Netflix Inc (NFLX) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to the Netflix Q1 2022 Earnings Interview. I'm Spencer Wang, VP of IR and Corporate Development. Joining me today are Co-CEO, Reed Hastings; Co-CEO and Chief Content Officer, Ted Sarandos; COO and Chief Product Officer, Greg Peters; and CFO, Spence Neumann. Our interviewer this quarter is Doug Anmuth from JPMorgan. As a reminder, we'll be making forward-looking statements, and actual results may vary.

下午好，歡迎來到 Netflix 2022 年第一季度收益採訪。我是 IR 和企業發展副總裁 Spencer Wang。今天加入我的是聯合首席執行官 Reed Hastings；聯合首席執行官兼首席內容官 Ted Sarandos；首席運營官兼首席產品官 Greg Peters；和首席財務官 Spence Neumann。本季度我們的採訪者是摩根大通的 Doug Anmuth。提醒一下，我們將做出前瞻性陳述，實際結果可能會有所不同。

With that, Doug, I'm going to turn it over to you for the first question.

有了這個，Doug，我將把它交給你來回答第一個問題。

Great. Thanks, Spencer. So your tone in the letter today around competition, maturity and macro factors is very different than it was 3 months ago. I was hoping that you could start out by just walking us through how your views have changed over the past few months.

偉大的。謝謝，斯賓塞。因此，您今天在信中圍繞競爭、成熟度和宏觀因素的語氣與 3 個月前大不相同。我希望您可以先向我們介紹您的觀點在過去幾個月中的變化。

Yes, Doug. I mean I think our views are a little different because our numbers are a little different. If we had made our 2.5 million guidance, I think that was consistent with our thesis. And the lower acquisition really forced us to kind of tease apart what's going on. And as we put in the letter, COVID created a lot of noise on how to read the situation, boosted us a lot in 2020. And then in 2021, I think we thoughtfully said it was mostly pull forward, which was the logical conclusion.

是的，道格。我的意思是我認為我們的觀點有些不同，因為我們的數字有些不同。如果我們做出了 250 萬的指導，我認為這與我們的論點是一致的。較低的收購確實迫使我們對正在發生的事情進行梳理。正如我們在信中所說，COVID 在如何解讀形勢方面製造了很多噪音，在 2020 年給了我們很大的幫助。然後在 2021 年，我認為我們深思熟慮地說這主要是向前推進，這是合乎邏輯的結論。

But now, coming into 2022, that doesn't really hold. So then pushing into it, we realized, with all of the account sharing, which we've always had, that's not a new thing, but when you add that up together, we're getting pretty high market penetration. And that, combined with the competition, is really what we think is driving the lower acquisition and lower growth.

但現在，進入 2022 年，這並不成立。因此，然後推動它，我們意識到，通過我們一直擁有的所有帳戶共享，這並不是什麼新鮮事，但是當你把它加在一起時，我們的市場滲透率非常高。再加上競爭，我們認為這確實是推動較低收購和較低增長的原因。

So on the 2 parts, we're working on how to monetize sharing. We've been thinking about that for a couple of years. But when we were growing fast, it wasn't the high priority to work on. And now, we're working super hard on it. And remember, these are over 100 million households that already are choosing to view Netflix. They love the service. We just got to get paid at some degree for them.

因此，在這兩部分中，我們正在研究如何通過分享獲利。幾年來我們一直在考慮這個問題。但是當我們快速增長時，它並不是工作的重中之重。而現在，我們正在努力工作。請記住，已經有超過 1 億個家庭選擇觀看 Netflix。他們喜歡這項服務。我們只需要為他們獲得一定程度的報酬。

So that's part of it. And then two, it's really -- we got great competition. They've got some very good shows and films out. And what we've got to do is take it up a notch. And I'll tell you that we're all pretty -- I know it's disappointing for investors, and it is for sure. But internally, we're really geared up, and this is like our moment to shine. This is when it all matters. And we're super focused on achieving those objectives and getting back into our investors' good graces.

所以這是其中的一部分。然後是兩個，真的 - 我們有很大的競爭。他們有一些非常好的節目和電影。我們要做的就是把它提升一個檔次。我會告訴你，我們都很漂亮——我知道這會讓投資者失望，而且這是肯定的。但在內部，我們真的準備好了，這就像我們閃耀的時刻。這是一切都很重要的時候。我們非常專注於實現這些目標並重新獲得投資者的青睞。

Yes. The only thing I might add, Reed, is just that we put a finer point on kind of elaborating on what we're seeing in terms of slowing growth and near-term slowing growth. But the long-term addressable market, we believe, is unchanged in terms of all broadband households. It's just that we have a better sense that COVID clouded in terms of these near-term limiters to penetrate that growth and capture that market. So that's one of the things that we put a finer point on this letter, but I just want to reinforce that the core addressable market is still there, and that's what we're still growing into, Doug.

是的。里德，我唯一可以補充的是，我們更詳細地闡述了我們在增長放緩和近期增長放緩方面所看到的情況。但我們認為，就所有寬帶家庭而言，長期潛在市場並未改變。只是我們有一種更好的感覺，即 COVID 在這些近期限制因素方面蒙上了一層陰影，以滲透這種增長並佔領該市場。所以這是我們在這封信中提出的更詳細的內容之一，但我只想強調核心的潛在市場仍然存在，這就是我們仍在成長的領域，道格。

Okay. So maybe just in terms of the recent trends, if we could talk about 1Q a little bit more. You lost 200,000 subscribers or gained 500,000 ex the Russia removal. Hoping you could perhaps parse out a little bit around some of those factors that you mentioned. It sounds like acquisition might be at the top of the list, and you've talked about that for a little while now, but hoping you could kind of isolate some of those factors. And then talk to us about how that informs your 2Q guide for a loss of 2 million subscribers.

好的。所以也許就最近的趨勢而言，如果我們可以多談談第一季度。您失去了 200,000 名訂閱者或在俄羅斯移除前獲得了 500,000 名。希望您可以圍繞您提到的一些因素進行一些分析。聽起來收購可能是最重要的，你已經討論了一段時間了，但希望你能隔離其中一些因素。然後與我們討論這如何為您的 2Q 指南提供 200 萬訂閱者的損失。

Sure. I'll take that, and then others can fill in. So as you said, Doug, we guided to 2.5 million paid net adds. We delivered 0.5 million, if you exclude Russia. So there's really a 2 million miss in our Q1 actuals versus guidance. And what's really reflected there is acquisition growth was consistent with what we expected. We were seeing that slowdown when we did the guide, and it played out as expected. The difference is really some slight elevated churn throughout Q1. And this is pretty small. So retention was still very good, but we're talking about it like 0.2 to 0.3 percentage point, but on our big member base, that has a pretty big flow through.

當然。我會接受，然後其他人可以填寫。所以正如你所說，Doug，我們引導了 250 萬付費淨添加。如果不包括俄羅斯，我們交付了 50 萬份。因此，我們的第一季度實際值與指導值相比確實存在 200 萬次失誤。真正反映的是收購增長與我們的預期一致。當我們製作指南時，我們看到了這種放緩，它按預期發揮了作用。不同之處在於整個第一季度的客戶流失率略有上升。這非常小。所以保留率仍然非常好，但我們談論的是 0.2 到 0.3 個百分點，但在我們的大會員基礎上，這有相當大的流量。

It's a combination of factors there. We talked about interrelated factors in the letter, but one very directly, that Russia's invasion of Ukraine had some spillover effect in other parts of EMEA. We saw that in the Central and Eastern European countries. There were some elevated churn. We also saw probably some -- a little bit more macro strain in some countries, some parts of the world, like Latin America, we mentioned that on the last call, but that was elevated, and just a little bit more seasonality in the business.

這是一個綜合因素。我們在信中談到了相互關聯的因素，但其中一個非常直接，即俄羅斯入侵烏克蘭對歐洲、中東和非洲的其他地區產生了一些溢出效應。我們在中歐和東歐國家看到了這一點。有一些較高的客戶流失。我們可能還看到了一些——在一些國家、世界的一些地區，比如拉丁美洲，宏觀壓力更大，我們在上次電話會議上提到了這一點，但這種情況有所升高，而且業務的季節性也有所增加.

We suspect some of that is those macro factors we mentioned and maybe a little bit of competition on the margin as well. So that's really what we saw in Q2 -- I'm sorry, in Q1. And that's really what's reflected in Q2, which is sort of the continued trends we're seeing in acquisition and this -- it's a -- that slightly elevated churn to probably continue through the quarter. It's just a softer seasonal quarter for us typically, and that's what's reflected in the guide, is a little bit of softer seasonality and the same -- essentially the same acquisition and retention trends.

我們懷疑其中一些是我們提到的宏觀因素，也可能是邊際上的一些競爭。所以這就是我們在第二季度看到的——對不起，在第一季度。這確實是第二季度所反映的，這是我們在收購方面看到的持續趨勢，而這 - 這是一個 - 略微上升的流失率可能會持續到整個季度。對我們來說，這通常只是一個較弱的季節性季度，這就是指南中所反映的，是季節性較弱的一點，並且是相同的——基本上是相同的獲取和保留趨勢。

And maybe I could pick it up and talk about the first 2 factors you want a little bit more detail on. And we have this addressable market that's expanding over time in every country that we're operating in. It's a bunch of enabling factors, like broadband and smart TVs. And then in some countries that we're operating in, where we've been operating the longest, like the U.S. is a great example, we have really significant high penetration of viewers into that near-term market potential. And that was really boosted by sort of this growth at the beginning period of COVID and the lockdown.

也許我可以拿起它，談談你想要更詳細一點的前兩個因素。我們擁有這個可尋址的市場，隨著時間的推移在我們經營的每個國家/地區都在擴大。這是一系列促成因素，例如寬帶和智能電視。然後在我們經營的一些國家，我們經營時間最長的國家，比如美國就是一個很好的例子，我們在短期市場潛力中擁有非常高的觀眾滲透率。在 COVID 和封鎖初期，這種增長確實推動了這一點。

Now that viewer penetration is made up of 2 groups. One is a group that's paying us, which is great. And then there is a group of viewers that are not paying us, and they're sharing someone else's account credential. And we really see that second group is a tremendous opportunity because they're clearly well-qualified. They have everything they need to do to get to Netflix. They know what the service is. They found titles that they want to watch. And so now, our job is really to better translate that viewing and the value that those consumers are getting into revenue. And the principal way we've got of going after that is asking our members to pay a bit more to share the service with folks outside their home.

現在，觀眾滲透率由 2 組組成。一個是付錢給我們的團體，這很棒。然後有一群觀眾不付錢給我們，他們正在分享別人的賬戶憑證。我們真的看到第二組是一個巨大的機會，因為他們顯然是合格的。他們擁有訪問 Netflix 所需的一切。他們知道服務是什麼。他們找到了他們想看的標題。所以現在，我們的工作實際上是更好地將觀看和這些消費者獲得的價值轉化為收入。我們實現這一目標的主要方式是要求我們的會員支付更多費用，以便與家外的人分享服務。

So if you've got a sister, let's say, that's living in a different city, you want to share Netflix with her, that's great. We're not trying to shut down that sharing, but we're going to ask you to pay a bit more to be able to share with her and so that she gets the benefit and the value of the service, but we also get the revenue associated with that viewing.

因此，如果您有一個姐姐，假設她住在不同的城市，您想與她分享 Netflix，那太好了。我們不會試圖關閉這種共享，但我們會要求您支付更多費用才能與她分享，以便她獲得服務的好處和價值，但我們也得到與該觀看相關的收入。

So maybe let's follow up on that a little bit more, Greg. We'll come back to some of the more recent trends in a moment. But I guess, when we think about account sharing, and just curious about the early testing that you're doing when you think about Chile and Costa Rica and Peru, I guess now, it's pretty clear to see why it's the right time to do this in a bigger way, but how do you think about rolling that out in the U.S.? And what will the implementation actually look like?

所以也許讓我們再跟進一點，格雷格。我們稍後會回到一些最近的趨勢。但我想，當我們考慮帳戶共享時，當你想到智利、哥斯達黎加和秘魯時，我只是對你正在做的早期測試感到好奇，我想現在，很清楚為什麼現在是做的正確時機這以更大的方式，但你如何看待在美國推出呢？實施實際上會是什麼樣子？

Yes. I mean first, it's important to note that we're trying to find a balanced approach here, and we're trying to basically come up with a model that supports a customer-centric approach. It still puts members in charge, it supports member choice, that delivers great entertainment value and sort of all of the options that we've got. But also, very importantly, allows us to bring in revenue for everyone who's viewing and who gets value from the entertainment that we're offering. And then obviously, we're doing that so that we can invest then into more great content and a better service for everyone.

是的。我的意思是首先，重要的是要注意我們正在嘗試在這裡找到一種平衡的方法，並且我們正在嘗試基本上提出一個支持以客戶為中心的方法的模型。它仍然讓會員負責，它支持會員選擇，提供巨大的娛樂價值和我們擁有的所有選擇。而且，非常重要的是，讓我們能夠為所有觀看並從我們提供的娛樂中獲得價值的人帶來收入。然後很明顯，我們這樣做是為了讓我們可以投資於更多精彩的內容和為每個人提供更好的服務。

So there's a bunch of factors that we're working through. That's why we've deployed the test that we have. And frankly, we've been working on this for about almost 2 years. We -- about a year -- a little bit over a year ago, we started doing some light test launches that we -- informed our thinking and helped us build the mechanisms that we're deploying now.

因此，我們正在努力解決許多因素。這就是我們部署測試的原因。坦率地說，我們已經為此工作了將近 2 年。我們 - 大約一年 - 一年多一點前，我們開始進行一些簡單的測試發布，我們 - 告知我們的想法並幫助我們建立我們現在正在部署的機制。

We just did the first big country test. But it will take a while to work this out and to get that balance right. And so just to set your expectations, my belief is that we're going to go through a year or so of iterating and then deploying all of that so that we get that, sort of that solution globally launched, including markets like the United States.

我們剛剛做了第一次大國測試。但要解決這個問題並獲得正確的平衡需要一段時間。因此，只是為了設定您的期望，我的信念是，我們將經歷一年左右的迭代，然後部署所有這些，以便我們獲得全球推出的那種解決方案，包括像美國這樣的市場.

Okay. That's helpful. And maybe, Spence, just on that point, maybe if you could just walk through the accounting a little bit here. And how do you think about the uplift, whether more of it would come from ARM or from subscribers over time?

好的。這很有幫助。也許，Spence，就在這一點上，也許你可以在這裡稍微介紹一下會計。您如何看待這種提升，隨著時間的推移，更多的是來自 ARM 還是來自訂閱者？

Yes. That's great, Doug. You kind of nailed it, which is, as you heard from Greg, we're looking to monetize sharing and kind of meet our members where they are. So you should expect that member numbers or subscriber numbers are sort of less relevant over time because these -- it may very likely show up in ARM.

是的。太好了，道格。你說得對，正如你從 Greg 那裡聽到的那樣，我們希望通過分享獲利，並在他們所在的地方與我們的成員會面。因此，您應該期望會員編號或訂閱者編號隨著時間的推移變得不那麼相關，因為它們很可能會出現在 ARM 中。

So you should think about it as engagement and average revenue per member, probably increasingly important, and then obviously, revenue growth, which we've always said we're trying to optimize, both near- and long-term revenue growth, to drive that positive flywheel of reinvestment in the business. So it's not that there isn't going to be a P times Q. There's still a Q, but increasingly important is probably ARM and engagement and revenue overall. Yes.

因此，您應該將其視為每個成員的參與度和平均收入，這可能越來越重要，然後顯然是收入增長，我們一直說我們正在努力優化近期和長期收入增長，以推動企業再投資的積極飛輪。所以並不是說不會有 P 乘以 Q。仍然有 Q，但可能越來越重要的是 ARM 以及整體參與度和收入。是的。

So -- and just to clarify there, sub accounts will not count as subscribers, they will just...

所以 - 只是為了澄清一下，子賬戶不會算作訂閱者，他們只會......

That's right. That's right, that's right. So it's less distinctive of an individual household account.

這是正確的。沒錯，沒錯。因此，它與個人家庭賬戶的區別不大。

Okay. And then in the process though, as some of those current shares outside the household do not become sub accounts, you'll pick up some of those subscribers separately, in addition.

好的。然後在此過程中，由於家庭以外的一些當前股份不會成為子賬戶，因此您將另外獲取其中一些訂閱者。

That's right. And as Greg said, we're still working through the ultimate solution here. So we don't exactly know how that's going to play out, but you should assume that it's -- that there's kind of less importance on an individual household account number, and therefore, what's more important is revenue viewing engagement, so viewing engagement, overall revenue growth and ARM as a key metric.

這是正確的。正如格雷格所說，我們仍在研究最終的解決方案。所以我們不完全知道這將如何發展，但你應該假設它 - 個人家庭帳號的重要性不那麼重要，因此，更重要的是收入查看參與度，因此查看參與度，整體收入增長和 ARM 作為關鍵指標。

Okay. Let's go back to acquisition for a minute. So you noted it has not returned to pre-COVID levels. What are the ways that you can influence acquisition beyond account sharing, which we talked about, and then beyond, of course, just creating great content?

好的。讓我們回到採集一分鐘。因此，您注意到它尚未恢復到 COVID 之前的水平。除了我們討論過的帳戶共享之外，您還可以通過哪些方式影響獲取，當然，不僅僅是創建出色的內容？

[Ted, do you want to] take that?

[泰德，你想] 拿那個嗎？

It shouldn't be any more complicated than that, Doug. Honestly, we've got to compete and we've got to make -- continue to improve on the core service, which -- right, which is making TV series and films and now, games that people really love. That's what we're really focused on. And I think that that's a thing that I think we continue to grow the business in.

道格，它不應該比這更複雜。老實說，我們必須競爭，我們必須製作——繼續改進核心服務，這——對，它正在製作電視劇和電影，現在製作人們真正喜歡的遊戲。這才是我們真正關注的。我認為這是我認為我們繼續發展業務的事情。

Now we've talked about being highly penetrated in some of those core markets with users, which means that it's harder to get them to join Netflix if they're already using Netflix. So we got to figure out these different models that we're doing now to more effectively monetize that viewing.

現在我們談到了在一些核心市場中的用戶滲透率很高，這意味著如果他們已經在使用 Netflix，就更難讓他們加入 Netflix。所以我們必須弄清楚我們現在正在做的這些不同的模型，以便更有效地通過觀看獲利。

As Spence said earlier, the engagement is really key. As you see in the Nielsen data that we published in the letter, our engagement has been super healthy. Even with this heightened levels of competition, our engagement -- our viewing has been very, very steady, holding on to our market share in the space.

正如 Spence 之前所說，參與真的很關鍵。正如您在我們在信中發布的尼爾森數據中看到的那樣，我們的參與非常健康。即使競爭程度如此之高，我們的參與度——我們的收視率一直非常非常穩定，保持了我們在該領域的市場份額。

But on top of that, in the quarter, while we were not happy with the top line subscriber growth, we definitely saw that the new season of Ozark, the Inventing Anna, The Adam Project and certainly, the biggest of them all, the new season of Bridgerton, delivered exactly as expected, actually quite -- actually a little bit bigger than expected with fans. Now of course, we think we've got to do that, and we have to have an Adam Project and a Bridgerton every month and to make sure that that's the expectation of the service constantly.

但最重要的是，在本季度，雖然我們對一線訂戶增長並不滿意，但我們確實看到了新一季的 Ozark、發明安娜、亞當計劃，當然，其中最大的一個，新布里傑頓的賽季，完全符合預期，實際上相當 - 實際上比球迷預期的要大一點。當然，現在我們認為我們必須這樣做，我們必須每個月都有一個 Adam Project 和一個 Bridgerton，並確保這是對服務的持續期望。

So we're definitely feeling the higher levels of penetration in those markets of users, and we're definitely feeling a heightened level of competition for sure. And so we've just got to continue to do what we're doing and improve each of those things.

因此，我們肯定感覺到這些用戶市場的滲透率更高，我們肯定會感覺到競爭加劇。所以我們必須繼續做我們正在做的事情並改進每一件事。

Now how do you improve content? We've been doing this for a decade. Well, first of all, that's about 90 years less time than all of our competitors have been at it. But I look at things like things we've been doing over the last few years, that we've been improving it, so big movies.

現在你如何改進內容？我們已經這樣做了十年。嗯，首先，這比我們所有競爭對手的時間少了大約 90 年。但我會看過去幾年我們一直在做的事情，我們一直在改進它，比如大電影。

Just a few years ago, we were struggling to out-monetize the market on little art films. Today, we're releasing some of the most popular and most watched movies in the world. Just over the last few months, things like Don't Look Up and Red Notice and Adam Project, as examples of that. And that's just in the few years of improvement on one line of content.

就在幾年前，我們還在努力通過小型藝術電影從市場中獲利。今天，我們將發布一些世界上最受歡迎和觀看次數最多的電影。就在過去的幾個月裡，諸如 Don't Look Up 和 Red Notice 和 Adam Project 之類的事情就是這樣的例子。而這只是在幾行內容上的改進。

Another is unscripted. We didn't -- we made 0 unscripted about 3 years ago. And today, creating these big unscripted brands and growing original unscripted universes, like Too Hot To Handle and Ultimatum, that's really popular right now around the world, Selling Sunset, these are kind of large, growing original unscripted universes. So we've come a long way from Ultimate Beastmaster, my point is.

另一個是無腳本的。我們沒有——大約 3 年前我們製作了 0 無腳本。而今天，創建這些大型無腳本品牌並發展原創無腳本宇宙，例如Too Hot To Handle 和最後通牒，現在在世界範圍內非常流行，Selling Sunset，這些都是大型的、不斷增長的原創無腳本宇宙。所以我們距離終極獸王還有很長的路要走，我的意思是。

And I think about things like our content in Korea. Again, pretty new to the market. Everybody knows about Squid Game. It was probably the biggest show in the history of television. And just a few years ago, we were producing no original content in Korea. And while we all know about Squid Game, there's D.P. and All of Us are Dead. And a slew of original contents are thrilling our members in South Korea and fans around the world. So we're continuing to improve constantly in getting those moments that can lead to something like a Squid Game or a Bridgerton, constantly.

我會考慮我們在韓國的內容。再次，對市場來說很新。每個人都知道魷魚游戲。這可能是電視史上最大的節目。就在幾年前，我們還沒有在韓國製作原創內容。雖然我們都知道 Squid Game，但還有 D.P.我們所有人都死了。大量原創內容讓我們在韓國的會員和世界各地的粉絲感到興奮。因此，我們將不斷改進，以不斷獲得那些可能導致像 Squid Game 或 Bridgerton 這樣的時刻。

Got it. Okay. I want to go to pricing just from -- I mean there's a lot of -- you kind of have this confluence of trends basically that are taking place here. But Greg, I was just hoping you could talk a little bit more about the recent price increases, primarily in the U.S. I know it's still early in the U.K. But I guess, to what effect -- you did mention slightly elevated churn in 1Q. I guess how much was that a factor? How is this price increase being received currently?

知道了。好的。我想從 - 我的意思是有很多 - 你有這種基本上正在發生的趨勢的融合。但是格雷格，我只是希望你能多談談最近的價格上漲，主要是在美國。我知道這在英國還為時過早。但我想，有什麼影響——你確實提到了第一季度的客戶流失率略有上升。我猜這是一個多少因素？目前如何收到這次漲價？

Yes. So top line is that the price changes, as the last several price changes we've done, are generally performing as we've seen the price changes over the last several years. So there's no sort of fundamental difference in performance. First of all, there -- these price changes are significantly revenue-accretive. So that's an important top-level heuristic. And we sometimes see a blip in churn. In some markets, we also see a marginal impact on acquisition. Often, these effects are transitory. So it's sort of a change effect and we move through it and win those folks back.

是的。所以最重要的是，價格變化，作為我們所做的最後幾次價格變化，通常表現得與我們在過去幾年中看到的價格變化一樣。所以在性能上沒有根本的區別。首先，這些價格變化顯著增加了收入。所以這是一個重要的頂級啟發式。我們有時會看到客戶流失的現象。在某些市場，我們還看到了對收購的邊際影響。通常，這些影響是暫時的。所以這是一種改變效果，我們通過它並贏回那些人。

But I would say the big takeaway is the vast majority of our members recognize that we're investing what they pay us in the incremental amount that we're asking them to pay us into more entertainment value back to them, back to our members, more great stories, bigger films, more variety of content and higher quality of programming.

但我想說，最大的收穫是我們的絕大多數會員認識到我們正在投資他們支付給我們的增量金額，我們要求他們支付給我們更多的娛樂價值回饋給他們，回饋給我們的會員，更多精彩的故事，更大的電影，更多種類的內容和更高質量的節目。

So we generally plan to continue doing what we've been doing. But I would also say it's -- we're also working hard to ensure that we have a range of price points across a set of plans with different features that deliver on different consumer needs and consumer desires, while making sure and be very focused that we retain good accessibility to the service for a broad group of people in every country we serve at sort of that entry level. So no major changes there, and we're keeping sort of the plan that we've got in place.

所以我們通常計劃繼續做我們一直在做的事情。但我還要說的是——我們也在努力確保我們在一系列具有不同功能的計劃中擁有一系列價格點，滿足不同的消費者需求和願望，同時確保並非常專注於我們為我們服務的每個國家的廣大人群保留了良好的服務可及性，處於那種入門級別。所以那裡沒有重大變化，我們正在保留我們已經制定的計劃。

And related...

以及相關...

One thing, just -- go ahead, Reed. Sorry.

一件事，只是- 繼續，里德。對不起。

Related to that, Greg has done great work on the price spread. And one way to increase the price spread is advertising on low-end plans and to have lower prices with advertising. And those who have followed Netflix know that I've been against the complexity of advertising and a big fan of the simplicity of subscription.

與此相關的是，格雷格在價差方面做得很好。增加價差的一種方法是在低端計劃上做廣告，並通過廣告降低價格。關注 Netflix 的人都知道，我一直反對廣告的複雜性，並且非常喜歡訂閱的簡單性。

But as much I'm a fan of that, I'm a bigger fan of consumer choice. And allowing consumers who would like to have a lower price and are advertising-tolerant get what they want makes a lot of sense. So that's something we're looking at now. We're trying to figure out over the next year or 2. But think of us as quite open to offering even lower prices with advertising as a consumer choice.

但儘管我很喜歡這一點，但我更喜歡消費者選擇。讓希望獲得更低價格且能夠接受廣告的消費者得到他們想要的東西是很有意義的。這就是我們現在正在研究的東西。我們正試圖在明年或 2 年內弄清楚。但請認為我們非常願意提供更低的價格，並將廣告作為消費者的選擇。

Spence, do you want to keep going?

斯彭斯，你想繼續嗎？

My point was quite tactical. I'm sure Doug is going to want to follow up perhaps on your point, but I just want to be really clear on the point on Q1 performance and when I talked about slightly elevated churn relative to our expectations. That was not due to our price increases. So the price increase played out, as Greg said, consistent with our expectations. We just saw some slight uptick in seasonality for the other reasons I mentioned, some of the strain in Central and Eastern Europe, some of that macro strain we saw and maybe a little bit of competition on the margin.

我的觀點很有戰術性。我敢肯定道格可能會想跟進你的觀點，但我只想明確說明第一季度的表現以及當我談到相對於我們的預期略有上升的客戶流失率時。那不是因為我們的價格上漲。因此，正如格雷格所說，價格上漲符合我們的預期。由於我提到的其他原因，我們剛剛看到季節性略有上升，中歐和東歐的一些壓力，我們看到的一些宏觀壓力，也許還有一點邊際競爭。

Okay. Reed, you pulled me forward to advertising, so I do want to get there, but it was a little further down on the list, but one last point, just on pricing. Given all these factors that you've talked about and written about in the letter, is there a change to your view on long-term pricing power?

好的。里德，你把我拉到廣告上，所以我確實想到達那裡，但它在名單上有點靠後，但最後一點，只是關於定價。鑑於您在信中談到和寫下的所有這些因素，您對長期定價能力的看法是否發生了變化？

I would say our general view is unchanged. And again, we don't have in our priority a target in markets or whatever. We've been sort of finding our way through adding more value, keeping that virtuous cycle going, that big spread that Reed mentioned. And again, we're seeking ways to actually take that spread even wider, and that's why I think ads is an exciting opportunity for us that we want to explore more. But no fundamental shift in our thinking about how that process works or the potential that we have in that.

我想說我們的總體觀點沒有改變。再說一次，我們沒有優先考慮市場或其他目標。我們一直在通過增加更多價值、保持良性循環、里德提到的大傳播來找到自己的方式。再一次，我們正在尋找方法來真正擴大這種傳播範圍，這就是為什麼我認為廣告對我們來說是一個令人興奮的機會，我們想要更多地探索。但我們對這個過程如何運作或我們在其中的潛力的思考沒有根本性的轉變。

Okay. All right. So let's shift to ads...

好的。好的。所以讓我們轉向廣告......

And Doug, I would just add that that's just directly related to creating the content that people find to be incredibly valuable. And our long-term view of our ability to continue to do that is unchanged.

還有道格，我只想補充一點，這與創建人們認為非常有價值的內容直接相關。我們對繼續這樣做的能力的長期看法沒有改變。

And there's a long history of that across entertainment for decades, right? If people love film and TV and games content and if we can continue to deliver that value, deliver that engagement, there's a long history of people being willing to pay for it and as Reed said, also advertisers trying to reach those audiences. So we believe we can kind of drive that value over time and then monetize it so long as we deliver on that entertainment value.

幾十年來，整個娛樂領域都有悠久的歷史，對吧？如果人們喜歡電影、電視和遊戲內容，並且如果我們能夠繼續提供這種價值、提供這種參與度，那麼人們願意為此付費的歷史由來已久，正如 Reed 所說，廣告商也試圖吸引這些觀眾。因此，我們相信我們可以隨著時間的推移推動該價值，然後將其貨幣化，只要我們提供該娛樂價值。

Okay. So on advertising, I think, certainly, Reed, preserving the simplicity of the product has been very important. But I think you've also kind of talked a little bit about, at least in the past, perhaps not seeing the incremental profit potential as well in terms of the lower-priced ad-supported tier. Has that view changed?

好的。所以在廣告方面，我認為，當然，里德，保持產品的簡單性非常重要。但我認為你也談過一點，至少在過去，也許沒有看到低價廣告支持層的增量利潤潛力。這種看法改變了嗎？

And I guess, if you were to pursue an ad-based model on the lower tier, how long would it take you to get there and kind of roll that out? And what are the key things you need to do along the way?

而且我猜，如果您要在較低層追求基於廣告的模型，您需要多長時間才能到達那裡並將其推出？在此過程中，您需要做哪些關鍵的事情？

Yes. It's not a short-term fix because once you start offering a lower-priced plan with ads as an option, some consumers take it. And we've got a big installed base that probably are quite happy where they are. So think of it as it would phase in over a couple of years in terms of being material volume.

是的。這不是一個短期的解決方案，因為一旦您開始提供帶有廣告選項的低價計劃，一些消費者就會接受它。而且我們有一個龐大的安裝基礎，他們可能對他們所處的位置感到非常滿意。所以想想它，因為它會在幾年內逐步成為材料量。

And in terms of the profit potential, definitely, the online ad market has advanced. And now, you don't have to incorporate all the information about people that you used to. So we can be a straight publisher and have other people do all of the fancy ad-matching and integrate all the data about people. So we can stay out of that and really be focused on our members creating that great experience and then again, getting monetized in a first-class way by a range of different companies who offer that service.

就利潤潛力而言，在線廣告市場無疑已經取得了進步。現在，您不必像以前那樣整合所有有關人員的信息。所以我們可以成為一個直接的發布者，讓其他人做所有花哨的廣告匹配，整合所有關於人的數據。因此，我們可以置身事外，真正專注於我們的會員創造出色的體驗，然後再次通過提供該服務的一系列不同公司以一流的方式獲利。

Got it. And is it fair to think that it would be something you would test in a few small markets to start out and then kind of move along?

知道了。是否公平地認為這將是您將在幾個小市場中測試的東西，然後開始前進？

We're probably not that advanced, but no, I think it's pretty clear that it's working for Hulu. Disney is doing it. HBO did it. I don't think we have a lot of doubt that it works, that all those companies have figured it out. I'm sure we'll just get in and figure it out as opposed to test it and maybe do it or not do it. So I think we'll really get in.

我們可能沒有那麼先進，但不，我認為很明顯它適用於 Hulu。迪士尼正在這樣做。 HBO做到了。我不認為我們很懷疑它是否有效，所有這些公司都已經弄清楚了。我敢肯定，我們只是進入並弄清楚它，而不是測試它，也許做或不做。所以我認為我們會真正進入。

But again, it would be a plan layer, like it is at Hulu. So if you still want the ad-free option, you'll be able to have that as a consumer. And if you would rather pay a lower price and you're ad-tolerant, that's also -- we're going to cater to you also.

但同樣，這將是一個計劃層，就像在 Hulu 一樣。因此，如果您仍然想要無廣告選項，那麼作為消費者，您將能夠擁有它。如果您願意支付更低的價格並且您可以容忍廣告，那我們也將迎合您的需求。

Okay. Let's shift gears to content. Ted, the 2Q slate includes a bunch of returning hit series, like Elite, Ozark, Stranger Things, Umbrella Academy. How are you thinking about that slate in 2Q? And maybe if you could also talk a little bit more about the back half as well.

好的。讓我們轉向內容。 Ted，2Q 的名單包括一系列回歸的熱門系列，如 Elite、Ozark、Stranger Things、Umbrella Academy。您如何看待 2Q 的那張名單？也許你也可以多談談後半部分。

Yes. So those -- they are proven brands for us, of course, and going into the -- I'll start with Stranger Things because the new season of Stranger Things is a super-sized season that's why we cut it in half. Each episode of the new season feels like a big feature film. It's really phenomenal. We're super excited about how it's landing creatively and how excited fans are for it. And I think that's going to be obviously the big story coming up later in the quarter.

是的。所以那些——當然，它們對我們來說是久經考驗的品牌，並且進入——我將從 Stranger Things 開始，因為 Stranger Things 的新一季是一個超大型的季節，這就是我們將其削減一半的原因。新一季的每一集都感覺像是一部大型故事片。這真的很了不起。我們對它如何創造性地著陸以及粉絲們對它的興奮程度感到非常興奮。而且我認為這顯然是本季度晚些時候出現的重大事件。

The new -- the finale of Ozark, which is our Emmy award-winning fan favorite, the Season 3 was a killer, and Season 4 brings it home in a really incredible way. We're also wrapping up our longest-running show, Grace and Frankie, with an incredible final set of episodes coming up later this month that we're really excited about.

新的 - 歐扎克的結局，這是我們獲得艾美獎的粉絲的最愛，第 3 季是一個殺手，第 4 季以一種非常令人難以置信的方式將它帶回家。我們還將結束我們持續時間最長的節目，格蕾絲和弗蘭基，本月晚些時候將推出令人難以置信的最後一集，我們真的很興奮。

And the -- we've always said we ran through the COVID delays that had us back-stack 2021. 2022 is not quite as back-stacked, but it does build throughout the year, and it builds up to some of our big event films in Q4 that we're really excited about, like Knives Out 2, Gray Man coming up before that from the Russo brothers, who we have had a lot of great success with, really fantastic action movie with Ryan Gosling.

而且--我們一直說，我們經歷了 COVID 延遲，這讓我們回到了 2021 年。2022 年並沒有那麼退步，但它確實在全年建立，它建立了我們的一些大型活動第四季度我們非常興奮的電影，比如《利刃出鞘 2》，在此之前出現的來自 Russo 兄弟的 Grey Man，我們與他們取得了巨大的成功，與 Ryan Gosling 合作的非常棒的動作片。

So the upcoming slate in '22, we're confident, is better and more impactful than it was in '21. And we think '23 will be better and better and more impactful than '22. So we're really -- the content flow has been fantastic, and we're really excited about it.

因此，我們有信心，22 年即將到來的名單會比 21 年更好、更有影響力。我們認為'23 會比'22 更好、更好、更有影響力。所以我們真的 - 內容流非常棒，我們對此感到非常興奮。

And just to follow-up on, you mentioned...

只是為了跟進，你提到...

I should say, obviously not to forget, our international content, Elite season 5, as you know, continues a really great run for us there. We have a Korean version of Money Heist coming up, called Money Heist: Korea, that's really fantastic. A new movie from Omar Sy, The Takedown, from France; a great film from Germany, All Quiet on the Western front; and a great slate of new content from Japan, Cube, First Love, that we're really excited about the output from all of our international territories as well.

我應該說，顯然不要忘記，我們的國際內容，精英第 5 季，如你所知，在那裡繼續為我們帶來非常棒的表現。我們即將推出韓國版的 Money Heist，名為 Money Heist: Korea，這真的很棒。來自法國的 Omar Sy 的新電影 The Takedown；一部來自德國的偉大電影，《西線無戰事》；以及來自日本的大量新內容，Cube，First Love，我們也對我們所有國際地區的輸出感到非常興奮。

Ted, you mentioned splitting Stranger Things into the -- into different parts. And you've done that with a number of series over the last few years. I guess as streaming proliferates, it feels like there's this increasing debate around the value and stickiness of providing a full season of content all at once. So just curious about how your thinking has evolved here, given that we are seeing more of these series kind of broken into 2 parts essentially.

Ted，你提到將 Stranger Things 分成不同的部分。在過去的幾年裡，你已經通過一系列系列做到了這一點。我想隨著流媒體的激增，感覺就像一次圍繞提供一整季內容的價值和粘性的爭論越來越多。所以只是好奇你的想法是如何在這裡演變的，因為我們看到更多的這些系列基本上分為兩個部分。

Yes. Splitting the seasons actually had a practical reason before, which was the COVID delays and all those projects that kind of led us to splitting some of the seasons. But what we found is that fans kind of like both. So being able to split it gives them a really satisfying binge experience for those people who want that really satisfying long binge experience. And then being able to deliver a follow-up season in a few months versus, in some cases, the new season of Stranger Things is coming nearly 3 years after the last one or more than 2 anyway.

是的。拆分季節之前實際上有一個實際的原因，那就是 COVID 延遲以及所有那些導致我們拆分某些季節的項目。但我們發現，粉絲們都喜歡這兩者。因此，能夠拆分它為那些想要真正令人滿意的長期狂歡體驗的人提供了真正令人滿意的狂歡體驗。然後能夠在幾個月內推出後續一季，而在某些情況下，《怪奇物語》的新一季將在最後一季或超過 2 季之後將近 3 年到來。

And so we're really -- being able to split the season when you can deliver both halves of it in a really high-quality way, like in the case of Ozark, had additional episodes, so both experiences were really satisfying for the binger or the one-at-a-time viewer as well.

所以我們真的 - 當你可以以真正高質量的方式提供兩半的季節時，我們真的 - 能夠拆分季節，就像在 Ozark 的情況下，有額外的劇集，所以這兩種體驗都非常令人滿意或一次一個查看器。

And we've also had great success in these kind of mini batches of our unscripted shows. So doing 1 to 3 episodes a week every week has also been great and still true to the binger by giving them more than 1 episode to watch at a time.

而且我們在這些小批量的無劇本節目中也取得了巨大的成功。因此，每週觀看 1 到 3 集也很棒，而且一次讓他們觀看超過 1 集，這對狂歡者來說仍然是真實的。

You've talked about cash content spending of around $18 billion this year. In a period of slower sub growth, are you more likely to pull back to manage costs or to lean in to further differentiate the offering?

你談到了今年大約 180 億美元的現金內容支出。在次級增長放緩的時期，您是否更有可能退出以管理成本或傾向於進一步區分產品？

Look, I think we've got to continue to invest in the content, both in the quality and the variety of the content. And our -- we will continue to grow the content spend relative to prior years. And I think, in general, we look at the -- what's most important though, and there is the impact of the slate. And we're very focused on making sure that the impact of the slate continues to grow. We should be able to, 10 years in now, get more bang for our buck relative to what we've done ourselves and relative to the market.

看，我認為我們必須繼續投資於內容，包括內容的質量和多樣性。我們的 - 我們將繼續增加內容支出相對於前幾年。而且我認為，總的來說，我們會關注 - 最重要的是什麼，並且有石板的影響。我們非常專注於確保石板的影響繼續增長。相對於我們自己所做的事情和相對於市場而言，我們應該能夠在 10 年後獲得更多的收益。

Yes. And Doug, to that point, obviously, revenue growth has slowed. We're going to be responsible in terms of how we manage the business. We talked about in the letter, during this period of slower revenue growth, we're going to protect our operating margins, roughly in line with what we guided to for this year. So we're holding to our guidance for the full year '22.

是的。而道格，到那時，顯然收入增長已經放緩。我們將對如何管理業務負責。我們在信中談到，在這個收入增長放緩的時期，我們將保護我們的營業利潤率，大致符合我們今年的指導方針。因此，我們堅持對 22 年全年的指導。

But for -- presumably, for the next 18, 24 months, call it the next 2 years, we're kind of operating to roughly that operating margin, which does mean that we're pulling back on some of our spend growth across both content and noncontent spend, but still growing our spend and still investing aggressively into that long-term opportunity, but we're trying to be smart about it and prudent in terms of pulling back on some of that spend growth to reflect the realities of the revenue growth of the business.

但是對於 - 大概，在接下來的 18 個月、24 個月，或者稱之為未來 2 年，我們的運營利潤率大致達到了這個水平，這確實意味著我們正在縮減我們在這兩個方面的一些支出增長內容和非內容支出，但仍在增加我們的支出並仍在積極投資於該長期機會，但我們正努力明智地對待它，並謹慎地撤回部分支出增長以反映現實業務的收入增長。

So just to clarify, only because you've been saying it for many years now, the 300 basis points kind of per year over a multiyear period, obviously, we were not going to see that this year, but it sounds like over the next couple of years, you're thinking more flattish until you get subscribers really growing in a bigger way.

所以只是為了澄清，只是因為你已經說了很多年了，在多年的時間裡，每年 300 個基點，顯然，我們今年不會看到，但聽起來像在下一個幾年後，您的想法會變得更加平淡，直到您的訂閱者真正以更大的方式增長。

Well, we get revenue growth. Again, kind of revenue engagement are going to be primary. We'll also get subscribers going. So there will be subscriber growth. But primarily reaccelerating that revenue growth, we believe we have multiple levers to do that. We have high confidence in monetizing sharing as we talked about. We talked about things like perhaps adding an advertising layer and obviously continuing to improve the service, grow engagement, grow revenue.

好吧，我們得到了收入增長。同樣，收入參與將是主要的。我們還將讓訂閱者繼續前進。所以會有用戶增長。但主要是為了重新加速收入增長，我們相信我們有多種手段可以做到這一點。正如我們所說，我們對通過分享獲利充滿信心。我們談到了一些事情，比如可能會添加一個廣告層，顯然會繼續改進服務、增加參與度、增加收入。

So we have high confidence that we will accelerate revenue. When we do, we also have our commitment to continue to gradually grow our operating margins. But let's first get our revenue growth reaccelerated, and then let's talk about the pace of that margin acceleration.

因此，我們對加速收入充滿信心。當我們這樣做時，我們也承諾繼續逐步提高我們的營業利潤率。但讓我們首先讓我們的收入增長重新加速，然後讓我們談談利潤率加速的步伐。

And Spence, what does all of that mean for free cash flow kind of near term and then over the next couple of years? I mean 2022 is certainly looked at as like the first year of kind of sizable and sustainable free cash flow.

Spence，所有這些對於近期和未來幾年的自由現金流意味著什麼？我的意思是，2022 年肯定被視為可觀且可持續的自由現金流的第一年。

Yes, and that continues. So we're, as I said, we're managing the business prudently for all of our stakeholders. We'll be positive free cash flow this year, consistent with our expectations going into the year, and we'll continue to build on that in the years going forward. So that's our expectation. That's what we're still planning towards. I don't know, Spencer, if you would add to that maybe.

是的，而且還在繼續。因此，正如我所說，我們正在為所有利益相關者謹慎地管理業務。今年我們將實現正的自由現金流，這與我們對今年的預期一致，我們將在未來幾年繼續以此為基礎。這就是我們的期望。這就是我們仍在計劃的方向。我不知道，斯賓塞，你是否願意補充。

No, I think you hit it right on the head, Spence.

不，我認為你擊中了它的頭部，Spence。

Okay. I wanted to talk about India a little bit. You cut prices significantly in December across plans. But you've certainly pointed out that cable in India is around $3 a month. Just curious what the response has been like. Do you still view those changes as revenue-accretive? And what are you seeing in terms of maybe early behavior from some of those incremental subscribers?

好的。我想談談印度。您在 12 月按計劃大幅降價。但是您肯定已經指出，印度的有線電視每月大約 3 美元。只是好奇反應如何。您仍然認為這些變化可以增加收入嗎？就這些增量訂閱者的早期行為而言，您看到了什麼？

Yes. I would say, to your last point, the incremental subscribers are largely behaving similar to the subscribers we've added over the last 12 months. So not a fundamental difference. And really, this was a bet in terms of long-term revenue maximization, which is sort of how we think about the top level, the valuatory model we have for these things.

是的。我想說，就您的最後一點而言，增量訂閱者的行為在很大程度上與我們在過去 12 個月中添加的訂閱者的行為相似。所以沒有根本區別。真的，這是一個長期收入最大化的賭注，這就是我們對頂層的看法，我們對這些東西的估值模型。

And it was stimulated specifically by the fact that Ted's team is doing some incredible work on Indian content, and we saw the slate there. And we're really excited about a bunch of titles that were coming down and thought there was an opportunity to broaden the audience that got to see those titles.

特德的團隊在印度內容上做了一些令人難以置信的工作，這一事實特別刺激了它，我們在那裡看到了石板。我們對即將推出的一系列遊戲感到非常興奮，並認為有機會擴大能夠看到這些遊戲的觀眾。

And so we've seen that effect definitely take hold where we have an additional bump in subscribers that will now get to see that content. And the bet is that those folks will enjoy those titles and that they will talk enthusiastically about those titles to their friends, their family, their coworkers, and that will lead to another sort of positive momentum on the flywheel of sign-ups.

因此，我們已經看到這種效果肯定會在我們有更多訂閱者現在可以看到該內容的情況下發揮作用。賭注是，這些人會喜歡這些頭銜，他們會熱情地向他們的朋友、家人、同事談論這些頭銜，這將導致註冊飛輪上的另一種積極勢頭。

And Ted, can you elaborate a little bit more just on the content in India and I guess, just how you're thinking about kind of overall product fit at this point in the market?

泰德，你能詳細說明一下印度的內容嗎？我猜，你是如何考慮在這個市場上適合整體產品的？

Yes. The product fit incorporates subscription prices as well and willingness and ability to pay. So we have seen a nice uptick in engagement in India. So we're definitely taking it in the right direction.

是的。產品適合度還包括訂閱價格以及支付意願和能力。因此，我們看到印度的參與度有了很好的提升。所以我們肯定會朝著正確的方向發展。

Okay. I want to talk about gaming a little bit. I think, Reed, you've discussed it in the past as perhaps the next genre of content beyond TV and beyond film. I'm curious how you would characterize your progress so far.

好的。我想稍微談談遊戲。我想，里德，你過去曾討論過它可能是超越電視和電影的下一個內容類型。我很好奇你如何描述你迄今為止的進步。

I'm really happy with what the team has built, a big capacity to be able to provide our members with interactive and gaming experiences. We've had some nice successes, which I'll have Greg talk about. So I think we're building capacity, frankly, faster than we did when we entered film. So that's very encouraging. So excited, and you've seen we've been doing these small acquisitions to build up the know-how and the creative chops to be able to make some really great gains.

我對團隊建立的東西感到非常滿意，能夠為我們的成員提供互動和遊戲體驗的巨大能力。我們取得了一些不錯的成功，我會讓 Greg 談談。所以我認為我們正在建設能力，坦率地說，比我們進入電影行業時更快。所以這非常令人鼓舞。太興奮了，你已經看到我們一直在進行這些小規模的收購，以積累專業知識和創造力，從而能夠獲得一些真正巨大的收益。

Yes. And just to pick it up -- sorry, Doug, do you want to...

是的。只是為了把它撿起來——對不起，道格，你想...

I was just sure it's where you're going. I was just going to ask what the kind of puts and takes are around owning versus licensing IP and what the appetite is for further M&A going forward.

我只是確定這是你要去的地方。我只是想問一下，擁有知識產權和許可知識產權的投入和收益是什麼，以及對進一步併購的興趣是什麼。

Sure. We're open to both models. But I would say, we're very enthusiastic about building internal capacity. And we're doing this both from sort of assembling it organically as well as through acquisition, which is a key part of our strategy to be able to build the capacity to produce the games titles that we think are really going to unlock value for our members. And we're learning more and more every day from the licensed titles that we've got, which is helpful.

當然。我們對這兩種模式都持開放態度。但我想說，我們非常熱衷於建設內部能力。我們正在通過有機組裝和收購來做到這一點，這是我們戰略的關鍵部分，能夠建立生產我們認為真正將為我們釋放價值的遊戲的能力成員。我們每天都從我們擁有的授權遊戲中學到越來越多的東西，這很有幫助。

But you can sort of -- there's an early glimmer of where we're trying to head with this with the announcement we just recently did with a launch of both a game and an animated series around the Exploding Kittens IP. I don't know if you're familiar with this card game, but it's a super fun physical card game that we're now going to bring to form in both an animated series and a game. And we'll have some interplay between these 2 different modes for fans of that IP. But that's sort of the -- an initial step on a long road map we have around thinking about how do we make the film and series side and then the interactive games experience, sort of the interplay between those, magnify the value that our members are getting from both.

但你可以有點——我們最近剛剛發布了一個關於 Exploding Kittens IP 的遊戲和動畫系列的公告，我們正在努力解決這個問題。我不知道你是否熟悉這款紙牌遊戲，但它是一款超級有趣的實體紙牌遊戲，我們現在將在動畫系列和遊戲中加入它。對於該 IP 的粉絲，我們將在這兩種不同的模式之間進行一些相互作用。但這有點像——在漫長的路線圖上邁出的第一步，我們圍繞著思考如何製作電影和系列片，然後是互動遊戲體驗，它們之間的相互作用，放大我們成員的價值從兩者中獲得。

So it's like a 1 plus 1 equals 3 and then hopefully 4 and then 5 situation. So that's sort of the multiyear vision that we've got behind it. And really to deliver on that, we think the internal development capacity is going to be key because we can obviously have those folks be very specifically focused on the opportunities that we see there.

所以這就像 1 加 1 等於 3，然後希望是 4，然後是 5。這就是我們背後的多年願景。真正實現這一點，我們認為內部開發能力將是關鍵，因為我們顯然可以讓這些人非常專注於我們在那裡看到的機會。

And what are the benchmarks or milestones perhaps that you need to see around gaming to lean in even more here in terms of content budget? And are there any metrics or numbers that you can provide so far?

在內容預算方面，您可能需要在遊戲方面看到哪些基准或里程碑？到目前為止，您是否可以提供任何指標或數字？

I can certainly provide the framework that we're thinking about it. And it's a top-level priority for us, and we're very focused on it. And so bottom line, we think about games and delivering value to members and reflecting that back into the business through both acquisitions. So we're aiming to have titles that land, that create conversation and enthusiasm and buzz, that drive more people to sign up for the service and then obviously in retention as well. Engagement is that primary leading indicator that we have for retention and sort of value delivered, so we're looking at both of those very, very carefully.

我當然可以提供我們正在考慮的框架。這是我們的首要任務，我們非常關注它。因此，底線是，我們考慮遊戲並為會員提供價值，並通過兩次收購將其反映到業務中。因此，我們的目標是讓標題落地，產生對話、熱情和嗡嗡聲，促使更多人註冊服務，然後顯然也能留住用戶。敬業度是我們保留和交付價值的主要領先指標，因此我們正在非常非常仔細地研究這兩個指標。

And similar to how we think about it on the film and series side, obviously, we want to make sure that the investment that we're making in any given title is sort of calibrated to that business value that we're getting out of it. So we're building our understanding of how those metrics work together so that we can have a good sort of fitness function around the work that we're doing and making sure that it's delivering value. And that's really the sort of the go signs for us that we've got it figured out, and we want to ramp and scale the investment.

與我們在電影和連續劇方面的想法類似，顯然，我們希望確保我們對任何給定標題的投資都符合我們從中獲得的商業價值.因此，我們正在建立對這些指標如何協同工作的理解，以便我們可以圍繞我們正在做的工作擁有一種良好的適應度函數，並確保它能夠提供價值。這確實是我們已經弄清楚的那種跡象，我們希望增加和擴大投資。

Okay. Ted, Netflix shares are back to, of course, back to pre-COVID levels, but they're also around the same level they were at nearly 4 years ago, in 2018. So maybe you could just talk about your ability to continue to hire great talent within the company.

好的。泰德，Netflix 的股價當然已經回到了 COVID 之前的水平，但它們也與近 4 年前 2018 年的水平大致相同。所以也許你可以談談你繼續的能力在公司內部招聘優秀人才。

Look, I think that when people look to join Netflix, they join Netflix because they believe in this long-term vision of the move into away from the near television and kind of transactional movie business into a business that could be much more satisfying for consumers and deliver on the culture and deliver big audiences and really move the market. One of the things I would say is, by way of example, is what we can do around the world.

聽著，我認為當人們希望加入 Netflix 時，他們會加入 Netflix，因為他們相信這種長期願景，即遠離電視和交易電影業務，轉變為可以讓消費者更滿意的業務傳播文化，傳播大量受眾，真正推動市場。我想說的一件事是，例如，我們可以在世界各地做些什麼。

Our teams are on the ground, our creative executives, our business executives, are on the ground all over the world, are much more empowered. They are much more collaborative. And they're much more risk-tolerant than their counterparts all over the world, which enables -- it creates an ecosystem for something like Squid Game or for like a Lupin or La Casa de Papel to exist, and that is our ability to do that and to bring kind of global notoriety to local content players is unprecedented and it's pretty unrivaled at this point.

我們的團隊在實地，我們的創意主管，我們的業務主管，在世界各地都在實地，更有能力。他們更具協作性。而且他們比世界各地的同行更能承受風險，這使得——它為像 Squid Game 或 Lupin 或 La Casa de Papel 這樣的東西創造了一個生態系統，這就是我們的能力這並為本地內容播放器帶來全球惡名是前所未有的，而且在這一點上是無與倫比的。

So I think people look at that as something to be very exciting to be close to. And that the long, long term, the long-term story is, the broadband household penetration, we're going to get to those houses. There's a long term and a short term. In the short term, you've got highly penetrated users, and we're working through that right now. And in the long term, you've got things like smart TV sales and a bunch of macro factors that slow that down, that we all see that as temporary, including everyone who works at Netflix. So everyone really does see the long play.

所以我認為人們認為這是一件非常令人興奮的事情。從長遠來看，從長遠來看，寬帶家庭普及率，我們將到達那些房子。有長期和短期之分。在短期內，你已經擁有了高度滲透的用戶，我們現在正在努力解決這個問題。從長遠來看，智能電視銷售和一系列宏觀因素會減慢這一速度，我們都認為這是暫時的，包括在 Netflix 工作的每個人。所以每個人都確實看到了長戲。

And I know I've been here for more than 20 years and have been through a couple of these. And yes, they don't feel great in the moment. But man, it feels great to come out on the other side of it. And I think everyone is knowing that that's going to come up, and we'll come out on the other side of it.

我知道我已經在這里工作了 20 多年，並且經歷了其中的一些。是的，他們現在感覺不太好。但是，伙計，從另一邊站出來感覺很棒。我想每個人都知道這會出現，我們會站在它的另一邊。

Doug, we have time for 2 last questions, please.

道格，我們有時間回答最後兩個問題。

Okay. I wanted to -- just back to content for a minute. You've driven a lot of attention to Formula 1 with Drive To Survive. Given the success there, sports is obviously a frequent topic, how are you thinking about sports? There's certainly more rumblings around doing things related to NFL, media and NFL films. How are your intentions shifting perhaps here at all?

好的。我想 - 只是回到內容一分鐘。您通過 Drive To Survive 為一級方程式賽車贏得了很多關注。鑑於那裡的成功，體育顯然是一個經常出現的話題，你如何看待體育？與 NFL、媒體和 NFL 電影相關的事情肯定有更多的傳言。你的意圖可能在這裡發生了怎樣的變化？

So look, we look -- we expand our content verticals constantly. For us, I look at games as a great example of adding something brand-new to the service, something new for our members to enjoy. We're going down the game path because I think it fits us really nicely. Our ability to tell stories and build worlds are very consistent with our existing skill set and culture, and we think that we can build a big revenue and profit stream by adding games.

所以看，我們看 - 我們不斷擴展我們的內容垂直領域。對我們來說，我將游戲視為為服務添加全新內容、讓我們的會員享受新內容的一個很好的例子。我們正在走上游戲的道路，因為我認為它非常適合我們。我們講故事和構建世界的能力與我們現有的技能和文化非常一致，我們認為我們可以通過添加遊戲來建立巨大的收入和利潤流。

Why -- we're not quite so sure that you can add the big profit stream by adding sports. Other folks are trying it, and we're going to -- and we've gone down this other path. In the meantime, we're incredibly excited about, as you mentioned, the Formula 1: Drive To Survive as an example of kind of sports-adjacent programming that our members really value.

為什麼——我們不太確定你可以通過增加運動來增加巨大的利潤流。其他人正在嘗試，我們將嘗試——我們已經走上了另一條路。與此同時，正如您所提到的，我們對一級方程式賽車：為了生存而感到非常興奮，這是我們會員真正重視的與體育相鄰的節目的一個例子。

We've grown the sport tremendously. We're taking that bet in the world of tennis and golf and others coming up. And we also have an incredible sports documentary business that keeps growing. So I'm not saying we never would do sports, but we would have to see a path to growing a big revenue stream and a big profit stream with it.

我們極大地發展了這項運動。我們在網球和高爾夫以及其他即將出現的世界中押注。我們還有一個令人難以置信的體育紀錄片業務，並且還在不斷增長。所以我並不是說我們永遠不會做體育運動，但我們必須找到一條增長巨大收入來源和利潤來源的途徑。

Okay. And then just to close out. Reed, you've created this very unique, very successful culture within the company over the past 20-plus years. Has anything changed in your view, just from a cultural perspective, around either content acquisition or in some of the more operational functions?

好的。然後只是關閉。 Reed，在過去的 20 多年裡，您在公司內創造了這種非常獨特、非常成功的文化。僅從文化的角度來看，您的觀點是否發生了變化，無論是內容獲取還是一些更具操作性的功能？

Yes. I mean we changed every year, hopefully, for the better. We don't look at culture as some fixed thing. We look at it as what's going to drive excellence. The North Star is getting excellence. And so we've made a bunch of adjustments as we expanded around the world. We've made adjustments as we've become more original content-centric. So we're always improving. And again, the goal is excellence, and then a culture is a tactic in that journey.

是的。我的意思是我們每年都在改變，希望會變得更好。我們不認為文化是固定的東西。我們將其視為推動卓越的因素。北極星越來越優秀。因此，隨著我們在全球範圍內的擴張，我們進行了一系列調整。隨著我們變得更加以原創內容為中心，我們進行了調整。所以我們一直在改進。再一次，目標是卓越，然後文化是該旅程中的一種策略。

Okay. Great. Thank you all.

好的。偉大的。謝謝你們。

Reed, Ted, did you want to close this out?

里德，泰德，你想結束這件事嗎？

Hey. Can I say one thing before they close us out, just as a tactical thing, one tactical thing that I should have mentioned earlier, Doug? I just want to make sure there's not a read-through when we guide to negative 2 million paid net adds in Q2. We didn't talk about full year and how -- what we expect. And we're not providing full year guidance, Doug, but I just want to make sure there's not a read-through from negative 2 million paid net adds in Q2 that there's going to be a steady strip down of negative adds. We're not expecting our growth to reaccelerate, our revenue growth to reaccelerate before the end of the year, but we will grow revenue. And there will be paid net add growth.

嘿。我可以在他們關閉我們之前說一件事嗎，就像戰術上的事情一樣，我應該早先提到的戰術上的事情，道格？我只是想確保在我們指導第二季度負 200 萬付費淨增加時沒有通讀。我們沒有談論全年以及如何 - 我們的期望。而且我們沒有提供全年指導，道格，但我只是想確保沒有從第二季度的負 200 萬付費淨增加中讀取到負面增加將穩定減少。我們預計我們的增長不會重新加速，我們的收入增長不會在今年年底之前重新加速，但我們會增加收入。並且將有付費的淨添加增長。

As we get to the back half of the year, Ted talked about the stronger slate. We get further away from some of the big price increases. We get into a stronger seasonal period. So I just want to make sure that that's understood as you think about the full year, even though we're not providing full year guidance. Sorry, just we didn't get to it.

當我們進入今年下半年時，泰德談到了更強的石板。我們離一些大的價格上漲更遠了。我們進入了一個更強的季節性時期。因此，我只想確保在您考慮全年時能夠理解這一點，即使我們沒有提供全年指導。抱歉，只是我們沒有做到。

Always good to provide that nonguidance guidance.

提供這種非指導性的指導總是好的。

Thank you.

謝謝你。

When we look at the last 20 years, like Ted mentioned, we've gone through a lot of changes, and we've always figured them out one by one. It's super exciting. We're going to figure this one out. We got a great team. We lead by a significant margin in streaming, and streaming is continuing to grow around the world. So we have a bunch of opportunity to improve. But coming out the other side, I'm pretty sure we'll look at this as really foundational in our continued journey. Over to you, Ted.

當我們回顧過去的 20 年時，就像 Ted 提到的那樣，我們經歷了很多變化，而且我們總是一一弄清楚。這是超級令人興奮的。我們要弄清楚這一點。我們有一個很棒的團隊。我們在流媒體領域遙遙領先，並且流媒體在全球範圍內繼續增長。所以我們有很多改進的機會。但從另一邊出來，我很確定我們會將此視為我們繼續旅程的真正基礎。交給你了，泰德。

Yes. That's well said, Reed. I would only add that -- a reminder to folks is that as we keep talking about competition, remind you that we have always had really tough competition. And all of the players who compete with us today have been competing with us since our first day of streaming, some head-to-head and some through their legacy business models, and they're now migrating to be more head-to-head players while they're struggling to manage their legacy businesses.

是的。說得好，里德。我只想補充一點——提醒大家，當我們一直在談論競爭時，請提醒你們，我們一直都面臨著非常激烈的競爭。今天與我們競爭的所有玩家自我們推出流媒體的第一天起就一直在與我們競爭，有些是正面交鋒，有些是通過他們的傳統商業模式，現在他們正在遷移到更多的正面交鋒玩家在努力管理他們的傳統業務時。

So I really like the competitive position that we're in. I love the competitive position that we are moving from relative to just a couple of years ago. But in every metric that we measure success, engagement, revenue, subscribers, profit, all those ways that we're measuring, I think I like the competitive position that we're coming at it from. And I want to just assure everybody that everyone at Netflix shares that excitement, to come out on the other side of this part of the business.

所以我真的很喜歡我們所處的競爭地位。我喜歡我們正在從相對於幾年前的競爭地位。但在我們衡量成功、參與度、收入、訂戶、利潤的每一個指標中，我們衡量的所有這些方式，我認為我喜歡我們從中獲得的競爭地位。我想向大家保證，Netflix 的每個人都分享這種興奮，在這部分業務的另一邊站出來。

So with that, I would just encourage you to enjoy the final episodes of our incredible show, Ozark, and our longest-running comedy show, Grace and Frankie, coming up at the end of the month and an incredible slate of films and series coming up in '22. Thanks.

因此，我只是鼓勵您欣賞我們令人難以置信的節目 Ozark 的最後幾集，以及我們運行時間最長的喜劇節目 Grace and Frankie，即將在月底上映，還有一系列令人難以置信的電影和系列即將上映22 年。謝謝。