Netflix Inc (NFLX) 2024 Q4 法說會逐字稿

Good afternoon and welcome to the Netflix Q4 2024 earnings interview. I'm Spencer Wang, Vice President 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 will be making forward-looking statements and actual results may vary.

下午好，歡迎參加 Netflix 2024 年第四季財報訪談。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) 以及首席財務官斯賓塞·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 will now take questions submitted by the analyst community, and we will begin with our first question from Dan Salmon of New Street Research. Dan asks, given the need to ensure safety and well-being of cast and crews, has there been any disruption to your LA-based productions owing to the wildfires? If so, can you please quantify the impact on this year's cash content spending?

我們現在將回答分析師社區提出的問題，第一個問題來自 New Street Research 的 Dan Salmon。丹問道，考慮到需要確保演員和工作人​​員的安全和健康，野火是否會對您在洛杉磯的製作造成任何干擾？如果是，您能量化這對今年現金內容支出的影響嗎？

Thanks a lot. And thanks, Dan. Let me start by saying this is a really difficult time for a lot of people in Southern California. So many people in our industry, including our employees, were deeply impacted by these fires. And the hardest-hit areas of these fires, the areas around Pacific Palisades, Altadena, Malibu, are very heavily populated with the folks above and below the line who we work with every single day.

多謝。謝謝你，丹。首先我要說的是，對於南加州的許多人來說，這確實是一段艱難的時期。我們行業的許多人，包括我們的員工，都受到了這些火災的嚴重影響。這些火災受災最嚴重的地區，即太平洋帕利塞德、阿爾塔迪納、馬里布附近地區，居住著大量與我們每天一起工作的防線上下人員。

So we're doing everything we can to help with relief, and we're getting those folks who can back to work. To your question directly, no meaningful delays in the delivery of the projects and no meaningful impact to the cash in '25, but very meaningful disruption in people's lives. So our goal is to keep everything on schedule safely, be mindful of folks who need time to work through the challenges of the fires, including in some cases loss of life and home.

因此，我們正在竭盡全力幫助救援，並讓那些可以重返工作崗位的人重返工作崗位。直接回答你的問題，專案交付沒有出現重大延誤，對 25 年的現金也沒有造成重大影響，但對人們的生活造成了非常重大的干擾。因此，我們的目標是確保一切安全按計劃進行，同時考慮到人們需要時間來應對火災帶來的挑戰，在某些情況下還包括生命和房屋的損失。

But this industry has been through a really tough couple of years, starting with COVID, going into the strikes, and now this. So it's really important that we try not to delay anything and try to make sure that these jobs stay safe. I definitely want to add that we are extremely grateful to the firefighters and first responders who are still fighting flames right now. These are the real heroes here. But to answer your direct question, no impact in 2025 on cash or deliverable. Nothing meaningful.

但這個產業經歷了非常艱難的幾年，從新冠疫情開始，到罷工，現在又發生了這樣的事。因此，我們盡量不拖延任何事情並盡力確保這些工作安全，這一點非常重要。我當然想補充一點，我們非常感謝現在仍在滅火的消防員和急救人員。這些人才才是真正的英雄。但直接回答你的問題，2025 年對現金或可交付成果沒有影響。沒什麼意義。

Thanks, Ted. We'll take our next question from Jason Helfstein of Oppenheimer. Is it fair to assume that most of the upside in the 19 million subscriber additions came from the Jake Paul and the Christmas Day football games? And how was the attrition or retention, I guess, post the Christmas Day games versus normal post-holiday levels?

謝謝，泰德。下一個問題來自奧本海默公司的 Jason Helfstein。是否可以合理地假設，新增 1900 萬訂閱用戶大部分來自傑克保羅和聖誕節足球比賽？我猜聖誕節比賽後的流失率和留存率與假期後的正常水平相比如何？

Yes. Short answer to that question is no. At a high level, we've seen broad strength across content categories, across all regions. We've seen it throughout the entire year. And as we've consistently seen across our history, no single title really drives a majority of our acquisition or engagement. Even in an amazing quarter where we had three huge live events -- we had an incredible fight, two NFL games. We had one of our biggest TV series ever in Squid Game season two, all very successful events and titles that we are thrilled about.

是的。這個問題的簡短回答是「不」。從高層次來看，我們看到各個地區、各個內容類別都展現出廣泛優勢。我們全年都看到這種情況。正如我們在歷史上一貫看到的那樣，沒有任何一個單一的頭銜能夠真正推動我們的收購或參與。即使在我們舉辦了三場大型現場活動的令人驚奇的季度中，我們也經歷了一場令人難以置信的戰鬥，兩場 NFL 比賽。《魷魚遊戲》第二季是我們有史以來最大的電視連續劇之一，其中的所有事件和標題都非常成功，我們對此感到非常興奮。

Our estimates for subscriber ads driven by those titles combined represent a small minority of our total member acquisition in the quarter. So it's really the whole service that's working that delivered the upside that we saw this quarter. The vast majority of our net ads were driven by our broad slate and our portfolio globally. And Ted, maybe you want to pick it up for the last half of that?

我們估計，這些作品帶來的訂閱廣告僅占我們本季總會員數的一小部分。因此，實際上整個服務的正常運作才帶來了我們本季看到的成長。我們的絕大部分網路廣告是由我們廣泛的廣告活動和全球組合所推動的。泰德，也許你想繼續講後半部？

Yes, just putting some color on that, we really have built the business on variety and quality across countries, across regions, across genres. And we really focus that year round of having a very strong slate of programming for our members. So were thrilled that some folks came in for the fight and some folks came in for the games, but they stuck around for Squid Game and for Carry On and for Black Doves and for Six Triple Eight and Senna and Nate Bargatze's new comedy special.

是的，簡單來說，我們的業務確實是跨國家、跨地區、跨類型的，並且建立在多樣性和品質的基礎上的。我們全年都致力於為我們的會員提供非常豐富的節目。所以我們很高興有些人來參加戰鬥，有些人來參加遊戲，但他們仍然留在 Squid Game、Carry On、Black Doves、Six Triple Eight 和 Senna 以及 Nate Bargatze 的新喜劇特輯。

All those things all performed really well in the quarter and continue to in the days and weeks after the fight and after the games. And what's really been most encouraging is that the retention behavior of those folks who did come in for those events look a lot like the folks who come in for all of our other big titles.

所有這些事情都在本季度表現得非常好，並且在比賽和比賽結束後的幾天和幾週內繼續保持良好勢頭。而最令人鼓舞的是，參與這些活動的觀眾的留存行為與參與我們其他大型活動的觀眾非常相似。

And so I just would add that it's great that all these big swings worked very well in the quarter. But to be able to have that translate into revenue growth meaningfully, everything has to be working. The product, the pricing teams, the marketing, the advertising, all those things have got to be working well, and we saw really strong execution across the board throughout the quarter and throughout the year.

因此，我只想補充一點，所有這些大的變動在本季度都發揮了很好的作用，這很好。但為了能夠將其有效轉化為收入成長，一切都必須順利進行。產品、定價團隊、行銷、廣告，所有這些都必須運作良好，我們看到整個季度甚至全年的全面執行都非常強勁。

Thanks, Ted and Greg. Our next question is from Steven Cahall from Wells Fargo. And Spence, this is probably best handled by you. The US dollar has strengthened since your last results, and you said that you'll tend to underperform your margin targets when the dollar is stronger. What FX volatility do you think you can successfully hedge out in 2025? And what are the best ways to estimate the impact of currency movements, net of hedging?

謝謝，泰德和格雷格。下一個問題來自富國銀行的 Steven Cahall。史賓塞，這個問題也許由你來處理最好。自從您上次公佈業績以來，美元已經走強，而您曾說過，當美元走強時，您的利潤率往往會低於目標。您認為 2025 年可以成功對沖哪些外匯波動？那麼，扣除對沖因素後，評估貨幣變動影響的最佳方法是什麼？

Sure, Spencer, I will take that one. Roughly 60% of our revenue is in non-US dollar currencies. The way we look at it is of that amount, we try to hedge roughly 50% on a rolling forward 12-month basis. I want to stress that we view hedging as a short- to medium-term solution at best. Our focus has always been to manage the underlying operating results of the company through natural hedges where we can, plus pricing and cost structure over time.

當然，史賓塞，我會接受這個。我們大約 60% 的收入來自非美元貨幣。我們的看法是，對於這個數額，我們試圖在 12 個月滾動基礎上對沖大約 50%。我想強調的是，我們認為對沖充其量只是一種短期至中期的解決方案。我們的重點一直是透過可能的自然對沖以及長期的定價和成本結構來管理公司的基本經營績效。

Our hedge program is really just a price averaging program to smooth the impact of FX, reduce the volatility from big near-term FX moves, and avoid short-term swings to the business so that we can invest appropriately for both the short and the long term.

我們的對沖計劃實際上只是一個價格平均計劃，旨在平滑外匯的影響，降低短期外匯大幅波動帶來的波動，避免短期業務波動，以便我們可以進行適當的短期和長期投資。

Thanks, Spence. The next question comes from Brian Pitz of BMO Capital. The advertising user base is growing quickly, and your ad tech has been ramping for almost a year. What are your biggest learnings and perhaps hurdles for advertising monetization in 2025?

謝謝，史賓塞。下一個問題來自 BMO Capital 的 Brian Pitz。廣告用戶群正在快速成長，您的廣告技術已經發展了近一年。您在 2025 年廣告獲利方面最大的收穫和障礙是什麼？

First and foremost, we love our ads plan because it allows us to offer a lower price point for consumers. That's more choice, good accessibility. That is proving to be popular, and it means that we obviously have more people that can sign up and enjoy the growing range of entertainment that we've got to offer. It's also the reason that we've been successful in driving that first ads priority we had in our ads goals -- our most primary ads goals, which were to get to sufficient scale.

首先，我們喜歡我們的廣告計劃，因為它使我們能夠為消費者提供更低的價格。這意味著更多的選擇，更好的可及性。事實證明，這一舉措很受歡迎，這意味著顯然會有更多的人可以註冊並享受我們提供的日益豐富的娛樂內容。這也是我們成功實現廣告目標中首要的廣告重點的原因——我們最主要的廣告目標，即達到足夠的規模。

So Q4 ads plan represented over 55% of signups across our ads countries. We've seen membership on those ads plan increase about 30% quarter over quarter. Last quarter, that was on top of 35%. The quarter before, on top of significant growth the quarters before that. So as you point out, we've seen significant growth since launch, which we're excited about.

因此，第四季的廣告計劃佔了我們所有廣告投放國家註冊量的 55% 以上。我們發現這些廣告計劃的會員數量較上季增加了約 30%。上個季度，這一比例超過了 35%。前一個季度，在前幾個季度顯著成長的基礎上。正如您所指出的，自推出以來我們已經看到了顯著的成長，對此我們感到非常興奮。

Maybe even more excited about the fact that the engagement of those ads members remains healthy. So view hours per member on the ads plan is similar to engagement on our standard non-ads plan in our ads country, which is a really good marker that we're excited about. So we've done the work, I would say, to meet our scale goals for advertisers in '25. And that means that increasingly, we've been able to shift more of our focus, more of our attention on making the offering better for advertisers to increase monetization of that growing inventory.

或許更令人興奮的是這些廣告成員的參與度仍然保持健康。因此，廣告計劃中每位會員的瀏覽時間與我們廣告所在國家/地區的標準非廣告計劃的參與度相似，這是一個令我們感到興奮的非常好的標誌。所以我想說，我們已經完成了工作，以實現我們25年為廣告商設定的規模目標。這意味著，我們能夠將更多的注意力轉移到為廣告主提供更好的服務上，以提高不斷增長的廣告資源的貨幣化程度。

This is going to remain a priority and part of our roadmap for at least the next several years, likely years to come after that. But we're making solid progress already. For example, we exceeded our ads revenue target in Q4, which was an exciting milestone to get. We've doubled our ads revenue year over year last year. We expect to double it again this year, so that should give you a sense of the slope of monetization growth that we're on.

至少在未來幾年，甚至更長時間內，這仍將是我們工作的重點和路線圖的一部分。但我們已經取得了紮實的進展。例如，我們在第四季度超額完成了廣告收入目標，這是一個令人興奮的里程碑。與去年相比，我們的廣告收入翻了一番。我們預計今年將再次翻一番，讓您可以了解我們所處的貨幣化成長坡度。

And broadly, we think of this as we're making solid progress. There's considerable work ahead of us for sure, but we don't see specific hurdles that you mentioned in the question other than just doing the work. So we think our path is relatively straightforward, and we're confident we've got a significant runway to continue to grow that revenue.

總體而言，我們認為我們正在取得堅實的進展。當然，我們面前還有大量的工作，但除了完成工作之外，我們沒有看到您在問題中提到的具體障礙。因此，我們認為我們的道路相對簡單，我們有信心，我們擁有充足的空間來繼續增加收入。

Great. And we have a follow-up question on advertising from Jessica Reif Ehrlich of Bank of America. On advertising, do you have all the tech and tools you need to significantly scale up and move from the crawl-to-walk phase?

偉大的。我們也收到了來自美國銀行的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich) 關於廣告的後續問題。在廣告方面，你們是否擁有所需的所有技術和工具，能夠大幅擴大規模並從爬行階段轉向行走階段？

I think you can say that 2025 is the year that we transition from crawl to walk. A big part of that is standing up our own ad stack. We launched that in Canada and that's gone well. We're testing. We're learning quickly as we prepare to then roll that out in 2025 across the rest of our 12 ads countries, starting with the US in April.

我認為你可以說 2025 年是我們從爬行到走路的一年。其中很大一部分是建立我們自己的廣告堆疊。我們在加拿大推出了該產品，並且進展順利。我們正在測試。我們正在快速學習，準備在 2025 年將這項服務推廣到我們其餘 12 個廣告國家，並從 4 月的美國開始。

And the biggest initial benefit we have of using our own ad server is just enabling us to offer more flexibility, more ways of buying for advertisers, fewer activation hurdles, just improving the overall buyer experience. And of course, that is meant to drive increased sales and the ease of transacting with Netflix. And we're already seeing the impact of those benefits in the revenue growth in Canada. So that's exciting and improves our optimism around it.

而使用我們自己的廣告伺服器所帶來的最大的初始好處就是，我們可以為廣告主提供更多的靈活性、更多的購買方式、更少的啟動障礙，從而改善整體買家體驗。當然，這是為了增加銷售量並簡化與 Netflix 的交易。我們已經看到這些好處對加拿大收入成長的影響。這令人興奮並增強了我們的樂觀情緒。

And then over time, the first-party ad tech platform allows us to deliver more critical capabilities to advertisers that we hear from them that they really need, so more programmatic availability. We're talking enhanced targeting. We're leveraging more data sources, more measurement, more reporting, more incrementality studies.

隨著時間的推移，第一方廣告科技平台使我們能夠向廣告主提供更多關鍵功能，我們從他們那裡了解到他們真正需要這些功能，從而實現更多的程式化可用性。我們正在討論增強目標定位。我們正在利用更多的資料來源、更多的測量、更多的報告和更多的增量研究。

So being on our own tech stack enables all those advertising features -- advertiser-facing features. But the other big benefit is that it just creates a higher-quality experience for our members. So it increases relevance. That's good for them. It's good for advertisers. It's good for us. It's good for everybody in the ecosystem, essentially.

因此，我們自己的技術堆疊可以實現所有這些廣告功能——面向廣告商的功能。但另一個巨大的好處是，它為我們的會員創造了更高品質的體驗。因此它增加了相關性。這對他們來說是好事。這對廣告商來說是件好事。這對我們有好處。從本質上來說，這對生態系統中的每個人都有好處。

Just so to reiterate, we've got many years of building ahead of us. The roadmap is clear. We're committed to iterative innovation and advertising, just as you've seen us do in many other places. And as I mentioned before, while we've got tons of work, we feel the path for the next several years at least is fairly straightforward, and we're confident we can continue to grow revenue at a solid pace and earn a growing piece of that over $25 billion in CTV ad spend.

我再次強調，我們還有許多年的建設工作要做。路線圖很清晰。我們致力於迭代創新和廣告，就像您在許多其他地方看到我們所做的一樣。正如我之前提到的，雖然我們有大量的工作要做，但我們認為至少未來幾年的道路是相當簡單的，我們有信心能夠繼續以穩健的速度增加收入，並在超過 250 億美元的 CTV 廣告支出中獲得越來越大的收益。

Awesome. Thanks. Greg, I'll now shift to a couple of content-related questions from analysts. The first is from Ben Swinburne of Morgan Stanley. He asked, Ted, do the strong viewing numbers for the NFL games leave you more interested in full-season sports rights for Netflix, or do you still see full-season sports rights as generally unattractive for Netflix?

驚人的。謝謝。格雷格，現在我將回答分析師提出的幾個與內容相關的問題。第一個是摩根士丹利的本·斯溫伯恩（Ben Swinburne）。他問道：“泰德，NFL 比賽的強勁收視率是否讓你對 Netflix 的全季體育賽事轉播權更感興趣，還是你仍然認為全季體育賽事轉播權對 Netflix 來說總體上沒有吸引力？”

Well, let me start with the viewing of the NFL games, which there are in-season games and they're the two most streamed NFL games ever. The average minute audience for those games were 30 million and 31 million. It's phenomenal. And Beyonce also set a very high bar for future halftime shows even for the Super Bowl. So we're really thrilled with the viewing. We're thrilled with everything about it.

好吧，讓我先從觀看 NFL 比賽開始吧，NFL 有賽季內比賽，而且這是有史以​​來直播次數最多的兩場 NFL 比賽。這兩場比賽的平均每分鐘觀眾人數分別為3000萬和3100萬。這真是太驚人了。碧昂絲也為未來的中場秀甚至超級盃設定了極高的標準。因此我們對這次觀看感到非常興奮。我們對它的一切都感到興奮。

All that being said, we are constantly trying to broaden our programming, and live events is one of those things and sports is part of those live events. So when I look at this and say it's a really fantastic thing, but it doesn't really change the underlying economics of full-season big league sports being extremely challenging. So if there was a path where we could actually make the economics worth work for both us and the league, we certainly would explore. But right now, we believe that the live events business is what we really want to be. And sports is a very important part of that, but it is a part of that expansion

話雖如此，我們一直在努力拓寬我們的節目內容，現場活動就是其中之一，體育賽事是現場活動的一部分。因此，當我看到這一點並說這確實是一件了不起的事情時，但它並沒有真正改變大聯盟體育全賽季極具挑戰性的根本經濟狀況。因此，如果有一條途徑可以真正為我們和聯盟帶來經濟效益，我們肯定會去探索。但現在，我們相信，現場活動業務才是我們真正想要的。體育是其中非常重要的一部分，但它是擴張的一部分

Thanks, Ted. And Rich Greenfield from LightShed has a similar follow-up question. Has the fight and WWE Raw results influenced your decision process on additional rights like the UFC?

謝謝，泰德。LightShed 的 Rich Greenfield 也提出了類似的後續問題。這場比賽和 WWE Raw 的結果是否影響了您關於像 UFC 這樣的附加權利的決策過程？

Not going to comment anything specifically like the UFC, but WWE is off to a great start. Our first week, we drew about 5 million views, which is about two times the audience that Monday Night Raw was getting in linear television. Pretty consistent with how we modeled it, how we'd hoped to build the audience for the league.

不會對 UFC 之類的具體事情發表任何評論，但 WWE 已經有了一個很好的開始。我們的第一周就吸引了大約 500 萬次收看，這大約是周一晚間 RAW 在有線電視上收視人數的兩倍。這與我們所塑造的形像以及我們希望為聯盟吸引觀眾的方式十分一致。

We also saw that the non-live viewing -- so in the day after the live event, our viewing grew by 25%, mostly outside of the US time zones. So this is a new viewing in the UK and Canada, Mexico, Australia, Brazil, particularly big markets. So we're really thrilled to see how that's going so far. In the US, our viewing of Monday Night Raw was as big as the Monday Night Raw viewing has been in five years. So we're super thrilled with how that's going and how that's coming out.

我們還發現非直播觀看——在直播活動後的第二天，我們的觀看量增加了 25%，主要是在美國時區之外。因此，這對英國、加拿大、墨西哥、澳洲、巴西等大市場來說是一個新亮點。所以我們非常高興看到目前的進展。在美國，我們對 Monday Night Raw 的觀看量與五年來 Monday Night Raw 的觀看量一樣多。所以我們對事情的進展和結果感到非常興奮。

Again, just not to be overly repetitive, but we're going to be mindful of the bottom line. And it's really important that those economics do work and that the big-league sports, full-season economics are very hard to make work. For us, we want to be able to bring value to the sport like we have to date, with WWE certainly, but like we have with the NFL too, where we were basically able to bring a big audience, a young audience, a more global audience than linear television. But that has to be reflected in the deal as well.

再說一遍，只是為了不過度重複，我們會注意底線。這些經濟學確實發揮作用非常重要，而大聯盟運動和整個賽季的經濟學很難發揮作用。對我們來說，我們希望能夠為這項運動帶來價值，就像我們迄今為止所做的那樣，當然是為 WWE，但就像我們為 NFL 所做的那樣，我們基本上能夠吸引大量的觀眾，年輕的觀眾，比線性電視更全球化的觀眾。但這也必須反映在協議中。

Thanks, Ted. And that's a good segue to our last question on sports. To round it out, from Vikram of Baird, could you elaborate on the decision to acquire rights to the FIFA Women's World Cup in 2027, 2031? What were the features of the event that made it attractive? And how does this fit into your broader strategy for live sports?

謝謝，泰德。這很好地引出了我們關於體育的最後一個問題。最後，來自貝爾德的維克拉姆，您能否詳細闡述一下獲得 2027 年和 2031 年國際足總女足世界盃轉播權的決定？這次活動有哪些特色讓它如此吸引人？這和您對體育直播的更廣泛策略有何契合？

I think it fits perfectly into the strategy. Women's World Cup is a real TV event, totally consistent with what we're trying to do here. These matches set a bunch of viewing records in 2023, and women's sports have only become more interesting and more popular since. It's a month-long event filled with drama, played by some of the greatest athletes in the world. We're thrilled to be the home for those games in -- starting in 2027. And we're thrilled to have the time to start telling the stories of these teams and these athletes like we've done so well with other sports, with our series, and our documentaries.

我認為它完全符合該戰略。女足世界盃是一項真正的電視賽事，與我們在這裡所嘗試做的完全一致。這些比賽在 2023 年創下了多項收視率紀錄，自此以後，女子運動變得更加有趣和受歡迎。這是一場充滿戲劇性的長達一個月的賽事，由世界上最偉大的一些運動員參賽。我們非常高興能從 2027 年開始成為這些比賽的舉辦地點。我們很高興有時間開始講述這些球隊和運動員的故事，就像我們在其他運動、我們的系列節目和紀錄片中所做的那樣。

Great. Another question from Rich Greenfield of LightShed Partners. Did Carry On prove that movies can break through without a theatrical release? In less than two months, Carry On was well reviewed and has racked up 313 million view hours. And the film generated significant buzz across social media and is set to surpass Bird Box viewership. Was there an unusually high level of marketing spend for this film, or did the buzz build organically on Netflix?

偉大的。另一個問題來自 LightShed Partners 的 Rich Greenfield。《Carry On》是否證明了電影無需在戲院上映也能取得突破？在不到兩個月的時間裡，《Carry On》獲得了好評，累計觀看時長達 3.13 億小時。這部電影在社群媒體上引起了極大的轟動，其觀眾人數有望超越《蒙上你的眼》。這部電影的行銷費用是否異常高昂，還是在 Netflix 上自然引起了轟動？

This was a great example, I think, of a movie born on Netflix that can generate an enormous audience and tons of buzz. In fact, one of the producers called me over the break to tell me that this is exactly what it feels like when I have a big movie in the theaters, which was a great thing to hear. And we even got injected into the debate, the age-old is Die Hard a Christmas movie debate and is Carry On the new Die Hard, which is -- we're definitely in the zeitgeist, in the culture, drawing a big audience for a movie that premiered on Netflix and had a very modest marketing spend like we typically do.

我認為，這是 Netflix 上推出的一部電影能夠吸引大量觀眾並引起轟動的一個很好的例子。事實上，一位製片人在休息期間打電話給我，告訴我，這正是我在電影院看大片時的感覺，聽到這個消息我感到非常高興。我們甚至參與了關於《虎膽龍威》是否是聖誕電影的爭論，以及《虎膽龍威 3》是否是新版《虎膽龍威》的爭論。

And I think it actually draws a lot of attention to how powerful the platform is to promote to our own members, how Netflix can talk to our members where they are, which is on Netflix, to tell them about a great new movie they're going to love. And then we have our social channels with over 1 billion subscribers that actually keep that conversation going. So I think it's a really strong proof point that a movie born on Netflix can be a big hit and be the center of culture as well.

我認為它實際上吸引了很多人的注意力，讓人們意識到這個平台向我們自己的會員推廣的強大功能，Netflix 如何在 Netflix 上與我們的會員交流，告訴他們一部他們會喜歡的精彩新電影。而且，我們擁有超過 10 億訂閱者的社交管道，可以真正保持這種對話的持續進行。所以我認為這是一個非常有力的證明，證明在 Netflix 上推出的電影可以大受歡迎並成為文化中心。

Thanks, Ted. And for the record, I do think both Die Hard and Carry On are Christmas movies.

謝謝，泰德。順便說一下，我確實認為《虎膽龍威》和《Carry On》都是聖誕電影。

To be continued, to be continued.

未完待續，未完待續。

But I think that's a great segue to Doug Anmuth's question from JPMorgan. Ted, does the agreement to debut Narnia in the theater in 2026 suggest any shift in your overall theatrical strategy?

但我認為這與摩根大通的道格·安穆斯 (Doug Anmuth) 提出的問題有很好的連結。泰德，《納尼亞》將於 2026 年在戲院首映，這是否意味著你們的整體戲劇策略將會改變？

No change at all to our theatrical strategy. Our core strategy is to give our members exclusive first-run movies on Netflix. The Narnia IMAX release is a release tactic. We routinely release movies in theaters a couple of weeks before to qualify for awards, to meet festival requirements, and to prime the publicity pump a bit.

我們的戲劇策略沒有任何改變。我們的核心策略是為我們的會員提供 Netflix 上的獨家首映電影。《納尼亞》 IMAX 上映是一種發行策略。我們通常會在電影上映前幾週在影院上映，以獲得獎項資格、滿足電影節要求，並進行一些宣傳。

In the case of Narnia, it's a two-week special event. I think it's very differentiated from other runs because I doubt anyone has a screen as big as an IMAX screen at home, so it is kind of a differentiated consumer experience. But we've done variants of these releases many times, and doing it with IMAX greatly simplifies our release process as well.

對納尼亞來說，這是一個為期兩週的特別活動。我認為它與其他影院有很大不同，因為我懷疑是否有人家裡有像 IMAX 螢幕那麼大的螢幕，所以這是一種差異化的消費者體驗。但我們已經多次製作過這些版本的變體，使用 IMAX 進行製作也大大簡化了我們的發布流程。

Mostly, I want to say I'm incredibly excited to be working with Greta on this movie. We're super excited to get it into production, so we can talk about how great this movie is, more so than which screens it's on. She's an incredible director, and this is a really exciting project.

我最想說的是，我非常高興能與格雷塔合作拍攝這部電影。我們非常高興能夠將其投入製作，因此我們可以更多地談論這部電影有多麼精彩，而不是它在哪些影院上映。她是一位出色的導演，這是一個非常令人興奮的項目。

Right. Our next question comes from Vikram from Baird, and it's about plans and pricing. How do you plan to approach the cadence and magnitude of price increases going forward, particularly in your largest markets? What are the signals that inform those decisions across the different regions and plans?

正確的。我們的下一個問題來自貝爾德的維克拉姆 (Vikram)，是關於計劃和定價。您計劃如何應對未來價格上漲的節奏和幅度，特別是在您最大的市場？哪些訊號可以為不同地區和計劃做出這些決定提供參考？

I could take this one. Our pricing philosophy hasn't changed. It's pretty much the same as we've talked about for the last several years. Of course, we look to continually provide more value to our members, seeking to wisely invest to increase the variety and quality of our entertainment offering. And then we listen to those members. We listen for signals like engagement, retention, acquisition.

我可以接受這個。我們的定價理念沒有改變。這與我們過去幾年談論的內容幾乎相同。當然，我們希望持續為我們的會員提供更多價值，尋求明智的投資以增加我們的娛樂產品的多樣性和品質。然後我們聽取這些成員的意見。我們傾聽參與度、保留度、獲取度等訊號。

There's more secondary signals as well, all to tell us when we've achieved that increase in value. And when we've done that, then we ask them to pay a bit more to keep that virtuous cycle going. You've seen us take a price across a number of markets in EMEA and APAC and LATAM over the last couple of quarters, across most plans and including ads too. And those changes have gone smoothly. You can see those in our results. We certainly expect the same for these latest changes.

還有更多的次要訊號，全部用來告訴我們何時實現了價值的提升。當我們做到這一點後，我們就會要求他們多付一點錢，以維持這個良性循環。您已經看到，在過去幾個季度中，我們在歐洲、中東和非洲 (EMEA)、亞太地區 (APAC) 和拉丁美洲 (LATAM) 的多個市場中對大多數計劃（包括廣告）進行了定價。這些變革進展順利。您可以在我們的結果中看到這些。對於這些最新的變化，我們當然也有同樣的期待。

I think it's worth noting and reiterating that we believe that our starting price at [$7.99 in the US], [CAD7.99] in Canada for standard with ads is an incredible entertainment value and it's a highly accessible entry point. So ultimately, we feel really good about our long-term monetization opportunity. We earn right now only 6% of the revenue opportunity in the countries and segments that we currently serve. And as long as we continue to deliver on improving the variety, the quality of our TV and film slate, we gradually expand the offering with newer content types, we'll believe we'll be able to increase that share progressively every year.

我認為值得注意並重申的是，我們相信我們的起價為 [美國 7.99 美元]、加拿大 7.99 加元]（帶廣告的標準價），具有令人難以置信的娛樂價值，並且是一個非常容易接受的切入點。所以最終，我們對我們的長期獲利機會感到非常滿意。目前，我們在目前服務的國家和領域中僅獲得了 6% 的收入機會。只要我們繼續致力於提高電視和電影的種類和質量，並逐步擴大提供更新的內容類型，我們相信我們能夠每年逐步增加這一份額。

If I could just chime in on you, Greg, when you're going to ask for a price increase, you better make sure you have the goods and the engagement to back it up. And I feel like what we have going into 2025 is just that. We have the returning seasons of our biggest shows ever, Wednesday, Stranger Things, and Squid Game, Night Agent, Ryan Murphy's Monster, You, Alice in Borderland from Japan, Delhi Crime from India, and new seasons of Drive to Survive.

格雷格，如果我可以插話說，當你要求漲價時，你最好確保你有貨物和承諾來支持它。我覺得我們將在 2025 年實現這一目標。我們迎來了歷來最火爆的電視劇《星期三》、《怪奇物語》、《魷魚遊戲》、《夜間特工》、《瑞恩·墨菲的怪物》、《你》、《無國界的愛麗絲》、印度的《德里罪案故事》和《極速求生》的新一季。

And on the film side, we've got new movies from Oscar winners like Guillermo del Toro, Catherine Bigelow, Noah Baumbach, the Russo brothers' new film, Happy Gilmore 2, a new Knives Out film. And live, obviously, we've got the SAG Awards next month, Christmas Day football, Monday Night Raw every Monday night, and a few surprises there too. So I definitely feel like the strength of slate has never been better.

電影方面，我們有奧斯卡獎得主吉爾莫·德爾·托羅、凱瑟琳·畢格羅、諾亞·鮑姆巴赫的新電影，以及羅素兄弟的新電影《快樂的吉爾莫2》和一部新的《利刃出鞘》電影。顯然，現場直播包括下個月的美國演員工會獎頒獎典禮、聖誕節足球賽、每週一晚上的 Monday Night Raw，還有一些驚喜。所以我確實覺得石板的強度從未如此好。

Great. I'm going to now turn to a few questions on engagement. So our first one comes from Peter Supino of Wolfe Research. Engagement is stable based on data from third-party panels. Is engagement growth a strategic priority for Netflix?

偉大的。我現在要回答幾個有關參與度的問題。我們的第一個問題來自 Wolfe Research 的 Peter Supino。根據第三方小組的數據，參與度是穩定的。提高參與度是 Netflix 的策略重點嗎？

Absolutely, and I think we look at this and say what we're trying to do is entertain the world, and you measure that and how are people pushing play and sticking around for the things that they love. And Bela and her team are really kind of programming into those moments of breadth and of quality and trying to meet people where they are, finding something for everybody and something for every mood, in every language, in every part of the world.

當然，我認為我們看著這個，說我們正在嘗試做的是娛樂世界，你衡量一下，人們如何推動遊戲並堅持他們喜歡的事物。貝拉和她的團隊確實在將這些廣度和品質融入其中，並試圖在人們所在的地方與他們會面，為每個人、每一種心情、每一種語言、世界的每個角落找到一些東西。

It's tough work that they have cut out for them, but they're doing the job of winning over those moments every night and getting people who spend right now about 200 billion of hours of programming -- of streaming last year. Our average member is watching for about two hours a day. So we've still got plenty of work to do to grow that, and that's what the team is very highly focused on.

這是一項艱鉅的工作，他們已經做好了準備，但他們確實贏得了每晚的這些時刻，並吸引了去年在串流媒體上花費了大約 2000 億小時節目的觀眾。我們的平均會員每天觀看時間約兩小時。因此，我們還有很多工作要做來實現這一目標，這也是團隊高度關注的重點。

Not surprisingly, I would say we consistently see that improvements in engagement are correlated with the other key business drivers that we have. It obviously drives retention, acquisition, et cetera. So we're excited that we've seen continuing growth in engagement and look forward to more of that. Spence?

毫不奇怪，我想說，我們始終看到參與度的提高與我們擁有的其他關鍵業務驅動因素相關。它顯然會推動保留、獲取等等。因此，我們很高興看到參與度持續成長，並期待更多這樣的成長。斯彭斯？

Well, you hit it. We talk about it a lot. The flywheel starts with engagement. It's engagement, revenue, profit, and it drives the flywheel. And the rest of the numbers were points you hit on, I think, other than maybe one other is just to kind of note that as a reminder in the letter we talked about, the fact that we will now, going forward, twice a year, on the same day as earnings release, our engagement reports, starting with our Q2. So in July, our earnings report will also include our engagement report, just to emphasize a steady drumbeat with earnings and with our performance.

嗯，你成功了。我們經常談論它。飛輪從嚙合開始。它是參與度、收入、利潤，它推動著飛輪的運作。我認為，除一個數字之外，其餘數字都是您提到的要點，只是為了提醒大家，在我們談到的信中，我們現在每年兩次在收益發布的同一天發布我們的參與度報告，從第二季度開始。因此，7 月份，我們的收益報告還將包括我們的參與度報告，只是為了強調收益和業績的穩定成長。

And to get a little more granular even sooner, our next engagement report is going to publish in February, so it's next month.

為了更快地提供更詳細的信息，我們的下一份參與度報告將於 2 月發布，所以是在下個月。

Good point.

很好的觀點。

Great. And then our second question on engagement is a little bit broader. It's from Justin Patterson of KeyBank. What are the key steps to competing more with short-form video platforms for engagement?

偉大的。我們關於參與度的第二個問題更加廣泛一些。這是來自 KeyBank 的賈斯汀·帕特森 (Justin Patterson) 的。與短視頻平台爭奪更多參與度的關鍵步驟是什麼？

Our goal here is to entertain all audiences, including younger audiences who may be watching disproportionately more short-form content. Now the beauty is that those folks all love film and TV shows as well, so we're constantly entertaining them with projects that get them so excited that they push play. They stick around. They go on their social media accounts and talk about the shows. They do tributes to the shows.

我們的目標是為所有觀眾提供娛樂，包括可能觀看更多短篇內容的年輕觀眾。現在的美妙之處在於這些人也都熱愛電影和電視節目，因此我們不斷透過讓他們興奮不已的項目來娛樂他們，讓他們願意去觀看。他們留下來。他們在社交媒體帳戶上談論演出。他們對這些演出表示致敬。

You see how many -- when do you see the new season? When Wednesday comes out, you're going to see all the social media platforms get flooded with tributes to this work. Our core is in kind of professional, longer-form storytelling, And that's a very big and enduring business. But again, as things get pulled -- as eyeballs get pulled into other places, we definitely want to be there for them as well.

你看多少——你什麼時候看新一季？當《星期三》上映時，你會看到所有的社群媒體平台都充斥著對這部作品的讚揚。我們的核心是講述專業的、長篇的故事，這是一項非常龐大且持久的業務。但是，隨著事物被吸引——隨著人們的眼球被吸引到其他地方，我們當然也希望能為他們提供服務。

I do find that these short-form services also are a great breeding ground for new storytellers. So you see, we're super excited to bring Ms Rachel over onto Netflix. Parents are excited about that too. But we also have got a rich history of finding projects in other places and having them up the game and be very successful on Netflix, things like Cobra Kai and Cocomelon and Somebody Feed Phil, which is now shooting its eighth season.

我確實發現這些簡短的服務也是培養新故事講述者的絕佳溫床。所以你看，我們非常高興將 Rachel 女士帶到 Netflix。父母對此也感到非常興奮。但我們在其他地方尋找項目、讓它們脫穎而出並在 Netflix 上取得巨大成功方面也有著豐富的經驗，例如《眼鏡蛇凱》（Cobra Kai）、《Cocomelon》和《Somebody Feed Phil》，後者目前正在拍攝第八季。

So I feel like the work we have to do there is to win over audiences with programming that they love. If it's Heartstopper or Stranger Things or Ginny & Georgia, Elite, Outer Banks, that's what we have to do. We have to outcompete for those moments of entertainment truth.

所以我覺得我們要做的工作就是用觀眾喜愛的節目來贏得觀眾。如果是《心靈終結者》《怪奇物語》《金妮與喬治亞》《名校風暴》《外灘探秘》，那就是我們要做的事。我們必須在娛樂真相的競爭中勝出。

I think consistent with that and just expanding on it, I think we see ourselves as playing a specific and differentiated role in the ecosystem. So whether it's being a place where those great storytellers that Ted mentioned can graduate to, whether it's from places like YouTube or the theater or any other place that they come from, we know that consumers want a spot to enjoy great movies and TV shows, to have a user interface and user experience which is designed specifically around that.

我認為與此一致並在此基礎上進一步擴展，我認為我們認為自己在生態系統中扮演著特定且差異化的角色。因此，無論是特德提到的那些偉大故事講述者可以畢業的地方，無論是來自 YouTube、劇院還是任何其他地方，我們都知道消費者想要一個可以欣賞精彩電影和電視節目的地方，擁有專門為此設計的用戶界面和用戶體驗。

We know that our creative partners need someone that can participate in investing in those to share the risk that's inherent in bringing those stories to life. We want to double down on supporting that part of the ecosystem, and we want to make sure that shows like Stranger Things or Wednesday or Heartstopper, Outer Banks, which have huge viewing and fandom, especially with those younger audiences, continue to have a place to be found, loved, and enjoyed.

我們知道，我們的創意合作夥伴需要有人參與投資，以分擔將這些故事變成現實所固有的風險。我們希望加倍支持生態系統的這一部分，並且我們希望確保《怪奇物語》、《星期三》、《心靈終結者》、《外灘探秘》等擁有大量收視率和粉絲的電視劇，尤其是那些年輕觀眾，能夠繼續被發現、喜愛和享受。

Great, thank you. Our next question comes from Alan Gould of Loop Capital. How do you assess your progress in the video game space? How have the engagement trends been? When do you anticipate video games will have an impact on subscriber growth or retention?

太好了，謝謝。我們的下一個問題來自 Loop Capital 的 Alan Gould。您如何評價自己在電子遊戲領域的進步？參與趨勢如何？您預計電子遊戲何時會對用戶成長或保留產生影響？

Okay, so a lot there. I'd say we've learned quite a bit and made some good early progress since we've launched games. We, of course, launched a bunch of games with some highlights amongst them. The critically acclaimed Oxenfree II stands out; certainly, Grand Theft Auto, where we drove tens of millions of downloads.

好的，有很多。我想說，自從我們推出遊戲以來，我們已經學到了很多東西，並且取得了一些良好的早期進展。當然，我們推出了一系列遊戲，其中包括一些亮點。廣受好評的 Oxenfree II 脫穎而出；當然是《俠盜獵車手》，我們為這款遊戲帶來了數千萬次的下載量。

We've got fan favorites based on Netflix IP, things like Too Hot to Handle, Emily in Paris, Selling Sunset, and to our latest big release, Squid Game Unleashed, which we really think validates our Netflix game formula, which is enabling this virtuous cycle between linear content and simultaneous game offerings.

我們擁有基於 Netflix IP 的粉絲最愛，例如《Too Hot to Handle》、《Emily in Paris》、《Selling Sunset》以及我們最新發布的重磅作品《Squid Game Unleashed》，我們認為這部作品驗證了我們的 Netflix 遊戲模式，即實現線性內容和同步遊戲產品之間的良性循環。

And we are just scratching the surface today in terms of what we can ultimately do in that space. But we already see how this approach not only extends the audience's engagement with the universe and a story but also creates a synergy that reinforces both mediums, the interactive and the non-interactive side.

而就我們最終能在這個領域做什麼而言，我們今天只是觸及了皮毛。但我們已經看到，這種方法不僅擴展了觀眾對宇宙和故事的參與度，而且還創造了一種協同效應，強化了互動和非互動兩種媒介。

So based on all of those learnings and under the leadership of Alain Tascan, we continue to refine our strategy. And we're going to be focusing on more narrative games based on Netflix IP. These are consistent fan favorites, and we've got a lot in the library to work with there. We'll also be introducing party and couch co-op games on the TV delivered from the cloud. We think of this as a successor to family board game night or an evolution of what the game show on TV used to be. So we're excited about delivering some cool experiences in that space.

因此，基於所有這些經驗教訓，並在 Alain Tascan 的領導下，我們不斷完善我們的策略。我們將專注於更多基於 Netflix IP 的敘事遊戲。這些都是粉絲一直喜愛的作品，而且我們在圖書館裡還有很多可以利用的作品。我們也將在電視上推出透過雲端傳輸的派對和沙發合作遊戲。我們認為這是家庭棋盤遊戲之夜的繼承者，或是電視上游戲節目的演變。因此我們很高興能夠在該領域提供一些很酷的體驗。

We'll deliver games for kids. This is no ads, no in-app payments. It's a safe space for kids just included with your subscription. And of course, we want to do more recognizable mainstream titles, whether that is licensed titles like GTA, and we're going to have more of those big licensed titles to come that we're looking forward to, as well as homegrown titles based on our IP like Squid Game Unleashed. Which, I'll just reiterate, Squid Game Unleashed reached number one in action games in the app stores in 107 countries. It's on pace to become our most downloaded game.

我們將為孩子們提供遊戲。沒有廣告，沒有應用程式內支付。這是您訂閱後為孩子們提供的安全空間。當然，我們希望製作更多知名的主流遊戲，無論是像 GTA 這樣的授權遊戲，我們還會推出更多我們期待的大型授權遊戲，以及基於我們的 IP 的自主開發遊戲，例如 Squid Game Unleashed。我只想重申一下，Squid Game Unleashed 在 107 個國家的應用程式商店中動作類遊戲中排名第一。它有望成為我們下載次數最多的遊戲。

And so to your question about impacts on the subscriber side, we already see positive impacts in acquisition and retention from our game-playing members. Now those effects are relatively small currently, but frankly so is our investment in games relative to our overall content budget. And we're going to stay disciplined about scaling that investment as we see continued scaling and member benefits.

關於對訂閱用戶的影響的問題，我們已經看到了遊戲會員獲取和保留方面的積極影響。目前這些影響相對較小，但坦白說，相對於我們的整體內容預算，我們在遊戲方面的投資也是如此。隨著我們看到持續的擴大和會員利益的增加，我們將嚴格控制投資規模。

So to try and summarize, there's plenty more to do in this space, but we're breaking into a whole new content category, which, by the way, drives approximately $140 billion in consumer spend, ex-China, ex-Russia, and not even including the ad revenue. So we're iteratively showing our members that we are a place to discover and play games, and we look forward to continuing to launch bigger and bigger games every year.

因此，總結一下，在這個領域還有很多事情要做，但我們正在進入一個全新的內容類別，順便說一下，這推動了約 1400 億美元的消費者支出，除中國和俄羅斯外，甚至還不包括廣告收入。因此，我們不斷向會員展示我們是一個發現和玩遊戲的地方，我們期待每年繼續推出越來越大的遊戲。

Thanks, Greg. We have a couple of late-breaking questions on the forecast that analysts have submitted, so I'll wrap up with two of those questions. This comes from Jason Helfstein of Oppenheimer. You spent roughly $17 billion on cash content spending in 2024 and will spend about $18 billion in 2025. How should investors think about long-term spending levels? Is there a point where you reach an equilibrium where you don't need to increase spend beyond inflation?

謝謝，格雷格。我們有幾個關於分析師提交的預測的最新問題，所以我將總結其中兩個問題。這是來自奧本海默公司的 Jason Helfstein 的說法。您在 2024 年的現金內容支出約為 170 億美元，2025 年將花費約 180 億美元。投資人該如何看待長期支出水準？是否存在一個平衡點，即不需要在通貨膨脹之外增加支出？

Do you want me to take that?

你想讓我拿走它嗎？

Sure. I'll take that one. I think we're a long way from equilibrium. We're taking up our cash content spend this year, estimated from $17 billion to $18 billion. That's in the context of we're small in terms of view share and penetration everywhere around the world. We're less than 50% penetrated into connected households. You heard from Greg that we're only capturing about 6% of our estimated revenue market.

當然。我要那個。我認為我們距離平衡還很遠。我們今年的現金內容支出預計在 170 億美元至 180 億美元之間。這是因為我們的全球觀看份額和滲透率都比較小。我們的連網家庭滲透率還不到50%。您從格雷格那裡聽說，我們僅佔據預計收入市場的 6% 左右。

So we have a long way to grow. It's really about where do we put the next [$1 billion] and then beyond that to work in the most impactful way over the next year or so. You'll see that in areas like continuing to build into big, scripted TV series. As you heard from Ted, we're continuing to build out live. We're continuing to build out our original programming in each of our regions around the world, and also seeing more and more kind of impactful licensing opportunities. And I think we kind of grow from there.

所以我們還有很長的路要走。這其實關乎我們要把接下來的[10億美元]投入到哪裡，然後在未來一年左右的時間裡以最有影響力的方式投入其中。您會在諸如繼續打造大型劇本電視連續劇等領域看到這一點。正如您從 Ted 那裡聽到的，我們正在繼續拓展直播。我們將繼續在世界各地區推出我們的原創節目，同時也看到越來越多有影響力的授權機會。我想我們會從那時開始成長。

So the opportunity, there's a long runway to continue to grow. We do it in a disciplined way, right? So we kind of set our growth based on our top-line growth and our margin targets, and then we kind of allocate as we can across the business for highest impact. I think you've seen us do that in a responsible way where our cash spend and our content cash amortization is sort of a 1.1 ratio roughly plus or minus between our content amort, which runs through the P&L and the cash spend, which runs through cash flow.

因此，我們擁有繼續成長的機會和廣闊的空間。我們以有紀律的方式做這件事，對嗎？因此，我們根據營收成長和利潤目標來設定成長目標，然後盡可能在整個業務範圍內進行分配，以獲得最大的影響力。我想你已經看到我們以負責任的方式做到了這一點，我們的現金支出和內容現金攤銷的比例大約是 1.1，介於內容攤銷（貫穿損益表）和現金支出（貫穿現金流）之間。

And both are growing slower than our revenue growth. So I think you should see us continuing to grow in that way for the foreseeable future as we continue to grow more and more engagement and please more and more, hopefully, growing audience around the world.

而且兩者的成長速度都低於我們的收入成長速度。因此，我認為，在可預見的未來，我們應該繼續以這種方式發展，因為我們將繼續吸引越來越多的觀眾，取悅越來越多的人，希望如此，我們的全球觀眾也會越來越多。

Thanks, Spence. And our last question comes from John Blackledge of TD Cowen. Can you please talk about the drivers of raising your 2025 operating margin guidance? What are the biggest points of leverage driving higher margins this year? Spence, do you want to take that?

謝謝，史賓塞。我們的最後一個問題來自 TD Cowen 的 John Blackledge。您能談談提高 2025 年營業利潤率預期的驅動因素嗎？今年推動利潤率上升的最大槓桿點是什麼？史賓塞，你想拿走這個嗎？

Yes, sure. So you know, we're always kind of looking to balance our revenue growth with strategic investment into the business. And we think we've balanced that well this year. You see, we guided to 12% to 14% top-line revenue growth. If you do the read-through in terms of -- based on our margin guidance, what we would expect in terms of our implied expense growth, you can see it's high single-digit -- 9% plus or minus expense growth expected for 2025.

是的，當然。所以你知道，我們總是尋求平衡收入成長和業務策略投資。我們認為今年我們已經很好地平衡了這一點。你知道，我們預計營收成長率為 12% 至 14%。如果您根據我們的利潤率指引仔細閱讀，我們會發現我們對隱含費用成長的預期是較高的個位數——預計 2025 年的費用成長率為 9% 左右。

If you break that down, we're expecting sort of high single-digit, roughly, content amortization growth, so still below revenue growth, so some margin there. And that's based on, again, that $18 billion of plus or minus expected content cash spend, and the amort moves around a bit based on the timing of titles and releases, but high single digits, a pretty good estimate.

如果你把它分解開來，我們預期內容攤銷成長率大致為個位數高值，因此仍然低於收入成長率，因此存在一定的利潤率。再次強調，這是基於預計內容現金支出 180 億美元的上下浮動，攤銷金額會根據標題和發行的時間略有變動，但為高個位數，是一個相當不錯的估計。

And then we're investing into our growth priorities. We're pretty heavily investing into our product and engineering teams to build out ads and live and games capabilities, and also our new user interface enhance our product discovery. We're also investing in the marketing and sales line, mostly on the sales side as we build out our ad sales organization and go-to-market capabilities.

然後我們開始投資我們的成長重點。我們對產品和工程團隊進行了大量的投資，以打造廣告、直播和遊戲功能，而且我們的新使用者介面也增強了我們的產品發現能力。我們也在投資行銷和銷售線，主要是在銷售方面，因為我們建立了廣告銷售組織和進入市場的能力。

And beyond that, our support areas are growing mid-low single digits. So across the board, for the most part, we're driving a margin improvement in a way that we think is appropriate for the business while investing into our growth.

除此之外，我們的支援領域正以中低個位數成長。因此，總體而言，在大多數情況下，我們都在以我們認為適合業務的方式提高利潤率，同時投資於我們的成長。

Great. Thank you, Spence. And thank you all for joining us for our Q4 earnings call. And we look forward to speaking with you all next quarter. Thanks very much.

偉大的。謝謝你，史賓塞。感謝大家參加我們的第四季財報電話會議。我們期待下個季度與大家交談。非常感謝。