Netflix Inc (NFLX) 2025 Q2 法說會逐字稿

Good afternoon and welcome to the Netflix Q2 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 Newman.

下午好，歡迎參加 Netflix 2025 年第二季財報訪談。我是 Spencer Wang，財務、投資人關係與企業發展副總裁。今天與我一起出席的還有聯合首席執行官泰德·薩蘭多斯 (Ted Sarandos) 和格雷格·彼得斯 (Greg Peters)，以及首席財務官斯賓塞·紐曼 (Spence Newman)。

As a reminder, we'll be making forward-looking statements and actual results may vary. We'll take questions submitted by the analyst community, and we will begin with our results and our 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。我們將回答分析師社群提出的問題，並從我們的結果和預測開始。

The first question comes from Steve Cahall of Wells Fargo. The question is, since the revenue increase and your forecast is primarily FX driven, we're curious about the components of the constant currency increase. Is this due to a better underlying revenue growth or are there specific expenses that are coming in better like content amortization?

第一個問題來自富國銀行的史蒂夫‧卡霍爾 (Steve Cahall)。問題是，由於收入增加和您的預測主要是由外匯驅動的，我們對恆定貨幣成長的組成部分感到好奇。這是由於更好的基礎收入成長還是由於內容攤銷等特定支出的增加？

I will take that one. Thanks, Steve. So as you saw on the letter, we increased our full-year revenue guidance to $44.8 billion to $45.2 billion. That's up from the prior guide of $43.5 billion to $44.5 billion, so up about $1 billion at the midpoint of the range and a tighter range.

我要那個。謝謝，史蒂夫。因此，正如您在信中看到的，我們將全年收入預期上調至 448 億美元至 452 億美元。這高於先前預測的 435 億美元至 445 億美元，因此比區間中點高出約 10 億美元，且區間更為狹窄。

And as you noted, it primarily reflects the FX impact from the weakening dollar relative to most other currencies, but the good news is we're also seeing strength in our underlying business. We've got healthy member growth, and that even picked up nicely at the end of Q2, a bit more than we expected. And we think that'll carry through with our strong back half slate.

正如您所說，這主要反映了美元相對於大多數其他貨幣走弱所帶來的外匯影響，但好消息是，我們也看到了基礎業務的強勁成長。我們的會員數量正在健康成長，甚至在第二季末也有所回升，比我們預期的要多一些。我們認為這將延續我們強烈的後半部分錶現。

So we're reflecting that in our latest forecast, and we're also seeing nice momentum in ad sales, still off a pretty small base but good growth. And it's on pace to roughly double our revenue in the year. And it's a bit ahead of beginning of year expectations.

因此，我們在最新的預測中反映了這一點，我們也看到廣告銷售勢頭良好，儘管基數仍然很小，但成長良好。我們今年的收入預計大約會翻倍。這比年初的預期略有提前。

So, when we carry all that through to operating margin, our operating expenses are essentially unchanged, which is part of your question. So they're basically unchanged forecast to forecast. So we're largely flowing through the expected higher revenues to profit margins. So that's why our updated target full year reported margin is up 1 point from 29% to 30%. And that 50 basis point increase in FX-neutral margins is really just that revenue lift from stronger membership growth and ads relative to prior forecasts flowing through the margin.

因此，當我們將所有這些都計入營業利潤率時，我們的營業費用基本上保持不變，這也是您問題的一部分。因此，他們的預測基本上沒有改變。因此，我們主要將預期的更高收入轉化為利潤率。這就是為什麼我們更新後的全年目標利潤率從 29% 上升 1 個百分點至 30%。而外匯中性利潤率增加 50 個基點實際上只是由於會員數量和廣告收入較之前預測的更強勁增長而產生的利潤。

Thank you, Spence. We'll take our next question from Barton Crockett of Rosenblatt Securities. Why is operating margin guidance for the full year only 30% after the upside in 2Q and a forecast of 31.5% for the third quarter? Is there a timing issue, FX issue, or is there a new level of spending that will continue beyond the fourth quarter of 2025?

謝謝你，史賓賽。我們將回答 Rosenblatt Securities 的 Barton Crockett 提出的下一個問題。為什麼在第二季上漲之後，全年營業利潤率預期僅為 30%，而第三季的預測為 31.5%？是否存在時間問題、外匯問題，還是存在將持續到 2025 年第四季之後的新支出水準？

Well, this is really mostly timing. So thanks, Barton. We primarily -- as a reminder, we primarily manage the full-year margins, and we expect our content expenses will ramp in Q3 and Q4. We've got many of our biggest new and returning titles and live events in the back half of the year.

嗯，這實際上主要與時間有關。所以謝謝你，巴頓。需要提醒的是，我們主要管理全年利潤率，我們預計我們的內容支出將在第三季和第四季增加。今年下半年，我們推出了許多最大型的新品和回歸作品，並舉辦了多場現場活動。

We've also -- Q4 is typically a -- and generally almost always is a heavier film slate. Sure, we'll talk about -- I expect we'll talk about more of this on the call. We'll also be marketing to support that heavier slate, and we're continuing to aggressively build out our ad sales infrastructure and capabilities through the year.

我們也 — — Q4 通常 — — 並且一般來說幾乎總是更重的電影排片。當然，我們會談論——我希望我們會在電話中更多地談論這個問題。我們還將進行行銷以支持這個更龐大的市場，我們將在全年繼續積極建立我們的廣告銷售基礎設施和能力。

So all of that is to be expected. We can manage to what -- we manage to those margins. And even with that back half ramp in expenses, we expect operating margins to be up year over year in each quarter, including Q4. And as just noted, we expect to deliver strong full-year margins as we just took up our guide to 29.5%, FX neutral; 30%, reported.

所以這一切都是意料之中的事。我們可以做到——我們可以做到這些利潤。即使下半年支出增加，我們預計每季（包括第四季）的營業利潤率仍將年增。正如剛才提到的，我們預計全年利潤率將強勁，因為我們剛剛將指導利潤率上調至 29.5%（外匯中性）；報告利潤率為 30%。

Great, thanks, Spence. The next question comes from Tom Champion of Piper Sandler. How has your view of the consumer and the macroeconomy changed over the last 90 days?

太好了，謝謝，史賓塞。下一個問題來自 Piper Sandler 的 Tom Champion。在過去 90 天裡，您對消費者和宏觀經濟的看法發生了什麼樣的變化？

Similar to last quarter, we're carefully watching consumer sentiment in the broader economy. But at this point, really nothing significant to note in the metrics and the indicators that we get directly through the business.

與上一季類似，我們正在密切關注整體經濟中的消費者情緒。但就目前而言，我們透過業務直接獲得的指標和指標確實沒有什麼值得注意的。

Those are retention that remains stable and industry leading. There have been no significant shifts in plan mix or plan take rate, and the price changes we've done since the last quarter have been in line with expectations. Engagement also remains healthy.

這些是保持穩定和行業領先的保留率。計劃組合或計劃採用率沒有重大變化，自上個季度以來我們所做的價格調整符合預期。參與度也保持良好。

So things all look stable from those indicators, and big picture, entertainment in general and Netflix specific have been historically pretty resilient in tougher economic times. We also think that we are an incredible entertainment value, not only compared to traditional entertainment, but if you think about other streaming competitors, when we start at $7.99 in the United States, and you think about all the entertainment you get, we have a belief and expectation that the demand for not only entertainment, but for us specifically will remain strong.

因此，從這些指標來看，一切都很穩定，從整體來看，娛樂業，尤其是 Netflix，在經濟困難時期一直具有相當強的韌性。我們還認為，我們具有令人難以置信的娛樂價值，不僅與傳統娛樂相比，而且如果你考慮其他串流媒體競爭對手，當我們在美國以 7.99 美元起價時，你會想到你所獲得的所有娛樂，我們相信並期望不僅是娛樂的需求，而且對我們的需求將保持強勁。

Thanks, Greg. I think a nice follow up to this question will be on advertising. So from Ben Swinburne of Morgan Stanley, can you share any data points around your upfront negotiations?

謝謝，格雷格。我認為這個問題的一個很好的後續問題是廣告。那麼，摩根士丹利的 Ben Swinburne 能否分享一些有關前期談判的數據點？

Yeah. As we noted in the letter, our US upfront, it's nearly complete. We've closed a large majority of deals with the major agencies. Those results have generally been in line or slightly better than our targets and consistent with our goal to roughly double the ads business this year.

是的。正如我們在信中指出的，我們的美國預付款已接近完成。我們已經與各大機構達成了大部分交易。這些結果總體上與我們的目標一致或略好於目標，並且與我們今年將廣告業務量增加一倍左右的目標一致。

And what are advertisers excited about? Growing scale is something we definitely hear. Also a highly attentive and engaged audience, so bigger audience, but also an audience that's more engaged relative to our peers. The rollout of our own ad tech stack, which helps deliver a bunch of features, and then our slate, which is generally amazing and includes a growing number of live events that advertisers are excited about.

廣告商對什麼感到興奮？我們確實聽說過規模不斷擴大。這同時也是一群高度關注和參與的觀眾，因此觀眾規模更大，而且相對於我們的同行而言，他們的參與度也更高。我們推出自己的廣告技術棧，這有助於提供一系列功能，然後是我們的計劃，這總體上是令人驚嘆的，其中包括越來越多令廣告商興奮的現場活動。

Great. Follow-up question on advertising from Vikram of Baird. How have advertisers in the US responded to the Netflix ad suite rollout since the April launch? What features and capabilities are attracting the most interest, and how is the initial feedback in other regions outside of the US?

偉大的。來自 Baird 的 Vikram 就廣告問題提出了後續問題。自 4 月推出以來，美國廣告商對 Netflix 廣告套件有何反應？哪些功能和能力最受關注，美國以外其他地區的初步回饋如何？

We've completed the rollout of our own ad tech stack, the Netflix ad suite, to all of our ad markets now. So we're fully on our own stack around the world at this point. That rollout was generally smooth across all countries. We see good performance metrics across all countries, and the early results are in line with our expectations.

我們已經完成了我們自己的廣告技術堆疊 Netflix 廣告套件在我們所有廣告市場的推廣。因此，目前我們在全球範圍內完全依靠自己的技術。此次推廣在所有國家都進展順利。我們看到所有國家的績效指標都很好，早期結果符合我們的預期。

Now we're in this phase of learning and improving quickly based on the fact that being live everywhere means that you get a bunch of feedback about what we can do better, which is great. As we mentioned before, the most immediate benefit from this rollout is just making it easier for advertisers to buy on Netflix.

現在，我們正處於學習和快速改進的階段，因為無處不在的直播意味著您可以獲得大量關於我們可以做得更好的回饋，這很好。正如我們之前提到的，此次推出的最直接好處就是讓廣告主更容易在 Netflix 上購買。

We hear that benefit, that ease from direct feedback talking to advertisers, they tell us that it's easier. We see it in our overall sales performance. We've seen increased programmatic buying. So all of these are consistent with what we are expecting, both qualitatively and from a metrics perspective.

我們從與廣告商的直接回饋中了解到了這種好處和便利，他們告訴我們這更容易。我們從整體銷售業績中看到了這一點。我們看到程序化購買增加。因此，從品質和指標的角度來看，所有這些都與我們的預期一致。

We're also, I guess, worth noting that we're going to roll out additional demand sources like Yahoo that'll further open up the market for us. Long term, being on our own stack, that improves the speed of our execution to deliver this pretty significant roadmap of features that we have in front of us, things like improved targeting and measurement.

我想，還值得注意的是，我們將推出雅虎等額外的需求來源，這將進一步為我們打開市場。從長遠來看，使用我們自己的堆疊可以提高我們的執行速度，從而實現我們面前這個相當重要的功能路線圖，例如改進目標定位和測量。

There's also leveraging advertiser and third-party data sources, which we definitely hear demand for as well. And it will ultimately allow us to improve the ad experience for our members, which is critically important. So that means better ads personalization. So the ads that I see are increasingly different from the ads that, say, Ted would see. And they're more relevant for each of us, which is good for us as users and it's good for the brands.

我們也可以利用廣告商和第三方資料來源，我們也確實聽到了這方面的需求。這最終將使我們能夠改善會員的廣告體驗，這至關重要。這意味著更好的廣告個人化。因此，我看到的廣告與泰德看到的廣告越來越不同。而且它們與我們每個人更相關，這對我們用戶有利，對品牌也有利。

We're also going to be introducing interactivity in the second half of the year, so that's exciting. So that's all to say, this is a pretty significant milestone for us, one we're super excited to get behind us because now we can shift into this steady release cycle where we're dropping new features all the time, both for advertisers and for members. And that's the development and release model that we have in other parts of the business. So it's fun to be able to get to that point.

我們也將在今年下半年推出互動功能，這令人興奮。總而言之，這對我們來說是一個非常重要的里程碑，我們非常高興能夠實現這一里程碑，因為現在我們可以進入這個穩定的發布週期，我們會一直為廣告商和會員推出新功能。這就是我們在其他業務部分所採用的開發和發布模式。所以能夠達到這一點很有趣。

Thanks, Greg. I'll move this along now to a set of questions around content as well as engagement. This one comes from Ben Swinburne of Morgan Stanley. 1% engagement growth year over year suggests engagement is down year over year on an average per member basis. How do we reconcile that with engagement growing on a per member household basis if that's still accurate?

謝謝，格雷格。現在我將轉向一系列有關內容和參與度的問題。這是摩根士丹利的 Ben Swinburne 提出的。參與度同比增長 1% 表明，以平均每位會員計算，參與度同比下降。如果這仍然準確的話，我們如何將其與每個家庭成員參與度的增長相協調？

So total view hours did grow a bit in the first half '25, and that's despite a particularly back half weighted slate. But to your point on engagement on a per member basis, we've mostly been focused for the last few years on measuring engagement on what we call an owner household basis. So this takes out the borrower effect, and we obviously think this is the best way to assess our engagement per member because it removes the tricky comparison impacts from paid sharing.

因此，儘管後半段的收視率表現不佳，但 2025 年上半年的總收視時間確實有所增長。但對於您提到的以每個成員為基礎的參與度，過去幾年我們主要關注的是衡量我們所謂的業主家庭為基礎的參與度。因此，這消除了借款人效應，我們顯然認為這是評估每個會員參與度的最佳方式，因為它消除了付費共享帶來的棘手的比較影響。

So that metric, per owner household engagement, has been relatively steady over the past 2.5 years throughout the rollout of paid sharing and amidst increasing competition for TV time as more viewing moves to streaming and gets this on-demand benefit.

因此，在過去 2.5 年裡，在付費共享推出的整個過程中，以及隨著越來越多的觀眾轉向串流媒體並獲得這種點播優勢而導致電視時間競爭日益激烈的情況下，每個業主家庭參與度這一指標一直相對穩定。

So we're glad to have held that normalized engagement level, but we clearly also want to increase it. And to that end, we're optimistic and expect that our engagement growth in the second half of this year will be better than in the first half given our strong second half slate.

因此，我們很高興能夠保持這種正常的參與度水平，但我們顯然也希望提高它。為此，我們感到樂觀，並預計，鑑於我們下半年的強勁表現，我們今年下半年的參與度成長將優於上半年。

Thanks, Greg. A great segue to Doug Anmuth's question from JP Morgan. The content in the back half of the year looks strong with Squid Game 3 already the third most popular non-English series ever, and Wednesday and Stranger Things releasing in the coming months.

謝謝，格雷格。這很好地引出了摩根大通 (JP Morgan) Doug Anmuth 提出的問題。今年下半年的內容看起來很強勁，《魷魚遊戲 3》已經成為有史以來第三受歡迎的非英語系列劇，而《星期三》和《怪奇物語》將在未來幾個月內發布。

You often say that no single title drives more than 1% of total viewing, so how do you think about the business currently as being quote unquote, hit boosted or hit driven? And are you confident that both original and licensed content momentum can continue in 2026?

您常說，沒有哪部作品能帶來超過 1% 的總觀看量，那麼您認為目前的業務是靠熱門劇推動的，還是靠熱門劇驅動的？您是否相信原創內容和授權內容的勢頭在 2026 年能夠持續下去？

Yeah, I'll take that. And thank you, Doug. On the first part of your question, we're definitely riding this long-term trend of linear to streaming, and that has a natural adoption curve. But we can accelerate our growth with big hits. But as you said, each one of them, even in success, is going to drive about 1% of total viewing.

是的，我會接受的。謝謝你，道格。關於你問題的第一部分，我們肯定正順應這種從線性到串流媒體的長期趨勢，並且它具有自然的採用曲線。但我們可以透過大熱作品來加速我們的成長。但正如你所說，即使每一個都成功了，也只能帶來大約 1% 的總觀看量。

So you need a lot more than just a big hit every once in a while. So to your point, it's not about the single hit. So what it is, is about a steady drumbeat of shows and films and soon enough games that our members really love and continue to expect from us.

因此，你需要的不僅僅是偶爾的一次大打擊。所以就你的觀點而言，這與單次打擊無關。所以，我們的目標就是持續推出節目、電影和遊戲，我們的會員一定會非常喜歡並且繼續期待我們的推出。

So, by way of example, we had 44 individual shows nominated for Emmys this year. So that's what quality at scale looks like. We ended the quarter with a huge return of Squid Game. Thanks for acknowledging. Go into the second half with the return of Wednesday and Stranger Things, and a really strong slate of supporting titles and favorites and new shows like next week we've got -- this week, we had Eric Bana's, Untamed. Next week we have Leanne Morgan's new comedy show, Leanne. Both look really great. And that's just to name a few.

舉例來說，今年我們有 44 部電視劇獲得艾美獎提名。這就是規模品質的樣子。我們以《魷魚遊戲》的強勢回歸結束了本季。謝謝您的認可。進入下半場，《星期三》和《怪奇物語》將回歸，此外還有一系列非常強大的配角、熱門劇集和新劇，比如下週我們將播出的——本週，我們有艾瑞克·巴納的《陳情令》。下週我們將播出 Leanne Morgan 的新喜劇節目《Leanne》。兩者看起來都非常棒。這只是其中幾個例子。

And the back half of the year also has this perhaps the most anticipated slate of new movies that we've ever had. That starts on the 25th with Happy Gilmore 2. Follow up, we have a new Knives Out film. We have new films from Noah Baumbach, from Guillermo del Toro, from Kathryn Bigelow, and it does not stop there.

今年下半年或許還會有一系列我們最期待的新電影。該劇將於 25 日從《開心吉爾莫 2》開始上映。接下來，我們有一部新的《利刃出鞘》電影。我們有諾亞鮑姆巴赫、吉爾莫德爾托羅、凱薩琳畢格羅的新電影，但還不止於此。

It does roll right into 2026, and that's the second part of your question. And we're looking forward to movies like The Rip from Ben Affleck and Matt Damon; Charlize Theron, a new movie called Apex, which is a phenomenal action movie.

它確實會延續到 2026 年，這是你問題的第二部分。我們期待班艾佛列克和麥特戴蒙主演的《撕裂》；莎莉賽隆主演的新片《Apex》，這是一部非凡的動作片。

Millie Bobby Brown is back in Enola Holmes 3. Recall that, in 2023, Enola Holmes 2 was our biggest movie. So we're looking forward to that new sequel. And Greta Gerwig's Narnia is going to be phenomenal.

米莉·博比·布朗 (Millie Bobby Brown) 回歸《埃諾拉·福爾摩斯 3》。回想一下，2023 年，《埃諾拉‧福爾摩斯 2》是我們最賣座的電影。所以我們期待這部新的續集。葛莉塔葛韋格的《納尼亞》將會非常精彩。

And then on top of that, we talked about return of Bridgerton, One Piece, Avatar: The Last Airbender, all three huge successes around the world. The Gentleman, Four Seasons, Point Break -- Running Points, Beef, which, as you recall in 2023, won just about every award imaginable and was a gigantic success for us. It's back for a new season in '26.

除此之外，我們也討論了《布里奇頓》、《海賊王》和《降世神通：最後的氣宗》的回歸，這三部電影都在全球取得了巨大的成功。《紳士》、《四季》、《驚爆點》和《牛肉》，正如你在 2023 年所記得的，它贏得了幾乎所有可以想像到的獎項，對我們來說是一個巨大的成功。'26 年，新一季又回來了。

3 Body Problem, Love Is Blind, Outer Banks. And not just from the US, from France, we have Lupin; from Spain, we have Berlin; we have a new season of A Hundred Years of Solitude from Colombia. So big hit returning shows and new series from each of our regions around the world.

3《身體問題》、《愛是盲目的》、《外灘探秘》。不只來自美國的《魯邦》，還有來自法國的《魯邦》；來自西班牙的《柏林》；還有來自哥倫比亞的《百年孤寂》新一季。因此，來自我們世界各地各個地區的熱門節目和新劇集紛紛回歸。

And the new stuff we've got coming up like Man on Fire, reimagining of Little House on the Prairie, the Duffer Brothers from Stranger Things have a brand-new show, The Boroughs. We've got The Human Vapor from Japan. Operation Safed Sagar from India, Can This Love Be Translated from Korea. So again, popular programming, new and returning from all over the world in 2026.

我們即將推出的新作品包括《怒火救援》、重新演繹的《草原小屋》、以及《怪奇物語》中的杜弗兄弟的全新劇集《自治市鎮》。我們有來自日本的《The Human Vapor》。來自印度的《薩法德薩加爾行動》，來自韓國的《這份愛能翻譯嗎》。因此，2026 年，世界各地將再次推出流行節目，包括新節目和回歸節目。

Unscripted shows like the reboot of Star Search. We got into the doll universe with Wonka's Golden Ticket, which we're really excited about. And in our live, we've got a few surprises for you next year, but of course, we have our NFL Christmas Day doubleheader that we're really thrilled about too. So we're really incredibly excited about the back half of this year and confident that it keeps rolling in '26.

非劇本類節目，例如重啟版的《星探》。我們透過《旺卡的金票》進入了玩偶世界，對此我們感到非常興奮。在我們的直播中，明年我們會為您準備一些驚喜，當然，我們還有 NFL 聖誕節雙頭賽，對此我們也感到非常興奮。因此，我們對今年下半年的表現感到非常興奮，並有信心在 2026 年繼續保持這種勢頭。

Thank you, Ted. We'll take the next question from Rich Greenfield of LightShed Partners, who asked, are you concerned by the stagnation in your viewing share domestically? I think Rich is probably referring to the Nielsen Gauge data. Do you need to spend more on programming or spend differently to materially move your viewing share higher?

謝謝你，泰德。下一個問題來自 LightShed Partners 的 Rich Greenfield，他問道，您是否擔心國內收視份額的停滯？我認為里奇可能指的是尼爾森測量數據。您是否需要在節目製作上投入更多資金或採取不同的支出方式來大幅提高收視率？

Yeah, thanks, Rich. Look, our goal continues to be to continue to grow our share over the long term. And over the past few years, you're right, we've been able to maintain our share even as we've worked through a growing number of TV-based streaming services, some free, some paid.

是的，謝謝，Rich。你看，我們的目標仍然是長期持續擴大我們的份額。在過去幾年裡，您說得對，儘管我們推出了越來越多的基於電視的串流媒體服務（有些是免費的，有些是付費的），但我們仍然能夠保持自己的份額。

And the impact of paid sharing that Greg mentioned earlier, as well as this 2025 slate that was more back half weighted than we typically have in previous years. But over the long term, we tend to keep growing as the other 50% of TV viewing migrates from linear to streaming. And we'll do that by doing what we've always done, continuously improve the service.

還有格雷格之前提到的付費共享的影響，以及 2025 年的計劃，其後半部分權重比前幾年更高。但從長遠來看，隨著另外 50% 的電視觀看從線性轉向串流媒體，我們往往會保持成長。我們將一如既往地不斷改進服務。

So keep in mind since 2020, our content amor has grown more than 50%, from under $11 billion to more than $16 billion that we expect to do this year. And over that same time period, we definitely had -- we saw a big increased spending, but also increased engagement, increased revenue, increased profit, and increased profit margin. So that's our model in action.

請記住，自 2020 年以來，我們的內容價值成長了 50% 以上，從不到 110 億美元成長到今年預計的 160 億美元以上。在同一時期，我們確實看到了支出的大幅增加，但參與度、收入、利潤和利潤率也都有所增加。這就是我們的實際模型。

It is -- our objective to sustain healthy revenue growth, reinvest in the business to improve on all aspects of the service, and that includes growing content spend, strengthening and expanding the entertainment offering, and to drive that positive flywheel of growth by adding value to our members, and all the while growing engagement, revenue, and profit around the world.

我們的目標是保持健康的收入成長，對業務進行再投資以改善服務的各個方面，其中包括增加內容支出，加強和擴大娛樂產品，並透過為我們的會員增加價值來推動積極的成長飛輪，同時在全球範圍內增加參與度、收入和利潤。

Great. Thank you, Ted. I'll move to Alan Gould from Loop Capital next. Can you provide more information on the TF1 partnership? Why did you choose to add TF1 in France as opposed to other broadcasters as your first partner? Why is now the right time to create such a partnership? Should we anticipate similar partnerships in other countries?

偉大的。謝謝你，泰德。接下來我將轉向 Loop Capital 的 Alan Gould。您能否提供更多有關 TF1 合作夥伴關係的資訊？為什麼您選擇法國 TF1 而不是其他廣播公司作為您的第一個合作夥伴？為什麼現在是建立這種夥伴關係的最佳時機？我們是否應該期待其他國家也出現類似的合作關係？

Yeah, perhaps just start with the rationale for the partnership. You would think with that long list of amazing titles that Ted just rattled off, we would have enough to satisfy every person on the planet. But it turns out, we actually consistently hear from our members that they want more. They want more variety, more breadth of content.

是的，也許只是從合作的理由開始。您可能會認為，泰德剛剛列出的這一長串令人驚嘆的標題足以讓地球上的每個人感到滿意。但事實證明，我們確實不斷聽到會員說他們想要更多。他們想要更多種類、更廣範圍的內容。

So the fundamental purpose for this TF1 partnership is all about that goal of expanding our entertainment offering. How do we enhance the value we deliver to members? We want to provide more content, more variety, more quality.

因此，與 TF1 合作的根本目的就是為了擴大我們的娛樂產品。我們如何提升提供給會員的價值？我們希望提供更多內容、更多種類、更高品質。

So just as you've seen us do with licensing and production, this is just another mechanism to expand that offering. And in this case, it's specifically about highly relevant local-for-local content in a country that has strong demand for that local content. This is an accelerated way to satisfy that need.

因此，正如您看到我們在許可和生產方面所做的那樣，這只是擴展該產品的另一種機制。在這種情況下，它特別涉及在對本地內容有強烈需求的國家中高度相關的本地內容。這是滿足這一需求的加速方法。

Why now? Why was this time the right time? Well, we've invested a lot in a bunch of enabling capabilities that are either required or highly leveraged by this deal. You can think live, ads, the new UI, among other things.

為什麼是現在？為什麼這次是正確的時機？嗯，我們在一系列支持能力上投入了大量資金，這些支持能力要么是這筆交易所必需的，要么是高度利用的。您可以考慮現場、廣告、新 UI 等等。

And then why TF1 versus some other partner? Well, we know each other really well. We wanted our first partner to be in a big territory. We wanted to pick the leading local programmer. We wanted to be highly aligned in terms of the deal and the shape of the partnership and the values that we thought we could generate mutually by working together for our customers. And we both look at this as an opportunity to learn to figure out how do we scale the local content that TF1 is producing to more customers in France.

那為什麼選擇 TF1 而不是其他合作夥伴呢？嗯，我們彼此非常了解。我們希望我們的第一個合作夥伴位於一個大地區。我們想挑選本地領先的程式設計師。我們希望在交易、合作關係形式以及我們認為透過共同為客戶服務可以共同創造的價值方面保持高度一致。我們都將此視為一個機會，來學習如何將 TF1 製作的本地內容擴展到法國的更多客戶。

So we're looking forward to seeing what consumers think. You never really know until you get out there and get the real reactions. And then obviously we'll factor that into our plans going forward.

因此我們期待看到消費者的想法。除非你親身體驗並得到真實的反應，否則你永遠不會真正知道。然後我們顯然會將其納入我們未來的計劃中。

Thanks, Greg. From Robert Fishman of MoffettNathanson, with reports suggesting Apple is now in the driver seat for F1 rights, haha, pun intended, I guess, plus UFC and MLB still looking for new deals and the NFL may be looking to come to market a year earlier, can you share updated thoughts on how you are approaching sports rights for Netflix and where you draw the line on something that can move the needle?

謝謝，格雷格。來自 MoffettNathanson 的羅伯特·菲什曼 (Robert Fishman)，有報道稱蘋果現在正掌控著 F1 的轉播權，哈哈，我想這是雙關語，另外 UFC 和 MLB 仍在尋找新的交易，NFL 可能希望提前一年進入市場，您能否分享一下您如何處理 Netflix 的體育轉播權的最新想法，以及您對可以推動事情的界限？

Thanks for that, Robert. Remember, sports are a sub-component of our live strategy, but our live strategy goes beyond sports alone. Our live strategy and our sports strategy are unchanged. We remain focused on ownable, big breakthrough events because our audiences really love them.

謝謝你，羅伯特。請記住，體育是我們直播策略的一個子組成部分，但我們的直播策略不僅限於體育。我們的直播策略和體育策略沒有改變。我們仍然專注於可擁有的、重大突破性的活動，因為我們的觀眾真的很喜歡它們。

Anything we chase in the event space or in the sports space has got to make economic sense as well. We've -- we bring a lot to the table, and the deals that we make out to reflect that. So, live is a relatively small part of the total content span. And we've got about 200 billion view hours. So it's a pretty small part of view hours as well right now.

我們在賽事或運動領域追求的任何事物也必須具有經濟意義。我們提出了很多建議，我們達成的交易也反映了這一點。因此，直播只佔總內容跨度的一小部分。我們的觀看時長約 2000 億小時。因此，目前它只佔觀看時間的一小部分。

But that being said, not all view hours are equal. And what we've seen with live is has an outsized positive impact around conversation, around acquisition, and we suspect around retention. So right now, we're very excited where we sit. We're very excited with the existing strategy. We're excited about the Canelo-Crawford fight in September, and the SAG Awards and our weekly WWE matches, and the NFL, of course, which is a great property.

但話雖如此，並非所有的觀看時間都是一樣的。我們看到直播對對話、用戶獲取以及用戶留存都產生了巨大的正面影響。所以現在，我們對現在的處境感到非常興奮。我們對現有策略感到非常興奮。我們對 9 月的卡內洛和克勞福德之戰、美國演員工會獎和每週的 WWE 比賽以及 NFL（一項很棒的賽事）感到非常興奮。

And we're happy to have Christmas Day doubleheader, which includes Dallas versus Washington and Detroit versus Minnesota. So today, our live events have all primarily been in the US, keep in mind. So over time we're going to continue to invest and grow our live capabilities for events around the world in the years ahead. So we're excited, but the strategy is unchanged.

我們很高興能有聖誕節雙賽，包括達拉斯對華盛頓和底特律對明尼蘇達。所以請記住，今天我們的現場活動主要都在美國舉行。因此，隨著時間的推移，我們將在未來幾年繼續投資並增強我們在世界各地活動的現場直播能力。所以我們很興奮，但策略沒有改變。

Thanks, Ted. Good follow-up question on that one from Steve Cahall of Wells Fargo. What investments have you made to increase your capabilities in producing live events? What have you been able to do in-house in 2025 that you couldn't do last year? And how long will it take before you have the capability to produce large-scale events like NFL games?

謝謝，泰德。富國銀行的史蒂夫·卡霍爾 (Steve Cahall) 就此問題提出了很好的後續問題。您做了哪些投資來提升製作現場活動的能力？2025 年您能夠在公司內部完成哪些去年無法完成的事？你們需要多長時間才能具備舉辦 NFL 比賽等大型活動的能力？

Yeah, thanks, Steve. I'd say, remember when we started original scripted programming, we had zero production capability. House of Cards was, in fact, thinking about our first three years of original programming, all of those shows were produced by others.

是的，謝謝，史蒂夫。我想說，記得當我們開始原創腳本編程時，我們的生產能力為零。事實上，《紙牌屋》正在考慮我們前三年的原創節目，所有這些節目都是由其他人製作的。

You have to go -- three years later, we produced Stranger Things in-house. Today, we still have shows that are produced by others, Universal, 20th Television, which is Disney; Paramount, Lionsgate, Warner Television. There's lots of available infrastructure to produce TV, and that is true of live events and sports as well.

你必須走——三年後，我們內部製作了《怪奇物語》。今天，我們仍然有其他公司製作的節目，環球影業、20 世紀電視台（即迪士尼）、派拉蒙影業、獅門影業、華納電視等。有許多可用的基礎設施可用於製作電視節目，對於現場活動和體育賽事也是如此。

If we -- when we do more and more, we may choose to bring some of that in-house. We've already produced a few, and we're just as likely to continue to use partners with existing production infrastructure and work to make sure that those productions are bespoke. And they feel like they could only be on Netflix.

如果我們——當我們做得越來越多時，我們可能會選擇將其中一些工作帶入公司內部。我們已經製作了一些，我們很可能會繼續與擁有現有生產基礎設施的合作夥伴合作，並努力確保這些產品是客製化的。他們感覺自己只能在 Netflix 上觀看。

So you shouldn't think about the mix of partnerships and self-producing as a -- we think about it as a scaling tool, not backfilling some lack of ability in some area of the company. And I should note by example, CBS is a phenomenal partner, producing the NFL games with us, and we're thrilled to work with them again this year on Christmas Day.

所以你不應該將合作夥伴關係和自主生產結合起來——我們認為這是一種擴展工具，而不是填補公司某些領域能力的不足。我要舉例說明，哥倫比亞廣播公司 (CBS) 是我們出色的合作夥伴，與我們一起製作 NFL 比賽，我們很高興今年聖誕節能再次與他們合作。

Maybe take this opportunity just to make some commentary on the general capability we've been building with live. When we start something new, we pretty much expect that we're not going to be brilliant at it at the beginning.

也許藉此機會對我們一直在現場建造的一般能力發表一些評論。當我們開始做一件新的事情時，我們幾乎預料到一開始我們不會做得很好。

What?

什麼？

But we -- (laughter) yeah, that's true, unfortunately. We don't have any really reason to believe that. But we don't let that stop us from kicking off initiatives that we believe have a strong strategic rationale, even though we know we need to develop that capability. And of course, our job is to get out there and learn by doing and get world-class as quickly as we possibly can.

但是我們－－（笑聲）是的，不幸的是，這是真的。我們確實沒有任何理由相信這一點。但我們不會因此而阻止我們啟動那些我們認為具有強大戰略意義的舉措，儘管我們知道我們需要發展這種能力。當然，我們的工作是走出去，邊做邊學，盡快達到世界一流水準。

And if you look at our current capabilities around live, we are in just a completely different place today compared to when we first started. As a good example that just happened last Friday, we had our first concurrent pair of live events. We had Taylor vs. Serrano, globally delivered alongside WWE SmackDown, which was delivered ex US, both events at scale and delivered with extremely high quality. So it's great progress we've seen, and we've got a great roadmap of features ahead of us to enhance those experiences for folks

如果你看看我們目前的直播能力，你會發現我們今天的情況與我們剛開始時完全不同。一個很好的例子就是上週五發生的，我們首次同時舉辦了兩場現場活動。我們舉辦了泰勒對塞拉諾的比賽，該比賽在全球範圍內舉行，同時在美國以外地區舉行了 WWE SmackDown 比賽，這兩場賽事都規模龐大，質量極高。所以我們看到了巨大的進步，並且我們有一個很棒的功能路線圖，可以增強人們的體驗

Thank you, both. Last question on the content side or the topic of content comes from Ben Swinburne of Morgan Stanley. What are the learnings from the success of KPop Demon Hunters, more animated musicals with fictional bands, perhaps?

謝謝你們兩位。關於內容方面或內容主題的最後一個問題來自摩根士丹利的本‧斯溫伯恩 (Ben Swinburne)。韓國流行音樂劇《惡魔獵人》的成功為我們帶來了什麼啟示？或許可以推出更多由虛構樂團主演的動畫音樂劇？

Then that is a question from the man who has probably has that movie playing on repeat in their home, if I guess it correctly. KPop Demon Hunters is a phenomenal success out of the gate. One of the things that I'm excited -- really proud of the team over is original animation, not sequel, not live-action remake.

如果我猜得沒錯的話，這個問題出自一位可能在家裡重複播放這部電影的男人之口。KPop《惡魔獵人》一推出就獲得了巨大的成功。令我興奮的事情之一——真正為團隊感到自豪的是原創動畫，而不是續集，也不是真人翻拍。

Original animation feature is very tough and has been struggling for years. And I think the fact that our biggest hits now, Leo, Sea Beast and now KPop Demon Hunters our original animation. So we're super thrilled about that.

原創動畫長片製作非常艱難，而且已經奮鬥多年。我認為我們現在最熱門的作品是《Leo》、《Sea Beast》以及現在的 KPop《Demon Hunters》我們的原創動畫。所以我們對此感到非常興奮。

The mix of music and pop culture, getting it right matters, the storytelling matters, the innovation and animation itself matters. And the fact that people are in love with this film and in love with the music from this film, that'll keep it going for a long time. So we're really thrilled.

音樂和流行文化的融合很重要，故事敘述很重要，創新和動畫本身也很重要。事實上，人們喜愛這部電影，喜愛其中的音樂，這將使它長久流行下去。所以我們真的非常興奮。

And now the next beat is, where does it go from here? So, we're -- we put in the letter just how successful the music has been and continues to be, and we think that'll drive fandom for this fictional K-pop band that we have.

現在下一個節拍是，它從這裡往何方？所以，我們在信中描述了這支音樂是多麼成功，以及將繼續取得怎樣的成功，我們認為這將為這個虛構的韓國流行樂團吸引更多的粉絲。

But more importantly, for the song Golden and for the song Soda Pop, these are enormous hits and they all came from a film that's available only on Netflix. So we're really excited that we can pierce the culture with original animated features, considering that folks have been poking us on it.

但更重要的是，歌曲《Golden》和歌曲《Soda Pop》都是熱門歌曲，而且它們都出自一部只能在 Netflix 上播放的電影。因此，考慮到人們一直在向我們提出這樣的要求，我們真的很高興能夠用原創動畫片來滲透文化。

Let's do it again later in the year with In Your Dreams. Right, Ted?

今年晚些時候，讓我們再來一次《In Your Dreams》吧。對吧，泰德？

Absolutely. In Your Dreams is another very funny one and also completely original.

絕對地。《在你的夢中》是另一部非常有趣的作品，而且也完全是原創的。

Great. I'll move this on now to a few questions on plans as well as product. So from Michael Morris of Guggenheim, he asks, Netflix continues to broaden content genres, notably with live sports and the recently announced TF1 partnership. Is there a path to additional tiers of service based on types of content available? Or will Netflix always make all content available at the ad-free/ad-supported price points?

偉大的。現在我將討論有關計劃和產品的幾個問題。因此，古根漢的邁克爾莫里斯問道，Netflix 是否繼續拓寬內容類型，特別是體育直播和最近宣布的與 TF1 的合作。是否有基於可用內容類型的額外服務層級的途徑？或者 Netflix 是否會始終以無廣告/廣告支援的價格提供所有內容？

I've learned to never say never, so I would say we remain open to evolving our consumer-facing model. I think we've got a few principles, important principles that we're carrying with us that I don't see changing significantly.

我已經學會了永不說永不，所以我想說我們仍然願意改進面向消費者的模式。我認為我們堅持一些原則，一些重要的原則，我認為這些原則不會有重大改變。

One is we want to provide members choice, right? So how do we have a different set of plans, at different price points, different features, that allow folks to opt into what is the right Netflix for them. Also, how do we provide good accessibility to new members around the world. We want to grow, and that means making sure that we've got accessible price points.

一是我們想提供會員選擇，對嗎？那麼，我們該如何提供不同的套餐、不同的價位、不同的功能，讓人們選擇適合自己的 Netflix 呢？此外，我們如何為世界各地的新成員提供良好的可訪問性。我們希望成長，這意味著確保我們擁有可負擔的價格點。

And then finally, the plans we offer, they have to ensure that we're having reasonable returns to the business based on the entertainment value that we delivered. And we're hoping to grow those and so those returns would grow as well.

最後，我們提供的計劃必須確保我們根據所提供的娛樂價值獲得合理的業務回報。我們希望這些數字能夠成長，因此回報也會成長。

Now obviously, the reason to do that is we can continue to reinvest in adding more entertainment and building a better experience. And maybe one other thought too is there's a component of complexity and choice stacks that we have to consider in how we think about our offering and how it's structured.

顯然，這樣做的原因是我們可以繼續投資增加更多娛樂內容並創造更好的體驗。也許還有另一個想法是，我們在考慮我們的產品及其結構時必須考慮複雜性和選擇堆疊的因素。

So having said all that though, I think we believe that the bundle is a great value for members. It allows members around the world to access a wide range of entertainment in a very easy way at a very reasonable price. So I would expect that that will remain an important feature of our offering for the foreseeable future.

儘管如此，我認為我們相信該套餐對會員來說非常有價值。它使世界各地的會員能夠以非常合理的價格，非常輕鬆地享受各種娛樂活動。因此我預計在可預見的未來這仍將是我們提供的重要特色。

A lot of value and simplicity?

有很多價值和簡單性嗎？

Yeah.

是的。

Right. From Rich Greenfield of LightShed Partners. Help us understand why your new UI/UX is so important as you expand live content. Beyond live, can you provide some color on what metrics have improved since the launch of the new UI, such as speed of users finding a title and change in failed sessions?

正確的。來自 LightShed Partners 的 Rich Greenfield。幫助我們理解為什麼在擴展即時內容時新的 UI/UX 如此重要。除了直播之外，您能否提供一些自推出新 UI 以來哪些指標有所改進的信息，例如用戶查找標題的速度和失敗會話的變化？

Yeah, as we said previously, it's really hard for a new UI to immediately compete, be better than the UI that we've had for the past 10 years that's been iteratively evolved and improved. But now that we've actually rolled out this new UI to the first large wave of TV devices, we're actually seeing performance that's better than what we saw in our pre-launch testing.

是的，正如我們之前所說，新的 UI 很難立即競爭，很難比過去 10 年不斷迭代發展和改進的 UI 更好。但現在我們已經將這個新使用者介面推廣到第一批電視設備，我們實際上看到的效能比我們在發布前測試中看到的還要好。

And to some degree, that's expected because we made some improvements based on the results of that testing phase. So it's exciting to see that those delivered actual better results. But the rate of that change actually gives us increased confidence that this new experience will drive better performance by the variety of metrics we look at, some of which include the ones that Rich is mentioning in relatively short order.

從某種程度上來說，這是意料之中的，因為我們根據測試階段的結果做出了一些改進。因此，看到這些措施確實取得了更好的成果，我們感到非常興奮。但這種變化的速度實際上讓我們更有信心，這種新的體驗將透過我們所看到的各種指標來推動更好的表現，其中一些指標包括 Rich 在相對較短的時間內提到的指標。

And then maybe just a point on why do we build this and launch this new experience in the first place? Why was it so important? Bluntly, the previous experience was designed for the Netflix of 10 years ago, and the business has evolved considerably since then. We got a wider breadth of entertainment options. We got TV and film, more of those, of course, from around the world, but now also games and live events.

那麼也許我們首先要建立這個並推出這種新體驗的原因是什麼？為什麼它如此重要？坦白說，之前的體驗是為 10 年前的 Netflix 設計的，從那時起業務已經有了很大的發展。我們獲得了更廣泛的娛樂選擇。我們擁有更多來自世界各地的電視和電影，但現在還有遊戲和現場活動。

And if you think about the discovery experience that's best suited for these new content types, it's inherently different. Helping our members understand that there's a really good reason for them to launch Netflix and tune in at 7 PM on a Friday night versus just showing up whenever they were free and wanting to be entertained, that's a totally different job. And we really need a different user interface to do that job well.

如果你考慮最適合這些新內容類型的發現體驗，它本質上是不同的。幫助我們的會員理解，他們在周五晚上 7 點打開 Netflix 並收看節目是有充分理由的，而不是只是在有空的時候出現並想要娛樂，這是完全不同的工作。我們確實需要一個不同的使用者介面來更好地完成這項工作。

Add to that, we saw the opportunity to leverage newer technologies like real-time recommendations that respond dynamically to what you need from us in that specific moment. So the Netflix you get on a Tuesday night is different from the Netflix you get on a Sunday afternoon.

除此之外，我們還看到了利用新技術的機會，例如即時推薦，可以動態地回應您在特定時刻對我們的需求。因此，週二晚上觀看的 Netflix 與週日下午觀看的 Netflix 有所不同。

But all of those rationales together and what we're seeing in terms of the performance so far, we're very confident that we've got a much better platform in this new user experience to build from, to continue to improve, and that'll help us meet the needs of the business over the years to come.

但綜合考慮所有這些理由以及我們目前所看到的表現，我們非常有信心，我們已經在這個新的用戶體驗中擁有了一個更好的平台，我們可以在此基礎上繼續構建和改進，這將幫助我們滿足未來幾年的業務需求。

Thanks, Greg. The next question comes from Steve Cahall of Wells Fargo. YouTube is the only streamer that exceeds Netflix in terms of US share of TV time. Do you see an opportunity to bring notable YouTube creators and their content exclusively to Netflix? How big could this opportunity be?

謝謝，格雷格。下一個問題來自富國銀行的史蒂夫‧卡霍爾 (Steve Cahall)。就美國電視播放時間份額而言，YouTube 是唯一超過 Netflix 的串流服務。您是否認為有機會將著名的 YouTube 創作者及其內容獨家引入 Netflix？這個機會有多大？

Thanks, Steve. Look, we want to be in business with the best creatives on the planet, regardless of where they come from. Some of them are here in Hollywood, others are in Korea, some are in India, and some are creators that distribute only on social media platforms, and most of them have not yet been discovered.

謝謝，史蒂夫。聽著，我們希望與地球上最優秀的創意人才開展業務，無論他們來自哪裡。他們有的在好萊塢，有的在韓國，有的在印度，還有一些是只在社群媒體平台上發布的創作者，其中大多數尚未被發現。

So, for those creators doing great work, we have phenomenal distribution, desirable monetization, brilliant discovery in our UI, and a hungry audience waiting to be entertained. So, Steve, you recently -- I think I listened to you on a podcast where you talked about our business model and on this -- I believe on this very topic. And we largely agree with you and believe that working with a wide set of content creators makes a lot of sense for us.

因此，對於那些做出傑出貢獻的創作者，我們擁有驚人的分銷管道、理想的盈利能力、用戶介面中的精彩發現，以及渴望娛樂的觀眾。所以，史蒂夫，你最近——我想我在播客上聽過你，你談到了我們的商業模式以及這個——我相信就是這個話題。我們很大程度上同意您的觀點，並相信與廣泛的內容創作者合作對我們來說非常有意義。

And as you said, if I'm remembering it right, not everything on YouTube will fit on Netflix, and we couldn't agree with that more. But there are some creators on YouTube like Ms. Rachel, that are a great fit. If you just saw on the engagement report, she had 53 million views in the first half of 2025 on Netflix. So she clearly works on Netflix.

正如您所說，如果我沒記錯的話，YouTube 上的所有內容並不一定適合 Netflix，我們完全同意這一點。但 YouTube 上也有一些像 Rachel 女士這樣的創作者非常適合。如果你剛看到參與度報告，你會發現她在 2025 年上半年在 Netflix 上的觀看次數達到了 5,300 萬次。所以她顯然在 Netflix 工作。

And we're really excited about the Sidemen and Pop the Balloon, and a wide variety of creators and video podcasters that might be a good fit for us, and particularly, if they're doing great work and looking for different ways to connect with audiences.

我們對 Sidemen 和 Pop the Balloon 以及可能適合我們的各種創作者和視頻播客感到非常興奮，特別是如果他們做得很好並且正在尋找與觀眾聯繫的不同方式。

It may be broadening this out for a second, and taking that question to look at sort of all of the competitors that we face for a share of TV time. We've always said that the market for entertainment is very large, and we face competition from all kinds of directions, so whether it's linear or streamers or video games or social media.

我們可能需要將這個問題擴大一秒鐘，並帶著這個問題來看看我們在爭奪電視時間份額時所面臨的所有競爭對手。我們一直說娛樂市場非常大，我們面臨來自各個方向的競爭，無論是線性的、串流媒體的、電玩的還是社群媒體的。

It's also a very dynamic, competitive market as we and all of our competitors seek to provide better and better options for consumers. And one of those changes, one of those vectors of dynamicism has been that sort of steady, inevitable shift to streaming and on-demand as more services move to deliver their content in a way that we all know consumers want. That creates increasing competitive pressure for us that we've got to respond to.

這也是一個非常活躍、競爭激烈的市場，因為我們和我們所有的競爭對手都在尋求為消費者提供越來越好的選擇。隨著越來越多的服務轉向以我們都知道消費者想要的方式提供內容，這些變化之一、這些動態向量之一就是向串流媒體和點播的穩定、不可避免的轉變。這給我們帶來了越來越大的競爭壓力，我們必須應對。

We also see free services as a form of strong competition. Free is -- it's very powerful from a consumer perspective, so it's not surprising that some free services are growing in engagement. But I think Ted said it well earlier in the call, not all hours are created equal. And we have a different profit model from other services, a strong profit model. So we're going to compete to win more moments of truth for sure, but especially compete to win those most profitable moments.

我們也將免費服務視為一種強勁的競爭形式。免費——從消費者的角度來看，它非常強大，因此一些免費服務的參與度不斷增長也就不足為奇了。但我認為 Ted 在早些時候的通話中說得很好，並非所有時間都是平等的。我們的獲利模式與其他服務不同，我們的獲利模式很強大。因此，我們肯定會競爭贏得更多的關鍵時刻，但尤其要競爭贏得那些最有利可圖的時刻。

And back to your specific question, it's worth remembering there's about 80% of total TV view share that neither Netflix or YouTube are winning right now. We think that represents a huge opportunity for which we are competing aggressively, and we aim to grow our share.

回到您的具體問題，值得記住的是，目前 Netflix 和 YouTube 都沒有贏得約 80% 的總電視觀看份額。我們認為這是一個巨大的機遇，我們正在積極競爭，並致力於擴大我們的份額。

The vast majority of our money and attention is focused on that 80%.

我們絕大部分的金錢和注意力都集中在那 80% 上。

Thank you. Next question from Justin Patterson of KeyBanc. Could you please talk about your generative AI initiatives? Where do you think Gen AI will be most impactful over time, revenue or expense efficiency?

謝謝。下一個問題來自 KeyBanc 的 Justin Patterson。您能談談您的生成式人工智慧計畫嗎？您認為隨著時間的推移，Gen AI 將在哪些方面產生最大影響，是收入效率還是費用效率？

Well, let me start with Gen AI. We remain convinced that AI represents an incredible opportunity to help creators make films and series better, not just cheaper. There are these AI-powered creator tools, so this is real people doing real work with better tools.

好吧，讓我先從 Gen AI 開始。我們仍然堅信，人工智慧代表著一個絕佳的機會，可以幫助創作者製作出更好的電影和電視劇，而不僅僅是更便宜。有這些由人工智慧驅動的創作工具，所以這是真正的人使用更好的工具來做真正的工作。

Our creators are already seeing the benefits in production through pre-visualization and shot planning work, and certainly visual effects. Used to be that only big-budget projects would have access to advanced visual effects like de-aging.

我們的創作者已經透過預視覺化和鏡頭規劃工作以及視覺效果看到了製作中的好處。過去只有大預算的項目才能使用減齡等先進的視覺效果。

Remember last quarter we talked about Pedro Páramo. But that's just no longer the case. And this year we had El Eternauta, as a very big hit show for us from Argentina. And in that production, we leveraged virtual production and AI-powered VFX. And there was a shot in the show that the creators wanted to show a building collapsing in Buenos Aires.

還記得上個季度我們談論過佩德羅·帕拉莫（Pedro Páramo）。但如今情況已不再如此。今年我們舉辦了 El Eternauta 演出，這是阿根廷非常受歡迎的一場演出。在那次製作中，我們利用了虛擬製作和人工智慧視覺特效。節目中有一個鏡頭，創作者想展示布宜諾斯艾利斯一棟建築物倒塌的場景。

So our Eyeline team partnered with their creative team using AI-powered tools. They were able to achieve an amazing result with remarkable speed. And in fact, that VFX sequence was completed 10 times faster than it could have been completed with traditional VFX tools and workflows.

因此，我們的 Eyeline 團隊與他們的創意團隊合作，使用人工智慧工具。他們以驚人的速度取得了驚人的成果。事實上，此 VFX 序列的完成速度比使用傳統 VFX 工具和工作流程快 10 倍。

And also, the cost of it just wouldn't have been feasible for a show in that budget. So that sequence actually is the very first Gen AI final footage to appear on screen in a Netflix original series or film. So the creators were thrilled with the result; we were thrilled with the result; and more importantly, the audience was thrilled with the result. So I think these tools are helping creators expand the possibilities of storytelling on screen, and that is endlessly exciting.

而且，對於這個預算的演出來說，這樣的成本也是不可行的。因此，該序列實際上是 Netflix 原創影集或電影中第一個出現在螢幕上的 Gen AI 最終鏡頭。因此，創作者對結果感到非常興奮；我們也對結果感到非常興奮；更重要的是，觀眾也對結果感到非常興奮。所以我認為這些工具正在幫助創作者擴展螢幕講故事的可能性，這是令人無比興奮的。

And maybe to cover a few of the other areas, the member experience is a place where we feel like there's tons of opportunity to leverage these new generative technologies to improve the experience. We've been in the personalization and recommendation business for two decades, but yet we see a tremendous room and opportunity to make it even better by leveraging some of the newer generative techniques.

也許還涉及其他幾個領域，我們覺得在會員體驗方面有很多機會可以利用這些新的生成技術來改善體驗。我們從事個人化和推薦業務已有二十年，但我們仍然看到，透過利用一些較新的生成技術，我們可以獲得巨大的發展空間和機會，使這項業務變得更好。

We're also rolling out, have piloted right now a conversational experience that allows our members to basically have a sort of natural language discussion with our user interface, saying, I want to watch a film from the 80s that's a dark psychological thriller, get some results back, maybe iterate through those in a way that you just couldn't have done in our previous experiences.

我們也正在推出並試行一種對話體驗，讓我們的會員基本上可以透過我們的使用者介面進行某種自然語言討論，比如說，我想看一部 80 年代的黑暗心理驚悚片，然後得到一些結果，也許可以以一種我們以前的體驗中無法做到的方式對這些結果進行迭代。

So that's super exciting, and we see that all of the work that we do there essentially is a force multiplier to that large content investment that we're making. If we do a better job there, that means every dollar that we spend means more value back to our members by connecting them with the titles that they're truly going to love.

這非常令人興奮，我們看到我們在那裡所做的所有工作本質上都是對我們所做的大量內容投資的力量倍增器。如果我們在這方面做得更好，那就意味著我們花費的每一美元都將為我們的會員帶來更多價值，因為我們將為他們提供真正喜愛的書籍。

Advertising is another really great area. We've seen -- it's a high hurdle to create a brand-forward spot in a creative universe of one of the titles that we're currently carrying, but it's very compelling for both watchers and for those brands, and we think these generative techniques can decrease that hurdle iteratively over time and enable us to do that in more and more spots. So there's a bunch of places where we think we've got an advantage in terms of data and scale, where we can leverage these new generative techniques to deliver just more benefits for our members and for our creative community.

廣告是另一個非常棒的領域。我們已經看到——在我們目前擁有的其中一個作品的創意世界中創建一個品牌前沿廣告是一個很高的障礙，但它對觀眾和那些品牌來說都非常有吸引力，我們認為這些生成技術可以隨著時間的推移逐漸減少這個障礙，並使我們能夠在越來越多的廣告中做到這一點。因此，我們認為我們在數據和規模方面有很多優勢，我們可以利用這些新的生成技術為我們的成員和創意社群帶來更多利益。

Yeah, if you don't mind me, coming back for second, I just rolled off Eyeline as if everyone knows what Eyeline is. I probably should clarify that Eyeline is our production innovation group inside of our VFX house at Scanline, and they're doing a lot of this work with our creators. So I just realized that I just threw that out there as if everyone knew, so.

是的，如果您不介意的話，我再說一遍，我剛剛推出了 Eyeline，好像每個人都知道 Eyeline 是什麼。我可能應該澄清一下，Eyeline 是我們 Scanline 視覺特效部門內部的生產創新團隊，他們與我們的創作者一起完成了許多這方面的工作。所以我只是意識到我只是把它拋在那裡，就好像每個人都知道一樣。

Thanks for clarifying, Ted. Let's see, our next question comes from Brian Pitts of BMO Capital Markets. With your evolving gaming ambitions, including partnerships with Grand Theft Auto and the recently announced Roblox agreement, can you talk to near-term monetization opportunities within gaming?

謝謝你的澄清，泰德。讓我們看看，我們的下一個問題來自 BMO Capital Markets 的 Brian Pitts。隨著您不斷發展的遊戲野心，包括與俠盜獵車手的合作以及最近宣布的 Roblox 協議，您能談談遊戲中近期的貨幣化機會嗎？

Sure. We look at the near-term monetization opportunity with games very similar to how we've looked at other new content categories. You can think in scripted or film or on and on. And that's essentially if we deliver more value in our offering, we get increased user acquisition, we get increased retention, we get increased willingness to pay. So it drives all of the sort of core fundamentals of our business.

當然。我們對遊戲的近期獲利機會的看法與我們對其他新內容類別的看法非常相似。你可以透過劇本、電影或其他方式來思考。本質上，如果我們的產品具有更高的價值，我們就能獲得更多的用戶，獲得更高的保留率，獲得更高的付費意願。因此它推動了我們業務的所有核心基礎。

We've seen those positive effects, albeit in a small way relative to the size of our overall business when it comes to members playing games on the service. We already have those positive proof points. And we're going to ramp our investment in this area, which is currently quite small compared to our overall content investment as we ramp the size of those positive effects. So we want to remain disciplined and not investing too far ahead of demonstrating that we know how to translate that investment into value for our members.

我們已經看到了這些正面的影響，儘管相對於會員透過該服務玩遊戲的整體業務規模而言，這種影響還很小。我們已經有這些正面的證據。我們將加強對這一領域的投資，目前，與我們整體內容投資相比，這一領域的投資相當小，但隨著我們不斷擴大這些積極影響的規模，這一領域的投資將會不斷增加。因此，我們希望保持紀律，不要進行過多的投資，以證明我們知道如何將投資轉化為會員的價值。

We've seen good progress, as with licensed games like GTA. We've seen good progress with games we developed like Squid Game: Unleashed. So you'll see more from us in both of those categories, as well as a whole new set of interactive experiences that we think that we're either in a unique or differential position to deliver. So we're super excited to roll those out over the next year.

我們看到了良好的進展，例如 GTA 等授權遊戲。我們開發的遊戲（例如《Squid Game: Unleashed》）取得了良好的進展。因此，您將在這兩個類別中看到我們的更多產品，以及我們認為我們以獨特或差異化的方式提供的一整套全新互動體驗。因此，我們非常高興能夠在明年推出這些產品。

And then we remain open -- to the core question, we remain open to evolving our monetization model, but we have got to get to a lot more scale before that becomes a really materially relevant question. So we're going to do that work first.

然後我們保持開放態度——對於核心問題，我們仍然願意改進我們的貨幣化模式，但我們必須達到更大的規模，然後它才會成為一個真正實質的問題。所以我們要先做這項工作。

And it's probably worth restating the TAM for this market is very large. We remain convicted about our strategic opportunity and excited to make more progress.

也許值得重申的是，這個市場的 TAM 非常大。我們始終堅信我們的策略機遇，並對取得更多進展感到興奮。

Thanks, Greg. We'll take our last question, from Jessica Reif Ehrlich of Bank of America Securities. Given your healthy balance sheet and what appears to be a coming wave of M&A and media globally, are there certain types of assets that would strengthen your moat, i.e., what is your view of owning successful IP or studio assets as they come to market?

謝謝，格雷格。我們將回答最後一個問題，來自美國銀行證券公司的 Jessica Reif Ehrlich。鑑於您健康的資產負債表以及全球範圍內即將出現的併購和媒體浪潮，是否有某些類型的資產可以增強您的護城河，即，當成功的知識產權或工作室資產進入市場時，您如何看待擁有它們？

I''ll take that one, Spencer. Thanks, Jessica. We agree, continued consolidation of studio and network assets is likely. But at least with respect to consolidation within legacy media, we don't think it materially changes the competitive landscape.

我會接受這個，史賓塞。謝謝，傑西卡。我們同意，工作室和網路資產的持續整合是可能的。但至少就傳統媒體的整合而言，我們認為它不會從根本上改變競爭格局。

As you also know, we've historically been more builders than buyers, and we continue to see big runway for growth without fundamentally changing that playbook. You heard a lot of that today.

如您所知，從歷史上看，我們更多的是建造者而不是購買者，我們繼續看到巨大的成長空間，而無需從根本上改變這一策略。今天你們已經聽到了很多這樣的事。

So we look at a lot of things. We apply a framework or lens to those opportunities when we look at. Is it a big opportunity? Does it strengthen our entertainment offerings? Does it strengthen our capabilities? Does it accelerate our strategy? And we look at all of that relative to the opportunity cost of distraction or other alternatives.

所以我們關注很多事情。當我們觀察這些機會時，我們會運用一個框架或視角。這是一個很大的機會嗎？它是否增強了我們的娛樂產品？它是否增強了我們的能力？這是否加速了我們的策略？我們將所有這些都與分心或其他替代方案的機會成本進行比較。

We've been pretty clear in the past that we also have no interest in owning legacy media networks, so that also kind of reduces the funnel for us. But in general, we believe we can and will be choosy. We've got a great business. We're predominantly focused on growing that organically, investing aggressively and responsibly into that growth, and returning excess cash to shareholders through share repurchase, and I think you'll see us continue on that path

我們過去曾明確表示，我們對擁有傳統媒體網路不感興趣，因此這也在某種程度上減少了我們的管道。但總的來說，我們相信我們可以而且將會挑剔。我們的生意非常好。我們主要專注於有機成長，積極且負責任地投資於這一成長，並透過股票回購將多餘的現金回饋給股東，我想你會看到我們繼續沿著這條道路前進

Great. Thanks, Spence. And that will wrap up our Q2 earnings call. So we thank you all for taking the time to join us and we look forward to seeing you all next quarter. Thank you.

偉大的。謝謝，史賓塞。我們的第二季財報電話會議就此結束。因此，我們感謝大家抽出時間加入我們，我們期待下個季度見到大家。謝謝。