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，歡迎參加 Netflix 2022 年第一季財報訪談。我是投資人關係與企業發展副總裁 Spencer Wang。今天與我一起的還有聯合首席執行官里德·哈斯廷斯 (Reed Hastings)；聯合首席執行官兼首席內容官 Ted Sarandos；首席營運官兼首席產品官 Greg Peters；和首席財務官斯賓塞·諾伊曼 (Spence Neumann)。本季我們的訪談者是摩根大通的 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.

道格，有了這個，我將把第一個問題交給你。

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，史賓塞。因此，您今天在信中談論競爭、成熟度和宏觀因素的語氣與三個月前大不相同。我希望您首先能向我們介紹一下過去幾個月您的觀點是如何變化的。

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點不同，因為我們的數字有點不同。如果我們制定了 250 萬的指導價，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弄清楚到底發生了什麼事。正如我們在信中所說，新冠疫情在如何解讀情勢方面引發了許多爭論，在 2020 年給了我們很大的推動。然後在 2021 年，我認為我們經過深思熟慮後表示，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，這種說法已不再成立。因此，當我們進一步推進這項工作時，我們意識到，透過我們一直以來進行的所有帳戶共享，這並不是什麼新鮮事，但是當你將這些加在一起時，我們獲得了相當高的市場滲透率。而我們認為，再加上競爭，才是導致收購減少和成長放緩的真正原因。

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，針對這兩個部分，我們正在研究如何透過共享來實現獲利。我們已經思考這個問題好幾年了。但當我們快速成長時，這並不是我們優先考慮的事情。現在，我們正在為此付出巨大的努力。請記住，已經有超過 1 億個家庭選擇觀看 Netflix。他們很喜歡這項服務。我們只是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.

這就是其中的一部分。其次，我們確實面臨激烈的競爭。他們推出了一些非常精彩的節目和電影。我們要做的就是更進一步。我會告訴你們，我們都非常——我知道這對投資者來說是令人失望的，這是肯定的。但在內部，我們已經做好了充分的準備，這正是我們大放異彩的時刻。這時一切都變得至關重要。我們非常專注於實現這些目標並重新贏得投資者的青睞。

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，我唯一想補充的是，我們要更詳細地闡述我們所看到的成長放緩和近期成長放緩的情況。但我們認為，就所有寬頻家庭而言，長期可尋址市場是不會改變的。只是我們更清楚地意識到，就這些短期限製而言，COVID 為滲透這一增長並佔領該市場蒙上了陰影。所以這是我們在這封信中強調的一點，但我只是想強調，核心目標市場仍然存在，而這也是我們仍在成長的目標，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。因此，也許僅就最近的趨勢而言，我們可以多談談第一季的情況。您失去了 20 萬訂閱者，或在俄羅斯被移除後增加了 50 萬訂閱者。希望您能對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因素，而且您已經談論這個主題有一段時間了，但希望您能夠分離出其中的一些因素。然後請您與我們談談，在損失 200 萬用戶的情況下，這對您第二季的指導有何幫助？

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。我會接受這一點，然後其他人可以填寫。正如你所說，道格，我們預計淨付費用戶將增加 250 萬人。如果不計俄羅斯，我們交付了 50 萬。因此，我們第一季的實際銷售額與預期相比確實少了 200 萬。真正反映出來的是收購成長與我們的預期一致。我們在執行指南時看到了速度減慢的情況，並且它正如預期的那樣。差異實際上是第一季客戶流失率略有上升。這相當小。因此保留率仍然非常好，但我們談論的是 0.2 到 0.3 個百分點，但對於我們龐大的會員基礎來說，這具有相當大的流量。

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.

這是多種因素共同作用的結果。我們在信中談到了相互關聯的因素，但有一個非常直接的因素，即俄羅斯入侵烏克蘭對歐洲、中東和非洲其他地區產生了一些外溢效應。我們在中東歐國家看到了這種情況。有一些較高的流失率。我們可能也看到了一些國家、世界某些地區（例如拉丁美洲）的宏觀壓力增加，我們在上次電話會議上提到了這一點，但這種壓力加劇，而且業務的季節性也更強。

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，也許還有一點邊緣競爭。所以這確實是我們在第二季看到的情況——抱歉，是在第一季看到的情況。這確實反映在第二季度，這是我們在收購中看到的持續趨勢，而且這種略微上升的客戶流失率可能會持續整個季度。對我們來說，這通常只是一個較為疲軟的季節性季度，指南中也反映出了這一點，即季節性稍微疲軟一些，基本上具有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.

也許我可以接著這個問題，更詳細地談談您想要了解的前兩個因素。我們在每個開展業務的國家都擁有一個不斷擴大的潛在市場。這得益於一系列的推動因素，例如寬頻和智慧電視。在我們營運時間最長的一些國家，例如美國就是一個很好的例子，我們在短期市場潛力方面擁有非常高的觀眾滲透率。這確實受到了新冠疫情初期和封鎖期間的增長的推動。

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.

現在觀眾滲透率由兩組組成。一個是給我們付錢的團體，這很好。還有一群觀眾不向我們付費，並且他們分享其他人的帳戶憑證。我們確實看到第二組是一個巨大的機會，因為他們顯然非常有資格。他們已經做好了使用 Netflix 的所有準備。他們知道這項服務是什麼。他們找到了自己想看的節目。所以現在，我們的工作實際上是更好地將消費者的觀看和獲得的價值轉化為收入。我們實現這一目標的主要方法是要求我們的會員支付更多費用，以便與家庭以外的人分享服務。

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，如果你有一個姐妹，比如說，她住在另一個城市，你想與她分享 Netflix，那就太好了。我們並不是要阻止這種分享，但我們會要求您多付一點錢才能與她分享，這樣她就能獲得服務的好處和價值，而我們也能獲得與觀看相關的收入。

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?

所以也許我們可以進一步探討這個問題，格雷格。我們稍後會回顧一些最新的趨勢。但是我想，當我們考慮帳戶共享時，我很好奇您在智利、哥斯達黎加和秘魯進行的早期測試，我想現在，我們很清楚地知道為什麼現在是更大規模地實施這一舉措的正確時機，但是您如何考慮在美國推廣這一舉措？實際實施起來會是什麼樣子呢？

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。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，我們正在嘗試從根本上提出一種支援以客戶為中心的方法的模型。它仍然讓會員擁有主導權，支持會員選擇，提供巨大的娛樂價值以及我們所擁有的所有選擇。但同樣非常重要的是，它讓我們能夠為每個觀眾以及從我們提供的娛樂節目中獲得價值的人帶來收入。顯然，我們這樣做是為了能夠投資更多精彩內容並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.

所以我們正在努力解決許多因素。這就是我們部署測試的原因。坦白說，我們已經為此工作了近兩年。大約一年前，也就是一年多以前，我們開始進行一些輕量級的測試發布，這豐富了我們的思考，並幫助我們建立了現在部署的機制。

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.

我們剛剛進行了第一次大國測試。但解決這個問題並取得正確的平衡需要一段時間。因此，只是為了設定您的期望，我相信我們將經過一年左右的迭代，然後部署所有這些，以便我們在全球範圍內推出這種解決方案，包括美國等市場。

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。斯賓塞，就這一點而言，也許您可以稍微介紹一下會計工作。您如何看待這種成長，其中更多的是來自 ARM 還是來自訂閱用戶？

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。太棒了，道格。你說得對，正如你從格雷格那裡聽到的，我們希望透過分享賺錢，並在會員所在的地方與他們見面。因此，您應該預料到，隨著時間的推移，會員數量或訂閱者數量會變得越來越不相關，因為這些——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，您應該將其視為參與度和每位會員的平均收入，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短期和長期收入增長，以推動業務再投資的積極飛輪。所以並不是說不會有 P 乘以 Q。仍然有一個 Q，但越來越重要的可能是 ARM 和參與度以及整體收入。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，子帳戶不算是訂閱者，他們只是…

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

這是正確的。對呀對呀。因此它與個人家庭帳戶的區別不大。

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。但在此過程中，由於家庭以外的一些現有份額不會成為子帳戶，因此您還會另外單獨接收一些訂閱者。

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，我們仍在努力尋找最終的解決方案。因此，我們並不確切知道這將如何發展，但你應該假設 - 單一家庭帳戶數量的重要性較低，因此，更重要的是收入觀看參與度，因此觀看參與度，整體收入成長和 ARM 是一個關鍵指標。

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。讓我們先回顧一下收購事宜。所以您注意到它還沒有恢復到疫情之前的水平。除了我們討論過的帳戶共享以及創建優質內容之外，還有哪些方式可以影響用戶獲取？

[Ted, do you want to] take that?

[泰德，你想] 拿著這個嗎？

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.

事情不應該比這更複雜，道格。老實說，我們必須競爭，我們必須繼續改進核心服務，也就是製作人們真正喜愛的電視節目、電影和遊戲。這才是我們真正關注的重點。我認為這是我們繼續發展業務的因素。

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.

現在我們已經討論過在一些核心市場中用戶滲透率很高的問題，這意味著如果他們已經在使用 Netflix，那麼讓他們加入 Netflix 會更加困難。因此，我們必須弄清楚我們現在正在採用的這些不同模型，以便更有效地將觀看轉化為貨幣。

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.

正如斯賓塞之前所說，參與確實至關重要。正如您在我們在信中發布的尼爾森數據中所看到的，我們的參與度非常高。即使競爭日益激烈，我們的參與度——我們的收視率仍然非常非常穩定，並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.

但除此之外，在本季度，雖然我們對營收用戶成長並不滿意，但我們確實看到《黑錢勝地》、《發明安娜》、《亞當計畫》的新一季，當然還有其中最精彩的《布里奇頓》的新一季，都完全符合預期，實際上比粉絲們的預期要高一些。現在，當然，我們認為我們必須這樣做，我們必須每個月都有一部《亞當計劃》和一部《布里奇頓》，並確保這始終是服務的期望。

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，我們確實感受到這些用戶市場的滲透率更高了，而且我們確實感受到競爭加劇了。因此，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.

現在您如何改進內容？我們已經這樣做了十年。首先，這比我們所有競爭對手所花的時間少了大約 90 年。但我看到過去幾年我們一直在做的事情，我們一直在改進它，所以是大電影。

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，我們還在努力透過小型藝術電影在市場上獲利。今天，我們將發布一些世界上最受歡迎的、觀看次數最多的電影。就在過去幾個月裡，《別抬頭》《紅色通緝令》和《亞當計畫》等就是例子。而這僅僅是在短短幾年內對一行內容的改進。

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.

另一個是沒有劇本的。我們沒有——大約 3 年前，我們製作了 0 部非劇本作品。如今，我們創造了這些大型非劇本品牌，並不斷壯大原創非劇本宇宙，例如目前在世界各地非常流行的《欲罷不能》和《最後通牒》以及《日落賣場》，這些都是大型且不斷壯大的原創非劇本宇宙。我的觀點是，我們離終極獸王已經走了很長一段路。

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.

我考慮的是我們在韓國的內容等事情。再一次，這對市場來說還是一個新產品。每個人都知道魷魚遊戲。這可能是電視史上最盛大的節目。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。以及《我們都死了》。大量原創內容讓韓國會員和世界各地的粉絲興奮不已。因此，我們不斷改進，以獲得那些可以帶來類似《魷魚遊戲》或《布里奇頓》等作品的精彩時刻。

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。我想從定價的角度來談談——我的意思是有很多——基本上這裡正在發生多種趨勢的匯合。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。我知道英國的價格上漲還為時過早。但我想，這會產生什麼影響——你確實提到了第一季的客戶流失率略有上升。我猜這個因素有多大？目前市場對此漲價的接受程度如何？

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。因此，最重要的是，價格變化，就像我們最近幾次進行的價格變化一樣，整體表現與我們過去幾年看到的價格變化一樣。因此，性能上並沒有什麼根本區別。首先，這些價格變化顯著增加了收入。這是一個重要的頂級啟發式方法。有時我們會看到客戶流失率出現小幅波動。在某些市場，我們也看到了對收購的邊際影響。通常，這些影響都是暫時的。所以這是一種改變的效果，我們透過它來贏回這些人。

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都認識到，我們正在將他們支付給我們的增量金額投資於為他們、為我們的會員提供更多的娛樂價值，包括更多精彩的故事、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.

所以我們總體上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計劃中擁有一系列價格點，這些計劃具有不同的功能，可以滿足不同消費者的需求和願望，同時確保並非常專注於讓我們在入門級服務的每個國家/地區的廣大人群都能很好地享受到這項服務。因此，沒有重大變化，我們會保留現有的計劃。

And related...

以及相關...

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

有一件事，只是－－繼續吧，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，格雷格在價格傳播方面做了大量工作。增加價差的一種方法是在低端套餐上做廣告，並透過廣告降低價格。追蹤 Netflix 的人都知道，我反對廣告的複雜性，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，但我更欣賞消費者的選擇。讓那些願意以較低價格購買並且能夠容忍廣告的消費者得到他們想要的東西是非常有意義的。這就是我們現在正在關注的事情。我們正在努力在未來一兩年內找到答案。但請相信，我們非常願意透過廣告提供更低的價格，而這完全取決於消費者的選擇。

Spence, do you want to keep going?

史賓塞，你還想繼續嗎？

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.

我的觀點非常具有策略性。我確信 Doug 可能會想跟進你的觀點，但我只是想清楚地說明第一季的表現以及我談到的客戶流失率相對於我們的預期略有上升的情況。這並不是因為我們的價格上漲。因此，正如格雷格所說，價格上漲與我們的預期一致。由於我提到的其他原因，我們只是看到季節性略有上升，一些來自中歐和東歐的壓力，一些我們看到的宏觀壓力，以及可能還有一些邊緣競爭。

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，你把我拉到廣告方面，所以我確實想談這個，但它在名單上的位置稍微靠後一點，但最後一點是關於定價的。考慮到您在信中談到和寫到的所有這些因素，您對長期定價權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.

我想說我們的整體觀點沒有改變。再說一次，我們的首要目標不是市場或其他什麼。我們一直在尋找增加更多價值的方法，保持良性循環，也就是里德提到的巨大傳播。而且，我們正在尋求進一步擴大傳播範圍的方法，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，我們想要進一步探索。但是，我們對這過程如何運作以及其中蘊含的潛力的思考並沒有發生根本性的轉變。

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

好的。好的。那麼讓我們轉向廣告...

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.

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。我們對於我們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，娛樂界一直都有這樣的現象，對吧？如果人們喜歡電影、電視和遊戲內容，如果我們能夠繼續提供這種價值，提供這種參與度，那麼人們就會願意為此付費，正如里德所說，廣告商也會試圖接觸這些受眾。因此，我們相信，只要我們能夠實現這種娛樂價值，我們就可以隨著時間的推移推動這種價值，然後將其貨幣化。

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。因此，就廣告而言，我認為，里德，保持產品的簡單性非常重要。但我認為您也曾談過，至少在過去，也許沒有看到低價廣告支持層級的增量利潤潛力。這種觀點改變了嗎？

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?

我想，如果您要在較低層級上推行基於廣告的模式，您需要花多長時間才能實現並推廣該模式？在這個過程中您需要做的關鍵事情是什麼？

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。這不是一個短期解決辦法，因為一旦你開始提供一個帶有廣告選項的低價計劃，一些消費者就會接受。我們擁有龐大的安裝基礎，他們可能對目前的狀況感到非常滿意。因此，就材料量而言，可以想像它會在幾年內逐步實現。

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.

從獲利潛力來看，網路廣告市場無疑已經取得了進展。現在，您不必像以前那樣將所有有關人員的資訊納入其中。因此，我們可以成為直接的出版商，讓其他人進行所有花哨的廣告配對並整合有關人們的所有數據。因此，我們可以置身事外，真正專注於為我們的會員創造出色的體驗，然後透過提供該服務的一系列不同公司以一流的方式獲得收益。

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。是否可以認為，這只是在幾個小市場進行測試，然後再逐步推廣？

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.

我們可能還沒有那麼先進，但是我認為很明顯它對 Hulu 來說是有效的。迪士尼正在這麼做。 HBO 做到了。我認為我們不會懷疑它的有效性，所有公司都已經找到了解決方案。我確信我們會參與其中並弄清楚，而不是測試它，然後可能做也可能不做。所以我認為我們真的會成功。

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 Hulu 一樣。因此，如果您仍然想要無廣告選項，那麼作為消費者，您可以選擇該選項。如果您願意支付較低的價格並且願意接受廣告，那麼我們也會滿足您的需求。

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。泰德，第二季的片單包括一系列回歸的熱門影集，如《名校風暴》、《黑錢勝地》、《怪奇物語》、《傘學院》。您如何看待第二季的計劃？也許您還可以再多談談後半部。

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，它們對我們來說都是經過驗證的品牌，而且——我將從《怪奇物語》開始，因為《怪奇物語》的新一季是超長季，所以我們將其縮短了一半。新一季的每一集都像是一部大型長片。這真是太驚人了。我們對它的創意呈現和粉絲們的熱情感到非常興奮。我認為這顯然將成為本季後期的大新聞。

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——《黑錢勝地》的大結局，是我們艾美獎獲獎劇集的粉絲們最喜歡的，第三季非常精彩，而第四季則以一種令人難以置信的方式將它帶回觀眾的心中。我們還將結束我們播出時間最長的節目《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系列劇集，我們對此感到非常興奮。

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.

我們一直說，我們已經克服了新冠疫情造成的延誤，這讓我們在 2021 年的時間裡不得不推遲拍攝。 2022 年的時間安排並沒有那麼緊湊，但它確實會在全年持續推進，並為第四季度的一些重頭戲電影做好了鋪墊，這些電影讓我們非常期待，比如《利刃出鞘 2》、之前由羅素兄弟主演的《灰人》，我們與他們合作取得了巨大的成功，還有一部瑞恩·高斯林主演的一部非常精彩的動作片。

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，我們相信，2022 年即將推出的計畫將比 2021 年更好、更有影響力。我們認為 23 年將會比 22 年更好、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...

只是為了跟進一下，您提到了…

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，正如你所知，在那裡繼續為我們帶來非常出色的表現。我們即將推出韓國版的《紙鈔屋》，名為《紙鈔屋：韓國》，真是太棒了。奧馬爾·西 (Omar Sy) 的新電影《The Takedown》，來自法國；一部來自德國的偉大電影《西線無戰事》；還有來自日本、Cube、First Love 的大量新內容，我們對所有國際地區的輸出也感到非常興奮。

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.

泰德，你提到將《怪奇物語》分成不同的部分。在過去幾年裡，你已經在多部劇中做到了這一點。我想，隨著串流媒體的普及，關於一次性提供一整季內容的價值和黏性的爭論似乎越來越多。所以我只是好奇你的想法是如何演變的，因為我們看到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。先前拆分季節實際上是有一個實際原因的，那就是 COVID 延遲和所有這些項目導致我們拆分一些季節。但我們發現粉絲們對兩者都喜歡。因此，對於那些想要真正令人滿意的長時間狂歡體驗的人來說，能夠分割它為他們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季，而在某些情況下，《怪奇物語》的新一季是在上一季播出近 3 年或 2 年後推出的。

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.

因此，我們真的能夠將一季分成兩部分，以真正高品質的方式呈現，就像《黑錢勝地》那樣，有額外的劇集，因此無論是連續劇迷還是一次看一部劇的觀眾，都能獲得令人滿意的體驗。

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.

我們在這類小型非劇本節目中也取得了巨大的成功。因此，每周播出 1 到 3 集也很不錯，而且仍然符合連續劇迷的要求，讓他們一次可以觀看多集。

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?

您談到今年的現金內容支出約為 180 億美元。在細分市場成長放緩的時期，您是否更有可能縮減開支以管理成本，還是傾力進一步提供差異化產品？

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，包括內容的品質和多樣性。而且我們的——我們將繼續增加相對於前幾年的內容支出。我認為，總的來說，我們關注的是最重要的事情，那就是名單的影響。我們非常注重確保名單的影響力持續擴大。 10 年後，相對於我們自己所做的事以及相對於市場而言，我們應該能夠獲得更多的回報。

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。道格，到那時，收入成長顯然已經放緩。我們將對如何管理業務負責。我們在信中談到，在營收成長放緩的這段時期，我們將保護我們的營業利潤率，大致與我們今年的預期一致。因此，我們堅持 2022 年全年的預測。

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，大概在接下來的 18、24 個月，也就是接下來的兩年裡，我們的營運利潤率大致維持在該水平，這意味著我們會削減內容和非內容支出的部分增長，但仍在增加支出，並積極投資於長期機會，但我們在削減部分支出增長方面會保持明智和謹慎，以反映業務收入增長的現實。

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.

所以需要澄清的是，只是因為您多年來一直在說這個，在多年的時間裡，每年 300 個基點，顯然，我們今年不會看到這個數字，但聽起來在接下來的幾年裡，您認為增長會更加平穩，直到您的用戶數量真正大幅增長。

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.

嗯，我們的收入成長了。再次強調，收入參與將是首要的。我們還將吸引訂閱者。因此用戶數量將會成長。但主要是為了重新加速收入成長，我們相信我們有多種手段來實現這一目標。正如我們所說的，我們對共享貨幣化充滿信心。我們討論了諸如添加廣告層以及繼續改進服務、增加參與度、增加收入等事宜。

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，我們非常有信心能夠加速營收成長。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。但我們首先要重新加速營收成長，然後再討論利潤率成長的速度。

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.

史賓塞，這一切對於短期和未來幾年的自由現金流意味著什麼？我的意思是，2022 年肯定被視為實現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，而且這種情況還在繼續。因此，正如我所說，我們正在為所有利害關係人審慎管理業務。我們今年的自由現金流將為正，這與我們對今年的預期一致，我們將在未來幾年繼續在此基礎上發展。這就是我們的期望。這正是我們仍在計劃的目標。我不知道，史賓塞，你是否願意補充這一點。

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

不，我認為你說得很對，史賓塞。

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。我想稍微談一下印度。你們在 12 月大幅降低了各項計畫的價格。但您肯定已經指出，印度的有線電視費約為每月 3 美元。只是好奇反應如何。您是否仍然認為這些變化可以增加收入？那麼您從這些新增訂閱者的早期行為中看到了什麼？

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，關於你的最後一點，新增訂閱者的行為與我們在過去 12 個月內增加的訂閱者的行為大致相似。所以沒有根本的差別。實際上，這是從長期收入最大化的角度進行的賭注，這也是我們對這些事物的最高層次、最有價值模型的看法。

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.

而這尤其受到泰德團隊在印度內容方面所做的一些令人難以置信的工作的刺激，我們在那裡看到了這個計劃。我們對即將上映的一系列影片感到非常興奮，並認為這是一個擴大觀看這些影片的觀眾群的機會。

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確實發生了，我們有更多的訂閱者可以看到這些內容。我們敢打賭，這些人會喜歡這些遊戲，並且會向他們的朋友、家人、同事熱情地談論這些遊戲，這將為註冊的飛輪帶來另一種積極的勢頭。

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，您能否更詳細地闡述印度市場的內容，以及您如何看待目前市場上的整體產品契合度？

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。產品契合度也包含訂閱價格以及支付意願和支付能力。因此，我們看到印度的參與度大幅上升。所以我們肯定是朝著正確的方向前進。

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。我想稍微談談一下遊戲。里德，我想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。我很好奇您如何描述迄今為止的進展。

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.

我對團隊所取得的成就感到非常高興，他們有能力為我們的會員提供互動和遊戲體驗。我們取得了一些不錯的成功，我會讓格雷格談論這些。所以坦白說，我認為我們正在建立的能力比我們進入電影行業時更快。這非常令人鼓舞。非常激動，您已經看到，我們一直在進行這些小型收購，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。再說一次——抱歉，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.

我只是確信這就是你要去的地方。我只是想問一下，擁有和授權知識產權的利弊，以及未來進一步併購的興趣如何。

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，我們對建立內部能力非常熱衷。我們透過有機組裝和收購兩種方式來實現這一目標，這是我們策略的關鍵部分，即能夠建立生產我們認為真正能為我們的會員釋放價值的遊戲的能力。我們每天都從所獲得的授權作品中學習到越來越多的知識，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.

但你可以這麼認為——我們最近剛剛宣布將推出一款圍繞 Exploding Kittens IP 的遊戲和一系列動畫，這讓我們對這一目標有了初步的了解。我不知道您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，我們現在將把它以動畫系列和遊戲的形式呈現。並且我們將為該 IP 的粉絲提供這兩種不同模式之間的一些交互作用。但這只是我們漫長路線圖上的第一步，我們一直在思考如何讓電影和連續劇以及互動遊戲體驗以及它們之間的互動放大我們的會員從兩者中獲得的價值。

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，然後希望等於 4，然後等於 5 的情況。這就是我們多年來所秉持的願景。為了真正實現這一目標，我們認為內部發展能力將是關鍵，因為我們顯然可以讓這些人非常專注於我們所看到的機會。

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?

那麼，在內容預算方面，您需要了解遊戲領域的哪些基準或里程碑才能更傾向此？到目前為止您能提供任何指標或數字嗎？

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思考的框架。這是我們的首要任務，我們對此非常重視。因此，歸根結底，我們考慮的是遊戲和向會員提供價值，並透過兩次收購將其反映在業務中。因此，我們的目標是讓遊戲能引起人們的關注，引發人們的熱議和討論，從而吸引更多的人註冊該服務，當然，也希望能夠留住更多的人。參與度是我們衡量保留率和交付價值的主要領先指標，因此我們正在非常仔細地研究這兩者。

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.

與我們在電影和電視劇方面的想法類似，顯然，我們希望確保我們對任何特定作品的投資都與我們從中獲得的商業價值相符。因此，我們正在加深對這些指標如何協同工作的理解，以便我們能夠圍繞我們正在做的工作建立良好的適應度函數，並確保它能夠創造價值。這對我們來說確實是一個好兆頭，表明我們已經想清楚了，並且想要增加和擴大投資。

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新冠疫情之前的水平，但也與近 4 年前（2018 年）的水平大致相同。所以，也許你可以談談你在公司內部繼續聘用優秀人才的能力。

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，我認為當人們想要加入 Netflix 時，他們加入 Netflix 是因為他們相信這個長期願景，即從近乎電視和交易性的電影業務轉向一種可以讓消費者更加滿意、能夠傳遞文化、吸引大量觀眾並真正推動市場的業務。我想舉例說明的一件事就是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、創意主管、業務主管都分佈在世界各地，他們擁有更大的權力。他們的合作精神更強了。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 這樣的遊戲創造了一個生態系統，這就是我們做到這一點的能力，並為本地內容玩家帶來全球知名度，這是前所未有的，目前幾乎無可匹敵。

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.

所以我認為人們會把它看作是一件非常令人興奮的事情。而長期來看，寬頻家庭普及率將會達到我們想要的水平。有長期的，也有短期的。從短期來看，您已經擁有高度滲透的用戶，我們現在正在努力解決這個問題。從長遠來看，智慧電視銷售等一系列宏觀因素會減緩這一成長速度，但我們都認為這只是暫時的，包括在 Netflix 工作的所有人。所以每個人都確實看到了長遠的打算。

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.

我知道我已經在這裡待了 20 多年，經歷過幾次這樣的事情。是的，他們此刻感覺不太好。但是，走出困境的感覺真是太棒了。我想每個人都知道這件事會發生，我們也會走出困境。

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

道格，我們還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——稍微回顧一下內容。您透過《Drive To Survive》吸引了大量人們對一級方程式賽車的關注。鑑於在那裡取得的成功，體育顯然是一個頻繁的話題，您如何看待體育？關於 NFL、媒體和 NFL 電影相關的事情肯定會有更多討論。您的意圖在這裡有何轉變？

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，我們看——我們不斷擴展我們的內容垂直領域。對我們來說，我認為遊戲是一個很好的例子，它為服務添加了全新的內容，為我們的會員提供了新的享受。我們正在走遊戲之路，因為我認為這條路非常適合我們。我們講述故事和建構世界的能力與我們現有的技能和文化非常一致，我們認為透過增加遊戲我們能夠建立巨大的收入和利潤來源。

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——我們不太確定是否可以透過增加運動來增加龐大的利潤來源。其他人正在嘗試，我們也要嘗試──我們已經走上了另一條道路。同時，正如您所說，我們對「一級方程式賽車：求生之道」感到非常興奮，它是我們會員真正重視的體育相關節目的一個例子。

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.

我們已經大大發展了這項運動。我們正在網球、高爾夫以及其他新興領域的世界中下注。我們還有令人難以置信的、持續成長的體育紀錄片業務。所以我並不是說我們永遠不會從事運動，但我們必須找到一條增加龐大收入來源和利潤來源的道路。

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。然後就結束了。里德，在過去的 20 多年裡，您在公司內部創造了這種非常獨特、非常成功的文化。從文化角度來看，您認為內容獲取或一些更具操作性的功能方面有什麼變化嗎？

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，希望變得更好。我們並不將文化視為某種固定的事物。我們將其視為推動卓越的動力。北極星正在變得卓越。因此，隨著我們在全球擴張，我們做出了一系列調整。我們已經做出了調整，變得更加以原創內容為中心。所以我們一直在進步。再次強調，我們的目標是追求卓越，而文化是這趟旅程中的一種策略。

Okay. Great. Thank you all.

好的。偉大的。謝謝大家。

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

里德、泰德，你們想結束這一切嗎？

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。在他們把我們拒之門外之前，我能說一件事嗎？只是作為一種戰術手段，我應該早點提到的一種戰術手段，道格？我只是想確保當我們預測第二季付費淨增用戶為負 200 萬時，沒有人會誤讀。我們沒有談論全年的情況以及我們的預期。道格，我們不會提供全年指導，但我只是想確保不會因為第二季的負 200 萬付費淨增量而導致負面增量穩定減少。我們並不期望我們的成長會重新加速，我們的收入成長會在年底之前重新加速，但我們的收入會增加。且付費淨增額還會成長。

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.

當我們進入下半年時，泰德談到了更強勁的業績。我們距離一些大幅價格上漲已經越來越遠了。我們進入了一個更強勁的季節性時期。因此，我只是想確保你在考慮全年時能夠理解這一點，儘管我們沒有提供全年指導。抱歉，我們還來不及。

Always good to provide that nonguidance guidance.

提供非指導性的指導總是好的。

Thank you.

謝謝。

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.

回顧過去的 20 年，正如 Ted 所提到的，我們經歷了許多變化，而且我們總是能逐一解決它們。非常令人興奮。我們要解決這個問題。我們擁有一支出色的團隊。我們在串流媒體領域遙遙領先，而且串流媒體在全球範圍內仍在持續成長。因此我們有很多機會可以改進。但從另一個角度來看，我確信我們會將此視為我們繼續前進的基礎。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——提醒大家的是，當我們繼續談論競爭時，要提醒大家，我們一直面臨著非常激烈的競爭。今天與我們競爭的所有參與者從我們推出串流媒體服務的第一天起就一直在與我們競爭，有些是正面交鋒，有些則透過他們的傳統商業模式，現在他們在努力管理他們的傳統業務的同時，也轉向了更加正面的競爭。

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現在的競爭地位。我喜歡我們相對於幾年前的競爭地位。但是，在我們衡量成功的每一個指標中，參與度、收入、訂閱者、利潤，以及我們衡量的所有這些方式，我認為我喜歡我們所處的競爭地位。我只想向大家保證，Netflix 的每個人都對這項業務的完成感到興奮。

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，我鼓勵大家欣賞我們精彩的節目《黑錢勝地》的最後一集，以及我們播出時間最長的喜劇節目《格蕾絲和弗蘭基》，這兩檔節目將於本月底上映，此外還有一系列精彩的電影和電視劇將於 2022 年上映。謝謝。