Netflix Inc (NFLX) 2025 Q3 法說會逐字稿

Welcome to Netflix Q3 2025 earnings Interview. I'm Spencer Wang, VP of Finance, IR and Corporate Development.

歡迎參加 Netflix 2025 年第三季財報訪談。我是 Spencer Wang，財務、投資人關係與企業發展副總裁。

Joining me today are Co-CEOs, Ted Sarandos; and Greg Peters; and CFO, Spence Neumann. As a reminder, we will be making forward-looking statements, and actual results may vary. We'll now take questions submitted by the analyst community, and we will start with our results and outlook.

今天與我一同出席的有聯席執行長 Ted Sarandos 和 Greg Peters，以及財務長 Spence Neumann。再次提醒，我們將發表一些前瞻性聲明，實際結果可能會有所不同。接下來我們將回答分析師們提出的問題，先介紹我們的績效和展望。

Our first question comes from Ben Swinburne of Morgan Stanley who ask, as you begin to wrap up 2025 and look to 2026, can you talk broadly about the health of the business and how you would frame the opportunity ahead?

我們的第一個問題來自摩根士丹利的 Ben Swinburne，他問道：在 2025 年即將結束、2026 年即將到來之際，您能否大致談談公司的業務狀況以及您如何看待未來的機會？

Yeah. We think the business is very healthy. We feel good about our progress on our key initiatives. We've got also a lot of opportunity ahead of us, but we've got a lot of work we need to accomplish and fully realize those opportunities. So what's working, we had a good Q3. We had revenue in line with expectations. Our operating income would have exceeded our forecast absent the Brazilian tax matter.

是的。我們認為公司營運狀況非常健康。我們對各項重點措施的進展感到滿意。我們面前也有很多機遇，但要充分實現這些機遇，我們還有很多工作要做。那麼，哪些方面做得很好呢？我們第三季業績很好。我們的收入符合預期。如果沒有巴西稅務問題，我們的營業收入本應超過預期。

We're also seeing good progress against our key priorities. So engagement remains healthy. We achieved record share of TV time in Q3 in both the US and the UK. We recorded our best ad sales quarter ever. We are now on track to more than double ad revenue this year. We're continuing to build out both live offerings and games is the emerging capabilities. In the live side, we saw Canelo-Crawford; that was the most viewed men's championship fight this century. We recently announced the ability to play Netflix Games on TV with friends and family playing together at home using just that TV and the phone as the game controller.

我們在關鍵優先事項方面也取得了良好進展。因此，參與度依然保持良好狀態。第三季度，我們在美國和英國的電視收視份額均創下歷史新高。我們創下了有史以來最好的廣告銷售季度紀錄。我們今年的廣告收入可望翻倍以上。我們正在不斷拓展直播產品和遊戲這兩項新興功能。現場直播方面，我們看到了卡內洛對陣克勞福德的比賽；那是本世紀收視率最高的男子冠軍賽。我們最近宣布，用戶只需使用電視和手機作為遊戲控制器，即可與親朋好友在家中一起玩 Netflix 遊戲。

So this progress in these areas is indicative of how we think we can best compete and grow the business over the long term. We focus on a few key areas that we think matter the most, and then we work hard to deliver continuous improvement in those areas. It sounds super simple, but building a real at-scale global streaming business is hard because you got to combine great tech product and great content from all around the world, and we believe we can continue to improve in both of those areas.

因此，這些領域的進展表明了我們認為如何最好地參與競爭並在長期內發展業務。我們專注於幾個我們認為最重要的關鍵領域，然後努力在這些領域不斷改進。聽起來很簡單，但要建立一個真正大規模的全球串流媒體業務卻很難，因為你必須將優秀的科技產品和來自世界各地的優質內容結合起來，我們相信我們可以在這兩個方面繼續改進。

But Ted, maybe you want to comment on that --

但泰德，或許你想對此發表一下看法。--

Yeah. I would just say, looking ahead, we continue to have a massive opportunity since we're only about 7% of the addressable market in terms of consumer spending and only about 10% of time spent on TV in our biggest market. So enormous room for profitable growth in the core business.

是的。我想說，展望未來，我們仍然擁有巨大的機會，因為就消費者支出而言，我們只佔潛在市場的7%左右，在我們最大的市場中，電視觀看時間也只佔10%左右。因此，核心業務還有龐大的獲利成長空間。

And this is a very exciting time in terms of a lot of innovation, a lot of competition, but that's been true for the last 25 years. And one thing as a company, we've always embraced change. We thrive on competition. It pushes us to improve the service even faster for our members. Back at the beginning in the early DVD days even and now in streaming and global streaming of original content, we could be with the biggest players in the world, tech and media. And as you see, we keep growing engagement, revenue and profit.

這是一個充滿創新和競爭的令人興奮的時代，但過去 25 年一直如此。作為一家公司，我們始終擁抱改變。我們因競爭而茁壯成長。這促使我們更快地改善服務，為會員提供更好的體驗。早在 DVD 時代，甚至如今的串流媒體和全球原創內容串流時代，我們都可以與世界最大的科技和媒體巨頭並肩前進。正如你所看到的，我們的用戶參與、收入和利潤都在不斷增長。

So today, we're an entertainment company. We program for an audience that's approaching 1 billion people around the world. We're producing series and films for local audiences in multiple markets. Many of those films and series resonate around the world. And a really great example of that, I think, is this summer's KPop Demon Hunters. Obviously, a smash hit, but it's also emblematic of exactly what we're trying to do every day.

所以今天，我們是一家娛樂公司。我們的節目面向全球近10億觀眾。我們正在為多個市場的當地觀眾製作劇集和電影。這些電影和劇集在世界各地都引起了共鳴。我認為，今年夏天的 K-Pop Demon Hunters 就是一個很好的例子。顯然，這首歌大獲成功，但它也正是我們每天努力的目標的象徵。

In fact, feature animation is an example of that continuously improving the core. We've been grinding away at original feature animation for a few years now. And KPop Demon Hunters is our most popular film ever. And again, it proves our ability to create breakthrough hits and move [in] culture.

事實上，動畫長片就是一個不斷改進核心技術的例子。我們幾年來一直在努力製作原創動畫長片。《K-Pop惡魔獵人》是我們有史以來最受歡迎的電影。這再次證明了我們有能力創造突破性熱門歌曲並引領文化潮流。

Today, we announced Mattel and Hasbro have been named the global co-master toy licensees for KPop Demon Hunters. This is a rare, maybe unprecedented partnership for them, and we're going to need them both to help meet the massive demand for fans to get closer to their characters off-screen every day.

今天，我們宣布美泰兒和孩之寶已被指定為 KPop Demon Hunters 的全球聯合玩具總授權商。對他們來說，這是一次難得的、或許是前所未有的合作，我們需要他們雙方的共同努力，才能滿足粉絲們每天想要在螢幕外更近距離接觸自己喜愛角色的巨大需求。

We're here to entertain the world and we're delivering tremendous value to our members every day. When you have to hit the size of Kpop Demon Hunters, it stirs imagination of how big we could take this. And as long as we keep improving on the core business every day. So we feel great about the business. And as Greg said, we are as energized as ever.

我們致力於為世界帶來娛樂，並且每天都為我們的會員提供巨大的價值。當你要達到 Kpop Demon Hunters 那樣的規模時，它激發了我們對這個規模能做到多大的想像。只要我們每天都在核心業務上不斷進步。所以我們對這項業務感到非常滿意。正如格雷格所說，我們依然充滿活力。

Thank you, Ted and Greg. Our next question comes from Steve Cahall of Wells Fargo. Can you please provide more color on the nature of the tax expense and why you fell above the operating line?

謝謝泰德和格雷格。下一個問題來自富國銀行的史蒂夫·卡哈爾。請您詳細說明一下稅項支出的性質，以及為什麼您的營業利潤超過了營業利潤線？

Sure, Spencer. I'll take that one. Greg and Ted are on a roll, but I think I will take the short straw for this one. And I'll spend a minute on it because this Brazilian tax matter, it's a bit complicated, and I want to be sure we're being really clear about what it is and what it isn't.

當然可以，史賓賽。我要那個。格雷格和泰德最近勢頭正猛，但我估計這次我就要倒楣了。我會花一分鐘來談談這個問題，因為巴西的稅收問題有點複雜，我想確保我們非常清楚地了解它是什麼，而不是什麼。

It's not an income tax. It's a cost of doing business in Brazil. It's a gross tax on outbound payments and it's called the Contribution for Intervention and Economic Domain. So it's a bit of a mouthful. It involves a 10% tax on certain payments made by Brazilian entities to companies outside of Brazil. It's not a tax that's specific to Netflix. It's not even specific to streaming. So we assume other companies will be impacted by this.

這不是所得稅。這是在巴西做生意的成本之一。這是對外支付徵收的毛稅，稱為幹預和經濟領域貢獻稅。所以這說法有點拗口。它涉及對巴西實體向巴西境外公司支付的某些款項徵收 10% 的稅。這不是Netflix特有的稅收。這甚至不局限於串流媒體。因此我們推測其他公司也會受到影響。

In our case, Netflix Brazil pays Netflix US for services that enable Netflix Brazil to offer subscriptions to our Brazilian customers. And we actually received the favorable ruling from a lower court back in 2022 that concluded we were not subject to this tax, which is why we believe we couldn't accrue this previously.

就我們而言，Netflix 巴西向 Netflix 美國支付費用，以獲得使 Netflix 巴西能夠向我們的巴西客戶提供訂閱服務所需的服務。事實上，我們在 2022 年就從下級法院獲得了有利的裁決，該裁決認定我們無需繳納此稅，因此我們認為我們之前無法累積這筆稅款。

The legal issue in question relates to the scope of the transactions covered by the tax, and in particular, whether the tax applies to service payments that don't involve a transfer of technology. We flagged this as a potential exposure in our prior 10-Ks and 10-Qs dating back to our 2023 10-K.

所涉法律問題與該稅項涵蓋的交易範圍有關，特別是該稅項是否適用於不涉及技術轉移的服務付款。我們在先前的 10-K 和 10-Q 文件中，甚至從 2023 年的 10-K 文件中，都已將此標記為潛在的風險敞口。

And then in August of this year, the Brazil Supreme Court reached a 7-4 decision against an unrelated company, ruling that the tax applies to a wider range of transactions than we thought was legally permissible. In particular that it applies even to service payments that don't involve a transfer of technology.

今年 8 月，巴西最高法院以 7 比 4 的投票結果駁回了一家無關公司的訴訟，裁定該稅項適用於比我們認為法律允許的範圍更廣的交易。尤其值得注意的是，它甚至適用於不涉及技術轉移的服務付款。

So given that court's ruling, that's caused us to reevaluate the likelihood of prevailing and we now deem the loss to be probable. And that's why we recorded the expense in Q3. And again, it's not an income tax, and that's why we recorded the expense as a component of our cost of revenues.

鑑於法院的裁決，我們重新評估了勝訴的可能性，現在我們認為敗訴的可能性很高。所以，我們才把這筆費用計入了第三季。再次強調，這不是所得稅，所以我們將這筆費用計入了營業成本。

And as we said in the letter, the expense we booked in this quarter, it covers the periods from 2022 through Q3 of 2025. Of the amount we booked in cost of revenues this quarter, just about 20% of it is for the year 2025 with the remainder related to those 2022 to 2024 period.

正如我們在信中所說，本季我們確認的費用涵蓋了 2022 年至 2025 年第三季期間。本季計入收入成本的金額中，只有大約 20% 是 2025 年的，其餘部分與 2022 年至 2024 年期間有關。

So look, I know that was a lot of -- there's just two really important takeaways that I want to leave you with. The first is that the Contribution for Intervention and Economic Domain, it's a unique tax. It is a mouthful. No other tax looks or behaves like this in any other major country in which we operate. And secondly, absent this expense, we would have exceeded our Q3 '25 operating income and operating margin forecast, and we don't expect this matter to have a material impact on our results going forward.

所以，我知道剛才說了很多話——我只想最後跟大家分享兩個很重要的重點。首先，幹預和經濟領域貢獻稅是一種獨特的稅種。真是拗口。在我們開展業務的其他主要國家，沒有其他稅種是這樣的。其次，如果沒有這筆支出，我們本可以超過 2025 年第三季的營業收入和營業利潤率預期，而且我們預計此事不會對我們未來的業績產生重大影響。

Great. Thanks, Spence. I'll move on to the next question, which comes from Tom Champion of Piper Sandler. Do you have any early views on revenue and operating income growth for 2026?

偉大的。謝謝你，史賓賽。接下來我將回答下一個問題，這個問題來自 Piper Sandler 公司的 Tom Champion。您對2026年的營收和營業利潤成長有何初步看法？

I'll take this one as well. Okay. So look, we'll issue a full-year 2026 guidance on our next call in January. But our financial objectives are unchanged. We look to sustain healthy revenue growth to expand margins and increase free cash flow. Now we did last year on our Q3 call, we did issue a full-year guidance, but that was in advance of sunsetting membership reporting. So it was a pretty unique timing given that upcoming change in reporting for '26. Again, we'll issue the full-year '26 guide as we more typically would on our next call in January.

這個我也要。好的。所以，我們將在1月的下次電話會議上發布2026年全年業績指引。但我們的財務目標並沒有改變。我們力求維持健康的營收成長，以擴大利潤率並增加自由現金流。去年我們在第三季財報電話會議上發布了全年業績指引，但那是在終止會員資格報告製度之前。考慮到 2026 年報告製度即將發生變化，這個時機相當特殊。同樣，我們將像往常一樣在 1 月的下一次電話會議上發布 2026 年全年業績指南。

Thanks, Spence. I'll move us along to a few questions we've received on the topic of advertising. The first one comes from Jason Helfstein of Oppenheimer. Given your comment of doubling upfront commitments in the earnings letter, should we interpret this to mean that full-year 2026 advertising could also double?

謝謝你，史賓賽。接下來，我將討論一些我們收到的關於廣告方面的問題。第一條來自奧本海默公司的傑森‧赫爾夫斯坦。鑑於您在獲利報告中提到將前期投入翻倍，我們是否應該將其理解為 2026 年全年廣告投入也可能翻倍？

Well, I'll start by just saying it's exciting to see our progress in 2025 more than doubling our ads revenue there. While, of course, it's still off a small base relative to the size of our subscription revenue. But we feel like we've established the fundamentals of the business now. We've proven we know how to scale. We see plenty of room for growth ahead. And what's making up that growth right now, as you mentioned, we more than doubled our US upfront commitments. That lands partly in '25 and partly in '26, which I think you're alluding to here.

首先，我想說的是，看到我們在 2025 年取得的進展，廣告收入將翻倍以上，這令人興奮。當然，相對於我們的訂閱收入規模而言，這仍然是一個較小的基數。但我們感覺現在已經奠定了業務的基本基礎。我們已經證明我們知道如何擴大規模。我們看到未來還有很大的成長空間。正如您所提到的，目前推動成長的因素是我們在美國的預付款承諾增加了一倍以上。這部分落在 '25 年，部分落在 '26 年，我想你在這裡指的是這個。

Perhaps even more importantly, though, we're seeing even higher rates of growth in programmatic. And that's more important because we believe that's going to be an increasing part of that incremental revenue contribution going forward.

但或許更重要的是，我們看到程式化廣告的成長速度甚至更快。而這一點更為重要，因為我們相信，未來這將成為新增收入貢獻中越來越重要的部分。

What are driving those results? Advertisers are excited about our growing scale. We've got a highly attentive and engaged audience. The rollout of our ad tech stack means we've got more formats. We've got more measurement. We've got more ways to buy. And of course, our slate is a critical and important source of competitive differentiation.

是什麼因素導致了這些結果？廣告商對我們不斷擴大的規模感到興奮。我們擁有非常專注且積極參與的觀眾群。我們的廣告技術堆疊的全面推出意味著我們擁有了更多廣告格式。我們有了更多測量數據。我們有了更多購買方式。當然，我們的陣容是實現競爭差異化的關鍵和重要來源。

So while I'll refrain from offering any '26 guidance, I would say we are feeling good about our growth trajectory.

因此，雖然我不會對 2026 年做出任何預測，但我認為我們對自己的發展軌跡感到樂觀。

Thanks, Greg. A follow-up on that one from Vikram Kesavabhotla of Baird. Your offering to advertisers has evolved significantly in 2025, including the launch of the ad suite and the integrations with the additional demand sources. As we look into next year, what are some of the key priorities for the advertising business?

謝謝你，格雷格。以下是 Baird 公司的 Vikram Kesavabhotla 對此的後續報導。2025年，您為廣告主提供的服務發生了顯著變化，包括推出廣告套件以及與更多需求來源的整合。展望明年，廣告業的一些關鍵優先事項是什麼？

Yeah. Consistent with the last comment and answer, we made considerable progress in building out our general capabilities in the ad space. So if you use our beloved crawl-walk-run model, we're now squarely in that walking phase. The rollout of the Ads Suite, our own ad suite, has been great because it means we're just continuing to learn and improve the stack based on client feedback. So we've got really fast iteration loop going there that we're excited about.

是的。與上次的評論和回答一致，我們在廣告領域建立整體能力方面取得了相當大的進展。所以，如果按照我們喜愛的爬行-行走-跑步模式來看，我們現在正處於行走階段。我們自己的廣告套件 Ads Suite 的推出非常成功，因為這意味著我們可以根據客戶的回饋不斷學習並改進技術堆疊。所以我們現在有一個非常快速的迭代循環，我們對此感到非常興奮。

Key priorities and focus for us is making it easier for advertisers to buy on our service. We want to increase the diversity of advertisers we have. That's a key direction of growth for us that enables that revenue growth. We're adding more demand sources like Amazon DSP, AJA in Japan. We're improving our own ad sales and go-to-market capabilities. We're also iterating on ad formats. Later this quarter, we'll be introducing ad interactivity.

我們的主要優先事項和重點是讓廣告主更容易在我們的服務上購買廣告位。我們希望增加廣告商的多樣性。這是實現營收成長的關鍵方向。我們正在增加更多需求來源，例如亞馬遜DSP、日本AJA。我們正在提升自身的廣告銷售和市場推廣能力。我們也在不斷改進廣告形式。本季晚些時候，我們將推出廣告互動功能。

And taking that into 2026, you're going to see us continue to develop along some of those lines. So more ways to buy; more data for targeting and media planning capabilities globally; more modular, interactive ad formats with enhanced AI capabilities; and more measurement functionality in all of our markets.

展望 2026 年，我們將繼續沿著這些方向發展。因此，我們將提供更多購買方式；更多用於全球定向和媒體策劃的數據；更多具有增強型人工智慧功能的模組化、互動式廣告格式；以及在我們所有市場中更強大的衡量功能。

And then in 2027, we get to pivot to make more focused investments in data capabilities such as ML-based optimization, advanced measurement, advanced targeting. So I would say we're getting our legs underneath us. We're making a good pace, but we've got a lot ahead of us to go do. And quite frankly, we expect we're going to be able to move more quickly than other streamers as we leverage pre-existing tech and data science assets and expertise.

然後在 2027 年，我們將轉向對資料能力進行更有針對性的投資，例如基於機器學習的最佳化、進階測量、進階目標定位。所以我覺得我們正在逐漸站穩腳步。我們目前進展順利，但前面還有很多工作要做。坦白說，我們預計，憑藉現有的技術和數據科學資產及專業知識，我們的發展速度將比其他串流媒體平台更快。

Thanks, Greg. And to round out our last question on advertising. This one comes from Dan Salmon of New Street Research. Are fill rates improving in line with your expectations as the Netflix Ads Suite and new demand partnerships scale up?

謝謝你，格雷格。最後，我們來回答關於廣告的最後一個問題。這則訊息來自新街研究公司的丹‧薩爾蒙。隨著 Netflix 廣告套件和新的需求合作夥伴關係規模的擴大，廣告填充率是否按照您的預期得到改善？

We focus on overall revenue is the most important metric we're seeking to optimize. But having said that, fill rates have improved, and we believe they're going to continue to improve as we continue to develop our go-to-market capabilities, more measurement, more targeting.

我們關注的是整體收入，這是我們尋求優化的最重要指標。但即便如此，我們相信訂單滿足率已經提高，隨著我們持續提升市場推廣能力、加強衡量和精準定位，訂單滿足率仍會持續提高。

Thanks, Greg. I'll now move us along to the topic of content and engagement. A lot of questions there. We'll begin first with Steve Cahall of Wells Fargo. Are you seeing a pickup in engagement like you've expected?

謝謝你，格雷格。接下來，我們將討論內容和互動方面的主題。那裡有很多問題。我們先從富國銀行的史蒂夫·卡哈爾開始。互動率是否如預期有所提升？

Yes. Total view hours grew a bit faster in Q3 '25 than in the first half of '25. In fact, in Q3, we achieved our highest quarterly view share ever in the United States at 8.6%. And then the UK at 9.4% according to Nielsen and BARB, respectively. These are just two countries that we've got really good measurement on that share.

是的。2025 年第三季總觀看時長成長速度比 2025 年上半年略快。事實上，在第三季度，我們在美國獲得了有史以來最高的季度觀看份額，達到 8.6%。根據尼爾森和BARB的數據，英國的比例分別為9.4%。這兩個國家我們才真正掌握了這部分份額的準確數據。

We also believe we're going to continue to see steady growth in view hours over time. We grow engagement by expanding our programming in the range of our offering. These are critical and very proven dimension of growth for us.

我們也相信，隨著時間的推移，觀看時長將繼續穩定成長。我們透過拓展課程內容和產品範圍來提高用戶參與度。這些是我們實現成長的關鍵且行之有效的維度。

But we're also seeing that certain engagement delivers outsized and different value. And we saw pretty good examples of this in Q3. You got the Canelo-Crawford fight, most viewed men's championship boxing match this century. We got KPop Demon Hunters, our biggest film ever, huge impact on the cultural zeitgeist. Both are great examples, and they're also from really different parts of our programming spectrum of this punctuated value.

但我們也看到，某些互動方式能夠帶來巨大且不同的價值。我們在第三季就看到了不少這樣的例子。你看到了卡內洛-克勞福德之戰，這是本世紀收視率最高的男子拳擊冠軍賽。我們推出了《K-Pop惡魔獵人》，這是我們迄今為止最賣座的電影，對文化思潮產生了巨大影響。兩者都是很好的例子，而且它們也來自我們程式設計領域中這種標點符號價值的非常不同的部分。

Now we believe we've got a better understanding of the streaming business than any of our competitors, but we're also continuing to learn. And we're in the process of really building a better understanding of how these particular moments deliver differential value to our members and the business.

現在我們相信，我們對串流媒體業務的了解比任何競爭對手都更深入，但我們也仍在不斷學習。我們正在努力更了解這些特定時刻如何為我們的會員和企業帶來差異化價值。

Yeah. I mean, just to add here, Steve. We're going to continue to benefit long term from the trend, just so folks moving from linear viewing to streaming that has a kind of a natural adoption curve. But I also look forward and we have an incredible slate in Q4, and we're really excited to follow that up in 2026.

是的。我是說，我還要補充一點，史蒂夫。我們將繼續長期受益於這一趨勢，因為人們從線性觀看轉向串流媒體，這具有自然的接受曲線。但我同時也對未來充滿期待，我們在第四季有一系列精彩的項目，我們非常興奮能在 2026 年繼續推進這些項目。

But it's not about any one single title in Q4 or next year. As you know, even our largest titles and the biggest success generally drives less than 1% of our total viewing. So it's really about having a steady drumbeat of shows and films that our members love. That's what drives continued steady growth and engagement over time. And we gave a lot of detail about our Q4 coming up in the letter, including an incredible slate of film and the wild ride finale of Stranger Things.

但這並非關乎第四季或明年的任何冠軍頭銜。如您所知，即使是我們最熱門的影片和最成功的影片，通常也只能帶來不到 1% 的總觀看量。所以關鍵在於持續不斷推出會員喜愛的節目和電影。這正是推動持續穩定成長和用戶參與度不斷提高的因素。我們在信中詳細介紹了即將到來的第四季度，包括一系列精彩的電影以及《怪奇物語》的精彩結局。

But I want to give you a little bit of color on '26. Maybe this is a longer answer than you were bargaining for, Steve. But we're really particularly excited about a few things coming up next year, like the return of some of our biggest and most loved shows, like Bridgerton, Beef, Emily in Paris, One Piece, Outer Banks, Virgin River, The Gentleman, Avatar: The Last Airbender, Running Point, Ginny and Georgia, Lupin, all coming back for new seasons in '26.

但我想給你們介紹一下 26 年的情況。史蒂夫，或許這個答案比你預想的還要長。但我們對明年即將推出的一些節目感到格外興奮，例如一些最受歡迎的熱門劇集的回歸，如《布里奇頓》、《牛肉》、《艾米麗在巴黎》、《海賊王》、《外灘探秘》、《維珍河》、《紳士們》、《降世神通：最後的氣宗》、《奔跑吧，喬治亞》、《魯邦三世》和《魯邦三世》都將在新一季推出。

We've got amazing slate of films with a big event film from Greta Gerwig with Narnia. Here Comes the Flood starring Denzel Washington. Ben Affleck is directing this great movie for us called the Animals. Apex from Charlize Theron, an incredible action movie. Matt Damon and Ben Affleck are on screen together and starting in The Rip. A couple of great rom-coms, Office Romance with Jennifer Lopez; People We Meet on Vacation. Our French team has got an incredible epic film, Quasimodo, coming up; and Peaky Blinders fans are going to freak out for the Peaky Blinders movie, The Immortal Man with Cillian Murphy.

我們準備了一系列精彩的電影，其中包括葛莉塔葛韋格執導的《納尼亞傳奇》這部重磅電影。《洪水來臨》，丹佐華盛頓主演。班艾佛列克正在為我們執導一部很棒的電影，叫做《動物》。由查理茲塞隆主演的《Apex》，一部精彩絕倫的動作片。麥特戴蒙和班艾佛列克將在電影《撕裂》中再次合作。幾部很棒的浪漫喜劇，《辦公室戀情》（由珍妮佛洛佩茲主演）和《我們在假期中遇到的人》。我們的法國團隊即將推出一部精彩絕倫的史詩電影《卡西莫多》；而《浴血黑幫》的粉絲們將會為由希里安墨菲主演的《浴血黑幫》電影版《不朽之人》而瘋狂。

So really great and lots and lots of brand-new series of work going on this year coming out in '26. Golf with Will Ferrell, Little House on the Prairie, Man on Fire. We have new series from the Duffer Brothers, amazing slate of K-dramas. That's just to name a few. But in other words, we've got a pretty great '26 coming up after this pretty phenomenal Q4.

所以真的很棒，今年有很多全新的系列作品正在製作中，將於 2026 年問世。與威爾法瑞爾一起打高爾夫，《草原小屋》，《怒火救援》。我們有達弗兄弟的新劇集，還有一系列精彩的韓劇。這只是其中幾個例子。換句話說，在經歷了非常出色的第四季之後，我們即將迎來一個非常棒的 2026 年。

Thanks, Ted. Dan Kurnos from Benchmark Company has a question about our Spotify partnership. How should we think about the recent deal with Spotify? How aggressively will you build out this podcast category?

謝謝你，泰德。來自 Benchmark 公司的 Dan Kurnos 對我們與 Spotify 的合作關係有一個疑問。我們該如何看待最近與Spotify達成的協議？你們打算如何積極拓展播客這一品類？

So this deal is a video co-exclusive partnership with Spotify and secures a curated selection of their top podcast to help us provide even more entertainment options for our members when they're looking for a pop culture or lifestyle or sports or true crime, and we get to deliver to them wherever and however they want to watch. And we're going to build into this category like we do with our other categories based on demand signals that we get from our members.

因此，這項協議是與 Spotify 達成的影片獨家合作，確保我們能夠精選其熱門播客，幫助我們為會員提供更多娛樂選擇，無論他們想看流行文化、生活方式、體育還是真實犯罪節目，我們都能滿足他們的需求，讓他們隨時隨地以任何方式觀看。我們將像對待其他類別一樣，根據我們從會員那裡得到的需求訊號，在這個類別中進行建構。

And we see this as really the opportunity to integrate high-quality video podcast that broadens the Netflix offering beyond all the incredible films and series that Ted just mentioned beyond the live events that we are building, stand-up specials and games. And we hope that that ultimately reinforces our value as the most important service for our entertainment needs.

我們認為這是一個真正的機會，可以整合高品質的視訊播客，從而將 Netflix 的產品範圍擴展到 Ted 剛才提到的所有精彩電影和劇集之外，以及我們正在打造的現場活動、脫口秀特輯和遊戲之外。我們希望這最終能鞏固我們作為滿足人們娛樂需求的最重要服務提供者的價值。

Thanks, Greg. Our next question comes from Robert Fishman of MoffettNathanson. Following the strong theatrical performance of KPop Demon Hunters, can you share your updated perspective on monetizing some of your content in the theatrical window on an exclusive or nonexclusive basis?

謝謝你，格雷格。我們的下一個問題來自 MoffettNathanson 公司的 Robert Fishman。繼《K-Pop Demon Hunters》取得強勁的院線票房表現之後，您能否分享一下您對在院線窗口期內以獨家或非獨家方式實現部分內容變現的最新看法？

Well, first of all, thanks, Robert. There's no change in the strategy. Our strategy is to give our members exclusive first-run movies on Netflix. We occasionally release certain films in theaters for our fans like we did with KPop Demon Hunters, or as part of our launch strategy, publicity, marketing, qualification, all those things, and we'll continue to do that.

首先，謝謝你，羅伯特。策略沒有改變。我們的策略是為會員提供 Netflix 上獨家首映電影。我們偶爾會像《KPop Demon Hunters》一樣，在戲院上映一些電影來回饋粉絲，或者作為我們發布策略、宣傳、行銷、資格審查等工作的一部分，我們也會繼續這樣做。

We believe that this film, KPop Demon Hunters, actually worked because it was released on Netflix first. Look, we had a film that people fell in love with, that's first and foremost. But not in a huge way on the first day or even the first weekend. In fact, it was the super fans who watched the movie and repeat watched the movie that drove the recommendation engine, that got it in front of more super fans who also fell in love with the movie.

我們認為這部電影《K-Pop惡魔獵人》之所以成功，是因為它首先在Netflix上線。首先，我們拍了一部深受觀眾喜愛的電影。但第一天甚至第一個週末都不會出現大規模的現象。事實上，正是那些反覆觀看這部電影的超級粉絲推動了推薦引擎的發展，使這部電影出現在更多超級粉絲面前，而這些超級粉絲也愛上了這部電影。

So that ease and value that allowed folks to repeat view it, the ubiquity of distribution, which took all the guess work out of how to watch it when you did finally see it show up in your social media feed, all of this contributed to KPop Demon Hunters blowing up all over the world. And I would argue in a way that it couldn't happen anywhere else.

正是這種便利性和價值，讓人們可以反覆觀看，以及無處不在的傳播方式，使得人們無需猜測如何在社交媒體信息流中看到它，就能觀看，所有這些都促成了《K-Pop Demon Hunters》在全世界爆紅。而且我認為，這種情況不可能發生在其他地方。

If anything, this actually reinforces our strategy because being in Netflix gave the film a chance to build momentum. And it allowed fans to learn the songs and to watch it over and over again and to make their own post and their own dances around KPop Demon Hunters.

如果有什麼影響的話，那就是這實際上強化了我們的策略，因為在 Netflix 上線讓這部電影有機會累積人氣。這使得粉絲們可以學習歌曲，一遍又一遍地觀看，並圍繞 KPop Demon Hunters 創作自己的帖子和舞蹈。

Now for some films, seeing it together and singing out loud is super fun and it's a differentiated experience and we were able to do that with the KPop Demon Hunters sing-alongs eight weeks after the film premiered on Netflix, and we did have a good weekend. But we created a great night out, and we're going to do it again on Halloween weekend. And this time, every major theater chain is on for the ride. We're also adding a few international markets. So it's been really fun to see this film and to see our ability to bring through pop culture on par with some of the biggest theatrical films ever. And it's even better that it's with an original animated feature because it's so hard to do.

對於某些電影來說，一起觀看並大聲唱歌會非常有趣，這是一種與眾不同的體驗。在電影《KPop Demon Hunters》在 Netflix 上首映八週後，我們得以一起觀看並進行卡拉OK，度過了一個美好的周末。但我們度過了一個美好的夜晚，我們打算在萬聖節週末再來一次。這次，各大院線都將參與其中。我們也正在拓展一些國際市場。所以，看到這部電影真的很有趣，也看到我們有能力將流行文化與一些有史以來最偉大的院線電影相提並論。而且它還是一部原創動畫長片，這更棒了，因為這非常難做到。

Great. We now have a question on our live events from Vikram Kesavabhotla, Baird. What were your observations from the Canelo versus Crawford fight in September? Are these types of live events impacting engagement, acquisition and retention on the platform?

偉大的。我們現在收到來自 Vikram Kesavabhotla 和 Baird 的一個關於我們現場活動的問題。你對9月卡內洛對上克勞福德的比賽有什麼看法？這些類型的現場活動是否對平台上的用戶參與、用戶獲取和用戶留存產生影響？

Yeah. Well, like Greg said earlier, that the Canelo-Crawford fight was the most viewed men's championship fight of the century, had over 41 million [live+1] viewers. It was in the top 10 in 91 countries. And it was a great fight. So we believe these big events that attract mass audiences are kind of differentially valuable for our members. It's a kind of urgent viewing that our members love and value. So these events typically have outsized positives for conversation for acquisition, and we strongly suspect retention.

是的。正如格雷格之前所說，卡內洛-克勞福德之戰是本世紀觀看人數最多的男子冠軍賽，有超過 4100 萬（直播+1）觀眾。它在91個國家位列前十名。這是一場精彩的戰鬥。因此，我們認為這些吸引大量觀眾的大型活動對我們的會員來說具有特殊的價值。這是我們會員喜愛和重視的一種迫切的觀看方式。因此，這些活動通常對客戶獲取和留存具有巨大的正面作用，我們強烈認為它們對客戶留存也有正面作用。

However, we've said earlier, live is only a small portion of our content spend, and it's a very small portion of our 200 billion hours viewed. So it's relatively small still, but hugely outsized impact. And like we see with other titles, this has had that kind of positive impact on acquisition. It's a little too early to say for sure in retention. But so far, it looks a lot like the Jake Paul-Mike Tyson performance, and we remain incredibly excited about the opportunity in live. So upcoming, we've got Jake Paul versus Tank Davis from Miami, November 14. And we really are trying to grow our capabilities outside of the US as well, which you'll see next year with the World Baseball Classic from Japan.

但是，正如我們之前所說，直播只占我們內容支出的一小部分，而且在我們 2000 億小時的觀看時長中也只佔很小一部分。所以它雖然規模相對較小，但影響卻非常巨大。正如我們在其他遊戲上看到的那樣，這確實對遊戲的銷售產生了積極的影響。現在就斷言用戶留存率還為時過早。但就目前來看，它很像傑克保羅和麥克泰森的表演，我們仍然對現場演出的機會感到無比興奮。接下來，我們將迎來傑克·保羅對陣來自邁阿密的坦克·戴維斯的比賽，時間是11月14日。我們確實也在努力拓展在美國以外的影響力，明年你們就會看到我們在日本舉辦的世界棒球經典賽。

Thanks, Ted, and that's a good segue to our next question, which is the quarterly question about sports for us. This is from Robert Fishman of MoffettNathanson. Since last earnings, we've seen several sports rights deals, including Apple F1, Paramount UFC, et cetera, et cetera. While we still await an official MLB update, can you help us think about the importance of global sports rights versus local rights to Netflix? And do the sports rights you look to acquire need to materially accelerate your advertising growth?

謝謝泰德，這正好引出了我們的下一個問題，也就是我們每季都會問到的關於運動的問題。這是來自 MoffettNathanson 公司的 Robert Fishman。自從上次財報發布以來，我們看到了多項體育賽事版權交易，包括蘋果F1、派拉蒙UFC等等。雖然我們仍在等待美國職棒大聯盟的官方更新，但您能否幫助我們思考全球體育賽事版權與 Netflix 本地版權相比的重要性？您希望取得的體育賽事版權是否需要顯著加速您的廣告成長？

So as for local versus global, it's just a scale question, local costs versus the size of the local audience. And no real change in the approach. We're focused on big live events, which sports are a subcomponent of the live strategy. We said before, we're not currently focused on the big season packages.

所以，在地化與全球化的區別，其實只是規模問題，本地成本與本地受眾規模之間的差異。方法上沒有任何實質改變。我們專注於大型現場活動，而體育賽事只是現場活動策略的一個子部分。我們之前說過，我們目前並不專注於大型賽季套餐。

In terms of global versus local, also, we think about it just like series, it varies. Some like the Canelo-Crawford had big global appeal. We think World Baseball Classic in Japan was actually built and designed and budgeted for a specific geography.

就全球與本地而言，我們也像看待系列劇一樣，認為它因劇而異。有些比賽，例如卡內洛對克勞福德的比賽，在全球都極具吸引力。我們認為在日本舉辦的世界棒球經典賽實際上是根據特定的地理位置進行建造、設計和預算的。

As far as advertising is concerned, the number one important thing we have to do is thrill our audiences. The revenue from advertising or subscription is a reward for thrilling the audience. So we have to stay disciplined on that approach.

就廣告而言，我們最重要的事情就是讓觀眾感到興奮。廣告或訂閱收入是吸引觀眾的回報。所以我們必須堅持這種做法。

But for upcoming live events, and we're excited about it, I mentioned Jake Paul versus Tank. That's November 14. We have our double-header NFL Christmas Day games with Dallas versus Washington, Detroit versus Minnesota. Skyscraper Live is going to be wild. The SAG awards, we got WWE every week. I mentioned the World Baseball Classic in Japan in 2026. And in 2027 and '31, we've got FIFA's Women's World Cup as well. So we're pretty excited about the slate and there's going to be a lot more that will come in between.

但對於即將到來的現場賽事，我們感到非常興奮，我提到了傑克·保羅對陣坦克的比賽。那是11月14日。我們將在聖誕節當天進行兩場 NFL 比賽，分別是達拉斯對陣華盛頓，底特律對陣明尼蘇達。摩天大樓現場演出一定會非常精彩。美國演員工會獎頒獎典禮，我們每週都有WWE直播。我提到了2026年在日本舉行的世界棒球經典賽。2027年和2031年，我們也將迎來國際足總女子世界盃。所以我們對目前的陣容感到非常興奮，而且在此期間還會有更多電影上映。

Thanks, Ted. We'll take our next question from Rich Greenfield of LightShed Partners. Are you testing premium tier free trials? We recently -- we, meaning, Rich -- recently opened Netflix and were prompted with a 4K upgrade screen. Is this a typical promotion? Or are you selectively testing free trials?

謝謝你，泰德。接下來，我們將回答來自 LightShed Partners 的 Rich Greenfield 提出的問題。你們是在測試高級會員的免費試用嗎？我們——我們，指的是 Rich——最近打開 Netflix 時，螢幕上出現了 4K 升級提示。這是典型的促銷活動嗎？還是你是在選擇性地測試免費試用版？

Yeah. We test and productize a variety of offers that we think help members understand and sometimes try a feature of benefit that we think they might enjoy. So if you got a 4K TV, as Rich does, you might get a notice from us and say, do you want to try watching, let's say, Skyscraper Live that Ted mentioned, somebody free climbing Taipei 101 in 4K and decide if that's a good option for you.

是的。我們測試並推出各種產品，我們認為這些產品可以幫助會員了解並嘗試我們認為他們可能會喜歡的功能或福利。所以，如果你像 Rich 一樣擁有一台 4K 電視，你可能會收到我們的通知，問你是否想嘗試觀看 Ted 提到的《摩天大樓直播》（Skyscraper Live），也就是有人用 4K 分辨率徒手攀登台北 101 大樓的畫面，然後決定這是否適合你。

But ultimately, we want a range of plans, we want a range of features, different price points. And then we want to help members choose the right plan for themselves. We think that yields a better member satisfaction, that yields better engagement and retention and a better long-term business.

但歸根究底，我們希望有多種方案、多種功能和不同的價格點。然後，我們希望幫助會員選擇適合自己的計劃。我們認為這能提高會員滿意度，進而提高會員參與度和留存率，並帶來更好的長期業務發展。

Thanks, Greg. We've gotten a series of questions on M&A on that topic today. Not surprising given the announcement from our friends at Warner Bros. Discovery. So we'll take this next question from Jessica Reif Ehrlich of Bank of America. Do you see potential industry consolidation reshaping the competitive landscape? Do you see that as an opportunity or a threat? What implications might that have for Netflix's content strategy and differentiation?

謝謝你，格雷格。今天我們收到了一系列關於併購的問題。考慮到華納兄弟公司的朋友們已經宣布的消息，這並不令人意外。發現。接下來，我們將回答來自美國銀行的傑西卡·雷夫·埃利希提出的問題。您認為潛在的產業整合會重塑競爭格局嗎？你認為這是機會還是威脅？這會對 Netflix 的內容策略和差異化產生哪些影響？

Thanks, Jessica. We'll take it in two parts. First, the opportunity. It's true that, historically, we have been more builders than buyers. And we think we have plenty of runway for growth without fundamentally changing that playbook. Nothing is a must-have for us to meet the goals that we have for the business.

謝謝，傑西卡。我們將分兩部分來講解。首先，是機會。的確，從歷史上看，我們更多的是建設者而非買家。我們認為，即使不從根本上改變現有策略，我們也有足夠的成長空間。對於我們實現業務目標而言，沒有什麼是必不可少的。

But as we wrote in the letter, we focus on profitable growth and reinvesting in our business, both organically and through selective M&A. And when it comes to M&A opportunities, we look at them and -- we look at all of them, and we apply the same framework and lens that we look at when we look to invest in a build.

但正如我們在信中所寫，我們專注於獲利成長，並透過有機成長和選擇性併購對我們的業務進行再投資。而對於併購機會，我們會仔細檢視所有併購機會，並採用與我們投資建設專案時相同的框架和視角。

Is it a big opportunity? First question. Second, if it's IP, does it strengthen our entertainment offering? Is there additional value in ownership? Does it strengthen our existing capabilities somehow? Does it accelerate our existing strategy? And by the way, and you look at all these things relative to the price, relative to the opportunity cost, and relative to other alternatives.

這是一個大機會嗎？第一個問題。其次，如果是智慧財產權，它是否能增強我們的娛樂產品？擁有所有權是否具有額外價值？它是否在某種程度上增強了我們現有的能力？它是否會加速我們現有的策略？順便說一句，你要把所有這些因素與價格、機會成本以及其他替代方案進行比較。

We've been very clear in the past that we have no interest in owning legacy media networks, so there's no change there. But in general, we believe that we can be and we will be choosy. We have a great business. We're predominantly focused on growing organically, investing aggressively and responsibly into the growth and returning excess cash flow to shareholders through our share repurchase.

我們過去已經非常明確地表示，我們對擁有傳統媒體網絡沒有任何興趣，這一點不會改變。但總的來說，我們相信我們能夠而且將會挑剔。我們的生意很紅。我們主要專注於有機成長，積極負責地投資成長，並透過股票回購將多餘的現金流返還給股東。

Greg, do you want to add there on --

格雷格，你想在那裡補充什麼嗎？--

Yeah. Maybe I'll try and speak to the second part of this, the third part of the question. We've always faced significant competition. We still face it today. This is an incredibly competitive entertainment environment. We've also seen a lot of industry consolidation over the years. Think about Disney Fox and Amazon picking up MGM, of course, Time Warner and AT&T and then Discovery and Warner. But none of those mergers were a fundamental shift in the competitive landscape. And we have seen also a wide range of outcomes from such mergers.

是的。或許我可以試著談談這個問題的第二部分，也就是第三部分。我們一直面臨激烈的競爭。我們今天仍然面臨這個問題。這是一個競爭異常激烈的娛樂產業。這些年來，我們也看到了許多產業的整合。想想看，如果迪士尼、福斯和亞馬遜收購米高梅，時代華納和AT&T收購，然後是探索頻道和華納，那會是怎樣一番景象。但這些併購案都沒有從根本上改變競爭格局。我們也看到了這類合併帶來的各種各樣的結果。

So watching some of our competitors potentially to bigger via M&A does not change in and of itself, at least, our view on the competitive landscape. And we don't think it changes the substance of the challenge that our competitors face. Specifically, the range of activities that we and our competitors have to get great at has never been assembled in a single company before.

因此，看到一些競爭對手可能透過併購而變得更大，這本身並不會改變我們對競爭格局的看法，至少不會改變。我們認為這並不會改變競爭對手面臨的挑戰的本質。具體來說，我們和我們的競爭對手必須精通的各項業務範圍，在以前從未有一家公司同時出現過。

Think about producing film and TV shows across multiple genres in multiple languages and dozens of countries around the world. I'm trying to figure out how to incorporate the latest technology, including AI and Gen AI. We're trying to figure out how we build better product experiences that can serve consumers better around the world. How about customer acquisition and retention? How do we optimize global payments? How do we optimize global partnerships? There is so much and we want to get better at all of those things. Our competitors are seeking to get better, all those things, of course, as well.

想像一下，製作涵蓋多種類型、使用多種語言、遍及全球數十個國家的電影和電視節目。我正在努力思考如何將最新技術，包括人工智慧和新一代人工智慧，融入我們的工作中。我們正在努力思考如何打造更好的產品體驗，以便更好地服務世界各地的消費者。客戶獲取和留存情況如何？我們如何優化全球支付？我們如何優化全球合作關係？有很多方面我們想做得更好。當然，我們的競爭對手也在努力提升自身實力，其他方面也是如此。

But you have to do that by the hard work of developing those capabilities in the trenches day to day. You don't get there simply by buying another company that is also still developing those same capabilities. So maybe I'll just end by reiterating what Ted said, which is it's our responsibility to look at every significant opportunity, we do that. We've got a clear framework to evaluate those opportunities, and we'll do whatever we think is best to grow the business.

但你必須透過日復一日在一線艱苦奮鬥來培養這些能力。光是收購另一家仍在開發相同能力的公司並不能讓你達到目標。所以，我最後可能只會重申泰德說過的話，那就是我們有責任關注每一個重要的機會，而我們也確實這麼做了。我們有明確的框架來評估這些機會，我們將採取我們認為最有利於業務成長的任何措施。

Great. Thank you. David Joyce from Seaport Research Partners has a slightly different angle on the M&A question. Should potential industry consolidation with embedded studio and streaming assets, could that lead to less third-party content accessibility for Netflix?

偉大的。謝謝。來自 Seaport Research Partners 的 David Joyce 對併購問題有略微不同的見解。如果產業整合過程中嵌入工作室和串流媒體資產，這是否會導致 Netflix 第三方內容的可訪問性降低？

Thanks, David. Look, original titles are the big business driver for us. That's why we got into this more than 10 years ago. And that's why we continue to grow and expand the original content investment across new genres, new content forms in multiple geographies. So we're happy to license titles from industry suppliers to complement our offering. But it's worth noting that we've always seen these kind of ebbs and flows from third-party content in terms of access to it. Our competitors are also our suppliers. So they changed their mind sometimes about selling to competitors. So we've been dealing with that since the beginning of streaming.

謝謝，大衛。原創作品是我們業務的主要驅動力。這就是我們十多年前涉足這個領域的原因。正因如此，我們才會在多個地區不斷增加和擴大原創內容投資，涵蓋新的類型、新的內容形式。因此，我們很樂意從行業供應商那裡獲得授權，以完善我們的產品組合。但值得注意的是，我們一直以來都看到第三方內容的存取權限出現這種起伏波動。我們的競爭對手同時也是我們的供應商。所以他們有時會改變主意，不再向競爭對手推銷產品。所以，自從串流媒體出現以來，我們就一直在處理這個問題。

But as we sit here today, we're not dependent on any single supplier. No single supplier represents more than a small minority of our total view hours. And more importantly, I think, is that we've proven time and time again that licensing to Netflix is the best way to build audience, build revenue and create value for your IP. Whether it's Suits or Peaky Blinders or Breaking Bad, we played a very positive role in the life cycle of other folks' IP, and we suspect that dynamic will continue.

但就目前而言，我們並不依賴任何單一供應商。沒有哪一家供應商在我們總觀看時長中所佔的比例超過一小部分。更重要的是，我認為，我們已經一次又一次地證明，授權給 Netflix 是建立觀眾群、增加收入並為你的智慧財產權創造價值的最佳方式。無論是《金裝律師》、《浴血黑幫》或《絕命毒師》，我們都在其他公司的智慧財產權生命週期中扮演了非常積極的角色，我們認為這種動態將會持續下去。

Great. We now have a question from Justin Patterson of KeyBanc. Netflix recently launched party games that are playable on the TV. How do you think gaming could change the time members spend with Netflix each day?

偉大的。現在我們收到來自 KeyBanc 的 Justin Patterson 的問題。Netflix 最近推出了可在電視上玩的派對遊戲。你認為遊戲會如何改變用戶每天在 Netflix 上花費的時間？

Well, games are clearly a form of entertainment that consumers care about. And in terms of the time they spend, which you noted, as well as the money they spend, it's approximately $140 billion opportunity in consumer spend, ex China, ex Russia. That doesn't even include the ad revenue, which, of course, is linked to the time and engagement.

顯然，遊戲是消費者非常重視的一種娛樂。至於他們花費的時間（正如你所提到的）以及他們花費的金錢，不包括中國和俄羅斯，消費支出方面的機會約為 1400 億美元。這還不包括廣告收入，而廣告收入當然與用戶的時間和參與度有關。

We've mostly talked so far about our work in this space as games because that's an easy shorthand, but we see this initiative as more about interactivity broadly. And how does interactivity become complementary to linear storytelling, how is it able to unlock whole new entertainment experiences. For example, real-time voting will be our first live interactive feature. We're currently testing it on Dinner Time Live with David Chang. It's going to roll out more broadly starting with Star Search in January. And we expect to provide other interactive features to deepen engagement with live events as we go in the future.

到目前為止，我們大多把我們在這個領域的工作稱為遊戲，因為這是一種簡單的概括，但我們認為這項計劃更多的是關於更廣泛的互動性。互動性如何與線性敘事相輔相成，又如何開啟全新的娛樂體驗？例如，即時投票將是我們首個即時互動功能。我們目前正在大衛張主持的《晚餐直播》節目中進行測試。這項計劃將從一月份的《星探》節目開始更廣泛地推廣。未來，我們計劃提供更多互動功能，以加深觀眾對現場活動的參與。

And then when it comes to actual games, we've been building a ton of foundations for the last few years, things like the ability just to develop games, to get those games on to service, connect games with players, give them a high-quality experience. And going forward, we're building on top of that foundation, but focusing on offering more high-quality games and a few key genres and targeting the right cohort of users. So this is a less is more strategy on a few identified verticals.

至於實際的遊戲，過去幾年我們一直在建立大量的基礎，例如開發遊戲的能力，將這些遊戲上線運營，將遊戲與玩家聯繫起來，為他們提供高品質的體驗。展望未來，我們將以此為基礎，專注於提供更多高品質的遊戲和幾個關鍵類型，並瞄準正確的用戶群。所以，這是一種針對幾個特定垂直領域採取的「少即是多」的策略。

Those verticals include immersive narrative games based on our own IP. You can think about Squid Game: Unleashed, or Thronglets from the Black Mirror Universe or Golf with Happy Gilmore. Got games for kids, this is Peppa Pig, no ads, no in-app payments, safe within your subscription. Mainstream established titles, think about what we did with Grand Theft Auto. As well as socially engaging party games, which you noted. We're rolling out this holiday season, a slate of party games on TV. It's great for the whole family. When you're in front of the TV, all you need is a TV and your phone as a controller. Like Boggle Party, Pictionary Game Night, LEGO Party, Tetris. We've got Party Crashers, which is a social deception game.

這些垂直領域包括基於我們自有IP的沉浸式敘事遊戲。你可以想想《魷魚遊戲：釋放》、黑鏡宇宙中的《群魔亂舞》或《與快樂吉爾摩一起打高爾夫》。這裡有適合小朋友玩的遊戲，像是小豬佩奇，沒有廣告，沒有應用程式內購買，訂閱安全無虞。想想我們對《俠盜獵車手》系列遊戲所做的一切，這些都是主流的成熟遊戲。除了你提到的那些具有社交互動性的派對遊戲之外。我們將在這個假期推出一系列電視派對遊戲節目。它非常適合全家一起玩。當你坐在電視前時，你只需要一台電視和你的手機作為控制器。例如拼字遊戲派對、你畫我猜遊戲之夜、樂高派對、俄羅斯方塊。我們有《派對搗蛋鬼》，這是一款社交欺騙遊戲。

And the part that I like most about this is these games are super easy to access. It's just like our series and films. You scroll the Games tab, you pick whatever you want, click it and you're in. You don't need a special controller. That's key to this access.

我最喜歡這些遊戲的一點是，它們非常容易上手。就像我們的電視劇和電影一樣。你滾動瀏覽「遊戲」選項卡，選擇你想要的遊戲，點擊它，就可以進入遊戲了。你不需要特殊的控制器。這是獲得這種權限的關鍵。

And in the years ahead, actually speaking of controllers, we expect creators will really find interesting and novel ways to unlock all of the power that is in this incredibly advanced controller that we all happen to have in our pockets, which, of course, is our phones.

展望未來幾年，說到控制器，我們期待創作者們能夠找到真正有趣和新穎的方式來釋放我們每個人口袋裡都擁有的這款極其先進的控制器（當然，就是我們的手機）所蘊含的所有力量。

So we're just starting to scratch the surface today. We think there's much more we can ultimately do in this space. Yet we already see how this approach not only extends the audience's engagement with the story, but it creates a synergy that reinforces both mediums, the interactive and the noninteractive side. It drives engagement, drives retention, and therefore, supports the business.

所以今天我們只是剛開始觸及皮毛。我們認為在這個領域我們最終還能做更多的事情。然而，我們已經看到，這種方法不僅延長了觀眾與故事的互動時間，而且還創造了一種協同效應，加強了互動和非互動兩種媒介。它能提高用戶參與度，提高用戶留存率，進而支持業務發展。

So looking ahead, we're going to ramp our investment in this area judiciously based on demonstrating that we're ramping returns to the business, but we're extremely excited about the progress we've got ahead of us.

展望未來，我們將根據業務回報的成長情況，謹慎地加大對該領域的投資，但我們對即將取得的進展感到非常興奮。

I would say, do not play Boggle with Greg. He's very, very good.

我建議不要和格雷格玩拼字遊戲。他非常非常優秀。

He's our head of the games unit, but he's good.

他是我們遊戲部門的負責人，但他很優秀。

He has a leg up on us. He's very good.

他比我們有優勢。他非常優秀。

He does. I think he gets to play quite often.

他會的。我覺得他上場的機會還蠻多的。

All right. We have another question from Steve Cahall of Wells Fargo. Last quarter, you talked about Netflix being a great place for some creators on YouTube. Since then, you've announced one new creator deal with Mark Rober. Should we expect more on this front and what kinds of content are you looking for?

好的。我們還有來自富國銀行的史蒂夫·卡哈爾提出的問題。上個季度，你談到 Netflix 對 YouTube 上的一些創作者來說是一個很棒的平台。此後，你宣布與馬克羅伯達成新的創作者協議。我們是否應該期待這方面有更多進展？您希望看到哪些類型的內容？

Yeah. Thanks, Steve. I said before, but we want to be in business with the best creators on the planet, wherever they are. And some of them are in Hollywood, some of them are in Korea, some of them are in Paris, and some of them are sitting on social media platforms that have yet to be discovered. So not everything on YouTube is a fit for us, but there are some creators like Mark Rober, like Ms. Rachel that are a great fit for us.

是的。謝謝你，史蒂夫。我之前說過，我們希望與地球上最優秀的創作者合作，無論他們身在何處。他們中有的在好萊塢，有的在韓國，有的在巴黎，還有一些人活躍在尚未被發現的社群媒體平台上。所以，YouTube 上並非所有內容都適合我們，但有些創作者，像是 Mark Rober 和 Rachel 女士，就非常適合我們。

And remember, working with content creators from other platforms isn't a recent thing for us. And the folks remember over the years, we made Hype House. We partnered with Miranda Sings. She had a standup comedy special and a series called Haters Back Off. King Bach, who's a big star in social media, you could see them in a lot of our films, Babysitter: Killer Queen, when we first met, just to name a few. But now we -- and we also have created a curated-like section of video podcast as well. So some of the stuff is just a very natural expansion and there's plenty of room for the world's best creators wherever they are.

請記住，與其他平台的內容創作者合作對我們來說並不是最近才有的事情。多年來，大家都記得，我們​​打造了 Hype House。我們與米蘭達·辛斯建立了合作關係。她曾推出單口喜劇特輯和一部名為《Haters Back Off》的影集。King Bach 是社群媒體上的大明星，你可以在我們許多電影中看到他，像是《辣手保母：殺手女王》，那是我們第一次見面，僅舉幾例。但現在我們——我們也創建了一個類似精選視訊播客的版塊。所以有些東西只是非常自然的擴展，無論世界頂尖的創作者身在何處，都有足夠的空間讓他們展現才華。

Great. We'll now wrap up with our last topic, which is Gen AI and -- two sort of questions or maybe a two-part question. The first part comes from Doug Anmuth of JPMorgan, who's asking how has your thinking evolved over the past couple of years about Netflix's ability to leverage AI? And related, John Hodulik at UBS asks, what are your thoughts on the impact from Sora 2 and other new AI content creation apps in terms of increased competition from short-form video? Do you think it creates new competition from an engagement standpoint?

偉大的。現在我們以最後一個主題——人工智慧世代——來結束今天的討論，這個問題可以分成兩部分，或者說是一個包含兩部分的問題。第一部分來自摩根大通的道格安穆斯，他問的是，在過去幾年裡，您對 Netflix 利用人工智慧的能力的看法發生了怎樣的變化？此外，瑞銀集團的約翰·霍杜利克問道：您認為 Sora 2 和其他新的 AI 內容創作應用程式對短視頻領域日益激烈的競爭會產生怎樣的影響？你認為從用戶參與的角度來看，這會帶來新的競爭嗎？

Perhaps, I'll kick it off on the first part of that question. Our thinking about AI hasn't really changed over 1.5 decades more. We've had a long history of developing ML and AI solutions. We've got deep DNA, technology DNA, got significant data assets. We've got scaled consumer products, scaled business processes. All of that, we think, enables us to have the opportunity to leverage new technical capabilities as they come online. And that's our job. We're engaging proactively to do so.

或許，我可以先從這個問題的第一部分開始回答。在過去15年裡，我們對人工智慧的看法並沒有真正改變。我們在開發機器學習和人工智慧解決方案方面擁有悠久的歷史。我們擁有深厚的基因、技術基因，以及大量的數據資產。我們擁有規模化的消費產品和規模化的業務流程。我們認為，所有這些都使我們能夠有機會在新技術上時加以利用。這就是我們的工作。我們正在積極主動地參與其中。

As we said in the letter, specifically with Gen AI, we see huge number of places in the business where we can bring these technologies in. They provide more capable tools, they improve productivity, they improve velocity of innovation. They deliver better results from members, for creators, for partners. The vast majority of those cases involve us going to market for solutions and just integrating them into our existing tools and products.

正如我們在信中所說，特別是對於 Gen AI，我們看到了企業中大量可以引入這些技術的地方。它們提供更強大的工具，提高生產力，並加快創新速度。它們能為會員、創作者和合作夥伴帶來更好的效果。絕大多數情況下，我們都是在市場上尋找解決方案，然後將其整合到我們現有的工具和產品中。

But there are a few spaces where we think that making targeted investments is important. We think we can develop often using building blocks from others. So think about this as foundational models that we get open source or commercially to make cutting-edge tools and cutting-edge experiences. And those targeted areas of investment are better product experiences, content production and advertising.

但我們認為，在某些領域進行針對性的投資非常重要。我們認為我們可以經常利用他人的建構模組來發展。所以，你可以把這些看作是基礎模型，我們可以透過開源或商業方式來獲得這些模型，從而打造尖端工具和尖端體驗。這些重點投資領域包括更好的產品體驗、內容製作和廣告。

And maybe, Ted, you want to pick it up on the content creation apps part of the question.

或許，Ted，你想重點談談問題中關於內容創作應用程式的部分。

Yeah. Look, what we've seen so far from these content creation apps is that it's likely to have a lot more impact on UGC creators the most in the near term. In other words, AI content replacing viewing of existing user-generated content, that starts to make sense.

是的。從目前這些內容創作應用程式的情況來看，它們在短期內可能會對使用者原創內容（UGC）創作者產生更大的影響。換句話說，用人工智慧內容取代對現有用戶生成內容的觀看，這開始變得有意義了。

Before we do, it takes a great artist to make something great. Writing and making shows and films well is a rare commodity, and it's only done successfully by very few people. So AI can give creatives better tools to enhance their overall TV movie experience for our members. But it doesn't automatically make you a great storyteller if you're not. So if music is a leading indicator of all this, AI-generated music has been around for a long time, and there's a lot of it.

在我們開始之前，我們需要一位偉大的藝術家來創作偉大的作品。優秀的編劇和影視製作能力非常稀缺，只有極少數人能夠成功做到。因此，人工智慧可以為創作者提供更好的工具，從而提升我們會員的整體電視電影體驗。但如果你不是個優秀的說故事者，這並不代表你天生就是個優秀的說故事者。所以，如果音樂是這一切的領先指標，那麼人工智慧生成的音樂已經存在很久了，而且數量龐大。

And it's a pretty small part of total listening, and established artists like Taylor Swift continue to be more popular than ever. So even in a world filled with AI music, AI seems to be mostly a tool for musicians to take their sound in new directions. And so we're confident that AI is going to help us and help our creative partners tell stories better, faster in new ways, we're all in on that. But we're not chasing novelty for novelty's sake here, and we're investing in what we believe delivers value for creators and members alike. So we're not worried about AI replacing creativity, but we're very excited about AI creating tools to help creativity.

而且，這只是整體收聽量的一小部分，像泰勒絲這樣的知名藝人仍然比以往任何時候都更受歡迎。因此，即使在人工智慧音樂盛行的今天，人工智慧似乎主要成為音樂家們將音樂帶向新方向的工具。因此，我們相信人工智慧將幫助我們和我們的創意夥伴以全新的方式更快、更好地講述故事，我們對此充滿信心。但我們追求的並非為了新奇而新奇，而是投資於我們認為能為創作者和會員帶來價值的事物。所以我們並不擔心人工智慧會取代創造力，而是非常興奮地看到人工智慧能夠創造出幫助創造力的工具。

Great. Thank you all for your questions. So we're now out of time. So we thank you for joining us for our Q3 call, and we look forward to speaking with you all next quarter. Thank you.

偉大的。謝謝大家的提問。時間到了。感謝各位參加我們的第三季電話會議，我們期待下個季度與各位再次交流。謝謝。