Paramount Skydance Corp (PSKY) 2026 Q1 法說會逐字稿

Good afternoon. My name is Krista. I'll be your conference operator today. I would like to welcome everyone to Paramount's first-quarter 2026 earnings conference call.

各位下午好。我叫 Krista。今天我將擔任本次會議的電話會議主持人。我謹代表公司歡迎各位參加派拉蒙 2026 年第一季財報電話會議。

(Operator Instructions)

（接線員指示）

I would now like to turn the call over to Kevin Creighton, Paramount's EVP of Corporate Finance and Investor Relations. You may now begin your conference call.

接下來我想把電話交給派拉蒙企業財務與投資人關係執行副總裁 Kevin Creighton。您現在可以開始本次電話會議。

Good afternoon. Thank you for taking the time to join us for the Paramount Q1 2026 earnings call. I'm Kevin Creighton, EVP of Corporate Finance and Investor Relations. Joining me today is our Chairman and Chief Executive Officer, David Ellison; our Chief Financial Officer, Dennis Cinelli; and our Chief Strategy and Operating Officer, Andy Gordon.

各位下午好。感謝各位撥冗參加派拉蒙 2026 年第一季財報電話會議。我是 Kevin Creighton，企業財務與投資人關係執行副總裁。今天與我一同出席的有：董事長兼執行長 David Ellison；財務長 Dennis Cinelli；以及策略長兼營運長 Andy Gordon。

As a reminder, we will be making forward-looking statements today that involve risks and uncertainties. Our remarks will also include non-GAAP financial measures. Reconciliations of these measures can be found in our earnings letter or in our trending schedules, which contain supplemental information. These can be found on our Investor Relations website.

提醒各位，我們今天將發表涉及風險與不確定性的前瞻性陳述。我們的發言也將包含非 GAAP 財務衡量指標。這些指標的調節表可在我們的財報信或趨勢附表中找到，該等文件包含補充資訊。相關資料可於我們的投資人關係網站查閱。

I'll now turn it over to David for a few brief remarks before we take analyst questions.

接下來在進入分析師提問之前，我先把時間交給 David 做幾點簡短的說明。

Thanks, Kevin. Good afternoon, everyone. As you've seen in our first-quarter results and most recent shareholder letter, we're off to a strong start in our first full year at PSKY. The progress we've made in just nine months is a testament to the amazing team we've assembled that has worked tirelessly and with great conviction to deliver on all areas of our business.

謝謝你，Kevin。各位下午好。如各位在我們第一季業績與最新股東信中所見，我們在 PSKY 的第一個完整年度開局強勁。我們在短短九個月內取得的進展，證明了我們所組建的優秀團隊不懈努力、並以高度信念在各項業務領域全力以赴。

We are executing deliberately against our priorities and seeing tangible results; attracting top creative talent; nearly doubling our film slate; delivering shows audiences love; and greenlighting dozens of new and returning series; while achieving our financial goals.

我們正有計畫地推進各項優先事項並看到具體成果：吸引頂尖創意人才；電影片單幾乎倍增；推出觀眾喜愛的節目；核准數十部全新與回歸影集；同時達成我們的財務目標。

At the same time, we are transforming how we operate: unifying platforms, data and workflows; and embedding advanced technology to drive efficiency, better serve our partners, and elevate the overall consumer experience. Across the business, we are getting things done. It's translating into real momentum.

同時，我們也在改造營運方式：整合平台、數據與工作流程；並導入先進技術以提升效率、更好地服務合作夥伴，並提升整體消費者體驗。在整個公司，我們正在把事情做成，並轉化為實質動能。

As a storytelling company, our top priority is and always will be delivering great films and television series from the world's leading creators that resonate with broad global audiences. Recent highlights include Scream 7, which became the highest-grossing installment in the franchise's 30-year history; Landman, now the most-watched series in Paramount+'s history; and the continued strength of CBS, which has 13 of the top 20 primetime series, including all four of the top news series, an achievement no broadcast network has matched since the early 1990s.

作為一家以敘事為核心的公司，我們的首要任務始終是：由全球頂尖創作者打造、能與廣大全球觀眾產生共鳴的優秀電影與電視影集。近期亮點包括：《驚聲尖叫 7》成為該系列 30 年來票房最高的一集；《Landman》現已成為 Paramount+ 史上收視最高的影集；以及 CBS 持續展現強勁表現，擁有黃金時段前 20 名節目中的 13 部，且囊括新聞節目前四名——這是自 1990 年代初期以來，任何無線電視網都未曾達成的成就。

On streaming and sports, engagement remains strong, with more than 10 million households watching over 100 million hours of USC programming on Paramount+; and CBS Sports delivering the most-watched final round of the Masters in over a decade. These are just a few examples of the progress and growth taking place, company wide.

在串流與體育方面，互動參與度依然強勁：超過 1,000 萬戶家庭在 Paramount+ 觀看 USC 節目累計超過 1 億小時；而 CBS Sports 也交出十多年來收視最高的名人賽（Masters）最終回合。以上僅是公司整體各項進展與成長的部分例子。

As I mentioned, we are also making meaningful strides, improving our products to deliver more dynamic, personalized experiences and superior monetization. New features, such as enhanced mobile experiences, short-form video, and more advanced recommendations are helping us to better serve consumers.

如我所提及，我們也在取得具體進展，透過改善產品以提供更具動態性、個人化的體驗與更優的變現能力。新功能（例如強化的行動端體驗、短影音，以及更進階的推薦機制）正協助我們更好地服務消費者。

We're also leveraging AI-powered capabilities across the businesses, including our agentic data warehouse; and Precision Plus, our targeted and optimization platform to move faster and operate with greater effectiveness, in support of our advertising partners. While there is still significant work ahead, we remain confident in our strategy and the trajectory we are on.

我們也在各項業務中運用 AI 驅動能力，包括我們的代理式（agentic）資料倉儲；以及 Precision Plus——我們的定向投放與最佳化平台——以更快速度、更高效率地運作，支援我們的廣告合作夥伴。儘管前方仍有大量工作要做，我們對自身策略與目前的發展軌跡仍充滿信心。

Finally, we continue to make steady progress toward completing the Warner Bros. Discovery transaction, which we believe will accelerate our transformation, strengthen our competitive position, and enhance our ability to help shape the next era of entertainment.

最後，我們持續穩步推進完成與華納兄弟探索（Warner Bros. Discovery，WBD）的交易。我們相信，該交易將加速我們的轉型、強化競爭地位，並提升我們協助塑造娛樂產業下一個時代的能力。

To date, we have satisfied our US HSR obligations and there are no statutory impediments remaining. We continue to advance through European and other international regulatory approvals; several of which have already been secured.

截至目前，我們已履行美國 HSR 相關義務，且已無任何法定障礙。我們持續推進歐洲及其他國際監管核准流程，其中數項已經取得核准。

Earlier in April, we announced a broad syndication of the PIPE equity commitments to strategic investors, underscoring continued investor confidence; secured $10 billion in permanent financing; and syndicated the remaining $49 billion of our bridge to a group of leading banks and institutional lenders.

4 月上旬，我們宣布將 PIPE 股權承諾廣泛分銷給策略性投資人，凸顯投資人信心持續；取得 100 億美元的永久融資；並將剩餘 490 億美元的過橋融資分銷給一組領先銀行與機構放款人。

Additionally, on April 23, WBD shareholders voted to approve the transaction. We're pleased with the momentum and will continue to take the necessary steps to bring this deal to completion.

此外，4 月 23 日，WBD 股東投票通過批准該交易。我們對目前的推進動能感到欣慰，並將持續採取必要步驟以完成本次交易。

At every stage, we remain guided by our strong conviction that the combination of these two iconic companies and their extraordinary teams will create a leading global media and entertainment company, powered by storytelling and accelerated by technology that strengthens competition, better serves the creative community, and delivers even more compelling stories to audiences worldwide.

在每個階段，我們始終秉持堅定信念：這兩家指標性公司及其卓越團隊的結合，將打造一家由敘事驅動、並由科技加速的全球領先媒體與娛樂公司；強化競爭、更加服務創意社群，並為全球觀眾帶來更引人入勝的故事。

We're excited for all that's ahead and look forward to the opportunities it will create.

我們對未來的一切感到振奮，並期待這將帶來的各項機會。

With that, I'll turn it back over to Kevin for your questions.

接下來我把時間交回 Kevin，進入提問環節。

Thanks, David. Just a quick note before we open the line: Given the pending transaction for WBD, we would not be taking questions on the deal today beyond what we wrote in the shareholder letter.

謝謝你，David。在開放提問前先簡短說明：鑑於與 WBD 的交易仍在進行中，除股東信中所述內容外，我們今天不會就該交易回答問題。

With that, Krista, we'll go ahead and open up the line, please.

那麼，Krista，麻煩您現在開放電話線路。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Sean Diffley, Morgan Stanley.

Sean Diffley，摩根士丹利。

Great. Thanks very much. I was hoping you could comment on business transformation, early learnings, as you converge your tech stacks between Paramount+ and Pluto; and any things that you could apply to a larger asset base.

很好，謝謝。我想請你們談談業務轉型與早期學習：當你們在 Paramount+ 與 Pluto 之間整合技術堆疊時，有哪些心得？以及有哪些做法可以應用到更大的資產基礎上？

And then, broadly, how you see AI transforming the business. You mentioned on the ad tech front. But anything else that you think is notable to call out?

另外，整體而言，你們如何看待 AI 對業務的改變？你們提到了廣告技術方面，但還有沒有其他你們認為值得特別指出的重點？

Yeah. Sure. No. Absolutely. What I would say in terms of early learnings, is, really, our ability to execute and move quickly in regards to the transformation. We're on track, as we discussed previously, to really consolidate our three streaming services into one unified platform by, really, the middle of this year.

是的，當然。就早期學習而言，我想說的是，我們在轉型方面的執行力與快速推進能力確實很強。正如我們先前討論的，我們正按計畫推進，預計在今年年中左右，將三項串流服務整合為一個統一平台。

Those learnings are going to be crucial, as we get into, basically, the transaction with WBD. I think if you look at our ability to execute on our cost savings and efficiencies, we've had great learnings there. I think we've been delivering on what we said we're going to do, regarding plan. I do believe that what we've been executing at Paramount will be a good accelerant in learning for everything we're doing at WBD.

當我們進入與 WBD 的交易時，這些學習將至關重要。我認為，如果你看我們在成本節省與效率提升方面的執行能力，我們也累積了很好的經驗。我們一直在按計畫兌現我們所說要做的事。我確實相信，我們在派拉蒙所推動的執行，將成為我們在 WBD 推進各項工作的良好加速器與學習來源。

Getting more specific into that, as Kevin said, we're going to stay a little bit away from the transaction today, given we're obviously still in the middle of the process.

至於更具體的部分，如 Kevin 所說，鑑於我們仍在流程中，今天我們會稍微避免深入談交易本身。

I'll turn it over to Andy, if there's anything you want to add to that.

我把時間交給 Andy，看看你是否要補充。

Yeah. I would just say, what we're learning also is as we integrate BET+, Pluto, and Paramount into one tech stack, it's going to accelerate our ability to do the same, when we close WBD.

好的。我想補充的是，我們也學到：當我們把 BET+、Pluto 與 Paramount 整合到同一個技術堆疊時，將加速我們在完成 WBD 交割後做同樣事情的能力。

In particular, when you see the consumer product that comes out this summer, I think you'll be pretty pleased about how they all function together and create a better experience, both for the free consumers on the fast channel business of Pluto but also on the paid subscription businesses of Paramount+, both ad and ad-free. We're pretty excited about what we're doing.

特別是當你看到今年夏天推出的消費者產品時，我想你會對它們如何協同運作、並創造更好的體驗感到相當滿意——不僅是對 Pluto FAST 頻道業務的免費用戶，也包括 Paramount+ 的付費訂閱業務（含廣告與無廣告方案）。我們對正在做的事情感到非常興奮。

Look, to dive into more specifics, in terms of what we're seeing on the platforms we're operating, as we said, we remain on track for convergence. That obviously has significant benefits across personalizations and recommendations.

再更具體一點，就我們在所營運平台上看到的情況而言，如我們所說，我們仍按計畫推進整合。這在個人化與推薦方面顯然帶來顯著效益。

On the front end, we're modernizing the consumer-facing technology to create more dynamic personalized experiences. As of April, you're able to see obviously short-form video clips, surfacing trailers, sports highlights, and library content in a curated, more personalized feed.

在前端方面，我們正在現代化面向消費者的技術，以打造更具動態性的個人化體驗。截至 4 月，你已可看到短影音片段，並在更精選、更個人化的動態資訊流中呈現預告片、體育精華與片庫內容。

We're working on enhanced personalization across Discovery, including AI-driven artwork. We're also focusing on building other mobile-optimized experience, like live stats for live sports. All of these are really designed to deepen engagement across the platform.

我們也在 Discovery 上推進更強化的個人化功能，包括 AI 驅動的視覺素材（artwork）。同時，我們也聚焦打造其他行動端最佳化體驗，例如直播賽事的即時數據。這些設計都是為了加深平台整體的互動參與度。

For Pluto, basically, this summer, Pluto is going to get the most significant update, really, since the inception of the platform. Other areas you're really seeing us really utilize technology is across our tech and product org. Approximately 80% of our engineering organization is using code-assisted technology, which is driving meaningful production gains and, really, cutting approval times by more than -- in half.

至於 Pluto，基本上在今年夏天，Pluto 將迎來自平台成立以來最重大的更新。你也會看到我們在其他領域大量運用技術，涵蓋我們的技術與產品組織。約 80% 的工程團隊正在使用程式碼輔助技術，這帶來顯著的產出提升，並將核准時間縮短超過——一半。

Again, it's really accelerating how we work across the business. These investments all support our long-term DTC growth and our foundational to where we're taking the business.

再次強調，這確實正在加速我們在整個業務中的工作方式。這些投資都在支撐我們長期的 DTC 成長，並且是我們推動業務走向未來的基礎。

Again, these are all great learnings that will prepare us for the transaction at the end of the third quarter.

同樣地，這些都是很好的學習，將使我們為第三季末的交易做好準備。

John, the only thing I'd add around AI transformation is we're spinning up pods to go after AI work or AI-based workflows in the back office so think finance, HR, operational functions.

John，關於 AI 轉型我唯一想補充的是，我們正在組建小組（pods）去推動 AI 專案或以 AI 為基礎的後台工作流程，所以可以想像是財務、人資、營運等職能。

We're really enabling both on the Paramount side. We can set this up for the combination to go after AI-based workflows and efficiency in the back office. We see that's going to be a real benefit.

我們在 Paramount 這一端確實正在同時推進。我們可以為合併後的公司建立這套機制，去推動以 AI 為基礎的後台工作流程與效率提升。我們認為這會帶來實質效益。

And so we're doing that today with the teams that David talked about. They'll set us up well in the future, as well.

因此我們今天就已經在做了，和 David 提到的那些團隊一起。他們也會讓我們在未來處於更有利的位置。

Yes. One more thing to add is, on Oracle and Fusion, our ERP system, we made a major milestone in the first quarter, with the remainder of that transformation to the Oracle Fusion System for Paramount, standalone, by early '27.

是的。再補充一點，關於 Oracle 與 Fusion（我們的 ERP 系統），我們在第一季達成了一個重要里程碑；而 Paramount 單獨導入 Oracle Fusion 系統的其餘轉型工作，預計在 2027 年初完成。

Again, that puts us in a much better spot as part of the closing of Warner Bros. Discovery, as well.

同樣地，這也會讓我們在 Warner Bros. Discovery 交易完成交割時處於更好的位置。

Great. Thanks, Sean. Appreciate the question.

很好。謝謝你，Sean。感謝這個問題。

Krista, next question, please.

Krista，請下一題。

Jessica Reif-Ehrlich, Bank of America Securities.

美國銀行證券（Bank of America Securities）的 Jessica Reif-Ehrlich。

Thank you. With WBD, you will undoubtedly have some of the best industry assets and, of course, library -- or libraries, plural. But you really do need to integrate and execute. Any changes in how you're thinking about allocating capital or management attention, as you integrate for the second time or about to integrate for the second time in two years?

謝謝。與 WBD 合併後，你們無疑將擁有業界最頂尖的一些資產，當然也包括片庫——或者說多個片庫。但你們確實需要整合並落地執行。在兩年內第二次進行整合、或即將第二次整合之際，你們在資本配置或管理層注意力分配的思考上，有任何改變嗎？

And then, one specific question: You really do seem committed to having 30 film, once you combine. Just, maybe to talk about -- it just seems like such a daunting task, given the marketing and distribution needs.

另外一個具體問題：合併後你們看起來確實承諾要維持一年 30 部電影。也許請談談——考量到行銷與發行的需求，這看起來是一項非常艱鉅的任務。

Maybe I'm like, the only person on this call that might remember this but in the early Disney days, with Michael Eisner and Jeffrey Katzenberg, they tried this. It was just too much.

也許我是這通電話裡唯一還記得的人，但在早期迪士尼時期，Michael Eisner 和 Jeffrey Katzenberg 曾嘗試過這樣做，最後因為量太大而難以負荷。

I'm just wondering how you're thinking about 30 movies. Why that many? Like, what will it do to elevate Paramount Skydance and whatever the company will be called?

我想知道你們如何看待一年 30 部電影。為什麼要這麼多？例如，這將如何提升 Paramount Skydance（以及未來公司可能採用的名稱）？

Yeah. Sure. Thanks, Jessica. Before we jump in, I just want to be clear: We've had a couple of questions on WBD now. We want to focus most of the call on our results for the quarter and the outlook for the business.

好的，當然。謝謝你，Jessica。在我們開始之前，我想先說清楚：我們現在已經收到幾個關於 WBD 的問題。我們希望本次電話會議的大部分時間聚焦在本季業績以及對業務的展望。

But, with that, I'll go ahead and take it over to David.

不過在此之下，我會把問題交給 David。

Yeah. No. Jessica, I really appreciate the question. Look, zooming out to 30,000 feet, we really view our pending acquisition of Warner Bros. Discovery as a powerful accelerant to our strategy, right? It expands reach and enhances our ability to create the world's most compelling stories and experiences. It positions us really well to build a next-generation media and technology company.

好的。Jessica，我非常感謝這個問題。從更宏觀的角度來看，我們確實把對 Warner Bros. Discovery 的待完成收購視為我們策略的強力加速器。它擴大觸及面，並提升我們創作全球最具吸引力故事與體驗的能力，讓我們在打造下一代媒體與科技公司方面處於非常有利的位置。

If you look at that across basically three core pillars, on the production side, we'll become the premier destination for the industry's leading creative voices. We are firmly committed to 30 theatrical films per year. If you look at the schedule, we have 15 films on the calendar to release this year, up from eight last year. We've come close to basically doubling the output of our film studio at Paramount. If you look at the great job that the team at WBD has done, they have 15 films on the release calendar for this year.

如果把它拆成大致三個核心支柱來看：在製作端，我們將成為業界頂尖創意人才的首選目的地。我們堅定承諾每年推出 30 部院線電影。從排片來看，我們今年行事曆上有 15 部電影將上映，高於去年的 8 部；我們幾乎把 Paramount 影業的產量翻倍。再看 WBD 團隊做得很出色，他們今年的上映行事曆上也有 15 部電影。

The two companies are actually making 30 films, to date, which I think is important to note -- and accelerating. Under those studios will be some of the most beloved franchises of all times, including Harry Potter, Top Gun, Star Trek, Looney Tunes, Game of Thrones, Yellowstone. We really do think it's an incredibly exciting and powerful creative-content engine. By bringing these two businesses together, we really do build a scaled DTC competitor. It accelerates our goals there.

截至目前，兩家公司合計其實已經在製作 30 部電影——我認為這點很重要——而且還在加速。在這些片廠之下，將擁有史上最受喜愛的一些系列 IP，包括《哈利波特》、《捍衛戰士》、《星際爭霸戰》、《樂一通》、《權力遊戲》、《黃石》等。我們確實認為這是一個極其令人振奮且強大的創意內容引擎。把這兩個業務結合起來，我們也能打造具規模的 DTC（直面消費者）競爭者，並加速我們在那方面的目標。

It gives you over 200 million DTC subscribers across more than 100 companies -- sorry, 100 countries, which really does basically position us well to compete with the leading streaming services in the space.

這將讓你在超過 100 個國家擁有超過 2 億名 DTC 訂戶——抱歉，是 100 個國家——這基本上讓我們具備與該領域領先串流服務競爭的良好位置。

Across our linear businesses, it's a presence in over 200 countries, a portfolio of cable and free-to-air networks, such as CBS, CNN, TBS, TNT, Food Network -- all of which we think positions us really well across every single vertical in the business.

在我們的線性（Linear）業務方面，覆蓋超過 200 個國家，並擁有一系列有線與無線（free-to-air）電視頻道組合，例如 CBS、CNN、TBS、TNT、Food Network——我們認為這讓我們在業務的每一個垂直領域都處於非常有利的位置。

As we've talked about in regards to operational efficiencies, we're pleased with the way we've been executing at Paramount and believe we'll be able to deliver on exactly what we said we're going to do at Warner Bros. Discovery. From a strategic standpoint, we could not be more excited about the transaction. We are also on track to get this done by September of this year. Those are all the reasons that we're excited and have a high degree of confidence around our ability to execute.

至於我們談到的營運效率，我們對 Paramount 的執行方式感到滿意，也相信我們能在 Warner Bros. Discovery 兌現我們所說要做到的事情。從策略角度來看，我們對這筆交易感到非常興奮。我們也按計畫在今年 9 月前完成。以上都是我們感到興奮、並對執行能力抱持高度信心的原因。

With that, in the most respectful way, we really have to stay away, at this point in time, from stuff on WBD and really focus on the company that we're operating today.

因此，以最尊重的方式說，我們在此時此刻確實必須避免再深入談 WBD，而要把重點放在我們今天正在營運的公司。

Robert Fishman, MoffettNathanson.

MoffettNathanson 的 Robert Fishman。

Hi, good afternoon. Is the current plan to allocate more of your overall company programming budget towards the higher-quality content, like NFL; UFC, obviously; and these blockbuster Paramount movies? Or do you prefer to spread your budget out to more of a volume-based approach, going forward?

嗨，下午好。目前的計畫是否是把公司整體節目內容預算中更大比例配置到更高品質的內容上，例如 NFL、UFC（顯然），以及這些 Paramount 的大片電影？還是你們更傾向於未來採取更偏向量的配置方式，把預算分散到更多內容上？

And then on a related note, just following up on the first question, after launching those short videos and clips in Paramount+, is the ultimate goal to better compete with YouTube and TikTok for those short-form ad dollars? Or is it just to drive more engagement and extend the premium ad dollars that you're already getting from your networks?

另外一個相關問題：延續第一個問題，在 Paramount+ 上推出那些短影片與片段之後，最終目標是為了更好地與 YouTube 和 TikTok 競爭短影音廣告預算嗎？還是只是為了提升互動、並延伸你們已經從自家電視頻道獲得的高價（premium）廣告收入？

Yeah. Look, I'll take the first half. And then, Andy and Dennis, if you guys want to obviously jump in on the back end around monetization.

好的。我先回答前半段。至於後半段關於變現，如果 Andy 和 Dennis 你們想補充的話，當然也請加入。

Look, I'll say, a core thematic for us has always been quality is the best business plan, really making sure you aim high and you don't stop working until you get there. In the competitive landscape that we find ourselves in today, we think that's essential, from a creative standpoint. That's a philosophy that we're going to continue to deploy across our film and television studios, as well as our streaming services.

我想說，對我們而言一個核心主題一直是：品質就是最好的商業計畫——確保你把目標定得很高，並且在達成之前不停止努力。在我們今天所處的競爭環境中，從創意角度來看，我們認為這是必要的。這個理念我們會持續運用在電影與電視製作部門，以及我們的串流服務上。

CBS, across the sports side, has really focused, we think, quite well on big events that matter, delivering a record-setting NFL season. We just delivered one of the most successful, obviously, Masters finals.

CBS 在體育方面，我們認為確實把重點放在重要的大型賽事上，帶來創紀錄的 NFL 賽季。我們也剛交出一場非常成功的（顯然）名人賽（Masters）決賽。

We do think that emphasis on quality and aiming high, in terms of a storytelling standpoint, is really critical. But at the same point in time, we've also increased our investment in content this year. As we said, we've doubled the output, roughly, of the film studio. In the DTC space, we've effectively come close to doubling the output in terms of our original series that we've obviously greenlit since we've been at the company.

我們確實認為，強調品質、把目標定高，從敘事角度來看非常關鍵。但同時，我們今年也增加了內容投資。如同我們所說，我們大約把電影片廠的產量翻倍。在 DTC 領域，就我們自加入公司以來核准（greenlit）的原創影集而言，我們的產出也幾乎接近翻倍。

And so we do believe that we can maintain that quality bar while scaling. We think that's essential toward accomplishing our growth goals.

因此我們相信，在擴大規模的同時仍能維持品質門檻。我們認為這對達成成長目標至關重要。

Dennis, anything you want to dive -- I'd turn it over to you around monetization.

Dennis，你有沒有想深入談的——我把關於變現的部分交給你。

Yes. I think you should think about the content portfolio across our segments, right? And so in TV media, the CBS team has been executing -- to execute with a balanced portfolio of both the NFL and other sports, as well as a really solid primetime line-up. You've seen them there with 13 of the top 20 shows in primetime.

好的。我認為你應該從我們各個事業部的內容組合來看，對吧？因此在電視媒體（TV media）方面，CBS 團隊一直在執行——以 NFL 與其他運動賽事的均衡組合，加上一個非常扎實的黃金時段（primetime）節目表。你也看到他們在黃金時段前 20 名節目中占了 13 個。

Overall, on DTC, we very much are building. We've talked about this. This is a multi-year journey to build a portfolio that drives growth and engagement. You're seeing that start to come through.

整體而言，在 DTC 方面，我們確實正在建構。我們談過這點：這是一段為期多年的旅程，要打造能帶動成長與互動的內容組合。你正在看到這開始反映出來。

In Q1, our Paramount+ revenue was up 17% through a combination of both delivery-on-price increase, as well as our healthy underlying growth in the business from subscribers. We added nearly 2 million subscribers in the quarter on an underlying basis.

在第一季，我們的 Paramount+ 營收成長 17%，來自於價格調升的落地，以及訂戶帶動的業務健康內生成長。我們在該季以內生基礎新增了接近 200 萬名訂戶。

And then, David talked about in the studio, right? We will continue to see the studio rebuild in Q1. Our overall studio revenue was up 11%, a combination of both the delivery on films like Scream, as well as continuing to build our third-party TV studio.

然後，David 也談到片廠部分，對吧？我們會在第一季持續看到片廠的重建。我們整體片廠營收成長 11%，一方面來自《驚聲尖叫》等電影的交付表現，另一方面也來自我們持續擴建第三方電視製作片廠業務。

We'll continue to monitor the content performance. We're spending a lot of time internally around building out appropriate content ROI analysis, making sure that every investment is underwritten with the appropriate level of rigor. You're going to continue to see us do that, as we build a portfolio.

我們會持續監控內容表現。我們在內部投入大量時間建立適當的內容 ROI 分析，確保每一筆投資都以足夠嚴謹的標準進行評估與核算。隨著我們打造內容組合，你會持續看到我們這麼做。

And then, Robert, look, on clips, we obviously know where people want to watch our content. Typically, it's on more than one screen; if it's not two, it's three.

然後，Robert，關於片段（clips），我們當然知道人們想在哪裡觀看我們的內容。通常不只在一個螢幕上；如果不是兩個，就是三個。

And so the ability to have a vertical short-form product that we can then deepen engagement across our user base, keep people more involved, and want to spend more time with our content is critical to our future.

因此，能夠擁有一個垂直的短影音產品，並進一步在我們的用戶基礎上深化互動、讓大家更投入、也更願意花更多時間在我們的內容上，對我們的未來至關重要。

This is just the beginning. I would view it as a beta test. But I would say, right now, we're seeing high engagement of people looking at clips and then, coming into our various forms of content, whether it be news, sports, or entertainment. And so we're pretty excited about what that means for the future.

這只是開始。我會把它視為一個 Beta 測試。但我想說的是，就目前而言，我們看到人們觀看片段的互動度很高，接著也會進入我們各種形式的內容，不論是新聞、體育或娛樂。因此，我們對這對未來所代表的意義感到相當興奮。

The last thing I would say is if you look at how fast the team has been able to roll out these level of innovations, there is incredible momentum building across the company, as we basically take a test and learn fast-iteration approach. We're really pleased with the early metrics. But, again, it's early innings, right now.

最後我想說的是，如果你看看團隊能以多快的速度推出這種程度的創新，公司內部正累積非常驚人的動能，因為我們基本上採取了測試、學習、快速迭代的方法。我們對早期指標非常滿意。但再說一次，現在還在非常早期階段。

Great. Thanks, Robert.

很好。謝謝你，Robert。

Rich Greenfield, LightShed Partners.

LightShed Partners 的 Rich Greenfield。

Hi. Thanks for taking the question. David, you've got very large DTC ambitions, if I go back to your original manifesto letters that you wrote when the transaction closed.

你好。謝謝讓我提問。David，你們的 DTC（直面消費者）企圖心非常大，如果我回顧你在交易完成時所寫的最初那幾封宣言式信件。

I'm curious, as you think about your engagement goals for Paramount+ in 2026 and 2027, given the size of the investments you've made since taking control, how should we think about how fast you think you can move the goalpost on engagement? How does the tech or UI tech stack rebuild this summer play into that engagement change or the step-function you're hoping in engagement?

我很好奇，當你思考 Paramount+ 在 2026 與 2027 年的互動目標時，考量你在接手後所做的投資規模，我們應該如何看待你認為能以多快速度把互動的「目標門檻」往上移？今年夏天的技術或 UI 技術堆疊重建，會如何影響互動的變化，或你所期待的互動「跳升」？

And then, just quickly on the same -- sort of the same topic but Paramount+ has used channel stores pretty aggressively since its launch, even going back to the CBS All Access days. What is your view on channel stores? Should you be using them or should you not, long term?

另外，同樣很快地問一下——算是同一主題：Paramount+ 自推出以來就相當積極使用 channel stores（頻道商店），甚至可追溯到 CBS All Access 時期。你對 channel stores 的看法是什麼？長期而言，你們應該使用它們，還是不應該？

Rich, great question. Look, to summarize, basically, the first part, it's the combination of increased content investments and increased tech investments, when you look at it, right? Like, it really is, to achieve our goals that we're working towards in streaming, we need to invest in obviously more content on platform.

Rich，問題很好。簡單總結第一部分：基本上是內容投資增加與技術投資增加的結合，對吧？也就是說，為了達成我們在串流領域努力的目標，我們顯然需要在平台上投資更多內容。

I think, if you take a look at what's obviously coming in 2026, we have new seasons of The Agency, Star Trek, Lioness, MobLand, Tulsa King. We have Dutton Ranch, obviously, coming this summer. Frisco King from Taylor Sheridan.

我想，如果你看看 2026 年顯然將推出的內容，我們有《The Agency》、《Star Trek》、《Lioness》、《MobLand》、《Tulsa King》的新一季。我們還有《Dutton Ranch》顯然會在今年夏天推出。以及 Taylor Sheridan 的《Frisco King》。

On sports, you're seeing us, obviously, continue to invest. UFC is obviously year round. We have the NFL, March Madness, UEFA Champions League, a new partnership with the WNBA. We've also greenlit a significant amount of new series from third-party studios, such as Discretion with Nicole Kidman and Elle Fanning; 9/12, with Jeremy Strong; and Fear Not, with Anne Hathaway.

在體育方面，你也看到我們顯然持續投資。UFC 顯然是全年無休。我們有 NFL、March Madness、UEFA Champions League，還有與 WNBA 的新合作夥伴關係。我們也核准了相當多來自第三方製作公司的新影集，例如：由 Nicole Kidman 與 Elle Fanning 主演的《Discretion》；由 Jeremy Strong 主演的《9/12》；以及由 Anne Hathaway 主演的《Fear Not》。

We do need to invest obviously more in content, which you're seeing us doing across the platform. We also have to invest significantly in terms of the tech piece of our product.

我們確實需要在內容上投入更多，你也看到我們正在整個平台上這麼做。我們也必須在產品的技術部分進行大幅投資。

And what I would say is we are on track to basically accomplish convergence by the middle of this year. You will see significant improvements on the platform, once we roll that out. But that really is, in our view, getting to the starting line of all the work that we need to get done to really reach to be what we would define as best in class.

我想說的是，我們正按計畫在今年年中前基本完成整合（convergence）。一旦我們推出，你將會在平台上看到顯著改善。但在我們看來，那其實只是把我們帶到起跑線——也就是我們要完成所有工作、真正達到我們所定義的「同級最佳」（best in class）所需的起點。

We are hiring against that goal, when you look at the resources that we're putting into engineering talent and AI talent to really put us in a position to compete with the leaders in the industry. It's that combination of art and technology working hand-to-hand together that drive growth; that drive engagement; and all of the key metrics that are required to building a truly scaled business.

我們正依照該目標進行招募，從我們投入工程人才與 AI 人才的資源來看，目的是讓我們具備與產業領導者競爭的能力。正是藝術與科技手牽手合作的組合，推動成長、推動互動，以及建立真正具規模的業務所需的所有關鍵指標。

The pending transaction serves as an accelerant towards that goal. I think, if you then go to the channels question, that really is on a case-by-case basis. We evaluate all partnerships; really looking for win-wins across the board. That's really going to be the philosophy that we continue going forward.

這筆待完成的交易將成為加速達成該目標的催化劑。至於你提到的 channels（頻道）問題，確實需要逐案評估。我們會評估所有合作夥伴關係；真正尋求各方面的雙贏。這將是我們未來持續秉持的理念。

And so there's nothing further we can comment on that, at this time, other than we will continue to look for what we think positions us and our partners to be able to win side by side, along one another.

因此，除此之外我們目前沒有更多可評論的內容；只想說我們會持續尋找我們認為能讓我們與合作夥伴並肩、相互並行地取得成功的做法。

The only thing I'd say, Rich -- it's a good question on engagement. But you're going to see us just focus on making sure it's high-quality, [high-calorie] engagement. If you look at the UFC viewers, they're averaging 15 years younger, right? They're staying on the platform longer.

Rich，我唯一想補充的是——你對互動的提問很好。但你會看到我們專注於確保是高品質、[高熱量] 的互動。如果你看 UFC 觀眾，他們的平均年齡年輕 15 歲，對吧？他們在平台上停留更久。

What we're doing on Pluto, we're switching to VODs. These are -- VODs, up 60% per user. These are higher-quality engagement metrics. This helps us, as we think about monetization, right; as we think through the year; as we continue to invest in our ads monetization.

我們在 Pluto 上所做的，是轉向 VOD。這些——VOD，每位用戶提升了 60%。這些是更高品質的互動指標。這有助於我們在思考變現時，對吧；在我們規劃全年時；以及在我們持續投資廣告變現時。

Fill rates were up in Paramount+ and then, Pluto. And so your point is valid on engagement. But we're also taking a step further and making sure it's high-quality, high-calorie engagement.

Paramount+ 的填充率（fill rates）上升，Pluto 也是如此。所以你對互動的觀點是成立的。但我們也更進一步，確保那是高品質、高熱量的互動。

Steven Cahall, Wells Fargo.

Wells Fargo 的 Steven Cahall。

Thank you. A couple of questions on DTC. Paramount+, I think, grew around 17% in the quarter; strong, for sure. I know it's flowed just a little bit the last couple of quarters, even with the addition of UFC. I don't think the hard bundles had a big impact on that. But maybe it did. I think your guidance has revenue growth second-half weighted. Just wondering if there is a good way for us to think about the underlying drivers of growth at Paramount+; and how we think about it maybe accelerating towards the back half of the year.

謝謝。有幾個關於 DTC 的問題。Paramount+ 我認為本季成長約 17%；確實很強。我知道過去幾季即使加入 UFC，成長也只是小幅波動。我不認為硬綁（hard bundles）對此有很大影響，但也許有。我想你們的指引是營收成長偏向下半年。想請問是否有一個好的方式，讓我們理解 Paramount+ 成長的底層驅動因素；以及我們該如何看待它在今年下半年加速的可能性。

And then, just a follow-up on DTC EBITDA, I think there was a content-expense benefit in the quarter on programming amortization; maybe a change in accounting from Skydance. Can you just help us understand how that impacts the business, going forward, in terms of adjusted EBITDA; and if there's any comparability we need to be aware of for the segment? Thank you.

另外，追問一下 DTC EBITDA。我想本季在節目攤銷（programming amortization）上有內容費用的利多；也許是來自 Skydance 的會計處理變更。你能否協助我們理解這對未來業務的影響，特別是對調整後 EBITDA 的影響；以及就該分部而言，我們是否需要注意任何可比性問題？謝謝。

Yes. Steve, let me work through that. Maybe it's helpful for our context for the quarter on EBITDA. For the quarter on EBITDA, we came in at the high end on revenue; beat our adjusted EBITDA.

好的。Steve，我來逐一說明。也許先提供本季 EBITDA 的背景會有幫助。本季在 EBITDA 方面，我們的營收落在高端；調整後 EBITDA 也優於預期。

In general, expenses were a bit lighter than we had planned for. This is primarily around slower pacing of hiring; and, to your point, some of the shift in timing of content. We generally view overall expenses for the year will be on track with our expectations. This is including DTC. We're just going to balance some of the content timing.

整體而言，費用比我們原先規劃的略低。這主要與招募進度較慢有關；以及如你所說，部分內容時點的移動。我們一般認為全年總費用將符合我們的預期，這也包含 DTC。我們只是會在內容時點上做一些平衡調整。

What you'll see on DTC, in terms of EBITDA, we will see some margin hit in DTC, just based on when the slate launches in Q3 and Q4. We should plan for that.

至於 DTC 的 EBITDA，你會看到 DTC 的利潤率會受到一些影響，主要是因為片單在第三季與第四季上線的時點。我們應該把這點納入規劃。

As we think about, overall, in Paramount+, we feel really good about the trajectory. As we talked about, Paramount+ was up 17% year on year, driven by a 14% increase in ARPU. That was a mix of both the price increase in January, as well as our continued improvement in the underlying subscriber base in the mix there.

談到 Paramount+ 的整體表現，我們對其走勢感覺非常好。如同我們所說，Paramount+ 年增 17%，主要由 ARPU 年增 14% 所帶動。這來自兩方面：一是 1 月的漲價；二是我們持續改善訂戶基礎的結構組合。

On the quarter, we were up 700,000 subscribers. Underneath that, we added 2 million underlying subscribers. We exited a little over 1 million of international hard bundles.

本季我們淨增 70 萬名訂戶。在這之下，我們的底層訂戶新增了 200 萬名。我們退出了略高於 100 萬名的國際硬綁（hard bundles）訂戶。

I think, for context, for everybody, those hard bundles, the average ARPU is less than $1. These are really uneconomic subscribers. And so what will continue to drive the business for the rest of the year is, we will continue to see healthy growth on underlying subscribers, especially as our content slate fills in throughout the year. We will continue to see our improvement in ad monetization.

我想給大家一些背景：那些硬綁的平均 ARPU 低於 1 美元。這些訂戶基本上不具經濟效益。因此，今年剩餘時間持續推動業務的因素會是：我們將持續看到底層訂戶的健康成長，尤其是隨著我們的內容片單在全年逐步補齊；同時我們也會持續看到廣告變現的改善。

Great. And then, content benefit? Do you want to just quickly (multiple speakers)

很好。那內容利多呢？你要不要快速說一下（多位發言者）

Yeah. Just on the content benefit, I think we talked through the timing for some of the phasing for the quarter. We do have some benefit from the Skydance transaction that flows through this year. It steps down next year so we would not get into any specifics.

好的。關於內容利多，我想我們已經說明了本季部分時點分期（phasing）的安排。今年確實會有一些來自 Skydance 交易的利多反映在數字上。明年會下降，所以我們不會進入任何細節。

But there is some benefit. We recasted the financials so you see that. You'll see that in the recast. We'll call out if there's anything material, each quarter.

但確實有一些利多。我們已重述（recast）財務數字，所以你會看到。你會在重述後的報表中看到。如果每一季有任何重大事項，我們會特別說明。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

Peter Supino, Wolfe Research.

Peter Supino，Wolfe Research。

Good afternoon. I wondered if you could talk about the programming cost environmen, generally. You and others in the industry seem very focused on investing -- targeted but increasingly aggressive ways. I'm wondering if you're seeing that in the unit cost of programming.

下午好。我想請教一下整體的節目製作成本環境。你們以及業界其他公司似乎都非常專注於投資——更具針對性、但也愈來愈積極的方式。我想知道你們是否在單位節目成本上也看到了這種趨勢。

And then a question on ad sales: You all have rethought so many aspects of the business. I wonder, now, having owned the assets for almost a year, if you have any fresh ideas about the way in which Paramount's selling advertising, especially in the DTC space. Thank you.

另外一個關於廣告銷售的問題：你們已經重新思考了業務的許多面向。我想請問，現在你們擁有這些資產將近一年了，對於派拉蒙如何銷售廣告，特別是在 DTC 領域，是否有任何新的想法？謝謝。

I'll jump in real quick, Peter, on programming costs. And then, Dave, why don't you take how we're thinking about transforming ad sales?

Peter，我先很快回應一下節目製作成本。然後 Dave，你來談談我們如何思考轉型廣告銷售，好嗎？

Yeah.

好。

Peter, on programming, generally, we find we're able to work through the greenlight process and be competitive. I think I would say, you can see it flow through, number one, what the team is doing in TV media, especially in CBS. They're managing the linear declines and doing that through right-sizing our programming; at the same time, hitting creatively with the performance of the slate. And so we feel -- we see that team executing really well.

Peter，關於節目製作整體而言，我們發現自己能夠在立項（greenlight）流程中推進並保持競爭力。我想我會說，你可以從幾個面向看到這點：第一，團隊在電視媒體端所做的事，特別是在 CBS。他們在管理線性收視的下滑，並透過調整我們的節目配置（right-sizing our programming）來因應；同時，在節目片單的表現上也在創意層面取得成果。因此我們覺得——我們看到那個團隊執行得非常好。

And then, across the studio, we're not seeing any impact on budgets or overall creative costs so nothing, generally, we're seeing in terms of trends that we'd call out.

另外，在整個影視製作（studio）端，我們沒有看到對預算或整體創意成本的任何影響，所以整體而言，我們沒有看到任何值得特別指出的趨勢。

Yeah. And then, look, when you're talking about advertising, particularly ad tech, we talked about this on our previous earnings call where the advertising business is a big focus for us and a big area of opportunity that we identified early on. And we're actively working to obviously improve our ads business. We're retooling our go-to-market. We're consolidating our national sales organizations into a single client-centric structure under unified leadership.

是的。再來，談到廣告，特別是廣告科技（ad tech），我們在上一季財報電話會議也提過：廣告業務是我們的重點之一，也是我們很早就辨識出的重大機會領域。我們正積極推動，顯然是要改善我們的廣告業務。我們正在重新調整市場進入策略（go-to-market）。我們把全國性銷售組織整併為單一、以客戶為中心的架構，並在統一領導之下運作。

We brought in new talent from, I would say, digital-leading platforms like Amazon, Google, Hulu, Roku, et cetera. We're making platform investments and working through curious investment.

我們也從我會說是數位領先的平台引進新人才，例如 Amazon、Google、Hulu、Roku 等。我們正在進行平台投資，並推進相關投資工作。

On the ad tech side, we have Precision Plus, which is our AI-powered ad product that combines first-party and third-party data. That's generating positive early-market feedback and driving performance efficiency aids above benchmarks.

在廣告科技方面，我們有 Precision Plus，這是我們以 AI 驅動的廣告產品，結合第一方與第三方數據。它在市場早期獲得正面的回饋，並推動成效效率，表現優於基準。

You're also seeing us, basically -- obviously, we have a format innovation pod that's driving new app experiences, including streaming fixed units, sports (inaudible) -- and scaling for UFC.

你也看到我們基本上——當然，我們有一個格式創新小組（format innovation pod），正在推動新的 App 體驗，包括串流固定版位（streaming fixed units）、體育（聽不清）——以及為 UFC 進行規模化。

We're also using AI-driven QA, which has also been really impactful. What I would say is that is, overall, an area that we identified as a real opportunity for us. We are making all of the adjustments. We're really pleased with the, I'd say, early results that we're seeing.

我們也在使用 AI 驅動的 QA（品質檢測），這也帶來了非常顯著的影響。我想說的是，整體而言，這是我們認定對我們來說是真正機會的一個領域。我們正在做出所有調整。我們對目前看到的早期成果感到非常滿意。

We also just completed our first upfront. Feedback has been incredibly positive. I'd say, underlying momentum is really good. There's work to do. But we're excited about how fast the teams are accelerating.

我們也剛完成第一次 upfront（預售會）。回饋非常正面。我會說，底層動能非常好。還有工作要做，但我們對團隊加速的速度感到振奮。

If I could just add in terms of the results: As David said, we feel pretty good about the building momentum in terms of ad performance. Q1 overall ads declined 3% but it improved versus Q4. We saw the DTC business -- the ad business part of DTC -- return to growth.

如果我可以補充一下結果面：如 David 所說，我們對廣告成效動能的建立感覺相當不錯。第一季整體廣告下滑 3%，但相較第四季有所改善。我們看到 DTC 業務——DTC 中的廣告業務部分——恢復成長。

As we think about the rest of the year, our expectation is that overall ad business -- in total, the company will return to growth the back half of this year. This will be driven by DTC accelerating and more than offsetting the declines in TV media.

展望今年剩餘時間，我們的預期是整體廣告業務——公司合計——將在今年下半年恢復成長。這將由 DTC 加速成長所帶動，並且足以抵消電視媒體端的下滑。

Michael Morris, Guggenheim Securities.

Michael Morris，Guggenheim Securities。

Thank you. Good afternoon. Two things: One, I'm hoping you could share a little bit more detail on UFC and how that's been performing in the first several months. Now that I think you've had about 10 events there,curious how it's performing and, also, how it benefits the business, more broadly, whether there are more things to come over the course of the year, as you use that property.

謝謝，下午好。兩點：第一，我希望你們能分享更多關於 UFC 的細節，以及它在前幾個月的表現。現在我想你們大概已經有約 10 場賽事了，我很好奇它的表現如何；以及更廣泛地，它如何讓整體業務受益——在今年接下來的時間裡，當你們運用這個資產時，是否還會有更多動作。

And then, second, in the letter, you note, at the studio, several titles that you have in production that will be released on Netflix and on Prime Video. I'd love to hear, again, maybe why it's important for the studio to be selling content to services that are also competitors for both engagement and subscriptions. Thank you.

第二，在信中你們提到，在影視製作端，有幾個正在製作中的作品將在 Netflix 和 Prime Video 上線。我想再聽聽，為什麼對影視製作部門而言，把內容賣給同時也是競爭對手（在使用時長與訂閱上競爭）的服務平台仍然很重要。謝謝。

Yeah. Of course. Look, I'll start with the UFC piece. And so, look, we could not be more pleased with our seven-year UFC partnership. It really has exceeded our early expectations across the board.

好的，當然。先從 UFC 談起。坦白說，我們對這項為期七年的 UFC 合作夥伴關係再滿意不過了。它在各方面都超出我們早期的預期。

A couple of key performance metrics: more than 10 million households have watched UFC programming on Paramount+, with over 100 million hours of UFC content viewed. To contextualize, average UFC viewership across our platform is more than 15 times the average pay-per-view event over the past two years.

幾個關鍵績效指標：超過 1,000 萬戶家庭在 Paramount+ 上觀看過 UFC 節目內容，UFC 內容的觀看時數超過 1 億小時。作為對照，UFC 在我們平台上的平均收視，超過過去兩年平均 PPV（付費收看）賽事的 15 倍。

In addition to that, newest UFC subscribers are, on average, 15 years younger than the average P+ viewer. These subscribers are coming in for UFC and then, engaging with our broader offering around -- with a series like South Park. We're really seeing that subscriber engage with other content on the platform. They're spending more time.

此外，最新加入的 UFC 訂戶平均比 P+ 的平均觀眾年輕 15 歲。這些訂戶因 UFC 而來，之後也會與我們更廣泛的內容互動——例如《South Park》這類影集。我們確實看到這些訂戶會在平台上觀看其他內容，停留時間更長。

I think it's also important to note the highlight of some of the events that we obviously housed on CBS. When you look at the main fight cards across UFC 326 and 327, those averaged 2.8 million viewers. For context, that viewership is nearly 50% higher than ABC's NBA primetime game on the same night. The UFC content really is performing for us.

我也認為很重要的一點是，強調一些我們放在 CBS 播出的賽事表現。當你看 UFC 326 與 327 的主賽卡（main fight cards），平均有 280 萬名觀眾。作為對照，這個收視幾乎比同一晚 ABC 的 NBA 黃金時段比賽高出 50%。UFC 內容對我們而言確實表現非常好。

We've also seen advertising demand exceed expectations. That was a meaningful contributor to us in terms of our Q1 advertising. And so we're really excited about the way the UFC partnership is performing. Again, we're under a year into the seven-year journey. But we are very excited about how it is driving the business.

我們也看到廣告需求超出預期。這對我們第一季的廣告表現是重要的貢獻。因此我們對 UFC 合作的表現感到非常興奮。再次強調，我們在這段七年旅程中還不到一年，但我們對它如何帶動業務感到非常期待。

And then, I believe -- just, I want to make sure I fully clarify -- the second part of the question is you're asking around why we're obviously continuing to sell to third parties? Look, I'll break that up into a couple of places: One, when it comes to content licensing, we do not believe in a one-size-fits-all approach to that. We actually think that is an incredibly meaningful part of our business and intend for that to continue.

另外，我想——我想先確認我完全釐清——你第二個問題是在問，為什麼我們顯然仍持續把內容賣給第三方？我把它拆成幾個面向：第一，談到內容授權（content licensing），我們不相信一體適用（one-size-fits-all）的做法。事實上，我們認為這是我們業務中極其重要的一部分，並打算讓它持續下去。

There are certain series and shows that you'll want to keep exclusively on your own and operated platform. But there are other series that absolutely make sense to sell to third parties. And I think one of the things that is surprising is some of those series, when they actually come back to your owned and operated platforms, will actually increase in viewership so you really can't take a one-size-fits-all approach to this problem. It really has to be evaluated on a case-by-case basis.

有些影集與節目你會希望只放在自有自營的平台上獨家播出。但也有其他影集，確實非常適合賣給第三方。我認為令人意外的一點是，其中一些影集在回到你的自有自營平台時，反而會提升收視，因此你真的不能用一體適用的方式來處理這個問題。必須逐案評估。

I think, also, when you look into original series on the studio side, we're in the business of being the number one home for the most-talented artists in the world. And when it comes to -- take a showrunner, for example, it's really critical to be in a position to where you are offering that particular piece of talent that you're working with the most opportunities to get their show made.

我也認為，當你看影視製作端的原創影集，我們的目標是成為全球最有才華的創作者的第一選擇。當談到——例如以節目統籌（showrunner）為例——能夠提供你合作的那位人才最多的機會，讓他們的作品得以製作，這點非常關鍵。

And we think it is powerful, from a platform perspective, to say, we can sell into our owned and operated but, if for any reason, it doesn't make sense for owned and operated, we can also sell into third parties. We own those shows. They generate revenue for us. It also makes you a much more desirable place from a talent perspective.

而且從平台角度來看，能夠說：我們可以在自有自營平台上銷售，但如果因任何原因不適合自有自營，我們也可以賣給第三方——這是很有力量的。我們擁有那些節目，它們為我們帶來營收；同時，從人才角度來看，也會讓你成為更具吸引力的合作對象。

Again, we really do evaluate all of these things on a case-by-case basis and do not take a one-size-fits-all approach. That served us really well. We plan on that to continue for the foreseeable future.

再次強調，我們確實會逐案評估所有這些事情，而不採取一體適用的做法。這一直讓我們受益良多。我們也計畫在可預見的未來持續如此。

Thank you. I will now turn the call back over to Kevin for closing comments.

謝謝。我現在把電話交回給 Kevin 作結語。

All right. Thanks, Krista. Thank you to everyone for taking the time to join today.

好的。謝謝你，Krista。也謝謝各位今天撥冗參與。

We appreciate the questions. Please reach out, if you have any follow-ups. Thanks, all.

我們很感謝大家的提問。如有任何後續問題，請與我們聯繫。謝謝各位。

This concludes today's conference call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。現在可以掛線。