Netflix Inc (NFLX) 2024 Q4 法說會逐字稿

Good afternoon and welcome to the Netflix Q4 2024 earnings interview.

下午好，歡迎來到 Netflix 2024 年第四季財報採訪。

I'm Spencer Wang, Vice President of Finance, IR, and Corporate Development.

我是 Spencer Wang，負責財務、投資人關係和企業發展的副總裁。

Joining me today are co-CEOs Ted Sarandos and Greg Peters and CFO Spence Neumann.

今天與我一起出席的有聯合首席執行官特德·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·諾依曼 (Spence Neumann)。

As a reminder, we will be making forward-looking statements and actual results may vary.

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.

我們現在將回答分析師群體提交的問題，我們將從新街研究公司 Dan Salmon 提出的第一個問題開始。

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?

丹問，考慮到需要確保演員和工作人​​員的安全和福祉，你們在洛杉磯的製作是否因野火而受到干擾？

If so, can you please quantify the impact on this year's cash content spending?

如果是這樣，您能否量化一下對今年現金內容支出的影響？

Thanks a lot.

多謝。

And thanks, Dan.

謝謝，丹。

Let me start by saying this is a really difficult time for a lot of people in Southern California.

首先我要說的是，對於南加州的許多人來說，這是一個非常困難的時期。

So many people in our industry, including our employees, were deeply impacted by these fires.

我們行業的許多人，包括我們的員工，都深受這些火災的影響。

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.

這些火災的重災區是太平洋帕利塞茲、阿爾塔迪納、馬里布周圍的地區，這裡居住著與我們每天一起工作的一線和線下人員。

So we're doing everything we can to help with relief, and we're getting those folks who can back to work.

因此，我們正在盡一切努力來幫助救援，並讓那些可以重返工作崗位的人。

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.

直接回答你的問題，專案的交付沒有任何有意義的延遲，也沒有對 25 年的現金產生有意義的影響，但對人們的生活造成了非常有意義的破壞。

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，我們的目標是讓一切安全地按計劃進行，並留意那些需要時間應對火災挑戰的人們，包括在某些情況下失去生命和家園的人們。

But this industry has been through a really tough couple of years, starting with COVID, going into the strikes, and now this.

但這個行業經歷了非常艱難的幾年，從新冠疫情開始，到罷工，再到現在。

So it's really important that we try not to delay anything and try to make sure that these jobs stay safe.

因此，我們盡量不要拖延任何事情並努力確保這些工作的安全，這一點非常重要。

I definitely want to add that we are extremely grateful to the firefighters and first responders who are still fighting flames right now.

我當然想補充一點，我們非常感謝目前仍在與火焰搏鬥的消防員和急救人員。

These are the real heroes here.

他們才是這裡真正的英雄。

But to answer your direct question, no impact in 2025 on cash or deliverable.

但要回答你的直接問題，2025 年對現金或可交付成果沒有影響。

Nothing meaningful.

沒什麼意義。

Thanks, Ted.

謝謝，泰德。

We'll take our next question from Jason Helfstein of Oppenheimer.

我們將回答奧本海默的賈森·赫爾夫斯坦的下一個問題。

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?

假設 1900 萬新增訂戶中的大部分增長來自傑克保羅和聖誕節橄欖球比賽，是否公平？

And how was the attrition or retention, I guess, post the Christmas Day games versus normal post-holiday levels?

我猜聖誕節比賽後的人員流失率或保留率與節後正常水平相比如何？

Yes.

是的。

Short answer to that question is no.

這個問題的簡短回答是否定的。

At a high level, we've seen broad strength across content categories, across all regions.

在高水準上，我們看到了所有地區、跨內容類別的廣泛優勢。

We've seen it throughout the entire year.

我們一整年都看到了這種情況。

And as we've consistently seen across our history, no single title really drives a majority of our acquisition or engagement.

正如我們在歷史上一貫看到的那樣，沒有任何單一的遊戲能夠真正推動我們的大部分收購或參與。

Even in an amazing quarter where we had three huge live events -- we had an incredible fight, two NFL games.

即使在一個令人驚嘆的季度，我們舉辦了三場大型現場賽事——我們進行了一場令人難以置信的戰鬥，兩場 NFL 比賽。

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.

《魷魚遊戲》第二季是我們有史以來最大的電視連續劇之一，所有的活動和標題都非常成功，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.

我們對這些標題驅動的訂戶廣告的估計僅佔本季度會員獲取總數的一小部分。

So it's really the whole service that's working that delivered the upside that we saw this quarter.

因此，真正發揮作用的整個服務帶來了我們本季看到的優勢。

The vast majority of our net ads were driven by our broad slate and our portfolio globally.

我們的絕大多數網路廣告都是由我們廣泛的產品和全球產品組合所推動的。

And Ted, maybe you want to pick it up for the last half of that?

泰德，也許你想接聽後半段的內容？

Yes, just putting some color on that, we really have built the business on variety and quality across countries, across regions, across genres.

是的，只是添加一些色彩，我們確實在跨國家、跨地區、跨類型的多樣性和品質上建立了業務。

And we really focus that year round of having a very strong slate of programming for our members.

我們全年都致力於為我們的會員提供一系列非常強大的節目。

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.

令人興奮的是，有些人來參加戰鬥，有些人來觀看比賽，但他們留下來觀看《魷魚遊戲》、《繼續》、《黑鴿子》、《六三八》以及塞納和內特·巴蓋茲的新喜劇特輯。

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.

所有這些事情在本季度都表現得非常好，並且在比賽後和比賽結束後的幾天和幾週內繼續存在。

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.

真正最令人鼓舞的是，那些參加這些活動的人的保留行為看起來很像那些參加我們所有其他大型活動的人。

And so I just would add that it's great that all these big swings worked very well in the quarter.

因此，我想補充一點，所有這些大幅波動在本季度都表現良好，這真是太好了。

But to be able to have that translate into revenue growth meaningfully, everything has to be working.

但為了能夠將其轉化為有意義的收入成長，一切都必須正常進行。

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.

產品、定價團隊、行銷、廣告，所有這些都必須運作良好，我們在整個季度和全年都看到了非常強大的執行力。

Thanks, Ted and Greg.

謝謝，特德和格雷格。

Our next question is from Steven Cahall from Wells Fargo.

我們的下一個問題來自富國銀行的史蒂文·卡霍爾。

And Spence, this is probably best handled by you.

史賓塞，這件事最好由你來處理。

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.

自上次結果以來，美元已經走強，您表示，當美元走強時，您的業績往往會低於利潤目標。

What FX volatility do you think you can successfully hedge out in 2025?

您認為 2025 年您可以成功對沖多少外匯波動？

And what are the best ways to estimate the impact of currency movements, net of hedging?

估計貨幣變動（扣除對沖）影響的最佳方法是什麼？

Sure, Spencer, I will take that one.

當然，史賓塞，我會接受那個。

Roughly 60% of our revenue is in non-US dollar currencies.

我們大約 60% 的收入是非美元貨幣。

The way we look at it is of that amount, we try to hedge roughly 50% on a rolling forward 12-month basis.

我們看待這個金額的方式是，我們嘗試在未來 12 個月的基礎上對沖大約 50%。

I want to stress that we view hedging as a short- to medium-term solution at best.

我想強調的是，我們認為對沖充其量只是一種中短期解決方案。

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.

我們的重點始終是透過盡可能的自然對沖以及隨著時間的推移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，減少近期外匯大幅波動帶來的波動，並避免業務的短期波動，以便我們可以進行適當的短期和長期投資學期。

Thanks, Spence.

謝謝，史賓塞。

The next question comes from Brian Pitz of BMO Capital.

下一個問題來自 BMO Capital 的 Brian Pitz。

The advertising user base is growing quickly, and your ad tech has been ramping for almost a year.

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。

What are your biggest learnings and perhaps hurdles for advertising monetization in 2025?

2025 年，您在廣告變現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.

首先也是最重要的是，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。

That's more choice, good accessibility.

這是更多的選擇，良好的可及性。

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.

事實證明，這很受歡迎，這意味著我們顯然有更多的人可以註冊並享受我們提供的越來越多的娛樂內容。

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.

這也是我們成功推動廣告目標中的第一廣告優先事項的原因——我們最基本的廣告目標，即達到足夠的規模。

So Q4 ads plan represented over 55% of signups across our ads countries.

因此，第四季的廣告計劃占我們廣告國家註冊人數的 55% 以上。

We've seen membership on those ads plan increase about 30% quarter over quarter.

我們發現這些廣告計劃的會員數量較上月增加了約 30%。

Last quarter, that was on top of 35%.

上個季度，這一比例超過了 35%。

The quarter before, on top of significant growth the quarters before that.

上一季度，除了前幾季的顯著成長之外。

So as you point out, we've seen significant growth since launch, which we're excited about.

正如您所指出的，自推出以來我們已經看到了顯著的成長，對此我們感到很興奮。

Maybe even more excited about the fact that the engagement of those ads members remains healthy.

也許更令人興奮的是，這些廣告會員的參與度仍然保持健康。

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.

因此，每位會員在廣告計劃中的查看時間與我們在廣告國家/地區的標準非廣告計劃的參與度相似，這是一個非常好的標記，我們對此感到興奮。

So we've done the work, I would say, to meet our scale goals for advertisers in '25.

因此，我想說，我們已經完成了 25 年廣告商規模目標的工作。

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.

這意味著我們越來越能夠將更多的注意力轉移到為廣告商提供更好的產品上，以提高不斷增長的庫存的貨幣化。

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.

至少在未來幾年（可能是之後的幾年），這仍將是我們的優先事項和路線圖的一部分。

But we're making solid progress already.

但我們已經取得了紮實的進展。

For example, we exceeded our ads revenue target in Q4, which was an exciting milestone to get.

例如，我們在第四季度超越了廣告收入目標，這是一個令人興奮的里程碑。

We've doubled our ads revenue year over year last year.

去年我們的廣告收入比去年同期增加了一倍。

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.

我們預計今年會再次翻倍，這樣您就可以了解我們目前的貨幣化成長斜率。

And broadly, we think of this as we're making solid progress.

從廣義上講，我們認為這一點是因為我們正在取得紮實的進展。

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.

當然，我們面前還有大量的工作要做，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。

So we think our path is relatively straightforward, and we're confident we've got a significant runway to continue to grow that revenue.

因此，我們認為我們的道路相對簡單，我們相信我們有一個重要的跑道來繼續增加收入。

Great.

偉大的。

And we have a follow-up question on advertising from Jessica Reif Ehrlich of Bank of America.

我們有來自美國銀行的傑西卡·雷夫·埃利希 (Jessica Reif Ehrlich) 提出的關於廣告的後續問題。

On advertising, do you have all the tech and tools you need to significantly scale up and move from the crawl-to-walk phase?

在廣告方面，您是否擁有顯著擴大規模並從「爬行」階段轉變為「行走」階段所需的所有技術和工具？

I think you can say that 2025 is the year that we transition from crawl to walk.

我想你可以說2025年是我們從爬行過渡到步行的一年。

A big part of that is standing up our own ad stack.

其中很大一部分是建立我們自己的廣告堆疊。

We launched that in Canada and that's gone well.

我們在加拿大推出了這個項目，進展順利。

We're testing.

我們正在測試。

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.

我們正在快速學習，準備在 2025 年在其餘 12 個廣告國家/地區（從 4 月的美國開始）推出該服務。

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.

使用我們自己的廣告伺服器為我們帶來的最大的最初好處是使我們能夠為廣告商提供更大的靈活性、更多的購買方式、更少的啟動障礙，從而改善整體買家體驗。

And of course, that is meant to drive increased sales and the ease of transacting with Netflix.

當然，這是為了推動銷量的成長以及與 Netflix 交易的便利性。

And we're already seeing the impact of those benefits in the revenue growth in Canada.

我們已經看到這些好處對加拿大收入成長的影響。

So that's exciting and improves our optimism around it.

所以這令人興奮並提高了我們對此的樂觀態度。

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.

隨著時間的推移，第一方廣告技術平台使我們能夠向廣告主提供他們真正需要的更關鍵的功能，從而提供更多的程式化可用性。

We're talking enhanced targeting.

我們正在談論增強的定位。

We're leveraging more data sources, more measurement, more reporting, more incrementality studies.

我們正在利用更多的資料來源、更多的測量、更多的報告、更多的增量研究。

So being on our own tech stack enables all those advertising features -- advertiser-facing features.

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。

But the other big benefit is that it just creates a higher-quality experience for our members.

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。

So it increases relevance.

因此它增加了相關性。

That's good for them.

這對他們有好處。

It's good for advertisers.

這對廣告商有好處。

It's good for us.

這對我們有好處。

It's good for everybody in the ecosystem, essentially.

從本質上講，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.

重申一下，我們還有很多年的時間可以建造。

The roadmap is clear.

路線圖很明確。

We're committed to iterative innovation and advertising, just as you've seen us do in many other places.

正如您在許多其他地方看到的那樣，我們致力於迭代創新和廣告宣傳。

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.

正如我之前提到的，雖然我們還有大量工作要做，但我們認為未來幾年的道路至少相當簡單，我們有信心能夠繼續以穩健的速度增加收入，並獲得不斷增長的收入其中超過250 億美元的CTV 廣告支出。

Awesome.

驚人的。

Thanks.

謝謝。

Greg, I'll now shift to a couple of content-related questions from analysts.

格雷格，我現在將轉向分析師提出的幾個與內容相關的問題。

The first is from Ben Swinburne of Morgan Stanley.

第一個來自摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。

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?

他問道，Ted，NFL 比賽的強勁收視率是否讓您對 Netflix 的全賽季體育賽事轉播權更感興趣，還是您仍然認為 Netflix 的全賽季體育賽事轉播權總體上沒有吸引力？

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.

好吧，讓我從 NFL 比賽的觀看開始，這些比賽有賽季內的比賽，而且是有史以來直播次數最多的兩場 NFL 比賽。

The average minute audience for those games were 30 million and 31 million.

這些比賽的平均每分鐘觀眾人數分別為 3000 萬和 3100 萬。

It's phenomenal.

這是驚人的。

And Beyonce also set a very high bar for future halftime shows even for the Super Bowl.

碧昂絲也為未來的中場表演（甚至是超級盃）設定了很高的標準。

So we're really thrilled with the viewing.

所以我們對觀看感到非常興奮。

We're thrilled with everything about it.

我們對它的一切感到非常興奮。

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.

話雖這麼說，我們一直在努力擴大我們的節目範圍，現場活動就是其中之一，而體育運動就是這些現場活動的一部分。

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.

因此，當我看到這一點並說這是一件非常棒的事情時，但這並沒有真正改變全賽季大聯盟運動極具挑戰性的基本經濟原理。

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.

因此，如果有一條道路可以讓我們和聯盟真正實現經濟價值，我們當然會探索。

But right now, we believe that the live events business is what we really want to be.

但現在，我們相信現場活動業務才是我們真正想要的。

And sports is a very important part of that, but it is a part of that expansion

體育是其中非常重要的一部分，也是擴張的一部分

Thanks, Ted.

謝謝，泰德。

And Rich Greenfield from LightShed has a similar follow-up question.

LightShed 的 Rich Greenfield 也提出了類似的後續問題。

Has the fight and WWE Raw results influenced your decision process on additional rights like the UFC?

這場比賽和 WWE Raw 結果是否影響了您對 UFC 等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.

不會像 UFC 那樣具體評論任何事情，但 WWE 已經有了一個很好的開始。

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.

第一周，我們吸引了大約 500 萬次觀看，大約是線性電視週一 Night Raw 觀眾數量的兩倍。

Pretty consistent with how we modeled it, how we'd hoped to build the audience for the league.

與我們的建模方式以及我們希望為聯盟建立觀眾的方式非常一致。

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.

我們也看到了非直播觀看——因此在直播活動後的第二天，我們的觀看次數增加了 25%，其中大部分是在美國時區之外。

So this is a new viewing in the UK and Canada, Mexico, Australia, Brazil, particularly big markets.

因此，這是英國、加拿大、墨西哥、澳洲、巴西，特別是大市場的新觀點。

So we're really thrilled to see how that's going so far.

所以我們真的很高興看到到目前為止進展如何。

In the US, our viewing of Monday Night Raw was as big as the Monday Night Raw viewing has been in five years.

在美國，我們對《週一晚間RAW》的收視規模與五年來的《週一晚間RAW》收視規模一樣大。

So we're super thrilled with how that's going and how that's coming out.

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.

再說一次，只是不要過度重複，但我們會注意底線。

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.

重要的是這些經濟學確實有效，而大聯盟運動、全賽季的經濟學很難發揮作用。

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.

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WWE，但也像我們與NFL一樣，我們基本上能夠帶來大量觀眾、年輕觀眾、更多的觀眾。

But that has to be reflected in the deal as well.

但這也必須反映在交易中。

Thanks, Ted.

謝謝，泰德。

And that's a good segue to our last question on sports.

這是我們關於體育的最後一個問題的一個很好的延續。

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?

最後，貝爾德 (Baird) 的維克拉姆 (Vikram) 能否詳細介紹一下獲得 2027 年和 2031 年 FIFA 女足世界盃轉播權的決定？

What were the features of the event that made it attractive?

該活動有哪些吸引人的特色？

And how does this fit into your broader strategy for live sports?

這如何適應您更廣泛的體育直播策略？

I think it fits perfectly into the strategy.

我認為它完全符合該戰略。

Women's World Cup is a real TV event, totally consistent with what we're trying to do here.

女足世界盃是一場真正的電視賽事，與我們在這裡要做的事情完全一致。

These matches set a bunch of viewing records in 2023, and women's sports have only become more interesting and more popular since.

這些比賽在 2023 年創下了一系列收視紀錄，自此女子運動變得更加有趣、更受歡迎。

It's a month-long event filled with drama, played by some of the greatest athletes in the world.

這是一項為期一個月的充滿戲劇性的賽事，由世界上一些最偉大的運動員參加。

We're thrilled to be the home for those games in -- starting in 2027.

我們很高興從 2027 年開始成為這些比賽的主場。

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做得很好一樣。

Great.

偉大的。

Another question from Rich Greenfield of LightShed Partners.

LightShed Partners 的 Rich Greenfield 提出了另一個問題。

Did Carry On prove that movies can break through without a theatrical release?

《Carry On》是否證明了電影不需院線上映也能取得突破？

In less than two months, Carry On was well reviewed and has racked up 313 million view hours.

不到兩個月的時間，《Carry On》就獲得了好評，觀看時長達 3.13 億小時。

And the film generated significant buzz across social media and is set to surpass Bird Box viewership.

這部電影在社群媒體上引起了巨大反響，收視率有望超越 Bird Box。

Was there an unusually high level of marketing spend for this film, or did the buzz build organically on Netflix?

這部電影的行銷支出是否異常高，還是 Netflix 自然而然地引起了轟動？

This was a great example, I think, of a movie born on Netflix that can generate an enormous audience and tons of buzz.

我認為，這是一部在 Netflix 上誕生的電影的一個很好的例子，它可以吸引大量的觀眾和大量的關注。

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.

事實上，一位製片人在休息期間打電話給我，告訴我這正是我在戲院上映一部大電影時的感覺，這是一件很棒的事。

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.

我們甚至參與了這場辯論，古老的《虎膽龍威》是聖誕電影辯論，而《虎膽龍威》則是新的《虎膽龍威》，這就是——我們絕對處於時代精神、在文化之中，吸引了大量觀眾這部電影在 Netflix 上首映，並且像我們通常所做的那樣，行銷支出非常有限。

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.

我認為這實際上引起了很多人的關注，這個平台在向我們自己的會員進行推廣方面有多麼強大，Netflix 如何與我們的會員（在 Netflix 上）交談，告訴他們一部精彩的新電影。愛。

And then we have our social channels with over 1 billion subscribers that actually keep that conversation going.

然後我們擁有超過 10 億訂閱者的社交管道，實際上可以讓對話繼續進行。

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.

所以我認為這是一個非常有力的證據，證明在 Netflix 上誕生的電影可以大受歡迎，也可以成為文化的中心。

Thanks, Ted.

謝謝，泰德。

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

鄭重聲明，我確實認為《虎膽龍威》和《繼續前進》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.

但我認為這是摩根大通道格·安穆斯 (Doug Anmuth) 問題的一個很好的延續。

Ted, does the agreement to debut Narnia in the theater in 2026 suggest any shift in your overall theatrical strategy?

特德，《納尼亞傳奇》將於 2026 年在劇院首映的協議是否表明您的整體戲劇策略發生了任何轉變？

No change at all to our theatrical strategy.

我們的戲劇策略沒有任何改變。

Our core strategy is to give our members exclusive first-run movies on Netflix.

我們的核心策略是為我們的會員提供 Netflix 上獨家首映的電影。

The Narnia IMAX release is a release tactic.

《納尼亞傳奇》IMAX 的上映是一種上映策略。

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.

我們通常會提前幾週在影院上映電影，以獲得獎項、滿足電影節要求並為宣傳做好準備。

In the case of Narnia, it's a two-week special event.

就納尼亞傳奇來說，這是一個為期兩週的特別事件。

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.

我認為它與其他放映有很大不同，因為我懷疑有人家裡有像 IMAX 螢幕一樣大的螢幕，所以這是一種差異化的消費者體驗。

But we've done variants of these releases many times, and doing it with IMAX greatly simplifies our release process as well.

但我們已經多次製作了這些版本的變體，使用 IMAX 進行製作也大大簡化了我們的發行流程。

Mostly, I want to say I'm incredibly excited to be working with Greta on this movie.

最重要的是，我想說我非常高興能與葛蕾塔合作拍攝這部電影。

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.

我們非常高興能將其投入製作，因此我們可以談論這部電影有多麼出色，而不僅僅是它在哪些螢幕上播放。

She's an incredible director, and this is a really exciting project.

她是一位令人難以置信的導演，這是一個非常令人興奮的項目。

Right.

正確的。

Our next question comes from Vikram from Baird, and it's about plans and pricing.

我們的下一個問題來自 Baird 的 Vikram，涉及計劃和定價。

How do you plan to approach the cadence and magnitude of price increases going forward, particularly in your largest markets?

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？

What are the signals that inform those decisions across the different regions and plans?

有哪些訊號可以為不同地區和計劃的決策提供資訊？

I could take this one.

我可以拿這個。

Our pricing philosophy hasn't changed.

我們的定價理念沒有改變。

It's pretty much the same as we've talked about for the last several years.

這與我們過去幾年討論的幾乎相同。

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.

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娛樂產品的多樣性和品質。

And then we listen to those members.

然後我們聽取這些成員的意見。

We listen for signals like engagement, retention, acquisition.

我們傾聽諸如參與度、保留度、獲取等訊號。

There's more secondary signals as well, all to tell us when we've achieved that increase in value.

還有更多的次要訊號，所有這些訊號都可以告訴我們何時實現了價值的成長。

And when we've done that, then we ask them to pay a bit more to keep that virtuous cycle going.

當我們做到這一點後，我們會要求他們多付一點錢來維持良性循環。

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.

您已經看到我們在過去幾個季度中對歐洲、中東和非洲、亞太地區和拉丁美洲的多個市場、大多數計劃（包括廣告）進行了定價。

And those changes have gone smoothly.

這些變化進展順利。

You can see those in our results.

您可以在我們的結果中看到這些。

We certainly expect the same for these latest changes.

我們當然對這些最新的變化抱持著同樣的期望。

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.

我認為值得注意並重申的是，我們相信我們的起始價格（美國為7.99 美元）、加拿大為[7.99 加元]（標準廣告）具有令人難以置信的娛樂價值，並且是一個非常容易獲得的切入點。

So ultimately, we feel really good about our long-term monetization opportunity.

因此，最終，我們對長期獲利機會感到非常滿意。

We earn right now only 6% of the revenue opportunity in the countries and segments that we currently serve.

目前，我們在所服務的國家和細分市場中僅獲得了 6% 的收入機會。

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.

只要我們繼續提高電視和電影的多樣性和質量，並透過更新的內容類型逐步擴大產品範圍，我們相信我們將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.

如果我能插話一下，格雷格，當你要要求漲價時，你最好確保你有商品和承諾來支持它。

And I feel like what we have going into 2025 is just that.

我覺得 2025 年我們所面臨的就是這樣。

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.

我們迎來了有史以來最盛大劇集的回歸季，《星期三》、《怪奇物語》、《魷魚遊戲》、《夜間特工》、《瑞恩墨菲的怪物》、《你》、日本的《愛麗絲邊境、印度的《德里犯罪》，以及新一季的《求生之路》。

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.

在電影方面，我們有吉爾莫·德爾·托羅、凱瑟琳·畢格羅、諾亞·鮑姆巴赫等奧斯卡獎得主的新片，還有羅素兄弟的新片、《快樂吉爾摩2》、《利刃出鞘》的新片。

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.

顯然，我們還有下個月的美國演員工會獎、聖誕節橄欖球賽、每週一晚上的周一晚間直播，還有一些驚喜。

So I definitely feel like the strength of slate has never been better.

所以我絕對覺得板岩的強度從來沒有這麼好。

Great.

偉大的。

I'm going to now turn to a few questions on engagement.

我現在要談幾個關於參與度的問題。

So our first one comes from Peter Supino of Wolfe Research.

我們的第一個來自沃爾夫研究中心的彼得·蘇皮諾。

Engagement is stable based on data from third-party panels.

根據第三方小組的數據，參與度是穩定的。

Is engagement growth a strategic priority for Netflix?

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.

當然，我認為我們會看到這一點，並說我們正在努力做的是娛樂世界，你可以衡量這一點，以及人們如何推動遊戲並堅持做他們喜歡的事情。

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.

貝拉和她的團隊確實對這些廣度和品質的時刻進行了編程，並試圖滿足人們所在的位置，為每個人找到適合每個人的東西，找到適合每種心情、每種語言、世界各地的東西。

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.

他們為他們安排的工作很艱鉅，但他們正在努力贏得每晚的這些時刻，並讓那些現在花費約 2000 億小時的節目（去年的串流媒體）的人。

Our average member is watching for about two hours a day.

我們的普通會員每天觀看大約兩個小時。

So we've still got plenty of work to do to grow that, and that's what the team is very highly focused on.

因此，我們還有大量的工作要做來實現這一目標，這也是團隊高度關注的。

Not surprisingly, I would say we consistently see that improvements in engagement are correlated with the other key business drivers that we have.

毫不奇怪，我想說，我們一直認為參與度的提高與我們擁有的其他關鍵業務驅動因素有關。

It obviously drives retention, acquisition, et cetera.

它顯然會促進保留、獲取等。

So we're excited that we've seen continuing growth in engagement and look forward to more of that.

因此，我們很高興看到參與度持續成長，並期待更多。

Spence?

斯彭斯？

Well, you hit it.

好吧，你擊中了。

We talk about it a lot.

我們談了很多。

The flywheel starts with engagement.

飛輪從嚙合開始。

It's engagement, revenue, profit, and it drives the flywheel.

它是參與、收入、利潤，它驅動飛輪。

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.

我想，其餘的數字都是你提到的點，除了其他數字之外，也許只是為了提醒我們在信中談到的事實，我們現在將每年兩次，在收益發布的同一天，我們的參與度報告從第二季開始。

So in July, our earnings report will also include our engagement report, just to emphasize a steady drumbeat with earnings and with our performance.

因此，在 7 月份，我們的收益報告還將包括我們的參與報告，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.

為了更快地獲得更詳細的信息，我們的下一份參與度報告將於二月發布，所以是下個月。

Good point.

好點。

Great.

偉大的。

And then our second question on engagement is a little bit broader.

然後我們關於參與度的第二個問題有點廣泛。

It's from Justin Patterson of KeyBank.

來自 KeyBank 的賈斯汀·帕特森 (Justin Patterson)。

What are the key steps to competing more with short-form video platforms for engagement?

與短視訊平台競爭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.

我們的目標是娛樂所有觀眾，包括可能觀看更多短片內容的年輕觀眾。

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.

現在的美妙之處在於，這些人也都喜歡電影和電視節目，所以我們不斷地為他們提供一些項目，讓他們興奮不已，從而推動遊戲。

They stick around.

他們留下來。

They go on their social media accounts and talk about the shows.

他們在社交媒體帳戶上談論節目。

They do tributes to the shows.

他們向演出致敬。

You see how many -- when do you see the new season?

你看有多少——你什麼時候看新一季？

When Wednesday comes out, you're going to see all the social media platforms get flooded with tributes to this work.

當週三到來時，你會看到所有社群媒體平台上都充斥著對這項工作的致敬。

Our core is in kind of professional, longer-form storytelling, And that's a very big and enduring business.

我們的核心是專業、較長的故事敘述，這是一項非常龐大且持久的業務。

But again, as things get pulled -- as eyeballs get pulled into other places, we definitely want to be there for them as well.

但同樣，當事情被拉動時——當眼球被拉到其他地方時，我們肯定也想為他們服務。

I do find that these short-form services also are a great breeding ground for new storytellers.

我確實發現這些簡短的服務也是新故事講述者的良好溫床。

So you see, we're super excited to bring Ms Rachel over onto Netflix.

所以你看，我們非常高興將 Rachel 女士引入 Netflix。

Parents are excited about that too.

家長們對此也感到興奮。

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.

但我們在其他地方尋找專案並讓它們參與並在 Netflix 上取得非常成功的經驗也很豐富，例如《Cobra Kai》和《Cocomelon》以及《Somebody Feed Phil》（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.

所以我覺得我們要做的工作就是用觀眾喜歡的節目來贏得他們的支持。

If it's Heartstopper or Stranger Things or Ginny & Georgia, Elite, Outer Banks, that's what we have to do.

如果是《Heartstopper》、《Stranger Things》、《Ginny & Georgia》、《Elite》、《Outer Banks》，那就是我們必須做的。

We have to outcompete for those moments of entertainment truth.

我們必須在競爭中勝出，才能獲得那些娛樂真相的時刻。

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.

我認為與此一致並在此基礎上進行擴展，我認為我們認為自己在生態系統中發揮著特定且差異化的作用。

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.

因此，無論是 Ted 提到的那些偉大的故事講述者可以畢業的地方，無論是來自 YouTube、劇院還是他們來自的任何其他地方，我們知道消費者想要一個欣賞精彩電影和電視節目的地方，擁有專門圍繞此設計的用戶介面和用戶體驗。

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.

我們知道，我們的創意合作夥伴需要有人能夠參與投資這些故事，以分擔將這些故事變成現實所固有的風險。

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.

我們希望加倍努力支持生態系統的這一部分，我們希望確保像《怪奇物語》、《星期三》、《心碎》、《外灘》這樣擁有大量收視率和粉絲群（尤其是年輕觀眾）的節目繼續佔有一席之地被發現、被愛、被享受。

Great, thank you.

太好了，謝謝。

Our next question comes from Alan Gould of Loop Capital.

我們的下一個問題來自 Loop Capital 的艾倫·古爾德。

How do you assess your progress in the video game space?

您如何評估您在視訊遊戲領域的進展？

How have the engagement trends been?

參與趨勢如何？

When do you anticipate video games will have an impact on subscriber growth or retention?

您預計視頻遊戲何時會對用戶增長或保留產生影響？

Okay, so a lot there.

好吧，就這麼多。

I'd say we've learned quite a bit and made some good early progress since we've launched games.

我想說，自從我們推出遊戲以來，我們已經學到了很多東西，並取得了一些良好的早期進展。

We, of course, launched a bunch of games with some highlights amongst them.

當然，我們推出了一系列遊戲，其中有一些亮點。

The critically acclaimed Oxenfree II stands out; certainly, Grand Theft Auto, where we drove tens of millions of downloads.

廣受好評的 Oxenfree II 脫穎而出；當然是《俠盜獵車手》，我們的下載量達到了數千萬次。

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.

我們有基於Netflix IP 的粉絲最愛，例如《太熱了，巴黎》、《賣日落》，以及我們最新的大作《Squid Game Unleashed》，我們確實認為它驗證了我們的Netflix 遊戲公式，從而實現了這一點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.

對於我們最終能在這個領域做什麼，我們今天只是觸及了表面。

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.

但我們已經看到這種方法不僅擴大了觀眾對宇宙和故事的參與，而且還創造了一種協同作用，加強了媒介、互動和非互動方面。

So based on all of those learnings and under the leadership of Alain Tascan, we continue to refine our strategy.

因此，基於所有這些經驗教訓，在阿蘭·塔斯坎 (Alain Tascan) 的領導下，我們繼續完善我們的策略。

And we're going to be focusing on more narrative games based on Netflix IP.

我們將專注於更多基於 Netflix IP 的敘事遊戲。

These are consistent fan favorites, and we've got a lot in the library to work with there.

這些都是粉絲們一直以來的最愛，我們的庫中有很多可以使用的內容。

We'll also be introducing party and couch co-op games on the TV delivered from the cloud.

我們還將在電視上推出從雲端傳輸的派對和沙發合作遊戲。

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.

我們認為這是家庭棋盤遊戲之夜的繼承者或電視遊戲節目過去的演變。

So we're excited about delivering some cool experiences in that space.

因此，我們很高興能在該領域提供一些很酷的體驗。

We'll deliver games for kids.

我們將為孩子們提供遊戲。

This is no ads, no in-app payments.

這沒有廣告，沒有應用程式內付款。

It's a safe space for kids just included with your subscription.

這是您的訂閱中包含的兒童安全空間。

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.

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，我們將推出更多我們期待的大型授權遊戲，以及基於本土開發的遊戲。 Game Unleashed。

Which, I'll just reiterate, Squid Game Unleashed reached number one in action games in the app stores in 107 countries.

我只想重申一下，《Squid Game Unleashed》在 107 個國家的應用程式商店的動作遊戲中排名第一。

It's on pace to become our most downloaded game.

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.

因此，對於您關於對訂閱者方面的影響的問題，我們已經看到了我們的遊戲會員在獲取和保留方面產生的積極影響。

Now those effects are relatively small currently, but frankly so is our investment in games relative to our overall content budget.

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，我們對遊戲的投資也是如此。

And we're going to stay disciplined about scaling that investment as we see continued scaling and member benefits.

隨著我們看到持續的擴張和會員利益，我們將在擴大投資方面保持紀律。

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.

因此，試著總結一下，這個領域還有很多工作要做，但我們正在進入一個全新的內容類別，順便說一句，它帶動了大約 1400 億美元的消費者支出（不包括中國、俄羅斯和其他國家）甚至不包括廣告收入。

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，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.

謝謝，格雷格。

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.

我們有幾個關於分析師提交的預測的最新問題，所以我將用其中兩個問題來結束。

This comes from Jason Helfstein of Oppenheimer.

這來自奧本海默的傑森·赫夫斯坦。

You spent roughly $17 billion on cash content spending in 2024 and will spend about $18 billion in 2025.

2024 年，您在現金內容支出上花費了約 170 億美元，2025 年將花費約 180 億美元。

How should investors think about long-term spending levels?

投資人應如何考慮長期支出水準？

Is there a point where you reach an equilibrium where you don't need to increase spend beyond inflation?

是否有達到平衡的點，即不需要增加超出通膨的支出？

Do you want me to take that?

你想讓我接受嗎？

Sure.

當然。

I'll take that one.

我會接受那個。

I think we're a long way from equilibrium.

我認為我們離平衡還有很長的路要走。

We're taking up our cash content spend this year, estimated from $17 billion to $18 billion.

今年我們的現金支出預計為 170 億至 180 億美元。

That's in the context of we're small in terms of view share and penetration everywhere around the world.

這是因為我們在世界各地的觀看份額和滲透率都很小。

We're less than 50% penetrated into connected households.

我們滲透到連網家庭的比例還不到 50%。

You heard from Greg that we're only capturing about 6% of our estimated revenue market.

您從 Greg 那裡聽說，我們只佔據了預計收入市場的 6% 左右。

So we have a long way to grow.

所以我們還有很長的路要走。

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.

這實際上是關於我們將下一個 [10 億美元] 投入何處，然後在此基礎上在未來一年左右以最有影響力的方式開展工作。

You'll see that in areas like continuing to build into big, scripted TV series.

你會在繼續製作大型劇本電視劇等領域看到這一點。

As you heard from Ted, we're continuing to build out live.

正如您從 Ted 那裡聽到的，我們正在繼續進行現場直播。

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.

我們將繼續在世界各地的每個地區打造我們的原創節目，並看到越來越多有影響力的授權機會。

And I think we kind of grow from there.

我認為我們從那裡開始成長。

So the opportunity, there's a long runway to continue to grow.

所以機會，還有很長的路要繼續成長。

We do it in a disciplined way, right?

我們以一種有紀律的方式來做，對嗎？

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.

因此，我們根據我們的營收成長和利潤目標來設定成長，然後我們在整個業務中盡可能地進行分配，以獲得最大的影響。

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.

我想你已經看到我們以負責任的方式做到這一點，我們的現金支出和內容現金攤銷之間的比率大致為 1.1 正負，內容攤銷貫穿損益表，現金支出貫穿損益表。週轉。

And both are growing slower than our revenue growth.

兩者的成長速度均低於我們的收入成長速度。

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.

因此，我認為您應該看到我們在可預見的未來繼續以這種方式發展，因為我們將繼續增加越來越多的參與並取悅越來越多的世界各地觀眾。

Thanks, Spence.

謝謝，史賓塞。

And our last question comes from John Blackledge of TD Cowen.

我們的最後一個問題來自 TD Cowen 的 John Blackledge。

Can you please talk about the drivers of raising your 2025 operating margin guidance?

您能否談談提高 2025 年營業利潤率指引的驅動因素？

What are the biggest points of leverage driving higher margins this year?

今年推動利潤率上升的最大槓桿點是什麼？

Spence, do you want to take that?

斯彭斯，你想接受這個嗎？

Yes, sure.

是的，當然。

So you know, we're always kind of looking to balance our revenue growth with strategic investment into the business.

所以你知道，我們一直在尋求平衡我們的收入成長和對業務的策略投資。

And we think we've balanced that well this year.

我們認為今年我們已經很好地平衡了。

You see, we guided to 12% to 14% top-line revenue growth.

你看，我們指導收入成長 12% 到 14%。

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.

如果您仔細閱讀—根據我們的利潤指引，我們對隱含費用成長的預期，您可以看到它是高個位數—2025 年預計費用將成長 9% 加減。

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.

如果你將其分解，我們預計內容攤銷將出現較高的個位數成長，因此仍低於收入成長，因此存在一定的利潤。

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.

這又是基於 180 億美元的預期內容現金支出的正負，並且該金額根據遊戲和發行的時間而略有變動，但較高的個位數，這是一個相當不錯的估計。

And then we're investing into our growth priorities.

然後我們將投資於我們的成長重點。

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.

我們對我們的產品和工程團隊進行了大量投資，以建立廣告、直播和遊戲功能，而且我們的新用戶介面也增強了我們的產品發現。

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.

我們也投資於行銷和銷售線，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.

除此之外，我們的支援領域正在以中低個位數成長。

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.

因此，總的來說，在很大程度上，我們正​​在以我們認為適合業務的方式推動利潤率的提高，同時投資於我們的成長。

Great.

偉大的。

Thank you, Spence.

謝謝你，史賓賽。

And thank you all for joining us for our Q4 earnings call.

感謝大家參加我們的第四季財報電話會議。

And we look forward to speaking with you all next quarter.

我們期待下個季度與大家交談。

Thanks very much.

非常感謝。