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.

歡迎收看 Netflix 2024 年第二季財報採訪。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 Greg Peters；和財務長斯賓塞·諾伊曼。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?

我們現在將接受賣方社群已提交的問題，我們將首先提出一系列關於第二季業績和預測的問題。關於我們結果的第一個問題來自摩根大通的 Doug Anmuth。道格問斯彭斯，您能否提供一些關於客戶流失趨勢的信息，或許還可以分享一些關於推動本季度收入增長的因素的信息嗎？

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。各方面表現強勁，業務發展勢頭良好，收入成長強勁，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，本季付費淨增加的規模過大，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——本季度持續健康的保留，以及遍及所有地區。

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了會員成長。首先，我們的內容板表現出色，並提供跨類型和地區的各種遊戲，我相信我們會更多地討論這一點。付費共享持續產生了一些正面影響。

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的健康有機成長，但我們也不斷將服務改善轉化為業務價值，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點和功能集方面的有吸引力的切入點中受益。因此，將所有這些放在一起，對於用戶成長來說，這是一個不錯的季度，但更重要的是，在推動健康的收入成長和健康的利潤成長方面，這是一個不錯的季度。因此，17% 的受訪者表示收入成長和利潤率年增了 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 Netflix 指出，就第二季的付費淨成長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。您是否覺得該市場正處於轉折點？或者這更多的是關於第二季度非常具體的成功內容？

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，看，我認為印度的成長是一個我們在世界各地看到的非常相似的故事。所以你看看內容，產品市場契合度是我們吸引會員、留住會員並透過他們獲利的能力的驅動力。所以我覺得本季發生的事情就是持續的建構。我們觀看了一場精彩的表演，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作人之一，他拍攝了這部雄心勃勃的連續劇，並將其在Netflix 上搬上銀幕，並執導了每一集，這是我們迄今為止在印度最大的電視劇集。

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.

因此，最重要的是，我們的原創電影和授權電影，以及緊接著戲院上映後在付費電視窗口播放的電影，繼續讓我們的會員興奮不已。所以我們精心挑選它們，精心編程。我們提高產品的市場契合度。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。我認為其他地方——無論我們走到哪裡。只要我們繼續讓那裡的觀眾興奮不已，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。我們關於結果的下一個問題與營業利潤率有關，該問題來自美國銀行的傑西卡·賴夫·埃利希。對於 Spence 來說，我們該如何思考未來利潤率擴張的速度以及今年利潤率表現優異的驅動因素？

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張時，我們顯然對其迄今為止的趨勢感到滿意。我們的重點是每年保持健康的收入成長和利潤成長。因此，我們對我們所提供的服務感到滿意。

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，我們現在的目標是全年營業利潤率達到 26%。這高於我們之前 25% 的指導值，假設我們達到了這個目標，則比去年同期成長了 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.

但正如我們預期的那樣，年度利潤率擴張的幅度可能每年都會反彈。我們最近幾季已經討論過這個問題。由於一年內的外匯變動或其他商業考慮，它可能會出現反彈。

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。我們看到利潤率、絕對利潤美元還有很大的持續成長空間，並且在未來幾年的較長時間內做到這一點。

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，是關於自由現金流的。所以問題是 Netflix 上調了全年營收和利潤率預期，但沒有改變約 60 億美元的自由現金流預測。這只是現金內容支出的拉力還是有其他因素影響您的自由現金流指引？

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，正如您所指出的，我們仍然預計今年的自由現金流約為 60 億美元。內容支出等時間安排總是存在一些不確定性，有時甚至是稅務時間表。因此，這使我們目前持有約 60 億美元的資產，但除此之外沒有其他解讀。

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，我們將向瑞銀 (UBS) 的約翰·霍杜利克 (John Hodulik) 提出有關付費共享的季度問題，我將把這個問題轉給格雷格 (Greg)。問題是，付費分享計畫還有好處嗎？你們在行動付費共享方面有進展嗎？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。史賓塞已經對本季的業績發表了一些評論。我再從長遠的角度來談一下。正如我們在幾個季度中所說的那樣，我們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.

我們會考慮那裡的改進。需要明確的是，我們確實看到仍有一些需要改進的重要領域。但我們認為這些是我們必須改善產品體驗的所有機會的一部分。因此，我們不斷根據我們認為的預期價值來優先考慮所有這些機會。

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.

只是為了讓您了解這個範圍有多大，甚至是我們十多年來一直在努力的事情，例如我們的註冊流程或消費者想要註冊 Netflix 時的用戶體驗，我們發現這些流程在過去幾個季度中取得了多項改進，帶來了實質的增量收入勝利。

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，我們將繼續尋找所有這些機會。我們將為會員和企業改善一切。我們將迭代，我們將改進它們。我們認為這只是一個不斷改進的價值轉換機制。因此，我們希望充分利用貝拉團隊以及電影和電視劇創造的所有價值。

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.

我們有更多的現場活動、遊戲，我們希望更有效地將其轉化為收入，這樣我們就可以繼續投資並保持飛輪旋轉。如果我們能夠每季不斷改進價值轉換機制，並不斷改進其營運的娛樂產品，那麼這兩件事就會復合並推動業務發展。

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.

他們將在今年剩餘時間內推動業務發展。它將持續到 25 年及以後。這確實使我們能夠更有效地吸引全球 5 億多且不斷增長的目前還不是會員的智慧電視家庭進行註冊。

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.

它還推動了我們的其他成長槓桿，例如計劃優化、額外會員、廣告收入和定價以創造更多價值。所以我只是——我認為這是我們在未來幾十年為改進而不斷努力的結果。

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。現在我將引導我們討論一系列有關廣告的問題，我們首先從羅森布拉特的巴頓·克羅克特開始，我將把這個問題指向斯彭斯。你說廣告還不是營收成長的主要驅動因素。您能否更清楚地說明這對 '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.

好，當然。謝謝。退一步來說，我想說我們對擴大廣告業務的方式感到非常滿意。我們在信中談到了這一點。我們主要專注於擴大覆蓋範圍。

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的收入部分，它的成長勢頭也不錯。成長率恰好是在相對較小的基礎上成長的，因為我們剛開始投放廣告僅 18 個月。

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，要對長期以訂閱為主的業務產生主要收入影響，只需要一些時間。因此，我們透過影響力、參與度、庫存成長實現了良好的擴張，這為我們提供了在多年的發展軌跡中對業務產生巨大且不斷增長的收入和利潤影響的機會。

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.

退一步來說，我們對我們的地位以及我們維持健康的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 年取得強勁的業績，並在 25 年及以後推動成長。我們在各方面都很小。我們談了很多。

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.

我們看電視的時間只佔一小部分。就連網電視家庭的滲透率而言，我們還很小。我們的收入市佔率很小。我們將在這些領域全面發展，而廣告將成為這個難題中更大的一部分。只是我們不會讓它在 24 或 25 年成為主要的，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，也是它正在做的。然後，當你進入 26 年及以後，它可能會更有意義，並考慮到我們正在建立的所有參與和影響力，它有望成為主要貢獻者。

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本·斯溫伯恩（Ben Swinburne），我將把這個問題轉給格雷格。展望 2025 年您的廣告收入成長情況，需要改善哪些關鍵領域才能大幅增加營收？您能否談談擴大直銷工作並主要以程式方式利用第三方需求來源的機會和挑戰？

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——第一要務，第一要務是規模，所以我們一直非常關注這一點。好消息是我們在這方面已經取得了巨大進展。我們的廣告會員基數從兩年前的零迅速擴大到今天的水平。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，我們預計會進一步成長，但這代表著一個巨大的門檻，然後在此基礎上建立更大的規模和更大的吸引力。因此，這使我們能夠將更多的精力轉移到更有效地利用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。一是我們的進入市場能力。因此，我們正在增加更多的銷售人員，我們正在增加更多的廣告業者，以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為廣告商提供更有效的方式來購買 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，這只會讓他們更容易購買。在某些情況下，這是他們在我們這裡購買的門檻，因此我們將擴大買家的數量。

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自己的廣告伺服器。我們很高興今年在加拿大推出該服務，然後在 25 年於我們的其他廣告市場推出。這開啟了我們期望的一整套創新，這些創新的重點是為我們的會員在這些廣告層和更好的廣告主功能上提供更好的用戶體驗。

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，請充分考慮這一點，即定位相關性、該領域的更多功能，以及思考我們如何進行投資回報率、投資回報率、增量測量以及我們想要的所有事情。最終，實際上，這是為了帶來數位廣告在目標相關性、衡量等方面的驚人之處。

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，這是一種令人難以置信的創意格式，在許多情況下比數位廣告更好的創意格式，以及將這些廣告放在影響社交對話的內容、標題、故事旁邊的能力，這對廣告商來說很重要。所以還有很多工作要做。我們還有多年的工作要做，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 提出的問題是，考慮到我們對 AVOD CPM 的壓力以及您在廣告支援會員的前期披露的每個帳戶 10 小時、每月觀看時間的情況，廣告支援臂下降到以下的可能性有多大下半年無廣告會員臂？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，也許首先在這裡提供一些說明。我們對廣告計劃的參與度與我們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個會員每天大約 2 小時的觀看時間。因此，您應該大致將其視為我們的廣告計劃成員的參與方式。

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，因為我們的規模擴張得如此之快，所以我們實際上並沒有落後。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，這對我們來說是一個收入成長機會。這也代表了加速我們收入成長的機會。所以你提到了價格。我們對廣告層定價的考量與我們對非廣告層定價的考慮非常相似。

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，我們喜歡較低的入門價格。這意味著我們的廣告市場可以讓更多人更容易接觸到我們。這是一件很棒的事情，因為他們可以了解我們在那裡所做的所有令人驚嘆的故事。

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，我們的思考方式與我們對一般定價的思考方式類似，即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、更多的系列節目、即將到來的現場活動、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.

當我們收到會員發出的信號時，這就是我們正在進行的獲取量、參與度、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留那個飛輪旋轉。我們將在廣告環境中考慮這一點，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 (UBS) 的 John Hodulik 詢問，您能否提供有關 CTV 廣告環境的最新信息，並向我們介紹廣告商對您的廣告技術計劃的初步反饋？您希望在 adtech 版本中新增哪些功能？能告訴我們與此相關的成本嗎？

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。廣告商對我們正在做的工作感到非常興奮。我想說的是，我們正在回應的第一個目標是能夠為廣告商提供更多在 Netflix 上購買的方式，這是一種非常戰術和直接的目標。

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聽到，這些需求來源要么對他們來說是真正的改進，要么是他們能夠在 Netflix 上購買的必要條件。除此之外，我們聽到了人們對我之前提到的事情的熱情，增加廣告相關性、定位個人化、更好的衡量、增量，所有這些我們將在未來幾年內構建的事情，對此充滿興奮。

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.

我們得到的最大的負面回饋是我們現在還沒有做到這一點，因此廣告商希望我們今天就擁有所有這些功能。我們很樂意今天就擁有所有這些功能。因此，我們面臨著艱苦的工作，要盡快建立這些專案並儘快縮小差距。

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.

但事實是，我們還需要很多年才能繼續建造這些東西。坦白說，當我們建立這些功能時，我非常確定廣告商會要求我們提供更多的功能，而這些功能將超出我們的興奮程度。

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

謝謝你，格雷格。我們的下一個問題是來自 LightShed 的 Rich Greenfield 的 Ted——

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，抱歉打擾了，我們並沒有真正回答成本問題，除非我錯過了。我是否錯過了——如果你願意的話我可以插話。可以說，格雷格在業務投資方面談到的所有內容都包含在我們的利潤指引中。

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.

所以我們一直在與業務進行權衡，今年迄今為止我們的費用增長了 7%，如果你退後一步，我們正朝著這個方向發展，你可以算一下，這可能是今年我們業務的總支出超過280億美元，我們仍預期利潤率將提高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業務，做出明智的權衡，並投資於成長，例如直播、廣告、遊戲、產品創新，以及廣告作為其中的一部分，無論是今年還是明年再次，我們希望在投資廣告的同時推動收入成長並提高利潤。

Thanks, Spence. Thanks for that.

謝謝，史賓塞。感謝那。

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，斯彭斯。下一個問題是來自 LightShed Partners 的 Rich Greenfield 的 Ted。您最近同意在聖誕節直播兩場 NFL 比賽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?

或者您正在嘗試定期舉辦高調的現場活動，將廣告商引入 Netflix 平台，然後廣告商將在您廣泛的娛樂內容上進行支出？

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。讓我倒退一下。我們進行直播是因為我們的會員喜歡它。它帶來了大量的參與度，也帶來了很多興奮。而這兩件事都是非常有價值的。

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.

所以好的事情是廣告商也喜歡這樣，他們喜歡它的原因完全相同，就是興奮和參與。所以這裡每個人的興趣都是完全一致的。去年，當我們推出《克里斯洛克：選擇性憤怒》特別節目時，我們向全世界發出了這樣的信號——一年前，Netflix 這家公司，您喜愛的公司，可以點播您最喜歡的電視節目和電影，它也是：我還要說的是，我們將以令人驚嘆的獨家、熱鬧的現場娛樂節目給您帶來驚喜。

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，我們推出了一場由 PGA 高爾夫和一級方程式車手中最偉大的明星參加的高爾夫錦標賽，一場由兩位職業網球一代巨星納達爾和阿爾卡拉茲參加的網球比賽；卡特威廉斯 (Cat Williams) 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節目；湯姆布雷迪 (Tom Brady) 的史詩般的表演，是我們迄今為止規模最大的直播。

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，我們還有喬·羅根 (Joe Rogan) 的現場表演。栗子和小林之間的這場吃熱狗的恩怨比賽讓人們非常興奮。 11 月，我們將迎來邁克泰森 (Mike Tyson) 和傑克保羅 (Jake Paul) 之間期待已久的拳擊比賽，而在聖誕節那天，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斜坡，它直接導致了 WWE 的每週現場報導。因此，人們真的很興奮，我們也很興奮，我們的廣告商也對此感到興奮，這就是令人興奮的興奮和投入的觀看。

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

謝謝你，泰德。里奇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?

不出所料。如何透過體育賽事的授權來推動廣告支出，同時又不受到聯盟更新的影響？

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，希望這正是我們正在做的事情，透過製作這些Netflix 活動，不一定要從任何一個聯盟承擔大量的資源，但實際上製作這些遊戲活動，就像在聖誕節舉辦兩場NFL橄欖球比賽和兩場精彩的比賽一樣。這兩場比賽都將是一場精彩的比賽，服務真的讓人興奮不已，這是足球的一天。

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些思路思考時，你可以看到我們如何在WWE 協議中解決這個問題，這是我們喜歡並接受的經濟學，並且可以隨著成本和收視率的擴大而成長和思考。

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.

所以我認為這並不是不能做運動和淨利之間自動脫節的問題。當你提供整個賽季的大聯盟體育賽事並獲得利潤時，這是非常困難的。但是，當您在我們正在建立的這個事件模型中提供它們時，我們真的很高興有機會做到這一點，而無需承擔您現在談論的風險。

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的運動。因此，如果您等不及聖誕節當天的足球比賽，您現在就可以觀看 Receiver。該劇剛剛在 7 月 10 日在 Netflix 上播出，屬於講故事版體育節目的一部分。

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。我們的下一個問題來自巴克萊銀行的 Kannan Venkateshwar。這是一個關於我們訂婚的問題。 Ted，您能談談 Netflix 潛在的敬業度健康狀況嗎？

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。娛樂方面的競爭非常激烈，我們爭奪每一秒的觀看時間。因此，除此之外，一直存在的競爭強度，我們也預期由於付費共享，我們的參與會遇到一些阻力。請記住，我們選擇的是那些正在觀看 Netflix 但沒有支付服務費用的人，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.

我們深入研究了這會產生怎樣的影響，以及如何隔離影響並將其視為業主家庭。因此，那些根本不受付費共享影響的人，我們在上個季度看到的是，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.

我看著——但現在我們期待著。現在我不會養成每個季度將其作為新指標發布的習慣。但再次審視同一細分市場，該細分市場的參與度實際上不僅穩定，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。即便如此，克服不利因素並擊敗競爭，我們在每個開展業務的國家/地區的電視播放時間仍然約為10%。但不完全滿意。

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。 YouTube 日益成為被動家庭娛樂參與的主要競爭對手。你們在節目和產品方面做了哪些努力，以嘗試在未來從 YouTube 獲得份額？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特別有優勢嗎？也許泰德、你和格雷格可以在這個專案上標記團隊。

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.

好，當然。看看尼爾森剛發布的 6 月數據，你會發現 Netflix 和 YouTube 顯然是直接面向消費者的娛樂領域的領導者。所以我們兩個——我們和 YouTube 約占美國電視串流媒體總量的 50%。我們使用美國祇是因為我們在那裡擁有數據。

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.

事實上，我們現在的重點是關注電視總時間中另外 80% 的時間，這些時間既不屬於我們，也不屬於 YouTube。所以這兩個串流媒體都在繼續擴張，就像六月那樣，所以電視時間的份額相對於線性增長。隨著線性不斷給予，我認為只要我們保持良好的執行力，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，我們顯然確實在 YouTube 的某些業務領域與他們競爭，而我們當然也在與他們爭奪時間和注意力。但我們的服務也能很好地互相促進。所以請記住，我們的節目是觀看次數最多、談論最多且獲得獎項提名的節目。昨天我們剛從今年的 107 項艾美獎提名中脫穎而出。

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、幕後剪輯以及所有此類內容在 YouTube 上都非常受歡迎。這樣一來，我們就可以互相餵食。格雷格，我不知道你是否想補充什麼。

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。我認為值得注意的是，Netflix 滿足了真正想要的消費者的重要且差異化的需求——他們想要精彩的電影和電視節目，以及想要合作夥伴能夠分擔固有風險的創作者的重要需求。

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.

所以你想想像《怪奇物語》或《星期三》、《心跳停止》、《外灘》這樣的節目，這些節目創造了令人驚嘆的視野和粉絲群體，尤其是對年輕觀眾來說。所以這不僅僅是一代人的事。真的很難想像這種巨大的創意賭注如何在 YouTube 的模式中發生並成為可能。

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.

所以在泰德看來，那裡的競爭非常激烈。我們也對我們的模型有效充滿信心。它對我們的消費者、創作者和我們的業務都很有效，並幫助我們創造可觀的營業利潤。

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.

謝謝你們，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 最近出現在一個播客中，她表示 Netflix 正在探索如何將生成式人工智慧整合到平台中，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?

您認為科技是否會對內容創作或發現方面產生更大的潛在影響？您如何看待改進發現與內容對參與度的相對影響？

Greg, over to you for this one.

格雷格，這個任務就交給你了。

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（人工智慧和機器學習）來改善發現體驗，並透過這些改進推動更多參與。我們認為生成式人工智慧具有進一步改進我們的推薦和發現系統的巨大潛力。

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適合他們那一刻的精彩故事。但我認為還值得注意的是，我們成功的關鍵是疊加，對吧？

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.

各個級別的品質都很好。因此，這是很棒的電影、很棒的電視節目、很棒的遊戲、很棒的現場活動，以及一個很棒且不斷改進的推薦系統，有助於釋放所有這些故事的所有價值。

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，這引出了一個關於人工智慧未來對創意的影響的問題，這顯然很難預測。但我想說的是，我認為人工智慧是一個偉大的——將產生一套很棒的創作者工具，這是創作者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和偉大的娛樂是如何攜手並進的——建立偉大的、大的企業。你只需看看動畫就可以了。當動畫沒有變得更便宜時，它從手繪到CG動畫的轉變變得更好。

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。所以我很確定，讓內容好 10% 比讓內容便宜 50% 是更好、更大的生意。所以請記住，我認為節目​​和電影在相互連結時就能贏得觀眾的青睞。這是寫作之美。這是演員的化學反應。這是在情節、驚喜和情節轉折中，所有這些事情。

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事情，但我認為他們主要關心的是與講故事的聯繫。我想說他們可能不太關心預算，甚至可能不太關心提供預算的技術。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好故事的品質。

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.

如今有許多電影製片人和製片人正在嘗試人工智慧。他們對這個工具的用處感到非常興奮。在我們能夠對其對任何人意味著什麼做出任何有意義的預測之前，我們必須先看看它是如何發展的。但我們的目標始終不變，就是講好故事。

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?

謝謝你們，泰德和格雷格。我們現在收到 Ben Swinburne 提出的有關產品的問題。格雷格面臨的問題是，您能否從新主頁中維度化機會？你說這是十年來最大的更新，聽起來很有意義。您的主要改進目標是什麼？

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，這與我們最初要提供的改進無關，而更多的是創建一個允許我們比當​​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.

就痛點是什麼、我們試圖解決什麼而言，其中很大一部分是為了增加我們現在提供的娛樂的多樣性。因此，很長一段時間以來，我們在電影和電視劇方面一直表現出色，但現在我們越來越多地在其中添加現場活動。

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.

這是像布雷迪烤肉大賽這樣的現場活動，這令人難以置信，但這是一種一次性活動，我們必須創造需求。像 WWE 這樣的現場活動是一致且重複的，我們希望確保那些體驗過的粉絲能夠輕鬆訪問這些內容。

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.

我們越來越多地將遊戲推廣到我們的服務中。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向另一種類型的內容和娛樂，以及如何推廣和連接這些內容和娛樂。所以就有這樣的事情。

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.

還有一些事情，例如我們希望越來越多地認識到我們正在做的事情——即使在相同的內容類型中，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，我們希望提供正確的發現和選擇體驗，而不是周四晚上，當你回家時，你只想進入下一個你當前正在瀏覽的系列節目的劇集。

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.

這就是我們想要提供的彈性。我們的期望是，這種新結構將使我們能夠像十年來的舊結構一樣，在參與度方面為用戶提供多重、重複的物質利益，從而帶來保留和收入。但同樣，這將是一個漫長的迭代旅程，而且大多數情況下，我們正在嘗試踏出第一步並為此做好準備。

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

技術性也較低，Greg，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，確實是這樣。

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的賈森·赫夫斯坦。在少數市場中逐步淘汰基本層的早期結果是什麼？這與廣告銷售的成功有何關係？格雷格，你想拿走那個嗎？

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的那樣，我們在進行此遷移的正確產品體驗上花費了大量精力。然後我們要做的就是推出並測試它，看看進展如何，然後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.

我們在迭代中進行任何更改，然後再擴展並進一步滾動。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，兩個流相對於一個。我們有更高的清晰度，我們有下載。當然，價格更低，在美國為 6.99 美元，我們認為這代表了巨大的娛樂價值。它包括廣告。對於不想要廣告體驗的會員，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.

然後在表現方面，我會讓我們的行動來說話。當這些事情進展順利時，我們通常會推出它。那就是——我們有信心在美國和法國推進這項變革，所以這是進展的指標。

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艾瑞克·謝裡丹。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展遊戲工作能力的最新資訊？

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。遊戲是一個很大的市場。除去中國和俄羅斯之外，這幾乎是 1500 億美元，這還不包括我們目前模式中沒有參與的廣告收入。我們的遊戲計劃已接近三年，我們對所看到的進展感到滿意。我們為自己設定了非常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.

我們已經滿足了這些要求——在許多情況下都超越了這些要求。 2023 年，我們的參與度增加了兩倍。我們在 24 年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，就目前的規模而言，這種參與度以及對我們整體業務的影響仍然很小。另外值得注意的是，相對於我們的整體內容支出，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.

我們根據業務影響的成長來調整成長和投資。因此，我們在如何擴大規模方面受到了嚴格的約束。顯然，現在的工作是繼續提高這種參與度，直到對業務產生重大影響。

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.

我認為你可以——你之前已經看到了我們的這種軌跡，無論是像無劇本或電影這樣的新內容類型，還是為特定國家提供正確的內容組合，你可以考慮日本或印度，我們透過我們團隊的辛勤工作，現在我們已經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.

我們不斷迭代。我們根據從會員那裡得到的信號來完善我們的計劃。如果你用這個模型回顧幾年，我們可以取得巨大的進展。

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。我們已經看到什麼有效，什麼無效。我們正在完善我們的計劃，以更好地處理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.

其中真正有效的事情之一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空間中快速進入的領域，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。我們將這些內容放在一個敘事中心，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《賣日落》一樣令人驚豔的IP。我們還有更多遊戲，包括未來幾季和幾年內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。我只是想插話一下，格雷格，如果你不介意的話。這就是為什麼我對遊戲中的機會感到非常興奮，因為像這樣的新垂直內容真正相互補充或相互借鑒是非常罕見的。

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，每隔一段時間，我們就會收到類似《烏賊遊戲：挑戰》（《烏賊遊戲》腳本系列）的內容。但我認為我們有機會為超級粉絲提供遊戲服務真的很有趣也很了不起。

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.

我認為現在能夠舉辦一場演出，並為超級粉絲提供一個在兩季之間甚至更遠的地方，能夠利用遊戲平台引入新角色、新故事情節或新情節轉折事件的想法你可以做這些事情，然後它們就可以在下一季或電影的續集中實現。

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.

這確實是一個絕佳的機會，而且是難得的 1 和 1 等於 3 的機會。為了複製我們所看到的透過現場活動和消費產品建立粉絲群的一些成功，這實際上非常適合這一點。所以我很高興看到這一切的發展。

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·雷夫·埃利希。問題在於內容支出。 Ted，您今年的現金支出目標是 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?

您將在其中增加體育支出。我們應該如何看待您在娛樂或非體育娛樂方面的支出？未來內容支出的整體成長如何？

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。我想稍微補充一下，為全球大量觀眾製作電視和電影是一個創意的過程。所以請記住，我們正在為全世界超過 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完成。那170億美元，我們之前談到的所有令人興奮的消息都藏在這170億美元裡。

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 億美元也會成長。它的成長速度不會跟上我們收入的成長速度，但它會成長以適應收入的成長。我認為真正重要的，也是我們真正有趣的優勢是，我們在世界各地擁有這些分散式的創意團隊。

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，最棒的是，他們與所有這些不同國家的創意生態系統、明星系統、製作人系統，以及更重要的是，這些國家的粉絲真正喜愛的文化緊密相連。

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，以便在這個確實有熱線和冷線的創作過程中，他們可以幾乎同時操作，以創造出非常穩定的節奏，創造出令人興奮的大熱門。

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、整個東南亞這樣做，墨西哥、哥倫比亞、西班牙、阿根廷和英國。

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.

我們製作的節目——我們在這些國家製作的節目，這 170 億美元的所有部分都是為了讓當地觀眾興奮不已。當他們真正讓當地觀眾興奮不已時，他們就有可能在世界各地（包括北美）找到大量觀眾。

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）的團隊目前在這方面做得非常出色。因此，他們能夠在全球範圍內引起轟動，但在國內也引起了轟動。 《馴鹿寶寶》和《紳士們》昨天都獲得了艾美獎提名，在美國引起了轟動，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，超過 50% 的英國會員已經觀看或正在觀看《馴鹿寶寶》和《紳士》。與我們的原創電影獨家新聞《有一天》類似，那些令世界興奮的事情非常適合英國觀眾。同樣的事情剛在巴黎上映，或是在法國上映的《巴黎之下》，該片在全球擁有 9,000 萬次觀看次數、1.57 億小時的觀看時間。超過一半的法國會員喜歡這部電影。

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《阿桑塔案》也是如此，西班牙的收視率超過 50%，全世界的收視率也很高。韓國的《Queen of Tears》是另一個例子，而這種情況目前正在亞太地區發生。因此，這些超級服務本地觀眾正在世界各地創造全球內容，為我們帶來了我認為越來越好的效率，以及越來越強大的肌肉，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.

結果如何？我們的石板即將出現令人難以置信。因此，正如我們目前預測的那樣，我們將在今年剩餘時間內交付，我們將在 25 年交付，就在今年年底之前，我們已經魷魚遊戲回歸了。艾米莉在巴黎回來了。新一季的《推銷日落》、《林肯律師》、《外交官》、《維珍河》、《愛是盲目的》。瑞恩墨菲 (Ryan Murphy) 推出了令人難以置信的新一季《怪物》，講述萊爾和梅南德斯的故事。

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。然後展望未來，到 25 年，您將看到新一季的《星期三》、《怪奇物語》和《夜間特工》。我們正在製作《海賊王》。所以那裡有很多令人興奮的事情。就在我們的系列中，本週，我們拉開了 Cobra Kai 的結局，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》大結局即將拉開序幕。然後是我們也感到興奮的全新系列。蘇珊比爾 (Susanne Bier) 的《完美情侶》(The Perfect Couple) 與妮可基德曼 (Nicole Kidman) 合作，這是一部非常有趣的驚悚片。克里斯汀貝爾和亞當布羅迪沒有人想要這個；黑鴿子，來自英國的一場精彩表演。

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》； 《No Good Deed》將雷羅馬諾和麗莎庫卓帶回電視界；特德丹森的經典間諜。來自巴西的還有來自哥倫比亞的塞納。我們有一百年的孤獨。當然，還有我和你們談論過的所有現場活動。

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，包括《叛逆嶺》、《威爾和哈珀》、《六三八》、《鋼琴課》、《續》。這些是——我們已經做了很多事情。我們的目標和使命是，我們必須比世界上其他任何人都更好地花費接下來 10 億美元的節目，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，你怎麼能不對此感到興奮，然後又對此感到興奮，我們將在內容支出成長速度慢於收入的情況下做到這一切？發生了很多事情。謝謝，泰德。

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

一切都在那裡。還有熱狗大賽，斯彭斯，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，我就到此為止吧，因為聽起來我們還有很多東西要看。所以我們都需要更多的時間，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.

謝謝 Ted、Greg 和 Spence 今天加入我們。感謝撥通我們電話的投資者和分析師。我們期待下個季度與您交談。非常感謝。