Netflix, Inc. (NFLX) 2026 Q2 法說會逐字稿

Good afternoon, and welcome to the Netflix Q2 2026 earnings interview. I'm Spencer Wang, VP of Finance and Capital Markets. 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.

各位下午好，歡迎參加 Netflix 2026 年第二季財報訪談。我是 Spencer Wang，財務與資本市場副總裁。今天與我一同出席的有共同執行長 Ted Sarandos 與 Greg Peters，以及財務長 Spence Neumann。提醒各位，我們將發表前瞻性陳述，實際結果可能有所不同。

We'll now take questions submitted by the analyst community. We'll begin with a question on our guidance and our business outlook.

接下來我們將回答分析師社群提交的問題。我們先從關於我們的指引與業務展望的問題開始。

And this question comes from Steve Cahall of Wells Fargo, what is the main driver of FX-neutral revenue growth slowing from 12% year over year in 2Q to 11% year over year as the guidance for the third quarter suggests? Spence, do you want to take that?

這個問題來自富國銀行（Wells Fargo）的 Steve Cahall：是什麼主要因素導致按固定匯率（FX-neutral）計算的營收成長，從第二季年增 12% 放緩至第三季指引所暗示的年增 11%？Spence，你要回答嗎？

Yes, sure. Sure. Thanks, Steve. So look, we don't manage the business on a quarter-to-quarter basis. Our goal is to sustain healthy revenue and profit growth. We talked about that in our letter every quarter. We're guiding, as you see, the 12% revenue growth in Q3 reported, 11% FX neutral. The Q3 revenue drivers are very similar to Q2. It's primarily growth in our subscription revenue from increases in memberships and pricing and higher ads revenue. We continue to see healthy acquisition and retention trends on the membership side and our recent price adjustments are going well on the pricing side.

好的，當然。當然。謝謝你，Steve。我們不會以逐季的方式來管理業務。我們的目標是維持健康的營收與獲利成長。我們每季都在股東信中談到這一點。如你所見，我們對第三季的指引為：以報告口徑營收成長 12%，按固定匯率為 11%。第三季的營收驅動因素與第二季非常相似。主要來自訂閱營收成長，包含會員數增加與價格調整，以及更高的廣告營收。在會員方面，我們持續看到健康的拉新與留存趨勢；在定價方面，我們近期的價格調整進展良好。

Now recall, there is a little bit of quarter-to-quarter choppiness in growth because last year was more back half weighted. So that may be a little bit of what you see in the deceleration. But honestly, it's not what we manage to, we manage to the full year.

另外請回想一下，由於去年下半年權重較高，因此成長在季度之間會有些許波動。所以你看到的放緩，可能有一部分是這個因素所致。但老實說，這不是我們的管理方式；我們是以全年為管理目標。

And halfway through the year, we're making strong progress against our goals, and we're tracking to our financial plan for 2026. We expect to deliver another strong year with -- as we saw -- as you see in the guide, 13% to 14% top line growth for the full year. That's roughly 12% FX neutral. We're about $6 billion of incremental revenue year over year.

今年過了一半，我們在達成目標方面進展強勁，並且正按 2026 年的財務計畫推進。我們預期今年仍將交出另一個強勁的年度表現——如你在指引中所見，全年營收（top line）成長 13% 到 14%。按固定匯率約為 12%。這相當於年增約 60 億美元的新增營收。

And by the way, when we finish 2026, it's worth saying also that in many ways, we're still just getting started as a company. We're entertaining an audience, approaching 1 billion people with still lots of room to grow into our addressable market on every measure.

順帶一提，當我們完成 2026 年時，也值得一提的是，從很多面向來看，我們作為一家公司其實才剛剛起步。我們正在娛樂的受眾接近 10 億人，而在各項衡量指標上，我們在可服務市場中仍有很大的成長空間。

We're under 45% penetrated into addressable households around the world. It's roughly 800 million addressable households. We're capturing, we think, just 7% of addressable revenue market, it's about $670 billion of addressable revenue in the countries and categories in which we operate today. And we estimate that we're only about 5% of TV view share globally. So we're delivering on our 2026 plan, and we believe we've got lots and lots of runway for solid growth ahead of us.

我們在全球可觸及家庭的滲透率仍低於 45%。可觸及家庭約為 8 億戶。我們認為自己目前僅掌握約 7% 的可觸及營收市場；在我們目前營運的國家與類別中，可觸及營收約為 6,700 億美元。我們估計在全球電視觀看份額（TV view share）中，我們也僅約占 5%。因此，我們正按 2026 年計畫交付成果，並且相信未來仍有非常非常長的跑道可實現穩健成長。

Thanks, Spence, for that thorough answer. I'll now move us along to a topic on the topic of engagement where we do have several questions.

謝謝你，Spence，如此詳盡的回答。接下來我會把話題轉到互動（engagement），我們在這個主題上有好幾個問題。

This first one is from Rob Sanderson of Loop Capital Markets. His question is, management has stated that engagement quality is improving even as reported viewing hours per member have softened. Can you help investors understand what internal metrics provide confidence and how these translate into low churn, pricing power, higher ads monetization, et cetera. At what point would slow growth in total viewing hours become a concern?

第一個問題來自 Loop Capital Markets 的 Rob Sanderson。他的問題是：管理層表示，即使每位會員的報告觀看時數有所走弱，互動品質仍在改善。你們能否協助投資人理解，哪些內部指標讓你們有信心，以及這些如何轉化為較低的流失率、定價能力、更高的廣告變現等？總觀看時數成長放緩到什麼程度時，才會成為疑慮？

I'll take this one and unpack it a bit since I know that there is plenty of interest in this topic. Start by saying there is not a linear relationship between view hours and revenue and profit because all hours are not created equal.

我來回答這題，並稍微拆解一下，因為我知道大家對這個主題很有興趣。先說明：觀看時數與營收、獲利之間並非線性關係，因為並不是所有時數都一樣。

All hours don't provide the same kind of value to the business. And a really great example of this is live programming. So live events do a lot of lifting for us for acquisition. They're good for monetization, they drive ad revenue, fandom. They're also a promotional platform, but they do not yield typically as many raw view hours. So live, we expect it will be 5% of our content budget this year, but we think that will only be 1% of view hours.

並非所有觀看時數都能為業務帶來同等價值。一個很好的例子就是直播節目。直播活動在拉新方面對我們貢獻很大。它們有利於變現，能帶動廣告營收與粉絲文化（fandom）。它們也是一個宣傳平台，但通常不會帶來那麼多的純觀看時數。因此，我們預期今年直播內容約占我們內容預算的 5%，但我們認為它只會占觀看時數的 1%。

Having said that, 6 out of top 10 new member sign-up days over the past five years have come from live events. And if you compare that to another content category, take animation series, kids family TV, it's also about 5% of our content spend, so same amount of spend, but it's going to drive, we expect 8% of hours. So same spend and 8x the raw view hours. So you can see the differences there even though because as indicated by the amount that we're investing in both those categories being the same, we think they're doing the same value for the business.

話雖如此，過去五年中，前十大新會員註冊高峰日有 6 天是由直播活動帶來的。如果你把它和另一個內容類別相比，例如動畫影集、兒童與家庭電視，它同樣約占我們內容支出的 5%，也就是相同的投入，但我們預期它會帶來 8% 的觀看時數。也就是相同支出，卻帶來 8 倍的純觀看時數。因此你可以看到其中差異；儘管如此，從我們在這兩個類別投入金額相同這點來看，我們認為它們對業務帶來的價值是相同的。

So we're constantly looking to improve across every dimension of engagement. We look at these as three dimensions: quality, variety, quantity because they taken collectively drive acquisition, they drive retention. They drive the value that our consumers and our advertising partners ascribe to our service. We described in the last few earnings calls, the progress we've made on quality over the years. We're not going to go into the details of that quality metrics because frankly, it's taken years for us to develop it and vet it and assess it and improve it.

因此，我們持續在互動的每個面向上尋求提升。我們把互動看作三個維度：品質、多樣性、數量；因為它們合在一起會驅動拉新，也會驅動留存。它們也會驅動消費者與廣告合作夥伴對我們服務所賦予的價值。在最近幾次財報電話會議中，我們已描述了多年來在品質方面取得的進展。我們不會深入說明那些品質指標的細節，坦白說，這些指標是我們花了多年時間建立、驗證、評估並持續改進的。

And we think that those details are a competitive advantage. We'll also continue to expand the variety of our entertainment offering. You see us launch new types of content like live like video podcasts, cloud TV games, those are all doing things -- different things in our portfolio to support different needs from our members.

而且我們認為這些細節本身就是競爭優勢。我們也會持續擴大娛樂內容供給的多樣性。你會看到我們推出新的內容型態，例如直播、影音播客（video podcasts）、雲端電視遊戲（cloud TV games）；這些都在我們的內容組合中扮演不同角色，以支援會員的不同需求。

And then on quantity, view hours grew 2% in the first half of 2026. That's an incremental 1.5 billion hours relative to the same period last year. It's a slight acceleration compared to 1.5% growth in 2025. And just to be very clear, like all those other dimensions, we remain focused on continuing to grow that number and better understanding how we are doing at delivering member value member love is critical to our business. We get it. We geek out on improving that understanding, operationalizing that understanding.

至於數量方面，2026 年上半年觀看時數成長了 2%。相較去年同期，增加了 15 億小時。相較於 2025 年 1.5% 的成長，這是小幅加速。我想非常清楚地說，和其他維度一樣，我們仍專注於持續提升這個數字，並更好地理解我們在提供會員價值方面做得如何；會員價值、會員喜愛（member love）對我們的業務至關重要。我們理解。我們也會投入大量心力去鑽研如何提升這種理解，並把這種理解落實到營運中。

And with regard to engagement, when I started about 20 years ago, we had one number to describe engagement, hours. Just flat hours, no weighting no adjustments and very similar to how we've evolved other metrics in the business.

至於互動參與（engagement），當我大約 20 年前剛開始時，我們用一個數字來描述互動：時數。就是單純的時數，沒有加權、沒有調整，這也很像我們在業務中其他指標的演進方式。

Since then, we've gone through about a dozen major iterations of our understanding that. We get more and more sophisticated because we know, ultimately, it's combined quality, variety, and quantity of engagement that translates into satisfaction and value for members.

從那之後，我們大概經歷了十多次對這件事理解上的重大迭代。我們變得越來越精細，因為我們知道，歸根究柢，是互動的綜合品質、多樣性與數量，會轉化為會員的滿意度與價值。

And that drives the strong business outcomes we see right now, industry-leading retention. We see increased willingness to pay strong advertiser demand. And those ultimately drive the top-level metrics of our business, revenue and operating profit, which are really the ultimate signs of our health.

而這也帶動了我們目前看到的強勁業務成果：業界領先的留存率。我們看到付費意願提升、廣告主需求強勁。而這些最終推動我們業務的頂層指標——營收與營業利益——這些才是真正衡量我們健康狀況的最終訊號。

(inaudible) The visual of you geeking out, Greg. It's hard to see -- it's hard to see Spencer going out, but I can see us geeking out.

(聽不清楚) 你那種鑽研到入迷的畫面，Greg。很難看到——很難看到 Spencer 也入迷，但我看得到我們在入迷。

Those are -- those are 20 years of debate and wonkiness.

那是——那是 20 年的辯論與鑽牛角尖。

Well, let me geek on the next question, which comes from Steve Cahall of Wells Fargo. His question is, amortization expense for content growth is accelerating in 2026. How is the slate performing? And what metrics are we watching to see how this growth in content drives increased member value? How do we think about the expense acceleration converting into revenue acceleration?

好，那我來鑽研下一個問題，來自富國銀行（Wells Fargo）的 Steve Cahall。他的問題是：2026 年內容成長的攤銷費用正在加速。片單表現如何？我們在看哪些指標，來判斷這波內容成長如何帶動會員價值提升？我們如何看待費用加速轉換為營收加速？

Let me take that, Steve. Look, I think when it comes to programming spend, there are three really important takeaways First, to remember is that the vast majority of our programming spend goes into the core TV series and film where we have a really strong track record, more than a decade of translating those investments into value for our members and returns for the business. I'm going to come back to that core in just a second. But the second one is that we're really disciplined investors. So there isn't some hyper acceleration of content investment.

Steve，我來回答。你看，我認為談到節目內容支出（programming spend），有三個非常重要的重點。第一，要記得我們絕大多數的節目支出都投入在核心的電視影集與電影上，而我們在這方面有非常強的實績，十多年來一直能把這些投資轉化為會員價值與公司回報。我等一下會再回到這個核心。第二，我們是非常有紀律的投資人。所以並不存在某種超高速的內容投資加速。

We grow the content spend slower than revenue while we're continuing to invest in a huge addressable market. So we're forecasting content expense up about 10% this year. It's a little higher than the 8% we averaged over the last five years and below the 14% that we averaged over the past decade.

我們讓內容支出的成長速度低於營收，同時持續投資於一個龐大的可觸及市場。因此我們預估今年內容費用約成長 10%。這比過去五年平均的 8% 略高，但低於過去十年平均的 14%。

The third thing what I should remember here is that when we expand into new entertainment offerings, new initiatives, we do it gradually. We do it where we believe we can add more value for our members, and we do it where we believe we have the right to win. And then we look for the positive signals before we invest at material scale. This is our MO, it's been our MO for some time. You asked how the slates performing. There's a lot to be happy with in Q2.

第三點，我在這裡要記得的是：當我們擴展到新的娛樂供給、新的計畫時，我們是循序漸進地做。我們會在相信能為會員增加更多價值的地方做，也會在我們相信自己有勝出的正當性（right to win）的地方做。然後在以實質規模投入之前，我們會先尋找正向訊號。這就是我們的做法（MO），而且已經這樣做一段時間了。你問片單表現如何。第二季（Q2）有很多值得高興的地方。

I Will Find You, it was our biggest launch of original series this year. Swapped is on track to become the second biggest original animated film right behind KPop Demon Hunters, which is exciting. Speaking of KPop, we have Kdramas like Teach You a Lesson, which is on track to become the second most watched South Korea show ever globally, and it's on track to be our biggest series in South Korea of all time.

《I Will Find You》是我們今年原創影集最大的首播。《Swapped》有望成為第二大原創動畫電影，僅次於《KPop Demon Hunters》，這很令人興奮。說到 KPop，我們有像《Teach You a Lesson》這樣的韓劇，全球觀看表現有望成為史上第二高的韓國作品，同時也有望成為我們在韓國史上最大的影集。

There was a show called The Polygamist. You probably is not on your radar maybe, Steve, but it's out of EMEA. It's another great example of our understanding of the local markets and the local regions. The Polygamist was a popular novel from Zimbabwe more than 10 years ago from an author named Sue Nyathi. And the teams adapted that into a Soapy series for South Africa, where it's now a huge hit and is traveling all over the region and all over the world.

有一部影集叫《The Polygamist》。Steve，這可能不在你的雷達上，但它來自 EMEA（歐洲、中東與非洲）。這是我們理解在地市場與在地區域的另一個很好的例子。《The Polygamist》是辛巴威作家 Sue Nyathi 十多年前的一本暢銷小說。團隊把它改編成面向南非的肥皂劇式影集，現在大受歡迎，並在整個區域以及全球各地傳播。

In Latin America, we've got a big season that just came back, Rosario Tijeras. This was a show that started its life as a license show from TV Azteca in Mexico. After three successful seasons, we picked it up and it produced an original season 4, season 5. It just screened the season 6. So you're seeing the slate perform around the world, which is in a real differentiated part of our business.

在拉丁美洲，我們有一部剛回歸的大季《Rosario Tijeras》。這部劇最初是從墨西哥 TV Azteca 授權引進的作品。在三季成功之後，我們接手並製作了原創第 4 季、第 5 季。剛播出了第 6 季。所以你看到片單在全球各地都有表現，而這是我們業務中非常差異化的一部分。

Now with that said, with the core, we're also really pleased with the investment so far in our live programming. It plays a really important role as Greg mentioned earlier, driving acquisition, accelerating ad revenue, fueling conversation, helping us to launch new shows. It's helped us build our -- and it's also helping us to understand what are the benefits of live over the entire catalog. So we're ramping up our live event slate. You saw that Kevin Hart roast in Q2, the Major League Baseball Home Run Derby earlier this week.

話雖如此，回到核心，我們也對目前在直播節目上的投資感到非常滿意。正如 Greg 先前提到的，它扮演非常重要的角色：帶動拉新、加速廣告營收、引發討論、幫助我們推出新節目。它也幫助我們建立我們的——同時也幫助我們理解，在整個內容庫上，直播相較於非直播的好處是什麼。因此我們正在加碼我們的直播活動片單。你在第二季看到 Kevin Hart 的吐槽特輯，以及本週稍早的美國職棒大聯盟全壘打大賽。

What was really fun at the Derby, we had -- we produced an original exclusive Hot One special that we shot on a baseball field to promote Will Ferrell's new series, The Hawk, which just launched today, actually.

在全壘打大賽上很有趣的是，我們——我們製作了一個原創獨家《Hot Ones》特別節目，在棒球場拍攝，用來宣傳 Will Ferrell 的新影集《The Hawk》，其實今天剛上線。

And I think it's a cool example of the intersection between our core -- that core series, the Hawk our expansion of the new exclusive creator content with Hot Ones with John Evans is a best-in-class creator. We're thrilled to be in business together plus live sports, all coming together on a baseball field and on Netflix around the world.

我認為這是一個很酷的例子，展現我們核心——核心影集《The Hawk》、我們擴展到新的獨家創作者內容《Hot Ones》（John Evans 是同級最佳的創作者），我們很高興能一起合作，再加上現場體育賽事，全部在一座棒球場、以及全球的 Netflix 上匯聚在一起。

The result there is a highly attractive, scalable return on content investment, and it ladders up to healthy business metrics that Greg just detailed and our strong growth in revenue, dollar profit and profit margin.

其結果是：內容投資帶來高度吸引人且可擴展的回報，並且向上支撐 Greg 剛才詳述的健康業務指標，以及我們在營收、美元利潤與利潤率上的強勁成長。

Thanks, Ted. Our next question on engagement comes from David Joyce of Seaport Research Partners. The question is, attention is being raised that your second season viewing of series is dropping and therefore affecting engagement growth. How would you address this? Are you going to revert to releasing one episode at a time or making longer seasons with more episodes or managing the production process, so there is less time between seasons.

謝謝，Ted。我們下一個關於互動參與的問題，來自 Seaport Research Partners 的 David Joyce。問題是：有人提出你們影集第二季的觀看量正在下滑，因而影響互動成長。你會如何回應？你們會回到一次只上架一集、或做更長的季數（更多集數）、或管理製作流程以縮短季與季之間的間隔嗎？

Ted, do you want to take that?

Ted，你要回答嗎？

Yes, thanks for asking, David. I really appreciate the question because in aggregate, we are not seeing any material change in our second season viewing compared to season 1. Our second seasons are performing well within our bands of expectation. Very often, we see drop off from season 1 to season 2. It's very common in the industry.

好的，謝謝提問，David。我很感謝這個問題，因為整體而言，我們並沒有看到第二季觀看量相較第一季有任何實質性的變化。我們的第二季表現都落在我們的預期區間內。很多時候，我們確實會看到從第一季到第二季的下滑。這在業界非常常見。

And it's even more so with us because we launch our show so big. So our global reach, our discovery mechanism, releasing all at once, this enables us to find a very large audience early. So our shows tend to start really big. While most other places, their shows start pretty small and occasionally grow from there.

而且在我們這裡更是如此，因為我們推出節目時規模很大。因此，我們的全球觸及、我們的發現機制、一次性全集上線，讓我們能在早期就找到非常龐大的觀眾群。所以我們的節目往往一開始就很大。而在多數其他平台，他們的節目一開始都很小，偶爾才會從那裡成長起來。

For example, I just mentioned The Polygamist from South Africa. That shows already had 24 million views in five weeks, and it's still charting. When we look across the entire portfolio, across all the regions, all the content categories, our season 2 falloff is actually slightly improved this year relative to last year.

例如，我剛才提到來自南非的《The Polygamist》。那個節目在五週內就已經有 2,400 萬次觀看，而且仍在榜上。當我們放眼整個內容組合、所有地區、所有內容類別時，我們第二季的下滑幅度今年相較去年其實略有改善。

Now of course, you can pick any five data points to tell any story you want. But I'm going to repeat this, our season 2 follow-up is actually slightly improved this year relative to last year. So no changes in release strategies.

當然，你可以挑任何五個數據點來講你想講的任何故事。但我再重申一次，我們第二季的後續表現今年相較去年其實略有改善。所以發佈策略沒有改變。

Thanks, Ted. The next question comes from Vikram Kesavabhotla of Baird, Last quarter, you shared that the World Baseball Classic was a significant driver of sign-ups in Japan. What have you observed with respect to the retention and engagement of these members since then? How has this influence your perspective on the value of regional live programming?

謝謝，Ted。下一個問題來自 Baird 的 Vikram Kesavabhotla。上季你提到世界棒球經典賽是日本註冊的重要推動力。此後你們觀察到這些會員在留存與參與度方面的表現如何？這如何影響你們對區域性直播節目價值的看法？

Yes. Thanks for asking our -- we talked about this a lot last quarter. It was well Baseball Classic on Netflix in Japan was a huge hit. It became our most watch program ever in Japan. It was the biggest baseball streaming event ever.

是的。謝謝提問——我們上季談了很多。世界棒球經典賽在日本的 Netflix 上非常成功。它成為我們在日本史上觀看量最高的節目。也是史上最大的棒球串流直播活動。

World based lot Classic is kind of like these other big live events, they behave a lot like our returning seasons of our big shows. They drive disproportionate sign-ups. And because of that acceleration, they can exhibit slightly higher churn, but the results are exactly consistent with that trend and in line with our expectations in all of our modeling. So we're thrilled and we're continuing to see to lean into live events because they have a big outsized positive on the business.

世界棒球經典賽這類大型直播活動，表現方式很像我們大型節目的回歸新季。它們會帶來不成比例的註冊成長。也因為這種加速效應，可能會呈現略高的流失率，但結果完全符合這個趨勢，並且與我們所有模型中的預期一致。所以我們非常振奮，也會持續加碼直播活動，因為它們對業務有顯著且超比例的正面影響。

They drive conversation, drive net acquisition. So we're going to continue to build out that global live event calendar and include -- expanded to include some regional live events as well.

它們帶動話題、帶動淨新增。因此我們會持續建立全球直播活動行事曆，並且——也會擴大納入一些區域性的直播活動。

Great. I'll now move us on to a series of questions around content strategy. We have actually two that are pretty similar, so I will do my best to combine them. They're from Robert Fishman of MoffettNathanson and Rich Greenfield of LightShed Partners. First from Robert Fishman, what is your openness to leverage Netflix's leading global scale to bundle with other streaming services like Peacock or even consider a streaming channel store to compete with Amazon, YouTube or Roku?

很好。接下來我將進入一系列關於內容策略的問題。其實有兩個問題相當類似，所以我會盡量把它們合併。問題來自 MoffettNathanson 的 Robert Fishman 與 LightShed Partners 的 Rich Greenfield。首先是 Robert Fishman：你們是否願意利用 Netflix 領先的全球規模，與 Peacock 等其他串流服務進行捆綁，或甚至考慮建立串流頻道商店，以與 Amazon、YouTube 或 Roku 競爭？

On a related point, Rich Greenfield asks, while it's only been a few weeks, the integration of TF1 in France. Is that integration driving higher engagement for Netflix, including non-TF1 content, do you think there is a meaningful opportunity for Netflix to become a distributor or platform for third-party streaming services around the world?

在相關議題上，Rich Greenfield 問到：雖然才過了幾週，Netflix 在法國整合 TF1。這項整合是否正在推動 Netflix（包含非 TF1 內容）的更高參與度？你是否認為 Netflix 有實質機會在全球成為第三方串流服務的發行商或平台？

Yes, I can take this one. Since the very beginning when we launched our streaming service, we've always sought to expand the entertainment offering we've got in that service. We wanted to provide more value for our members. Our members consistently tell us that they want more from us. We see that in sort of usage behavior.

是的，我可以回答這題。從我們一開始推出串流服務起，我們就一直希望擴大這項服務中的娛樂供給。我們想為會員提供更多價值。會員一再告訴我們，他們希望我們提供更多。我們也能從使用行為中看到這點。

We see it any kind of testing or modeling we do around the space. And I would say that fulfilling on that customer desire for more has really been the driver for growth for our business for the last two decades. This partnership with TF1 is yet just another approach to expanding that offering. We're just adding to the range of capabilities that we have to do that and the mechanisms we have to do that.

我們在任何測試或建模中也都看得到。我會說，滿足客戶「想要更多」的需求，確實一直是我們過去二十年業務成長的驅動力。與 TF1 的合作只是擴大供給的另一種方式。我們只是增加了能做到這件事的能力範圍，以及能做到這件事的機制。

We built a leading streaming entertainment service by combining an unparalleled selection of high-quality programming, best-in-class product experience. We've got a global footprint, big reach, and the ability then to deliver huge audiences, deep engagement, industry-leading monetization.

我們透過結合無與倫比的高品質節目選擇、同級最佳的產品體驗，打造出領先的串流娛樂服務。我們擁有全球版圖、龐大觸及，並因此具備交付巨大觀眾規模、深度參與，以及業界領先變現能力的能力。

So whether through licensing or through new partnerships like TF1, we believe that we can help other producers, other services maximize the value, the relevance of the content that they invest in by finding those bigger audiences. And we have many, many examples of this effect, including now in this new model with TF1.

因此，不論是透過授權，或透過像 TF1 這樣的新合作夥伴關係，我們相信我們能協助其他製作方、其他服務，透過找到更大的觀眾群，來最大化他們所投資內容的價值與相關性。而我們有非常非常多這種效果的例子，包括現在與 TF1 的這個新模式。

We also believe that such partnerships are good for our members. They enhance the variety of our offering. They're also effective for our business. And it's early in the TF1 partnership, we're literally four weeks in. So there's a bunch that we'll learn through this process, but we are pleased with the performance we are seeing in that integration. We've been able to enhance our already compelling service for our French members with even more local French programming, programming we know that they want to watch.

我們也相信這類合作對會員有利。它們提升了我們供給的多樣性。對我們的業務也同樣有效。而 TF1 的合作還在早期，我們實際上才進行四週。所以在這個過程中我們會學到很多，但我們對目前看到的整合表現感到滿意。我們已能為法國會員在原本就很有吸引力的服務上，加入更多在地法國節目——我們知道他們想看的內容。

We've seamlessly integrated the TF1 product experience in a way where it supports their brand, but it also keeps things distinct. And we actually think this approach is advantageous for both them and for us and the early results from how members are reacting, how they're interacting are very promising.

我們以無縫方式整合了 TF1 的產品體驗，既能支持他們的品牌，同時也保持清楚區隔。我們其實認為這種做法對他們與我們雙方都有利，而從會員的反應與互動方式來看，早期結果非常令人鼓舞。

So we don't have anything new to announce today. We're going to continue to learn. There's a lot that we'll dig into over time. We also think that there's a lot we can improve on the product experience already that we've seen. But if we see additional deals that similarly serve our members that work for our partner, that work for us, we'll certainly consider them.

所以今天我們沒有新的事項要宣布。我們會持續學習。隨著時間推進，還有很多我們會深入研究。我們也認為在產品體驗上，基於目前所見，仍有很多可以改進之處。但如果我們看到其他交易同樣能服務會員、也對合作夥伴有利、對我們也可行，我們當然會考慮。

Thanks, Greg. Robert Fishman has another question in this category, what's the opportunity for Netflix to launch a fast platform, given the rapid engagement growth in that space? Could Netflix library programming be used as an on-ramp for new subscribers? Or would you be open to adding third-party license content to compete with other fast channels for incremental ad dollars?

謝謝，Greg。Robert Fishman 在這個類別還有一個問題：鑑於 FAST 領域的參與度快速成長，Netflix 推出 FAST 平台的機會是什麼？Netflix 的片庫內容是否可作為新訂戶的導流入口？或者你們是否願意加入第三方授權內容，以與其他 FAST 頻道競爭、爭取額外的廣告收入？

Yes. So if you go back more than a decade when we transition from 1 tier 1 offering to sort of a set of offerings, we've been consistently seeking to expand the range of those offerings. So think about that as price and plan choices and widen the spread of those, give customers more options, more range of choice, both at the lower end and also on the premium side, maintaining and increasing accessibility, especially as we expand our content offering around the world, add new customer segments, that's a critical focus and goal for us. Also optimizing long-term revenue is the other big goal, a free offering could make sense in some markets, but we have to be thoughtful about cannibalization of paid tiers.

是的。如果你回顧十多年前我們從單一層級、單一方案，轉向一組方案組合時，我們就一直在尋求擴大這些方案的範圍。所以可以把它想成價格與方案選擇，拉大它們的分布，給客戶更多選項、更廣的選擇範圍——既包含較低端，也包含高端方案；在我們於全球擴大內容供給、加入新的客群時，維持並提升可及性，這是我們的關鍵重點與目標。另一個重大目標是最佳化長期營收；在某些市場，免費方案可能有其合理性，但我們必須謹慎考量對付費層級的侵蝕效應。

We've got to ensure that we've got the right offering, the right differentiation of that offering. It's probably also worth noting that having an effective scaled ads business in any candidate country for such an offering is clearly an important enabling factor to make those economics work. So that's all to say that free is something that we're going to continue to consider, but we have no near-term plans to launch something.

我們必須確保我們提供的是正確的方案，以及該方案具備正確的差異化。另外也值得注意的是，在任何可能推出此類方案的候選國家，若能擁有一個有效且具規模的廣告業務，顯然是讓這些經濟效益得以成立的重要促成因素。總之，免費方案是我們會持續納入考量的方向，但短期內沒有推出的計畫。

Great. From -- next is from John Hodulik of UBS, with the addition of video games and more recently vertical video clips and podcasts, what other content formats are interesting from a long-term road map perspective? And how should we gauge the success of these initiatives?

很好。下一題來自瑞銀（UBS）的 John Hodulik：隨著加入電玩遊戲，以及近期的直式短影音與 Podcast，從長期產品路線圖的角度來看，還有哪些內容形式是有趣的？我們應該如何衡量這些計畫的成功？

Well, let's not get into areas that we may be exploring here and does not preannounce anything. But I am pleased with the early progress we're making with vertical clips for choosing on mobile and certainly video podcasting. We mentioned in the letter, we announced a partnership with the publishers like Conde Nast and Hearst and People. So we're going to bring on some lifestyle content on the service next month.

我們先不要談我們可能正在探索的領域，也不預先宣布任何事情。但我對我們在行動端直式短片（用於挑選內容）以及影音 Podcast 的早期進展感到滿意。我們在信中提到，我們宣布與 Conde Nast、Hearst、People 等出版商合作。因此，下個月我們會在服務上引進一些生活風格內容。

And with the podcast, we're super encouraged with the viewing patterns that we're seeing. They have convinced us that this viewing is definitely incremental for us. We're seeing that in daytime viewing. So we're engaging our members outside of prime time where we historically have done most of the engagement on Netflix. And keeping in mind sense professional long-form content is a pretty small part of mobile.

至於 Podcast，我們對目前看到的觀看模式非常受到鼓舞。這些數據讓我們相信，這些觀看行為對我們而言確實是增量。我們在白天時段的觀看中看到了這點。因此，我們正在黃金時段以外與會員互動；過去在 Netflix 上，我們大多數互動都發生在黃金時段。同時也要記得，專業的長篇內容在行動端所占比重其實很小。

It's exciting to see that our video podcasts are out indexing on mobile for us. So it's a really great progress on both fronts. It's really important for us to meet our members where they are with the kind of entertainment that they're trying to enjoy. So we've been building out this great lineup of podcasters include a mix of owned and licensed with creators like Martha Stewart, Kate and Oliver, Hudson have a great new one. We're thrilled to have Jay Shetty's on purpose exclusively on Netflix.

令人興奮的是，我們的影音 Podcast 在行動端的表現對我們而言是超出平均（out-indexing）。所以這兩個方向的進展都非常好。對我們來說，重要的是在會員所在之處，以他們想享受的娛樂形式與他們相遇。因此，我們正在打造一個很棒的 Podcaster 陣容，包含自有與授權的混合，創作者如 Martha Stewart、Kate and Oliver，Hudson 也有一個很棒的新節目。我們也很高興能在 Netflix 獨家推出 Jay Shetty 的《On Purpose》。

And our members are starting their day with The Breakfast Club. They're loving the official Bridgerton podcast. Bill Simmons, Pete Davidson, Brian William, just to name a few. These are examples of us continuing to evolve and deliver members more entertainment value and in more ways to engage with stuff they love.

我們的會員用《The Breakfast Club》開始一天。他們也很喜歡《柏捷頓家族》的官方 Podcast。Bill Simmons、Pete Davidson、Brian William 等等，僅舉幾例。這些都是我們持續演進的例子，透過更多方式讓會員與他們喜愛的內容互動，並提供更多娛樂價值。

But to take a step back and kind of contextualize this. Over the last 15 years, the definition of TV has broadened and our definition has changed along with it. So it's easy to forget. But if you rewind the clock, to say 2013, we had a single prestige English language scripted drama shell.

不過先退一步，稍微把脈絡放大來看。過去 15 年，電視（TV）的定義已經擴大，而我們的定義也隨之改變。所以很容易忘記。但如果把時間倒回到 2013 年，我們只有一部高品質的英語劇情影集。

No one scripted, no local language, no originals, no comedies, no competition shows and now we're the number one creator of original programming around the world. Just this week, the Emmy nominations were announced, and we have an Emmy nomination in nearly every category. We didn't even know back in that first year, if House of Cards would qualify for the Emmys. There was a bunch of debate as to whether or not it was TV.

沒有非劇情類、沒有本地語言內容、沒有原創、沒有喜劇、沒有競賽節目；而現在我們已是全球原創節目的第一大創作者。就在本週，艾美獎提名公布，我們幾乎在每個類別都有提名。在第一年時，我們甚至不知道《紙牌屋》是否符合艾美獎資格。當時還有很多爭論，討論它到底算不算電視。

So these just announced nominations, I think, are a testament to the quality, the quantity, and the variety of our original programming. These expansions are evolutionary, not revolutionary. This is our expansions on the same continuum that we started on years ago, adding new things as they become available to us as we see signals that our consumers will get value, including it in their Netflix subscription. That continuum has served our members and our business really well. So we're really excited about the progress.

因此，這次剛公布的提名，我認為是對我們原創節目品質、數量與多樣性的證明。這些擴張是演進式的，而非革命式的。這是我們多年來所走的同一條連續光譜上的延伸：當新事物對我們變得可行、且我們看到訊號顯示消費者會從中獲得價值（並把它納入他們的 Netflix 訂閱價值）時，我們就加入新的內容。這條連續光譜一直以來都很好地服務了會員與我們的業務。所以我們對進展感到非常興奮。

Thanks, Ted. I'll shift us now to a new topic, which is monetization, and I'll begin with advertising. The question is from Steve Cahall also of Wells Fargo, as you look at the ad tier average revenue per membership today, what are the biggest opportunities for increasing that monetization?

謝謝，Ted。接下來我把話題轉到變現，先從廣告開始。問題來自富國銀行（Wells Fargo）的 Steve Cahall：以目前廣告方案（ad tier）的每會員平均收入（ARM）來看，提高變現的最大機會是什麼？

Yes. Maybe worth starting by noting that we managed the ads business for total revenue, total revenue growth. So those are the optimization functions, ARM and fill rates sort of come along for the ride in achieving those goals. Having said that, there's still a gap between ad tier ARM and then ARM for our Standard without ads tier. But that gap is narrowing. And I think of that gap is essentially near-term under-realized revenue growth. So it represents an opportunity for us.

是的。也許先說明一下：我們管理廣告業務是以總收入、總收入成長為目標。因此，最佳化的核心是這兩個目標；ARM 與填充率（fill rates）則是在達成這些目標的過程中自然隨之改善。話雖如此，廣告方案的 ARM 與我們「無廣告標準方案」的 ARM 之間仍有差距。但這個差距正在縮小。我認為這個差距本質上代表短期內尚未完全實現的收入成長。因此，這對我們而言是一個機會。

As we improve ad capabilities, we can close that gap over the time, and you've seen us do exactly that over the last year.

隨著我們提升廣告能力，時間拉長後就能縮小這個差距，而你也看到我們在過去一年確實做到了。

How have we done it? We've expanded demand sources. We continue to execute quickly on our own ad tech stack. We're adding features. We're adding more ad products. We're adding more measurement. We're making it easier for us -- for folks to transact with us. Those all drive demand. They drive competitiveness.

我們是怎麼做到的？我們擴大了需求來源。我們持續快速推進自有的廣告技術堆疊（ad tech stack）。我們新增功能。我們增加更多廣告產品。我們增加更多衡量（measurement）能力。我們讓外部客戶更容易與我們進行交易。這些都能帶動需求。也能提升競爭力。

That yields increased fill rates. It pushes ads arm higher. Those improvements are really the bulk of the opportunity we have to improve unit performance and monetization for the next few years.

這會帶來更高的填充率。也會推升廣告方案的 ARM。在未來幾年，這些改善將是我們提升單位表現與變現能力的主要機會。

Thanks, Greg. From Sean Diffley of Morgan Stanley. There's a question on pricing, has there been any change in the receptivity to price hikes this cycle? And how do you think about the timing and magnitude of taking price?

謝謝，Greg。下一題來自摩根士丹利（Morgan Stanley）的 Sean Diffley。這題關於定價：在這一輪週期中，市場對漲價的接受度是否有任何改變？你們如何看待調價的時點與幅度？

In other words, first quarter versus fourth quarter seasonality, which is historically a stronger period?

換句話說，第一季相較於第四季的季節性（歷來第四季較強），你們怎麼看？

Yes. Our first half price changes, these are markets like US, Mexico, Spain. They've gone well. The results are consistent with prior price changes. They're consistent with our expectations.

是的。我們上半年在美國、墨西哥、西班牙等市場的調價進展良好。結果與過去的調價一致。也符合我們的預期。因此，我們沒有看到這方面表現出現任何實質變化。

So we aren't seeing any real changes in that performance. And then with regard to timing and magnitude, we really go back to that top-level macro question we've got of how we delivered sufficient value to our members.

至於時點與幅度，我們會回到最上層的宏觀問題：我們如何向會員交付足夠的價值。

We're constantly looking at the signals that help us understand that question, of course, plan selection, planned movement. We've got retention, which is industry-leading. So we see improvements in value delivered start to move well in advance of making price adjustments and then we price behind that value that we are delivering. Those same signals inform all of our price change.

我們持續觀察能幫助我們理解這個問題的訊號，當然包括方案選擇、方案轉換。我們的留存率是業界領先。因此，我們會在調價之前很早就看到「交付價值提升」開始反映在這些指標上，然後我們會在所交付的價值之後再進行定價（也就是以價值為後盾來調價）。同樣的訊號也會用來指引我們所有的價格調整。

They include the ones that we've made in the first half of this year, and they help us determine that timing and magnitude that you're getting at. I think also I would be remiss if I didn't use this opportunity to state that I believe that we are delivering one of the best entertainment values that has ever existed.

其中包括我們在今年上半年所做的那些調整，它們有助於我們判斷你所提到的時點與幅度。我也認為，如果我不藉此機會說明我相信我們正在提供有史以來最超值的娛樂體驗之一，那我就失職了。

As a comparison point, if you go to the US and you take what Netflix subscribers are paying, they pay the least per hour of viewing compared to comparable SVOD offerings. In some cases, they would have to pay twice as much per hour for competitive service. And our ads plan at $8.99 in the United States, we think is an amazing entry point. It's an incredible value, highly accessible. You think about all the entertainment you get for that. It's a pretty good deal.

作為比較基準，如果你到美國看看 Netflix 訂戶的付費情況，他們每小時觀看成本在可比的 SVOD 服務中是最低的。在某些情況下，他們若使用競爭對手的服務，每小時可能得付出兩倍的費用。而我們在美國的廣告方案定價 8.99 美元，我們認為是非常棒的入門選擇。它的價值驚人、可及性很高。想想你因此能獲得的所有娛樂內容。這是一筆相當划算的交易。

Thanks, Greg. The next question is from Rich Greenfield of LightShed Partners, how should we think about reports of Netflix bringing back free trials in select markets? What provoked these tests? And are there are they a function of increased competition, market saturation or both?

謝謝你，Greg。下一題來自 LightShed Partners 的 Rich Greenfield：我們應該如何看待有報導稱 Netflix 在部分市場重新推出免費試用？是什麼促使了這些測試？這些測試是否是競爭加劇、市場飽和，或兩者兼而有之的結果？

Rich, you know well. We are always testing, we're always assessing and trying to improve the service. That definitely includes trying to understand the best ways to bring new members into Netflix. And our investment in several product capabilities over the last several years for a variety of reasons have now given us even greater flexibility and capabilities to test different approaches in different markets, different market segments, different conditions, to see how we best bring those folks on.

Rich，你很清楚。我們一直在測試、一直在評估，並努力改善服務。這當然也包括了解把新會員帶進 Netflix 的最佳方式。而我們過去幾年基於各種原因在多項產品能力上的投資，如今讓我們在不同市場、不同市場區隔、不同條件下測試不同方法時，擁有更大的彈性與能力，以找出最適合把這些用戶帶上來的方式。

So for example, we've tested a low-cost first month in Japan that was coincident with the World Baseball Classic that served us incredibly well. We've been testing upgrade on us options in various different countries and various different conditions around the world. And as a general part of this test and learn strategy now, we're testing free trials for non rejoining new members in a number of countries. And obviously, we'll see how they perform and then we'll react appropriately.

例如，我們在日本測試過「首月低價」方案，且剛好與世界棒球經典賽同期，對我們的成效非常好。我們也在全球各地、不同國家與不同條件下測試「由我們提供升級」的選項。而作為這套「測試與學習」策略的一部分，我們目前也在多個國家針對非回流的新會員測試免費試用。當然，我們會觀察其表現，並再做出適當回應。

Our next question is from Vikram Kesavabhotla of Baird. His question is, Netflix has made progress on its cloud-first video game strategy this year, including the addition of several new titles. How are these games performing on the platform so far? And how should we expect the video game offering to evolve going forward?

下一題來自 Baird 的 Vikram Kesavabhotla。他的問題是：Netflix 今年在雲端優先的電玩策略上取得進展，包括新增多款新遊戲。這些遊戲目前在平台上的表現如何？未來我們應該如何預期電玩產品的演進？

Yes, I'll start by reminding folks of the market opportunity here. This is roughly $150 billion in consumer spend ex China, ex Russia doesn't include ads revenue. We've been building some solid foundations and now we're seeing exciting positive signals that help inform and give us increased conviction in our future growth and the nature of that growth here.

是的，我先提醒大家這裡的市場機會。在不含中國、不含俄羅斯的情況下，消費者支出約為 1,500 億美元，且不包含廣告收入。我們一直在打下穩固的基礎，而現在也看到令人振奮的正向訊號，這些訊號幫助我們更清楚未來的成長，以及這裡成長的樣貌，並提升我們的信心。

So you mentioned the cloud-based strategy, those cloud-based TV games. We really see a working FIFA and Unhinged became our two most successful cloud game to abuse, really solid numbers and put it in the top tier of game performance for us.

你提到雲端策略，也就是那些雲端 TV 遊戲。我們確實看到《Working FIFA》和《Unhinged》成為我們最成功的兩款雲端遊戲，數據非常扎實，並躋身我們遊戲表現的第一梯隊。

Another big positive sign is that since last October, so eight months ago, when we really sort of scaled up this cloud initiative, monthly active players for cloud games have increased 11x and adoption is significantly ahead of that curve that we had for mobile games with even higher retention value.

另一個很大的正向訊號是：自去年 10 月、也就是 8 個月前，我們真正把這項雲端計畫擴大規模以來，雲端遊戲的月活躍玩家數已成長 11 倍；其採用速度也明顯快於我們當初行動遊戲的成長曲線，而且留存表現更佳。

So we're definitely excited about that and focused on scaling up cloud games. We're also seeing positive signals with kids games. So Netflix playground, which is our app for kids games, no ads, no in-app purchases, curated set of games, very safe space. We've seen 3x growth in daily players since that launch. That's driven more engagement in kids mobile games, which is up 600% year over year. So that's super exciting to see as well.

因此我們對此非常興奮，並專注於擴大雲端遊戲規模。我們也在兒童遊戲方面看到正向訊號。例如 Netflix Playground（我們的兒童遊戲 App），無廣告、無 App 內購買，提供精選遊戲，是非常安全的空間。自推出以來，我們看到每日玩家數成長 3 倍。這也帶動兒童行動遊戲的互動提升，年增達 600%。這同樣非常令人振奮。

Again, we're just getting started here. We're scratching the surface in terms of what we think the total potential of the space offers for us. You're going to see us continue to calibrate refine our level of investment here, which is still very small relative to our overall content spend based on demonstrated performance, based on what is working for our members and what's delivering returns to our business.

同樣地，我們才剛起步。就我們認為這個領域能為我們帶來的總體潛力而言，我們目前只是觸及皮毛。你會看到我們持續校準並精煉在此的投資水準；相較於我們整體內容支出，這仍然非常小。我們會依據已證實的表現、依據哪些對會員有效、以及哪些能為公司帶來回報來做調整。

I'll move this on now to a question from Jessica Reif Ehrlich of Bank of America, given Netflix's global footprint of approximately 330 million subscription households, how do you think about leveraging that scale as a strategic asset? How does the currently consolidating media landscape impact these decisions?

接下來是美國銀行的 Jessica Reif Ehrlich 的問題：鑑於 Netflix 在全球約有 3.3 億個訂閱家庭的版圖，你如何看待運用這種規模作為策略資產？目前正在整併的媒體產業格局，會如何影響這些決策？

I'll take that. So you're right, Jessica, we do benefit in a number of ways from the tremendous scale that we worked so hard to build over the last 20 years. We've invested in a number of areas of the business, look at our tech investment where we spend billions of dollars every year and as a result, we have best-in-class discovery, personalization, plus a bunch of great R&D and innovation, including in production.

我來回答。Jessica，你說得沒錯，我們確實在多個面向受益於過去 20 年努力建立起來的龐大規模。我們在業務的多個領域投入資金；以技術投資為例，我們每年投入數十億美元，因此我們擁有同級最佳的內容發現與個人化能力，以及大量優秀的研發與創新，包括製作端的創新。

In distribution, in data that we can draw on to constantly improve every aspect of the business on the breadth and depth of our content catalog. These in combination all deliver this kind of flywheel of advantages.

在發行、在可用來持續改善業務各個面向的數據、以及在我們內容目錄的廣度與深度方面亦是如此。這些因素結合在一起，形成一種優勢飛輪。

We have the biggest, most engaged audience in the world. Creators and advertisers love that. We lead the industry in monetization. We have better programming ROI because we (inaudible) across this global footprint and that -- very often, that programming is very travelable. This is good for our members, it's good for our business. It creates a really healthy model for organic growth.

我們擁有全球最大、互動最深的受眾。創作者與廣告主都很喜歡這一點。我們在變現方面領先業界。我們的節目投資報酬率（ROI）更好，因為我們能在這個全球版圖上進行（聽不清）分攤，而—很多時候—這些節目也非常具有跨市場流通性。這對會員有利，對公司也有利。它創造了一個非常健康的自然成長模型。

Greg mentioned TF1 earlier. I think it's being able to bring that scale to work with partners like TF1 in France to bring content to our members in multiple ways and multiple business models. I think that really helps when we could bring that distribution scale to local players.

Greg 先前提到 TF1。我認為關鍵在於能運用這種規模，與像法國 TF1 這樣的合作夥伴合作，透過多種方式與多種商業模式把內容帶給我們的會員。我認為當我們能把這種發行規模帶給在地業者時，確實很有幫助。

And finally, Jessica, I'd say regarding consolidation. The industry has been consolidating for over 10 years. So this isn't new. We focus all of our energy. I'm pleasing our members and sustaining healthy growth for the business.

最後，Jessica，關於產業整併我想說：這個產業整併已經持續超過 10 年了。所以這並不是新鮮事。我們把所有精力都放在—我在取悅我們的會員，並維持公司健康成長。

Our next question comes from Sean Diffley of Morgan Stanley, what have been the early learnings from the inter positive deal? And how should we think about potential cost savings and content creation to the impact of your $20 billion cash content budget. Could this impact your $20 billion cash content budget on a go-forward basis? Or is it more likely to be reinvested into more content and better compensating talent?

下一題來自摩根士丹利的 Sean Diffley：與 Inter 的正向合作協議帶來了哪些早期學習？我們應該如何看待潛在的成本節省與內容製作，對你們 200 億美元現金內容預算的影響？這是否會在未來影響你們 200 億美元的現金內容預算？或者更可能是把節省下來的資金再投入更多內容，並更好地補償人才？

Well, look, it's early days for interpositive, but we're broadly seeing the gen AI is starting to have an impact across hundreds of our productions. So important to note that we have other gen AI tools in addition to inter positive. We're thrilled with all the speed they're bringing to market for us. But we also have Eyeline, and we have our animation lab. And what's cool is that they're all working together to drive innovation.

嗯，你看，Interpositive 還在早期階段，但我們大致上看到生成式 AI 已開始在我們數百個製作案中產生影響。所以很重要的一點是，除了 Interpositive 之外，我們還有其他生成式 AI 工具。我們對它們為我們帶來的上市速度感到非常振奮。但我們也有 Eyeline，還有我們的動畫實驗室。很酷的是，它們都在協同運作以推動創新。

We said in the letter, but gen AI is scaling quickly across the entire creative process from concept to pre-viz through post and delivery. We're making higher quality output more quickly and efficiently than we could have using traditional methods. So gen AI workflows now have been used in roughly 300 of our titles with the largest concentration right to date is on postproduction. But we're leveraging gen AI for really complicated shots and sequences.

我們在信中提到，生成式 AI 正在從概念、前期預視（pre-viz）、到後期與交付，快速擴展到整個創作流程。相較於傳統方法，我們能更快、更有效率地產出更高品質的成果。因此，生成式 AI 工作流程目前已大約用於我們 300 部作品中，而迄今最大的集中應用是在後期製作。但我們也在運用生成式 AI 來處理非常複雜的鏡頭與段落。

We called this out in the letter, but things like enhancing crowds or historical battle scenes, those kind of things. And keep in mind that in many of the cases, productions would have left out those key shots because they just wouldn't have been able to afford them. They wouldn't have been able to do them in the time frames that they're working on. So those sequences are saved by the availability and access to these AI tools.

我們在信中也特別點出，例如強化群眾場面或歷史戰役場景之類的內容。而且請記住，在很多情況下，製作團隊原本會把那些關鍵鏡頭拿掉，因為他們根本負擔不起。他們也無法在既定的製作時程內完成。因此，這些段落因為這些 AI 工具的可用性與可取得性而得以保留。

On the content side, we believe it takes great artists to make something great. And AI is not changing that. AI will give creators better tools to bring their visions to life. Movies are being made by people who make movies. AI provides them with better tools to make them even better.

在內容面，我們相信要做出偉大的作品，需要偉大的藝術家。而 AI 並不會改變這一點。AI 會給創作者更好的工具，讓他們把願景實現。電影是由拍電影的人來拍的。AI 為他們提供更好的工具，讓作品變得更好。

So today, our talent leverages tools for things like set references and (inaudible) and VFX and sequence prep and shot planning, it all makes the production itself so much more smooth and efficient and fast. And that's just the beginning. We're seeing it across the entire production life cycle.

所以今天，我們的人才會運用工具來做例如場景參考、（聽不清）以及視覺特效（VFX）、段落準備與鏡頭規劃；這一切都讓製作本身更順暢、更有效率也更快速。而這只是開始。我們看到它貫穿整個製作生命週期。

And AI, those use cases are scaling faster and faster. So our documentary series, we just released called American Experiment. That series feature 17 minutes of AI-enhanced footage.

而且 AI 的這些使用案例正在越來越快地擴張。所以我們剛推出一部名為《American Experiment》的紀錄片系列。該系列包含 17 分鐘經 AI 強化的影像素材。

It enabled us to expand the scope of the series in ways that just wouldn't have been feasible before. Those 17 minutes, Sean, they were produced twice as fast and at half the cost of previous options. So by equipping creators with these tools, we believe they're going to enhance their abilities, and we are going to have better and more impact for every dollar we spend on our programming. So content creation time lines can be shortened and quality can be enhanced. So the cost savings will likely be reinvested into more content on the service, which fuels high-quality engagement and that whole kind of revenue profit flywheel, that's going to come from that that we've been talking about from day one.

它讓我們能以過去根本不可行的方式擴大該系列的範疇。Sean，那 17 分鐘的內容，製作速度是以往方案的兩倍、成本只有一半。因此，透過為創作者配備這些工具，我們相信他們將提升自身能力，而我們在節目內容上的每一美元支出，都能帶來更好、也更具影響力的成果。所以內容製作時程可以縮短、品質也能提升。因此，節省下來的成本很可能會再投入到服務上的更多內容，進而帶動高品質的互動，以及那種收入與獲利的飛輪效應——這正是我們從第一天起就一直在談的。

Thanks, Ted. We have time for one last question, and we'll take that from Dan Ernst of Stone X. And it's a question around capital allocation, given recent reports around Lionsgate that Netflix has denied and broader speculation around interest in NBCUniversal, how should investors think about the line between opportunistic IP and library acquisitions and larger scale M&A that could change Netflix's capital allocation or strategic profile?

謝謝你，Ted。我們還有時間再問最後一題，我們請 StoneX 的 Dan Ernst 提問。這題是關於資本配置：鑑於近期有關 Lionsgate 的報導（Netflix 已否認）以及市場對於可能對 NBCUniversal 有興趣的更廣泛揣測，投資人應如何看待機會型的 IP 與片庫收購，和可能改變 Netflix 資本配置或策略輪廓的大型併購（M&A）之間的界線？

Well, I'll take this if you don't mind, guys. Dan, we're not going to comment on market speculation, but I'd like to take the opportunity to remind everyone about our core philosophy. We have multiple ways to achieve our goals, producing licensing, partnering, and we're constantly seeking ways to allocate our resources in the most attractive options to maximize value for our members and delivering for a return for our investors.

如果你們不介意的話，這題我來回答。Dan，我們不會評論市場揣測，但我想藉此機會提醒大家我們的核心理念。我們有多種方式達成目標：製作、授權、合作；我們也持續尋找最具吸引力的資源配置選項，以最大化會員價值，並為投資人帶來回報。

As we said, we're primarily builders, not buyers, and that remains the case today. So others will speculate about our intent to -- in here -- because they have their own reasons for that. But our track record is clear that we have a very high bar to do any big M&A. Spence, do you want to add anything?

如同我們所說，我們主要是建造者（builders），不是買家（buyers），而這點在今天仍然如此。所以其他人會揣測我們的意圖——在這裡——因為他們有他們自己的理由。但我們的紀錄很清楚：對於任何大型併購（M&A），我們的門檻非常高。Spence，你要補充什麼嗎？

Maybe I'll chime in a little bit specific to capital allocation, Ted. So thanks, Dan. So there's -- I just want to be really clear, there is no change to our capital allocation philosophy. We invest in the business, both organically and opportunistically through M&A. And again, as Ted said, we are primarily builders, not buyers.

Ted，我或許可以就資本配置再具體補充一點。謝謝你，Dan。我想非常清楚地說，我們的資本配置理念沒有任何改變。我們投資於業務，包含有機成長的投資，以及透過併購（M&A）進行的機會型投資。同樣地，如 Ted 所說，我們主要是建造者，不是買家。

We also maintained strong liquidity and a strong, healthy balance sheet. And lastly, we return excess cash to shareholders through share repurchase. And on that last point, you can see that -- very clearly, in Q2, we repurchased $4.7 billion of shares this quarter. That's our largest quarter of share repurchase in our history, and we still have about $27 billion of capacity on our remaining authorization. So we feel really good about our growth path.

我們也維持強勁的流動性，以及強健、健康的資產負債表。最後，我們透過庫藏股回購把多餘現金回饋給股東。就最後一點你可以很清楚看到——在第二季（Q2），我們本季回購了 47 億美元的股票。這是我們史上最大的一季股票回購，而且在剩餘的核准額度下，我們仍約有 270 億美元的回購容量。所以我們對我們的成長路徑感到非常有信心。

As Ted said, we've got a really high bar, and we have no change in our capital allocation philosophy.

如 Ted 所說，我們的門檻非常高，而我們的資本配置理念沒有任何改變。

Great. Thank you, Spence. And thank you all for your questions and for joining us for our quarterly earnings call, and we will see you next quarter. Thank you.

很好。謝謝你，Spence。也謝謝各位的提問，以及參與我們的季度財報電話會議，我們下季再見。謝謝。