Netflix Inc (NFLX) 2025 Q4 法說會逐字稿

Good afternoon and welcome to the Netflix Q4 2025 earnings interview. I'm Spencer Wong, VP of Finance and Capital Markets. Joining me today are co-CEOs: Ted Sarandos and Greg Peters; and CFO, Spence Newman.

下午好，歡迎收看Netflix 2025年第四季財報訪談。我是 Spencer Wong，財務與資本市場副總裁。今天與我一同出席的有聯合執行長：泰德·薩蘭多斯和格雷格·彼得斯；以及財務長斯賓塞·紐曼。

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

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。

We'll now take questions submitted by the analyst community and we'll begin first with questions about our results and forecast.

接下來我們將回答分析師們提交的問題，首先是關於我們業績和預測的問題。

The first question comes from Robert Fishman of MoffettNathanson who asked, the Wall Street Journal Report last year discussed an internal memo with long-term goals to double revenue and triple profits. Without commenting on those specific targets, about nine months later, is there anything you have seen in the core business to reevaluate the speed of growth over the next few years? And can you clarify if those targets included any M&A?

第一個問題來自 MoffettNathanson 公司的 Robert Fishman，他問道：《華爾街日報》去年的報道討論了一份內部備忘錄，其中設定了長期目標，即收入翻一番，利潤翻三番。在不評論這些具體目標的前提下，大約九個月後，您在核心業務中是否看到了任何需要重新評估未來幾年成長速度的情況？請問這些目標是否包括任何併購交易？

Sure. We find it useful to talk internally about our long-term aspirations, which, as we said at the time that this was reported last year, aren't the same as a forecast. But having said that, those goals were based on organic progress. They did not contemplate or assume any M&A, because we didn't have any M&A on sort of our horizon at the time. And over the last nine months, we've seen continued growth. We are now forecasting more healthy growth for the year to come, specifically organic growth.

當然。我們認為在內部討論我們的長期願景很有幫助，正如我們在去年報導此事時所說，這些願景與預測並不相同。但話說回來，這些目標都是基於循序漸進的發展。他們沒有考慮或設想任何併購，因為當時我們沒有任何併購計畫。在過去的九個月裡，我們看到了持續成長。我們現在預測來年將出現更健康的成長，特別是內生成長。

Of course, there's a lot of hard work ahead to fully realize those opportunities, both short-term and long-term. But based on the progress that we've made so far and expect to make and our continuing assessment of the opportunity, we still feel good about those targets.

當然，要充分實現這些機遇，無論是短期或長期，還有許多艱苦的工作要做。但根據我們目前取得的進展以及預期將要取得的進展，並結合我們對機會的持續評估，我們仍然對這些目標感到樂觀。

Putting maybe a little bit more meat on that bone, in 2025, we met or exceeded all of our financial objectives. We made solid progress on our key priorities. We delivered 16% revenue growth, roughly 30% operating profit growth, expanding margins, growing free cash flow, ad sales, 2.5 times in 2025. We expect that business to roughly double again in 2026 to about $3 billion.

更確切地說，到 2025 年，我們實現了或超過了所有財務目標。我們在重點工作方面取得了實質進展。我們實現了 16% 的營收成長、約 30% 的營業利潤成長、利潤率擴大、自由現金流成長，廣告銷售額在 2025 年成長 2.5 倍。我們預計到 2026 年，該業務規模將再次翻一番，達到約 30 億美元。

So we're making good progress and the opportunity ahead of us is massive. We are still under 10% of TV time in all major markets, which we compete. We've got hundreds of millions of households around the world still to sign up. We're just about 7% of the addressable market in terms of consumer and ad spend. So tons of room ahead of us.

所以，我們取得了良好的進展，擺在我們面前的機會是巨大的。在所有主要市場，我們的電視播出時間仍然不到競爭對手的10%。全球還有數億家庭尚未註冊。就消費者和廣告支出而言，我們只佔潛在市場的7%左右。所以前面還有很大的發展空間。

Ted, anything you want to add?

泰德，你還有什麼要補充的嗎？

Yeah, I'll just say, looking ahead to 2026, we're focused on improving the core business. And we do that by increasing the variety and quality of our business in films. We do that by enhancing the product experience and by growing and strengthening our ad business. We're also building out some newer initiatives, like our live outside of the US, things like the World Baseball Classic in Japan. It's launching in March.

是的，我只想說，展望 2026 年，我們將專注於改善核心業務。我們透過增加電影業務的種類和品質來實現這一目標。我們透過提升產品體驗以及發展壯大廣告業務來實現這一目標。我們也正在推動一些新的項目，例如在美國以外舉辦的活動，例如在日本舉辦的世界棒球經典賽。它將於三月發布。

We're expanding into more content categories, like video podcast, which just kicked us off this week. And we're continuing to scale our cloud-first game strategy. We're working really hard to close the acquisition of Warner Bros Studios and HBO, which we see as a strategic accelerant.

我們正在拓展到更多的內容類別，例如視訊播客，我們本週剛開始推出這個系列。我們將繼續擴大雲端優先遊戲策略的規模。我們正在努力完成對華納兄弟影業和HBO的收購，我們認為這將是一個策略加速器。

And we're doing all this while we're driving and sustaining healthy growth. We forecast 2026 revenue at $51 billion, which is up 14% year on year. It's an exciting time. This is an exciting time in the business; lots of innovation, lots of competition. But that's also been true of us for 25 years.

而且，我們做這一切的同時，也在推動和維持健康的成長。我們預測 2026 年營收將達到 510 億美元，年增 14%。這是一個令人興奮的時刻。這是商業領域激動人心的時期；創新層出不窮，競爭也異常激烈。但過去25年來，我們的情況也是如此。

At Netflix, we kind of embrace change and thrive on competition, because it pushes us to keep improving the service even faster and faster for our members. You know, years ago, when we moved from DVD by mail into streaming. We were in a heated battle with Walmart for that DVD business. So we're no strangers to competition and we're no strangers to change.

在 Netflix，我們樂於接受變化，並在競爭中蓬勃發展，因為這促使我們不斷改進服務，以更快的速度為會員服務。你知道，就在很多年前，我們從郵寄DVD轉向串流媒體的時候。我們當時和沃爾瑪在DVD市場展開了激烈的競爭。所以我們對競爭並不陌生，對改變也不陌生。

Through that change in competition, we've grown into an entertainment company that is thrilling an audience, that is now approaching near 1 billion people, and producing series and films around the world with hits that resonate with audiences locally and globally.

透過競爭格局的改變，我們發展成為一家娛樂公司，為觀眾帶來激動人心的節目，如今我們的觀眾已接近 10 億，我們在世界各地製作的電視劇和電影都取得了巨大的成功，引起了本地和全球觀眾的共鳴。

Thank you, Ted. And just to circle back to Greg's point real quick, we're very excited about the business. We're very excited about the organic opportunity ahead. You see that in our performance. And we're as energized as ever to achieve our mission to entertain the world.

謝謝你，泰德。最後再簡單回到格雷格剛才的觀點，我們對這項業務感到非常興奮。我們對未來的有機成長機會感到非常興奮。從我們的表現中就能看出來。我們依然充滿熱情，致力於實現為世界帶來娛樂的使命。

Thanks, Ted. Our next question is about our outlook. It comes from Steve Cahall of Wells Fargo. The content amortization growth forecast of 10% in your earnings letter implies a bit of an acceleration from 2025. Can you provide some context as to where you're pushing for the most incremental investment, e.g. events, reality series, films, license content, et cetera?

謝謝你，泰德。我們的下一個問題是關於我們的前景。消息來自富國銀行的史蒂夫·卡哈爾。您在獲利報告中預測的內容攤銷成長率為 10%，這意味著從 2025 年開始成長速度會略有加快。您能否提供一些背景信息，說明您目前最希望在哪些方面獲得增量投資，例如活動、真人秀、電影、授權內容等等？

Yeah. Look, I think the cadence of our releasing is really strong. We have a really strong push out in the first half of this year already with some great hits right out of the gate.

是的。你看，我認為我們的產品發布節奏非常穩健。今年上半年我們已經取得了非常強勁的勢頭，開局就推出了一些非常成功的產品。

You want to talk to that a bit, Spence?

史賓塞，你想稍微談談這個嗎？

Yeah. I mean, I would say just generally, we've got a strong lineup throughout the year. But yeah, Steve, as you noted, you know, in 2025, our slate was heavily back half weighted and we expect more typical seasonality this year.

是的。我的意思是，總的來說，我們全年都擁有強大的陣容。但是，史蒂夫，正如你所指出的，你知道，在 2025 年，我們的賽程安排嚴重偏重於後半段，而我們預計今年的賽程安排會更加符合典型的季節性規律。

So still a bit heavier in the back half of '26 than the front half of '26. In particular, Q4 -- the fourth quarter is always generally the most packed for us in any given year. But overall, a smoother slate and smoother slate timing this year relative to '25. So as a result, you should see higher year-over-year content expense growth in the first half of '26, growing off of that smaller base that we had in the first half of last year.

所以，2026 年下半年的重量還是比 2026 年上半年的重量略重。尤其是第四季——通常來說，每年的第四季都是我們最忙碌的季度。但總體而言，與 2025 年相比，今年的開局和時機都更加順利。因此，由於去年上半年的基數較小，預計 2026 年上半年的內容支出將較去年同期成長。

But for the full year, we're estimating, as you see in our letter, content amortization to increase roughly 10% year over year. Our content cash-to-expense ratio should hold pretty steady. at about the 1.1x ratio that we've been managing to the last few years. So it's no change in our approach. We aim to grow content spend slower than revenue so that it contributes to our margin expansion, while strengthening, expanding, and expanding that entertainment offering as you heard from Greg and Ted across not just our core film and series, but it kind of expanding into more content formats.

但正如您在信中所看到的，我們預計全年內容攤銷將比上年增長約 10%。我們的內容現金支出比率應該會保持穩定，大約在過去幾年我們一直維持的1.1倍左右。所以我們的方法沒有改變。我們的目標是讓內容支出成長速度低於收入成長速度，從而促進利潤率的提升，同時加強、擴展和擴大娛樂產品，正如格雷格和泰德所說，不僅包括我們的核心電影和劇集，還要擴展到更多的內容形式。

Yeah. Let me tell you what that waiting looks like to the members too, what you just talked about, Spence. But, you know, in the first half of this year, we said we'd come out of the gate with some great hits. People We Meet On Vacation, The Rip, His & Hers, a New Year's Eve release of Stranger Things Finale is still crushing. We've got Bridgerton Season 4, that's coming up later this month and next month. So you see that we're really excited about the '26 slate, both H1 and H2.

是的。史賓塞，讓我來告訴你，對成員們來說，等待是什麼樣的。但是，你知道，今年上半年我們說過，我們會以一些熱門歌曲開局。《我們在假期中遇到的人》、《撕裂》、《他和她》、以及新年夜播出的《怪奇物語》大結局，仍然令人心碎。《布里奇頓》第四季將於本月晚些時候和下個月播出。所以你可以看出，我們對 2026 年的陣容，包括上半年和下半年，都非常興奮。

We've already mentioned the Bridgerton return. But we also have a return of One Piece Season 2, third season of The Night Agent, second season of Beef, 100 Years of Solitude from Columbia back for a second season. We've got Avatar: The Last Airbender. We've got Emmy, Golden Globe, and SAG-AFTRA nomination for The Diplomat Season 4 back again for a new season. Tires Season 3, and the series finale of Outer Banks. That's like the returning stuff.

我們之前已經提到過布里奇頓回歸的消息了。但我們也迎來了《海賊王》第二季、《夜行特工》第三季、《牛肉》第二季，以及哥倫比亞出品的《百年孤獨》第二季的回歸。我們有《降世神通：最後的氣宗》。《外交官》第四季獲得了艾美獎、金球獎和美國演員工會獎的提名，新一季即將回歸。《輪胎》第三季，以及《外灘探秘》的劇終集。這就像退貨一樣。

For new things, we're really excited about Something Very Bad and The Burrows, both new series from the Duffer Brothers following up Stranger Things; Pride and Prejudice from the UK; Man on Fire Can This Love Be Translated? just launched from Korea, it looks like it's going to be another really nice hit for K-drama lovers um i mentioned some of our early films.

對於新事物，我們非常期待《Something Very Bad》和《The Burrows》，這兩部劇都是達弗兄弟繼《怪奇物語》之後推出的新劇；英國的《傲慢與偏見》；《Man on Fire》；《Can This Love Be Translated?》這部劇剛在韓國上映，看起來會成為韓劇愛好者的另一部熱門劇集，嗯，我之前提到過我們早期的一些電影。

But we've got People We Meet On Vacation; and The Rip, with Ben Affleck and Matt Damon, it's already off to a great start. Still looking forward to Peaky Blinders: The Immortal Man from Cillian Murphy. We've got Greta Gerwig's Narnia. We've had Apex with Charlize Theron. We've got Denzel Washington and Robert Pattinson in The Great Heist Caper, Here Comes the Flood. And we've got a bunch of surprises upcoming too for '26.

但我們有《我們在假期中遇到的人》；還有由班艾佛列克和麥特戴蒙主演的《撕裂》，它已經取得了巨大的成功。依然期待希里安墨菲執導的《浴血黑幫：不朽之人》。我們有葛莉塔葛韋格執導的《納尼亞傳奇》。我們曾與查理茲·塞隆合作過《Apex》。我們有丹佐華盛頓和羅伯派汀森主演的《大劫案：洪水來臨》。2026年我們還將推出一系列驚喜。

Thanks, Ted. Thanks, Spence. That's a good segue into our next question on the outlook from John Blackledge of TD Cowen. For your 2026 guidance, can you walk through the key drivers of the top line revenue range, which was above consensus at the midpoint? And for the operating margin guidance of 31.5%, can you talk about the puts and takes to that guidance in any other color would be great.

謝謝你，泰德。謝謝你，史賓塞。這正好引出了我們下一個問題，即TD Cowen的John Blackledge提出的關於前景的問題。對於您 2026 年的業績指引，能否詳細說明一下推動營收成長的關鍵因素？此業績預測的中點高於市場普遍預期。至於31.5%的營業利益率預期，您能否談談對該預期的看法？如果能用其他顏色標註就更好了。

Yeah. Sure, John. I'll take this one. So we -- we've got strong growth outlook. As you heard from Greg and Ted, we feel great about our organic growth outlook. I hope you see that on our top and bottom line guide.

是的。當然可以，約翰。我選這個。所以我們——我們擁有強勁的成長前景。正如格雷格和泰德所說，我們對自身的有機成長前景感到非常樂觀。我希望您能在我們的損益平衡點指南中看到這一點。

So on the revenue side, for 2026, key drivers are similar to '25. So it's membership growth, it's pricing and it's a rough doubling of our ad revenue in 2026 to about $3 billion. So a bit more relative contribution from ads is we're scaling that business.

因此，就收入而言，2026 年的關鍵驅動因素與 2025 年類似。所以，關鍵在於會員成長、定價，以及到 2026 年廣告收入大致翻一番，達到約 30 億美元。因此，廣告帶來的相對貢獻會更大一些，因為我們正在擴大這項業務的規模。

And so we feel great about that, and we feel great about our operating profit growth and margin growth, too. We're targeting 15% operating margins for 2026. That's up 2 points. So no change to our approach there. We set margin targets. So when you think about the puts and takes, we're always balancing the investment into our core business to drive sustained revenue growth with spend discipline. And we aim to grow our margins each year.

因此，我們對此感到非常滿意，對我們的營業利潤成長和利潤率成長也感到非常滿意。我們的目標是到 2026 年達到 15% 的營業利潤率。領先2分。所以，我們的做法不會改變。我們設定了利潤率目標。所以，在考慮投入和回報時，我們始終在努力平衡對核心業務的投資，以推動持續的收入成長，同時嚴格控制支出。我們的目標是逐年提高利潤率。

That rate of that year-over-year growth, it bounces around a bit based on investment opportunities and other considerations in a given year. If you look back over the last handful of years, we've expanded our operating margins about 2 percentage points annually on average. This guide at 2 percentage points. That actually includes about 0.5 percentage point drag from the expected M&A expenses that we referenced in the letter. So if you exclude that, we're guiding to about 2.5 points of margin expansion.So very much in line with what we've been delivering.

這種年比成長會根據特定年份的投資機會和其他因素而略有波動。回顧過去幾年，我們的營業利潤率平均每年增長約 2 個百分點。本指南的百分比為 2 個百分點。這實際上包括了我們在信中提到的預期併購費用帶來的約 0.5 個百分點的拖累。因此，如果排除這部分因素，我們預期利潤率將成長約2.5個百分點。這與我們一直以來的業績基本一致。

And this year, in particular, again, getting back to the puts and takes, we're seeing a number of attractive investment opportunities to strengthen and expand our entertainment offering and our product and commerce capabilities. So we are increasing our expense growth a bit this year, a bit higher pace of growth relative to last year to invest into those opportunities, all while continuing to expand our margins and deliver strong dollar profit growth.

而今年，尤其如此，回到投資和投資的話題上，我們看到了許多有吸引力的投資機會，可以加強和擴展我們的娛樂產品、產品和商業能力。因此，今年我們將略微提高支出成長速度，相對於去年而言，成長速度會更快一些，以便投資於這些機會，同時繼續擴大利潤率，實現強勁的美元利潤成長。

And I don't know, maybe, Greg, Ted, I don't know if you want to talk a little bit more about our focused areas of investment?

我不知道，格雷格，泰德，你們是否想再多談談我們重點投資的領域？

On the content, I'll tell you a couple of things that we're excited about and this -- we're investing into them because our members are showing a lot of excitement for them. So we've got some new license deals in place, with Sony A1 movie deal. We've expanded our Universal licensing deal for the kind of that already included some very successful animation films to include live action films. We have a new slate of licensed titles from Paramount, which is going to bring a lot of new series and television shows that Netflix has never had around the world, very exciting.

關於內容方面，我想告訴你們幾件我們感到興奮的事情——我們正在投資這些內容，因為我們的會員對它們表現出了極大的熱情。我們已經達成了一些新的授權協議，包括與索尼A1電影公司的協議。我們擴大了與環球影業的授權協議，該協議先前已涵蓋一些非常成功的動畫電影，現在則涵蓋了真人電影。我們從派拉蒙影業獲得了一批新的授權片源，這將為 Netflix 帶來許多前所未有的全新劇集和電視節目，非常令人興奮。

In the live area, we've now executed more than 200 live events. And we're expanding to do more now outside of the US, including World Baseball Classic in Japan. I mentioned that in March. And this Friday, we have Skyscraper Live, which is going to be an TV experience for sure. So more to come there. And we just kicked off podcast this quarter, which has been exciting.

在現場直播領域，我們目前已經舉辦了超過 200 場現場活動。我們現在正將業務拓展到美國以外的更多地區，包括在日本舉辦的世界棒球經典賽。我三月的時候有提到這件事。本週五，我們將迎來《摩天大樓直播》，這絕對會是一次難忘的電視體驗。所以，後續還會有更多內容。我們本季剛剛啟動了播客節目，這令人興奮。

We had launched new ones from Spotify and The Ringer, iHeartMedia, Bar School, we have a lot more to come and some new originals. So these are all areas that have shown great promise. Members love them, and we're excited to broaden the investment to include them. an

我們已經推出了來自 Spotify、The Ringer、iHeartMedia、Bar School 的新節目，未來將推出更多節目和一些新的原創節目。所以這些都是展現出巨大潛力的領域。會員們非常喜歡它們，我們也很高興能擴大投資範圍，並將它們納入其中。

Greg, do you want to jump in here, too?

格雷格，你也想加入嗎？

Yeah. I'd say on top of content, we've got a number of other areas that we expect will drive meaningful growth and returns on the tech and dev side.

是的。我認為，除了內容之外，我們還有一些其他領域，我們預計這些領域將在技術和開發方面帶來有意義的成長和回報。

We're continuing to build out that ad tech stack. We're evolving our mobile UI. We are adding two more live operations centers in '26. One is going to be in UK and one in Asia to support the growth of our live efforts outside the US and adds beyond the tech side, we continue to invest in more sales, more go-to-market capabilities.

我們正在繼續完善廣告技術堆疊。我們正在改進行動端用戶介面。我們將在 2026 年新增兩個營運中心。其中一家將設在英國，另一家設在亞洲，以支持我們在美國以外地區的現場業務成長。除了技術面，我們也將繼續投資於更多的銷售和更多的市場推廣能力。

That's a direct driver of advertising growth. On games, we are going to continue to invest in the cloud-first gaming strategy that we've added, that this makes TV games more accessible by rolling out cloud games to more customers and more countries.

這是廣告成長的直接驅動因素。在遊戲方面，我們將繼續投資我們新增的雲端優先遊戲策略，透過向更多客戶和更多國家推出雲端遊戲，讓電視遊戲更容易取得。

If you take all of that sort of stepping back within the margin expansion model that Spence described, which keeps us disciplined on returning to shareholders as we invest in new growth, we also think about investing across our portfolio based on demonstrated capability to translate those investments into value for members and returns for the business. We've got a solid track record of doing that in our core content category, so we're going to continue to grow there.

如果你把 Spence 所描述的那種利潤擴張模式中的所有退步都考慮進去，這種模式讓我們在投資新增長的同時，也能保持對股東回報的紀律性，我們也會考慮根據已證明的能力，在我們的投資組合中進行投資，以將這些投資轉化為成員價值和企業回報。我們在核心內容領域已經取得了不錯的成績，所以我們將繼續在這個領域發展。

We're also increasingly confident about our ability to do that in ads and live where the 200 live events that Ted mentioned indicates that we should ramp and grow in those areas. And then for our other initiatives, those represent a small fraction of our overall investment, and we always remain very disciplined and measured in increasing those investments based on demonstrating that we can deliver member value. We can translate that investment into member value and move the business forward.

我們也越來越有信心在廣告和現場活動中做到這一點，Ted 提到的 200 場現場活動表明我們應該在這些領域加大投入並發展壯大。至於我們的其他舉措，這些舉措僅占我們整體投資的一小部分，我們始終保持高度的自律和謹慎，在證明我們能夠為會員創造價值的基礎上，逐步增加這些投資。我們可以將這筆投資轉化為會員價值，並推動業務發展。

Thanks, Greg. Thanks, Ted. Thanks, Spence Ben, that fulsome response. I'll move us along now to a few questions around engagement. The first comes from Rich Greenfield of LightShed Partners.

謝謝你，格雷格。謝謝你，泰德。謝謝斯賓塞·本，你的回覆非常詳盡。接下來，我們將討論一些關於參與度的問題。第一條來自 LightShed Partners 的 Rich Greenfield。

At this stage of Netflix's maturity, how directly tied is engagement to churn and pricing power as you started talking more openly about how all hours of engagement are not the same?

在 Netflix 發展到如今這個階段，用戶參與度與流失率和定價權之間的直接連結有多大？您也開始更公開地談論並非所有用戶參與時長都相同。

So viewing hours that's a really important factor in assessing the value that we deliver to customers. And value delivered is what drives the outcomes that you mentioned, Rich, and really, it drives most outcomes that we care about. But it's just one of many metrics that we look at, and we continue to develop an increasing understanding of how to measure that value delivered.

所以觀看時間長度是評估我們為客戶提供的價值的一個非常重要的因素。Rich，你提到的那些結果，以及它所帶來的價值，實際上，正是這些價值驅動著我們所關心的絕大多數結果。但這只是我們關注的眾多指標之一，我們也不斷加深對如何衡量所創造價值的理解。

So maybe start by just noting that total viewed hours in the second half of '25 grew 2% year on year. That's 1.5 billion additional hours, slight acceleration from the 1% growth we saw in the first half. But even with that number, there's some nuance underneath that. So viewing of our branded originals was actually up 9% year over year in the second half versus 7% in the first half.

所以，或許可以先註意到，2025 年下半年的總觀看時間比去年同期成長了 2%。這意味著新增15億小時，比上半年1%的成長率略有加快。但即便如此，這個數字背後也隱藏著一些細微差別。因此，下半年我們品牌原創內容的觀看量較去年同期成長了 9%，而上半年則較去年同期成長了 7%。

That represents roughly half of our overall viewing. But viewing on the second run titles was lower year over year, because the volume of licensed titles that we're carrying came down across most regions. And that's due largely to the fact that we stepped up our licensing in '23 and '24 during the strikes, which had shut down new productions. So that's balancing out that volume right now. But beyond view hours then, as you stated, all hours of engagement are not the same, and we really care about the quality of that engagement.

這大約占我們總觀看量的一半。但二輪播放影片的觀看次數較去年同期下降，因為我們在大多數地區提供的授權影片數量有所減少。這主要是因為我們在 2023 年和 2024 年罷工期間加強了授權工作，而罷工導致新作品停拍。所以目前交易量正在趨於平衡。但是，正如您所說，除了觀看時間長度之外，所有互動時間都不一樣，我們非常重視互動的品質。

For example, we said in the letter, live programming is an example where any given hour of entertainment has the potential to deliver outsized value. That's certainly also the case when you have a huge fan of a particular series or a movie. And we, as viewers, we feel this intuitively, right?

例如，我們在信中提到，直播節目就是一個例子，任何一小時的娛樂節目都有可能帶來巨大的價值。如果你有一個特別喜歡某部劇集或電影的鐵桿粉絲，情況當然也是如此。我們身為觀眾，也能憑直覺感受到這一點，對吧？

We feel that excitement that difference that value when we watch something that we've been anticipating and we just can't wait to watch. And as a business, we've become increasingly sophisticated, evolving our measures of that quality of engagement that we are delivering. It's very hard to do this, but we're getting better and better at it. And our primary quality metric we achieved in '25 an all-time high for the service.

當我們觀看期待已久、迫不及待想要觀看的影片時，我們會感受到那種興奮、那種不同、那種價值。作為一家企業，我們變得越來越成熟，不斷改進我們對所提供的客戶互動品質的衡量標準。這很難做到，但我們在這方面越來越得心應手了。我們在 2025 年實現了服務品質的主要指標，達到了歷史最高水準。

We set a high goal for that metric and Bella and our content team stepped up and achieve that goal. That means that we deliver more entertainment value for our members. And that shows up in core metrics like acquisition, like retention, retention is among the best in the industry, and we just completed a quarter where churn improved year on year.

我們為這項指標設定了很高的目標，Bella 和我們的內容團隊挺身而出，實現了這個目標。這意味著我們將為會員提供更多娛樂價值。這一點體現在核心指標上，例如客戶獲取率和客戶留存率，我們的客戶留存率在業界名列前茅，而且我們剛剛結束了一個季度，客戶流失率同比有所改善。

Customer satisfaction is an all-time high. We also saw strong member growth. So we really manage more and more towards that complete understanding of value delivered, because it's really what translates best in directly to revenue growth, and it better captures the overall health of our business.

顧客滿意度達到歷史新高。我們也看到了會員數的強勁成長。因此，我們越來越注重對所創造價值的全面理解，因為這才是真正能直接轉化為收入成長的最佳方式，也能更好地反映我們業務的整體健康狀況。

Yeah. I would just add, Greg, if you don't mind, of course, we look at the view hours, Rich, but we also look at other signals to assess our members are engaging and how important do they value that engagement.

是的。我還要補充一點，格雷格，如果你不介意的話，當然，我們會查看觀看時長，里奇，但我們也會查看其他指標來評估我們的會員的參與度以及他們對這種參與的重視程度。

So members have different value for different types of programming. In the letter, we talked about the fandom for K-Pop and for Stranger Things Season 5, and how fandom is such a powerful engine for our business, because it creates advocates for Netflix, valuable even beyond the 10 hours spent watching Stranger Things or the hour 39 spent watching K-pop Demon Hunters. So we're really super confident we're going to continue to grow engagement, but more importantly, the value of that engagement as well because that's what allows us to sustain healthy revenue growth in the long term.

因此，會員對不同類型的程式設計項目有不同的價值。在信中，我們談到了 K-Pop 和《怪奇物語》第五季的粉絲群體，以及粉絲群體如何成為我們業務的強大引擎，因為它為 Netflix 創造了擁護者，其價值甚至超過了觀看《怪奇物語》的 10 個小時或觀看《K-pop Demon Hunters》的 39 個小時。因此，我們非常有信心能夠持續提高用戶參與度，但更重要的是，提高用戶參與度的價值，因為這才能讓我們在長期內保持健康的營收成長。

Thanks, Ted. Our next question on engagement comes from Ben Swinburn of Morgan Stanley. The engagement report gives us a sense of aggregate engagement across all titles and all members arguably, it's an overly simplified lens with which to view the health of the business, but one that suggests to some that the WB acquisition reflects a need for Warner in HBO's IP to address stagnant engagement levels on Netflix today.

謝謝你，泰德。我們下一個關於員工敬業度的問題來自摩根士丹利的本‧斯溫伯恩。這份互動報告讓我們了解了所有影片和所有會員的整體互動情況。雖然可以說，用這種過於簡化的視角來看待公司的健康狀況有些片面，但它也向一些人表明，華納兄弟收購 HBO 的知識產權反映了華納需要解決 Netflix 目前停滯不前的互動水平問題。

Why is that the wrong conclusion? And how do you see the underlying engagement trends in the business?Very succinct bear case from Ben Swinburn over to Ted or Greg.

為什麼這個結論是錯的？您如何看待企業中潛在的員工敬業度趨勢？非常Ben Swinburn 將簡潔明了的熊市分析轉交給 Ted 或 Greg。

Yeah. So I'll take this one. So you're right, Ben, and as we sort of got to a little bit in the previous answer. Total view hours by itself, it's an overly simplified view into engagement and engagement trends. And why is that? Because view hours is basically a very broad metric.

是的。那我就選這個吧。所以你說得對，本，就像我們在之前的回答中稍微談到的。總觀看時長本身並不能全面反映使用者參與度和參與趨勢。這是為什麼呢？因為觀看時間基本上是一個非常廣泛的指標。

It's influenced by a lot of things. You've got plan mix, tenure mix, geography culture, differences are a big factor just as one example, take consumers in Japan. They watch roughly one-half to two-thirds of the amount of TV is American consumers.

它受到許多因素的影響。計畫組合、任期組合、地理文化差異都是很大的因素，舉例來說，以日本消費者為例。他們觀看電視的時間大約占美國消費者電視觀看時間的二分之一到三分之二。

So as you have more member growth in places like Japan, and there are a lot of places like that. And frankly, where we have more upside and more potential growth over the years to come, that skews the view hours per member.

因此，隨著像日本這樣的地方會員數量不斷增長，而像這樣的地方還有很多。坦白說，未來幾年我們更有發展空間、更大成長潛力的地方，會扭曲每位會員的觀看時間。

So we look at engagement at a portfolio level. View hours is one element of that, but we also look to those quality metrics that we were talking about. And as we said, we see improving quality translates into core metrics like better retention. And just to reiterate, our retention is among the best in the industry, customer's at an all-time high. And those are more complete or maybe better said, those are outcome measures that we really, really focus on. So we have multiple tools to keep improving those measures and the value that we deliver.

因此，我們從投資組合層面來檢視參與度。觀看時間是其中一個因素，但我們也會關注我們剛才提到的那些品質指標。正如我們所說，我們看到品質的提高可以轉化為更好的客戶留存率等核心指標。再次強調，我們的客戶留存率在業界名列前茅，客戶數量也達到了歷史新高。這些指標更全面，或者更準確地說，這些是我們真正關注的結果指標。因此，我們擁有多種工具來不斷改進這些措施和我們提供的價值。

More and better production back to pushing on the quality scores and how do we improve that? More licensing, more partnerships with local creative communities with local broadcasters around the world. That improves local content market fit.

提高產量和質量，從而提升品質評分，我們該如何改進？更多授權，更多與世界各地當地創意社區和當地廣播公司的合作。這樣可以提高本地內容與市場的契合度。

We're very optimistic about our organic growth prospects. And as you see from our forecast as well as maybe the aspirational goals that we referenced before, which don't include any M&A. We see huge opportunity to keep improving things there.

我們對自身的有機成長前景非常樂觀。正如您從我們的預測以及我們之前提到的願景目標中看到的那樣，這些目標並不包括任何併購活動。我們看到了在那裡繼續改進的巨大機會。

But we also see Warner Bros, with 100 years of IP, an incredible library, great new shows and films. That's an accelerant to our strategy and it's another mechanism to improve our offering for our members. So our job is to identify the best opportunities to improve that offering, both organic and through selected M&A, and always remain flexible and disciplined in pursuing those opportunities.

但我們也看到了華納兄弟，它擁有 100 年的智慧財產權、龐大的片庫以及許多優秀的新劇集和電影。這加速了我們的策略實施，也是我們改善為會員提供的服務的另一個機制。因此，我們的工作是找出改善產品/服務的最佳機會，包括內部成長和透過選擇性併購，並在追求這些機會的過程中始終保持靈活和自律。

THank you, Greg. Since Ben brought up, Warner Bros, I'll shift us to a few questions on the Warner Bros. acquisition. First from Mike Morris of Guggenheim. Does your planned acquisition of WB impact your approach to pricing in the near to intermediate term? Would you consider raising the price of the service during the regulatory review process?

謝謝你，格雷格。既然本提到了華納兄弟，那我就把話題轉向華納兄弟收購案的幾個問題。首先是古根漢美術館的麥克莫里斯。您計劃收購 WB 是否會影響您近期至中期內的定價策略？在監管審查過程中，您是否會考慮提高服務價格？

There is no impact or change to our approach and how we're running the business in that regard.

在這方面，我們的方法和業務運作方式不會受到任何影響或改變。

Great. Next one comes from Rich Greenfield, the Lightshed Partners. Warner Bros. due diligence, Greg, you, in particular, sounded less enthusiastic about major M&A back at the Bloomberg Screentime Conference in October. As you went through the due diligence process, what got you more excited about the acquisition?

偉大的。接下來是來自 Lightshed Partners 的 Rich Greenfield。格雷格，關於華納兄弟的盡職調查，尤其是你，在10月份的彭博銀幕時代大會上，你對重大併購的熱情似乎不高。在進行盡職調查的過程中，是什麼讓您對此次收購感到更加興奮？

I just wanted to make it clear. That it was our default position going in that we were not buyers. We went into this with our eyes open, and our minds open. And when we got into, we both got very excited about this amazing opportunity. So Greg, you could share with what was exciting for us there.

我只是想把話說清楚。我們一開始就默認我們不打算買。我們睜大眼睛、敞開心扉地投入其中。當我們開始合作時，我們倆都對這個絕佳的機會感到非常興奮。格雷格，你能和我們分享一下我們在那裡遇到的令人興奮的事情嗎？

That's right. And thanks, Rich, for bringing this up again, one more time. But to Ted's point, when we got into the hood, there were several things we saw that was just really exciting, and we saw were exciting additions to our current business. Take first, the film studio.

這是正確的。謝謝你，里奇，再次提起這件事。但正如泰德所說，當我們進入那個街區時，我們看到了一些非常令人興奮的事情，我們認為這些事情可以為我們目前的業務帶來令人興奮的補充。首先是電影製片廠。

We already know that existing film output deals that the theatrical model is an effective complement to the streaming model. So we've seen that before. And to be super clear on this point, we have often in our Netflix history, debated building that theatrical business.

我們已經知道，現有的電影發行協議表明，院線模式是對串流媒體模式的有效補充。我們以前就見過這種情況。為了非常明確地說明這一點，在 Netflix 的發展歷程中，我們曾多次討論過建立院線業務。

But we were busy investing in other areas and it never made our priority cut. But now with Warner Bros., they bring a mature, well-run theatrical business with amazing films. And we're super excited about that addition.

但我們當時忙於投資其他領域，所以它始終沒有被列入我們的優先事項。但現在有了華納兄弟，他們帶來了成熟、運作良好的電影院線業務和精彩的電影。我們對這項新增內容感到非常興奮。

And you've got the television studio. It's also a healthy business. It also complements our own expands our production capability. You've got great producers, great developers, and we intend to continue to produce shows for third parties and being a leading supplier to the industry.

你還有電視台演播室。這也是一個健康的產業。它也能與我們自身的生產能力形成互補，擴大我們的生產能力。你們擁有優秀的製作人和開發人員，我們打算繼續為第三方製作節目，並成為業界領先的供應商。

And then you get to the streaming side of things, you've got HBO. It is an amazing brand. It says prestige TV better than almost anything. Customers know it, they love it, they know what it means, we have programming from HBO, you know what an HBO show means. It's also very complementary to our existing service and business.

然後說到串流媒體方面，就有 HBO。這是一個非常棒的品牌。它比幾乎任何其他事物都能更好地詮釋「高品質電視劇」的含義。顧客都知道，他們喜歡，他們知道這意味著什麼，我們有 HBO 的節目，你們也知道 HBO 的節目意味著什麼。它與我們現有的服務和業務也十分互補。

So owning HBO will allow us to further evolve our plan structure allows us to deliver more series, more film, more value to consumers, and we'll leverage our global footprint and our streaming expertise to make that an even better service for consumers, so big picture. We just saw a tremendous opportunity, very achievable opportunity as well in bringing these two businesses together.

因此，擁有 HBO 將使我們能夠進一步完善我們的計劃結構，從而為消費者提供更多劇集、更多電影和更多價值，我們將利用我們的全球影響力和串流媒體專業知識，為消費者提供更好的服務，從宏觀角度來看。我們看到了一個絕佳的機會，一個非常容易實現的機會，那就是將這兩家企業合併起來。

If it's okay to pile on a little bit, I'll just pile on to the two of you. So I just -- maybe I'm the numbers guy. So I put some numbers against it, Rich. Also, I guess key from our perspective is that when you look at this combined company or when we look at the combined company on a pro forma basis, so pro forma post close, we estimate that roughly 85% of the revenues in that pro forma post-close business that roughly 85% is from the core business we're in today.

如果可以的話，我就再加一點兒給你們兩個吧。所以，我可能就是──我擅長數字。所以，里奇，我用一些數據來反駁它。另外，我認為從我們的角度來看，關鍵在於，當我們以備考方式看待這家合併後的公司，也就是以備考方式看待合併後的公司時，我們估計，在備考方式下，合併後公司約 85% 的收入來自我們目前的核心業務。

That's why we view this deal as primarily an accelerator to our core strategy. With this added benefit, a benefit of a complementary scaled world-class TV and film studio that we're excited to run and continue to build.

因此，我們認為這筆交易主要是為了加速我們的核心策略。此外，我們還擁有一個配套的、規模龐大的世界級電視電影製片廠，我們很高興能夠運作並繼續發展它。

Thanks, Spence. Rich Greenfield also has a follow-up question on the transaction. What gives you the confidence the deal will get approved during the regulatory process? Ted, do you want to take that one?

謝謝你，史賓塞。Rich Greenfield 也對這筆交易有一個後續問題。你憑什麼確信這筆交易會在監理審批過程中獲得批准？泰德，你想接那個任務嗎？

Yeah. Thanks, Rich. We've already made progress towards securing the necessary regulatory approvals. We submitted our HSR filing. We're working closely with WBD and the regulatory authorities, including the US Department of Justice and the European commissions. We're confident we're going to be able to secure all the approvals because this deal is pro consumer, it is pro-innovation, it's pro worker, it's co-creator and it is pro growth.

是的。謝謝你，里奇。我們在獲得必要的監管批准方面已經取得了進展。我們已提交了《哈特-斯科特-羅迪諾反壟斷改進法案》（HSR）的申請。我們正與世界銀行和監管機構密切合作，包括美國司法部和歐盟委員會。我們有信心能夠獲得所有批准，因為這項交易有利於消費者、有利於創新、有利於員工、有利於共同創造者，有利於成長。

Warner Bros, I just said earlier, it's got three core businesses that we don't currently have. So we're going to need those teams. These folks have extensive experience and expertise. We want them to stay on and run those businesses.

正如我剛才所說，華納兄弟擁有我們目前沒有的三大核心業務。所以我們需要這些團隊。這些人擁有豐富的經驗和專業知識。我們希望他們留下來繼續經營這些企業。

So we're expanding content creation, not collapsing it. In this transaction, this is going to allow us to significantly expand our production capacity in the US and to keep investing in original content over the long term, which means more opportunities for creative talent and more jobs.

所以，我們正在擴大內容創作，而不是縮減它。透過此交易，我們將能夠大幅擴大在美國的生產能力，並長期持續投資原創內容，這意味著為創意人才提供更多機會和更多就業機會。

This is really a vertical deal for us. It allows us to gain access to 100 years of Warner Bros. deep content, and IP for development and distribution in more effective ways that will benefit consumers and the industry as a whole. HBO, as Greg just mentioned, is a very complementary service to ours. And the TV market is extremely dynamic and very competitive. So the TV landscape, in fact, has never been more competitive than it is today.

這對我們來說確實是一筆垂直整合的交易。它使我們能夠以更有效的方式獲取華納兄弟 100 年的深度內容和智慧財產權，用於開發和發行，這將使消費者和整個行業受益。正如格雷格剛才提到的，HBO 與我們的服務非常互補。電視市場瞬息萬變，競爭異常激烈。事實上，電視產業的競爭從未像今天這樣激烈。

There's never been more competition for creators, for consumer attention, for advertising and subscription dollars. The competitive lies around TV consumption are already blurring as a number of services put their content on both the linear channels and the streaming services at the same time. And the more platforms are making their way into the TV in your living room.

如今，創作者、消費者註意力、廣告和訂閱收入之間的競爭從未如此激烈。隨著許多服務商同時將內容投放在傳統電視頻道和串流媒體服務平台上，電視消費領域的競爭界線變得模糊不清。而且越來越多的平台正在進入你客廳的電視螢幕。

So TV is not what we grew up on. TV is now just about everything. Oscars and the NFL are on YouTube. Networks are simulcasting the Super Bowl on linear TV and streaming. Amazon owns MGM, Apple's competing for Emmys and Oscars, and Instagram is coming next. So YouTube has just surpassed BBC in monthly average audience according to Barb that publishes these figures in the UK.

所以，我們從小就沒怎麼接觸過電視。如今電視幾乎就是一切。奧斯卡頒獎典禮和美國國家橄欖球聯盟的比賽都在YouTube上播出。各大電視台正透過傳統電視和串流平台同步播出超級盃比賽。亞馬遜擁有米高梅，蘋果正在角逐艾美獎和奧斯卡獎，而Instagram即將加入戰局。根據英國統計機構 Barb 的數據，YouTube 的月平均觀眾人數剛剛超過了 BBC。

So YouTube is not just UGC and CAD videos anymore. YouTube has full-length films, new episodes of scripted and unscripted TV shows. They have NFL football games. They have the Oscars. The BBC is going to be producing original content for YouTube soon. They are TV.

所以YouTube不再只包含用戶生成內容和CAD影片了。YouTube 上有完整電影、有劇本和無劇本電視節目的最新劇集。他們那裡有NFL橄欖球比賽。他們獲得了奧斯卡獎。BBC即將為YouTube製作原創內容。它們是電視。

So we all compete with them in every dimension for talent, for ad dollars, for subscription dollars and for all forms of content. So more broadly, we compete for people's attention across an even wider set of options that include streaming, broadcast, cable, gaming, social media, big tech video platforms. Our deal strengthens the marketplace. And it ensures healthy competition that will benefit consumers and protect and create jobs. That's why we're confident in the approval, Rich. Thanks.

因此，我們在各方面都與他們競爭，爭奪人才、廣告收入、訂閱收入以及各種形式的內容。因此，更廣泛地說，我們在更廣泛的選擇範圍內爭奪人們的注意力，這些選擇包括串流媒體、廣播、有線電視、遊戲、社交媒體、大型科技視訊平台。我們的交易將增強市場實力。它能確保良性競爭，從而使消費者受益，並保護和創造就業機會。這就是我們對獲得批准充滿信心的原因，里奇。謝謝。

Thank you, Ted. We'll now go to a series of questions on the topic of content and content strategy. The next question comes from Ben Swinburne of Morgan Stanley. In light of the global Sony Pay-1 agreement and the pending WB transaction, can you talk about your film strategy looking ahead? Are you leaning away from Netflix original films and increasingly to licensing films after an exclusive theatrical run?

謝謝你，泰德。接下來，我們將探討一系列關於內容和內容策略的問題。下一個問題來自摩根士丹利的本·斯溫伯恩。鑑於索尼與Pay-1達成全球協議以及華納兄弟即將進行的交易，您能否談談您未來的電影策略？你們是否正在逐漸減少 Netflix 原創電影的製作，而越來越多地選擇在電影進行獨家院線放映後購買發行權？

Thanks, Ben. No, there's no change to that approach. [Dan Lennon], and his team are going to continue to produce a slate of Netflix original films. And we'll also continue to license films in every available window as well.

謝謝你，本。不，策略沒有改變。 [丹·列儂]和他的團隊將繼續製作一系列Netflix原創電影。我們也會繼續在所有可行的窗口期內獲得電影發行權。

Our members love movies. And taste and diverse are very broad. Appetites are huge. So we want to have a broadest offering as possible.

我們的會員都熱愛電影。口味和多樣性這兩個概念非常廣泛。食慾非常旺盛。所以我們希望提供盡可能廣泛的產品和服務。

Great. Next question is from Vikram Kesavabhotla of Baird. What were your observations from recent live events such as Jake Paul versus Anthony Joshua, and the NFL on Christmas Day? How should we expect your investment in live events to evolve from here?

偉大的。下一個問題來自 Baird 公司的 Vikram Kesavabhotla。從最近的現場賽事，例如傑克保羅對陣安東尼約書亞的比賽以及聖誕節當天的 NFL 比賽，您有什麼觀察？我們應該預期您對現場活動的投資將如何發展？

Well, Vikram, remember, this is still a relatively small portion of total view hours. So the big live events like the Amazing Fight you're just talking about, and the six-round knockout, and our NFL Christmas A games and this new Half Time show, they're really important and differentiated parts of the service, but again, small and total view hours.

維克拉姆，記住，這仍然只佔總觀看時間的一小部分。所以像你剛才提到的「精彩對決」這樣的大型現場活動，還有六回合擊倒比賽，以及我們的 NFL 聖誕 A 級比賽和這個新的中場秀，它們都是這項服務中非常重要且與眾不同的部分，但同樣，總觀看時長也很短。

These events typically have outsized positive impacts on the business around conversation and acquisition, and we're also starting to see some benefits to retention as well. But like I said, it's a small portion of the content spend and with 200 billion hours, a pretty small portion of the total view hours too. but we remain really excited about it, and that's why we're building out and strengthening that offer with things like Star Search premiering globally tonight with live voting and we're beginning to invest in more events outside of the US, like I mentioned, the World Baseball Classic in Japan for local markets.

這些活動通常會對業務的溝通和客戶獲取產生巨大的正面影響，我們也開始看到它們對客戶留存也有一些好處。但就像我說的，這只是內容支出的一小部分，而且在2000億小時的總觀看時長中，也只佔很小一部分。不過我們仍然對此充滿熱情，所以我們正在不斷拓展和加強這方面的投入，比如今晚全球首播的《星光大道》，屆時將進行現場投票；我們也開始投資更多美國以外的賽事，就像我剛才提到的，在日本舉辦的世界棒球經典賽，面向當地市場。

Thanks, Ted. Another question from Vikram Kesavabhotla. What types of podcast do you think will be most effective on the platform? And what are your initial observations from the launches this past month?

謝謝你，泰德。Vikram Kesavabhotla 的另一個問題。你認為哪些類型的播客在這個平台上最有效？從上個月的發射活動中，您初步觀察到了什麼？

Well, it's still very, very early, but we're super pleased by the early results that we're seeing. We think about media podcasts like a modern talk show. But instead of having a single brand defining show, you have hundreds of them. So it's a broad offering versus a single broad seller format. But it does generate a lot of very passionate engagement, lots of variety.

雖然現在還為時過早，但我們對目前看到的初步結果感到非常滿意。我們把媒體播客看作是現代的脫口秀節目。但是，你沒有一個能夠定義品牌形象的節目，而是有數百個這樣的節目。所以它提供的是廣泛的產品和服務，而不是單一的、涵蓋廣泛的銷售模式。但它確實激發了許多非常熱烈的參與，以及豐富多彩的內容。

We are looking forward to the types of things we're going to add here to things that our members already love. So sports, you see we can build on the success of our sports adjacent strategy, comedy and entertainment. And of course, True Crime. You may have heard, we've got some true crime stuff on Netflix.

我們期待在這裡添加更多我們會員已經喜愛的內容。所以，體育，你看，我們可以依賴我們與體育相關的策略——喜劇和娛樂——的成功。當然還有《真實犯罪》。你可能聽過，Netflix 上有一些真實犯罪題材的節目。

Great. Last question on content strategy comes from Rick Greenfield of Lightshed. This is our quarterly theatrical question. Why has your view on theatrical windowing changed?

偉大的。關於內容策略的最後一個問題來自 Lightshed 的 Rick Greenfield。這是我們每季的戲劇問題。您對戲院窗口期的看法為何改變了？

Well, Rich, I will point out here. I have in the past made observations about the theatrical business. We were not in the theatrical business when I made those observations. When this deal closes, we will be in the theatrical business. And remember, this I've said it many times, this is a business and not a religion.

嗯，里奇，我在這裡要指出一點。我過去曾對戲劇產業發表過一些看法。我發表這些看法時，我們還沒有涉足戲劇產業。這筆交易完成後，我們將進軍戲劇產業。記住，我已經說過很多次了，這是一門生意，不是宗教。

So conditions change and insights change. And we have a culture that we reevaluate things when they do.

所以情況會變化，觀念也會改變。我們有一種文化，那就是當事情發生變化時，我們會重新評估它們。

So short list of examples there, the pivots we've made around advertising around live around sports. In theatrical, we debated many times over the years, whether we should build a theatrical distribution edge or not. And in a world of priority setting and constrained resources, it just didn't make the priority cut.

以上列舉了一些例子，包括我們圍繞廣告、直播和體育賽事所做的調整。在院線發行方面，多年來我們多次討論過是否應該建立院線發行優勢。在一個資源有限、需要分辨輕重緩急的世界裡，它根本沒能獲得優先考量。

So now when this deal closes, we will have the benefit of having a scaled world-class theatrical distribution business with more than $4 billion of global box office. And we're excited to maintain it and further strengthen that business. So Warner Bros. films are going to be released in theaters with a 45-day window, just like they are today. This is a new business for us and one that we're really excited about.

所以，當這筆交易完成後，我們將受益於擁有一個規模龐大、世界一流的戲院發行業務，全球票房收入超過 40 億美元。我們很高興能夠繼續維持並進一步加強這項業務。所以華納兄弟的電影將繼續在戲院上映，放映窗口期為 45 天，就像現在一樣。這對我們來說是一項全新的業務，我們對此感到非常興奮。

And I'm actually quite proud of our long track record of evolving the business. And I believe our results speak to that as well.

事實上，我為我們長期以來推動業務發展所取得的成就感到非常自豪。我相信我們的結果也印證了這一點。

Great. We'll now move on to a few questions we have from analysts about advertising. Steve Cahall from Wells Fargo asks, as you look at the ads potential in 2026, do you think you could reach parity on ARM average revenue per membership or ad supported -- for ad-supported versus your ad-free plans?

偉大的。接下來，我們將回答分析師們提出的一些關於廣告的問題。來自富國銀行的史蒂夫·卡哈爾問道，展望 2026 年的廣告潛力，您認為廣告支援計劃和無廣告計劃在 ARM 平均會員收入方面能否達到持平？

Yeah. So there is still a gap between the ad tier arm and arm for standard without ads, but that gap is narrowing. And while because there's a gap, it means we're under realizing revenue growth in the near time, but also, therefore, represents an opportunity for us.

是的。因此，廣告層級用戶和無廣告標準用戶之間仍然存在差距，但這種差距正在縮小。雖然存在差距，這意味著我們在短期內無法實現預期的收入成長，但也因此，這對我們來說是一個機會。

So as -- we improve our ads capabilities, we can close that gap over time. We can drive more revenue. We've seen exactly that ability to do that over the last year. So we've expanded demand sources. We continue to improve our speed of execution on our own ad tech stack.

因此，隨著我們廣告能力的提升，我們可以逐漸縮小這一差距。我們可以提高收入。過去一年裡，我們親眼見證了他們具備這種能力。因此，我們擴大了需求來源。我們不斷提升自有廣告技術堆疊的執行速度。

That's more ad features, ads products, more measurement, et cetera. That means increased fill rates and that's driven ads arm higher. So now that we've grown to relevant scale, meaning consumer reach in all our ads countries, our main focus is on increasing the monetization of that growing inventory. It's likely to remain our focus for at least the next several years. So we believe we can close that gap and that means upside in terms of ad revenue growth.

這意味著更多的廣告功能、廣告產品、更多的衡量指標等等。這意味著更高的廣告填充率，從而推高了廣告價格。現在，我們的規模已經發展到一定程度，這意味著我們的廣告覆蓋了所有國家的消費者，因此我們的主要重點是提高不斷增長的廣告資源的貨幣化程度。這很可能仍將是未來至少幾年內我們的工作重點。因此，我們相信我們可以縮小這一差距，這意味著廣告收入成長方面存在上升空間。

Thanks, Greg. As a follow-up from Ben Swinburne, as you head into your second year with your own ad tech build out across the 12-ad markets, what's the opportunity to drive revenues? Can you maintain your premium CPMs, and so meaningfully increased build rate in the year ahead deliver another rough doubling of advertising revenue?

謝謝你，格雷格。作為 Ben Swinburne 的後續問題，隨著您在 12 個廣告市場中建立自己的廣告技術進入第二年，推動收入成長的機會是什麼？您能否維持目前的高 CPM，從而在未來一年內顯著提高成長速度，實現廣告收入再次翻倍？

Yeah. So as we mentioned a couple of times before, really the most immediate benefit seen from our rollout of our own stack has just been making it easier for advertisers to buy in our service, more places to buy. We hear that directly in terms of feedback from advertisers. We see it in the sales performance, of course.

是的。正如我們之前多次提到的，我們推出自己的技術堆疊所帶來的最直接的好處，就是讓廣告商更容易在我們的服務中購買廣告位，提供更多購買管道。我們直接從廣告商那裡得到了回饋。當然，我們從銷售業績中就能看出這一點。

In 2026, we are making more Netflix first-party data accessible, of course, in a privacy safe data secure way for assessing media investments, that ability to tap into this deep library of insights that we have ultimately enhances the performance of media buys. We're also offering advertisers a wider array of ad formats, so more ads products, enhanced interactivity, which should improve outcomes.

2026 年，我們將以隱私安全、資料安全的方式，讓更多 Netflix 第一方資料可供訪問，用於評估媒體投資。這種利用我們擁有的龐大洞察庫的能力，最終將提升媒體購買的績效。我們也為廣告主提供更廣泛的廣告格式，包括更多廣告產品和增強的互動性，這應該會改善廣告效果。

At the end of last year, we started testing modular capabilities with interactive video ads. These ads cater to members viewing behaviors and allows advertisers to benefit from essentially a dynamic template that uses mix and match creative elements to drive better business outcomes. We've seen good early results in the testing, and we'll roll those out globally by Q2 of 2026. And additionally, now that we've been on our own ad stack for over six months, we've got a better set of data, historical campaign data.

去年年底，我們開始測試互動式影片廣告的模組化功能。這些廣告迎合會員的觀看行為，並允許廣告主利用動態模板，透過混合搭配創意元素來推動更好的業務成果。我們在測試中已經看到了良好的早期結果，我們將在 2026 年第二季之前在全球推廣這些產品。此外，由於我們自己的廣告技術堆疊已經運行了六個多月，我們擁有了一套更好的數據，即歷史廣告系列數據。

We can use that to enhance our RFP process, drive better media planning, better outcomes for advertisers. So to get to the point of the question, we see all of that adding up to the same kind of performance we saw the last year, which means we can grow revenue targeting doubling that revenue growth by improving fill rate and growing inventory with similar CPMs.

我們可以利用這一點來改進我們的 RFP 流程，推動更好的媒體規劃，為廣告主帶來更好的結果。所以回到問題的重點，我們看到所有這些加起來都達到了與去年相同的業績水平，這意味著我們可以透過提高訂單滿足率和增加庫存，同時保持類似的每千次展示成本，來實現營收翻倍的目標。

Thanks, Greg. We also have a question on gaming, which I'm excited for, since I'm a big player new party game Boggle, my family is watching, I'm still the number one winner. This question comes from Vikram Kesavabhotla, Baird.

謝謝你，格雷格。我們還有一個關於遊戲的問題，我很興奮，因為我是新派對遊戲「Boggle」的忠實玩家，我的家人都在看，我仍然是第一名。這個問題來自 Vikram Kesavabhotla，Baird。

Netflix had some key developments in its video game offering throughout 2025. How would you characterize your success and progress at this stage? What are your key priorities for this business in 2026?

Netflix 在 2025 年期間對其視頻遊戲業務進行了一些關鍵發展。您如何評估自己現階段的成功與進步？貴公司在 2026 年的首要任務是什麼？

We've seen some really positive results with games like Red Dead Redemption, same kind of performance that we saw in GTA for folks that are familiar with that. We're also excited about more kids, more narrative future releases in 2026. So that's -- those are good areas of growth for us. But a big advancement as you sort of alluded to, Ben, certain a big priority for us is our cloud-based TV games. It's an exciting launch for us.

我們已經看到像《荒野大鏢客：救贖》這樣的遊戲取得了非常積極的成果，熟悉 GTA 的人應該知道，它的表現與 GTA 類似。我們也對2026年推出更多面向兒童、更具敘事性的未來作品感到興奮。所以，這些都是我們很好的發展領域。但正如你剛才提到的，本，我們取得的一大進步，也是我們工作的重中之重，就是我們基於雲端的電視遊戲。對我們來說，這是一次令人興奮的發布。

We're still in the early stages of this rollout of roughly one-third of our members have access to TV-based games. This is sort of a process of upgrading the TV technology, the TV clients to be able to handle that. And recently, with our party games on TV Boggle, as you mentioned, Pixionery, LEGO party games like that, we've seen really strong uptake. So it's off a small base, because I think about 10% reach into those eligible members. But our TV-based games have enjoyed quite a significant engagement uptick after that party pack launch.

我們目前仍處於推廣初期階段，大約三分之一的會員可以訪問基於電視的遊戲。這相當於對電視技術進行升級，使電視用戶端能夠處理這些技術。最近，正如你所提到的，我們在電視上推出的派對遊戲，例如 Boggle、Pixionery、樂高派對遊戲等等，都獲得了非常強勁的反響。所以它的基數很小，因為我認為只有大約 10% 的人能夠接觸到符合條件的成員。但自從推出派對包後，我們的電視遊戲用戶參與度顯著提升。

And then in 2026, this year, we're going to be expanding that cloud-first strategy. We've got a growing set of cloud games to the TV, like our recently announced newly reimagined more accessible FIFA Football simulation game. We're super excited to be able to launch that.

然後在 2026 年，也就是今年，我們將擴大雲端優先策略。我們有越來越多的雲端遊戲可以玩到電視上，例如我們最近發布的全新、更容易上手的 FIFA 足球模擬遊戲。我們非常興奮能夠推出這款產品。

And stepping back for a second, if you look at that in totality, why is this important? As we've said in the past, it's a big market, roughly $140 billion worth of consumer spend ex-China. We are just scratching the surface today in terms of what we can do in the space. But we already are seeing multiple instances of how this approach not only extends the audience's engagement with the service and with the story, but it also creates synergy that reinforces both medium.

退一步想一想，從整體來看，為什麼這件事很重要？正如我們過去所說，這是一個巨大的市場，除中國以外，消費支出約為 1400 億美元。就我們目前在這個領域所能做的事情而言，我們僅僅觸及了冰山一角。但我們已經看到很多例子表明，這種方法不僅可以延長觀眾與服務和故事的互動，而且還能產生協同效應，從而加強兩種媒介。

So the interactive and the noninteractive side, that drives more engagement, more retention. So bottom line, we're very bullish on the opportunity side.

因此，互動和非互動兩方面都能帶來更高的參與度和更高的使用者留存率。總而言之，我們非常看好市場機會。

We're seeing progress. We've still got a lot of work to go do. And I should say, like all of our developing initiatives, we're going to ramp our investment based on demonstrated value to members and returns to the business.

我們看到了進展。我們還有很多工作要做。我還要說明的是，和我們所有正在開發的計劃一樣，我們將根據對會員的價值和對企業的回報來加強投資力度。

We will have Spencer give us a Boggle demo next quarter.

下個季度我們將請 Spencer 為我們示範一款拼字遊戲。

I watched the video Greg play With Elizabeth and there's no way I'm going to challenge because I think you've taken me down in two seconds. But with that, we'll take our last question from Rich Greenfield, the Lightshed on innovation. His question is, why isn't vertical video a higher priority for Netflix?

我看了格雷格和伊麗莎白的比賽視頻，我絕對不會挑戰你，因為我覺得你兩秒鐘就把我打敗了。接下來，我們將接受來自創新之光——里奇·格林菲爾德的最後一個問題。他的問題是，為什麼 Netflix 沒有將垂直螢幕影片列為更重要的優先事項？

Well, Rich, we've actually been testing vertical video features for some time, about six months or so. And we've had a vertical video feed in the mobile experience that's been available for several months. So that feed is filled with clips of Netflix shows and movies, you can imagine us bringing more clips based on new content types like video podcasts, which Ted mentioned that we're adding to the general service, will bring the sort of appropriate components of that into that vertical video feed. And really, this is part of a broader upgrade of our mobile experience.

Rich，其實我們已經測試垂直螢幕影片功能一段時間了，大概有六個月左右。我們在行動端體驗中已經推出了豎屏視訊串流好幾個月了。所以，這個資訊流充滿了 Netflix 節目和電影的片段，你可以想像，我們會根據新的內容類型（例如視訊播客）帶來更多片段，Ted 提到我們正在將其添加到通用服務中，這將把這些內容的適當組成部分帶入垂直視訊資訊流中。實際上，這是我們行動體驗全面升級的一部分。

So just as you've seen us do with the new TV UI, we're working on a new mobile UI that will better serve the expansion of our business over the decade to come. We're going to roll this out later in 2026. And just like our TV UI, it then becomes a starting point. It becomes a platform for us to continue to iterate, test, evolve, and improve our offering. So don't worry, Rich, we've got more vertical video coming for you.

正如你們所看到的，我們推出了新的電視用戶介面，我們正在開發新的行動用戶介面，這將更好地服務於我們未來十年的業務擴張。我們將在 2026 年稍後推出這項服務。就像我們的電視使用者介面一樣，它就成為了一個起點。它成為了我們不斷迭代、測試、發展和改進我們產品的平台。所以別擔心，Rich，我們還會為你帶來更多垂直螢幕影片。

Thank you, Greg. Ted, and Spence. That is all the time we have now for our call. We thank all of the listeners for tuning in to our earnings call. We look forward to speaking with you all next quarter.

謝謝你，格雷格。泰德和斯賓塞。我們通話時間到此結束。感謝各位聽眾收聽我們的財報電話會議。我們期待下個季度與各位交流。

Thank you.

謝謝。