cahall)，關於自由現金流。所以問題是 Netflix 提高了全年營收和利潤率預期，但並沒有改變約 60 億美元的自由現金流預測。這只是現金內容支出的提前，還是還有其他因素影響了您的自由現金流指導？

I'll take that. Nothing else impacting it. As we've noted, as you noted, we continue to expect approximately $6 billion of free cash flow for the year. There's always some uncertainty in terms of timing of things like content spend, sometimes timing of taxes. So that kind of keeps us right now holding at approximately $6 billion, but no other read-through beyond that.

我會接受的。沒有其他東西影響它。正如我們所指出的，正如您所說，我們仍然預計今年的自由現金流約為 60 億美元。內容支出、有時還有稅收時間等方面的時間總是存在一些不確定性。因此，這讓我們目前維持在約 60 億美元的水平，但除此之外沒有其他的解釋。

Thank you, Spence. We have our quarterly question on paid sharing next from John Hodulik of UBS, which I'll direct to Greg. The question is, do you still have upside from the paid sharing initiative? And have you moved forward on mobile paid sharing? And if so, how big of an opportunity is this?

謝謝你，史賓塞。接下來，瑞銀的 John Hodulik 將向我們提出有關付費共享的季度問題，我將把這個問題轉給 Greg。問題是，付費共享計畫是否仍能為您帶來好處？你們在行動付費共享方面有取得進展嗎？如果是這樣，這是一個多大的機會？

Yes. Spence already gave some commentary on this quarter's performance. I'll talk about it more from a long-term perspective. And as we said for a couple of quarters now, we're at the point where we've really operationalized paid sharing. So it's just a standard part of our product experience.

是的。斯賓塞已經對本季的表現發表了一些評論。我將從長遠的角度來談論這個問題。正如我們幾個季度以來所說的那樣，我們現在已經真正實現了付費共享。所以這只是我們產品體驗的標準部分。

And we think about the improvements there. And to be clear, we do see still some significant areas for improvement there. But we see those as part of all the opportunities essentially we have to improve the product experience. So we're constantly prioritizing all those opportunities based on what we think is the expected value.

我們考慮那裡的改進。需要明確的是，我們確實看到仍有一些需要改進的地方。但我們認為這些都是我們改善產品體驗的機會的一部分。因此，我們會根據我們認為的預期價值不斷對所有這些機會進行優先排序。

And just to give you a sense of how wide that is, even things that we've been working on for over a decade, like our sign-up flows or the user experience that a consumer has when they want to sign up for Netflix, we have found multiple improvements just over the last couple of quarters in those flows, which have delivered material incremental revenue wins.

為了讓大家了解這有多廣泛，即使是我們已經工作了十多年的事情，例如我們的註冊流程或消費者註冊 Netflix 時的用戶體驗，我們發現在過去幾個季度中這些流程有了多項改進，從而帶來了實質性的增量收入。

So we're going to continue to look at all these opportunities. We're going to improve things for members and for the business. We'll iterate, we'll improve them. And we think of this as just a constantly improving value translation mechanism. So we want to take all the value that's created by Bella's teams and film and series.

因此我們將繼續關注所有這些機會。我們將為會員和企業改善現狀。我們會不斷迭代，不斷改進。我們認為這只是一種不斷改進的價值轉換機制。因此，我們希望吸收貝拉的團隊、電影和電視劇所創造的所有價值。

We got more live events, games, and we want to translate that more effectively into revenue so we can continue to invest and keep that flywheel spinning. And if we can keep improving that value translation mechanism each quarter and keep improving the entertainment offering that it operates on top of, those two things compound and drive the business.

我們舉辦了更多現場活動和遊戲，我們希望更有效地將其轉化為收入，以便我們能夠繼續投資並保持飛輪轉動。如果我們能夠每季不斷改進價值轉換機制，並不斷改進其所依賴的娛樂產品，那麼這兩件事就會相互促進，推動業務發展。

They'll drive the business through the rest of the year. It'll drive through '25 and beyond. And that really allows us to more effectively get more of those 500 million-plus and growing smart TV households around the world that aren't currently members to sign up.

他們將在今年餘下的時間推動業務發展。它將持續行駛至 25 年甚至更久。這確實使我們能夠更有效地吸引全球超過 5 億且還在不斷增長的智慧電視家庭（目前還不是會員）註冊成為會員。

And it also drives our other levers of growth, like plan optimization, extra member, ads revenues, and pricing into more value. So I just -- I think about this as more of the constant work we are doing to improve for decades to come.

它還推動我們的其他成長槓桿，如計劃優化、額外會員、廣告收入和定價以創造更多價值。所以我只是——我認為這更像是我們為未來幾十年的進步而不斷努力的結果。

Thank you, Greg. I'll now move us along to a series of questions about advertising, and we'll start first with Barton Crockett of Rosenblatt, and I'll point this question to Spence. You say that advertising is not a quote, primary, unquote driver of revenue growth yet. Can you provide a little more clarity on what that means for both '24 and '25?

謝謝你，格雷格。現在我將開始討論一系列有關廣告的問題，首先從 Rosenblatt 的 Barton Crockett 開始，然後我將向 Spence 提出這個問題。您說廣告還不是收入成長的主要驅動力。您能否更清楚地解釋一下這對 '24 和 '25 意味著什麼？

Yeah, sure. Thanks. So stepping back, I'd say we're very pleased with how we're scaling our ads business. We talk about that in our letter. We've been primarily focused on scaling reach.

是的，當然。謝謝。所以退一步來說，我想說我們對廣告業務的擴展感到非常滿意。我們在信中談到了這一點。我們主要致力於擴大影響力。

But if you think about even just the revenue portion of ads, it is growing nicely. The rate of growth, it just happens to be growing off of a relatively small base because we're starting from only 18 months into ads.

但如果你只考慮廣告收入部分，它正在穩定成長。因為我們才剛進入廣告業 18 個月，所以成長率恰好是在相對較小的基數上成長的。

So to have the kind of a primary revenue impact across a business that has been primarily subscription for a long time, that just takes some time. So we're scaling well through reach, through engagement, through growing inventory, and that represents opportunity for us over a multi-year trajectory to have a big and increasing revenue and profit impact on the business.

因此，對於長期以訂閱為主的業務來說，要產生主要的收入影響，只是需要一些時間。因此，我們透過覆蓋範圍、參與度和庫存成長實現了良好的擴展，這為我們在多年的發展軌跡中帶來巨大且不斷增長的業務收入和利潤影響提供了機會。

And stepping back, we feel really good about our position and our ability to sustain healthy revenue and profit growth. Ads is one more tool in our tool chest there. We're doing the hard work now to improve our service across the board, so we finish the year strong in '24 and drive growth into '25 and beyond. We're small in every measure. We talk about it a lot.

回顧過去，我們對自己的地位以及維持健康收入和利潤成長的能力感到非常滿意。廣告是我們工具箱中的另一個工具。我們現在正在努力全面改善我們的服務，以便我們在 24 年取得強勁成績，並推動 25 年及以後的成長。從各方面來看，我們都很渺小。我們經常談論這個話題。

We're a small share of TV time. We're small in terms of penetration of connected TV homes. We're small in revenue market share. And we're going to grow in those areas across the board and ads going to be a bigger piece of that puzzle. Just we won't have it be primary in '24 or '25, but it contributes.

我們只佔電視時間的一小部分。就連網電視家庭滲透率而言，我們的規模還很小。我們的收入市佔率很小。我們將在這些領域全面發展，而廣告將成為我們業務中更重要的一塊。只是我們不會讓它成為 24 年或 25 年的初選，但它有所貢獻。

It's a meaningful contributor. That's what we've said and that's what it is doing. And then when you get into '26 and beyond, it can be even more meaningful and hopefully, it becomes the point where it is a primary contributor, given all of that engagement and reach that we're building.

這是一個有意義的貢獻者。這就是我們所說的，也是我們正在做的。然後，當你進入 26 年及以後，它可能會變得更有意義，並且希望它能夠成為主要貢獻者，考慮到我們正在建立的所有參與和影響。

Thank you, Spence. A follow-up question on advertising comes from Ben Swinburne of Morgan Stanley, and I will direct this to Greg. Looking to your advertising revenue ramp into 2025, what are the key areas that need to improve to bring in significantly more revenue? Can you talk about the opportunities and challenges scaling up your direct sales efforts and leveraging third-party sources of demand, primarily programmatically?

謝謝你，史賓塞。關於廣告的後續問題來自摩根士丹利的 Ben Swinburne，我將把這個問題轉給 Greg。展望 2025 年您的廣告收入成長，需要改善哪些關鍵領域才能帶來大幅增加的收入？您能否談談擴大直銷力度和利用第三方需求來源（主要是程序化）的機會和挑戰？

Yeah. We've said many times, our priority -- number one priority, first priority is scale, so we've been heavily focused on that. And the great news is we've seen great progress in that regard. We've been scaling our ads member base very quickly from zero two years ago to where we are today. And we're excited to say that we're on track to achieve our critical scale goals for all of our ads countries in 2025.

是的。我們已經說過很多次了，我們的首要任務是規模，所以我們一直非常重視這一點。好消息是，我們在這方面取得了巨大進展。我們的廣告會員基礎一直在快速擴大，從兩年前的零到現在的規模。我們很高興地說，我們預計在 2025 年實現所有廣告國家/地區的關鍵規模目標。

Clearly, we expect further growth beyond that, but that represents a great threshold to get to and then to build more scale and more attractiveness from there. So that allows us to shift more of our energy now on more effectively monetizing that rapidly growing inventory.

顯然，我們預期未來還會有進一步的成長，但這代表著我們需要達到一個很大的門檻，然後才能在此基礎上擴大規模、增強吸引力。因此，我們現在可以將更多的精力轉移到更有效地將快速成長的庫存貨幣化。

And there's two main fronts here. One is our go-to-market capability. So we're adding more sales folks, we're adding more ads operation folks, building our capabilities to meet advertisers. A big component of that is giving advertisers more effective ways to buy Netflix.

這裡有兩個主要戰線。一是我們的市場進入能力。因此，我們正在增加更多的銷售人員，增加更多的廣告業者，並增強我們滿足廣告商需求的能力。其中一個重要組成部分是讓廣告主能夠更有效的方式購買 Netflix。

It's a big point of feedback that we heard from advertisers. So by adding demand sources that are already integrated into their processes and their systems, that just makes it easy for them to buy. And in some cases, that was a threshold item for them to buy in us so we're going to expand the number of buyers as a result of that.

這是我們從廣告商那裡聽到的一個重要回饋。因此，透過添加已經整合到他們的流程和系統中的需求來源，他們就可以輕鬆購買。在某些情況下，這是他們購買我們的產品的門檻，因此我們將擴大買家數量。

And then the other big area of growth for us is the sort of product and technology stack. We mentioned we're building our own ads server now. We're excited to launch that in Canada this year and then the rest of our ads markets in '25. That unlocks a whole set of innovations that we expect that are focused on a better user experience for our members on those ad tiers and better advertiser features.

我們另一個重要的成長領域是產品和技術堆疊。我們提到我們現在正在建立我們自己的廣告伺服器。我們很高興今年能在加拿大推出這項服務，並於 2025 年在其餘廣告市場推出此服務。這將帶來一系列創新，我們期望這些創新專注於為我們的會員提供更好的廣告層級使用者體驗和更好的廣告主功能。

So think a lot about this as targeting relevance, more capabilities in that space as well as thinking about how do we do ROI, ROAs, incrementality measurements, all the things that we want. And ultimately, really, this is about bringing what has been amazing about digital advertising in terms of targeting relevance, measurement, et cetera.

因此，請多加考慮這一點，以相關性為目標，在該領域擁有更多功能，並思考如何實現投資回報率 (ROI)、投資回報率 (ROA)、增量測量以及我們想要的所有東西。最終，這其實是為了實現數位廣告在定位相關性、測量等方面的驚人優勢。

And what we think is amazing about TV advertising, which is an incredible creative format, better creative format in many cases than digital, as well as the ability to put those advertisements next to content, titles, stories that are impacting the social conversation, which is important for advertisers. So lots of work ahead. We've got years of work to do but that's the line that we're moving forward with.

我們認為電視廣告的驚人之處在於它是一種令人難以置信的創意形式，在許多情況下比數位廣告更好，而且它能夠將這些廣告放在影響社交對話的內容、標題、故事旁邊，這對廣告商來說很重要。因此，還有很多工作要做。我們還有很多年的工作要做，但這就是我們前進的方向。

Thank you, Greg. From Steven Cahall, his question is, given what we think are pressures on AVOD CPMs and the 10 hours per account, per month of viewing time you disclosed at the upfront for ad-supported members, what's the likelihood that ad-supported arm drops below ad-free member arm in the second half? Would you consider raising the price of ad-supported tiers as an offset?

謝謝你，格雷格。Steven Cahall 的問題是，考慮到我們認為的 AVOD CPM 壓力以及您預先揭露的廣告支援會員每個帳戶每月 10 小時的觀看時間，下半年廣告支援會員群組低於無廣告會員群組的可能性有多大？您是否會考慮提高廣告支援層級的價格作為補償？

Okay. So perhaps starting by just providing some clarification here. Our engagement on our ads plans is very similar to what we see on our non-ads plan. That's close to the approximately 2 hours of viewing per member per day across all the plans that you can calculate globally from our engagement reports. So you should think of that as roughly how our ads plan members are engaging as well.

好的。因此也許首先需要在這裡提供一些說明。我們對廣告計劃的參與度與對非廣告計劃的參與度非常相似。這接近您可以從我們的參與度報告中計算出的所有計劃中每位會員每天約 2 小時的觀看時間。所以你應該大致認為這就是我們的廣告計劃成員參與的方式。

And then on terms of ads arm, so ads arm, which is, of course, the combination of the subscription amount plus the ads revenue, currently because we've been scaling so rapidly, we are not -- we're racing behind essentially to fulfill all of that increasing inventory and we're -- we were lagging in that regard. So currently, our ads arm is lower than our non-ads arm.

然後就廣告部門而言，廣告部門當然是訂閱金額加上廣告收入的組合，目前因為我們擴張得如此之快，我們基本上是在落後於滿足所有增加的庫存，我們在這方面落後了。因此目前我們的廣告部門低於非廣告部門。

And that's obviously -- we look at that as both -- it's a go do but it's a revenue growth opportunity for us as we scale into that. That represents an opportunity to accelerate our revenue growth as well. So you mentioned price. We think about pricing for ads tier very similarly to how we would think about pricing for our non-ads tier.

顯然，我們認為這兩者都是可行的，但隨著我們擴大規模，這對我們來說也是一個收入成長的機會。這也代表我們有機會加速營收成長。所以你提到了價格。我們對廣告層定價的考量與非廣告層定價的考量非常相似。

First of all, I just think it's worth noting that we love having an entry price that's lower. That means we are more accessible for more people in our ads market. That's a great thing because they get access to all the amazing storytelling that we are doing there.

首先，我認為值得注意的是，我們喜歡較低的入場價。這意味著我們的廣告市場能夠吸引更多人。這是一件很棒的事情，因為他們可以了解我們在那裡講述的所有精彩故事。

But in terms of raising that price, we think about it similar to how we think about pricing in general, which is where -- it's our job to increase the value that we are delivering all of our members. We've got more amazing film, more series, the live events that are coming, more games.

但就提高價格而言，我們的想法與一般定價的想法類似，我們的工作就是增加我們為所有會員提供的價值。我們有更多精彩的電影、更多的電視節目、即將舉行的現場活動、更多的遊戲。

And when we have signals from our members, this is the amount of acquisition that we've got going on, engagement, what our retention and churn looks like, then we find the right moment to ask our members to pay a bit more to keep that flywheel spinning. And we'll think about that in the ads context just like we would in the non-ads context.

當我們從會員那裡得到訊號時，這就是我們正在進行的收購量、參與度、我們的保留率和流失率，然後我們會找到合適的時機要求我們的會員多付一點錢來保持飛輪轉動。我們會在廣告環境中考慮這個問題，就像在非廣告環境中一樣。

Thank you, Greg. John Hodulik from UBS asks, can you provide an update on the CTV ad environment and update us on initial feedback from advertisers on your adtech initiative? What features do you expect to add with the adtech build? And anything you can tell us about the costs associated with it?

謝謝你，格雷格。瑞銀的 John Hodulik 問道，您能否提供有關 CTV 廣告環境的最新情況，並向我們介紹廣告商對您的廣告技術計劃的初步反饋？您希望透過廣告技術建置添加哪些功能？能告訴我們與此相關的費用嗎？

Sure. There's a lot of excitement amongst advertisers to -- about the work that we're doing. I'd say the primary one and again, one that we're responding to, which is sort of very tactical and immediate is being able to provide advertisers more ways to buy on Netflix.

當然。廣告商對我們所做的工作感到非常興奮。我想說，最主要的，也是我們正在回應的問題，這個問題非常具有戰術性和直接性，就是能夠為廣告商提供更多在 Netflix 上購買的方式。

So those demand sources is something we heard very clearly from advertisers that they -- was either a real improvement for them or it was a necessary point for them to be able to buy on Netflix. So then beyond that, we hear lots of enthusiasm for the things I mentioned before, increasing ads relevancy, targeting personalization, better measurement, incrementality, all these things that we'll be building over the next several years, lots of excitement about that.

因此，我們從廣告商那裡清楚地了解到，這些需求來源要么對他們來說是一個真正的進步，要么是他們能夠在 Netflix 上購買的必要點。除此之外，我們還聽到了很多關於我之前提到的事情的熱情，例如提高廣告相關性、個人化定位、更好的衡量、增量，所有這些都是我們將在未來幾年內建立的東西，對此有很多興奮。

The biggest negative feedback we get is that we aren't there right now, so advertisers want us to have all those features in place today. We would love to have all of those features in place today for sure. So we've got the hard work ahead of us of building those as quickly as we possibly can and closing that gap as soon as we can.

我們收到的最大負面回饋是我們現在還沒有達到這個水平，所以廣告商希望我們今天就能擁有所有這些功能。我們當然希望今天就能實現所有這些功能。因此，我們面臨著艱鉅的工作，要盡快完成這些工作，並儘快彌補差距。

But this is, it's years ahead of us to go ahead and keep it building these things. And quite frankly, as we build those features, I am quite certain that there will be more that will come on to the roster that advertisers will be asking for us and more than we'll go be excited about doing.

但是，我們還需要很多年的時間才能繼續建造這些東西。坦白說，隨著我們建立這些功能，我確信廣告商會要求我們提供更多功能，而且我們會非常興奮地做更多的事情。

Thank you, Greg. And our next question is for Ted coming from Rich Greenfield of LightShed --

謝謝你，格雷格。下一個問題是 LightShed 的 Rich Greenfield 向 Ted 提出的--

Spencer, sorry to interrupt, we didn't really answer the kind of cost thing unless I missed it. Did I miss it in terms of -- I can chime in if you like. All of what Greg talked about in terms of investing in the business, suffice to say, that is all embedded in our margin guidance.

史賓塞，很抱歉打斷一下，除非我錯過了，否則我們並沒有真正回答過有關成本的問題。我是否錯過了什麼——如果您願意的話，我可以插話。格雷格談到的有關業務投資的所有內容都包含在我們的利潤率指導中。

So we're -- we make trade-offs all the time with the business where our expenses are up 7% year to date, where if you step back, we're on track to be, you can do the math, it's probably north of $28 billion in total expenses across our business for the year, and we're still expecting to deliver 5 percentage points of margin improvement.

因此，我們一直在業務上進行權衡，今年迄今為止我們的支出已經上漲了 7%，如果你退一步來看，我們正處於增長的軌道上，你可以算一下，今年我們整個業務的總支出可能超過 280 億美元，而我們仍然預計利潤率將提高 5 個百分點。

So we try to run the business like owners, make smart trade-offs and invest into growth like live, like ads, like games, like product innovation, and ads as part of that, both for this year as well as into next year where, again, we expect to drive revenue growth and increase our margins while investing into ads.

因此，我們嘗試像所有者一樣經營企業，做出明智的權衡，並投資於直播、廣告、遊戲、產品創新等成長，而廣告也是其中的一部分，無論是今年還是明年，我們都希望在投資廣告的同時推動收入成長並提高利潤率。

Thanks, Spence. Thanks for that.

謝謝，史賓塞。謝謝。

Yes. Thanks for keeping us honest, Spence. So next question is for Ted coming from Rich Greenfield of LightShed Partners. Is your recent agreement to stream two NFL games on Christmas Day signaling that you need live sports to build a robust advertising business?

是的。謝謝你讓我們保持誠實，史賓塞。下一個問題來自 LightShed Partners 的 Rich Greenfield，請問 Ted 回答。您最近同意在聖誕節當天直播兩場 NFL 比賽，這是否表明您需要體育直播來建立強大的廣告業務？

Or are you trying to create a regular cadence of high-profile live events to bring advertisers onto Netflix platform who will then spend across your broad array of entertainment content?

或者您是否試圖定期舉辦一系列備受矚目的現場活動，將廣告商吸引到 Netflix 平台上，然後他們會在您廣泛的娛樂內容上花錢？

Thank you, Rich. It's a great question. And let me back up a minute. We're in live because our members love it. And it drives a ton of engagement, and it drives a ton of excitement. And those two things are very valuable.

謝謝你，里奇。這是一個很好的問題。讓我先回顧一下。我們進行直播是因為我們的會員喜歡它。它引發了大量的參與，也引發了極大的興奮。這兩件事非常有價值。

So the good thing is that advertisers like that, too, and they like it for the exact same reason, the excitement and the engagement. So everyone's interest here are perfectly aligned in that way. When we signaled to the world when we went live with the Chris Rock: Selective Outrage special last -- a year ago is that this company, Netflix, who you love for on-demand viewing of your favorite TV shows and movies, is also, I say also, going to surprise you with amazing exclusive, buzzy, live entertainment.

因此，好消息是廣告商也喜歡它，而且他們喜歡它的原因完全相同，即刺激和參與。因此，每個人的興趣都是完全一致的。去年，當我們直播《克里斯洛克：選擇性憤怒》特別節目時，我們向全世界發出信號：Netflix 這家公司，你們喜愛的點播電視節目和電影的公司，也將以令人驚嘆的獨家、熱鬧的現場娛樂節目給你們帶來驚喜。

Since then, we've launched a golf tournament with the great -- the biggest stars in PGA Golf and Formula One drivers, a tennis match with two, like, generational titans of professional tennis, Nadal and Alcaraz; a live comedy with Cat Williams; an entire week of groundbreaking live talk show episodes from John Mulaney; that epic roast of Tom Brady, our biggest live stream yet.

從那時起，我們推出了一場高爾夫錦標賽，邀請了 PGA 高爾夫和一級方程式賽車手的巨星參加，還有一場網球比賽，邀請了兩位職業網球世代巨頭納達爾和阿爾卡拉斯參加；與 Cat Williams 一起表演的現場喜劇；約翰·穆拉尼 (John Mulaney) 整整一周的開創性現場脫口秀的史詩級直播。

And still to come, we've got a live show with Joe Rogan. We have this hotdog eating grudge match between Chestnut and Kobayashi that people are remarkably excited about. We have this long-awaited boxing match between Mike Tyson and Jake Paul in November, and on Christmas Day, not just one but two great NFL football games.

接下來，我們將與喬·羅根 (Joe Rogan) 進行現場表演。我們有一場 Chestnut 和 Kobayashi 之間的熱狗吃鬥氣比賽，人們對此感到非常興奮。11 月，我們將迎來期待已久的邁克泰森和傑克保羅之間的拳擊比賽，而在聖誕節當天，我們將迎來兩場精彩的 NFL 橄欖球比賽。

So I would call that a really fast ramp, and it leads right into a weekly live coverage of WWE. So it's that thrilling excitement, engaged watching that people are really thrilled about and we're thrilled about and that we're thrilled that our advertisers are excited about it, too.

所以我認為這是一個非常快速的提升，它直接導致了每週對 WWE 的現場報導。因此，正是這種激動人心的興奮和全神貫注的觀看讓人們真正感到興奮，我們也感到興奮，我們很高興我們的廣告商也對此感到興奮。

Thank you, Ted. Rich has a part two to this question.

謝謝你，泰德。Rich 對這個問題有第二部分。

Yeah.

是的。

Not surprisingly. How do you thread the needle on licensing sports to drive advertising spend without becoming beholden to leagues at renewal?

毫不奇怪。如何在體育賽事授權上取得平衡，從而推動廣告支出，而又不至於在續約時受制於聯盟？

Well, hopefully, exactly the way we're doing it, by making these Netflix events, not necessarily taking on a lot of tonnage from any one league, but actually making these games events like having two NFL football games on Christmas Day and two great games, the Chiefs and the Steelers and the Ravens and the Texans. They're both going to be great games, and it really creates a lot of real excitement with the service, and it's one day of football.

好吧，希望正如我們正在做的那樣，通過製作這些 Netflix 活動，不一定要從任何一個聯盟中承擔大量的流量，而是實際上將這些比賽變成活動，就像在聖誕節舉辦兩場 NFL 橄欖球比賽和兩場精彩的比賽，即酋長隊、鋼人隊、烏鴉隊和德州人隊之間的比賽。這兩場比賽都會非常精彩，這項服務確實會帶給觀眾很多興奮，這也是足球的一天。

So when I look at that and I think along those lines, you can see how we solved for that in our WWE deal, which was economics that we like and live with and can grow into and contemplate with that expansion of cost and viewing would be over the -- over, in that case, as long as 20 years if we want it to be.

因此，當我看到這一點並沿著這個思路思考時，你會看到我們如何在與 WWE 的交易中解決這個問題，這是我們喜歡並可以接受的經濟學，並且可以成長並考慮擴大成本和觀看量，如果我們願意的話，在這種情況下，只要 20 年就可以。

So I think it's really not a matter of there's an automatic disconnect between you can't do sports and net profit. It's very difficult to have big league sports and profit when you offer them entire seasons. But when you offer them in this event model that we're building on, we're really excited about our opportunity to do that without the risk that you're talking about right now.

所以我認為這實際上並不是不能從事體育運動和淨利潤之間自動脫節的問題。當你為大聯盟體育賽事提供整個賽季的營運權時，想要獲利是非常困難的。但是，當您在我們正在建立的這個活動模型中為他們提供這項服務時，我們真的很高興有機會做到這一點，而沒有您現在談論的風險。

And then beyond that, we are in love with the kind of very profitable storytelling version of sports. So if you can't wait for those football games on Christmas Day, you can watch Receiver right now. It just started on July 10 on Netflix, which is part of that storytelling version of sports.

除此之外，我們也喜歡那種非常有利可圖的說故事版本的運動。因此，如果您等不及聖誕節觀看足球比賽，您現在就可以觀看《接球手》。它於 7 月 10 日在 Netflix 上開播，是體育故事版的一部分。

Thank you, Ted. Our next question comes from Kannan Venkateshwar of Barclays. It's a question regarding our engagement. So Ted, could you speak to the underlying engagement health at Netflix and what are you seeing there?

謝謝你，泰德。下一個問題來自巴克萊銀行的 Kannan Venkateshwar。這是關於我們訂婚的問題。那麼 Ted，您能談談 Netflix 的潛在參與度健康狀況嗎？您看到了什麼？

Yeah. Look, I think I talked about this a bit on the last call as well. Competition for entertainment is super intense, and we compete for every second of view time we get. So beyond that, kind of that competitive intensity that's always been out there, we also anticipated some headwinds in our engagement because of paid sharing. Remember, we're taking folks who were watching Netflix and not paying off the service, so we thought that our engagement would go down.

是的。聽著，我想我在上次通話中也談到了這一點。娛樂界的競爭非常激烈，我們爭奪每一秒的觀看時間。除此之外，由於付費分享的存在，競爭激烈程度一直存在，我們也預期我們的參與會遇到一些阻力。請記住，我們吸引的是那些觀看 Netflix 但未支付服務費用的用戶，因此我們認為我們的參與度會下降。

We took a deep dive into how that was impacting and how we could isolate the impact and look at it as owner households. So those folks who are not impacted by paid sharing at all, and what we saw was in last quarter is that, that engagement was holding steady so that much of the engagement headwind was coming from that.

我們深入研究了這種影響是如何產生的，以及如何隔離這種影響並將其視為業主家庭的觀點。因此，對於那些完全不受付費分享影響的人來說，我們在上個季度看到的是，他們的參與度保持穩定，因此大部分參與度阻力都來自於此。

And I look -- but now we look forward. Now I'm not going to get in the habit of releasing this as a new metric every quarter. But looking at that same segment, again, that segment's engagement is actually not just steady but up year on year.

我期待著——但現在我們向前看。現在我不會養成每季都將其作為新指標發布的習慣。但再次看一下同一細分市場，該細分市場的參與度實際上不僅保持穩定，而且逐年上升。

So we're very excited about that. We think it's a very healthy sign of engagement growth. And even with all of that, so beating down the headwinds of that and beating down competition, we're still about 10% of TV time in every country we operate in. So still lots of room to grow but very pleased with our engagement but not fully satisfied.

所以我們對此感到非常興奮。我們認為這是參與度成長的一個非常健康的跡象。即使如此，我們克服了所有不利因素並擊敗了競爭對手，在我們開展業務的每個國家，我們的電視播放時間仍然只佔 10% 左右。因此仍有很大的發展空間，但我們對我們的參與感到非常高興，但並不完全滿意。

Thank you, Ted. Our next question comes from Ben Swinburne of Morgan Stanley. Your primary competitor for more passive home entertainment engagement increasingly looks to be YouTube. What are you doing in terms of programming and product to try and take share from YouTube in the future? Or is this not a focus?

謝謝你，泰德。我們的下一個問題來自摩根士丹利的本·斯溫伯恩。在更多被動家庭娛樂參與方面，YouTube 越來越成為您的主要競爭對手。您在程式設計和產品方面做了哪些努力，以在未來搶佔 YouTube 的市場份額？還是這不是重點？

Are there key verticals like kids programming where you see YouTube as particularly advantaged? Perhaps Ted, you and Greg can tag team on this one.

您認為 YouTube 在兒童節目等關鍵垂直領域中是否具有特別的優勢？也許泰德，你和格雷格可以組隊做這件事。

Yeah, sure. Looking at the Nielsen data that just released for June, what you see there is Netflix and YouTube are the clear leaders in direct-to-consumer entertainment. So our two -- us and YouTube represent about 50% of all streaming to the TV in the US. And we use the US only because that's where we have the data.

是的，當然。查看剛發布的 6 月尼爾森數據，您會發現 Netflix 和 YouTube 是直接面向消費者的娛樂領域的明顯領導者。因此，我們和 YouTube 佔據了美國電視串流媒體總量的 50% 左右。我們只使用美國的數據，因為我們的數據來自美國。

So really, what we're focused on here is focusing ourselves on that other 80% of total TV time that isn't going to either us or YouTube. So that's both streaming continuing to expand, which it did in June, so the share of TV time grew against linear. And as linear continues to give, I think there's a lot of opportunity for us to grow as long as we keep executing well.

所以實際上，我們關注的是將注意力集中在電視總時間的另外 80% 上，這些時間既不會花在我們身上，也不會花在 YouTube 上。因此，串流媒體服務繼續擴張，6 月也實現了擴張，因此電視播放時間的份額相對於線性服務有所增長。隨著線性的不斷發展，我認為只要我們繼續執行得很好，我們就有很多成長的機會。

Now we clearly do compete with YouTube in certain segments of their business, and we certainly compete with them for time and attention. But our services also feed each other really well. So remember, our shows are the most watched and talked about and award nominated. We just came out of 107 Emmy nominations for our slate this year yesterday.

現在，我們確實在 YouTube 業務的某些領域與 YouTube 競爭，我們肯定會與他們爭奪時間和注意力。但我們的服務也互相補充得很好。所以請記住，我們的節目是觀看次數最多、討論最多、獲得獎項提名最多的。昨天，我們剛剛獲得了今​​年艾美獎 107 項提名。

And so our teasers and trailers and behind-the-scenes clips and all those kind of things are incredibly popular on YouTube. So in that way, we kind of feed each other pretty nicely. Greg, I don't know if you want to add anything.

因此，我們的預告片、預告片、幕後花絮以及所有這類內容在 YouTube 上都非常受歡迎。這樣，我們就可以很好地互相幫助。格雷格，我不知道您是否想補充一些內容。

Sure. I think it's also important to note that Netflix fulfills an important and differentiated need for both consumers who really want -- they want amazing spectacle movies and TV shows as well as an important need for creators who want partners that can share in the risk that's inherent in bringing those stories to life.

當然。我認為同樣值得注意的是，Netflix 滿足了消費者的重要差異化需求——他們真正想要精彩的電影和電視節目，同時也滿足了創作者的重要需求，他們希望合作夥伴能夠分擔將這些故事變為現實所固有的風險。

So you think about shows like Stranger Things or Wednesday, Heartstopper, Outer Banks, these shows create amazing view and fandom, and especially with younger audiences. So it's not just one generation. And it's really hard to imagine how that kind of big creative bet would happen and be possible within YouTube's model.

所以你可以想想《怪奇物語》或《星期三》、《心靈終結》、《外灘探秘》這樣的節目，這些節目創造了驚人的收視率和粉絲群體，尤其是在年輕觀眾中。所以這不只是一代人的事。很難想像這種巨大的創意賭注會如何發生，並且如何在 YouTube 的模式下成為可能。

So to Ted's point, it is very competitive out there. And we also feel confident that our model works. It works well for our consumers, it works well for creators, and it works well for our business, and helps us generate significant operating margin.

所以正如泰德所說，那裡的競爭非常激烈。我們也相信我們的模型是有效的。它對我們的消費者很有幫助，對創作者很有幫助，對我們的業務也很有幫助，並幫助我們產生了可觀的營業利潤。

Thank you, Ted and Greg. Our next question comes from Maria Ripps of Canaccord. Netflix's CTO, Elizabeth Stone, recently appeared on a podcast where she said that Netflix is exploring how to integrate generative AI into the platform to improve the member experience.

謝謝你，泰德和格雷格。我們的下一個問題來自 Canaccord 的 Maria Ripps。Netflix 技術長 Elizabeth Stone 最近出現在播客中，她表示 Netflix 正在探索如何將生成式人工智慧融入平台以改善會員體驗。

Do you think that technology could have more of a potential impact on the content creation or discovery side? How do you think about the relative impact on engagement from improving discovery versus content?

您是否認為科技會對內容創作或發現產生更大的潛在影響？您如何看待改進發現與改進內容對參與度的相對影響？

Greg, over to you for this one.

格雷格，這個交給你了。

Yeah. We've been using similar technologies, AI and ML, for many years to improve the discovery experience and drive more engagement through those improvements. We think that generative AI has tremendous potential to improve our recommendations and discovery systems even further.

是的。多年來，我們一直在使用類似的技術，AI 和 ML，來改善發現體驗並透過這些改進來推動更多的參與。我們認為生成式人工智慧具有巨大的潛力，可以進一步改善我們的推薦和發現系統。

We want to make it even easier for people to find an amazing story that's just perfect for them in that moment. But I think it's also worth noting that the key to our success stacks, right?

我們希望讓人們更容易找到一個適合他們當時的精彩故事。但我認為還值得注意的是，我們成功的關鍵是堆積如山的，對嗎？

It's quality at all levels. So it's great movies, it's great TV shows, it's great games, it's great live events, and a great and constantly improving recommendation system that helps unlock all of that value for all of those stories.

各個層面都具有高品質。所以，它是精彩的電影、精彩的電視節目、精彩的遊戲、精彩的現場活動，以及一個出色且不斷改進的推薦系統，有助於釋放所有這些故事的價值。

Yeah, it begs the question about the impact on creative with AI coming going forward, which is hard to predict obviously. But I would say this, I think that AI is a great -- is going to generate a great set of creator tools, a great way for creators to tell better stories.

是的，這引出了一個問題，即人工智慧對創意的影響，這顯然很難預測。但我想說的是，我認為人工智慧很棒——它將產生一套很棒的創作工具，為創作者提供講述更好故事的好方法。

And one thing that's sure, if you look back over 100 years of entertainment, you can see how great technology and great entertainment work hand in hand to make -- to build great, big businesses. You can look no further than animation. When animation didn't get cheaper, it got better in the move from hand-drawn to CG animation.

有一點是肯定的，如果你回顧 100 多年的娛樂業，你會發現偉大的技術與偉大的娛樂如何攜手打造偉大的企業。動畫就是最好的例子。當動畫成本沒有降低時，從手繪到 CG 動畫的轉變變得更好了。

And more people work in animation today than ever in history. So I'm pretty sure that there's a better business and a bigger business in making content 10% better than it is making it 50% cheaper. So remember, I think that shows and movies, they win with the audience when they connect. It's in the beauty of the writing. It's in the chemistry of the actors. It's in the plot, the surprise and the plot twist, all those things.

如今，從事動畫工作的人數比歷史上任何時候都多。因此，我確信，將內容品質提高 10% 比將內容價格降低 50% 會帶來更好、更大的收益。所以請記住，我認為節目​​和電影在與觀眾產生共鳴時就能贏得觀眾的青睞。這正是文字的美妙之處。這是演員之間的化學反應。它存在於情節、驚喜和情節轉折中，所有這些東西中。

And I'm not saying that audiences don't notice all these other things, but I think they largely care mostly about connecting with the storytelling. And I'd say they probably don't care much about budgets, and arguably, maybe not even about the technology to deliver it. So my point is they're looking to connect. So we have to focus on how to tell on the quality of the storytelling.

我並不是說觀眾沒有註意到所有這些其他的事情，但我認為他們主要關心的是與故事情節的聯繫。我想說他們可能不太關心預算，甚至可以說，他們甚至不太關心實現預算的技術。所以我的觀點是他們正在尋求聯繫。所以我們必須關注如何講述故事的品質。

There's a lot of filmmakers and a lot of producers experimenting with AI today. They're super excited about how useful a tool it can be. And we got to see how that develops before we can make any meaningful predictions on what it means for anybody. But our goal remains unchanged, which is telling great stories.

如今，有許多電影製作人和製片人正在嘗試人工智慧。他們對於這個工具的實用性感到非常興奮。我們必須先觀察其發展情況，然後才能對其對任何人的意義做出有意義的預測。但我們的目標沒有改變，那就是講述精彩的故事。

Thank you, Ted and Greg. We now have a question from Ben Swinburne regarding product. And the question for Greg is can you dimensionalize the opportunity from a new home page? You said that this is the biggest update in a decade, which sounds meaningful. What are the primary areas of improvement you're targeting with this?

謝謝你，泰德和格雷格。我們現在收到了 Ben Swinburne 關於產品的一個問題。而格雷格面臨的問題是，你能否從新的首頁看出這個機會？你說這是十年來最大的更新，聽起來很有意義。您針對此目標主要改進哪些面向？

Yeah. It's hard to know exactly at this moment how much benefit that new home page will derive. I think it's worth noting that it's less about the improvements that we're going to deliver initially, but it's more about creating a structure that allows us to evolve and advance more freely than the current structure does.

是的。目前還很難確切知道新主頁將帶來多少好處。我認為值得注意的是，這與我們最初要實現的改進關係不大，而是創造一個允許我們比當​​前結構更自由地發展和進步的結構。

And in terms of what are the pain points, what are we trying to solve, a lot of this is getting to the increase in diversity of entertainment that we are now offering. So we've been amazing at film and series for a long period of time, but now increasingly, we're adding live events into it.

至於痛點是什麼，我們試圖解決什麼問題，其中很大一部分都與我們現在提供的娛樂多樣性的增加有關。我們在電影和電視劇方面長期以來一直表現出色，但現在我們越來越多地將現場活動加入其中。

It's live events like the Brady Roast, which was incredible, but it's sort of a one-off event that we have to create demand for. It's live events like WWE which are consistent and repeating that we want to make sure that fans of that experience have an easy way to access those things.

這是像布雷迪烤肉會這樣的現場活動，非常精彩，但這是一種一次性活動，我們必須創造需求。像 WWE 這樣的現場活動是持續且重複的，我們希望確保喜歡這種體驗的粉絲能夠輕鬆地訪問這些內容。

We're increasingly promoting games as well into our service. So what we found is we need to create structures that allow us to flexibly go from one type of content and entertainment to another in terms of how we're promoting and connecting those. So there's things like that.

我們也正在加大對遊戲的推廣力度，將其融入我們的服務中。因此，我們發現，我們需要創建一種結構，使我們能夠靈活地從一種類型的內容和娛樂轉換到另一種類型的內容和娛樂，以促進和連接它們。有這樣的事。

There's also things like we want to increasingly recognize that we're doing -- even in the same content type, we're doing different jobs for our users in different moments. And that could be Sunday afternoon family movie time, that would be a great experience that we want to provide exactly the right discovery and choosing experience for versus maybe late on Thursday night when you're coming home and you just want to get into the next episode of the series that you're currently cruising through.

我們也想越來越多地認識到我們正在做的事情——即使是同一種內容類型，我們也在不同的時刻為用戶做不同的工作。這可能是周日下午的家庭電影時間，這將是一次很棒的體驗，我們希望提供恰到好處的發現和選擇體驗，而不是像週四晚上你回家時那樣只想看你正在觀看的系列劇的下一集。

So it's that kind of flexibility we want to provide. This is -- our expectation is that this new structure will allow us to deliver, as the old structure did for a decade, multiple, repetitive material benefits to users in terms of engagement, which lead into retention and then revenue. But again, that will be a long iterative journey and mostly, we're trying to take that first step and set us up for that.

所以我們希望提供這種靈活性。我們的期望是，這種新結構將使我們能夠像十年前的舊結構一樣，在用戶參與度方面為用戶帶來多重、重複的物質利益，從而帶來保留和收入。但同樣，這將是一個漫長的反覆過程，而且大多數情況下，我們正努力邁出第一步並為此做好準備。

And less technical too, Greg, it's the UI is beautiful.

而且技術性也不強，格雷格，它的使用者介面很漂亮。

We like beauty as well. Beauty is good.

我們也喜歡美麗。美麗是好的。

It is, it really is.

是的，確實如此。

Thank you. Next question is from Jason Helfstein of Oppenheimer. What have been the early results from phasing out the Basic tier in a handful of your markets? And how does that tie back to success in selling ads? Greg, would you want to take that one?

謝謝。下一個問題來自奧本海默公司的 Jason Helfstein。在你們的部分市場中逐步取消基本層級後，初期結果如何？這與廣告銷售成功有何關係？格雷格，你想拿那個嗎？

Sure. As you've seen us do multiple times before, we spent a lot of energy on the right product experience for doing this migration. And then what we do is we roll it out and we test it, and we see how that goes and let our members tell us if we did a good job there or not.

當然。正如您之前多次看到我們所做的那樣，我們在這次遷移中花費了大量精力來獲得正確的產品體驗。然後我們所做的就是將其推出並進行測試，看看效果如何，並讓我們的成員告訴我們我們是否做得很好。

We make whatever changes in iterations before we then scale it out and roll it even further. And I think it's worth noting here that we feel like in this migration, we've got a very strong offering for our members.

我們會在迭代中做出任何改變，然後將其擴展並進一步推廣。我認為值得注意的是，我們覺得在這次遷移中，我們為我們的會員提供了非常強大的服務。

Essentially, we're providing them a better experience, two streams versus one. We've got higher definition, we got downloads. And of course, all at a lower price, $6.99 in the United States, we think that represents a tremendous entertainment value. And it includes ads. And for members who don't want that ads experience, they, of course, can choose our ads-free Standard or Premium plans as well.

本質上，我們為他們提供了更好的體驗，兩個流而不是一個流。我們擁有更高的清晰度，我們可以下載。當然，所有這些都以較低的價格出售，在美國售價 6.99 美元，我們認為這代表著巨大的娛樂價值。並且它包含廣告。對於不想看到廣告的會員，他們當然也可以選擇我們的無廣告標準或高級方案。

And then in terms of performance, I'll just let our actions speak for ourselves. When those things go well, we typically roll it out. And that's -- we've had the confidence to move forward with that change in the US and France so that's an indicator of how it's going.

至於表演方面，我只會用行動來說話。當這些事情進展順利時，我們通常會推出它。這就是──我們有信心在美國和法國推動這項變革，這是變革進展的指標。

Thank you, Greg. Next question comes from Eric Sheridan from Goldman Sachs. The question is regarding gaming. Can you provide any update on your gaming initiative and user engagement and your ability to scale your gaming efforts?

謝謝你，格雷格。下一個問題來自高盛的 Eric Sheridan。問題是關於遊戲的。您能否提供有關您的遊戲計劃和用戶參與度以及擴大遊戲規模的能力的任何最新消息？

Sure. Games is a big market. It's almost $150 billion ex-China and Russia, and not including ad revenue, which we aren't participating in, in our current model. And we're getting close to three years into our gaming initiative, and we're happy with the progress that we've seen. We've had set ourselves pretty aggressive engagement growth targets.

當然。遊戲是一個巨大的市場。除中國和俄羅斯外，這一數字接近 1500 億美元，這還不包括我們目前的模式中未參與的廣告收入。我們的遊戲計劃已經實施了近三年，我們對所取得的進展感到非常滿意。我們為自己設定了相當積極的參與度成長目標。

And we've met those -- exceeded those in many cases. In 2023, we tripled that engagement. We're looking good in our engagement growth in '24, and we've set even more aggressive growth goals for '25 and '26.

我們已經達到這些目標，在許多情況下甚至超過了這些目標。2023 年，我們的參與度增加了兩倍。24 年我們的參與度成長看起來不錯，我們為 25 年和 26 年設定了更積極的成長目標。

But worth noting that, that engagement and that impact on our overall business at the current scale, it's still quite small. And it's also probably worth noting that the investment level in games relative to our overall content spend is also quite small.

但值得注意的是，這種參與度以及對我們目前整體業務的影響仍然很小。或許還值得注意的是，相對於我們的整體內容支出而言，遊戲的投資水準也相當小。

And we've calibrated the growth and investment with the growth in the business impact. So we're being disciplined about how we scale that. So now obviously, the job is to continue to grow that engagement to the place where it has a material impact on the business.

我們已經根據業務影響的成長調整了成長和投資。因此，我們對如何擴大規模非常嚴格。因此，現在顯然我們的工作是繼續擴大這種參與度，直到對業務產生實質影響。

I think you can -- you've seen this trajectory with us before, whether it's been a new content genre like unscripted or film, or maybe getting the content mix right for a particular country, you can think about Japan or India, which we're now in an amazing place through the hard work of our teams there.

我想你可以——你以前就看到過我們的這種軌跡，無論是像非劇本或電影這樣的新內容類型，還是為特定國家/地區提供正確的內容組合，你可以想想日本或印度，透過我們在那裡的團隊的辛勤工作，我們現在處於一個令人驚嘆的位置。

We continually iterate. We refine our programming based on the signals we get from our members. And if you look over several years with that model, we can make a huge amount of progress.

我們不斷地迭代。我們根據從會員那裡得到的信號來改進我們的編程。如果你用這個模型回顧幾年，你會發現我們可以取得巨大的進步。

We've launched over 100 games so far. We've seen what works, what doesn't work. We're refining our program to do more of what is working with the 80-plus games that we currently have in development.

到目前為止我們已經推出了 100 多款遊戲。我們已經看到了什麼有效，什麼無效。我們正在完善我們的程序，以便更好地配合我們目前正在開發的 80 多款遊戲。

And one of those things that really is working is connecting our members with games based on specific Netflix IP that they love. And this is an area that we've been able to move in quickly in a particular space, which is interactive, narrative games.

其中一個真正有效的措施是將我們的會員與他們喜愛的基於特定 Netflix IP 的遊戲聯繫起來。這是我們能夠在特定領域快速發展的領域，即互動敘事遊戲。

These are easier to build. And we place those in a narrative hub that we call Netflix Stories. Q2, we launched Virgin River and Perfect Match.

這些更容易建造。我們將它們放在一個敘事中心，我們稱之為「Netflix Stories」。第二季度，我們推出了 Virgin River 和 Perfect Match。

Starting this month in July, we're going to launch about one new title per month into Netflix Stories. And this is amazing IP like Emily in Paris and Selling Sunset. And we have lots more, including very different types of games yet to come in the quarters and years ahead.

從 7 月開始，我們將每月在 Netflix Stories 中推出約一部新作品。這是像《艾蜜莉在巴黎》和《日落賣淫》一樣令人驚嘆的智慧財產權。我們還有很多遊戲，包括未來幾季和幾年即將推出的不同類型的遊戲。

Yeah. I just want to chime in for a second, Greg, if you don't mind. This is why I'm really excited about the opportunity in games, which is the way that it's pretty rare for the new content vertical like this to actually complement or draft off of each other.

是的。格雷格，如果你不介意的話，我只是想插嘴一下。這就是為什麼我對遊戲領域的機會感到非常興奮，因為像這樣的新內容垂直領域實際上很少能夠相互補充或借鑒。

So every once in a while, we get something like Squid Game: The Challenge following the Squid Game, the scripted series. But I think our opportunity here to serve super fandom with games is really fun and remarkable.

因此，我們偶爾會看到像《魷魚遊戲：挑戰》這樣的作品，它是繼《魷魚遊戲》之後的另一個劇本系列。但我認為我們在這裡透過遊戲為超級粉絲服務的機會真的很有趣而且很了不起。

I think the idea of being able to take a show and give the super fan a place to be in between seasons and even beyond that, to be able to use the game platform to introduce new characters and new storylines or new plot twist events, now you could do those kind of things and then they can then materialize in the next season or in the sequel to the film.

我認為，能夠利用節目，為超級粉絲提供一個在季間甚至季後停留的地方，能夠使用遊戲平台來引入新角色、新故事情節或新的情節轉折事件，現在你可以做這些事情，然後它們可以在下一季或電影續集中實現。

It's a really great opportunity and a rare one where 1 and 1 equals 3 here. And to replicate some of the success we've seen building fandom and with live events and consumer products, this actually fits really nicely into that. So I'm really excited to see where this goes.

這是一個非常好的機會，也是一個難得的機會，1 加 1 等於 3。為了複製我們在建立粉絲群、舉辦現場活動和購買消費品方面所取得的一些成功，這實際上非常適合。所以我真的很興奮地想看看事情會如何發展。

Thank you, Ted. Thank you, Greg. Our last question comes from Jessica Reif Ehrlich of Bank of America. The question is regarding content spend. Ted, you had targeted $17 billion in cash content spend this year.

謝謝你，泰德。謝謝你，格雷格。我們的最後一個問題來自美國銀行的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。問題是關於內容支出。泰德，你今年的目標是現金內容支出達到 170 億美元。

You're increasing your sports spending within that. How should we think about your spending on entertainment or non-sports entertainment? And what's the overall content spending growth going forward?

您正在增加體育支出。我們應該如何看待您在娛樂或非體育娛樂方面的支出？未來整體內容支出的成長如何？

Well, thanks for the question. I would like to just back up a little bit and say that creating TV and films for a big global audience is a creative process. So remember, we're programming for more than 600 million people around the world who are watching us for a couple of hours a day, every day. So we've got our work cut out for us. And that $17 billion, all those exciting news we talked about earlier are all tucked into that $17 billion.

嗯，謝謝你的提問。我想稍微回顧一下，為全球廣大觀眾製作電視和電影是一個創意十足的過程。所以請記住，我們為全世界超過 6 億人製作節目，他們每天都會花幾個小時觀看我們的節目。所以，我們的工作已經安排好了。而那 170 億美元，我們之前談到的所有令人興奮的消息都包含在這 170 億美元中。

And that $17 billion will grow as our revenue grows. It won't grow as fast as our revenue grows but it will grow to accommodate that. And I think what's really important and where I think we have a real interesting advantage here is that we have these distributed creative teams all over the world.

隨著我們營收的成長，這 170 億美元還會成長。它的成長速度不會像我們的收入成長那麼快，但它的成長將適應這一點。我認為真正重要且我們真正具有優勢的是我們在世界各地都有分佈的創意團隊。

So what's great about that is they are very tightly wound into the creative ecosystem in all these different countries, the star systems, the producer systems, and more importantly, the culture, what fans in those countries really love.

所以，這樣做的好處是，他們與不同國家的創意生態系統緊密相連，包括明星制度、製作人制度，更重要的是，文化，以及這些國家的粉絲真正喜歡什麼。

So we've got all these folks working at the same time so that in this creative process, which does have hot streaks and cold streaks, they can be operating pretty simultaneously to create a very steady cadence of big exciting hits.

因此，我們讓所有這些人同時工作，以便在這個有熱條紋和冷條紋的創作過程中，他們可以同時運作，以非常穩定的節奏創造出令人興奮的熱門作品。

We certainly compete with Hollywood to make the best and most popular programming in the world, but we're also doing that in India, in Spain, in France, in Italy, in Germany, in Korea, in Japan, all over Southeast Asia, in Mexico, in Colombia, Spain, Argentina, and the UK.

我們當然會與好萊塢競爭，製作世界上最好、最受歡迎的節目，但我們也在印度、西班牙、法國、義大利、德國、韓國、日本、整個東南亞、墨西哥、哥倫比亞、西班牙、阿根廷和英國製作這些節目。

And the program that's created -- the programming that we create in those countries, again, all part of that $17 billion are all designed to thrill the local audience. And when they really, really thrill the local audience, there's a possibility and sometimes a probability that they could find a gigantic audience all over the world, including in North America.

我們在這些國家製作的節目，花費了 170 億美元，全部都是為了取悅當地觀眾。當他們真正打動當地觀眾時，他們就有可能，有時甚至很有可能在世界各地，包括北美，找到龐大的觀眾群。

So the team in EMEA, particularly in the UK, is doing a remarkable job of this right now. So they have been able to deliver big global hits, but they've been sensational in country. So Baby Reindeer and The Gentlemen, both landed with Emmy nominations yesterday, and have been sensations in the US, but they are a phenomenon in the UK.

因此，歐洲、中東和非洲地區（尤其是英國）的團隊目前正在進行出色的工作。因此，他們不僅能夠推出全球熱門歌曲，而且在國內也引起了轟動。因此，《小馴鹿》和《紳士們》昨天都獲得了艾美獎提名，並在美國引起轟動，但在英國卻是一種現象。

So more than 50% of all of our members in the UK have watched or are watching Baby Reindeer and The Gentlemen. Similarly with One Day, our original film scoop, so those things that are thrilling the world are super serving the British audience. The same thing just came out of Paris -- or out of France with Under Paris, which has 90 million views, 157 million view-hours around the world. More than half of every French member loves this movie.

因此，我們在英國的會員中有超過 50% 的人都看過或正在觀看《小馴鹿》和《紳士們》。同樣，我們的原創電影獨家新聞《一天》也是如此，這些讓世界激動不已的事情對英國觀眾來說非常有利。同樣的作品剛在巴黎上映——或者說在法國上映的《巴黎之下》，在全球擁有 9,000 萬次觀看，總觀看時長為 1.57 億小時。超過一半的法國人都喜歡這部電影。

Same thing with The Asunta Case in Spain, more than 50% watching in Spain and big watching all over the world. Queen of Tears in Korea is another example and that's happening in APAC right now. So these kind of like super serving local audience is creating global content around the world, gives us an efficiency that I think is getting better and better and a muscle that's getting stronger and stronger that I'm really excited about.

西班牙的阿松塔案也是一樣，西班牙有超過 50% 的人在關注，全世界也在關注。韓國的《淚之女王》是另一個例子，目前這種情況正在亞太地區發生。因此，這種超級服務本地觀眾的方式正在世界各地創造全球內容，這讓我們的效率越來越高，我認為我們的實力也越來越強，我對此感到非常興奮。

And how does that play out? Our slate coming up is unbelievable. So in -- as we've currently forecast, what we're going to deliver for the rest of this year and we're going to deliver into '25, just for -- just before the end of this year, we've got Squid Game return. We've got Emily in Paris return. You've got a new season of Selling Sunset, Lincoln Lawyer, The Diplomat, Virgin River, Love is Blind. Ryan Murphy has an incredible new season of Monsters that tell The Lyle and Menendez story.

那麼結果如何呢？我們的成績令人難以置信。因此 — — 正如我們目前所預測的，我們將在今年剩餘時間內交付，並將在 2025 年交付，就在今年年底之前，我們將讓《魷魚遊戲》回歸。我們又見到了《艾蜜莉在巴黎》。您有新一季的《日落賣屋》、《林肯律師》、《外交官》、《處女河》和《愛是盲目的》。瑞恩墨菲 (Ryan Murphy) 執導了精彩絕倫的《怪獸》新一季，講述了萊爾 (Lyle) 和梅嫩德斯 (Menendez) 的故事。

That's all just coming up before the end of the year. And then looking forward, over the next -- through '25, you've got new seasons of Wednesday and Stranger Things and Night Agent. We're in production on One Piece. So there's a ton of excitement there. Just in our series, this week, we kicked off the finale of Cobra Kai, which is going to blow your mind.

這一切都將在年底前發生。展望未來，到 2025 年，我們將迎來《星期三》、《怪奇物語》和《夜間特工》的新一季。我們正在製作《海賊王》。因此那裡的氣氛十分興奮。就在本週的系列節目中，我們拉開了《眼鏡蛇凱》大結局的序幕，這會讓你大吃一驚。

August 8, we've got the finale of Umbrella Academy kicking off. And then brand-new series that we're also thrilled about. Susanne Bier's The Perfect Couple with -- this has got Nicole Kidman and just a really fun, fun thriller. Nobody Wants This from Kristen Bell and Adam Brody; Black Doves, a beautiful show out of the UK.

8 月 8 日，《傘學院》大結局即將開播。還有令我們興奮的全新系列。蘇珊娜比爾 (Susanne Bier) 的《完美情侶》——由妮可基嫚主演，是一部非常有趣的驚悚片。克莉絲汀貝爾和亞當布羅迪的《沒人想要這個》； 《黑鴿》是一場來自英國的精彩表演。

Beauty & Black from Tyler Perry; No Good Deed, which is bringing Ray Romano and Lisa Kudrow back to TV; Classic Spy with Ted Danson. From Brazil, we have Sena from Colombia. We've got A Hundred Years of Solitude. And then, of course, all those live events I talked to you about.

泰勒佩里（Tyler Perry）的《Beauty & Black》； 《無善行》 (No Good Deed)，該片讓雷羅馬諾 (Ray Romano) 和麗莎庫卓 (Lisa Kudrow) 重返電視螢幕螢幕；泰德丹森主演的經典間諜劇。來自巴西的有來自哥倫比亞的塞納 (Sena)。我們有《百年孤寂》。當然，還有我之前跟你們談到的所有現場活動。

And our movie slate is fantastic with Rebel Ridge, Will & Harper, Six Triple Eight, The Piano Lesson, Carry On. These are -- we have got a lot packed into that. Our goal and our mission here is we have to spend the next $1 billion of programming better than anyone else in the world, and there's no one better at doing it than Netflix. So we're excited.

我們的電影名單非常精彩，有《叛逆嶺》、《威爾與哈潑》、《六三八》、《鋼琴課》和《繼續前進》。這些是——我們已經把很多東西塞進了其中。我們的目標和使命是，我們必須比世界上任何人都更好地投入下一個 10 億美元的節目製作，而沒有人比 Netflix 更擅長做到這一點。所以我們很興奮。

Spencer, how do you not get excited about that and then also get excited about that, we're going to do all that while growing content spend slower than revenue? That's a lot of stuff going on. Thanks, Ted.

史賓塞，你怎麼會對此不感到興奮呢？然後又會感到興奮，我們將做到這一切，同時內容支出的成長速度要慢於收入的成長速度？有很多事情正在發生。謝謝，泰德。

It's all in there. And the hotdog contest too, Spence, don't forget that.

一切都在裡面。還有熱狗比賽，史賓塞，別忘了這一點。

All right. Well, I'm going to leave it at that since it sounds like we're going to have a lot to watch. So we all need a little bit more time, so we'll end the Q2 call here.

好的。好吧，我就講到這裡，因為聽起來我們有很多東西要看。所以我們都需要更多一點時間，所以我們將在這裡結束第二季的電話會議。

So thank you, Ted, Greg, and Spence for joining us today. Thank you, investors and analysts, who are dialed into our call. We look forward to chatting with you next quarter. Thank you very much.

感謝 Ted、Greg 和 Spence 今天加入我們。感謝參與我們電話會議的投資者和分析師。我們期待下個季度與您交談。非常感謝。