Netflix Inc (NFLX) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the Netflix Q1 2025 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.

下午好，歡迎參加 Netflix 2025 年第一季財報訪談。我是 Spencer Wang，財務、投資人關係與企業發展副總裁。今天與我一起出席的還有聯合首席執行官泰德·薩蘭多斯 (Ted Sarandos) 和格雷格·彼得斯 (Greg Peters)；和首席財務官斯賓塞·諾伊曼 (Spence Neumann)。

As a reminder, we will be making forward-looking statements, and actual results may vary. We'll now take questions from the analyst community, and we will begin first with our results, outlook, and forecast.

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。我們現在將回答分析師社群的問題，首先從我們的結果、展望和預測開始。

And our first question comes from Robert Fishman of MoffettNathanson. Robert's question is -- the Wall Street Journal report this week discussed Netflix's internal goal of doubling revenue and tripling operating income by 2030 and -- how should investors think about Netflix leaning into more content spending over the next five years?

我們的第一個問題來自 MoffettNathanson 的 Robert Fishman。羅伯特的問題是——《華爾街日報》本週的報道討論了 Netflix 的內部目標，即到 2030 年實現收入翻一番、營業​​收入翻三倍，以及——投資者應該如何看待 Netflix 在未來五年內增加內容支出？

I'll take this. And thanks, Robert. Look, we have a unique culture. And part of it is this open information operating style, and it has served us very, very well. On rare and very disappointing occasions, our confidential and internal discussions can link into the press.

我要這個。謝謝你，羅伯特。看，我們有獨特的文化。其中一部分原因在於這種開放的資訊運作方式，它對我們非常非常有幫助。在極少數非常令人失望的情況下，我們的機密和內部討論可能會與媒體聯繫起來。

And while we wouldn't normally comment about leaked internal information, we do want to be extra clear about this. We often have internal meetings and we talk about long-term aspirations. But it's important to note that this is not the same as forecast. Our operating plans is the same as our external forecast and guidance. We don't have a five-year forecast or five-year guidance.

雖然我們通常不會對洩漏的內部資訊發表評論，但我們確實希望對此格外清楚。我們經常舉行內部會議並討論長期願望。但需要注意的是，這與預測不同。我們的營運計劃與我們的外部預測和指導相同。我們沒有五年預測或五年指引。

But you can assume that we are long-range thinking, and that we're working hard every day to build the most loved and valued entertainment company for all of our stakeholders.

但你可以假設我們具有長遠的思考，並且我們每天都在努力為所有利害關係人打造最受喜愛和最有價值的娛樂公司。

And maybe to pivot the conversation to we're happy to comment on and discuss the detail. We do have big long-term aspirations and those aspirations are really grounded in the potential for growth that we see in the business. Now we think we've got a pretty good business today, over $40 billion in revenue. We've got over $300 million paid households. Those represent an audience of over 700 million individuals.

也許可以將話題轉向我們樂意評論和討論細節。我們確實有遠大的長期願望，而這些願望確實建立在我們所看到的業務成長潛力之上。現在我們認為我們的業務相當不錯，收入超過 400 億美元。我們已為超過 3 億戶家庭支付了款項。這代表著超過 7 億的觀眾。

We're leading in streaming view share. But we also think that we're a minority of our addressable market, our potential across any of those measures. If you think about engagement, we're less than 10% of TV hours for an audience or a connected household’s perspective. We still got hundreds of millions of folks to sign up. And from a revenue perspective, we're about 6% of consumer spend and ad revenue in the countries we serve in the areas that we serve.

我們在串流媒體觀看份額方面處於領先地位。但我們也認為，無論從哪一方面來看，我們都是潛在市場的少數。如果你考慮參與度，那麼從觀眾或連網家庭的角度來看，我們的電視觀看時間還不到 10%。我們仍有數億人報名。從收入角度來看，在我們服務的國家/地區，我們的消費者支出和廣告收入約佔 6%。

So, we believe we've got plenty of room to grow our engagement, our revenue, and our profit. And as Ted said, do that to become the most valued and loved entertainment company for all of our stakeholders.

因此，我們相信我們還有足夠的空間來提高我們的參與、收入和利潤。正如泰德所說，這樣做是為了成為我們所有利益相關者最有價值和最喜愛的娛樂公司。

Ted and Greg. Our next question or I should say, we have received several questions actually, understandably about the economic environment and consumer sentiment as well. For example, Jason Helfstein from Oppenheimer asks, this is the first time you are potentially entering a recession with a low-cost ad plan. How do you think about consumers downgrading plans relative to the behavior you've seen in prior recessions.

泰德和格雷格。我們的下一個問題，或者我應該說，我們實際上已經收到了幾個問題，可以理解的是，這些問題也與經濟環境和消費者情緒有關。例如，奧本海默公司的 Jason Helfstein 問道，這是你第一次有可能以低成本的廣告計劃進入經濟衰退期。與先前的經濟衰退中看到的行為相比，您如何看待消費者降低計畫的行為？

Yes. Given that we've got a bunch of questions on sort of the general economic environment, maybe just start with some comments on that. We're paying close attention clearly to the consumer sentiment and where the broader economy is moving. But based on what we are seeing by actually operating the business right now, there's nothing really significant to note. So what are we looking at, primary metrics and indicators would be our retention, that's stable and strong.

是的。鑑於我們對總體經濟環境有很多疑問，也許我們可以先就此發表一些評論。我們正密切關註消費者情緒以及整體經濟的走勢。但根據我們目前實際經營業務的情況來看，並沒有什麼值得注意的地方。那麼，我們所關注的，主要指標和指標就是我們的保留率，它是穩定而強大的。

We haven't seen any significant changes in plan mix or planned take rate to part of that question. Our most recent price changes have been in line with expectations. Engagement remains strong and healthy. So things generally look stable from that lens. Stepping back, we also take some comfort in the fact that entertainment historically has been pretty resilient in tougher economic times.

對於該問題的部分內容，我們尚未看到計劃組合或計劃接受率有任何重大變化。我們最近的價格變動符合預期。參與度依然強勁且健康。因此從這個角度來看，情況整體看起來是穩定的。退一步來看，我們也感到欣慰的是，從歷史上看，娛樂業在經濟困難時期一直具有相當強的韌性。

Netflix specifically also has been generally quite resilient, and we haven't seen any major impacts during those tougher times, albeit, of course, over a much shorter history. And then to the point of the specific question, I think that having the low-cost ads plan in our largest markets also gives us more resilience. And we think that we represent an incredible entertainment value, starting at $799 in the US and Canada with the ads plan. It's an accessible price point, and we really do expect the demand for entertainment to remain strong.

Netflix 整體上也具有相當強的韌性，儘管歷史較短，但在那些艱難時期我們並沒有看到任何重大影響。然後回到具體問題，我認為在我們最大的市場中實施低成本廣告計劃也讓我們更具彈性。我們認為我們代表了令人難以置信的娛樂價值，在美國和加拿大，廣告計劃起價為 799 美元。這是一個可以接受的價格，我們確實預計娛樂需求將保持強勁。

Yes. And just to add to that, Greg, a bit, we remain focused on the things that we can control and improving the value of Netflix is a big one. Historically in tougher economies, home entertainment value is really important to consumer households, and Netflix is a tremendous value in absolute terms and certainly, in competitive terms. So there are some international risks that folks talk about what's happening now. And I'd say, look, there always has been.

是的。格雷格，我還要補充一點，我們仍然專注於我們能夠控制的事情，而提高 Netflix 的價值就是其中的一大目標。從歷史上看，在經濟狀況較為嚴峻的時候，家庭娛樂價值對家庭消費者來說確實非常重要，而 Netflix 的價值絕對值非常高，當然，從競爭角度來看也是如此。因此，人們談論現在發生的一些國際風險。我想說，你看，一直都是這樣的。

We are -- we pay taxes and levies around the world consistent with all sorts of local regulations. And there's always some of that has existed, always has. But what we're seeing today, we're not changing anything in the forecast. So kind of keep in mind that while the US represents our largest spend for content employees, production infrastructure, we produce original content in 50 countries around the world. And we're a net contributor to many of those economies and culture.

我們根據各種當地法規在世界各地繳納稅款。並且其中的一些總是存在的，一直存在。但就我們今天所看到的而言，我們並沒有改變任何預測。所以請記住，雖然美國是我們在內容員工和製作基礎設施方面支出最大的國家，但我們在全球 50 個國家/地區製作原創內容。我們是許多經濟體和文化的淨貢獻者。

So in our letter, we talked about our commitment to the UK. We also recently announced a $1 billion commitment to production in Mexico. In 2023, we announced we were $2.5 billion in committed to Korean content in Korea. And all of these are just examples of the global commitment. So when we produce in these countries, we create and support employment training.

因此，我們在信中談到了對英國的承諾。我們最近也宣布承諾向墨西哥投資 10 億美元用於生產。2023 年，我們宣布將向韓國的韓國內容投入 25 億美元。這一切都只是全球承諾的例子。因此，當我們在這些國家生產時，我們會創造並支持就業培訓。

We work with local producers and local talent; we help export local stories and local cultures around the world. And we even drive tourism. So we believe we're additive to the local economies and the local cultures all around the world where we're working. So perhaps a little bit less exposed.

我們與當地生產者和當地人才合作；我們幫助向世界各地傳播當地的故事和文化。我們甚至推動旅遊業。因此，我們相信，我們對我們工作所在地的當地經濟和當地文化都有益處。因此曝光度可能會低一些。

Thanks, Ted. So that sort of takes care of the question we got from Dan Salmon specifically on tariffs as well. So I'll move this along to a question now from Rich Greenfield of LightShed Partners. Does your price increase cadence change due to the global economic uncertainty? Or is that outweighed by the strength of your slate and increased time spent watching Netflix?

謝謝，泰德。因此這也解答了我們從丹·薩蒙那裡得到的具體有關關稅的問題。因此，我現在將把這個問題轉到 LightShed Partners 的 Rich Greenfield 提出的問題。你們的物價上漲節奏是否會因全球經濟的不確定性而改變？或者，這是否因您的電視實力和觀看 Netflix 所花的時間增加而抵消了？

Yes, it really links to how we think about price changes. As we stated before, we really rely on our members to let us know when we've invested enough grown the value in our offering and then determine based on that when we adjust pricing to be able to reinvest back into our service.

是的，它確實與我們如何看待價格變化有關。正如我們之前所說，我們確實依靠我們的會員讓我們知道何時我們已經投入了足夠的資金來增加我們產品的價值，然後在此基礎上確定何時調整價格以便能夠重新投資到我們的服務中。

So we're going to continue to follow that philosophy and that path rather than some predetermined plan. We certainly seen periods of challenging economic conditions historically in different countries. And we've generally been able to keep that positive flywheel spinning even in those situations.

因此，我們將繼續遵循這一理念和道路，而不是某些預先確定的計劃。從歷史上看，我們確實看到不同國家經歷過經濟困難時期。即使在那些情況下，我們通常也能夠保持積極的飛輪轉動。

And I think that speaks to the gap between value and price and that we are for many people, a very good value, even as they're being careful about where they spend. We've also been expanding that range of price points, including a low-priced ads plan in our ads market, which better allows us to offer the right plan at the right price to a wider range of consumers. So that's all to say that we're proceeding largely as we've done in the past, while continuing to work to improve both value and accessibility.

我認為這說明了價值和價格之間的差距，對許多人來說，我們的產品非常有價值，即使他們在花錢方面非常謹慎。我們也一直在擴大價格範圍，包括在我們的廣告市場中推出低價廣告計劃，這使我們能夠以合適的價格向更廣泛的消費者提供合適的計劃。所以，總而言之，我們基本上按照過去的方式進行，同時繼續努力提高價值和可近性。

Our next question is from John Hodulik of UBS. How has member retention been trending given the Q4 strong paid additions, have you retained the bulk of these subscribers? And can you give us a sense of how churn has been trending?

下一個問題來自瑞銀的 John Hodulik。鑑於第四季度付費用戶數量的強勁成長，會員保留率趨勢如何？您是否保留了大部分訂閱用戶？您能否向我們介紹一下客戶流失的趨勢？

Yes. Sure. Spencer, why don't I take that one, give Greg and Ted break for sec. As Greg mentioned, we're seeing strong, stable acquisition and retention trends in the business generally. That resulted in healthy member growth in Q1.

是的。當然。史賓塞，我來接手吧，讓格雷格和泰德休息一會兒。正如格雷格所提到的，我們總體上看到業務的收購和保留趨勢強勁、穩定。這導致第一季會員數量健康成長。

Last quarter, we did provide some color on the retention characteristics for some of those bigger live events in Q4. Recall we had the Paul Tyson fight. We had NFL on Christmas Day. And we also had Squid Game, which was an event in and of itself. So -- but we did mention at the time that those three big events were still a minority, a small minority of our net adds in Q4.

上個季度，我們確實對第四季度一些大型現場活動的留存特徵提供了一些說明。回想一下我們與保羅泰森的比賽。聖誕節那天我們有看 NFL 比賽。我們也舉辦了魷魚遊戲，這本身就是一項活動。所以——但我們當時確實提到，這三件大事仍然是少數，只占我們第四季淨增值的一小部分。

But we also noted that the retention characteristics for the members that came in for those big events was similar to members that joined for other big titles and that continues to be the case. So really no meaningful changes to our retention story, which no news on that front is good news from our perspective.

但我們也注意到，參加這些大型活動的會員的保留特徵與參加其他大型活動的會員的保留特徵相似，並且這種情況仍然持續。因此，我們的保留故事實際上沒有任何有意義的變化，從我們的角度來看，這方面沒有消息就是好消息。

Thanks, Spence. We have another question about our outlook and forecast from Michael Morris of Guggenheim. Given the strength in operating margins in the first half of the year, can you discuss the key incremental costs that will drive lower margins in the second half? Do you expect these costs to be more heavily weighed to the third quarter or the fourth quarter? Spence?

謝謝，史賓塞。古根漢的邁克爾·莫里斯對我們的展望和預測還有另一個問題。鑑於上半年營業利潤率強勁，您能否討論一下導致下半年利潤率下降的關鍵增量成本？您預計這些成本將在第三季或第四季產生更大的影響嗎？斯賓塞？

Yes, I will take it again. Okay. Thanks, Michael. So we -- as you see in our letter, and as you mentioned, we're still forecasting 29%, 29% full year margin, operating margin for the year. And we primarily manage the full year margin.

是的，我會再服用一次。好的。謝謝，麥可。因此，正如您在我們的信中看到的，以及您所提到的，我們仍然預測全年利潤率和全年營業利潤率為 29%。我們主要管理全年利潤。

As you know, our margins bounce around a bit quarter-to-quarter. That's usually based on the timing of our content slate as the primary driver. And that's what's reflected in our forecast. So content expense, will we expect it'll grow and ramp in Q3 and Q4 on a year-over-year basis given the timing of our slate. We've got our biggest titles returning in the back half of the year. I'm sure Ted will talk to some of that later in the call. And also typically, in Q4, we had a heavier film slate.

如您所知，我們的利潤率每季都有波動。這通常以我們的內容安排時間為主要驅動因素。這就是我們的預測所反映的。那麼，考慮到我們的計劃時間，我們預計內容費用將在第三季和第四季同比增長。我們最熱門的作品將在下半年回歸。我相信泰德稍後會在電話中談到其中的一些問題。通常情況下，在第四季度，我們的電影檔期會比較多。

We've also got sales and marketing expenses that will probably -- that we expect would ramp in the second half of the year, both to support the slate, but also ad sales, go-to-market operations and are hitting in our marketing and sales line. So that we're continuing to build out our sales operations and capabilities and some of that is hitting there and growing in the back half. So all of that is expected and reflected in our guidance. Other than, as I said, a little bit of a heavier slate typically on the film side in Q4, no meaningful differences between Q3 and Q4.

我們的銷售和行銷費用也可能增加——我們預計這些費用將在下半年增加，不僅用於支援產品線，也用於廣告銷售、行銷營運以及對我們的行銷和銷售線的衝擊。因此，我們將繼續擴大我們的銷售業務和能力，其中一些業務在下半年將取得進展並不斷成長。因此，所有這些都是預料之中的，並反映在我們的指導中。正如我所說，除了第四季電影方面的業務量略有增加之外，第三季和第四季之間沒有什麼顯著差異。

The one thing maybe I'll also just add, Spencer, is, we obviously beat a bit in operating income in Q1. But at this point, most of that was -- is a little bit on the revenue side, mostly on the expense side, and it looks to us that most of that was timing of spend but still spend that we would expect to hit in the full year. So there's still a long ways to go in the year, a good bit of macro uncertainty out there. So this is still our best estimate for kind of outlook for the year.

史賓塞，我可能還要補充一點，那就是我們第一季的營業收入顯然略有超出。但目前，其中大部分是在收入方面有一點，主要是在支出方面，而且在我們看來，其中大部分是支出的時間，但仍是我們預計全年將達到的支出。因此，今年還有很長的路要走，還存在著許多宏觀不確定性。因此，這仍然是我們對今年前景的最佳估計。

Thanks Spence. I'll move this along now to a set of questions around advertising. From Dan Salmon of New Street Research does the current macro environment change your approach to the television upfronts. Any broad thoughts on how you're approaching upfront versus the scatter market would be great.

謝謝斯賓塞。現在我將轉向討論一系列有關廣告的問題。來自 New Street Research 的 Dan Salmon 詢問，當前的宏觀環境是否改變了您對電視預付款的態度。如果您能就如何處理預付市場與分散市場提出任何廣泛的想法，那就太好了。

Sure. Similar to commentary on the consumer sentiment, we're keeping a close eye on the marketplace. But we are currently seeing any signs of softness from our direct interactions with buyers. Actually, to the opposite, we're seeing some positive indicators from clients as we approach our upfront event.

當然。與對消費者情緒的評論類似，我們密切關注市場。但我們目前從與買家的直接互動中看到了疲軟的跡象。事實上，當我們接近預付活動時，我們看到了來自客戶的一些正面指標。

I think worth noting perhaps that the fact that we're currently relatively small in ads, and that sort of adds as a revenue contributor to Netflix, but probably more importantly, the amount of ad spend that we're seeking to win relative to the big ad pie. That smallness probably provides us some insulation to market shifts right now. And we are rolling out our proprietary ad tech suite.

我認為也許值得注意的是，我們目前的廣告支出相對較小，這對 Netflix 的收入貢獻有限，但更重要的是，相對於龐大的廣告市場，我們尋求贏得的廣告支出金額。這種規模小可能為我們提供了目前對市場變化的某種程度的保護。我們正在推出我們專有的廣告技術套件。

We've rolled that out in Canada and the United States. We've got our remaining 10 markets coming. That offers a bunch of new capabilities that advertisers have told us they want -- so we're just starting to sell into those new capabilities that opens up new opportunities for us, opens up new demand for us as well.

我們已經在加拿大和美國推出了這項服務。剩下的 10 個市場我們即將進入。這提供了一系列廣告商告訴我們他們想要的新功能——所以我們剛開始銷售這些新功能，這為我們開闢了新的機會，也為我們開闢了新的需求。

So I would say, based on everything that we're seeing right now, we continue to expect that we will roughly double our advertising revenue in 2025 through a combination of both upfronts, programmatic expansion and scatter.

因此我想說，根據我們目前看到的一切，我們仍然預計，透過預付款、程序化擴展和分散投放，我們的廣告收入將在 2025 年實現大約翻一番。

Thanks, Greg, and that's a very good segue to our next question, which comes from Vikram of Baird. Could you provide an update on your first-party ad tech platform. How is the rollout in Canada performed relative to your expectations? And do you have any observations so far in the US?

謝謝，格雷格，這很好地引出了我們的下一個問題，這個問題來自貝爾德公司的維克拉姆。您能否提供第一方廣告科技平台的更新資訊？相對於您的預期，加拿大的推廣情況如何？到目前為止您對美國有什麼觀察嗎？

Yes. It's a big milestone for us to roll out our own ad suite. We've been working at it for a while. We're still in the middle of that rollout, but our Canada and US launches have gone well. They're consistent with our expectations. We're learning and improving quickly now based on the feedback we're getting from having those live and operating them. Then we'll roll out across the remaining 10 as markets in a few stages over the coming months. So that's sort of all lined up and ready to go.

是的。對我們來說，推出自己的廣告套件是一個重要的里程碑。我們已經為此努力了一段時間。我們仍處於推出階段，但加拿大和美國的推出進展順利。它們與我們的預期一致。根據從上線和運行中獲得的回饋，我們正在快速學習和改進。然後，我們將在未來幾個月內分幾個階段在剩餘的 10 個市場推出。所以一切都已準備就緒，可以開始了。

The biggest initial benefit that we are seeing, again, as expected from being on our own ad servers, it just enables more flexibility for advertisers more ways that they can buy, there's fewer activation hurdles. We have the ability to improve that overall buyer experience iteratively. It just makes it easier to transact with Netflix, and that, of course, drives increased sales. And so we're seeing that. And then we expect over time that our first party ad tech platform will allow us to do other things, deliver more critical capabilities more quickly to advertisers.

我們看到的最大的初始好處，正如預期的那樣，在我們自己的廣告伺服器上，它為廣告商提供了更多的靈活性，他們可以選擇更多的購買方式，激活障礙更少。我們有能力持續改善整體買家體驗。它只是讓與 Netflix 的交易變得更加容易，當然，這也推動了銷售額的成長。我們看到的是這樣的。然後，我們期望隨著時間的推移，我們的第一方廣告技術平台將允許我們做其他事情，更快地向廣告商提供更關鍵的功能。

These are things like more programmatic availability, something we definitely hear demand for enhanced targeting something we're excited about. We can leverage more data sources and of course, something we hear all the time, more measurement and reporting capabilities.

這些是諸如更多程序化可用性之類的事情，我們確實聽到了對增強定位的需求，我們對此感到興奮。我們可以利用更多的資料來源，當然，我們經常聽到的是，更多的測量和報告功能。

So those are all things that we've got in work. Some of those have been delivered already in some of the territories and those will come overtime. And then the other big space of benefit by being on our own ad tech stack is it enables us to have more control to create a higher quality ad experience for our members. This is things that are really important, like increasing ad relevance, which is good for everybody in the whole ecosystem.

這些都是我們在工作上遇到的問題。其中一些已經在某些地區交付，還有一些將加班交付。使用我們自己的廣告技術堆疊的另一個巨大好處是，它使我們能夠更好地控制，為我們的會員創造更高品質的廣告體驗。這些事情確實很重要，例如提高廣告相關性，這對整個生態系統中的每個人都有好處。

So just getting started. Excited to get it out there. We've got many years of building ahead of us, but we've got a clear road map. We know what we're committed to, and we'll just continually to iteratively improve and innovate in advertising, just like you've seen us do and all sorts of other areas.

所以才剛開始。很高興能把它推出去。我們還有很多年的建設工作要做，但我們已經有了清晰的路線圖。我們知道我們致力於什麼，我們將不斷在廣告領域進行迭代改進和創新，就像您看到我們在其他領域所做的那樣。

Thanks Greg. And speaking of ads relevance, Justin Patterson as a longer-term question on heads. Netflix has solved personalized content recommendations. What are the key steps to solving ad content recommendations or relevance? And which inning do you believe you're in?

謝謝格雷格。說到廣告相關性，賈斯汀·帕特森 (Justin Patterson) 提出了一個長期問題。Netflix 已經解決了個人化內容推薦問題。解決廣告內容推薦或相關性的關鍵步驟是什麼？您認為自己處於哪一局？

Not sure I would characterize this completely solved. We hope that we can be even better day-to-day in recommending the main titles. But we do have an ambition to achieve that same level of sophistication and maturity capability that we did on the personalized recommendations in the ad space. That means matching the right ad with the right audience, the right viewer, and the right title. And we think putting those three things together drives superior campaign outcomes for advertisers. We think it's a better experience for members. So it's win-win, win.

我不確定我是否可以將此描述為完全解決。我們希望我們能夠一天比一天更好地推薦主要作品。但我們確實有志於達到與廣告領域個人化推薦相同的複雜度和成熟度。這意味著將正確的廣告與正確的受眾、正確的觀眾和正確的標題相匹配。我們認為，將這三件事結合起來可以為廣告商帶來更出色的廣告活動效果。我們認為這會為會員帶來更好的體驗。所以這是雙贏的。

Where are we at in that process? I would say that we are literally just beginning to get that going. So the first stage of that is actually being on our own ad’s platform. We've launched that, as I said, in Canada, the US We've got the remaining markets coming over the next months to come.

我們目前處於這個過程的哪個階段？我想說我們才剛開始做這件事。因此，第一階段實際上是在我們自己的廣告平台上。正如我所說，我們已經在加拿大和美國推出了該產品，並將在未來幾個月內推出其餘市場。

And in doing that, during this time, we've been able to significantly already expand our targeting capabilities. So that now includes targeting features that are based on Netflix unique data. So I think life stage, interest, viewing mood. In the US, we've also recently enabled advertisers to do more significant targeting this is targeting on their own onboarded audiences. Targeting on Netflix model audiences, targeting against audience segments that are provided by a select set of third-party vendors.

透過這樣做，在此期間，我們已經能夠顯著地擴展我們的定位能力。因此現在包括基於 Netflix 獨特數據的定位功能。所以我認為是人生階段、興趣、觀影心情。在美國，我們最近也幫助廣告主進行更重要的定位，也就是針對他們自己的入站受眾。以 Netflix 模式受眾為目標，針對由精選第三方供應商提供的受眾群體。

So we've got a lot of exciting work going on in that space. And then looking ahead, in 2026, we'll do more of that more data targeting capabilities, we'll move more of that globally. So a lot of things we do, we start in the United States and expand across more territories, you'll see that.

所以我們在該領域開展了很多令人興奮的工作。展望未來，到 2026 年，我們將實現更多的數據定位能力，並將在全球推廣更多數據定位能力。我們做的很多事情都是從美國開始，然後擴展到更多地區，你會看到這一點。

And then, of course, more measurement functionality in all markets. And then in 2027, when we get to look to specific focused investments at a higher order and data capabilities such as ML-based optimizations. We've got advancement in advanced targeting. We'll be really opening a rich space there.

當然，所有市場都會有更多的測量功能。然後到 2027 年，我們將開始關注更高層次的特定重點投資和資料能力，例如基於 ML 的最佳化。我們在高級定位方面取得了進步。我們將在那裡真正開闢一個豐富的空間。

Another big benefit we get on our own ad stack is we'll be able to innovate and develop more quickly new ad formats. So we have more spaces that we can point all of that improved targeting capability against. So just getting started in this space.

我們從自己的廣告堆疊中獲得的另一個好處是，我們能夠更快地創新和開發新的廣告格式。因此，我們擁有了更多的空間，可以將所有改進的瞄準能力發揮到極致。剛開始涉足這個領域。

We've got a lot of work to do for sure, but we think we'll be able to move very quickly and frankly, more quickly than other streamers because we believe we're going to be able to leverage not only preexisting tech that we have, data that we have, but also data science expertise and the rapid product innovation experience that we've got.

我們確實有很多工作要做，但我們認為我們能夠行動得非常快，坦白說，比其他串流媒體更快，因為我​​們相信我們不僅能夠利用我們現有的技術、我們擁有的數據，還能利用數據科學專業知識和我們擁有的快速產品創新經驗。

Greg, the inning analogy gives us a little more flexibility than crawl-walk-run right? So when you walk through all that, it's nice to have all those things ahead of us. options and seats. That's right. It's definitely play starting to swing not be where we're at.

格雷格，局類比比爬行-行走-跑步給了我們更多的彈性，對嗎？所以，當你經歷這一切時，很高興看到所有這些事情都擺在我們面前。選項和座位。這是正確的。這絕對是一場開始搖擺的比賽，而不是我們現在的位置。

Thanks Greg. I'll move us along to a series of content-related questions from analysts, beginning with Rich Greenfield from LightShed. There are four major sports properties available right now. How should we think about the strategic fit for Netflix in terms of, number one the UFC, number two WWE premium Live Events, number three, F1 and number four, Major League baseball.

謝謝格雷格。我將帶領我們進入一系列來自分析師的內容相關問題，首先是來自 LightShed 的 Rich Greenfield。目前有四種主要的體育資產可供使用。我們該如何看待 Netflix 的策略契合度？首先是 UFC，其次是 WWE 優質現場賽事，第三是 F1，第四是美國職棒大聯盟。

Rich. Just -- I do want to remind you that our live strategy is beyond just sports. So I'm not going to comment on any of those specific opportunities at this time. But I will say you back to the letter to show you that our live event strategy is unchanged, and we remain really focused on the big breakthrough events. Our audiences love them. And so anything we chase in the event space or the sports space is a deal that have to make economic sense as well.

富有的。只是——我確實想提醒你，我們的直播策略不僅限於體育。所以我現在不會對任何具體的機會發表評論。但我還是要告訴您這封信，以表明我們的現場活動策略沒有改變，我們仍然真正專注於重大突破性活動。我們的觀眾很喜歡它們。因此，我們在活動領域或體育領域追求的任何事情都必須具有經濟意義。

So live is a relatively small part of our content spend. We have about 200 billion view hours, so small relative to view hours too. But that being said, all viewing is not equal. What we have seen with live is just very outsized positives around conversation and acquisition and we suspect retention and we're really excited to keep building on that. We have the Taylor Sorento fight in July.

因此，直播只占我們內容支出的一小部分。我們的觀看長度約為 2000 億小時，相對於觀看時間來說，這個數字還是比較小的。但話雖如此，並非所有觀看都是平等的。我們在直播中看到的只是在對話和獲取方面非常積極的方面，我們懷疑保留率，我們真的很高興繼續在此基礎上發展。七月我們將與泰勒索蘭托展開對決。

That's a rematch from when they bought the first time on the Tyson Paul Fight Night. It was the most watched women's sporting event in US history. So there's a lot of excitement around that. The NFL, of course, is a great property, and we're happy to have the Christmas Day game.

這是他們在泰森保羅拳擊之夜第一次購買的比賽的重賽。這是美國史上觀看人數最多的女子運動賽事。因此，人們對此感到非常興奮。當然，NFL 是一項偉大的賽事，我們很高興能夠在聖誕節舉辦比賽。

So we opted into the second and for Christmas Day. So we'll be presenting all day football again on December 25, 2025, really exciting. And then today, our live adventures have all been primarily in the US, but we intend to grow the capability to do it around the world in the years ahead. So very pleased with the progress so far and excited about the future for live sports and non-sports.

所以我們選擇了第二個，而且是在聖誕節那天。因此，我們將於 2025 年 12 月 25 日再次播出全天足球比賽，這真的令人興奮。如今，我們的現場冒險活動主要都在美國，但我們打算在未來幾年內增強在世界各地進行冒險活動的能力。我對迄今為止的進展感到非常滿意，並對現場體育和非體育的未來感到興奮。

Thanks, Ted. The next question is from Matt Thornton of FBN Securities. Do you think video podcast could perform well as a category on Netflix?

謝謝，泰德。下一個問題來自 FBN Securities 的 Matt Thornton。您認為視訊播客作為 Netflix 的一個類別能表現良好嗎？

So we're constantly looking at all different types of content and content creators. The lines between podcast and talk shows are getting pretty blurry. We want to work with kind of great creators across all kinds of media that consumers love. And podcasts, to your point, have become a lot more video forward. And today, we actually produce a lot of podcasts ourselves as part of our kind of publicity and publishing efforts.

因此，我們一直在關注各種不同類型的內容和內容創作者。播客和脫口秀之間的界線變得越來越模糊。我們希望與消費者喜愛的各種媒體的優秀創作者合作。正如您所說，播客已經變得更加視訊化了。如今，我們實際上自己製作了很多播客，作為我們宣傳和出版工作的一部分。

So some are really show specific like Swee Game and Diplomat, some are genre focused, some are talent focused. We have a great one called -- you can't make this up, all about Netflix docks. And they live everywhere podcaster today. But as the popularity of video podcast grow, I suspect you'll see some of them find their way to Netflix.

有些節目確實是針對特定節目，例如《Swee Game》和《Diplomat》，有些是針對類型的，有些是針對才藝的。我們有一個很棒的功能，叫做——你無法編造這個，所有關於 Netflix 基座的內容。如今，播客無所不在。但隨著視訊播客的日益普及，我想你會看到其中一些進入 Netflix。

Thanks, Ted. From Rich Greenfield again, how do you create iconic animated franchises? What does it really take to build out culturally relevant animated IP? Is the answer a different team, acquisitions, or something else entirely?

謝謝，泰德。再次以 Rich Greenfield 為例，您是如何創作標誌性動畫系列的？打造具有文化相關性的動畫 IP 真正需要什麼？答案是不同的團隊、收購，還是完全不同的東西？

Well, thanks, Rich. Keep in mind this -- we're relatively new at this, and it's a completely creative process. We've had submits, and we've also had some misses, and we know we have work to do. But I would point out that we've had some really nice is with LEO, with Seabeast, Gamma DeToro Pinocchio certainly culture. Even won the Oscar for us for best animated feature film.

好吧，謝謝你，Rich。請記住這一點——我們在這方面還比較陌生，這是一個完全創造性的過程。我們已經提交了一些，但也有一些失誤，我們知道我們還有很多工作要做。但我想指出的是，我們在 LEO、Seabeast、Gamma DeToro Pinocchio 等文化方面確實取得了一些進展。甚至為我們贏得了奧斯卡最佳動畫長片獎。

And the other thing we keep in mind about why we're excited about this space. There's a lot of demand for animated film. In 2024, 9 out of the top 10 most streamed movies were animated features.

我們也要記住為什麼我們對這個領域感到興奮。動畫電影的需求量很大。2024 年，串流媒體播放量最高的 10 部電影中有 9 部是卡通。

So just like in our live action strategy, we want to make some, we want to license some. And we have more access today to license than we did when we began in-house animation, and we get to that now through output deals with Universal, Illumination and with Sony.

因此，就像我們的真人策略一樣，我們想要製作一些，我們想要授權一些。與我們剛開始進行內部動畫製作時相比，我們今天擁有更多的授權管道，現在我們透過與環球影業、照明娛樂和索尼達成輸出協議獲得了這些授權。

But the animation team, Hanna and Dan, they're working really hard on a very promising slate of exclusive originals they're going to roll out through 2027. And including one called the Inner Dreams coming out in Q4, which is really fun.

但動畫團隊漢娜和丹正在努力製作一系列非常有前景的獨家原創作品，並將於 2027 年推出。其中包括第四季推出的一部名為《內心的夢想》的作品，真的很有趣。

Thanks. Our next question comes from Robert Fishman of MoffettNathanson. As you think about the competitive landscape over the next five years, should investors expect Netflix to move into short form or creator lead content to compete head-to-head with YouTube.

謝謝。我們的下一個問題來自 MoffettNathanson 的 Robert Fishman。當您思考未來五年的競爭格局時，投資人是否應該預期 Netflix 會進入短片或創作者主導的內容領域，與 YouTube 展開正面競爭。

Sure, I'll kick this one off. I think -- just starting at the macro lens. We've always had very strong competitors, including YouTube, many others. We're all definitely competing hard for people's entertainment time. So we absolutely have to earn every hour that we win.

當然，我會開始這個。我認為——只是從微距鏡頭開始。我們一直面臨著非常強大的競爭對手，包括 YouTube 和許多其他公司。我們肯定都在努力爭取人們的娛樂時光。因此我們必須努力去爭取我們贏得的每一個小時。

We don't take anything for granted. We don't get anything for free. We make up every day eager to improve our service for our members and for members to be. We also think in that broadest competitive lens that the biggest opportunity we've got is actually going after the roughly 80% share of TV time that neither Netflix nor YouTube have today. We think of that as a real immediate opportunity.

我們不會將任何事視為理所當然。我們沒有免費得到任何東西。我們每天都熱切地希望為我們的會員和未來的會員提供更好的服務。我們還認為，從最廣泛的競爭角度來看，我們最大的機會實際上是爭奪 Netflix 和 YouTube 目前都沒有的約 80% 的電視播放時間份額。我們認為這是一個真正的即時機會。

And then when it comes to the specific head-to-head competition with YouTube or other platforms like YouTube, we believe we are a more competitive better service for a certain class of creators and certain types of storytelling. And most importantly in that is that we lead monetization for those kinds of titles. And that means we can provide a better opportunity than YouTube or other services for those creators and those stories. And Ted, maybe you want to comment on the creator and content type expansion.

然後，當談到與 YouTube 或其他平台的特定正面競爭時，我們相信，對於特定類別的創作者和某些類型的故事敘述來說，我們更具競爭力，能夠提供更好的服務。其中最重要的是，我們引領了這類遊戲的貨幣化。這意味著我們可以為這些創作者和故事提供比 YouTube 或其他服務更好的機會。泰德，也許你想對創作者和內容類型擴充發表評論。

Yes, sure. We're looking for the next generation of great creators, and we're looking everywhere. So not just in film schools and certainly not just in Hollywood, creators today have tools that were unimaginable a decade ago, to tell stories, to reach audience. The question is out there is that is it premium? Well, some of it is, and we believe we have the best monetization model on the planet for premiums story telling.

是的，當然。我們正在尋找下一代偉大的創造者，我們到處尋找。因此，不僅在電影學校，當然也不僅僅在好萊塢，今天的創作者擁有十年前無法想像的工具來講述故事、吸引觀眾。問題是它是優質產品嗎？嗯，有些是的，我們相信我們擁有世界上最好的付費故事獲利模式。

I think we can help those creators reach an audience. Our model can also support more ambitious efforts for them, could help derisk them unlike the kind of typical UGC models. Look at people folks like Ms. Rachel. She's been in the top 10 every week since she on Netflix.

我認為我們可以幫助這些創作者吸引觀眾。我們的模型還可以支持他們做出更雄心勃勃的努力，可以幫助他們降低風險，這與典型的 UGC 模型不同。看看像 Rachel 女士這樣的人。自從她在 Netflix 上線以來，她每週都進入前十名。

Kill Tony right now is killing it with our stand-up fans. We're working with Side man, we just launched pop the balloon. So we think it's really exciting. When you put this all together, we believe it's the best place for premium content as defined by fans and the best home for storytellers wherever they're working on honing their skills today. Thank you

現在，《殺死東尼》正在與我們的單口喜劇粉絲們一起殺戮。我們正在與 Side man 合作，我們剛剛推出了 pop the balloon。所以我們認為這真的非常令人興奮。當把所有這些放在一起時，我們相信這裡是粉絲定義的優質內容的最佳場所，也是講故事的人的最佳家園，無論他們在哪裡磨練他們的技能。謝謝

From Ben Swinburne of Morgan Stanley. We are starting to see some of the fear around AI and content creation subside and major Directors like the Russos, Jim Cameron, et cetera, begin embracing the technology. What is Netflix doing to leverage AI for its creative partners? How meaningful can this be? And are there any examples that you can share?

來自摩根士丹利的 Ben Swinburne。我們開始看到圍繞著人工智慧和內容創作的一些恐懼逐漸消退，羅素兄弟、吉姆·卡麥隆等主要導演開始接受這項技術。Netflix 正在採取哪些措施來利用 AI 為其創意合作夥伴提供協助？這有何意義？能分享一些例子嗎？

Well, Ben, there's a ton of excitement about what AI can do for content creators. I read the article to what Jim Cameron said about making movies 50% cheaper. I remain convinced that there's an even bigger opportunity if you can make movies 10% better. So our talent today is using AI tools to do set references or previs, VFX sequence prep, shop planning, all kinds of things today that kit to make the process better.

嗯，本，人們對人工智慧能為內容創作者做些什麼感到非常興奮。我讀了吉姆·卡梅隆關於製作電影成本降低 50% 的文章。我始終堅信，如果能讓電影品質提升 10%，就會有更大的機會。因此，我們今天的人才正在使用人工智慧工具來做設定參考或預覽、視覺特效序列準備、車間規劃以及各種各樣的事情，這些工具可以使流程變得更好。

Traditionally, only big budget projects would have access to things like advanced visual effects such as de-aging. So today, you can use these AI-powered tools so to enable smaller budget projects to have access to big BFX on screen.

傳統上，只有大預算項目才能使用諸如減齡之類的高級視覺效果。所以今天，您可以使用這些人工智慧工具，讓預算較小的專案能夠在螢幕上實現大型 BFX。

A recent example, I think, is really exciting. Rodrigo Pieto was the DP on the Irish in just five years ago. And if you remember that movie, we were using very cutting edge, very expensive de-aging technology that still had massive limitations, still creating a bunch of complexity on set for the actors. It was a giant leap forward for sure, but nowhere near what we needed for that film.

我認為最近的一個例子確實令人興奮。五年前，羅德里戈·皮埃托 (Rodrigo Pieto) 還擔任愛爾蘭隊的 DP。如果你還記得那部電影，我們當時使用了非常先進、非常昂貴的抗衰老技術，但這種技術仍然存在很大的局限性，仍然為演員在片場帶來了很多複雜性。這無疑是一個巨大的飛躍，但遠遠沒有達到我們拍攝這部電影所需的水平。

So this year, just five years later, Rodrigo is directing his first feature film for us, Pedro Paramor in Mexico using AI-powered tools he was able to deliver this de-aging VFX to the screen for a fraction of what it costs on the Irishman.

因此，僅僅五年後的今年，羅德里戈就在墨西哥為我們執導了他的第一部長片《佩德羅·帕拉莫》，他使用人工智慧工具，以《愛爾蘭人》成本的一小部分，將這種去衰老的視覺特效搬上了銀幕。

In fact, the entire budget of the film was about the VFX caused on the Irishman. So same creator using new tools, new better tools to do something would have been impossible to do just five years ago. That's incredibly exciting. So our focus is simple, find ways for AI to improve the member and the creator experience.

事實上，這部電影的全部預算都花在了愛爾蘭人的視覺特效上。因此，同一個創作者使用新的、更好的工具來做一些五年前不可能做到的事情。這真是令人興奮不已。所以我們的重點很簡單，找到讓人工智慧改善會員和創作者體驗的方法。

Thanks, Ted. Our next question is from David Joyce of Seaport Research Partners. The question is, with so much content in your library, what can you do for Discovery to help drive further engagement with the platform? Is there anything further structural you can do with the recommendation engine? Or is it going to require more marketing?

謝謝，泰德。我們的下一個問題來自 Seaport Research Partners 的 David Joyce。問題是，您的圖書館裡有如此多的內容，您可以為 Discovery 做些什麼來幫助推動平台的進一步互動？您可以使用推薦引擎進行進一步的結構化操作嗎？還是需要更多的行銷？

Yes. A fact that surprised as many people is that even our most popular, most buzzy titles that you're hearing tons of conversation around, those still drive less than 1% of viewing. So that discovery and recommendations capabilities are really critical to unlocking all the value from the investments that Bella's team is making around the world.

是的。令許多人感到驚訝的事實是，即使是我們最受歡迎、最熱門、人們談論最多的影片，其收視率仍然不到 1%。因此，發現和推薦功能對於釋放 Bella 團隊在世界各地進行的投資的所有價值至關重要。

And we believe and we continually see this in test results quarter-after-quarter that there is more room to improve that discovery and recommendation experience and therefore, provide more value for members and therefore, find the biggest audiences for -- around the world for our titles.

我們相信，並且我們在每個季度的測試結果中都看到，還有更多的空間來改善發現和推薦體驗，從而為會員提供更多價值，並為我們的作品在世界各地找到最大的受眾。

To that end, some examples of this last year, we began testing a new simpler, more intuitive TV home page. This is something that we hadn't made big structural changes to in over a decade. And we believe that will significantly improve the discovery experience on Netflix. We've been polishing and improving that experience based on the input we got from members who used it. We plan on rolling that out later this year.

為此，去年的一些例子，我們開始測試一個新的更簡單、更直覺的電視主頁。這是我們十多年來從未進行過大的結構性改變的事情。我們相信這將顯著改善 Netflix 上的發現體驗。我們一直在根據使用過該服務的會員的回饋來完善和改進該體驗。我們計劃在今年稍後推出該功能。

So that's very exciting and a pretty significant structural shift that we anticipate we'll move things forward significantly. But we're doing things at the other end of the spectrum, too. So we're also building out like new capabilities, an example would be interactive search. That's based on generative technologies. We expect that will improve that aspect of discovery for members. So there are many, many specific improvements that we've got in work.

這是非常令人興奮的，也是一個相當重大的結構性轉變，我們預計這將推動事情取得重大進展。但我們也在做相反的事。因此，我們也在建立新的功能，例如互動式搜尋。這是基於生成技術的。我們希望這將改善會員的發現方面。因此，我們在工作上取得了許多具體的改進。

So a lot more to come in this space. And really, frankly, no foreseeable limit on those improvements in the years to come.

因此，這個領域還有更多內容。坦白說，未來幾年這些改進確實沒有可預見的限制。

Thanks, Greg. Michael Morris from Guggenheim has our next question. It's actually about extra member accounts. How is adoption of extra member accounts trended since launch. Can you share how this offer has contributed to revenue growth to date and whether you see it as additive to future growth?

謝謝，格雷格。古根漢美術館的麥可莫里斯將向我們提問下一個問題。這實際上是關於額外的會員帳戶。自推出以來，額外會員帳戶的採用趨勢如何。您能否分享一下該優惠迄今為止對收入成長的貢獻，以及您是否認為它對未來的成長有幫助？

We see, extra remember, as part of our plans and pricing model. So it's an option that provides flexibility and choice for members. It allows them to tailor the Netflix offering to their needs. We know some members want to share Netflix with family or friends. An extra member gives them an easy way to do that.

額外記住，我們將其視為我們計劃和定價模型的一部分。因此，這是一個為會員提供靈活性和選擇性的選項。它允許他們根據自己的需求客製化 Netflix 服務。我們知道有些會員想與家人或朋友分享 Netflix。額外的成員可以讓他們輕鬆做到這一點。

It's a lower cost way to do that as well. We see good retention and engagement on that plan, which is really important to us and says it's a sort of healthy part of the offering. But while we love it from a member convenience perspective, responding directly to the question, extra member isn't a major driver for our business, and we expect it will (inaudible)

這也是一種成本較低的方法。我們看到該計劃具有良好的保留率和參與度，這對我們來說非常重要，並且是該產品的一個健康部分。但是，雖然我們從會員便利的角度喜歡它，但直接回答這個問題，額外的會員並不是我們業務的主要驅動力，我們預計它將（聽不清楚）

I'd just say to Greg's point, I agree with all that. It is, I think part of the question is still growing modestly, but it's -- so it's healthy for all those reasons, but it's just not a big driver of the business.

我只想說，對於格雷格的觀點，我完全同意。是的，我認為部分問題仍在緩慢增長，但出於所有這些原因，這是健康的，但它並不是業務的主要驅動力。

Thanks, Spence for clarifying. Justin Patterson from KeyBank with the next question. Alan, who leads our Netflix Games business, I spoke recently at the Games Developer Conference about making gaming more accessible and achieving mass market appeal. What types of games have resonated on Netflix so far? And where do you see opportunities to improve the user experience and drive even more engagement for games?

謝謝 Spence 的澄清。下一個問題是來自 KeyBank 的 Justin Patterson。艾倫 (Alan) 是我們 Netflix 遊戲業務的負責人，我最近在遊戲開發者大會上發表了關於如何讓遊戲更容易被接受並吸引大眾市場的演講。到目前為止，哪些類型的遊戲在 Netflix 上引起共鳴？您認為在哪些方面可以改善使用者體驗並提高遊戲參與度？

Yes. We have learned quite a bit, made some decent progress since we launched games, but we continue to see this as a multiyear iterative journey much like we've seen, and you've seen from us when we launch a new content category where we launch a new country, and we develop product market fit and improve that over time.

是的。自從我們推出遊戲以來，我們已經學到了很多東西，取得了一些不錯的進展，但我們仍然認為這是一個多年的迭代旅程，就像我們所看到的一樣，當我們推出一個新的內容類別，推出一個新的國家，我們開發產品市場適應性並隨著時間的推移不斷改進它時，您也看到了這一點。

You asked what games have worked for us so far. You can see much of the answer to that question embedded in the genres that we're going after and focusing on right now. So that starts with immersive narrative games based on our IP.

您詢問到目前為止哪些遊戲對我們有用。您可以在我們現在追求和關注的類型中看到該問題的大部分答案。因此，首先要基於我們的 IP 來打造沉浸式敘事遊戲。

Squid game Unleashed is a really good example. We'll have an update for that game with the latest season of Squid Game that's coming. More recently, which is our Black Mirror based Tamagochi-style game that has a dark twist in the end, very consistent with Black Mirro.

魷魚遊戲《Unleashed》就是一個很好的例子。隨著《魷魚遊戲》最新一季的到來，我們將對該遊戲進行更新。最近，我們推出了基於《黑鏡》的 Tamagochi 風格遊戲，其結局有一個黑暗的轉折，與《黑鏡》非常一致。

Another category that we're going after is mainstream established titles. This is Grand Theft Auto, which really worked for us, and you'll just launch more titles like that in the future. There's also games for kids, being able to give kids a game experience that's free of ads. It's free of in-app purchases, safe for parents with the subscription.

我們追求的另一個類別是主流的成熟作品。這就是《俠盜獵車手》，它對我們來說真的很有效，將來你們還會推出更多類似的遊戲。還有兒童遊戲，可以提供孩子無廣告的遊戲體驗。它不包含應用程式內購買，對於訂閱的父母來說很安全。

We just announced Peppa Peppa Pig game, which is coming soon. So that's an example of that. And the fourth category, which I would say we don't have a lot of data points demonstrated in yet, but we're excited about and we'll be delivering some to understand the space better is socially engaging party games. Think about this as either an evolution of the family board game or an evolution of the game show on TV that becomes interactive in your living room. So lots of excitement there.

我們剛剛宣布了即將推出的《小豬佩奇》遊戲。這就是一個例子。第四類是社交派對遊戲，我想說我們還沒有很多數據點來證明這一點，但我們對此感到很興奮，我們將提供一些數據來更好地了解這個領域。您可以將其視為家庭棋盤遊戲的演變，或者電視遊戲節目的演變，並在您的客廳中進行互動。那裡非常熱鬧。

And then you mentioned in terms of areas to improve. There's tons of areas to improve. Frankly, we can improve everything that we're doing from user experience and discovery and getting to play, but also just in having more compelling games.

然後您提到了需要改進的領域。有很多地方需要改進。坦白說，我們可以改進我們所做的一切，從使用者體驗、發現和玩遊戲，到製作更引人入勝的遊戲。

So that's a real top priority for us at this point. And maybe just a few comments with regard to how we think about investment and growth in this space. We've always said that we were in this to win. We want to invest enough to ensure that we are playing to win. But we also are coming knowing that we've got a lot to learn, and we still have a lot to learn despite all that we've learned so far.

所以這對我們來說是目前的首要任務。關於我們如何看待這個領域的投資和成長，我可能只想提幾點評論。我們一直說我們是為了勝利而戰。我們希望投入足夠的資金來確保我們能夠獲勝。但我們也知道，我們還有很多東西要學，儘管我們已經學到了很多，但我們還有很多東西要學。

We don't want to grow our investment too much until we iteratively develop high confidence that we know how to translate that investment into member value, like the increased retention we see when members play our games.

我們不想過度增加投資，直到我們不斷累積足夠的信心，確信我們知道如何將投資轉化為會員價值，例如會員玩我們的遊戲時保留率的提高。

So our investment by our scale is still relatively modest. It's a small fraction of our overall content budget. And as we continue to see incremental proof points, we'll ramp up that investment in a measured way, but we think this approach to sort of measured growth and planned scarcity actually yields a better business in the long term. And the long-term opportunity is large. It's about $140 billion in consumer spend ex China, ex Russia, not including ad revenue.

因此，就我們的規模而言，我們的投資仍然相對溫和。這只是我們整體內容預算的一小部分。隨著我們繼續看到越來越多的證據，我們將以有節制的方式增加投資，但我們認為，這種有節制的成長和有計劃的稀缺性方法實際上會在長期內帶來更好的業務。而且長期機會很大。除中國和俄羅斯外，消費者支出約 1,400 億美元，不包括廣告收入。

We believe in our top-level strategic thesis, and we continue to learn into that executional capability to incrementally unlock that potential.

我們相信我們的頂層策略論點，並且我們將繼續學習執行能力以逐步釋放這一潛力。

Thanks, Greg. I'm actually going to bring us back to a question on the results because we do have a late-breaking question from Steve Cahall of Wells Fargo. Can you unpack the key drivers of the expected U-Can revenue growth reacceleration in Q2? Is it mainly pricing? Or are there other aspects like advertising or subscriber growth? Maybe, Spence, do you want to take a stab at that one?

謝謝，格雷格。我實際上要回到有關結果的問題，因為我們確實有來自富國銀行的史蒂夫·卡霍爾 (Steve Cahall) 的最新問題。您能否解釋一下預計第二季 U-Can 營收成長重新加速的關鍵驅動因素？主要是定價嗎？或是還有其他方面，例如廣告或用戶成長？也許，史賓塞，你想嘗試嗎？

Yes, sure. So you saw in our report, our U-Can revenue growth was 9% year-over-year in Q1. That was a deceleration from about 15% year-over-year in Q4. The deceleration is mostly due to pricing timing. So there's a little bit of a sequential quarter, tough comparison, because we also had the benefit of the NFL games and the advertising resulting from the NFL games in Q4, which also bumped it a bit.

是的，當然。因此，您可以在我們的報告中看到，我們的 U-Can 收入在第一季同比增長了 9%。這比第四季的年增幅約 15% 有所下降。減速主要是由於定價時機。因此，季度環比增長有些困難，很難進行比較，因為我們也受益於 NFL 比賽以及第四季度 NFL 比賽帶來的廣告，這也對業績產生了一些影響。

But think of it as we plan to reaccelerate again in Q2, and it's really getting the full quarter benefit year-over-year of pricing. And then also, we are -- ads is still a much smaller part of our business than subscription, but ads continues to kind of grow through the year.

但想想看，我們計劃在第二季度再次加速，而且它確實獲得了整個季度的同比定價收益。而且，廣告在我們的業務中所佔的比例仍然比訂閱業務小得多，但廣告在全年仍會持續成長。

Thanks, Spence. And I will now close this out with our last question, which comes from Alan Gould of Loop Capital. His question is you've been guiding to $8 billion of free cash flow in 2025. And one of your goals is to deliver growing free cash flow. You have historically not spent a lot on acquisitions. Should we assume most of the growing free cash flow is redeployed into share buybacks?

謝謝，史賓塞。現在我將以最後一個問題結束本次會議，這個問題來自 Loop Capital 的 Alan Gould。他的問題是，您一直致力於實現 2025 年 80 億美元的自由現金流。您的目標之一就是實現自由現金流的成長。從歷史上看，你們在收購上並沒有投入太多資金。我們是否應該假設大部分不斷增長的自由現金流被重新部署到股票回購中？

Yes. Thanks, Alan. So there's no change to our capital allocation policy. It's been consistent for years now. We prioritize profitable growth by reinvesting in the business. We maintain ample liquidity. Those are key for us, our top two priorities, and then we return excess cash to shareholders. Through share repurchase beyond several billion dollars of minimum cash that we keep on the balance sheet and then anything we use for select M&A. So that's kind of a long wind up to. The answer is yes, in the absence of any meaningful M&A, not MBA.

是的。謝謝，艾倫。因此我們的資本配置政策並沒有改變。多年來一直如此。我們透過對業務進行再投資來優先實現獲利成長。我們保持充足的流動性。這些對我們來說至關重要，也是我們的兩個首要任務，然後我們將多餘的現金回饋給股東。透過股票回購，我們在資產負債表上保留了數十億美元的最低現金，並將其用於選擇性併購。所以這是一個漫長的過程。答案是肯定的，在沒有任何有意義的併購的情況下，不是MBA。

Any meaningful M&A, we would expect that our growing free cash flow will be redeployed as share repurchase.

對於任何有意義的併購，我們都希望我們不斷成長的自由現金流能夠重新部署為股票回購。

Excellent. Well, before we close, first, thank you all for joining us I would like to take a moment to recognize and to thank Tim Haley for after more than 27 years on our Board of Directors, he has elected to not stand for reelection.

出色的。好吧，在我們結束之前，首先，感謝大家加入我們。我想花點時間認識並感謝蒂姆·黑利，在擔任我們董事會成員 27 年後，他選擇不再競選連任。

For all of those 27 years, Tim Haley has been on this journey with us. His counsel and leadership has been a really valued part of our success. I'd like to say a special thank you to Tim for his long service and his many contributions to the Netflix Board of Directors.

在這 27 年裡，提姆海利一直陪伴著我們。他的建議和領導對於我們的成功起到了至關重要的作用。我要特別感謝提姆長期以來為 Netflix 董事會所做的服務和許多貢獻。

And let me say also as someone who's benefited greatly from our time with Tim and has been there with them for most of those years that through so much change and so much growth. Tim has always offered Sage advice and counsel and is an important part of the history of Netflix. Tim has helped shaped Netflix into the company that it is today. So many thanks to Tim and thank you very much for joining us.

我也想說，作為一個從與蒂姆共事的時光中受益匪淺的人，我在那些年的大部分時間裡一直陪伴著他們，經歷瞭如此多的變化和成長。蒂姆總是提供明智的建議和忠告，他是 Netflix 歷史的重要組成部分。提姆幫助 Netflix 成為如今的樣子。非常感謝蒂姆，非常感謝您加入我們。