華納兄弟探索 (WBD) 2025 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the Warner Bros. Discovery second-quarter 2025 earnings conference call. (Operator Instructions) Additionally, please be advised that today's conference call is being recorded.

女士們、先生們，歡迎來到華納兄弟。探索頻道 2025 年第二季財報電話會議。（操作員指示）此外，請注意，今天的電話會議正在錄音。

I would now like to hand the conference over to Mr. Andrew Slabin, Executive Vice President, Global Investor Strategy. You may now begin.

現在，我想將會議交給全球投資者策略執行副總裁安德魯‧斯拉賓先生。現在你可以開始了。

Good morning, and thank you for joining us for Warner Bros. Discovery's Q2 earnings call. Joining me today is David Zaslav, President and Chief Executive Officer; Gunnar Wiedenfels, Chief Financial Officer; and JB Perrette, CEO and President, Global Streaming and Games.

早安，感謝您參加華納兄弟的活動。探索頻道第二季財報電話會議。今天與我一起出席的還有總裁兼執行長 David Zaslav、財務長 Gunnar Wiedenfels 和全球串流媒體和遊戲執行長兼總裁 JB Perrette。

Today's presentation will include forward-looking statements that we made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements may include comments regarding the company's future business plans, prospects, and financial performance, and involve risks and uncertainties that could cause actual results to differ materially from our expectations.

今天的演示將包括我們根據 1995 年《私人證券訴訟改革法案》的安全港條款做出的前瞻性聲明。前瞻性陳述可能包括有關公司未來業務計劃、前景和財務業績的評論，並涉及可能導致實際結果與我們的預期有重大差異的風險和不確定性。

For additional information on factors that could affect these expectations, please see the company's filings with the Securities and Exchange Commission, including, but not limited to, the company's most recent annual report on Form 10-K and its reports on Form 10-Q and Form 8-K.

有關可能影響這些預期的因素的更多信息，請參閱公司向美國證券交易委員會提交的文件，包括但不限於公司最新的 10-K 表年度報告以及 10-Q 表和 8-K 表報告。

In addition, we will discuss non-GAAP financial measures on this call. Reconciliations of these non-GAAP financial measures to the closest (technical difficulty) can be found in our earnings release and in our financial schedules, which can be found in the Investor Relations section of our website.

此外，我們將在本次電話會議上討論非公認會計準則財務指標。這些非公認會計準則財務指標的最接近（技術難度）的對帳可以在我們的收益報告和財務時間表中找到，這些可以在我們網站的投資者關係部分找到。

And with that, I'm pleased to turn the call over to David.

說完這些，我很高興將電話轉給大衛。

Good morning, and thank you all for joining us. Our top strategic objectives have always been clear: to be the premier home for the world's most creative talent both in front of and behind the camera; to operate as the world's largest, highest-quality maker and producer of film and television; and to distribute those stories to audiences worldwide through a globally scaled, profitable streaming service.

早安，感謝大家加入我們。我們的首要策略目標始終很明確：成為全球檯前幕後最具創造力人才的首選家園；成為全球最大、品質最高的電影電視製作商和生產商；並透過全球規模、盈利能力強的串流媒體服務將這些故事傳播給全球觀眾。

In the second quarter and in the early weeks of the third quarter, Warner Bros. led with strong momentum in delivering on all three of those objectives. We're seeing that momentum at motion pictures, where Warner Bros. became the first studio ever to open five consecutive films with more than $45 million in domestic box office.

在第二季和第三季初期，華納兄弟以強勁的勢頭領先實現了這三個目標。我們在電影界也看到了這種勢頭，華納兄弟成為有史以來第一家連續五部電影上映，國內票房均超過 4,500 萬美元的電影公司。

We're seeing that at The Emmys, where Warner Bros. TV led all Studios in nominations and HBO set a new record with 142 nominations. We're seeing it in the strong critical and fan response to Superman, which begins an exciting new era for DC Studios. And we're thrilled to share that James Gunn is already writing and preparing to direct the next installment within the Super-Family.

我們在艾美獎頒獎典禮上看到了這一點，華納兄弟。電視劇在提名數量上領先所有製片廠，而 HBO 則以 142 項提名創下了新紀錄。我們從評論界和粉絲對《超人》的強烈反應中看到了這一點，這為 DC 工作室開啟了一個令人興奮的新時代。我們很高興地告訴大家，詹姆斯古恩已開始編寫並準備執導超級家庭的下一部作品。

And we're seeing it at HBO Max, which again added more than 3.4 million subscribers in Q2 as it continues to launch in markets around the world. This pattern of creative success is the result of a three-plus year attack plan aimed at enhancing every dimension of our creative culture and storytelling business.

我們在 HBO Max 上也看到了這一點，隨著它繼續在全球市場推出，其在第二季度再次增加了 340 多萬訂閱用戶。這種創造性的成功模式是三年多進攻計劃的結果，旨在增強我們的創意文化和講故事業務的各個方面。

From HBO to Warner Bros. Television to Warner Bros. Pictures, and from animation to DC Studios, we've invested in our studios' creative and operational capabilities. As a result, our Studios business is now on track to deliver at least $2.4 billion in adjusted EBITDA in 2025, with our sight set on our $3 billion goal.

從 HBO 到華納兄弟。電視轉播至華納兄弟圖片，從動畫到 DC 工作室，我們都對工作室的創意和營運能力進行了投資。因此，我們的影視工作室業務預計在 2025 年實現至少 24 億美元的調整後 EBITDA，並朝著 30 億美元的目標邁進。

We have transformed HBO Max and have our Streaming business on track to exceed $1.3 billion in adjusted EBITDA in 2025 and reach over 150 million subscribers by the end of 2026. And from CNN to TNT Sports, we are bringing innovation to news, sports, and unscripted programming as we work to optimize our global networks.

我們已經對 HBO Max 進行了改造，我們的串流媒體業務預計在 2025 年實現超過 13 億美元的調整後 EBITDA，並在 2026 年底達到超過 1.5 億訂閱用戶。從 CNN 到 TNT 體育，我們正在為新聞、體育和非腳本節目帶來創新，以優化我們的全球網路。

All the while, we've dramatically delevered our balance sheet from over 5 times net leverage to 3.3 times now, the lowest since our merger closed. As we continue to navigate generational disruption and move forward with splitting into two independent publicly traded companies in 2026, our current momentum will help position both future organizations for long-term success.

同時，我們大幅降低了資產負債表的槓桿率，從淨槓桿率超過 5 倍降至現在的 3.3 倍，這是我們合併完成以來的最低水準。隨著我們繼續應對世代交替，並於 2026 年分拆為兩家獨立的上市公司，我們目前的勢頭將有助於這兩個未來的組織獲得長期成功。

With that, we look forward to your questions.

我們期待您的提問。

(Operator Instructions) Robert Fishman, MoffettNathanson.

（操作員指示）羅伯特·菲什曼，莫菲特·納森。

Good morning. I have one question for each company, Warner Bros. and Discovery. Can you talk about your content licensing strategies? David, you shared in the letter that the $5 billion annual library revenues from Warner Bros. TV and film and balancing that trade-off. So would you be more open to licensing the Warner Bros. and HBO content to third-party streamers now going forward?

早安.我對華納兄弟和探索頻道這兩家公司都想問一個問題。您能談談您的內容授權策略嗎？大衛，你在信中提到，華納兄弟每年為圖書館帶來 50 億美元的收入。電視和電影並平衡這種權衡。那麼，從現在起，您是否更願意將華納兄弟和 HBO 的內容授權給第三方串流媒體？

And then for Gunner, can you talk about your approach to overall content licensing, but especially with regards to your sports rights especially in light of the potential of sublicensing these rights to ESPN or other streamers? Thanks so much.

然後對於 Gunner，您能談談您對整體內容許可的方法嗎，特別是關於您的體育權利，特別是考慮到將這些權利再授權給 ESPN 或其他串流媒體的可能性？非常感謝。

Thanks, Robert. Well, look, one of the great building blocks of our Studio business is we have the largest TV and motion picture library in the world. And that is like a long-cycle business that we can look at as a steady stream.

謝謝，羅伯特。嗯，你看，我們工作室業務的一大基石就是我們擁有世界上最大的電視和電影庫。這就像一個長週期業務，我們可以將其視為一條穩定的溪流。

Having said that, we've made a number of judgments, including this year, where we've opted to sell significantly less than we could into the Streaming market as well as the traditional market. Because we're seeing such growth, and we're driving towards such growth for our Studio business, which includes our Streaming HBO Max.

話雖如此，我們也做出了一些判斷，包括今年，我們選擇在串流媒體市場和傳統市場銷售的產品數量遠低於我們所能銷售的數量。因為我們看到了這樣的成長，而且我們正在推動我們的工作室業務實現這樣的成長，其中包括我們的串流媒體 HBO Max。

And so we think in order to differentiate HBO Max, it's important that there are a wealth of properties, quality properties that reinforce you only get this at HBO Max. And that's working for us in terms of driving growth. It's working for us as people -- more and more seeing HBO Max as the premier quality service around the world and storytelling.

因此，我們認為，為了使 HBO Max 與眾不同，重要的是擁有豐富的屬性和優質的屬性，以強調只有在 HBO Max 才能獲得這些屬性。這對於我們推動成長是有幫助的。它對我們人類來說很有用——越來越多的人將 HBO Max 視為全球首屈一指的優質服務和故事講述者。

And so it's really a decision to fight for asset value and growth rather than near-term value. And we did walk away, and I expect that we will continue to because we're seeing very good trends as we grow around the world.

因此，這實際上是爭取資產價值和成長而不是短期價值的決定。我們確實離開了，而且我預計我們會繼續這樣做，因為隨著我們在全球範圍內的發展，我們看到了非常好的趨勢。

Yeah. And, Robert, maybe just to add one point to what David said and we try to shed a little bit of light on this in our letter this quarter as well. It is important to understand that we have very significantly shifted the mix between external and internal content sales over the past three years.

是的。羅伯特，也許我只是想補充戴維所說的一點，我們也試圖在本季度的信中對此進行一些闡明。重要的是要了解，在過去三年中，我們已經顯著改變了外部和內部內容銷售的組合。

And that has sort of put pressure on our near-term financial results. But we have put a 10-digit figure of value in terms of intercompany profits parked on the balance sheet. That's going to come back into the P&L over the next few years as JB utilizes this content and Casey utilize this content on the HBO Max platform. So there's -- we have taken a short-term financial hit for some real value that's going to flow through, and that's a significant amount.

這給我們的近期財務表現帶來了壓力。但我們在資產負債表上記錄了十位數的公司間利潤價值。隨著 JB 和 Casey 在 HBO Max 平台上使用這些內容，這些內容將在未來幾年內重新回到損益表中。因此，我們雖然遭受了短期財務打擊，但還是獲得了一些實際價值，而且金額相當大。

One of the real, I think, advantages of running Warner as one company is HBO was the premier producer of quality storytelling and Warner Bros. Television was the premier producer of TV series. But they didn't work together very much.

我認為，將華納作為一家公司來運營的真正優勢之一是，HBO 是優質故事敘述的首要製作人，而華納兄弟則是其中之一。電視台是電視劇的主要製作機構。但他們合作得併不多。

We now have Channing and Casey working together. So we innovated with The Pitt as a procedural that was very, very successful for us. And that will be coming back in January, nine months after 15 episodes came off. They're working together with J.K. Rowling on Harry Potter, which is extremely promising and is already in production, and will be doing 10 consecutive years.

現在我們有 Channing 和 Casey 一起工作。因此，我們對《The Pitt》進行了創新，這對我們來說非常非常成功。該劇將於明年 1 月回歸，距離上映 15 集已有 9 個月。他們正在與 J.K. 羅琳合作創作《哈利波特》，這本書前景廣闊，目前已投入製作，並將連續製作 10 年。

So this idea of aligning the best TV production -- quality production company in the world and having some of that best work -- not all of it -- Ted Lasso, Shrinking, Presumed Innocent. We do a lot of content for others, but more coordination going to HBO Max for a net value and a net positive that will drive sustainable growth at HBO Max.

因此，這個想法就是將最好的電視製作——世界上優質的製作公司——與一些最好的作品——而不是全部——結合起來，例如《泰德·拉索》、《縮小》、《無罪推定》。我們為其他人做了很多內容，但更多的協調將用於 HBO Max，以獲得淨值和淨正值，從而推動 HBO Max 的可持續成長。

And then, Robert, for Discovery Global, there were really two questions, one on general content licensing and then the Sports question. Let me start with the entertainment content first.

然後，羅伯特，對於探索全球來說，實際上有兩個問題，一個是關於一般內容許可，另一個是關於體育問題。我先從娛樂內容開始吧。

One thing that has already happened and that I expect to become more of a factor going forward as a separate company is we are reimagining the US Networks portfolio really as a content engine around very strong unscripted brands and not so much as sort of just traditional linear networks.

有一件事已經發生，而且我預計作為一家獨立公司，這件事在未來會成為更重要的因素，那就是我們正在重新構想美國網絡組合，將其真正打造為一個圍繞非常強大的非腳本品牌的內容引擎，而不僅僅是傳統的線性網絡。

And as part of that, certainly, all monetization forms will play a greater role. And content licensing is definitely one factor or one tool in the box here. So it's going to be a meaningful contribution going forward as we think about recovering our content investments.

作為其中的一部分，所有貨幣化形式無疑都將發揮更大的作用。內容授權肯定是這裡的一個因素或一個工具。因此，當我們考慮恢復內容投資時，這將是一個有意義的貢獻。

I will say that for the current trends, 2024 was a year where we really started firing that up a little bit. And 2024 also had some unusually high content licensing numbers. And that's a factor that I also -- I wanted to call out. For the second half year, we had $580 million of Networks content sales in the second half of 2024. That's above a more normalized run rate of roughly $200 million a quarter or so. So that's definitely a factor as we think about the rest of the year and going forward.

我想說的是，就目前的趨勢而言，2024 年是我們真正開始有所推動的一年。2024 年的內容許可數量也異常高。這也是我想指出的因素。就下半年而言，我們在 2024 年下半年的網路內容銷售額為 5.8 億美元。這高於每季約 2 億美元的正常運作率。因此，當我們考慮今年剩餘時間以及未來發展時，這肯定是一個因素。

On the Sports side, again, never say never, but I will say the following. We love the Sports portfolio that we have. Luis and the team have done great work restructuring this over the past two years. And we've got a very, very strong portfolio, all the key franchises. And it's going to be even more important as we look at Discovery Global as a separate standalone entity.

在體育方面，再說一次，永遠不要說永遠，但我要說以下幾點。我們熱愛我們現有的運動投資組合。在過去的兩年裡，路易斯和他的團隊在重組方面做了大量工作。我們擁有非常強大的投資組合，包括所有關鍵的特許經營權。當我們將探索全球視為一個獨立的實體時，這一點將變得更加重要。

So we will continue with an important Sports strategy. We will continue to be looking at investments with the same discipline that we have in the past. And with that, I think it's unlikely that we will sublicense rights out. In fact, if you look at what we've done recently with the College Football Playoffs -- the two games this year growing to five games next year -- we have, if anything, taken on a little more.

因此，我們將繼續推行重要的體育策略。我們將繼續以過去同樣的紀律來檢視投資。因此，我認為我們不太可能將權利再授權出去。事實上，如果你看看我們最近在大學橄欖球季後賽中的表現——今年的兩場比賽明年將增加到五場比賽——我們承擔了更多比賽。

And then the final thing I'll say is, I don't think there is a need to sublicense if that's sort of the direction of your question. In fact, Luis and the team are working hard on developing the go-to-market approach to utilize our Streaming rights going forward.

最後我想說的是，如果這是你問題的方向，我認為沒有必要再授權。事實上，路易斯和他的團隊正在努力開發進入市場的方法，以便在未來充分利用我們的串流權利。

And the broad strokes are, it's going to be a standalone product that we will be able to take direct to the consumer, but also bundle with HBO Max, with discovery+, potentially third parties, again, all in the spirit of making our content available to as many people as possible. So lots to work through and stay tuned.

總體來說，它將是一個獨立的產品，我們可以直接將其帶給消費者，但也可以與 HBO Max、discovery+ 以及潛在的第三方捆綁銷售，同樣，這一切都是為了讓盡可能多的人能夠享受我們的內容。因此還有很多工作要做，請繼續關注。

Great. Let's go to the next question, please.

偉大的。請讓我們進入下一個問題。

Jessica Reif Ehrlich, Bank of America Securities.

美國銀行證券公司的傑西卡·賴夫·埃利希 (Jessica Reif Ehrlich)。

Good morning. Thank you. I have two questions also. David, look, you've been developing a lot and have a lot of franchises. You mentioned Harry Potter, now Superman. Can you talk about what else you see as future franchises and kind of the halo effect that the success can have on the entire organization from theatrical licensing, Streaming games, merchandise, et cetera?

早安.謝謝。我也有兩個問題。大衛，你看，你已經取得了很多發展，並且擁有很多特許經營權。你提到了哈利波特，現在又提到超人了。您能否談談您認為未來的特許經營權還有哪些，以及這些特許經營權的成功對整個組織可能產生的光環效應，包括影院授權、串流遊戲、商品等等？

And then, Gunnar, like now that you're becoming the CEO of Global Networks, it's a segment that's obviously been challenged from just the secular challenges. Can you talk about what you see as the like underappreciated opportunity for growth in this business?

然後，Gunnar，就像現在您成為 Global Networks 的執行長一樣，這個領域顯然面臨著來自長期挑戰的挑戰。您能談談您認為這個行業中哪些被低估的成長機會嗎？

Thanks, Jessica. I've said all along that one of the assets that we have at this company is that we have such -- so much compelling storytelling IP that people know everywhere in the world, whether it's Batman, Superman, Wonder Woman, Lord of the Rings.

謝謝，傑西卡。我一直說，我們公司的資產之一就是我們擁有如此多引人入勝的故事 IP，世界各地的人們都知道，無論是蝙蝠俠、超人、神力女超人還是《魔戒》。

And then we'll call those the big tentpoles -- Harry Potter -- and then smaller tentpoles like The Fugitive, Goonies, Gremlins, that everybody knows. And a piece of our strategy is light up strategically those big tentpoles so that we have two or three of those a year, which provide real stability.

然後我們把這些稱為大製作，像是《哈利波特》，然後是小製作，像是大家都知道的《亡命天涯》、《七寶奇謀》、《小精靈》。我們的策略之一是策略性地點亮那些大型帳篷，以便我們每年有兩到三個這樣的帳篷，從而提供真正的穩定性。

We got a great script on Lord of the Rings with Peter Jackson that we're already -- that we're moving forward on. And we'll be giving you more detail on that. We're working very hard on Wonder Woman. We already have a big piece of the DC strategy laid out.

我們與彼得傑克森合作創作了《魔戒》的精彩劇本，並且正在推進中。我們將向您提供更多詳細資訊。我們正在為《神力女超人》付出大量努力。我們已經制定了 DC 戰略的大部分內容。

But we effectively have four Studios. So we have -- so one is developing DC. We've talked about that. The second is Warner. And half of what Mike and Pam are doing is things like Lord of the Rings or Gremlins or Goonies or Practical Magic, going back to things people know. And the other half is new stories, like Sinners.

但我們實際上有四個工作室。我們已經－其中一個就是開發DC。我們已經討論過這個問題了。第二位是華納。麥克和帕姆所做的事情有一半是類似《魔戒》、《小精靈》、《七寶奇謀》或《魔法靈緣》之類的東西，回到人們所熟知的事情上。另一半是新故事，例如《罪人》。

And then we have New Line which -- New Line is back to what they do better than anybody in the world, which is horror. And if you -- for those of you that have a free moment this weekend, it -- go see Weapons, and just hold on to your seat because it's an incredible ride.

然後我們有了新線電影公司——新線電影公司又回到了他們比世界上任何人都更擅長的領域——恐怖片。如果您——對於這個週末有空的人來說——去看《武器》吧，請坐穩，因為這是一次令人難以置信的旅程。

But they're having -- New Line is back in its lane, and we expect to do a number of those a year, together with some comedies, which is part of the great heritage of New Line, and then animation. We have Cat in the Hat coming in January with Bill Domanski.

但是他們——新線電影公司又回到了自己的軌道上，我們預計每年都會製作一些這樣的影片，還有一些喜劇片，這是新線電影公司偉大遺產的一部分，然後是動畫片。一月份，我們將與比爾多曼斯基 (Bill Domanski) 合作推出《戴帽子的貓》。

And so we have a very balanced portfolio that's much more focused on the economics of each of these. And having that -- and since our IP has been underused -- no Superman in 14 years, no Lord of the Rings in 13 years -- that to go back and to be able to bring a lot of those franchises back to life and also tell new and original stories.

因此，我們擁有一個非常平衡的投資組合，並且更加重視每個投資組合的經濟效益。而且由於我們的智慧財產權尚未充分利用——14 年來沒有《超人》，13 年來沒有《魔戒》——因此我們可以回到過去，讓許多這樣的系列電影重新煥發生機，同時講述新的原創故事。

So we feel really good about where we are. And when we project this year for the Motion Picture Group, we're conservative. We understand that the Motion Picture business -- in the end, the audience will decide. We've had an extraordinary run. We were in last place, and we came -- Mike and Pam and DC and New Line together went from last to first.

因此，我們對目前的狀況感到非常滿意。當我們為電影集團今年做出預測時，我們持保守態度。我們明白，對電影產業來說，最終的決定權在於觀眾。我們經歷了一段非凡的歷程。我們原本是最後一名，但我們來了——麥克、帕姆、DC 和新線電影公司一起從最後一名躍居第一。

Disney's a little bit ahead right now, and we're looking forward to, we think, what we think will be a good weekend. But we're having -- we're really making the turn. It's been three years of investment, and you're going to start to see these products roll out. And you'll see them roll out strategically and with real focus on cost.

迪士尼現在有點領先，我們期待著，我們認為，這將是一個美好的周末。但我們正在——我們確實正在發生轉變。經過三年的投資，您將開始看到這些產品的推出。你會看到他們採取策略性舉措並真正專注於成本。

And finally, we have a big advantage, I think, in the way that we're marketing these films. We've spent years getting them ready. And we have a real global attack that you saw with Barbie, you saw with Wonka, you saw with Superman. You saw it with F1, when Apple came to us uniquely and wanted us to take it on. And so I think that we have real momentum there.

最後，我認為我們在行銷這些電影的方式上具有很大的優勢。我們花了數年時間準備它們。我們確實遭遇了全球性攻擊，就像你在芭比娃娃、旺卡和超人身上看到的一樣。您在 F1 上就看到了這一點，當時 Apple 以獨特的方式找到我們並希望我們接手。所以我認為我們在這方面擁有真正的動力。

Okay. And, Jessica, on the Global Networks side, look, it's a legitimate question, of course, and the number one question maybe. I have to tell you the thing that excites me the most about the future here is, I will have the privilege to work with maybe the greatest team I've ever seen in my career. I've known many of these people for years, and it's a team that has a track record of fighting to win. And it's a team that's everywhere in the world.

好的。傑西卡，站在全球網路的角度，你看，這當然是一個合理的問題，也許是最重要的問題。我必須告訴你，未來最讓我興奮的是，我將有幸與我職業生涯中見過的最偉大的團隊合作。我認識其中的許多人很多年了，這是一支有著為勝利而奮鬥記錄的團隊。這是一支遍布世界各地的團隊。

And I've spent a good part of my time over the past eight weeks traveling around and meeting a lot of the people across the Discovery Global footprint. And I can tell you the level of excitement, creativity, and energy that's coming through in these meetings is off the charts.

在過去的八周里，我花了大量時間四處旅行，與探索全球的許多人見面。我可以告訴你們，這些會議所體現的興奮、創造力和活力的水平是超乎尋常的。

And one big factor here is that people understand that we're building a group of assets here that is set up to thrive and continue to prosper on a standalone basis. We've already talked about the changes we're making to the perimeter, all of US Sports coming with Discovery Global, discovery+ moving over.

這裡的一個重要因素是，人們明白我們正在建立一組資產，這些資產將在獨立的基礎上蓬勃發展並持續繁榮。我們已經討論過我們正在對週邊進行的改變，所有美國體育節目都將與 Discovery Global 一起推出，discovery+ 也將轉移過來。

And we have Bleacher Report, and we have an international [free-to-air] footprint with very different secular trends than what you're seeing here in the US. And the ability to focus on these assets and nothing else is exciting me and is exciting the team everywhere and with everybody I've spoken so far.

我們有 Bleacher Report，我們在國際上擁有 [免費電視] 的影響力，其長期趨勢與美國的情況截然不同。能夠專注於這些資產而不考慮其他任何事情讓我感到興奮，也讓各地的團隊以及迄今為止與我交談過的每個人都感到興奮。

And it won't mean that we're going to change the secular trends. But I do believe that there are very significant pockets of growth and opportunity. And we'll work really hard over the next half year here to identify those and get in position to deliver what, I think, is going to be a much -- a business with much more longevity than what the market sees right now.

這並不意味著我們會改變長期趨勢。但我確實相信，其中存在著非常重要的成長和機會。我們將在接下來的半年裡非常努力地確定這些目標，並做好準備，實現我認為比市場現在看到的更長壽的業務。

Great. Thanks, Jessica. Next question.

偉大的。謝謝，傑西卡。下一個問題。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

Hi. Good morning. Thank you for the question. I just have two. First on Studio and live events, I was just wondering, given all the investments that you're making in DC and the early success of the DC reboot, are you revisiting what DC is doing in terms of theme parks and live events?

你好。早安.謝謝你的提問。我只有兩個。首先關於工作室和現場活動，我只是想知道，鑑於您在 DC 所做的所有投資以及 DC 重啟的早期成功，您是否會重新審視 DC 在主題公園和現場活動方面所做的事情？

I know there's the licensing deal with Six Flags. But against the backdrop of something like the success of Harry Potter at Universal, I was just wondering if there was an opportunity to revisit what you're doing with the DC franchises in parks. And then I have a quick follow-up.

我知道與六旗有許可協議。但在《哈利波特》在環球影城取得成功的背景下，我只是想知道是否有機會重新審視您在園區中對 DC 系列電影的所作所為。然後我有一個快速的後續問題。

Thanks, Michael. We think there's a tremendous amount of untapped value. First, generically, we have a lot of upside. We make about, when we took over three years ago, about $0.22 for every dollar that Disney makes in circulating their IP through the system. We're up to about $0.30 now.

謝謝，麥可。我們認為還有大量尚未開發的價值。首先，整體來說，我們有很多優勢。三年前我們接手時，迪士尼透過該系統傳播其智慧財產權每賺 1 美元，我們就能賺 0.22 美元。我們現在已達到約 0.30 美元。

Harry Potter is different, where we're extremely effective in monetizing that through gaming and through a very mutually beneficial deal with Universal and the Harry Potter parks that we have. And that was kind of a framework for us to go on the attack.

哈利波特則不同，我們透過遊戲以及與環球影城和哈利波特樂園達成的互惠互利協議，非常有效地將其貨幣化。這就是我們發動攻擊的一個框架。

Bruce Campbell is running that business. He -- we announced he will be the COO of our new business. And we think that's a real growth opportunity for us. We've gotten back some of our rights that were given to Six Flags and freed up DC in a way that we think can be very compelling.

布魯斯坎貝爾 (Bruce Campbell) 負責經營這項業務。他——我們宣布他將擔任我們新公司的營運長。我們認為這對我們來說是一個真正的成長機會。我們收回了授予六旗的一些權利，並以我們認為非常引人注目的方式釋放了 DC。

A lot of those rights weren't tied up at all outside the US, and we're in different stages of deploying those assets. We're not going to build theme parks ourselves. But there were some, like Harry Potter. Those are -- it's not a theme park. But it's -- that's -- if you look at Leavesden -- we went into Japan. Japan is -- both of those are sold out for over a year.

其中許多權利在美國境外根本沒有受到約束，而且我們正處於部署這些資產的不同階段。我們不會自己建造主題樂園。但還是有一些，比如哈利波特。那些——這不是主題樂園。但是——那是——如果你看看利維斯登——我們進入了日本。日本——這兩種產品都已銷售一空，已經超過一年了。

We're looking at expanding that. And some of it will be either a little bit of ownership or licensing. We're already doing something like that in Saudi Arabia, which is quite lucrative. So the answer is, yes, and there's more than just DC and Harry Potter. And you saw it with Superman the way Bruce and the team deployed Superman across all the merchandising elements. And it was quite effective, and we ended up with a lot more economic value.

我們正在考慮擴大這一範圍。其中一些將是少量的所有權或許可。我們已經在沙烏地阿拉伯做類似的事情，而且利潤豐厚。所以答案是肯定的，而且不只 DC 和哈利波特。你可以在超人身上看到布魯斯和他的團隊將超人部署到所有商品元素中的方式。它非常有效，我們最終獲得了更多的經濟價值。

Great. Thank you. That's very helpful. And then for Gunnar, I was just wondering if you could talk about the comments in the letter related to the HBO Max US distribution deal restructuring. What was the nature of that, and what drives the reacceleration after the first half of '26? Thank you.

偉大的。謝謝。這非常有幫助。然後對於 Gunnar，我只是想知道您是否可以談談信中與 HBO Max 美國分銷協議重組相關的評論。其本質是什麼？是什麼推動了 26 年上半年後經濟再次加速？謝謝。

Yeah. Michael, it's essentially as we laid out in the letter. We had a legacy deal with a former affiliated party. And it's not unusual, once those come up for renewal, that priorities shift. And we've taken a bit of an adjustment of the rates and that we wanted to call it out because it's going to have a meaningful impact on our revenue growth for a 12-month period until we lap this deal.

是的。邁克爾，基本上就像我們在信中所說的那樣。我們與前關聯方達成了遺留協議。一旦需要續約，優先事項就會發生變化，這並不罕見。我們對利率進行了一些調整，我們想公開這一點，因為這將對我們達成這筆交易前 12 個月的收入成長產生重大影響。

But it's also important to note that we expect a reacceleration, not only once we lap this deal, but also from the various market launches that we have in the pipeline beginning Q1 of 2026. I don't know if you want to (multiple speakers) --

但同樣值得注意的是，我們預計不僅在完成這筆交易後會出現再次加速，而且還會從 2026 年第一季開始籌備的各種市場發布中出現再次加速。我不知道你是否想（多位發言者）——

One quick thing. It's not Saudi Arabia. It's Abu Dhabi. So sorry about that. But go ahead, JB.

有一件事。這不是沙烏地阿拉伯。它是阿布達比。對此我深感抱歉。但繼續吧，JB。

Yeah. I think in terms of the HBP Max's Streaming profile, as Gunner said, it will certainly dampen the growth rates for the second half of '25. The reacceleration drivers are going to be starting in the first half obviously, big new international launches coming from Europe.

是的。我認為，就 HBP Max 的串流概況而言，正如 Gunner 所說，它肯定會抑制 25 年下半年的成長率。顯然，重新加速的動力將在上半年開始，來自歐洲的大型國際新產品的發布。

So on a global basis, we'll start to see revenue reaccelerate in the first half and really in the first quarter of '26. And then the US growth will reaccelerate starting in the second half of '26 as we lap that reset.

因此，從全球範圍來看，我們將開始看到營收在上半年以及 26 年第一季重新加速成長。隨著我們進入重新調整階段，美國經濟成長將從 26 年下半年開始重新加速。

Great. Thank you very much.

偉大的。非常感謝。

Next question, please. Thanks, Michael.

請回答下一個問題。謝謝，麥可。

John Hodulik, UBS.

瑞銀的約翰·霍杜里克（John Hodulik）。

Thank you. Two if I could. First, can you talk a little bit about some of the underlying drivers of ARPU, if you've seen some more dilution as we move through the year here? And, David, just your thoughts around pricing power of the Max product.

謝謝。如果可以的話，兩個。首先，您能否稍微談談 ARPU 的一些潛在驅動因素，您是否看到今年 ARPU 值有所下降？大衛，您對 Max 產品的定價能力有什麼看法？

And then maybe secondly for Gunnar, just with the NBA [lap] coming up in the fourth quarter -- you called out the impact there -- just any other sort of color you can give us from either a revenue or overall profitability standpoint as you lap that contract? Thanks.

然後也許其次對於 Gunnar 來說，隨著 NBA 第四節的到來——您提到了它的影響——在您簽訂合約時，您可以從收入或整體盈利能力的角度給我們任何其他資訊嗎？謝謝。

So let me just start. The number one objective was to establish HBO Max as the premier highest-quality storytelling platform and have it be the place that people go. And Casey and the team, HBO Max or HBO itself has never been stronger, has never had more hits.

那麼就讓我開始吧。首要目標是將 HBO Max 打造為首屈一指的最高品質的故事講述平台，並成為人們的必去之地。凱西和他的團隊、HBO Max 或 HBO 本身從未如此強大，也從未有過如此多的熱門作品。

And so we're really -- they're having a great run. And when we talked about -- it's not how much, it's how good, we've really delivered on that and consumers are seeing it. And it's translating into real demand and growth.

所以我們真的——他們表現得非常出色。當我們談論的時候——重要的不是有多少，而是有多好，我們確實做到了這一點，消費者也看到了這一點。並且它正在轉化為真正的需求和成長。

But our strategy hasn't been to try and raise a lot of price. We want the market to accept the product, to recognize it as high quality and then first, to start to narrow down the ability for multiple users to be using the product.

但我們的策略並不是試圖大幅提高價格。我們希望市場能夠接受該產品，認可其高品質，然後首先開始縮小多個用戶使用該產品的能力。

But, yes, that when you have the highest-quality product in the market with big branded stories, that people want to come back to, that they feel very passionate about, that gives us what we think is a very big upside over time to raise price on the highest-quality service. But, JB, why don't you talk a little bit about what you're seeing in the market and how that will lay out?

但是，是的，當你在市場上擁有最高品質的產品，並且擁有偉大的品牌故事時，人們就會想要再次購買，並且會對此充滿熱情，我們認為，隨著時間的推移，這將給我們帶來非常大的優勢，從而提高最高品質的服務的價格。但是，JB，為什麼不談談你在市場上看到的情況以及它將如何發展？

Yeah. I think the -- to add on to it, I think the exciting thing for us is that, obviously, post both COVID and then the strikes -- I mean, look, we've all taken a little while to get our sea legs back and more consistent.

是的。我認為——此外，我認為對我們來說令人興奮的是，顯然，在新冠疫情和罷工之後——我的意思是，看，我們都花了一段時間才恢復狀態，變得更加穩定。

And the combination of those being through and a refined and much more rigorous content strategy that's based on 52 weeks a year of programming, with a constantly iterating and better data sets to look at what's working and what's not working, we feel, as we look ahead at the next 24 months of our slate, '25 as we said, I think, on previous calls, the slate was stronger than '24. '26 looks stronger than '25. And as we look at '27, the early parts of '27, the engine just keeps getting better.

所有這些，加上基於全年 52 週節目製作的精細且更加嚴格的內容策略，以及不斷迭代和改進的數據集來查看哪些有效、哪些無效，我們覺得，當我們展望未來 24 個月的計劃時，25 年的計劃比 24 年的計劃更強，26 年的計劃看起來比 25 年的計劃更強。當我們回顧 27 年，27 年初期，引擎一直在不斷改進。

And so a lot of that, to David's point, we want to be smart around still making the product. We think there's still a lot of upside in terms of the scale and penetration of the product. So we want to keep it affordable and grow penetration in these markets.

正如大衛所說，我們希望能夠更聰明地繼續生產產品。我們認為該產品在規模和滲透率方面仍有很大的上升空間。因此，我們希望保持其價格實惠，並提高其在這些市場的滲透率。

But at the same time, with the quality of the slates, the return obviously to HBO Max as a brand and what that stands for from a premium standpoint, we do think there is obviously meaningful growth also coming from price acceleration over the next couple of years.

但同時，鑑於電視片的品質、HBO Max 品牌的明顯回歸以及從高端角度來看的意義，我們確實認為，未來幾年價格加速也會帶來顯著的成長。

Right. And then on the NBA deal, look, as a reminder, obviously, for many of these sports rights, the main monetization engine is the affiliate revenue. So if you look at just advertising and content cost as a differential, those deals are loss-making from that perspective, right? So there is going to be a benefit from the NBA coming out of our financials.

正確的。然後關於 NBA 交易，需要提醒的是，顯然，對於許多體育賽事版權而言，主要的獲利引擎是聯盟收入。因此，如果僅將廣告和內容成本視為差異，那麼從這個角度來看，這些交易都是虧損的，對嗎？因此，NBA 將為我們的財務帶來好處。

If you think about how the season plays typically over the quarters, it's important to note that Q2 with the playoffs is by far the biggest chunk both of content costs and revenue generation on the ad sales side, followed by Q1, and then the smallest quarter is Q4.

如果你思考一下賽季在各個季度中的典型表現，那麼值得注意的是，季後賽的第二季度是迄今為止內容成本和廣告銷售收入中最大的一塊，其次是第一季度，最小的季度是第四季度。

So with that in mind and the fact that we have reinvested some of the savings into other sports rights -- we mentioned College Football Playoffs already, Big 12, in the fourth quarter now. What you can expect is roughly $100 million Sports cost benefit in the fourth quarter.

因此，考慮到這一點，以及我們已將部分節省的資金重新投資於其他體育賽事的版權——我們已經在第四季度提到了大學橄欖球季後賽、十二大聯盟。您可以預期第四季度的體育成本效益約為 1 億美元。

And then as we turn to 2026, there will be a net benefit of hundreds of millions of dollars from the rights cost coming out and some offsetting revenue losses from an EBITDA perspective. So a very significant improvement.

然後，當我們轉向 2026 年時，從 EBITDA 的角度來看，權利成本將帶來數億美元的淨收益，並抵消一些收入損失。這是一個非常顯著的進步。

Thanks, John. Let's move on.

謝謝，約翰。我們繼續吧。

Richard Greenfield, LightShed Partners.

LightShed Partners 的 Richard Greenfield。

Thanks for taking the question. I wanted to ask JB, as we look at the Streaming landscape, there's been a clear push towards wholesaling to MVPDs. I'm curious, how does the engagement look for those ad-supported subs that you're bringing on versus those that sign up for HBO Max directly?

感謝您回答這個問題。我想問 JB，當我們觀察串流媒體領域時，我們發現向 MVPD 批發的趨勢明顯。我很好奇，你們帶來的廣告支援訂閱用戶的參與度與直接註冊 HBO Max 的用戶相比如何？

And are you thinking about how you market to those subscribers who may not even realize they have Max? Because it seems like there's a substantial advertising opportunity if you can engage those wholesale subs in the service and certainly in the app.

您是否考慮過如何向那些甚至可能沒有意識到自己擁有 Max 的訂閱者進行行銷？因為如果您能夠讓這些批發訂閱者參與到服務中，當然也包括應用程序，那麼這似乎是一個很大的廣告機會。

And then just for David, one of your oldest pieces of IP that probably doesn't generate a lot of revenue is going to be getting a pretty big makeover in a few weeks. I'm curious whether you've seen Wizard of Oz in the sphere, and any thoughts would be great.

然後對大衛來說，你的一個最老的智慧財產權可能不會產生很多收入，但它將在幾週內得到相當大的改造。我很好奇您是否在球體中看過《綠野仙蹤》，如果您能提供任何想法就太好了。

Let me just start with Wizard of Oz. Jimmy Dolan, in the spirit of the great Chuck Dolan as an entrepreneur, I've been to the sphere many times. I've seen in the smaller sphere the Wizard of Oz. We work together with them.

讓我先從《綠野仙蹤》開始。吉米·多蘭，本著偉大的查克·多蘭企業家的精神，我已經去過該領域很多次了。我在較小的球體裡看過《綠野仙蹤》裡的魔法師。我們與他們一起工作。

They really get the credit. It's a credit to Warner Bros. and the library that we have. We're also looking at our own project around Wizard of Oz, that we'll talk about at some point. But it feels really great. It's very exciting. It's very innovative, and it premieres at the sphere on the 28th. So very exciting. JB?

他們確實獲得了讚譽。這是華納兄弟和我們圖書館的功勞。我們也在研究我們自己的有關《綠野仙蹤》的項目，我們將在某個時候討論它。但感覺真的很棒。這非常令人興奮。非常有創意，28號在球體上首映。非常令人興奮。JB？

Yes. Rich, as it relates to the wholesale partnerships, I guess, a couple of thoughts. Number one is when we look at any of those deals, we always look at it as -- on an LTV basis and sort of a net ARPU basis, when you expect the [national] stack we would use to try and actually acquire those retail subscribers. And so every deal starts with a very healthy LTV profile of a wholesale sub versus what we think we could get and what we have to spend to get on a retail basis. So that's sort of the underlying.

是的。Rich，關於批發合作關係，我想，我有幾個想法。首先，當我們審視任何交易時，我們總是以 LTV 和淨 ARPU 為基礎來看待它，當你預期我們將使用 [全國] 堆疊來嘗試並真正獲得那些零售用戶時。因此，每筆交易都始於批發業務非常健康的 LTV 概況，而不是我們認為我們可以獲得的以及我們必須花費多少才能在零售基礎上獲得的。這就是基礎。

Then we do work, to your point, increasingly on partnering with our -- with the different MVPDs and non-MVPD partners on activation. And we spend more and more time with them, with their customer service teams, with their UX and experience teams, on activation of the product.

然後，正如您所說，我們確實在與不同的 MVPD 和非 MVPD 合作夥伴加強合作，以進行啟動。我們花了越來越多的時間與他們、他們的客戶服務團隊、使用者體驗和體驗團隊一起啟動產品。

And we have seen great strides and improvements on activation across the board. And frankly, in all of some of our biggest, most recent partnerships, both in the US and outside the US, we are trending above what we expected in terms of activations.

我們已經看到激活方面全面取得了巨大進步和改善。坦白說，在我們最近建立的一些最大合作夥伴關係中，無論是在美國國內還是美國境外，我們的激活趨勢都超出了我們的預期。

Obviously, then once we're activated, the engagement is subject to both [in-app] marketing and merchandising, as well as continued partnership marketing through the different partners. And then the other thing that we've seen that has been very healthy and also leads to better ARPU is in most all of those deals, we have upsell capabilities.

顯然，一旦我們啟動，參與度將取決於應用程式內行銷和商品推銷，以及透過不同合作夥伴進行的持續合作行銷。然後，我們發現另一件非常健康並且能帶來更好 ARPU 的事情是，在大多數交易中，我們都具有追加銷售能力。

And so we go from an ad-light product to an ability to actually upsell the customer, where we take the majority of the economics on the upsell to ad-free, which also has an ability to drive more ARPU for us, particularly outside the US, where ad sales, obviously, is still a growth business, but it's starting off a lower base.

因此，我們從一款廣告較少的產品轉變為一款能夠真正向客戶追加銷售的產品，我們將大部分經濟效益都投入到無廣告追加銷售中，這也能夠為我們帶來更多的 ARPU，特別是在美國以外的地區，那裡的廣告銷售顯然仍是一項增長業務，但它的起步基數較低。

So we have a full attack plan. We have a team actually that we put around the world globally to go after trade marketing and partnerships to try and drive activation and engagement. And we're seeing a nice pickup in growth and acceleration of those as we do those deals around the world.

所以我們有一個完整的攻擊計劃。實際上，我們有一個遍布全球的團隊，負責貿易行銷和合作夥伴關係，以嘗試推動活化和參與。隨著我們在全球範圍內開展這些交易，我們看到了這些交易的成長和加速。

The only thing I would add is that it's different in different markets. For instance, in the UK, a huge majority of programming outside of sports on Sky that was loved was HBO programming. So there's some markets where people have been watching The Last of Us, Euphoria, White Lotus, House of the Dragon. And it was on a different platform.

我唯一想補充的是，不同的市場情況有所不同。例如，在英國，Sky 上除體育節目外，最受歡迎的節目絕大多數是 HBO 節目。在一些市場上，人們一直在觀看《最後生還者》、《亢奮》、《白蓮花》和《龍之家》。而且它是在不同的平台上。

And now it's going to move to HBO Max. And so you'd expect in that case, when you have a huge engaged population that has been watching through that, that group will be spending a lot more time watching. We're seeing that in Australia. And then when it's available on a platform as HBO Max, the retail picks up significantly because it's like a marketing vehicle to say, oh, HBO Max is here.

現在它將轉移到 HBO Max。因此，在這種情況下，當有大量觀眾透過該平台觀看時，你會期望這個群體會花費更多的時間觀看。我們在澳洲看到了這種情況。然後，當它以 HBO Max 的形式在平台上推出時，零售額會大幅增長，因為它就像一個行銷工具，可以告訴人們，哦，HBO Max 來了。

And so JB has been seeing that in Australia, and we're getting very powerful pull-through in terms of consumer demand in the UK, Germany, and Italy. And we're in a lot of discussions in Italy and Germany as well as -- we're non-exclusive in the UK.

JB 在澳洲看到了這一點，而且我們在英國、德國和義大利的消費者需求方面獲得了非常強大的拉動。我們在義大利和德國進行了很多討論，而且我們在英國也不是獨家的。

So you'll be seeing those markets is quite powerful coming into next year because it has that unusual dynamic of an embedded audience. JB, I don't know if you want to add a little more to that on Australia, what we're seeing practically.

因此，你會看到這些市場在明年會變得非常強勁，因為它擁有嵌入式受眾的不同尋常的動態。JB，我不知道您是否想就我們實際看到的澳洲情況再補充一些。

No, that's right. I mean, in Australia, the launch was essentially a dual-track launch. But we're going to obviously retail as well as through our partnership with Foxtel, which is, as David has mentioned, our long-standing licensing partner. And so we love that double track of fishing in a pond that's already stocked with our wholesale partners with good economics.

不，沒錯。我的意思是，在澳大利亞，這次發射基本上是雙軌發射。但我們顯然會透過與 Foxtel 的合作進行零售，正如 David 所提到的，Foxtel 是我們長期的授權合作夥伴。因此，我們喜歡這種在池塘裡釣魚的雙重方式，池塘裡已經有我們的批發合作夥伴，而且經濟效益很好。

And at the same time, you're going direct in a smart way to expand the reach of the product. And Australia has been a great success story for us in these early months, and we exceeded our expectations. So we're -- it makes us even more bullish on what we expect to see in the beginning of next year as we launch in these big European markets.

同時，您也可以透過智慧方式直接擴大產品的覆蓋範圍。在最初的幾個月裡，澳洲對我們來說是一個巨大的成功，超出了我們的預期。因此，當我們在明年年初進軍這些歐洲大市場時，這讓我們對未來更有信心。

Thank you.

謝謝。

Thanks, Rick. Let's go to the next question, please.

謝謝，里克。請讓我們進入下一個問題。

David Joyce, Seaport Research Partners.

大衛‧喬伊斯（David Joyce），海港研究夥伴。

Thank you. As you went through your upfront advertising negotiations, granted you still have a combined company for the next year, but how are you contemplating addressing marketers' desire to advertise across platforms? Do you have something -- some structure in place to sell the advertising on Streaming and your Global Networks?

謝謝。在進行前期廣告談判時，你們承認明年你們仍會擁有一家合併後的公司，但你們如何考慮滿足行銷人員跨平台投放廣告的需求？您是否有某種結構來在串流媒體和全球網路上銷售廣告？

Yes. David, it's a great point, and that's one of the areas that we looked at really hard as we contemplated the separation. And we concluded and we've said publicly, we're going to continue to go to the market as business as usual.

是的。大衛，你的觀點很好，這也是我們在考慮分離時認真考慮的方面之一。我們得出結論並公開表示，我們將繼續照常進入市場。

We will have a structure in place. This is one of the areas where there is significant synergy. When we announced the separation, we made clear that after all that hard work went into generating the synergy, we're going to continue to work as hard to maintain synergy opportunity where it is present.

我們將建立一個結構。這是具有顯著協同作用的領域之一。當我們宣布分離時，我們明確表示，在付出所有努力創造協同效應之後，我們將繼續努力保持現有的協同效應機會。

Ad sales is definitely one of those areas. So nothing is going to change from an advertiser perspective, and we're working through the process, to set that up internally. And with the upfront in general, since you mentioned it, we obviously had some concerns going into the year with the macroeconomic and geopolitical environment.

廣告銷售肯定是其中之一。因此，從廣告商的角度來看，一切都不會改變，我們正在努力在內部進行設定。既然您提到了這一點，那麼總體而言，我們顯然對今年的宏觀經濟和地緣政治環境有些擔憂。

And fact of the matter is the market has held up very well. We've seen prices up across all categories, more so in sports than in general entertainment. On the digital side, there is some price pressure, but we've maintained a very strong price premium for the quality of inventory that we're delivering. So net-net, I'm very happy with the outcome.

事實上，市場表現一直很好。我們發現所有類別的價格都在上漲，體育產品的價格上漲幅度比一般娛樂產品的價格上漲幅度更大。在數字方面，存在一些價格壓力，但我們對所提供的庫存品質保持了非常高的價格溢價。所以總的來說，我對結果非常滿意。

Thanks, David. Next question, please.

謝謝，大衛。請回答下一個問題。

Bryan Kraft, Deutsche Bank.

德意志銀行的布萊恩·克拉夫特。

Hi, good morning. JB, I was wondering if you would comment on where the business is and bringing churn down to what you view as a healthy, sustainable level, and also how you're going about driving that churn down.

嗨，早安。JB，我想知道您是否可以評論一下業務現狀以及如何將客戶流失率降低到您認為健康、可持續的水平，以及您將如何降低客戶流失率。

And then, I guess, somewhat related, I was hoping you could provide an update on where you are in the effort to convert unauthorized account shares into paying customers. What inning would you say you're in there? And how meaningful do you see that opportunity as you go forward? Thank you.

然後，我想，有點相關的是，我希望您能提供最新消息，說明您在將未經授權的帳戶份額轉化為付費客戶方面所取得的進展。您認為您處在哪一局？您認為這個機會對於您未來的發展有多大意義？謝謝。

Yeah. I'll start with the second, which is on the sort of account sharing. I'd say we're just in the first inning. The reality is we've done -- we've spent a lot of the last several months making sure that our data sets on figuring out who is a legitimate user, who may not be legitimate user, and making sure that we test it sufficiently so that when we turn on the more aggressive language being around what needs to happen, that we were actually putting the net in the right place, so to speak.

是的。我先從第二個問題開始，也就是帳戶共享的問題。我想說我們才剛進入第一局。事實上我們已經做到了——我們在過去幾個月中花費了大量時間來確保我們的數據集能夠確定誰是合法用戶，誰可能不是合法用戶，並確保我們對其進行了充分的測試，以便當我們使用更激進的語言來描述需要發生的事情時，我們實際上將網絡放在了正確的位置，可以這麼說。

And we feel great about where we are. Starting in September, you'll actually start to see the messaging, which right now has been a fairly soft cancelable messaging, start to get more fixed and such that people will have to take action as opposed to right now sort of having it be a voluntary process. And so the real benefits will start probably in the fourth quarter and then kick in in 2026, as we tighten the messaging and drive that in a much more aggressive fashion starting in the fourth quarter this year.

我們對自己目前的狀況感到非常滿意。從九月開始，您實際上就會開始看到訊息傳遞，現在是一種相當軟的可取消訊息，開始變得更加固定，以至於人們必須採取行動，而不是像現在這樣將其作為自願過程。因此，真正的好處可能會在第四季度開始顯現，然後在 2026 年顯現，因為我們會從今年第四季開始加強訊息傳遞，並以更積極的方式推動這一進程。

As it relates to churn, look, we continue to drive churn -- I think one of the things in terms of the levers of how we go after it, there's a number of different ways. First thing, obviously, you've heard David and all of us talk about the importance of bundles. We've been very successful, obviously. And you'll see this more over the next few months.

至於客戶流失，你看，我們繼續推動客戶流失——我認為，就我們如何應對客戶流失的槓桿而言，其中之一就是有很多不同的方法。首先，顯然，您已經聽到大衛和我們所有人都談論捆綁的重要性。顯然，我們非常成功。在接下來的幾個月裡，你會看到更多這樣的情況。

And as we prepare to roll out in Europe -- obviously, we've had a very successful relationship with Disney here in the US. We're in active conversations with a number of other leading streamers in international markets around bundles. And the profiles of those users see in some cases, churn cut in half, if not greater, and LTV is double or more. And so bundles is one way we've seen great expansion of LTV and reduction in churn.

當我們準備進軍歐洲市場時——顯然，我們與美國迪士尼的合作關係非常成功。我們正在與國際市場上的許多其他領先串流媒體就捆綁服務進行積極對話。在某些情況下，這些用戶的個人資料顯示流失率減少了一半，甚至更多，而 LTV 則增加了一倍或更多。因此，捆綁銷售是我們觀察到的 LTV 大幅擴展和客戶流失減少的一種方式。

On engagement, obviously, being the number one thing, and the engagement driver that obviously matters most is around content. And as I mentioned earlier, as we look at the content slate and more of the consistency of our content slate, we have had a couple of years that we've had great content but bigger pockets of time throughout the year with more gaps.

顯然，參與度是最重要的，而參與度驅動因素顯然是內容。正如我之前提到的，當我們查看內容清單以及內容清單的一致性時，我們發現有幾年我們擁有出色的內容，但全年的大部分時間都存在空白期。

We're now getting to a rhythm where between Casey's slate, the theatrical slate, some third-party acquisitions, we have a much more consistent 52-week-a-year schedule, where we're doing a much better job of handing off consumers and subscribers from one set of content to other sets of content.

現在，我們已經形成了一種節奏，在凱西的電影計劃、影院計劃和一些第三方收購之間，我們擁有更加一致的一年 52 週的時間表，我們在將消費者和訂閱者從一組內容轉移到其他組內容方面做得更好。

And so we're doing a much more aggressive job on managing the programming and scheduling throughout the year to reduce that. And then there's enormous amount of work still to go on the product itself and the personalization of the product, which, as I said on previous calls, we went from not good to good.

因此，我們正在更加積極地管理全年的程式設計和日程安排，以減少這種情況。在產品本身和產品個性化方面還有大量的工作要做，正如我在之前的電話中所說的那樣，我們已經從不好變成了好。

But we still have a ways to go in terms of the feature set. And we're developing and launching small and new features and AB-testing a bunch of features every month to try to get the product from good to great. And we know we still have progress there, which is both obviously a challenge but also an opportunity that will help us drive that engagement.

但在功能集方面我們還有很長的路要走。我們每個月都會開發和推出一些小型和新的功能，並對一系列功能進行 AB 測試，以嘗試讓產品從優秀走向卓越。我們知道我們在那裡仍然取得了進展，這顯然既是一個挑戰，也是一個有助於我們推動這種參與的機會。

And so it's a -- on the overall churn, we feel like we are -- and we actually saw in the early sort of May -- the March, April, May, June timeframe, some really positive improvements on the churn side. But we're not satisfied with where we are, and we're continuing to attack it aggressively across product content, marketing -- all the marketing levers that we have.

因此，就整體客戶流失率而言，我們感覺我們確實在 5 月初、3 月、4 月、5 月和 6 月期間看到了客戶流失率出現了一些非常積極的改善。但我們並不滿足於現狀，我們將繼續在產品內容、行銷等方面積極進攻——利用我們擁有的所有行銷手段。

Thank you. Next question, please.

謝謝。請回答下一個問題。

Peter Supino, Wolfe Research.

沃爾夫研究公司的彼得·蘇皮諾（Peter Supino）。

Good morning, everybody. Wanted to ask you, David, please, about your Better Together view for DTC. At this point, it seems like it was prescient as the industry has continued to expand bundling.

大家早安。大衛，我想問您對 DTC 的“Better Together”觀點。從這一點來看，這似乎是有先見之明的，因為該行業已在繼續擴大捆綁銷售。

So could you discuss the contribution to gross adds and maybe the churn of your wholesale or third-party strategy and contrast that to your retail strategy, and maybe comment on how the partnership with Disney has tracked versus your expectations? Thank you.

那麼，您能否討論批發或第三方策略對總增值的貢獻以及客戶流失情況，並將其與零售策略進行對比，並評論一下與迪士尼的合作進展如何，是否符合您的預期？謝謝。

Thanks, Peter. Look, I think one of the things that really drives Better Together is, common sense, a more robust slate that appeals to more consumers. But most importantly, the consumer experience. You put the TV set on and -- or you put on your device, and there's 18 apps. And you're Googling to find out where your show is, where your sport is, and where the movie you want to watch is.

謝謝，彼得。聽著，我認為真正推動「更好的在一起」計畫的因素之一是常識，即更強大的產品陣容，可以吸引更多的消費者。但最重要的是消費者體驗。你打開電視機或打開你的設備，就會看到有 18 個應用程式。您正在透過 Google 搜尋您想看的節目、體育賽事以及您想看的電影在哪裡。

And in all the research we do, it's -- people have adapted to it, but it's a very clumsy consumer experience and one of the reasons we have thought so hard over the last three years to be a truly global player. And there's really only four or five global players right now, truly global players: Amazon, Netflix, Disney, YouTube, and us. And YouTube is a little -- is a different business now, but they do have a very powerful global attack.

在我們所做的所有研究中，人們已經適應了它，但它是一種非常笨拙的消費者體驗，也是我們在過去三年中如此努力地想要成為真正的全球參與者的原因之一。目前，真正的全球性企業只有四、五家：亞馬遜、Netflix、迪士尼、YouTube 和我們。YouTube 現在的業務有點不同了，但他們的全球攻擊力確實非常強大。

And being global really allows us to take things like Harry Potter to billions of people around the world. And as more and more of these regional players are looking at the cost of building a platform, the engineers, the marketing, and also how differentiated, in many cases, we are from them and how much stronger we are together, that it's a much better consumer experience if we're together in Latin America with Globo.

全球化確實使我們能夠將《哈利波特》等作品帶給全世界數十億人。而且，越來越多的地區參與者開始關注平台建設成本、工程師、行銷，以及在許多情況下我們與他們的差異化程度，以及我們聯合起來的實力，如果我們與 Globo 在拉丁美洲合作，消費者體驗會更好。

We have local content in Brazil. We have local sports. But they have a huge amount of local content, and we have tremendous quality with content that's loved down there. And that's true as you go across Europe. And so I think a big piece of this will be cleaning up the consumer experience.

我們在巴西有本地內容。我們有當地體育運動。但他們擁有大量的本地內容，而我們擁有深受當地人民喜愛的高品質內容。當你走遍歐洲時，你會發現事實確實如此。因此，我認為這其中很大一部分將是改善消費者體驗。

We really expect or I at least expect that we'll look at this business four or five years from now, and it won't be 18. And I think the companies that are most successful will be global. Maybe there are some regionals that could eke out some profits. And there will be a lot of those smaller players that want to become part of the global players.

我們確實預計，或至少我預計，我們將在四、五年後審視這項業務，而這不會是 18 年。我認為最成功的公司將是全球性的。也許有些地區能夠賺取一些利潤。還有很多小型企業希望成為全球企業的一部分。

And that's what we're seeing, and we're seeing it on an accelerated basis. It may start with bundling, and that's very effective. We're doing much better with Disney than we thought. And I think then that -- it's not just the churn. It's consumer satisfaction, consumer experience. They're going after -- they have demos that we don't have. We have demos that they don't have. So it's just better together.

這就是我們所看到的，而且我們正在加速看到這一變化。它可能從捆綁開始，這是非常有效的。我們與迪士尼合作的成果比我們想像的要好得多。然後我認為——這不僅僅是客戶流失。這是消費者滿意度、消費者體驗。他們正在追求——他們有我們沒有的演示。我們有他們沒有的演示。所以，在一起會更好。

Some of it will be a result of consolidation in some markets, and some will be white flags. I don't want to lose money anymore. And I want to get back to what a lot of companies want to get back to what they do, which is just produce content and leave the direct-to-consumer fight to -- that global fight to others. So --

其中一些是某些市場整合的結果，還有一些是白旗行為。我不想再虧錢了。我想回到很多公司都想做的事情上，那就是只生產內容，而將直接面向消費者的競爭——全球性的競爭留給其他人。所以--

Great. Thanks, David.

偉大的。謝謝，大衛。

Thanks, Peter. Operator?

謝謝，彼得。操作員？

Ladies and gentlemen, this concludes today's conference call. We thank you so much for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。我們非常感謝您的參與。您現在可以斷開連線。