Netflix, Inc. (NFLX) 2026 Q3 法說會逐字稿

Good afternoon, and welcome to the Netflix Q3 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 taking forward-looking statements and actual results may vary. We'll now take questions submitted by the analyst community.

各位下午好，歡迎參加 Netflix 2026 年第三季財報訪談。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，我們將會提及前瞻性陳述，實際結果可能有所差異。接下來我們將回答分析師社群提交的問題。

Our first question comes from David Joyce of Seaport Research Partners. His question is: investors are looking for more clarity in what has typically been Netflix' industry-leading strategy. What role do live events or becoming a centralized streaming portal or offering short-form video, third-party or user-generated content play in how you see Netflix regaining a competitive edge that can help sentiment?

第一個問題來自 Seaport Research Partners 的 David Joyce。他的問題是：投資人希望對 Netflix 一向被視為業界領先的策略有更清楚的說明。在你們看來，現場直播活動、成為集中式串流入口，或提供短影音、第三方或使用者生成內容，在 Netflix 重新取得競爭優勢、並有助於改善市場情緒方面，分別扮演什麼角色？

I'll take that. And thank you, David, for the question. It gives us an opportunity to clarify, obviously. But our strategy is unchanged, and it's always been and it continues to be, to combine best-in-class entertainment with industry-leading discovery, global distribution and the best possible monetization. We want to be the must-have entertainment service, the first one members check for a great series or a great film and the last service they'd ever cancel.

我來回答這題。也謝謝你，David，提出這個問題。這讓我們有機會做出澄清，當然。但我們的策略沒有改變，一直以來、現在也仍然是：把一流的娛樂內容與業界領先的內容發現能力、全球發行，以及盡可能最佳的變現能力結合起來。我們希望成為不可或缺的娛樂服務——會員在想看一部好影集或好電影時第一個會打開的服務，也是他們最後才會取消的服務。

Now the anchor of that strategy are the Netflix Originals, differentiated, exclusive, ambitious, professionally produced series and films and live events. Now we've oriented the market to expect something great and new to watch every week, so we have to deliver on quality and quantity always. And as for the live events, in a world of so much choice, we have titles like KPop and Wednesday and Bridgerton, and with all those things to choose from, live events like the Canelo-Crawford fight or the eventized sports that we do with the NFL and the MLB, these events break through. And they stand out. They drive new membership.

而這個策略的核心支柱是 Netflix 原創內容——具差異化、獨家、企圖心十足、專業製作的影集與電影，以及現場直播活動。我們已讓市場習慣每週都能看到精彩且全新的內容，因此我們必須始終在品質與數量上交出成績。至於現場直播活動，在選擇極多的世界裡，我們有像 KPop、《星期三》與《柏捷頓家族》這些作品；在這麼多可選內容之中，像 Canelo-Crawford 之戰，或我們與 NFL、MLB 合作的「事件化」體育內容，這些直播活動能夠突破重圍。它們非常醒目。也能帶動新增會員。

They add fuel to our ad revenues. They please our existing members, and they just generally enhance the value of Netflix. So we take all of that strategy, we pair that exclusive programming with kind of a broad offering of third-party programming, including second-run titles, deals we just did with Sony, Disney, Universal and others. And in addition to that, we look to new ways to bring third-party content onto the service as well to complement those originals, like we just did with TF1 in France, where you're ingesting a full network of programming. Now all that said, it's really important to remember, roughly 95% of our spend and nearly all of our revenue is focused on that core, where we see a long runway for future growth.

它們也為我們的廣告收入增添動能。它們讓既有會員滿意，並且整體上提升 Netflix 的價值。因此，我們在這套策略之下，將這些獨家節目內容，搭配相對廣泛的第三方內容供給，包括二輪內容，以及我們剛與 Sony、Disney、Universal 等公司達成的合作。此外，我們也在尋找新的方式把第三方內容帶到服務上，以補足原創內容，例如我們剛在法國與 TF1 的合作，導入整個電視網的完整節目內容。不過即便如此，仍非常重要的一點是要記得：我們約 95% 的支出與幾乎所有收入都聚焦在這個核心領域，而我們也認為未來成長仍有很長的跑道。

Now other areas that you mentioned, these are early-stage initiatives meant to explore future programming expansions, and we keep our focus and our investment in those areas very tight because the core is the critical growth engine.

至於你提到的其他領域，這些都是早期階段的計畫，目的在探索未來內容版圖的擴張；而我們在這些領域的聚焦與投資都控制得非常嚴謹，因為核心業務才是關鍵的成長引擎。

Great. Thank you, Ted. Our next question comes from Eric Sheridan of Goldman Sachs. How would you characterize recent engagement trends in the US relative to other geographies?

很好。謝謝你，Ted。下一個問題來自高盛的 Eric Sheridan。你會如何描述美國近期的互動參與趨勢，相較於其他地區的表現？

How would you frame any variables such as content, seasonality, competition, that might be driving any such divergences in engagement by region?

你會如何看待內容、季節性、競爭等變數，是否正在推動各地區之間互動參與出現差異？

I'll pick up this one and start with just overall engagement, which we think of as the sum total of actual value that we are delivering to members. So this is quality, quantity and variety of viewing. That remains healthy, and it drives our business model. And the best evidence that we've got that we're delivering that value is churn. We've got healthy retention in every region.

我來接這題，先從整體互動參與談起；我們把互動參與視為我們實際交付給會員的總體價值。也就是觀看內容的品質、數量與多樣性。這些指標仍然健康，並驅動我們的商業模式。而我們能證明自己確實交付了這些價值的最佳證據，就是流失率。我們在每個地區的留存都很健康。

Q3 churn, both globally and in the United States, improved year-on-year. It was better than forecast. It's already industry leading. And the ultimate determinant are -- of are we delivering that value is the reaction to price changes. And those recent price changes that we did, including in the United States, have gone well.

第三季的流失率，不論在全球或在美國，都較去年同期改善。表現也優於預期。我們本來就已是業界領先。而判斷我們是否交付價值的最終指標，是市場對價格調整的反應。我們近期所做的價格調整（包括在美國）進展良好。

We've seen results that are consistent with past changes and our expectations. And consistent with all that performance, we do plan on delivering our full year guidance. Now you talked about sort of specific engagement trends by geography, and as you saw from the letter, we had great results in APAC, Lat Am and EMEA. Our local titles from those regions are driving engagement and they're driving business growth. And you can see how our business model works here.

我們看到的結果與過去的調整以及我們的預期一致。也基於這些表現，我們確實計畫達成全年財測指引。你提到各地區較具體的互動參與趨勢；如同你在股東信中看到的，我們在亞太、拉丁美洲與歐洲中東非洲（EMEA）都有很好的成果。來自這些地區的在地作品正在帶動互動參與，也帶動業務成長。你也可以從這裡看到我們商業模式如何運作。

We specifically highlighted India, which had a strong slate with a couple titles really, really performing. And as a result, view hours in Q3 in India grew 24% on an absolute basis. They were also up on a per member basis, all of which drives membership. It drove membership and nearly 20% year-over-year revenue growth. So that's a great example of how the core model works.

我們特別點名了印度，因為那裡有一波很強的片單，其中有幾部作品表現非常、非常突出。因此，印度在第三季的觀看時數以絕對值計成長了 24%。以每位會員計也同樣上升，而這些都會帶動會員成長。它帶動了會員成長，並帶來接近 20% 的年增營收成長。這就是核心模式如何運作的一個很好的例子。

We deliver on member value, and we get the business outcomes that we are looking for. Turning to the US, the other region. Our engagement is solid, and it will allow us to continue to grow as we have for the last several years, but we know that we can do better. And that better is our upside. It's our goal to go from very good to great on the performance of that slate.

我們交付會員價值，並取得我們想要的業務成果。回到美國，也就是另一個地區。我們的互動參與表現穩健，這將使我們能像過去幾年一樣持續成長，但我們也知道自己可以做得更好。而「更好」就是我們的上行空間。我們的目標，是讓這份片單的表現從「很好」提升到「卓越」。

But I just want to note that we are quite excited about what we've got coming. So coming from the US in Q4, on series side, we're already off to a great start with limited series East of Eden. My whole social group is talking about that. We've got season 4 of The Diplomat, the best season yet of this show.

不過我想補充的是，我們對接下來即將推出的內容感到非常興奮。因此，第四季在美國方面，就影集而言，我們已經有個很棒的開局——迷你影集《伊甸之東》。我整個社交圈都在討論它。我們還有《外交官》第四季，這會是這部劇至今最好的一季。

Later this quarter, we've got The Body. We've got The Murder of JonBenét Ramsey. We've got the final season of Emily in Paris. On the film side, we've got The Further Mis-Adventures of Cliff Booth with Brad Pitt, directed by David Fincher, written by Quentin Tarantino. You can't ask for a more star-studded lineup than that.

本季稍晚，我們有《The Body》。我們有《瓊貝妮·蘭姆齊謀殺案》。我們還有《艾蜜莉在巴黎》的最終季。電影方面，我們有《克里夫·布斯的更多不幸冒險》，由布萊德·彼特主演，大衛·芬奇執導，昆汀·塔倫提諾編劇。你很難要求比這更星光熠熠的陣容了。

We've got Bad Day with Cameron Diaz; and then we've got Steps, which is our new animated film featuring Ali Wong, Stephanie Hsu and Amanda Seyfried. In addition to all that, we've got our Christmas Day NFL games, and we'll now have the first Thanksgiving Eve game, which we are going to spice up with U2 as the halftime show. And U2 is just legendary, one of my favorites. And then moving to 2027. Our slate includes Narnia.

我們有卡麥蓉·狄亞主演的《Bad Day》；另外還有《Steps》，這是我們新的動畫電影，由 Ali Wong、Stephanie Hsu 與 Amanda Seyfried 配音演出。除此之外，我們還有聖誕節當天的 NFL 比賽，而且我們也將首次轉播感恩節前夕的比賽，我們會請 U2 擔任中場秀，讓活動更有看頭。U2 真的是傳奇，也是我最喜歡的樂團之一。接著展望 2027 年。我們的片單還包括《納尼亞》。

We've got Charlie and the Chocolate Factory (sic) [ Charlie vs. the Chocolate Factory ], Here Comes the Flood, Grown Ups 3, fifth season of Bridgerton, third season of Wednesday, Michael Fassbender starring in a new series about the Kennedys, God of the Woods, Rabbit, Rabbit just to name a few. We're going to have NFL games, one NFL game in the final week of the regular season. This is the first time we're doing that and of course, the Women's World Cup in the US and Canada.

我們有《查理與巧克力工廠》（原文如此）[ Charlie vs.the Chocolate Factory ]、《洪水來襲》、《大人們 3》、《柏捷頓家族》第五季、《星期三》第三季、麥可・法斯賓達主演一部關於甘迺迪家族的新影集、《森林之神》、《兔子，兔子》等等，僅舉幾例。我們還會有 NFL 比賽，在例行賽最後一週會有一場 NFL 比賽。這是我們第一次這麼做，當然還有在美國與加拿大舉辦的女子世界盃。

So there is just a lot to look forward to.

所以接下來真的有很多值得期待的。

Thanks, Greg. That was an impressive overview of the slate in Q4, in 2027. I think you made Ted proud. But maybe to build on that, we do have a set of questions building off the theme of engagement to some of the executive changes. This next question comes from Rob Sanderson of Loop Capital.

謝謝你，Greg。那是對 2027 年第四季片單非常令人印象深刻的總覽。我想你讓 Ted 很驕傲。不過也許在此基礎上延伸一下，我們確實有一組問題，是以「互動參與」這個主題延伸到一些高層人事變動。下一題來自 Loop Capital 的 Rob Sanderson。

As Netflix is a massive and global content production operation, in what ways can a fresh perspective at the top influence the organization? What elements of success from his tenure at Disney are you most optimistic that Peter Rice can replicate at Netflix? Are there particular aspects you think the content org can perform better under new leadership?

Netflix 是一個龐大且全球化的內容製作營運體系，最高層的新觀點可以透過哪些方式影響組織？你對 Peter Rice 最有信心、也最樂觀他能在 Netflix 複製他在迪士尼任期內哪些成功要素？你認為內容組織在新領導之下有哪些特定面向可以做得更好？

Rob, that's a great question. And first, let me start by taking this opportunity to thank Bela Bajaria for all of her incredible contributions to Netflix. Bela had an incredible decade-long run here. She put a lot of great hits on the board. She led the teams through a lot of expansions of new types of content.

Rob，這是個很棒的問題。首先，我想藉這個機會感謝 Bela Bajaria 對 Netflix 所做的一切卓越貢獻。Bela 在這裡有長達十年的精彩歷程。她打造了許多亮眼的爆款作品。她也帶領團隊擴展到許多新的內容類型。

She also did the hard work of building this incredible international team who's been making local for local content around the world, which has become a great competitive differentiator for us over the last decade. So I just want to take that moment to thank Bela. I'd also, calling back to that great list you just heard from Greg, there is a lot to be excited about, but I know that we could do better, and we want to build on that momentum. Now we've seen an opportunity to take our slate to the next level, especially in the US, where we can have an outsized impact when we create a big buzzy show that members love and talk about all over the world. Now I'm incredibly thrilled to have Peter Rice joining as our new Chief Content Officer.

她也做了艱難但重要的工作，建立起這支令人驚嘆的國際團隊，在全球各地製作「在地為在地」的內容；這在過去十年成為我們很重要的競爭差異化優勢。所以我想在此刻向 Bela 致謝。另外，呼應你剛剛從 Greg 那裡聽到的精彩清單，確實有很多令人興奮的內容，但我也知道我們還能做得更好，我們希望在這股動能上再往前推進。我們看到一個機會，可以把我們的片單提升到下一個層級，特別是在美國；當我們打造出一部引發高度話題、會員喜愛並在全球討論的重磅影集時，我們能產生超乎比例的影響力。我非常興奮 Peter Rice 將加入我們，擔任新的首席內容長。

Let me give you some history is I've known Peter for about 15 years, and I've got to tell you, the outpouring of excitement for -- about him coming to Netflix from across the industry and from the creative community has been nothing short of overwhelming. He's one of the really rare people in the industry who's led TV networks, movie studios, streaming services. His creative instinct and his business acumen are remarkable. He's really an at-scale, quality and volume operator, and he does it across every imaginable form of entertainment: network, prestige cable, streaming, theatrical and TV films and live sports. So -- but most importantly, Rob, Peter Rice understands talent relations, and in a competitive market, creative talent have choices of where they want to work, and we want Netflix to always be the place that they love to do the best work of their life.

我先補充一些背景：我認識 Peter 大約 15 年了。我必須說，他將加入 Netflix 的消息，在整個產業與創作者社群引發的熱烈期待，簡直是排山倒海。他是業界極少數同時領導過電視聯播網、電影製片廠與串流服務的人。他的創意直覺與商業敏銳度都非常出色。他真的是能在規模化下兼顧品質與產量的操盤手，而且橫跨各種你想得到的娛樂形式：聯播網、精品有線、串流、院線、電視電影以及現場體育賽事。不過最重要的是，Rob，Peter Rice 非常懂得人才關係；在競爭激烈的市場裡，創意人才有很多選擇，我們希望 Netflix 永遠是他們最喜歡、也最願意做出人生最佳作品的地方。

Peter is the exact right person to lead those efforts in the US and around the world. Now that's a key aspect of what I believe Peter can improve on looking forward.

Peter 正是帶領這些努力、在美國以及全球推進的最佳人選。我相信這是 Peter 未來能夠改善的一個關鍵面向。

Thanks, Ted. We have a follow-up question that's on the same topic. This comes from Matt Condon of Citizens Bank. With Peter Rice stepping in as Chief Content Officer, what do you see as the biggest opportunities to evolve Netflix' content strategy under his leadership? Should we anticipate any meaningful changes in the types of content you prioritize, how you allocate content spending or your overall approach to driving engagement?

謝謝你，Ted。我們有一個同主題的追問。這題來自 Citizens Bank 的 Matt Condon。Peter Rice 接任首席內容長後，你認為在他的領導下，推動 Netflix 內容策略演進的最大機會是什麼？我們是否應該預期你們在優先內容類型、內容支出配置，或整體提升互動參與的做法上，會有任何具實質意義的改變？

Or is this more about improving execution within the existing strategy?

還是說，這更多是關於在既有策略之下把執行做得更好？

Yes. Thanks, Matthew. Look, our business and our business flywheel are working. There is no need for a fundamental shift in the strategy. We do need better execution in the US.

是的。謝謝你，Matthew。你看，我們的業務以及我們的業務飛輪正在運轉。策略上不需要做根本性的轉向。我們確實需要在美國把執行做得更好。

Our content around the world is largely working, as you heard a couple examples there from Greg. But we see titles across Latin America, EMEA, APAC driving engagement, subscriber growth, revenue and profit. Now the US is also working. It's just not growing as fast as it could or as fast as we'd like.

我們在全球各地的內容大致上都運作良好，正如你剛剛從 Greg 那裡聽到的幾個例子。但我們看到拉丁美洲、EMEA、APAC 等地區的作品正在帶動互動參與、訂戶成長、營收與獲利。美國市場其實也運作良好。只是成長速度沒有它本來可以達到的那麼快，也沒有我們希望的那麼快。

So we had some really solid doubles and triples this year, but the other territories count on some of those titles being home runs so that they'll travel around the world. So we really have got to -- we're focusing on that execution. And when we're talking about like success in APAC, India is a great example, but that success is also happening in Korea and Japan. And when you look to EMEA, we look to the Nordics, which is a very mature market for us, and that content slate is killing it there. And it's proof that when we have the right focus, make the right choices and deliver creatively, we can drive outsize impact on the business around the world.

所以今年我們有一些非常扎實的「二壘安打」與「三壘安打」，但其他地區也仰賴其中一些作品能成為「全壘打」，才能在全球各地傳播與發酵。因此我們真的必須——我們正把重點放在執行力上。談到 APAC 的成功，印度是一個很好的例子，但這樣的成功也同樣發生在韓國與日本。而看向 EMEA，我們會看北歐地區；那是我們非常成熟的市場，而那裡的內容片單表現非常亮眼。這也證明了：當我們聚焦得當、做出正確選擇並在創意上交出成果時，就能在全球範圍內對業務產生超乎比例的影響。

Now Peter brings expertise in both art and commerce, television and film. It's kind of that exact balanced skill set that will help guide us through our next chapter. Now there's a ton to be excited about in our Q4 slate and a ton to be excited about in 2027. And I believe that Peter will actually be able to have an impact on that project -- those projects that are in the works, even in the short term. So we're very excited to have him join.

Peter 同時具備藝術與商業、電視與電影兩方面的專長。這種恰到好處的平衡技能組合，將有助於引導我們進入下一個篇章。我們的第四季片單有很多值得期待的內容，2027 年也同樣有很多令人興奮的事。而我相信 Peter 甚至在短期內，就能對正在推進中的那個專案——那些正在製作中的專案——產生影響。所以我們非常期待他加入。

Thanks, Ted. The next question comes from Dan Kurnos of StoneX. The question is: I wanted to touch on your recent head count reductions, which is the largest since 2022. He -- I recognize that you may not want to get into specifics, but how should we think about the thinking behind it?

謝謝你，Ted。下一題來自 StoneX 的 Dan Kurnos。問題是：我想談談你們最近的人力縮減，這是自 2022 年以來最大的一次。我——我理解你們可能不想談太多細節，但我們應該如何理解背後的思考？

I can provide some color here. Go back to we've got a big and ambitious mission. We aspire to entertain literally the whole world. Now fulfilling on that big mission requires us to be incredibly disciplined about where we focus, where we invest, how our people work, where our resources go. And when you've driven considerable top line growth as we have over the last several years, and you're in a highly dynamic market that's constantly changing, I don't think it's unusual then to find that there are some areas that we built quickly and we ended up overinvested in or there are opportunities to adjust how we are operating to best drive the business through the next stage of growth.

我可以在這裡補充一些背景。回到我們有一個宏大且雄心勃勃的使命。我們的目標是娛樂字面意義上的全世界。要實現這個宏大使命，就要求我們在聚焦方向、投資取捨、員工的工作方式以及資源配置去向上，都必須極度自律。而當你像我們在過去幾年一樣推動了相當可觀的營收成長，同時又身處一個高度動態、持續變化的市場時，我不認為出現某些我們快速建立、結果投資過度的領域，或是存在一些可以調整營運方式、以便在下一階段成長中更好推動業務的機會，是什麼不尋常的事。

Now we prefer to make these adjustments organically and iteratively. We -- that's the best way to do it. We think it's our mission basically to constantly be trying to tune and adjust. But sometimes the team needs a forcing function. The company needs a mandate that requires the whole organization to ask hard questions about where can we be more efficient, where can we make tough decisions about where we can trim or redirect how we're investing.

我們現在更傾向以有機且循序漸進的方式來進行這些調整。我們——這是最好的做法。我們認為，我們的使命基本上就是持續嘗試校準與調整。但有時候團隊需要一個「推動機制」。公司需要一項要求整個組織去提出尖銳問題的指令：我們在哪裡可以更有效率、在哪裡需要做出艱難決策、在哪裡可以削減或重新導向我們的投資。

We do not take these decisions lightly, but we also believe we have a responsibility to make hard trade-offs in service of our members, our partners, our employees, our investors, and ultimately our long-term growth. And that was the simple thinking behind it and what motivated these recent changes.

我們不會輕率做出這些決定，但我們也相信，我們有責任為了會員、合作夥伴、員工、投資人，以及最終的長期成長，做出艱難的取捨。這就是背後簡單的思考邏輯，也是促成近期這些變動的動機。

Thanks, Greg. Building off of that, our next question comes from Doug Anmuth of JPMorgan. Can Netflix increase revenue growth at a double-digit pace in 2027? What are the key levers to get there? And is it sustainable?

謝謝你，Greg。延續這個話題，我們下一個問題來自摩根大通（JPMorgan）的 Doug Anmuth。Netflix 能否在 2027 年以雙位數的速度提升營收成長？達成的關鍵槓桿是什麼？而且這樣的成長是否可持續？

Spencer, I'll take this one. Got to contribute a little bit to this call. So Doug, I appreciate the question. We're delivering strong growth in 2026 to start with, and that's because all three revenue levers that we have, they're working and they're contributing. That's member growth, pricing and ads.

Spencer，這題我來回答。也得在這通電話裡貢獻一點。所以 Doug，我很感謝這個問題。我們在 2026 年一開始就交出強勁成長，原因是我們的三個營收槓桿都在發揮作用並且有所貢獻。也就是會員成長、定價與廣告。

And we expect to deliver strong revenue growth into 2027 as well with those same three levers. And we know there's questions about view hour growth. We've spoken about that. Greg and Ted talked about it just now. And to be clear, we want to grow view hours faster.

我們也預期在 2027 年，仍會透過同樣這三個槓桿帶來強勁的營收成長。我們知道外界對觀看時數成長有疑問。我們談過這點。Greg 和 Ted 剛剛也提到了。坦白說，我們希望觀看時數能更快成長。

We're not satisfied. We're working on it. But again, as both Greg and Ted articulated, that would be an accelerant to what is already underlying healthy revenue growth. We saw that in India. We just talked about that, strong slate, bump -- big bump in view hour growth, nearly 20% revenue growth, and that's just one of those multiple success stories across regions that Ted also mentioned.

我們並不滿足。我們正在努力。但再次強調，正如 Greg 與 Ted 所闡述的，那將會是對既有健康營收成長的加速器。我們在印度就看到了這點。我們剛剛談到，片單很強，觀看時數成長出現跳升——大幅跳升，營收成長接近 20%，而這只是 Ted 也提到的、跨區域多個成功案例之一。

But even with modest view hour growth, the modest view hour growth that we're delivering, we're delivering that increasing value to our members across quality, quantity and variety of viewing with a steady drumbeat of big hits in most regions. And that's really the great thing about our model. It's that stability of our growth engine. We're not overly dependent on any kind of one title nor kind of outsized performance by any one region to deliver healthy growth. So it's premature to issue full year 2027 guidance.

但即使在我們目前所呈現的溫和觀看時數成長之下，我們仍透過觀看內容的品質、數量與多樣性，持續為會員提供更高的價值，並在多數地區以穩定節奏推出多部爆款作品。這正是我們模式真正出色之處。也就是我們成長引擎的穩定性。我們不會過度依賴任何單一作品，也不會依賴任何單一地區的超常表現來實現健康成長。因此，現在就提供 2027 全年的指引仍為時過早。

We'll do that on our kind of next call or our Q4 call. But our financial objectives are unchanged. We look to sustain double-digit revenue growth. We look to expand margins, and we look to increase free cash flow.

我們會在下一次電話會議或第四季（Q4）電話會議時提供。但我們的財務目標沒有改變。我們希望維持雙位數的營收成長。我們希望擴大利潤率，並且提高自由現金流。

Thanks, Spence. The next question probably falls in your court as well. This one comes from Michael Morris of Guggenheim. The fourth quarter guidance includes about 120 basis points of cost tied to the head count reductions. What annual run rate savings do you expect?

謝謝你，Spence。下一個問題大概也由你來回答。這題來自 Guggenheim 的 Michael Morris。第四季指引包含約 120 個基點與裁員相關的成本。你們預期年度化的節省金額（run rate savings）是多少？

And how much of that should we assume is reinvested versus supporting operating margin expansion in 2027?

其中有多少我們應該假設會被再投資，而不是用來支持 2027 年營業利益率的擴張？

Well, I may disappoint again in terms of specific guidance. We're not going to specifically quantify the expense impact in 2027. But as we did note in our letter, that work, that hard work that Greg walked through, that prioritization ensures that we can continue to invest aggressively into the highest impact areas to improve our service, drive innovation, drive growth. So we're really focused on finishing this year strong. We'll provide 2027 guidance in January, including that margin guidance, but there's no change to our philosophy of obviously investing in our business to drive that growth in innovation and also steadily growing margin each year.

嗯，我在具體指引方面可能又要讓大家失望了。我們不會具體量化 2027 年的費用影響。但正如我們在股東信中所提到的，那些工作——Greg 所說明的艱鉅工作——以及優先順序的取捨，確保我們能持續在影響力最高的領域積極投資，以改善我們的服務、推動創新、帶動成長。因此我們真正聚焦的是把今年收尾做強。我們會在一月提供 2027 年指引，包括利潤率指引；但我們的理念沒有改變：顯然會持續投資於業務以推動成長與創新，同時也逐年穩步提升利潤率。

Thanks, Spence. We have two questions that are somewhat related, so I'll bunch them together. The first version comes from Vikram Kesavabhotla of Baird. How has the integration with TF1 in France performed in its first few months? How has this experience impacted your perspective on distributing other services through Netflix?

謝謝你，Spence。我們有兩個彼此有些相關的問題，所以我把它們合併一起問。第一個版本來自 Baird 的 Vikram Kesavabhotla。與法國 TF1 的整合在最初幾個月的表現如何？這段經驗如何影響你們對於透過 Netflix 分發其他服務的看法？

And what are the guidelines you are using to evaluate these types of partnerships going forward? The related question comes from Matthew Condon of Citizens Bank. As you think about the evolution of the Netflix offering, what is your appetite for third-party content partnerships or add-on services that could be integrated into the Netflix experience? Do you see an opportunity to broaden the value of the platform through aggregation without necessarily owning or directly licensing all that content?

未來你們用來評估這類合作夥伴關係的準則是什麼？相關問題來自 Citizens Bank 的 Matthew Condon。當你們思考 Netflix 產品的演進時，對第三方內容合作或可整合進 Netflix 體驗的加值服務，你們的意願（appetite）有多大？你們是否看到一個機會：透過聚合（aggregation）來擴大平台價值，而不一定需要擁有或直接授權所有那些內容？

Yes. Maybe to start with the answer to this one, just stepping back with a little context because I know these seem like new and novel techniques for us, or approaches, but they actually serve a goal that's been with us for as long -- going way back to when we started the streaming service. And that's been consistently expand the entertainment offering, provide more value to members. Our members consistently tell us that they want more from us. We see that in the preferences of how they use the service.

是的。也許先從回答這題開始，我先退一步提供一些背景，因為我知道這些看起來像是我們新的、前所未有的技術或做法，但其實它們服務的是一個我們很早就有的目標——可以追溯到我們剛開始做串流服務的時候。那就是持續擴大娛樂內容供給，為會員提供更多價值。我們的會員一再告訴我們，他們希望我們提供更多。我們也從他們使用服務的偏好中看到了這點。

So delivering on that desire over many, many years has been a goal, and I'd say it's been the primary driver of our industry-leading subscriber reach and retention. So we are totally focused on that. We are always seeking new ways to expand our offering, new ways to provide more professionally produced film, TV, live events, more core entertainment value. And that means we do things like licensing. It also means like we look for new creative partnerships like we did with TF1.

因此，多年來滿足這個需求一直是我們的目標；我會說，這也是我們在業界領先的訂閱用戶觸及與留存的主要驅動因素。所以我們完全聚焦在這件事上。我們一直在尋找擴大供給的新方法、提供更多專業製作的電影、電視、現場活動等新方法，帶來更多核心娛樂價值。這意味著我們會做授權（licensing）這類事情。也意味著我們會尋找新的創意合作夥伴關係，例如我們與 TF1 的合作。

And maybe one second on why partners are interested in working with us. We have broad distribution reach. We've got a top-of-class product experience, which is a good home for all the work that they do and the content that they create. We've got industry-leading monetization, and all of that makes us a great partner for studios, for networks, for creative talent. We can find new audiences.

另外也補充一下，為什麼合作夥伴有興趣與我們合作。我們擁有廣泛的分發觸及。我們有同級最佳的產品體驗，能成為他們所有作品與所創作內容的良好承載平台。我們有業界領先的變現能力，而這些都讓我們成為片廠、電視網與創意人才的絕佳合作夥伴。我們能找到新的受眾。

We can drive incremental revenue for them. That's why they want to partner with us. So specifically to your question on TF1, we are very pleased with the early performance that we've seen in that integration. We have been able to enhance an already very compelling service for our French members with even more local popular French programming. We've seamlessly integrated the TF1 product experience in a way where it supports their brand, but it also keeps things distinct.

我們能為他們帶來增量營收。這就是他們想與我們合作的原因。具體回到你對 TF1 的問題，我們對目前看到的整合初期表現非常滿意。我們已能在原本就對法國會員很有吸引力的服務之上，加入更多在地、受歡迎的法國節目內容，進一步提升體驗。我們也以無縫方式整合 TF1 的產品體驗，既能支持他們的品牌，同時也讓各自保持清楚區隔。

And we think this approach is advantageous for both them, supports their value proposition and us. It's good for the customer, too, because it signals what they're getting. And we are growing the TF1 viewing on our service every month. So we're constantly improving that product experience. We see a whole runway and line of improvement that we know we'll be able to fulfill from our previous history about being able to improve these things.

我們認為這種做法對他們與我們雙方都有利，既能支持他們的價值主張，也能支持我們。對客戶也有好處，因為這能清楚傳達他們將獲得什麼。而且我們在自家服務上，TF1 的觀看量每個月都在成長。因此我們持續在改善該產品體驗。我們看到一條很長的改進跑道與一系列可提升之處；根據過往經驗，我們也知道自己有能力把這些改進落實到位。

Additionally, the early analysis and testing that we've done indicates that the TF1 engagement is incremental to our platform. So essentially, all things are working about that partnership. As for what to expect going forward, we certainly believe we can replicate similar positive results with other partners where this approach meets the needs of the partner as well. Those are opportunities that we're going to sequence, we'll prioritize with all the other growth opportunities we have. We have a lot going on that we're going after.

此外，我們所做的早期分析與測試顯示，TF1 的互動參與對我們平台而言是增量的。所以基本上，這項合作的各個面向都運作良好。至於未來的展望，我們確實相信，當這種做法同樣符合合作夥伴需求時，我們也能與其他夥伴複製類似的正向成果。這些都是我們會依序推進的機會，並會與我們其他所有成長機會一起排定優先順序。我們正在推進的事情很多。

And then for the second question, add-on services, by which I believe that Matthew was asking about, which I think are like other subscription or hybrid ads subscription services that the customer could choose to add to their offering. Those would be yet another way to expand our entertainment offering. We think that the same core benefits to the partner, incremental reach, incremental monetization would apply in that model as well. We also think that there's much about the product experience that we built that works for -- that will work, that would work for that kind of service integration as well. So there's nothing to announce today, but you should expect that we are going to continue to find new ways to bring more core entertainment value to our members.

接著第二個問題是加購服務，我理解 Matthew 問的是這個；我認為這類似於其他訂閱制或混合式（含廣告）訂閱服務，客戶可以選擇加到他們的方案中。這將是另一種擴大我們娛樂內容供給的方式。我們認為在這種模式下，對合作夥伴的核心效益同樣適用：增量觸及、增量變現。我們也認為，我們打造的產品體驗中有許多部分適用於——也將適用於這類服務整合。因此目前沒有可宣布的消息，但你們可以預期，我們會持續尋找新方法，為會員帶來更多核心娛樂價值。

Thanks, Greg. I'll follow up next with a couple questions on content from Sean Diffley of Morgan Stanley. Please discuss how you are approaching theatrical going forward. Believe you have released 30 movies in the box office. Excited for Cliff Booth with IMAX and Narnia next year.

謝謝你，Greg。接下來我會跟進 Morgan Stanley 的 Sean Diffley 關於內容的幾個問題。請談談你們未來如何看待院線發行。我相信你們已在票房推出了 30 部電影。也很期待明年的 IMAX《Cliff Booth》以及《納尼亞》。

Do you see the potential to build more buzz by going to theaters first? Or is it very much a project-by-project decision? And what is the right amount of time with respect to the theatrical window?

你們是否認為先上院線能帶來更多話題熱度？還是這非常取決於個別專案？另外，就院線窗口期而言，合適的時間長度應該是多少？

That's a great question. Great set of questions, I should say. But reminder, we are a streaming-first business. That is our core. But we consider every time we have a new film, the film itself, the audience for the film and the filmmaker when we're trying to come up with the release plan.

這是個很好的問題。應該說是一組很好的問題。不過提醒一下，我們是一家以串流優先的公司。那是我們的核心。但每當我們有一部新電影時，在制定發行計畫時，我們都會考量電影本身、該片的觀眾，以及導演／創作者。

And yes, we're going to release about 30 films theatrically this year, pretty much what we did last year. And each one of these have their own kind of bespoke release pattern. So we start off by looking at the projects we have, asking ourselves, how do we best serve movie lovers, many of whom are our members, who want to see that movie in a theater and how do we do it without actually harming the view value to Netflix? So part of that is looking at specialty theatrical releasing. We've done that for the better part of a decade.

是的，我們今年大約會有 30 部電影進行院線上映，基本上與去年相同。而這些作品各自都有某種量身打造的發行模式。因此我們會先檢視手上的專案，問自己：如何才能最好地服務影迷——其中許多人也是我們的會員——讓他們能在戲院看這部電影，同時又不會損害 Netflix 的觀看價值？其中一部分做法是採用藝術／專門類型的院線發行。我們做這件事已經將近十年了。

And at the other end of the spectrum are the big family movies that get a ton of rewatching as well as first-time streaming on Netflix. And we look at these two categories of film and treat them totally differently. So for specialty releases, we're doing a 47-day window platform theatrical release for La Bola Negra right now. It's this fantastic Spanish language film. And then we also upcoming have a theatrical release for Mosquito Bowl, a bit shorter.

而在光譜的另一端，則是大型家庭電影：這類作品不僅首播在 Netflix 上的串流觀看量大，也會帶來大量重複觀看。我們會把這兩類電影分開看待，並以完全不同的方式處理。以專門類型發行而言，我們目前正在為《La Bola Negra》進行 47 天窗口期的分階段院線上映。這是一部非常精彩的西班牙語電影。接下來我們也會為《Mosquito Bowl》安排院線上映，窗口期會短一些。

And we're partnering with IMAX to release the David Fincher film, The Further Adventures -- Mis-Adventures of Cliff Booth, worth repeating over and over again because it's so exciting for us, too. And in that one, we've done a deal with IMAX to put them on the biggest screens for a couple of weeks, four weeks before the Netflix release. Now for those big family movies I talked about, we've already announced we have a 45-day window and a wide theatrical release for Greta Gerwig's new movie, Narnia: The Magician's Nephew; and for our animated feature, Charlie vs. the Chocolate Factory. Both films have big global IP and big global fandom.

另外，我們也將與 IMAX 合作上映大衛・芬奇（David Fincher）的電影《The Further Adventures -- Mis-Adventures of Cliff Booth》；值得一再重複，因為我們也非常興奮。在這部片上，我們與 IMAX 達成協議，讓它在 Netflix 上線前四週，先在最大的銀幕上放映幾週。至於我剛提到的大型家庭電影，我們已宣布：葛莉塔・潔薇（Greta Gerwig）的新片《納尼亞：魔法師的外甥》將採 45 天窗口期並進行大規模院線上映；以及我們的動畫長片《Charlie vs.the Chocolate Factory》。這兩部作品都擁有全球性的 IP 與全球性的粉絲群。

So we're very excited about how that will play out next year. So our theatrical strategy has evolved. It's evolved to include a traditional 45-day window for a handful of films, but the other one that's been important to folks is that we are also now reporting box office grosses for those releases when we do it.

因此我們非常期待明年它們的表現。所以我們的院線策略已經演進。它演進到：對少數幾部電影採用傳統的 45 天窗口期；另外一個對大家很重要的變化是，我們現在也會在進行這類發行時，公布其票房總收入。

So that's new, and it looks like we picked a good title to start with, with La Bola Negra. We reported our first box office reporting this week for its opening weekend. It opened with more than $69,000 per screen average, which is the second highest per screen average ever for a non-English language film in the US, second only to Parasite, a film that went on to win the Oscar for Best Picture. So we're really excited about where we sit. Now of course, we have one week of public reporting of box office under our belt, and we're real happy about it, so let's check in again in about six months.

這是新的做法，而看起來我們選了一個很好的片名作為起點——《La Bola Negra》。我們本週首次公布了它開片週末的票房數據。它的單廳平均票房超過 69,000 美元，這是美國市場非英語電影史上第二高的單廳平均票房，僅次於《寄生上流》（Parasite）——那部片後來還拿下奧斯卡最佳影片。所以我們對目前的表現非常振奮。當然，我們公開披露票房才剛滿一週，我們對此很開心；那就大約六個月後再來檢視一次。

Thanks, Ted. Sean also has a follow-up question. How would you describe the third-party licensing market? It seems the Disney deal for Ice Age and other content is a win-win and this follows renewing The Walking Dead and getting Power. How should we think about the mix of self-produced versus licensed content on a go-forward basis?

謝謝你，Ted。Sean 還有一個追問。你會如何描述第三方授權市場？看起來與迪士尼就《冰原歷險記》（Ice Age）及其他內容的交易是雙贏，而這也延續了續約《陰屍路》（The Walking Dead）以及取得《Power》等內容。往後我們應該如何看待自製內容與授權內容的組合比例？

Yes. Well, remember, original exclusive titles have always been the anchor of the service. We saw that value more than a decade ago when we got into the original production business. And it's why we continue to expand our original content investment across all different kinds of genres and all geographies. But we're very happy to license second-run titles that complement our original exclusive offering.

是的。嗯，請記得，原創獨家作品一直都是服務的核心支柱。十多年前我們進入原創製作業務時，就看到了這個價值。這也是為什麼我們持續在各種不同類型與各個地區擴大原創內容投資。但我們也非常樂於授權能與我們原創獨家內容互補的二輪作品。

It's our broad distribution, our best-in-class technology. This makes us ideal partners for studios and networks and creative talent. As a result of those things, we have -- we continue to have strong access around the world to content. I want to tell you about a -- those are great examples on The Walking Dead. That's an evergreen franchise with lots of episodes, and people love it.

我們擁有廣泛的發行覆蓋，以及業界頂尖的技術。這讓我們成為片廠、電視網與創意人才的理想合作夥伴。基於這些因素，我們——我們在全球各地持續擁有強勁的內容取得管道。我想跟你說——《陰屍路》就是很好的例子。那是一個長青的系列，集數很多，而且大家都很喜歡。

Power is a great show that was just under-distributed. And on Netflix, it will introduce a whole new wave of viewers to the Power universe. So that's really exciting. But I really want to focus on 2 recent deals that we're very excited about. You mentioned the Disney deal we just launched in October.

《Power》是一部很棒的影集，只是當初發行覆蓋不夠廣。而在 Netflix 上，它將為《Power》宇宙帶來全新一波觀眾。所以這真的很令人興奮。但我其實想聚焦在我們最近兩筆非常興奮的交易。你提到我們在 10 月剛上線的迪士尼合作案。

Now that deal brought all of the Ice Age films to Netflix, along with a bunch of other Disney films or Disney series and some upcoming films. And to your point, it is a win-win deal. And the reason it's a win-win deal is that we benefit by expanding the entertainment offering, for sure. Disney benefits from the revenue and from putting that content in front of our large global member base. Now our members benefit, of course, because they get the addition of Disney content, and we already are seeing some of those benefits from the Ice Age movies.

那筆合作把所有《冰原歷險記》電影帶到 Netflix，還有一大批其他迪士尼電影或迪士尼影集，以及一些即將上映的電影。而如你所說，這是一筆雙贏的交易。之所以是雙贏，是因為我們確實能透過擴大娛樂內容供給而受益。迪士尼則受益於相關收入，並且能把內容呈現在我們龐大的全球會員基礎面前。當然，我們的會員也受益，因為他們多了迪士尼內容可看；而我們已經從《冰原歷險記》電影看到一些成效。

All 5 of them hit our top 10. That's really exciting. Now this benefits Disney because as they gear up to release their next Ice Age movie in the theaters in February, it's called Ice Age: The Boiling Point (sic) [ Ice Age: Boiling Point ], more people will be recent fans of the Ice Age franchise. And by the way, yes, Netflix just plugged a Disney movie on our earnings call. You're welcome, Josh.

五部全部都衝進我們的前 10 名。這真的很令人興奮。這也讓迪士尼受益，因為他們正準備在 2 月於戲院推出下一部《冰原歷險記》電影，片名叫《冰原歷險記：沸點》（原文如此）[《冰原歷險記：沸點》]，屆時會有更多人近期剛成為《冰原歷險記》系列的粉絲。順帶一提，沒錯，Netflix 剛剛在我們的財報電話會議上幫迪士尼電影打了廣告。不客氣，Josh。

Another deal to talk about is actually in Brazil. Last week, we and Globo announced our largest content license agreement between the two of us ever. Now this is the most meaningful licensing deal we've ever done in Brazil. We're excited to work with Globo. They are the leading series and film producer and distributor in that country.

另一筆值得談的交易其實是在巴西。上週，我們與 Globo 宣布了雙方史上最大的一筆內容授權協議。這是我們在巴西做過最具份量的授權交易。我們很期待與 Globo 合作。他們是該國領先的影集與電影製作及發行商。

And they have also been a long holdout licensing content to us locally. We have, in the past, put a lot of Globo content on Netflix around Latin America and around the world, but just not in Brazil. So we're excited to be -- this new stage of our business. We believe it's going to benefit both of us and our members in Brazil. It includes local titles from across all different genres.

而且他們長期以來一直是本地內容授權給我們的「最後堅持者」。過去我們曾在拉丁美洲各地以及全球把大量 Globo 內容放上 Netflix，但就是沒有在巴西。因此我們很興奮能夠——進入我們業務的新階段。我們相信這將讓我們雙方以及巴西的會員都受益。內容涵蓋各種不同類型的本地片名。

The Oscar-winning movie, I'm Still Here, is in there. The International Emmy-winning telenovela, India - A Love Story. And this deal spans a healthy mix of local, regional and global rights. So we're very excited about that, and this step forward with Globo in Brazil is a very exciting time in our existence together.

其中包括奧斯卡得獎電影《我仍在此》。也有獲得國際艾美獎的電視小說《印度——愛情故事》。而這筆交易涵蓋了本地、區域與全球權利的健康組合。所以我們對此非常興奮；而在巴西與 Globo 的這一步進展，對我們共同的合作歷程而言是非常令人振奮的時刻。

Now the access to licensed content and which titles are available, this will always have some ebb and flow to it. But we expect to have opportunities throughout for the best series and the best films with all the suppliers. It's a little complicated because all of our suppliers are also our competitors. But our deals bring in much needed revenue. They certainly build awareness, and the benefit of that awareness transfers back to them because it helps grow the value of their IP.

至於授權內容的取得以及哪些片名可供上架，這一直都會有些起伏變動。但我們預期，未來仍會持續有機會與所有供應商合作取得最好的影集與最好的電影。這有點複雜，因為我們所有的供應商同時也是我們的競爭對手。但我們的交易能帶來他們迫切需要的收入。這些交易也確實能提升知名度，而這種知名度的效益會回流到他們身上，因為它有助於提升其 IP 的價值。

So these deals really are win-win. And as we sit here today, we're not really dependent on any single supplier, but we are thrilled to be in business with just about every supplier in the world.

所以這些交易確實是雙贏。而就今天此刻而言，我們並不依賴任何單一供應商，但我們很高興能與全球幾乎所有供應商做生意。

Thank you, Ted. I'll now move us on to the topic of advertising. We have several questions on advertising given the slight change in the outlook for this year. But we'll go with the question from Vikram Kesavabhotla of Baird. He asks, how is the advertising business progressing relative to your expectations this year?

謝謝你，Ted。接下來我把話題帶到廣告。鑑於今年展望略有變化，我們收到好幾個關於廣告的問題。我們先採用 Baird 的 Vikram Kesavabhotla 的提問。他問：今年廣告業務的進展相較於你們的預期如何？

What are you observing with respect to the demand for your inventory and the breadth of advertisers on the platform? How are your recent technology investments influencing performance at this stage?

你們觀察到在廣告庫存需求以及平台上廣告主的廣度方面，有哪些情況？你們近期的技術投資在這個階段如何影響表現？

So our ads business has delivered really impressive growth since we've launched, and we do see a long road of continued growth ahead of us. And then since that launch point, we've been committed to building an innovative advertising platform, a differentiated offering for our clients, bringing the best of digital advertising to the best of TV advertising, all while respecting our member privacy and ensuring that we also retain our first-party data advantage. So our integration models, our partner integration models, preserve that advantage while getting to the best targeting that we can. We set big growth targets for our ads business this year. We established an aggressive product road map that was consistent with that strategy.

我們的廣告業務自推出以來就交出了非常亮眼的成長，我們也確實看到前方還有很長一段持續成長的道路。自推出那一刻起，我們就致力於打造一個創新的廣告平台，為客戶提供差異化的產品，把數位廣告的優勢與電視廣告的優勢結合起來，同時尊重會員隱私，並確保我們也能保有第一方數據的優勢。因此，我們的整合模式、我們的合作夥伴整合模式，在取得我們能做到的最佳定向的同時，也保留了那項優勢。我們今年為廣告業務設定了很高的成長目標。我們也建立了一個與該策略一致、相當積極的產品路線圖。

And just note, I think that the build-out that we've been on is the fastest build-out of a comparable ad stack in our industry. But we are currently a bit behind our aggressive target for the year. We're still growing, just to set the context or put this in perspective. We're still growing our ads business over 80% this year. So excited about the rate that we're going on.

另外補充一下，我認為我們目前的建置速度，是我們產業中同類型廣告技術堆疊（ad stack）最快的建置之一。但就今年而言，我們目前確實略落後於我們積極的目標。不過我們仍在成長，先提供一些背景或讓大家有個對照。我們今年的廣告業務仍成長超過 80%。所以我們對目前的成長速度感到很振奮。

And I think noting that if you are sufficiently aggressive with your road map, you're going to occasionally be behind some milestones. And specifically, in this case, we've seen some delays in the rollout and partner integrations for some of those new ads products. So getting to the integration model that we want sometimes takes a bit more work with our partners, but we strongly believe that a modest short-term hit for a better long-term strategic position is a good ultimate trade-off.

我也想指出，如果你的路線圖夠積極，就難免偶爾會落後於某些里程碑。而在這個案例中，我們看到部分新廣告產品在上線與合作夥伴整合方面出現一些延遲。要達到我們想要的整合模式，有時需要與合作夥伴投入更多工作；但我們堅信，為了更好的長期策略位置而承受適度的短期影響，最終是一個好的取捨。

We also don't see this impacting our long-term gains. In fact, pushing for this barely achievable deliverables model tends to maximize our overall velocity. It's a strategy that we've used to good effect historically many, many times. We see the benefits when we continue to roll out other products like new ad formats, which help with our growth. So stepping back just to take a look, our priorities for this ad business are unchanged.

我們也不認為這會影響我們的長期收穫。事實上，推動這種「幾乎難以達成」的交付模式，往往能最大化我們整體的推進速度。這是一個我們過去多次、而且非常有效使用過的策略。當我們持續推出其他產品（例如新的廣告格式）時，我們也看得到其對成長的助益。所以退一步來看，我們在這項廣告業務上的優先事項並沒有改變。

We want to advance our full funnel optimization solutions. We want to deliver new ad formats, new ad products.

我們希望推進全漏斗（full funnel）的最佳化解決方案。我們希望推出新的廣告格式、新的廣告產品。

We want to increase the availability of our first-party measurement and reporting. To the question specifically, general demand remains strong, breadth of advertisers continues to expand, and ultimately, advertisers want our new products and features, and that's a big mechanism of growth for us. So we are very focused on getting those out to them as quickly as we possibly can.

我們希望提高第一方衡量與報告的可用性。就問題本身而言，整體需求仍然強勁，廣告主的廣度持續擴大；歸根結底，廣告主想要我們的新產品與新功能，而這是我們成長的一大驅動力。因此我們非常專注於盡可能快速地把這些交付給他們。

Thanks, Greg. Another question on the advertising business. This is from Robert Fishman of MoffettNathanson. Ahead of launching ad tiers in 15 new countries next year, any update on the gap in average revenue per membership between the ad tier and the standard non-ad tier in the US and other existing international markets?

謝謝你，Greg。再一個關於廣告業務的問題。這題來自 MoffettNathanson 的 Robert Fishman。在明年於 15 個新國家推出含廣告方案之前，能否更新一下：在美國以及其他既有的國際市場中，含廣告方案與標準無廣告方案之間，每會員平均收入（ARPM）的差距情況？

Yes. Super excited to do our first expansion of ads countries since we launched. But to answer the question, just start by noting that we manage the ads business for total revenue and growth. So we look at ARM and fill rates as a means to an end, not an end goal in and of itself. Now that said, there's still a gap between the combined ad tier ARM and then ARM for standard without ads.

是的。我們對於自推出以來首次擴大廣告方案覆蓋國家感到非常興奮。但為了回答這個問題，先從一點開始：我們以總營收與成長為目標來經營廣告業務。因此，我們把 ARM 與填充率視為達成目標的手段，而不是目標本身。話雖如此，含廣告層級的合併 ARM 與不含廣告的標準方案 ARM 之間仍然存在差距。

But that gap is narrowing, and that gap means under-realized revenue growth for us in the near term. It means we can -- it's an opportunity. We can improve our ads capabilities. We can close that gap over time. And we've seen exactly that process happen over this last year.

但這個差距正在縮小，而這個差距意味著我們在短期內的營收成長尚未充分實現。這表示我們可以——這是一個機會。我們可以提升我們的廣告能力。我們可以隨時間推進逐步縮小這個差距。而我們也確實在過去一年看到了這個過程的發生。

We've expanded demand sources. We continue to execute quickly on our own ad tech stack. We're adding more features, more ads products, more measurement. We're making it easier for folks to transact with us. All of those things drive demand.

我們已擴大需求來源。我們持續在自有廣告技術堆疊上快速執行。我們正在增加更多功能、更多廣告產品、更多衡量（measurement）。我們讓合作夥伴更容易與我們進行交易。所有這些都會帶動需求。

They drive competitiveness. Those yield increased fill rates. Those push ad ARM higher. And of course, while we are doing that, we're also signing up more ads plan members. So that drives inventory up.

它們提升競爭力。進而帶來更高的填充率。推動廣告 ARM 上升。當然，在我們做這些的同時，我們也在吸引更多廣告方案會員。因此也會推升可售庫存（inventory）。

That creates more room for us to grow into. So this dual growth phenomena where we're growing inventory and growing into our monetization on that inventory, I expect that that's going to persist for some time, likely with gradual closing of that ARM gap as we've seen because we're going to drive improved ad tech product, go-to-market capabilities, all which drive better unit performance and monetization for the next several years.

這為我們提供了更大的成長空間。因此，這種雙重成長現象——一方面庫存成長，另一方面在該庫存上的變現能力也同步提升——我預期會持續一段時間；而且如同我們所見，ARM 差距可能會逐步收斂，因為我們將推動更好的廣告技術產品與市場推進（go-to-market）能力，這些都會在未來幾年帶來更佳的單位表現與變現。

Thanks, Greg. We'll take one last question. This one is from Sean Diffley of Morgan Stanley. What have you learned about churn and engagement following the most recent round of price increases compared with prior pricing cycles? As penetration increases in more mature markets, where do you see the largest remaining sources of membership and revenue growth?

謝謝你，Greg。我們再接受最後一個問題。這題來自摩根士丹利（Morgan Stanley）的 Sean Diffley。相較於以往的定價週期，在最近一輪漲價之後，你們對於流失（churn）與使用參與度（engagement）學到了什麼？隨著在更成熟市場的滲透率提高，你們認為會員數與營收成長最大的剩餘來源在哪裡？

Is it pricing, advertising or international penetration, question mark?

是定價、廣告，還是國際滲透率，對嗎？

Okay. So on the first part of Sean's question, the price changes in '26 have gone well. So across all market types where we've done price changes, the member response, you mentioned churn engagement, engagement usually isn't really impacted by these things, but those -- that member response is consistent with prior price changes and our expectations. And again, we think that this is a strong indicator of the value that we're delivering to members as measured by the quality, the quantity, the variety of viewing that is healthy. And maybe just one also, an external reference point for that value, take the US as an example. Netflix subscribers are paying the least per hour of viewing compared to other SVOD offerings in the country. In some cases, they would have to pay more than double per hour for a competitive service. We think that that's a really good marker of how much value we are delivering per price. Also note that we saw continued healthy retention in every region, churn globally and the US improved year-over-year, so better than forecast. Those are -- those things also reinforce the signs of that value and make us increasingly confident in that. Okay. So to the second part of your question, we operate around the world, roughly 190 countries globally. These countries vary a lot.

好的。先回答 Sean 問題的第一部分，26 年的價格調整進展良好。因此，在我們進行價格調整的各類市場中，會員的反應——你提到流失與參與度，參與度通常不太會受到這些事情影響——但會員反應與過去的調價以及我們的預期一致。再者，我們認為這是我們向會員提供價值的強力指標；這個價值可由健康的觀看品質、觀看量與觀看多樣性來衡量。另外也提供一個外部參考點來看這個價值，以美國為例。相較於美國其他 SVOD 服務，Netflix 訂戶每小時觀看所支付的費用最低。在某些情況下，他們若要使用具競爭力的服務，每小時可能得支付超過兩倍的費用。我們認為這是衡量我們每一分價格所提供價值的非常好的指標。也請注意，我們在各地區都看到持續健康的留存；全球與美國的流失率年對年改善，因此優於預測。這些——這些也進一步強化了價值的訊號，讓我們對此更有信心。好的。再來回答你問題的第二部分，我們在全球約 190 個國家營運。這些國家差異很大。

They vary by our penetration level there. They vary by market maturity, which means the presence of necessary or enabling market conditions. Think smart TVs, think good connectivity, payment methods, all the things that enable customers, consumers to sign up for our service and have a good experience. These countries vary also by whether we currently have an ads product. We're seeking to expand the number of countries there, but that's an important part of the mix.

它們在我們的滲透程度上不同。它們在市場成熟度上不同，而這代表必要或促成的市場條件是否具備。例如智慧電視、良好的連線品質、支付方式，以及所有能讓客戶／消費者註冊我們服務並獲得良好體驗的要素。這些國家也因我們目前是否提供廣告產品而有所不同。我們正尋求擴大提供廣告產品的國家數量，但這是組合中很重要的一部分。

So as such, the drivers of business growth really have different weights across all those different countries and country types. So you can take our most mature markets, you think the US, UK, Australia. We're more deeply penetrated, so our revenue growth drivers in those markets are going to skew towards ARM and advertising growth. And then in newer markets, think India, Indonesia, Colombia, we've got plenty of room to grow members. So we're going to continue to offer plans with accessible entry points.

因此，在這些不同國家與國家類型中，推動業務成長的因素權重確實不同。以我們最成熟的市場來看，例如美國、英國、澳洲。我們的滲透更深，因此這些市場的營收成長動能會更偏向 ARM 與廣告成長。而在較新的市場，例如印度、印尼、哥倫比亞，我們仍有很大的會員成長空間。因此我們會持續提供具有可負擔入門門檻的方案。

We expect member growth to be the most significant driver of overall revenue growth in those kinds of countries. And then we got a lot of markets that are in the middle, where we believe we can get really a balanced combination of both member and ARM growth, and that includes ads countries like Mexico and Japan. We've got a lot more folks that we can sign up in those countries, and we can also deliver a lot more value into those -- to the offering in those countries, which drives ARM and ads monetization as well as countries without ads, like Philippines and Turkey, where the same -- both member growth and ARM growth opportunities, we believe, exist there as well.

我們預期在這類國家，會員成長將是整體營收成長最重要的驅動因素。接著還有許多介於中間的市場，我們相信可以在會員成長與 ARM 成長之間取得相當平衡的組合；其中也包括有廣告的國家，例如墨西哥與日本。在這些國家，我們還能吸引更多人加入，同時也能為當地的產品提供更多價值，進而推動 ARM 與廣告變現；而在沒有廣告的國家，例如菲律賓與土耳其，我們也相信同樣存在——會員成長與 ARM 成長兩方面的機會。

Thanks, Greg. And I want to thank everybody for joining us for our third quarter earnings call.

謝謝你，Greg。也感謝各位參與我們第三季財報電話會議。