Roblox Corp (RBLX) 2024 Q3 法說會逐字稿

So internally developed voice safety model, which we have now open sourced to the world on hugging phase has been downloaded over 10,000 times and is being adopted by numerous other organizations as part of achieving our mission one ever stop working to make roadblocks as safe and simple as possible.

因此，我們內部開發的語音安全模型現已在擁抱階段向全世界開源，已被下載超過10,000 次，並被許多其他組織採用，作為實現我們使命的一部分，我們不再努力讓路障變得安全和簡單盡可能。

And this goes all the way to the core of our values.

這一直是我們價值觀的核心。

one of our core values is respect the community.

我們的核心價值之一是尊重社區。

We consider our impact on the world's.

我們考慮我們對世界的影響。

We strive to make decisions with everyone's best interests in mind and to communicate authentically.

我們努力在做出決策時考慮到每個人的最大利益並進行真誠的溝通。

We prioritize our community, including users and investors above the company.

我們優先考慮我們的社區，包括用戶和投資者，而不是公司。

And when we report our results to investors, we strive to be accurate, consistent and transparent so that investors have the information they need to make decisions.

當我們向投資者報告結果時，我們力求準確、一致和透明，以便投資者獲得決策所需的資訊。

We also do our best to make that communication as clear as possible to everyone.

我們也盡最大努力讓每個人都盡可能清楚地進行溝通。

And as you very well know, another core value of roadblocks is to take the long view.

眾所周知，障礙的另一個核心價值是放眼長遠。

This means we drive innovation by setting a long-term vision.

這意味著我們透過設定長期願景來推動創新。

We do our best to optimize the long term in accordance with driving enterprise value.

我們盡最大努力根據驅動企業價值來優化長期目標。

And as a result, we're willing to focus on hard problems if the's can lead towards significant longer-term gains.

因此，如果難題能帶來顯著的長期利益，我們願意關注這些難題。

We announced that RDC in September, our goal of 10% of that worlds gaming software market running on roadblocks.

我們在 9 月宣布了 RDC，我們的目標是佔據全球遊戲軟體市場 10% 的份額，但目前仍存在一些障礙。

We believe this is achievable, and we're now mapping our planned towards supporting the content that will drive this.

我們相信這是可以實現的，我們現在正在製定計劃以支持推動這一目標的內容。

And now turning to Q3 results.

現在轉向第三季的結果。

I'm really pleased to share our Q3.

我真的很高興分享我們的第三季。

We delivered high growth across our key financial and operational metrics, and we surpassed the guidance we provided on our Q2 earnings call.

我們的關鍵財務和營運指標實現了高成長，並且超出了我們在第二季財報電話會議上提供的指導。

Revenue in Q3 was 919 million.

第三季營收為9.19億。

That was up 29% year on year and ahead of our guidance we gave last quarter of between eight 60 and 85.

這一數字年增 29%，高於我們上季給出的 8 60 至 85 之間的指引值。

Our Q3 bookings were 1,129,000,000.000.

我們第三季的預訂量為 1,129,000,000.000。

This grew even faster at 34% year on year, whether this was ahead of our guidance of one to 1,025,000,000.000, we had record DAUs and the 88.9 million.

這一增長速度甚至更快，同比增長 34%，無論這是否超出了我們 1 至 1,025,000,000.000 的指導，但我們的 DAU 達到了創紀錄的 8890 萬。

This was up 27% year on year and strong across all regions.

這一數字年增 27%，並且在所有地區均表現強勁。

We had huge improvements year on year in US and Canada, up 26% year on year and in A-Pac, up 37 Ascent year on year.

我們在美國和加拿大年增了 26%，在亞太地區年增了 37 個百分點。

A few countries will call out Japan.

有些國家會點名日本。

Va use grew 59% year on year.

Va 使用量較去年同期成長 59%。

India DAUs grew 55% year on year over 13.

印度 DAU 年成長 55% 超過 13。

Daus were particularly strong with 34% year on year growth.

Daus 尤其強勁，較去年同期成長 34%。

And now over 60% of our total DAUs are over 13.

現在，我們在總 DAU 中超過 60% 的人數超過 13。

We also had record ours engaged at 20.7 billion hours in the quarter.

本季我們的工作時長也創下了 207 億小時的紀錄。

This was up 29% year on year.

這一數字年增 29%。

Biggest growth improvements included the US and Canada, up 28% year on year, iPAQ, up 45% year on year.

成長最快的地區包括美國和加拿大，年增 28%，iPAQ 年成長 45%。

Japan.

日本。

Ours engaged grew 69% year on year, and India grew 57% year on year.

我們的參與度年增 69%，印度年增 57%。

Um, we also manage costs in Q3 of 2024 of our developer exchange fees were 231,500,000.0.

嗯，我們也管理了 2024 年第三季開發者交易費的成本，為 231,500,000.0。

This was an all time high, reflecting our commitment to creators.

這是歷史新高，反映了我們對創作者的承諾。

This increased 36% year on year.

較去年同期成長36%。

Our infrared trust and safety costs were up 4% year on year and 6% versus Q2.

我們的紅外線信任和安全成本年增 4%，與第二季相比成長 6%。

I want to highlight that this increase versus Q2 is driven by investments in AI.

我想強調的是，與第二季相比的成長是由人工智慧投資所推動的。

And this includes migrating more and more of our safety infrastructure to AI. where possible and where responsible to do so in the process, we are continuing to improve the quality of both our content and communication safety systems, 14% of revenue and 11% of bookings on went to infra trust and safety compared to the previous year.

這包括將越來越多的安全基礎設施遷移到人工智慧。在可能的情況下以及在此過程中負責任的情況下，我們將繼續提高內容和通訊安全系統的質量，與前一年相比，14% 的收入和11% 的預訂用於基礎設施信任和安全。

And it showcases the ability to put leverage into our strong top line.

它展示了我們強大的營收能力。

Personnel costs, exclusive of stock based comp were 202,200,000.0.

人員成本（不含股票補償）為 202,200,000.0。

This was 22% of revenue and 18% of bookings.

這佔收入的 22% 和預訂量的 18%。

This decrease compared to the previous year as both in percent of revenue and bookings through this combination of thoughtful cost management and robust top line growth.

透過深思熟慮的成本管理和強勁的營收成長相結合，收入和預訂量的百分比與前一年相比有所下降。

Our key 7.4 million was up 120% year on year.

我們的關鍵 740 萬年成長 120%。

This is better than our guidance of 147 to 162 million.

這比我們指導的 147 至 1.62 億要好。

Our Q3 cash flow was 218 million, free cash flow up to 66% and better than our guidance of 105 to 120 million were cash confident on our strategy and the long-term growth of the roadblocks platform.

我們的第三季現金流為 2.18 億，自由現金流高達 66%，優於我們 105 至 1.2 億的指導，我們對我們的策略和路障平台的長期成長充滿信心。

I want to highlight a few key initiatives that fueled the quarter's outstanding performance.

我想強調一些推動本季出色業績的關鍵舉措。

Since Q1, we've been highlighting our focus on search and discovery.

自第一季以來，我們一直強調對搜尋和發現的關注。

We made enhancements to our AI-powered discovery algorithms.

我們增強了人工智慧驅動的發現演算法。

We've improved personalization, and we continue to show me more relevant experiences to our users.

我們改進了個人化，並繼續向我展示與用戶更相關的體驗。

We've continued to improve our virtual economy and marketplace.

我們繼續改善我們的虛擬經濟和市場。

We've introduced dynamic price floors, UGC. for everyone on the platform.

我們引入了動態價格下限（UGC）。為平台上的每個人。

And we've launched inexperienced price optimization for all creators and out just in the last month on the overall systems performance, our content needed improvements in our app launch times, continued reduction in cross rate crash rates, and we continue to increase frame rate and app quality across all platforms.

我們為所有創作者推出了經驗豐富的價格優化，上個月就整體系統性能進行了優化，我們的內容需要改進應用程式啟動時間，持續降低交叉速率崩潰率，並且我們繼續提高幀速率和所有平台上的應用程式品質。

And finally, our Happy Halloween, everyone.

最後祝大家萬聖節快樂。

We're in the middle of the Hans one of our live ops events that are we are attracting new users.

我們正在進行 Hans 的一項現場營運活動，我們正在吸引新用戶。

And really in the case of the hot showing off new technology, including image capture inside of roadblocks.

事實上，在熱門炫耀新技術的情況下，包括路障內的影像擷取。

As we go through on our shareholder letter, I wanted to just share a few developments we're seeing on the platform.

當我們閱讀股東信時，我想分享我們在這個平台上看到的一些進展。

First is our dev community is publishing more significant content updates compared to last year.

首先，與去年相比，我們的開發社群發布了更多重要的內容更新。

And we believe this is further driving DAUs.

我們相信這將進一步推動 DAU 的成長。

We're seeing more content up updates and a faster cadence of content.

我們看到更多的內容更新和更快的內容節奏。

We're also seeing experiences that are continuing to go viral really in Q3 of 2024, we saw experiences like rivals and dress to impress rivals as the team-based shooter dress to impress is the dress up experience really go viral around the world.

我們還看到在2024 年第三季度繼續病毒式傳播的體驗，我們看到了諸如競爭對手和著裝等體驗，以給對手留下深刻印象，因為基於團隊的射擊遊戲著裝給人留下深刻印象，這種裝扮體驗確實在世界各地病毒式傳播。

And um, we're seeing success as we see more experiences in emerging genres shop on the platform.

嗯，我們看到了成功，因為我們在平台上看到了新興流派商店的更多經驗。

We've also seen a day distribution of experience and spending on the platform.

我們還看到了該平台上的每日體驗和支出分佈。

Spending growth is more evenly distributed among the top experiences in Q3 relative to Brandon's on the platform, we welcome the NFL.

相對於布蘭登在平台上的支出成長，第三季頂級體驗的支出成長分佈更加均勻，我們歡迎 NFL。

They license their IP on NFL universe football.

他們將自己的智慧財產權授權給 NFL 宇宙橄欖球。

This was the 32nd highest experienced by spend from their launch in September 13th, and it's continuing to rise in October as far as our partnerships and double verify for standard measurement is live now, we've added WPP. to accelerate brand education, and we have announced our integration with Shopify.

這是自 9 月 13 日推出以來支出最高的第 32 位，隨著我們的合作夥伴關係和標準測量的雙重驗證現已上線，該支出在 10 月將繼續上升，我們添加了 WPP。為了加速品牌教育，​​我們宣布與 Shopify 整合。

Um, I already see in September, we highlighted our goal of 10% of the world's gaming software market revenue flowing through roadblocks, and we shared this with our community.

嗯，我在 9 月就已經看到，我們強調了我們的目標，即全球遊戲軟體市場收入的 10% 能夠克服障礙，並且我們與社群分享了這一點。

This is a market.

這是一個市場。

We currently estimate at $180 billion.

我們目前估計為 1800 億美元。

We have enormous headroom here.

我們這裡有龐大的發展空間。

We're currently at less than 3% of our TAM in the gaming market space, and we shared our strategy for getting there.

目前，我們在遊戲市場空間中的 TAM 份額還不到 3%，我們分享了實現這一目標的策略。

We shared our mapping of genres on the platform.

我們在平台上分享了我們的流派映射。

We have great traction in genres like simulation role play and action.

我們在模擬角色扮演和動作等類型上有很大的吸引力。

But we also have the opportunity for enormous growth in genres like sports and racing shooters, an open world RPG., we'd like to double our market share in sports in racing on our platform, triplet and shooters, including battle real and double it in open world and our PG. share.

但我們也有機會在運動和賽車射擊遊戲、開放世界角色扮演遊戲等類型上實現巨大增長。它在開放世界和我們的PG。分享。

For example, the roadmap for doing this is evolving our platform tech to support all of these en-route genres, really at higher performance and Fidelity, increasing our developers.

例如，實現這一目標的路線圖是發展我們的平台技術，以支援所有這些途中類型，真正以更高的效能和保真度，增加我們的開發人員。

Opportunities of for economics include being rewarded, video and other expansions of our E Con system and amplifying creator growth through off-platform organic and paid acquisition.

經濟機會包括獲得獎勵、影片和 E Con​​ 系統的其他擴展，以及透過平台外有機和付費獲取來擴大創作者的成長。

In addition to the organic growth that's driven our platform.

除了推動我們平台的有機成長之外。

I want to highlight some where we're going with a I it's really at the heart of our safety systems and more and more at the heart of everything we're doing on roadblocks.

我想強調一些我們正在努力的方向，它確實是我們安全系統的核心，而且越來越成為我們在路障上所做的一切的核心。

We announced a 3D foundational model that we're building out our DC. and an open source three DAI. generally model.

我們宣布了我們正在建立 DC 的 3D 基礎模型。以及一個開源的三個 DAI。一般型號。

We're going to be starting with inexperienced object creation and evolving to seeing creation.

我們將從缺乏經驗的物件創建開始，逐漸發展到看到創建。

And we're already using AI on our roadblocks, assistant code assist and our material and Texas generation.

我們已經在我們的路障、輔助程式碼輔助以及我們的材料和德克薩斯生成中使用人工智慧。

We also use, of course, a I extensively for safety and discovery throughout the platform.

當然，我們也在整個平台上廣泛使用 I 來確保安全和發現。

Finally, our keynote from the RTC robots developer conference last month is available on line.

最後，我們上個月 RTC 機器人開發者大會的主題演講可以在線上取得。

And for anyone who would like to see our technical roadmap, I invite you to go check out our RTC keynote.

對於任何想要查看我們的技術路線圖的人，我邀請您查看我們的 RTC 主題演講。

With that, I'll hand it over to Mike.

這樣，我就把它交給麥克了。

Thanks, Dave, and good morning, everyone.

謝謝戴夫，大家早安。

I just want to make a few quick comments.

我只想快速發表一些評論。

First, I do think this is the best quarter financial quarter in our in our history, highlighted by fantastic top line growth.

首先，我確實認為這是我們歷史上最好的季度財務季度，突出表現在收入的驚人增長。

In addition, I just want to call out the strength of the operating leverage improvement in margins and cash generation at the Company.

此外，我只想指出公司的經營槓桿改善在利潤率和現金產生方面的實力。

I really think there's some this quarter.

我真的認為這個季度有一些。

We laid the foundation five quarters ago in Q2 of 2023.

我們在五個季度前（即 2023 年第二季）奠定了基礎。

That was when we started to see sustain 20% plus growth on the platform.

就在那時，我們開始看到該平台保持 20% 以上的成長。

But we have made significant investments in infrastructure and people in the prior year's to, in fact, catch up to the demand that we saw during COVID.

但去年我們在基礎設施和人員方面進行了大量投資，實際上是為了滿足新冠疫情期間的需求。

We had several conversations with many of you at the time and interest.

我們當時與你們中的許多人進行了幾次交談並表達了興趣。

And I tried to ensure everyone that we did, in fact, have the ability to manage those costs as we started to see the benefit of those investments.

事實上，當我們開始看到這些投資的好處時，我試圖確保我們所做的每個人都有能力管理這些成本。

And this quarter really highlights that five quarters ago.

本季確實凸顯了五個季度前的情況。

The operating cash flow, the Company was 28.4 million.

公司經營現金流量為2840萬元。

Today it was 247.4 million or five quarters ago.

今天，也就是五個季度前，這個數字是 2.474 億。

Free cash flow was negative 95.5 million.

自由現金流為負9550萬。

Today it was $218 million for the business has in fact great unit economics.

如今，該公司的單位經濟效益達到了 2.18 億美元。

And this year, we have made incredible progress, not just on top line growth, but on driving really significant growth in cash flow.

今年，我們取得了令人難以置信的進步，不僅在營收成長方面，而且在推動現金流的真正顯著成長方面。

And we made further comments in November at our investor day where there were three things that we highlighted.

我們在 11 月的投資者日發表了進一步的評論，其中我們強調了三件事。

We will continue to grow the top line at over 20%.

我們將繼續以 20% 以上的速度成長收入。

We would continue to drive operating leverage.

我們將繼續提高營運槓桿。

And finally, we returned that operating leverage into free cash.

最後，我們將營運槓桿返還為自由現金。

I think this is another quarter where we achieved on all of those things.

我認為這是我們在所有這些事情上取得成就的另一個季度。

And we're really pleased to see that cash cash balances as a result of all that said, now sit at $4 billion, 3 billion of net cash.

我們非常高興地看到，由於上述原因，現金餘額現在達到 40 億美元，淨現金達到 30 億美元。

Moody's upgraded our senior notes this quarter from be a two to be a one that matches what S&P did last quarter.

穆迪本季將我們的高級票據從 2 級升級為與標準普爾上季評級相符的 1 級。

We have no need to go into the markets again, but if and when we got that investment-grade credit.

我們沒有必要再進入市場，但如果我們獲得投資等級信貸的話。

So all in all, all an incredibly strong quarter.

總而言之，這是一個令人難以置信的強勁季度。

And now we want to open it up for questions.

現在我們想開放提問。

Thank you.

謝謝。

The floor is now open for questions.

現在可以提問。

At this time, I would like to remind everyone in order to into the queue, please press star and the number one on your telephone keypad.

此時，我想提醒大家，為了進入隊列，請按下電話鍵盤上的星號和數字一。

We do request for today's session that you please limit to one question and one follow-up.

我們確實要求今天的會議僅限於一個問題和一項後續行動。

We'll pause for just a brief moment while we compile the Q&A roster.

我們將在整理問答名單時暫停片刻。

Our first question comes from the line of Tom Champion with Piper Sandler.

我們的第一個問題來自 Tom Champion 和 Piper Sandler 的台詞。

Your line is now open.

您的線路現已開通。

Hi, good morning and congrats on the really nice results from Dave, I'm wondering if you could just talk about some of the new initiatives and learnings in the virtual economy, the Internet of Things like dynamic pricing.

大家好，早安，恭喜戴夫取得了非常好的成果，我想知道您是否可以談談虛擬經濟、物聯網（如動態定價）中的一些新舉措和學習成果。

I think earlier there was a blog post about it, new paid access experiences where developers earned larger payouts.

我想早些時候有一篇關於它的部落格文章，新的付費訪問體驗讓開發者獲得了更大的支出。

What are what are your learnings here and what are the initiatives that you think are really beneficial to us to roadblocks and your developer base?

您在這裡學到了什麼？

Thank you.

謝謝。

See, I'll share one learning we had with on price optimization for developers.

看，我將分享我們在開發人員價格優化方面的一項經驗教訓。

And we did an experiment with this where we started with an early subset of our creators to do dynamic on price optimization for the items and their experience.

我們對此進行了一項實驗，我們從早期的創作者子集開始，對商品及其體驗進行動態價格優化。

Something super interesting we found is that generally when we are optimizer pointed to reducing prices rather than increasing prices to drive overall revenue for individual developers, the second thing our Price Optimizer is showing is that it is not a zero-sum game.

我們發現的一件非常有趣的事情是，通常當我們優化器指出降低價格而不是提高價格來推動個人開發者的整體收入時，我們的價格優化器顯示的第二件事是，這不是一個零和遊戲。

We believe that every day developer can optimize their prices independently without pulling from one and pushing to the other, the on the other thing in exploring the efficiency of our infrastructure and trust and safety systems once again getting better at it as they're powered by AI, this has enabled us to to launch.

我們相信，每天的開發人員都可以獨立優化他們的價格，而無需從一個方面拉動到另一個方面，另一方面，在探索我們的基礎設施以及信任和安全系統的效率時，他們再次變得更好，因為它們由人工智慧，這使我們能夠啟動。

We believe we'll be launching in December paid access experiences where at 49, 99 developers will be earning 70%.

我們相信我們將在 12 月推出付費存取體驗，其中 49、99 名開發者將獲得 70% 的收入。

So stay tuned for that.

所以請繼續關注。

And Tom, I just wanted to add, if you look at some of our metrics, bookings per daily active user grew year over year by six.

湯姆，我只是想補充一點，如果你看看我們的一些指標，你會發現每個每日活躍用戶的預訂量逐年增加了六倍。

So sometimes these changes in the economy take a while to flow through.

因此，有時經濟的這些變化需要一段時間才能體現出來。

Obviously, we're always growing user base quite rapidly as well.

顯然，我們的用戶群也一直在快速成長。

But we did see very strong growth in bookings per daily, active user at 6%, and bookings per payer grew year over year at 4%.

但我們確實看到每日預訂量成長非常強勁，活躍用戶成長了 6%，每位付款人的預訂量較去年同期成長了 4%。

So we're starting to see the benefit of change in the economy in the monetization, which is the core metric that that team focuses on.

因此，我們開始看到經濟變化在貨幣化方面的好處，這是團隊關注的核心指標。

Thanks, guys.

謝謝，夥計們。

Your next question comes from the line of Drew Crum with Stifel.

您的下一個問題來自 Drew Crum 和 Stifel 的線路。

Your line is now open.

您的線路現已開通。

Okay.

好的。

Thanks, guys.

謝謝，夥計們。

Good morning.

早安.

Dave, just following up on your preamble concerning the new content moderation tools and adjustments to parental controls, when will these go live?

戴夫，剛剛跟進您有關新內容審核工具和家長監護調整的序言，這些內容什麼時候上線？

Should we anticipate the step change in investment stand and you see these impacting user behavior?

我們是否應該預期投資立場的逐步變化，並且您認為這些變化會影響使用者行為？

And then Mike, on bookings, the 34% increase in 3Q was well ahead of your longer term notional model and your shareholder letter, you highlighted bookings have exceeded 20% and six of the last eight quarters.

然後麥克，在預訂方面，第三季 34% 的成長遠遠領先於您的長期名義模型和股東信，您強調預訂量已超過 20%，並且在過去八個季度中有六個季度。

But it sounds like you're not ready to endorse a higher rate of growth over the longer term.

但聽起來你還沒準備好支持長期更高的成長率。

I guess what's what's holding you back?

我想是什麼阻礙了你？

And do you need to see in order to get more comfort with the highest rate of growth?

您是否需要親眼目睹才能對最高的成長率感到更加放心？

Thanks guys.

謝謝你們。

Pay-as-you-go.

即用即付。

First off, we don't see a step change because safety is already a top priority and the biggest, um, really area and the Company where we focus and we always allocate to safety whatever they need to build our excellent systems, safety, shipping and safety and stability.

首先，我們沒有看到任何重大變化，因為安全已經是重中之重，也是我們關注的最大領域和公司，我們總是將安全分配給安全，無論他們需要什麼來建立我們優秀的系統、安全、運輸和安全穩定。

The systems are shipping and improving constantly.

該系統正在不斷交付和改進。

This is several times a month rather than step changes.

這是每月幾次而不是逐步改變。

And we anticipate several more releases before the end of the year around and verifiable parental concerns improvements to our filters and things like that.

我們預計在今年年底前還會發布更多版本，並且可驗證家長對我們的過濾器和類似內容的改進。

So we we don't see a step change are constantly improving, and you'll see a lot of releases in the next two months.

因此，我們沒有看到不斷改進的階躍變化，並且您將在接下來的兩個月內看到很多版本。

Andrew, on your question.

安德魯，關於你的問題。

Yes, we're very happy with bookings growth this quarter at 34% Kelly mentioned in the letter.

是的，我們對凱利在信中提到的本季預訂量成長 34% 感到非常滿意。

And the non console business grew at 28%.

非遊戲機業務成長了 28%。

Also fantastic also well ahead of the guidance in terms of longer term growth that we laid out.

就長期成長而言，也遠遠領先我們所製定的指導。

I think for the first time in last November at Investor Day, what we're looking for really is just more time and consistency.

我認為，在去年 11 月的投資者日，我們第一次真正尋求的是更多的時間和一致性。

And we just don't want to get out ahead of ourselves.

我們只是不想超越自己。

But there are a lot of things in the investor letter that we talk about that we are really excited about in the dynamics look really strong but done for us.

但我們在投資者信中談到的很多事情都讓我們感到非常興奮，因為動態看起來非常強勁，但已經為我們完成了。

It's just a little more time to make sure that we see consistent growth that target before we change.

在我們做出改變之前，還需要一點時間來確保我們看到目標的持續成長。

Okay.

好的。

Appreciate it.

欣賞它。

Thanks, guys.

謝謝，夥計們。

Thanks.

謝謝。

Your next question comes from the line of Clark clamping with DTIG.

您的下一個問題來自 Clark 與 DTIG 箝位線。

Your line is now open.

您的線路現已開通。

Thanks.

謝謝。

Good morning.

早安.

I wanted to talk about the.

我想談談。

Yes, the monetization growth that we saw in the quarter, it was helpful to have this sort of console and non console comps called out in the shareholder letter.

是的，我們在本季看到的貨幣化成長，在股東信中指出這種控制台和非控制台比較是有幫助的。

Did the console impact of some did that swing or sort of contribute to the 6% number?

控制台的影響是否對 6% 的數字有所貢獻？

I know that's not a perfect way of looking at it, but that's the fastest rate of monetization growth that we've seen since the businesses basically 70% smaller than the current level during COVID.

我知道這不是一個完美的看待方式，但這是自新冠疫情期間業務規模比當前水平縮小 70% 以來我們所見過的最快的貨幣化增長速度。

Would just be curious, I guess, what's what's sort of contributing and how maybe we should think about advertising, the other sort of components of this and how many monetization, more importantly is going to factor in to so to 20% plus growth moving forward?

我只是好奇，我想，什麼是貢獻，也許我們應該如何考慮廣告、廣告的其他組成部分以及多少貨幣化，更重要的是，將考慮到未來 20% 以上的增長？

Thank you.

謝謝。

I'll do an intro and then Mike will probably have the more detailed thing.

我會做一個介紹，然後麥克可能會有更詳細的內容。

A key point to remember is we're always driving several things are always trying to increase the number of people on our platform.

要記住的一個關鍵點是，我們總是在推動一些事情，總是試圖增加我們平台上的人數。

We're always trying to increase the amount of time they spend.

我們一直在努力增加他們所花費的時間。

And then our driving monetization as well.

然後我們也在推動貨幣化。

And we track monetization and bookings for our, which as you've seen increase.

我們追蹤我們的貨幣化和預訂量，正如您所看到的那樣。

So in Q3, we had two things going on increases in monetization as well as introduction of PlayStation, which has gotten better over time.

因此，在第三季度，我們有兩件事在貨幣化方面有所增加，以及 PlayStation 的推出，隨著時間的推移，情況變得越來越好。

So I think both of those recurring, Mike, I don't know if you want to comment on the 6% take, our console does monetize well.

所以我認為這兩個都是重複出現的，邁克，我不知道你是否想對 6% 的比例發表評論，我們的控制台確實盈利良好。

It certainly contributed to the monetization improvements that quite candidly, everything that contributed to the monetization improvements this quarter.

坦白說，它確實促進了貨幣化的改善，所有這些都有助於本季貨幣化的改善。

Growth on all platforms, growth in all geographies, growth in all ages growth in all gender.

所有平台上的增長、所有地區的增長、所有年齡層的增長、所有性別的增長。

It was very strong across the board and done.

它在各方面都非常強大並且完成了。

Console is a relatively small part of the business.

控制台是業務中相對較小的一部分。

So it's hard for it to have outsized impact on the contribution over time.

因此，隨著時間的推移，它很難對貢獻產生過大的影響。

We deem as we look at longer term growth, we've always believed that we would improve monetization.

我們認為，當我們著眼於長期成長時，我們始終相信我們會改善貨幣化。

That is the job to our economy keen.

這就是我們對經濟熱衷的工作。

They're doing a fantastic job on and yet we continue to grow users and we continue to grow payers.

他們做得非常出色，但我們仍在繼續增加用戶，也繼續增加付費者。

So depending on what your metric is, it can move up or down in a given period of time.

因此，根據您的指標，它可以在給定的時間內向上或向下移動。

And we have as forecasters, we generally we generally forecast and we can really focus on growing the base of users and engagement.

作為預測者，我們通常會進行預測，並且我們可以真正專注於擴大用戶群和參與度。

But then ultimately, we think it will contribute right alongside.

但最終，我們認為它將同時做出貢獻。

I don't know that we'll do 6% every single quarter, but I'm not we're certainly bullish and optimistic about the ability for the platform significantly higher monetization without reliance on ads and brands.

我不知道我們每季都會達到 6%，但我不知道我們對平台在不依賴廣告和品牌的情況下顯著提高貨幣化的能力持樂觀態度。

So just the core business, core micro-transaction business, primarily what's driving this brands, it adds will be incremental down the road.

因此，它補充說，核心業務、核心微交易業務，主要是推動該品牌發展的因素，將在未來不斷增加。

Thank you.

謝謝。

Thank you.

謝謝。

Next question comes from the line of Cory Carpenter with JPMorgan.

下一個問題來自摩根大通的科里·卡彭特 (Cory Carpenter)。

Your line is now open.

您的線路現已開通。

Finish your question.

完成你的問題。

We ask more about advertising.

我們詢問更多有關廣告的資訊。

You're shooting for a broader update on your initiative, your home, your PubMatic exemplify partnerships, and maybe what the next steps from here are to continue building your offering in Mike, as I have a follow-up for you, just maybe more specifically at year end, which we find.

你正在努力對你的計劃、你的家、你的 PubMatic 合作夥伴關係進行更廣泛的更新，也許接下來的步驟是繼續在 Mike 中建立你的產品，因為我有一個後續行動，也許更多特別是在年底，我們發現。

Is there any way to think of that aggregate savings contribution to your comments around your preliminary 2025 looking spots?

對於您對 2025 年初步展望地點的評論，是否有任何方法可以考慮總節省貢獻？

Thank you.

謝謝。

Yes, I'll highlight the three big systems that are on the platform and continuing to improve on the platform.

是的，我將重點放在平台上的三大系統以及在平台上持續改進的系統。

The first is traffic and there's three on mechanisms live for traffic that we continue to see growth in.

第一個是流量，還有三個關於流量的機制，我們持續看到流量的成長。

The first is on our homepage.

第一個在我們的主頁上。

We've added paid sponsored trials along with organic discovery and curated.

我們增加了付費贊助試驗以及自然發現和策劃。

That's complementing our teleport traffic ads.

這是對我們的傳送交通廣告的補充。

And we have introduced now on search advertising as well.

我們現在也介紹了搜尋廣告。

And if you go to robots and search either for a term or another experience, you can see that creators are now starting to bid against that.

如果你去機器人那裡搜尋一個術語或另一種體驗，你會發現創作者現在開始對此進行競價。

So that is a robust future mechanism for both brands and developers who are launching their experiences to buy traffic.

因此，對於推出體驗來購買流量的品牌和開發商來說，這都是一個強大的未來機制。

The second is video were live with video.

第二個是視訊直播。

We're moving to support rewarded video as well from experience, and that's continuing to do well.

根據經驗，我們也正在轉向支援獎勵視頻，而且這種情況繼續表現良好。

And then finally, we announced our Shopify partnership that allows on developers and brands to sell in game and physically.

最後，我們宣布了與 Shopify 的合作夥伴關係，讓開發者和品牌在遊戲和實體中進行銷售。

We're not breaking the numbers out right now on in any of that is, and I want to highlight the complement that growth and sit on top of the growth of our current economy.

我們現在還沒有公佈任何方面的數字，我想強調成長的補充以及我們當前經濟成長的基礎。

And Cory, to your question on 2025, we didn't give obviously a ton of detail on 2025.

Cory，對於你關於 2025 年的問題，我們顯然沒有提供有關 2025 年的大量細節。

We just said we're comfortable that we'll continue to grow at the 20% rate that we put forward at the November 23 Investor Day.

我們剛剛表示，我們對繼續以 11 月 23 日投資者日提出的 20% 的成長率感到放心。

But if you go back to our comments at RDC this year, about 10%, getting to 10% of the gaming dollars flowing through roadblocks.

但如果你回顧我們今年在 RDC 上的評論，大約有 10%，即 10% 的遊戲資金流經了障礙。

And we are at a very small percentage today that leads us to believe that just in the core business that we have today, we have a very long way to go and we should be able to drive organic growth in are more gaming related business at the kinds of growth rates that we talked about.

今天我們所佔的比例非常小，這讓我們相信，就我們今天擁有的核心業務而言，我們還有很長的路要走，我們應該能夠推動更多與遊戲相關的業務的有機增長。談到的各種成長率。

We are obviously, if you just take the 28% growth in the non console business this quarter, we're growing at a multiple of the overall gaming business.

顯然，如果僅考慮本季非主機業務 28% 的成長，我們的成長速度是整個遊戲業務的數倍。

It means we're taking share.

這意味著我們正在分享。

We feel really good about that.

我們對此感覺非常好。

And so what we're talking about in 2025 does not require incremental higher growth revenue streams to drive the kinds of numbers that we're talking about.

因此，我們所談論的 2025 年並不需要增量更高成長的收入流來推動我們所談論的各種數字。

Thank you.

謝謝。

Your next question comes from the line of Andrew Meraki with Raymond James.

你的下一個問題來自安德魯·梅拉基（Andrew Meraki）和雷蒙德·詹姆斯（Raymond James）的對話。

Your line is now open.

您的線路現已開通。

Thanks for taking my questions.

感謝您回答我的問題。

I wanted to start with one on live ops.

我想從實時操作開始。

Now that you've gotten a few events under your belt, is this cadence we've seen of about one per quarter, the right frequency.

現在您已經掌握了一些事件，我們所看到的大約每季一次的節奏是正確的頻率嗎？

And as we think about assessing specific events, we're kind of variables drive differences between engagement.

當我們考慮評估特定事件時，我們會發現一些變數會導致參與度之間的差異。

Is it just a selection of included experiences?

它只是包含的體驗的選擇嗎？

Are there other kind of common factors you've seen stand out?

您還發現其他突出的共同因素嗎？

Hey, great question.

嘿，好問題。

I believe the frequency may be slightly higher than one per quarter, so we should check on that.

我相信頻率可能略高於每季一次，所以我們應該檢查一下。

Also want to highlight that we're using our events primarily to highlight the amazing creators on the platform.

也要強調的是，我們利用活動主要是為了突顯平台上優秀的創作者。

We also in the Honda events, are you the event to highlight future tax on the platform?

我們也在本田的活動中，您是在活動平台上強調未來的稅收嗎？

So the event that's live right now is allowing our people on our platform to take really screenshots or shots of their cost him and then vote on them in a hub, all going through our safety and stability SIs items.

因此，現在正在進行的活動允許我們平台上的人員拍攝真正的螢幕截圖或照片，然後在中心對其進行投票，所有這些都經過我們的安全性和穩定性 SI 項目。

So we are doing both.

所以我們兩者都在做。

We have a lot of great ideas for future events to highlight this.

我們對未來的活動有很多很棒的想法來強調這一點。

We're trying to keep the diversity of the types of experiences that we have live.

我們正在努力保持我們所擁有的體驗類型的多樣性。

So the cadence is going to be a higher than once per quarter.

因此，頻率將高於每季一次。

I think it already has been higher than once per quarter.

我認為它已經高於每季一次。

Great, thank you.

太好了，謝謝。

And maybe following up on that a little bit on the shareholder letter, you mentioned you're seeing more diversity in terms of the experiences in the top chart.

也許在股東信中跟進一下，您提到您在頂部圖表中的體驗方面看到了更多的多樣性。

So I know you normally break that out kind of at year end, but is there any way to provide color now in terms of that trend you're seeing that made it worth highlighting on the shareholder letter intended to what does an ideal distribution look like in that respect?

所以我知道你通常會在年底打破這一點，但是現在有沒有什麼方法可以根據你所看到的趨勢提供顏色，這使得值得在股東信中強調理想的分配是什麼樣子在這方面？

Thank you.

謝謝。

Yes, hi, a high level.

是的，嗨，水平很高。

The distribution is slightly wider and slightly flatter on high level.

在高水準上分佈稍寬且稍平坦。

The distribution has a lot of new entrants into the top 25 highlight on we're seeing on one, again, experiences like rivals, address to price rise quickly and participate in engagement, and I want to come.

該發行版中有很多新進入者進入了前 25 名，我們再次看到了像競爭對手一樣的體驗，解決了價格快速上漲的問題並參與了參與，我想加入。

So overall, I think the shape is getting flatter and wider.

所以總的來說，我認為形狀變得更扁平、更寬。

I think that should that should naturally happen as we have a wider age race range of people on our platform and as we have more people around the world.

我認為這應該自然發生，因為我們的平台上有更廣泛的年齡種族範圍的人，而且我們在世界各地有更多的人。

So we I think there's a really healthy sign up.

所以我認為這是一個非常健康的註冊。

Mike, any reporting on distribution?

麥克，有關於分發的報告嗎？

Yes, just two things I would add to that.

是的，我只想補充兩件事。

one is recently we have seen spending more broadly distributed among the top 100.

一是最近我們發現前 100 名的支出分佈更加廣泛。

So there are periods of time where top top1 five may be very concentrated in spend are more concentrated in spend right now.

因此，在某些時期，前五名可能非常集中在支出上，現在則更集中在支出上。

It's more distributed.

它更加分散。

It's not necessarily per se the best the best or the worst thing if there are times when very, very popular experiences that date and we might be more concentrated but growing very quickly.

如果有時非常非常受歡迎的體驗過時，我們可能會更加集中，但成長得很快，那麼它本身不一定是最好的，最好的或最壞的事情。

But ultimately, I really go back to the search and discovery algorithms, more content, finding an audience.

但最終，我真的回到了搜尋和發現演算法，更多內容，尋找受眾。

It's a higher likelihood that the spending is more broadly distributed and done.

支出更有可能得到更廣泛的分配和完成。

Overall.

全面的。

I think we view that as healthy, especially wind, as Dave just mentioned, new experiences are able to move in very, very quickly and get to scale and virality.

我認為我們認為，正如戴夫剛才提到的那樣，新體驗是健康的，尤其是風，它能夠非常非常快地進入並形成規模和病毒式傳播。

The second thing that you didn't ask about, but we're going to start talking more and more about is the bread and John are on the platform.

你沒有問的第二件事，但我們將開始越來越多地談論麵包和約翰在平台上。

So we are Dave already talking about sports earlier on.

所以我們戴夫早些時候已經在談論體育了。

We are tracking the breadth of genres in that top 100, top 1,000, and there are still genres that were not as strong in.

我們正在追蹤前 100 名、前 1000 名中的流派的廣度，但仍然有一些流派的實力不那麼強。

And so we're really pushing hard to make sure that we're broader there, and we'll talk more about that in subsequent calls that that starting, I think, have a real impact.

因此，我們確實正在努力確保我們在那裡更廣泛，我們將在隨後的電話會議中更多地討論這一點，我認為，這一開始會產生真正的影響。

I want to highlight one thing we're doing as we map our progress towards what we believe is possible, which is 10% of the gaming software market running on roadblock.

我想強調我們正在做的一件事，即我們正在朝著我們認為可能的目標邁進，即 10% 的遊戲軟體市場遇到障礙。

And that is as we map out what that looks like and what the specific genres are that participate allows us to put focus on the platform and the technology that will support on sports experiences on the platform at a higher fidelity and higher performance.

當我們規劃出它的樣子以及參與的具體類型時，我們可以將重點放在平台和技術上，以支援平台上更高保真度和更高性能的體育體驗。

So this really rolls back back into our platform technology strategy.

因此，這確實回到了我們的平台技術策略。

Your next question comes from the line of Matthew Coss with Morgan Stanley.

您的下一個問題來自摩根士丹利的馬修‧科斯 (Matthew Coss)。

Your line is now open for a good morning.

您的熱線現已開通，祝您早安。

Thanks for taking the questions on.

感謝您提出問題。

So I know we've talked a little bit over the course of the year about the impact of console, but it's just showing up so strong in the quarter.

所以我知道我們在這一年中已經討論了控制台的影響，但它在本季度表現得如此強勁。

So I want to I want to double-click on the success there.

所以我想雙擊那裡的成功。

So obviously, robots has been available on Xbox for a long time on PlayStation is more recent development.

顯然，機器人在 Xbox 上已經存在很久了，而在 PlayStation 上則是最近才開發出來的。

What is the breakthrough that you're seeing in terms of behavior on console on?

您在主機上的行為看到了什麼突破？

What is it that is cause this to be a big change in uptake as you've gone onto PlayStation and then our people creating content at the same rates when they're engaging with roadblocks on costs?

當你進入 PlayStation 後，我們的員工在遇到成本障礙時仍以相同的速度創建內容，是什麼導致了這種吸收率的巨大變化？

Or is that still cut up any kind of more landlords on their platforms than I have one follow-up.

或者說，他們平台上的房東數量是否仍然比我的後續行動還要多。

Thank you.

謝謝。

Here, I would say the breakthrough is really more going to the origins of robots and the foundation of our strategy, which is that immersive 3D content once created can run on any device, any form factors.

在這裡，我想說，突破實際上更多地涉及機器人的起源和我們策略的基礎，即沉浸式 3D 內容一旦創建就可以在任何設備、任何外形尺寸上運行。

So when we launched on PlayStation than a year ago, there was already amazing content content that was being playing on Xbox and PCs and phones and tablets.

因此，當我們在一年前推出 PlayStation 時，Xbox、PC、手機和平板電腦上就已經有令人驚嘆的內容了。

And arguably there is just a giant market sitting there waiting for that content to become available on PlayStation.

可以說，有一個龐大的市場正在等待這些內容在 PlayStation 上提供。

I would say there's a second area effect that over the last year or roughly, I'm adding PlayStation and a very, very roughly doubles the number of players playing on console on and what that allows is certain classes of experiences that may slightly nudge to console to have double the economic availability for our creators.

我想說的是，在過去一年或大約一年裡，我添加了 PlayStation，並且在主機上玩遊戲的玩家數量非常非常大致翻了一番，這使得某些類別的體驗可能會稍微推動控制台為我們的創作者提供雙倍的經濟可用性。

So I think it's on it was initially just being on all platforms and then second, doubling the roughly size of our console market enabling creators to make double on console.

所以我認為它最初只是在所有平台上，然後第二，將我們的遊戲機市場的大致規模擴大一倍，使創作者能夠在遊戲機上賺取雙倍的收入。

But I think it highlights content on roadblocks address to impress, for example, is Varian, Beijing phone, tablet, computer and comp console across all of those devices.

但我認為它突出顯示了障礙地址上的內容，以給人留下深刻印象，例如，瓦里安、北京電話、平板電腦、計算機和所有這些設備上的控制台。

Yes, Matt, just I'll just add to that this quarter, key 30, we have the benefit of a very strong Xbox upgrade this time last year.

是的，馬特，我只想補充一點，本季度，第 30 個季度，我們受益於去年這個時候非常強大的 Xbox 升級。

So it's now flowed through for four quarters.

所以現在已經流過四個季度了。

And obviously in Q three, we have a business this quarter that has some PlayStation comparing to a quarter when we didn't have PlayStation.

顯然，在第三季度，我們本季的業務有一些 PlayStation，而我們沒有 PlayStation 的季度。

So it's really that simple.

事情就這麼簡單。

And so the growth in those two in a couple of business combined with basically at its peak levels in the third quarter.

因此，這兩項業務的成長在第三季基本上達到了高峰水準。

And so as we speak about console to make sure that the overall business is growing very quickly.

因此，當我們談論控制台時，請確保整體業務快速成長。

We see all the other platforms combined are growing at 28%, which is which is great.

我們看到所有其他平台的成長率總計為 28%，這非常好。

You go into the fourth quarter were generally making assumptions that console won't know it might, but we're generally making assumptions that I won't.

進入第四季度時，你通常會假設控制台不會知道它可能會發生，但我們通常會假設我不會。

Part of that is a little bit of the halo effect of the launch.

其中一部分是發射的光環效應。

But over time, again, Xbox is growing very quickly and we believe going into 25, it should grow like the other platforms are growing.

但隨著時間的推移，Xbox 再次快速成長，我們相信進入 25 年後，它應該會像其他平台一樣成長。

So we'll get through the fourth quarter comparable vendor and then consoles will be a part of the business like it's always been a part of the business.

因此，我們將通過第四季度的可比供應商，然後控制台將成為業務的一部分，就像它一直是業務的一部分一樣。

Great, thank you.

太好了，謝謝。

And then just on the on the payer conversion, I think daily payers as a percentage of DAU.s went up quite a bit from like 1.2% to 1.3% in the quarter.

然後就付款人轉換而言，我認為每日付款人佔 DAU.s 的百分比從本季的 1.2% 上升到 1.3%。

I mean, you've talked a lot about search and discovery and dynamic pricing floors and all these things which are introducing people to spend more money, engage more deeply fine at the right experiences.

我的意思是，您已經談論了很多關於搜尋和發現以及動態定價底線以及所有這些內容，這些內容引導人們花更多的錢，更深入地參與正確的體驗。

I mean, are those drivers that could could potentially push payer conversion further up from here?

我的意思是，那些驅動因素是否有可能進一步推動付款人轉換？

Or is it more about monetizing people who are already spending money growing the overall audience?

或者更多的是為了讓那些已經在花錢擴大受眾群體的人賺錢？

I'll share one trend on I want to highlight.

我將分享一個我想強調的趨勢。

Our economy team is generally driven by optimizing enjoyment on the platform and engagement.

我們的經濟團隊通常是透過優化平台享受和參與度來驅動的。

And we're always that's our highest North Star, what we shared on one one trend that you might expect.

這始終是我們最高的北極星，我們分享了您可能期望的一一趨勢。

And we saw this with the experiment that we initially did with dynamic pricing.

我們在最初進行的動態定價實驗中看到了這一點。

And now we've launched it for all creators is the notion that creators can have a better business in many cases by reducing prices rather than by increasing prices and farm over time as Peter's make more money reducing prices, one might look to a trend where more people participate in the economy.

現在我們為所有創作者推出了這個概念，即創作者在許多情況下可以通過降低價格而不是提高價格來獲得更好的業務，隨著時間的推移，隨著彼得通過降低價格賺更多的錢，人們可能會看到這樣一種趨勢：更多人參與經濟。

As a result of that.

結果。

I'm not saying that contributed to what we saw in the last quarter, but it was a surprising result of our price optimization experiments and what we're going live with.

我並不是說這促成了我們在上個季度看到的情況，但這是我們的價格優化實驗和我們即將實施的結果的令人驚訝的結果。

Yes, just a quick add on that.

是的，只是快速添加一下。

If you look at the overall number of payers in our supplemental materials, it's and I think Page 16, we really had fantastic growth, peak payers in history, the company.

如果你看一下我們補充資料中的付款人總數，我認為第 16 頁，我們確實取得了驚人的成長，是公司歷史上付款人的高峰。

So you're absolutely right.

所以你是完全正確的。

Conversion to payer is happening at higher rates.

向付款人的轉換率更高。

Again, I would credit that largely to the creator community and research and discovery algorithms, putting better content in front of users, more relevant content is just more likely to have a payer conversion from.

再次強調，我將這很大程度歸功於創作者社群以及研究和發現演算法，將更好的內容呈現在用戶面前，更相關的內容更有可能產生付費者轉換。

And we absolutely expect that there's continued ability to continue to improve that.

我們絕對期望有持續的能力來繼續改進這一點。

So 30% growth in pay.

所以薪資成長了30%。

There's some year on year with with partnered with a 4% growth in monetization per payer.

與去年同期相比，每位付款人的貨幣化增加了 4%。

So both should contribute over time.

因此，隨著時間的推移，兩者都應該做出貢獻。

But I don't think any of us believe that we are at peak conversion conversion should continue to grow over time.

但我認為我們中沒有人相信我們正處於轉換高峰，轉換率應該會隨著時間的推移而繼續增長。

It may not be linear, but that really is a function and out of the platform running better and our creator community building better content.

它可能不是線性的，但這確實是一種功能，而且平台可以更好地運行，我們的創作者社群可以建立更好的內容。

And we're bullish on both of those things continuing to happen.

我們看好這兩件事的持續發生。

Great.

偉大的。

Thank you.

謝謝。

The next question comes from the line of Brian Pitz with BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Brian Pitz。

Your line is now open.

您的線路現已開通。

Thanks for the question.

謝謝你的提問。

How are you thinking about how big paid access games could be to overall bookings mix over time?

您如何看待隨著時間的推移付費遊戲對整體預訂組合的影響有多大？

A framework that you're kind of thinking about?

您正在考慮的框架？

Or is it just too early?

還是現在還太早？

And then secondly, I think my kids clearly how to drive the trust to impress engagement.

其次，我認為我的孩子清楚如何推動信任以留下深刻的印象。

But is there something different that you're doing with that game?

但你在這款遊戲中做了什麼不同的事情嗎？

Is it seems to be a bit more viral and stickier than most.

它似乎比大多數產品更具病毒性和黏性嗎？

I know you're trying different things with the search algo Earl earlier in the year, but maybe you could just talk to is there a new model emerging for the more viral, James?

我知道今年早些時候你正在用搜尋演算法 Earl 嘗試不同的事情，但也許你可以談談是否有一種新的模型正在出現，以適應更流行的病毒，James？

Thanks, PR.

謝謝，公關。

Unpaid access behind one thing.

一件事背後的無償造訪。

If you look at our financial statements on new can analyze and see that our infrastructure is extremely efficient, I believe, were below a penny per hour rate now including cloud stimulation, cloud analytics, cloud, 3D streaming on 3D, immersive gaming, our safety infrastructure, RAI. safety and infrastructure and thousands of moderators.

如果您查看我們新的財務報表，可以分析並看到我們的基礎設施非常高效，我相信，現在低於每小時一美分，包括雲端刺激、雲端分析、雲端、3D 上的3D 串流、沉浸式遊戲、我們的安全基礎設施、RAI。安全和基礎設施以及數千名主持人。

As that continues to be hyper efficient were able to, in the case of paydown, in some cases, depending on pricing moves 7% to the creators.

由於這種效率仍然很高，因此在某些情況下，在支付首付款的情況下，根據定價，我們可以向創作者支付 7% 的費用。

This is Bill launching in December.

這是 12 月發布的 Bill。

We're excited about the opportunity, the overall gaming markets, um, space for software, which we estimate that about 180 billion per year, a chunk of that is fixed pricing rather than premium experiences.

我們對這個機會感到興奮，整個遊戲市場，嗯，軟體空間，我們估計每年大約 1800 億美元，其中很大一部分是固定定價而不是優質體驗。

And so we we would not comment on where we think that is going to be in robotics.

因此，我們不會評論機器人技術的發展方向。

But one way to look at is what's the percentage in the overall gaming space is that is fixed prices rather than freemium and other forms of monetization like in-game advertising on Dressler, impress, our the way we think about our platform, the way we think about economics and the way we think about our acquisition, which is primarily organic, is leaning to be creating the conditions for virology.

但一種看待方式是，固定價格在整個遊戲空間中所佔的百分比是多少，而不是免費增值和其他形式的貨幣化，例如Dressler 上的遊戲內廣告，這給我們留下了深刻的印象，我們對平台的看法，我們的方式考慮到經濟學，我們考慮收​​購的方式（主要是有機收購）傾向於為病毒學創造條件。

We need to be offering a hyper performance platform that works around the world that can support different types of content that can allow creators to build significant businesses that can allow them to attract new people.

我們需要提供一個在世界各地運作的超高性能平台，可以支援不同類型的內容，使創作者能夠建立重要的業務，從而吸引新人。

And when those conditions are right, we have more of an opportunity for viral hits.

當這些條件合適時，我們就有更多機會進行病毒式傳播。

In the case, addressed to impress a couple of things that are going on there from a very spontaneous experience.

在這種情況下，旨在給人留下深刻印象的一些事情是從一個非常自發的經歷中發生的。

We've improved launch times on low end mobile devices.

我們改進了低端行動裝置上的啟動時間。

We've improved the free claim rate on low-end Android devices, specifically one thing to note about trust him press.

我們提高了低端 Android 裝置的免費領取率，特別是關於信任他媒體需要注意的一件事。

It's playable in portray it as well as the landscape mode on worth thinking about that and shows a trend that a lot of younger people are used to portrait rather than landscape.

它在肖像和風景模式上的可玩性值得思考，並且顯示出許多年輕人習慣於肖像而不是風景的趨勢。

And it just kind of goes in what we saw a year ago were a couple of other experiences were growing viral like blocks routes in Brookhaven.

這就像我們一年前看到的那樣，其他一些體驗正在像布魯克海文的街區路線一樣迅速傳播。

So as we look to sports, as we look to our PG. open world bowel real, that's really where we're going to be going with those genres as well, creating the conditions for vitality in all of those genres that we're targeting in the gaming ecosystem.

因此，當我們關注體育運動時，就像我們關注我們的控球後衛一樣。真實的開放世界，這也是我們將要致力於這些類型的地方，為我們在遊戲生態系統中瞄準的所有這些類型的活力創造條件。

Great.

偉大的。

Thanks very much.

非常感謝。

The next question comes from the line of Omar to Salky with Bank of America.

下一個問題來自奧馬爾與美國銀行的索爾基線路。

Your line is now open.

您的線路現已開通。

I say some I think most of the questions I have been asked already.

我說一些我認為大部分已經被問到的問題。

So maybe I'll focus on something a little bit longer term, talking about your foundational AI model on something I think I started calling out two years ago at your investor day on.

所以也許我會關註一些更長遠的事情，談論你的基礎人工智慧模型，我想我是在兩年前的投資者日開始呼籲的。

Can you maybe give us a little sense of some of your thinking around a revenue model, direct revenue model for that technology height essentially monetize it other than simply giving it to figure out your developers to create content now basically with greater about my Thank you.

您是否可以讓我們了解您對收入模式的一些想法，該技術高度的直接收入模式本質上是將其貨幣化，而不是簡單地讓您的開發人員現在基本上更多地創建內容，謝謝。

Pay.

支付。

Omar, great question.

奧馬爾，好問題。

And we've highlighted a little bit of the vision where in the future a fashion experience on roadblocks rather than creating three D closing in a traditional way on with scissors and sewing machine will migrate to text and voice these problems.

我們強調了一點願景，即未來路障上的時尚體驗，而不是用剪刀和縫紉機以傳統方式創建 3D 閉合，將遷移到文字和語音這些問題。

And ultimately, users on our platform will design, including by describing it and seeing it magically appear in three D and then get to where it and put it on their Avatar.

最終，我們平台上的用戶將進行設計，包括透過描述它並看到它神奇地出現在 3D 中，然後到達它的位置並將其放在他們的頭像上。

So our model for AI is to build our own models of run that influence on our own in infrastructure at mega scale and have that AI. available not just in robots studio, but for millions and millions of people off the same time for super low cost.

因此，我們的人工智慧模型是建立我們自己的運行模型，對我們自己的大規模基礎設施產生影響，並擁有人工智慧。不僅可以在機器人工作室中使用，還可以以超低成本同時為數百萬的人提供。

So the monetization model for all of our foundational models, whether they're three the steam generation texture, our generation co-gen on even tux business serviced are all about increasing the quality retention and innovation in the actual 3D experiences themselves.

因此，我們所有基礎模型的貨幣化模型，無論是蒸汽生成紋理、我們的發電熱電偶甚至晚禮服業務服務，都是為了提高實際 3D 體驗本身的品質保留和創新。

So we're focused on 3D generation.

所以我們專注於 3D 生成。

We expect to be seeing what's next here on this will be something that creators can incorporate in their experiences.

我們希望看到接下來的內容，創作者可以將其融入他們的體驗中。

Hopefully for free, we'll see.

希望免費，我們拭目以待。

But hopefully because it's going to be so efficient and run on our own platform, receive new types of game play.

但希望它能如此有效率並在我們自己的平台上運行，從而獲得新類型的遊戲玩法。

And we're going to see a I integrated into many roadblocks experiences.

我們將看到我融入了許多障礙體驗。

Appreciate it.

欣賞它。

We have time for one more question from the line of Jason Bazinet with Citigroup.

我們還有時間回答花旗集團 Jason Bazinet 提出的另一個問題。

Your line is now open.

您的線路現已開通。

This may be a hard question to answer, but you guys did so well in the quarter, if you had the statistical Gander and how much of that was the handful of enhancements that you needed a platform as opposed to things that are going on in the developer world?

這可能是一個很難回答的問題，但是如果你們有統計數據，你們在本季度的表現非常好，並且其中有多少是你們需要一個平台的少數增強功能，而不是當前正在發生的事情開發者世界？

Yes, you create tools, but there's really sort of the breakout hit or something like that.

是的，你創造了工具，但確實有某種突破性的打擊或類似的東西。

How would you how would you parse out the outsized growth?

您將如何解析超額成長？

And you saw in the quarter?

你在本季看到了嗎？

I would just say, yes, yes, yes.

我只想說，是的，是的，是的。

Yes.

是的。

Programmables somewhat one way to think about roadblocks, um, we got a plot of land.

可編程是思考路障的一種方式，嗯，我們得到了一塊土地。

What we're doing is the quality of the soil, the quality of the, whether the quality of this on the quality of all of that creates a fertile platform for creators to express their intent and build amazing things and build great economics.

我們正在做的是土壤的質量，土壤的質量，這一切的質量，這一切的質量，為創造者創造一個肥沃的平台，讓他們表達他們的意圖，創造令人驚嘆的事物，建立偉大的經濟。

So both of those happened in synergy.

所以這兩者是協同發生的。

It's what when we talk about our aspirations for 10% of the gaming software market running on roadblocks that defines how we as robots and build those conditions.

當我們談論我們對遊戲軟體市場 10% 的渴望時，我們的目標是在障礙中運行，這定義了我們作為機器人如何創造這些條件。

So amazing creation can take off first, thank you very much.

如此令人驚嘆的創作可以首先起飛，非常感謝。

Thank you all for joining us today.

感謝大家今天加入我們。

I will hand it over to Amy to close out the call.

我會將其交給艾米來結束通話。

Thank you.

謝謝。

That does conclude today's conference call.

今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。