Webtoon Entertainment Inc (WBTN) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Webtoon Entertainment third quarter 2025 earnings call. (Operator Instructions).

感謝您的耐心等待。我叫約翰，今天我將擔任你們的會議接線生。在此，我謹代表 Webtoon Entertainment 向大家歡迎參加 2025 年第三季財報電話會議。（操作說明）

I would now like to turn the call over to Soohwan Kim, Vice President of Investor Relations. Mr. Kim, please go ahead.

現在我將把電話交給投資人關係副總裁金秀煥。金先生，請繼續。

Good afternoon, and thank you for joining us. As a reminder, our remarks today will include forward-looking statements, including those regarding our future plans, objectives, expected performance and our guidance for the next quarter.

下午好，感謝各位的參與。再次提醒各位，我們今天的發言將包含前瞻性陳述，包括有關我們未來計劃、目標、預期業績以及下一季業績指引的陳述。

Actual results may vary materially from today's statements. Information concerning risks, uncertainties and other factors that could cause these results to differ is included in our SEC filings, including those stated in the Risk Factors section of our filings with the SEC. These forward-looking statements represent our outlook only as of the date of this call.

實際結果可能與今天的聲明有重大差異。有關可能導致這些結果出現差異的風險、不確定性和其他因素的資訊已包含在我們提交給美國證券交易委員會的文件中，包括我們在提交給美國證券交易委員會的文件的「風險因素」部分中所述的資訊。這些前瞻性陳述僅代表我們截至本次電話會議之日的觀點。

We undertake no obligation to revise or update any forward-looking statements. Additionally, the matters we'll discuss today will include both GAAP and non-GAAP financial measures. Reconciliations of any non-GAAP financial measures to the most directly comparable GAAP measures are set forth in our earnings press release.

我們不承擔任何修改或更新前瞻性陳述的義務。此外，我們今天將討論的事項將包括GAAP和非GAAP財務指標。所有非GAAP財務指標與最直接可比較的GAAP指標的調整表均已在我們的獲利新聞稿中列出。

Non-GAAP financial measures should be considered in addition to, not as a substitute for GAAP measures. Joining me today on the call are Junkoo Kim, Founder and CEO; David Lee, CFO and COO; and Yongsoo Kim, Chief Strategy Officer.

非公認會計準則財務指標應作為公認會計準則指標的補充，而非替代。今天與我一起參加電話會議的有：創辦人兼執行長 Junkoo Kim；財務長兼營運長 David Lee；以及首席策略長 Yongsoo Kim。

With that, I will now turn the call over to our Founder and CEO, Junkoo Kim.

接下來，我將把電話交給我們的創辦人兼執行長金俊九先生。

Thank you, everyone, for joining the call today. I will briefly discuss a few highlights from the third quarter before turning the call over to David to provide our results and outlook. For additional details about the quarter, please see the earnings press release and shareholder letter, both of which are posted on our Investor Relations website.

感謝各位今天參加電話會議。我將簡要介紹第三季的一些亮點，然後將電話會議交給大衛，由他來介紹我們的業績和展望。有關本季度的更多詳情，請參閱收益新聞稿和股東信，這兩份文件均已發佈在我們的投資者關係網站上。

We are pleased to report solid third quarter results that demonstrate the underlying strength of our model with adjusted EBITDA of $5.1 million, coming in above the midpoint of our guidance range. Total revenue of $378 million was up 8.7% or 9.1% on a constant currency basis compared to the same quarter in 2024.

我們很高興地宣布第三季業績穩健，調整後 EBITDA 為 510 萬美元，高於我們預期範圍的中點，這證明了我們模式的內在實力。總營收為 3.78 億美元，比 2024 年同期成長 8.7%，以固定匯率計算成長 9.1%。

This was an exciting quarter as we broadened our relationship with Disney. On September 15, 2025, we announced a non-binding term sheet with Disney to develop an all-new digital comics platform. This new platform, which Webtoon Entertainment will build and operate will feature more than 35,000 comics from across Disney's portfolio, including Marvel, Star Wars, Disney, Pixar and 20th Century Studios, all available in a single digital service with one convenient subscription.

本季令人振奮，因為我們擴大了與迪士尼的合作關係。2025 年 9 月 15 日，我們宣布與迪士尼簽署一份不具約束力的條款清單，以開發一個全新的數位漫畫平台。Webtoon Entertainment 將建構並經營這個新平台，該平台將收錄迪士尼旗下超過 35,000 部漫畫作品，涵蓋漫威、星際大戰、迪士尼、皮克斯和 20 世紀影業等眾多品牌，所有內容都將透過一個便捷的訂閱服務，在一個數位服務平台中提供。

Alongside the commercial collaboration, we entered into a non-binding term sheet for Disney to acquire a 2% equity interest in Western Entertainment. And we have already made progress. As of today, we have launched our five titles from our initial announcement in August, including Amazing Spider-Man, Star Wars, Alien, Avengers, and Disney As Old As Time: A Twisted Tale, as we l as another reformatted title, Predator.

除了商業合作之外，我們還簽署了一份不具約束力的條款清單，迪士尼將收購 Western Entertainment 2% 的股權。我們已經取得了一些進展。截至今日，我們已經推出了 8 月首次公佈的五款遊戲，包括《神奇蜘蛛人》、《星際大戰》、《異形》、《復仇者聯盟》和《迪士尼：永恆的扭曲故事》，以及另一款重新製作的遊戲《鐵血戰士》。

Additionally, at New York Comic Con last month, we announced another five new titles coming to Webtoon, including Astonishing X-Men, Star Wars: Lost Stars, Star Wars: Darth Vader - Black, White & Red, The Unbeatable Squirrel Girl, and Stitch and the Samurai - The Complete Collection.

此外，在上個月的紐約動漫展上，我們宣布了 Webtoon 即將推出的另外五部新作品，包括《驚奇 X 戰警》、《星際大戰：迷失之星》、《星際大戰：達斯維達 - 黑、白與紅》、《無敵松鼠女孩》和《星際寶貝與武士 - 完整合集》。

Disney's extraordinary storytelling legacy is second to none, and we are honored to work with them to build the future of digital comics. This is a powerful next step for our growing global business and a strong foundation for even greater collaboration with Disney in the years ahead.

迪士尼擁有無與倫比的卓越故事講述傳統，我們很榮幸能與他們合作，共同打造數位漫畫的未來。這對不斷發展的全球業務來說是強而有力的下一步，也是未來幾年與迪士尼更深入合作的堅實基礎。

Moving on to our innovation in short-form video. We launched Video Episodes on our English language platform in August. Video Episodes reimagine the experience of enjoying webcomics by adding motion, sound effect, background music and human voice acting to the original web commit all in a 5-minute video. We believe this feature will deep engagement with existing users, reach new users and deliver on new medium for amazing stories. In Korea, we launched Cuts in September, another short-form video innovation. This feature allows creators and fans to create, unload and enjoy short form animated video on the 2 minutes in name. Within just a month since we launched Cuts, we have already hosted over 1,000 creators with some videos already surpassing 1 million views. Finishing up with IP adaptations, today, we announced the plan to develop a slate of animated projects with Warner Bros animation. We intend to enter into an agreement to co-produce 10 fan-favorite Webtoon series for global distribution. Our creators are building franchises that Gen Z audience love and working with Warner Bros. Animation gives us an incredible opportunity to take those stories further alongside one of the most respected names in animation.

接下來談談我們在短影片領域的創新。我們於8月份在英語平台上推出了視訊劇集。影片影集透過在原有網路漫畫中加入動態效果、音效、背景音樂和真人配音，將網路漫畫的體驗重新定義，所有內容都濃縮在一個 5 分鐘的影片中。我們相信這項功能將加深現有用戶的參與度，吸引新用戶，並為精彩故事提供新的傳播媒介。在韓國，我們在 9 月推出了 Cuts，這是另一項短片創新。此功能可讓創作者和粉絲創建、上傳和欣賞時長不超過 2 分鐘的短動畫影片。自 Cuts 上線以來短短一個月內，我們已經吸引了超過 1000 位創作者，其中一些影片的觀看次數已經超過 100 萬。在完成IP改編項目之後，今天我們宣布了與華納兄弟動畫公司合作開發一系列動畫項目的計劃。我們計劃達成協議，共同製作 10 部深受粉絲喜愛的網路漫畫系列，並在全球發行。我們的創作者正在打造 Z 世代觀眾喜愛的系列作品，並與華納兄弟合作。動畫為我們提供了一個絕佳的機會，讓我們能夠與動畫界最受尊敬的人物之一一起，將這些故事進一步展開。

As outlined in the shareholder level, we also continue to see success with our theatrical and streaming release, including My Daughter is a Zombie, Your Letter and Chicken Nugget. We believe that IP adaptations are an important part of our flywheel, as we work to attract more users to our platform, and we are confident in our strong pipeline of adaptations over the long term.

正如股東層面所述，我們的院線和串流媒體發行也繼續取得成功，包括《我的女兒是殭屍》、《你的信》和《雞塊》。我們相信，IP改編是我們飛輪效應的重要組成部分，因為我們致力於吸引更多用戶使用我們的平台，我們對長期強大的改編項目儲備充滿信心。

As we close out an exciting quarter marked by progress made toward our strategic priorities, I'm confident in our ability to deliver further growth in upcoming quarters. We would like to thank our users, creators and employees for their continued support.

隨著我們即將結束一個令人振奮的季度，我們在實現戰略重點方面取得了進展，我對我們在接下來的幾個季度中實現進一步增長的能力充滿信心。我們衷心感謝使用者、創作者和員工一直以來的支持。

With that, I will now turn the call over to David.

接下來，我將把電話交給大衛。

Thank you, JK, and thank you, everyone, for joining us today. I'll be discussing the details on third quarter 2025 results compared to the comparable quarter in the prior year, unless otherwise noted. During the third quarter, reported revenue was up 8.7%, and we grew revenue 9.1% on a constant currency basis, with growth in paid content and IP adaptations, partially offset by a decline in advertising.

謝謝JK，也謝謝各位今天能來參加我們的節目。除非另有說明，否則我將討論 2025 年第三季業績與去年同期業績的比較細節。第三季度，報告收入成長了 8.7%，以固定匯率計算，營收成長了 9.1%，付費內容和 IP 改編業務的成長部分被廣告收入的下降所抵消。

Net loss was $11.1 million compared to a net income of $20.0 million in the prior year, primarily due to lower other income, as well as a higher income tax expense. Adjusted EBITDA was $5.1 million compared to $28.9 million in the same quarter of 2024. As a result, our adjusted earnings per share for the quarter was $0.04 compared to adjusted earnings per share of $0.22 in the prior year.

與上一年淨收入 2,000 萬美元相比，本年度淨虧損 1,110 萬美元，主要原因是其他收入減少以及所得稅支出增加。調整後 EBITDA 為 510 萬美元，而 2024 年同期為 2,890 萬美元。因此，本季調整後每股收益為 0.04 美元，而去年同期調整後每股收益為 0.22 美元。

Turning to operational health. We delivered another successful quarter of Webcomic app user growth, attracting a highly engaged audience with better monetization opportunities. While app MAU declined 4.2% overall, webcomic app MAU, which excludes the impact of webnovel users, increased 1.5%. This growth was led by increases across important English-speaking markets. Our English platform Webcomic app MAU was up 12% year-over-year, demonstrating continued momentum in this important region. We believe recently introduced reformat title launches and product changes will continue to drive increased user activity over time.

轉向營運健康狀況。我們又一個季度成功實現了網路漫畫應用用戶成長，吸引了大量活躍用戶，並帶來了更好的獲利機會。雖然應用程式的每月活躍用戶總數下降了 4.2%，但不包括網路小說用戶影響的網路漫畫應用程式的每月活躍用戶卻增加了 1.5%。這一增長主要得益於重要英語市場的成長。我們的英文平台網路漫畫應用月活躍用戶數年增 12%，顯示我們在這一重要地區持續保持成長動能。我們相信，近期推出的重新格式化遊戲版本和產品變更將持續推動用戶活躍度的提升。

Global MAU declined 8.5% in the quarter, primarily driven by Wattpad, which continues to be impacted by a government ban in the two countries we discussed last quarter. Encouragingly, we fully resolved the search engine indexing issue we discussed earlier this year and saw sequential stability in Wattpad MAU in the second half of this quarter as a result. While Wattpad is not a significant revenue driver, it is an important source of IP. We recently received a green light on a new film project that began as a web novel on Wattpad, turned into a webcomic on Webtoon and now will become a feature film. We're excited to share more about this title soon.

本季全球月活躍用戶數下降了 8.5%，主要原因是 Wattpad 繼續受到我們上個季度討論過的兩個國家政府禁令的影響。令人鼓舞的是，我們徹底解決了今年早些時候討論過的搜尋引擎索引問題，因此，本季下半場 Wattpad 的月活躍用戶數 (MAU) 出現了連續穩定成長。雖然 Wattpad 不是重要的收入來源，但它是重要的智慧財產權來源。我們最近獲得了一項新電影項目的綠燈，該項目最初是 Wattpad 上的一部網路小說，後來變成了 Webtoon 上的網路漫畫，現在將拍成一部長片。我們很高興很快就能與大家分享更多關於這款遊戲的資訊。

Now I'd like to provide an update on our different revenue streams at a consolidated level. Starting with paid content. In the quarter, we posted 0.8% revenue growth on a constant currency basis year-over-year, driven by strength in Japan and Rest of World, offset by a decline in Korea.

現在我想就我們不同的收入來源做一個整體的最新情況報告。首先是付費內容。本季度，我們以固定匯率計算的營收年增0.8%，這主要得益於日本和世界其他地區的強勁表現，但被韓國市場的下滑所抵銷。

ARPPU grew 3% on a constant currency basis in the quarter with increases in all three regions. We see continued ARPPU growth, as an indicator of the health of the business with additional opportunity for further monetization ahead. There still is a large variety of free content for our users to enjoy before they hit the paywall, and we believe our ARPU is still relatively low for our offering. Through our product initiatives, partnerships and new content, we believe that we will continue to drive engagement and monetization over the long term. Advertising revenue decreased 8.9% in the third quarter on a constant currency basis year-over-year as growth in Japan was more than offset by constant currency declines in Korea and Rest of World. In Korea, we saw a decline from a major e-commerce advertising partner, partially offset by an increase from other partners. Ad sales from NAVER were relatively consistent with the prior year quarter. In Rest of World, the decline was primarily driven by Wattpad impacts. Japan's growth was the result of continued growth in pre-roll ads. Finally, our IP adaptations business saw revenue increase 171.8% year-on-year on a constant currency basis in Q3, driven by revenue growth on a constant currency basis in Korea and Rest of World, offset by a decline on a constant currency basis in Japan. Korea benefited from the theatrical release of My Daughter is a Zombie. In Japan, we are still early days with our IP adaptation business with a small revenue base that fluctuates based on milestones. But we're pleased with the pipeline of upwards of 20 anime projects for the year.

本季以固定匯率計算，每位用戶平均收入成長了 3%，三個地區均成長。我們看到每位用戶平均收入 (ARPPU) 持續成長，這表明業務健康狀況良好，未來還有進一步獲利的機會。在用戶遇到付費牆之前，我們仍然提供大量免費內容供用戶享用，我們相信，就我們提供的服務而言，我們的 ARPU 仍然相對較低。我們相信，透過我們的產品舉措、合作夥伴關係和新內容，我們將繼續在長期內推動用戶參與度和獲利能力。由於日本的成長被韓國和世界其他地區以固定匯率計算的下降所抵消，第三季廣告收入較去年同期下降 8.9%。在韓國，我們看到一家主要電子商務廣告合作夥伴的廣告投放量下降，但其他合作夥伴的廣告投放量增加部分抵消了下降。來自 NAVER 的廣告銷售額與去年同期基本持平。在世界其他地區，下滑主要是由 Wattpad 的影響造成的。日本的成長是前置廣告持續成長的結果。最後，我們的IP改編業務在第三季以固定匯率計算年增171.8%，這主要得益於韓國和世界其他地區按固定匯率計算的收入增長，但被日本按固定匯率計算的收入下降所抵消。韓國因電影《我的女兒是殭屍》的上映而受益。在日本，我們的IP改編業務仍處於起步階段，收入基礎較小，並且會根據里程碑事件而波動。但我們對今年即將推出的 20 多個動畫項目感到滿意。

Now let's look at our results in the context of our core geographies. In Korea, during the third quarter, our revenue grew 22.2% year-over-year on a constant currency basis, driven by triple-digit constant currency growth in IP adaptations, offset by a double-digit constant currency decline in advertising and a single-digit constant currency decline in paid content.

現在讓我們結合核心地理區域來看看我們的結果。在韓國，第三季我們的營收以固定匯率計算年增 22.2%，這主要得益於 IP 改編作品按固定匯率計算的三位數成長，但被廣告收入按固定匯率計算的兩位數下降和付費內容收入按固定匯率計算的個位數下降所抵消。

During the quarter, Korea MAU was $24.6 million, decreasing 12.3% year-over-year. MPU was $3.7 million, declining 4.9%. We saw growth of 4% for ARPU on a constant currency basis and paying ratio was 14.9%, up 116 basis points year-over-year. Moving to Japan. Revenue growth on a constant currency basis was 2% year-over-year. This was driven by single-digit constant currency revenue growth in paid content and advertising and offset by a double-digit constant currency revenue decline in IP adaptations.

本季韓國月活躍用戶數為 2,460 萬美元，年減 12.3%。MPU 為 370 萬美元，下降 4.9%。以固定匯率計算，ARPU成長了4%，支付率為14.9%，較去年同期成長116個基點。移居日本。以固定匯率計算，營收年增 2%。這主要得益於付費內容和廣告收入按固定匯率計算的個位數增長，但被 IP 改編收入按固定匯率計算的兩位數下降所抵消。

As mentioned in our shareholder letter, LINE Manga was the number one overall app for revenue, including mobile games for the third consecutive quarter according to Sensor Tower. Japan's MAU increased 12.6% year-over-year to $25.3 million, driven by strong growth in eBookJapan. We've expanded eBookJapan's marketing budget and established strong partnerships. While it may take time for new users to start spending, we expect their ARPU to increase over time as their engagement grows. MPU grew 0.2% year-over-year to $2.3 million and paying ratio was 9.1%, down 112 basis points year-over-year. Our paid users remained strong with ARPU of $23.60, growing 1.3% year-over-year on a constant currency basis. Rest of World saw a revenue decline of 0.7% year-over-year on a constant currency basis, driven by a double-digit decline in advertising, offset by a single-digit growth in paid content and double-digit growth in IP adaptations.

正如我們在致股東信中提到的，根據 Sensor Tower 的數據，LINE Manga 連續第三個季度成為收入最高的應用程式（包括行動遊戲）。受 eBookJapan 強勁成長的推動，日本的月活躍用戶數年增 12.6%，達到 2,530 萬美元。我們增加了 eBookJapan 的行銷預算，並建立了強大的合作關係。雖然新用戶可能需要一段時間才能開始消費，但我們預計隨著用戶參與度的提高，他們的每位用戶平均收入 (ARPU) 會隨著時間的推移而增加。MPU年增0.2%至230萬美元，支付率為9.1%，較去年同期下降112個基點。我們的付費用戶表現依然強勁，ARPU 為 23.60 美元，以固定匯率計算年增 1.3%。世界其他地區以固定匯率計算，收入年減 0.7%，主要原因是廣告收入出現兩位數下降，但付費內容收入實現個位數增長，IP 改編收入實現兩位數增長，抵消了廣告收入的下降。

While Rest of World MAU declined 11.6% year-over-year, driven primarily by Wattpad, MPU increased 0.8% year-over-year and paying ratio of 1.6% was up 20 basis points year-over-year. ARPU of $6.80 grew 1.4% year-over-year on a reported and constant currency basis.

雖然受 Wattpad 的影響，全球其他地區的每月活躍用戶年減了 11.6%，但每位用戶平均收入年增了 0.8%，付費率為 1.6%，年成長了 20 個基點。以報告匯率和固定匯率計算，ARPU 為 6.80 美元，年增 1.4%。

Our English platform webcomic app MAU was up 12% year-over-year, reflecting all the investments we're making in this region. After several quarters of healthy MAU growth, we're pleased to see an increasing number of English webcomic users converting to paid users.

我們的英文平台網路漫畫應用程式月活躍用戶數年增 12%，反映了我們在該地區的所有投資。經過幾季穩健的月活躍用戶成長，我們很高興看到越來越多的英文網路漫畫用戶轉化為付費用戶。

Turning now to profitability. Gross profit for the quarter declined 9.4% to $82.8 million. This resulted in a gross margin of 21.9% compared to 26.3% in the prior year. There were a number of items that contributed to this change. As previously disclosed, prepaid expenses were moved from marketing to cost of revenue. We invested in labor to make further improvement to our platform. While these discrete items temporarily affected our results, we believe our gross margin can improve over time as we execute on our cross-border content distribution strategies.

現在來談談獲利能力。本季毛利下降9.4%至8,280萬美元。這一結果導致毛利率為 21.9%，而上一年為 26.3%。促成這項改變的原因有很多。如先前揭露的那樣，預付費用已從行銷費用轉移到營業成本。我們投入了人力，以進一步改進我們的平台。雖然這些個別項目暫時影響了我們的業績，但我們相信，隨著我們跨國內容分發策略的實施，我們的毛利率會隨著時間的推移而提高。

Adjusted EBITDA for the quarter was $5.1 million compared to $28.9 million in the prior year. Total G&A expenses for the quarter were $62.5 million compared to $66.7 million in the prior year. Interest income for the quarter was $4.6 million compared to $6.5 million in the prior year, and other loss for the quarter was $1.9 million compared to other income of $11.8 million in the prior year period. Income tax expense was $0.6 million in the quarter compared to income tax benefit of $9.9 million in the prior year. Depreciation and amortization for the quarter was $7.9 million compared to $10 million in the prior year. Net loss for the third quarter was $11.1 million compared to a net income of $20 million in the prior year quarter, due to lower other income as well as higher income tax expense. As a result, GAAP loss per share was $0.09 compared to earnings per share of $0.15 in the prior year period. Adjusted earnings per share was $0.04 in the quarter compared to adjusted earnings per share of $0.22 in the year prior. Moving to our business outlook for the fourth quarter. For fourth quarter 2025, we expect revenue decline in the range of 5.1% to 2.3% on a constant currency basis. This represents anticipated revenue in the range of $330 million to $340 million. This guidance is based on current FX rates. We expect pressure from IP adaptations related to the timing of milestones. We're close to finishing our infrastructure updates in Q4, but there may be a few items that linger into early 2026. We expect to see improved product flow starting next year. We anticipate fourth quarter adjusted EBITDA loss in the range of $6.5 million to $1.5 million, representing an adjusted EBITDA margin in the range of negative 2% to negative 0.4%.

本季調整後 EBITDA 為 510 萬美元，而去年同期為 2,890 萬美元。本季一般及行政費用總額為 6,250 萬美元，而去年同期為 6,670 萬美元。本季利息收入為 460 萬美元，而去年同期為 650 萬美元；本季其他虧損為 190 萬美元，而去年同期其他收入為 1,180 萬美元。本季所得稅支出為 60 萬美元，而去年同期所得稅收益為 990 萬美元。本季折舊和攤銷費用為 790 萬美元，而上年同期為 1,000 萬美元。由於其他收入減少以及所得稅支出增加，第三季淨虧損為 1,110 萬美元，而去年同期淨利為 2,000 萬美元。因此，以美國通用會計準則計算，每股虧損 0.09 美元，而去年同期每股獲利 0.15 美元。本季調整後每股收益為 0.04 美元，而去年同期調整後每股收益為 0.22 美元。接下來談談我們對第四季的業務展望。我們預計 2025 年第四季營收以固定匯率計算將下降 5.1% 至 2.3%。這代表預計收入在 3.3 億美元至 3.4 億美元之間。此指導意見是基於當前的匯率。我們預計知識產權調整會帶來壓力，這與里程碑的時間表有關。我們的基礎設施更新工作將在第四季度接近完成，但可能有些項目會持續到 2026 年初。我們預計從明年開始產品供應將有所改善。我們預計第四季度調整後 EBITDA 虧損將在 650 萬美元至 150 萬美元之間，調整後 EBITDA 利潤率將在 -2% 至 -0.4% 之間。

Adjusted EBITDA guidance includes $16.5 million non-cash expenses, of which actuarial losses on retiree benefits and minimum guarantee write-downs are the largest contributors. We expect to maintain our investment in marketing to drive future growth.

調整後的 EBITDA 預期包括 1,650 萬美元的非現金支出，其中退休人員福利的精算損失和最低保證減損是最大的貢獻者。我們將繼續加大對行銷的投入，以推動未來的成長。

We're pleased with the performance this quarter, underpinned by a number of exciting partnerships and collaborations as well as the introduction of new product features. As we head into the fourth quarter, we remain confident in our ability to drive further progress, positioning us well to continue growing our content, platform and brand long term.

我們對本季的業績感到滿意，這得益於一系列令人興奮的合作關係和合作項目，以及新產品功能的推出。進入第四季度，我們仍然對推動進一步發展的能力充滿信心，這將使我們能夠長期發展我們的內容、平台和品牌。

With that, I'd like to turn it back to our operator to begin the Q&A session.

接下來，我將把時間交還給我們的接線生，開始問答環節。

(Operator Instructions) Benjamin Black, Deutsche Bank.

（操作員指示）本傑明·布萊克，德意志銀行。

Good evening. Thank you for taking the questions. Maybe first, can you elaborate on the long-term vision of the Disney partnership, beyond the initial slate of titles, how should we be thinking about maybe the revenue potential and the margin profile of the new joint platform compared to some of the core Webtoon app?

晚安.感謝您回答這些問題。首先，您能否詳細說明迪士尼合作的長期願景，除了最初的幾部作品之外，我們應該如何看待新聯合平台的收入潛力和利潤率，並將其與一些核心的Webtoon應用程式進行比較？

And then secondly, you launched Video Episodes. What early engagement or monetization metrics are you seeing relative to sort of static webcomic. Thank you.

其次，你們推出了視訊劇集。與靜態網路漫畫相比，您觀察到的早期用戶參與度或獲利指標有哪些？謝謝。

Thanks, Benjamin. This is David Lee. Let's start with your first question. I wanted to remind you, as JK mentioned, that there were two particular parts to the Disney announcement. In early August, we talked about these wonderful 100 reformatted adaptions that would be on our platform. And then separately, in September, we discussed the opportunity to have access to these 35,000 stories. And I would say, I would remind us just how early we are. We have a great progress with the 5 to 7 titles that we mentioned, and these are great stories, Star Wars, Alien, Avengers, you saw the list. But 7 out of 100 is quite early.

謝謝你，班傑明。這是大衛李。我們先從你的第一個問題開始。正如 JK 所提到的，我想提醒大家，迪士尼的公告包含兩個特別的部分。8月初，我們討論了將在我們的平台上推出的這100部精彩的重新格式化改編作品。然後，在九月份，我們單獨討論了獲得這 35,000 個故事的機會。我想說，我想提醒大家，我們現在還處於非常早期的階段。我們之前提到的 5 到 7 部作品都取得了很大的進展，這些都是很棒的故事，例如《星際大戰》、《異形》、《復仇者聯盟》，你們都看到了清單。但100分裡有7分確實有點早。

And another opportunity, which we discussed in the last call and you and I discussed, is we love the opportunity to create original stories in collaboration with Disney that can be new but carry on the history and the origin of the franchises that we're talking about.

另一個機會，我們在上次通話中討論過，你我也討論過，那就是我們非常樂意與迪士尼合作創作原創故事，這些故事可以是全新的，但可以延續我們正在談論的系列作品的歷史和起源。

These have yet to come. You'll note we did not provide disclosure that in Q3, there was any material impact from this great collaboration with Disney nor did we highlight it for the Q4 guide. And I think that reflects how early we are.

這些尚未到來。你會注意到，我們在第三季沒有揭露與迪士尼的這次重大合作產生了任何實質影響，也沒有在第四季業績指南中重點提及此事。我認為這反映出我們還處於非常早期的階段。

Having said that, as we said before, we are building this collaboration for the long term because we think it's a game changer. And in terms of your question on economics, as you heard, we believe as a category leader that we can partner with a great company like Disney in a way that doesn't materially change or hurt the fundamental margin structure of the business.

話雖如此，正如我們之前所說，我們正在著眼於長期合作，因為我們認為這將改變遊戲規則。至於你提出的經濟方面的問題，正如你所聽到的，我們相信作為行業領導者，我們可以與像迪士尼這樣的大公司合作，而不會從根本上改變或損害業務的基本利潤結構。

That's why we didn't preannounce or disclose any financial impacts other than the wonderful collaboration opportunity and their interest, which is yet to be consummated in a final agreement on a 2% equity stake in the company.

因此，除了這次絕佳的合作機會和他們的興趣之外，我們沒有預先宣布或披露任何財務影響，而最終達成協議，即授予該公司 2% 的股權，還有待進一步敲定。

At this point, however, it's too early for us to provide any more additional color beyond what we've said. With regard to the second question, I think it's important that we recognize that we believe our existing Webtoon webcomic format is working extraordinarily well.

不過，目前我們還無法提供更多細節。關於第二個問題，我認為我們必須認識到，我們現有的 Webtoon 網路漫畫形式運作得非常好。

And when we talk about Video Episodes, which we launched the first batch of 14 English originals just last quarter. This is also very, very early and represents a way for us to ensure we maintain our dominant leadership.

說到視訊劇集，我們上個季度剛剛推出了第一批 14 集英文原創劇集。現在還處於非常非常早期的階段，這代表著我們確保保持領先地位的一種方式。

Remember, in the US, a very large portion of our users are Gen Z. We're proud of that. This, for us, represents demographic gold because we know from other markets they can grow hold with us. So while this is very early, think of Video Episodes and separately our work in Korea on Cuts, as the active experimentation we will persist with to ensure we maintain the leadership role we already have with our webcomic format amongst what we think to be the most interesting demographic, which is this 18- to 25-year-old demographic. And candidly, the 12% webcomic English app MAU growth and now seeing them turn into paid users, which I think is very promising, is a product of everything. This overall product update that Yongsoo and his team has led, but as well, I think the very early steps we've taken on new formats like Video Episodes. That said, I think that upside is down the road, and it's not one that we would promise. It's too early at this stage.

請記住，在美國，我們的用戶中很大一部分是Z世代。我們為此感到自豪。對我們來說，這代表著人口結構的黃金機會，因為我們從其他市場的經驗中知道，他們可以在我們這裡獲得成功。雖然現在還處於非常早期的階段，但請將 Video Episodes 以及我們在韓國開展的 Cuts 項目視為我們積極嘗試的成果，我們將堅持不懈地進行這些嘗試，以確保我們在網絡漫畫領域保持領先地位，尤其是在我們認為最有趣的群體——18 至 25 歲群體中。坦白說，網路漫畫英文應用程式月活躍用戶成長 12%，現在看到這些用戶轉化為付費用戶，我認為這非常有前景，這是所有因素共同作用的結果。這次由 Yongsoo 和他的團隊主導的產品更新，以及我們在視訊劇集等新形式方面採取的初步措施，都值得肯定。話雖如此，我認為這種好處還在未來，我們也不能保證一定會有。現在下結論還為時過早。

Matthew Cost, Morgan Stanley.

馬修‧科斯特，摩根士丹利。

Hi everybody, thanks for the questions. Two, if I could. I guess just starting with the new Warner partnership, anything you can share about the timing of when that rolls out, and anything that you're able to share in terms of the economic terms of it from a revenue or margin perspective.

大家好，感謝大家的提問。如果可以的話，我希望有兩個。我想先從與華納的新合作關係說起，您能否透露一下合作推出的時間安排，以及從收入或利潤率的角度來看，合作的經濟條款方面有什麼可以透露的信息？

And then secondarily, just on the user figures. So you provided a very helpful context about kind of Wattpad and the webnovel MAU growth versus the webcomic MAU growth. I guess, are you considering in the future kind of breaking those out as part of your regular disclosure?

其次，就使用者數量而言。所以你提供了關於 Wattpad 和網路小說月活躍用戶成長與網路漫畫月活躍用戶成長之間關係的非常有用的背景資訊。我想，您是否考慮在未來將這些資訊作為常規披露的一部分單獨列出？

And if not, how should we think about the webnovel users going forward? Is that a number that could continue to decline? Is it something that is of any concern or just kind of a natural variation in the business if it does? Thank you.

如果不是這樣，我們未來該如何看待網路小說使用者群體？這個數字會繼續下降嗎？如果確實如此，這是否值得擔憂，還是只是業務中一種自然的波動？謝謝。

Thanks, Matt. This is David Lee, and I can start. First, all very good questions. Let's start with your first one. With regard to Warner Bros., we're very proud of the announcement we've made with them. We think it suggests two things, similar to the work we've announced with other partners that as a category leader, we can be the source of stories in any format.

謝謝你，馬特。我是大衛李，我先開始。首先，這些問題都很好。我們先從你的第一個問題開始。關於與華納兄弟的合作，我們為與他們共同發布的公告感到非常自豪。我們認為這表明了兩件事，類似於我們與其他合作夥伴宣布的工作，即作為行業領導者，我們可以成為任何形式故事的來源。

Being able to partner with a high-quality organization for the announced 10 potential projects outside of our platform but bringing them to life in the form of anime and animation. I think it is a major step forward. And you'll see in the press release that there are specific examples, a handful, less than a handful, but that is not necessarily the full slate, as we've mentioned, 10.

能夠與一家高品質的機構合作，將我們平台之外的 10 個潛在項目以動漫的形式呈現出來。我認為這是一個重大進步。你會在新聞稿中看到一些具體的例子，雖然不多，但正如我們所提到的，這並不一定是全部的例子，10。

At this point, while we want to be very transparent and announce these major partnerships, we again are not really in a position to offer more specifics. But I think that says something. We're not talking about a change to our financial business model. We're talking about a continued catalyst for our growth, particularly in markets globally.

目前，雖然我們希望保持高度透明並宣布這些重大合作關係，但我們仍然無法提供更多細節。但我認為這說明了一些問題。我們說的不是改變我們的財務商業模式。我們談論的是我們持續成長的催化劑，尤其是在全球市場。

At this point, we're not ready to provide any more specifics, but I'm very encouraged by it. I think it's the opportunity to partner with well-established, high-quality companies to be their source of stories in new formats and has the potential, I think, to continue the growth that we have outside of our core legacy markets.

目前我們還不便透露更多細節，但我對此感到非常鼓舞。我認為這是一個與成熟、高品質的公司合作的機會，我們可以成為他們新形式故事的來源，我認為，這有可能使我們在核心傳統市場之外繼續保持成長。

With regards -- you had several questions nested in the webnovel ones. So let me back up and start with MAU because it's interrelated into how we think about Wattpad. First, with regard to MAU, you've heard me say this before, while total MAU is an important metric, and we know that it is down 8.5%, the best predictor of our paid content, which remains 80% of our revenue is really the new innovation and products that we are bringing to our app.

關於您提出的問題——您在網路小說問題中嵌套了幾個問題。所以，讓我先從 MAU 開始說起，因為它與我們對 Wattpad 的看法息息相關。首先，關於月活躍用戶數 (MAU)，你們之前也聽我說過，雖然總月活躍用戶數是一個重要的指標，而且我們知道它下降了 8.5%，但真正能預測我們付費內容（仍然占我們收入的 80%）的，是我們為應用程式帶來的新創新和產品。

And webcomics, in particular, is the format that we leverage. So the reason why we keep on talking about the 1.5% global webcomic app MAU growth in the quarter. And I think more importantly, in the largest addressable market, the newest largest addressable market, what we call English webcomic app MAU, we focus on that 12% number, noting that it's turning into higher monthly paid users, PU, is because those are the metrics I would have the Street focus on with regard to the majority of our future revenue growth.

而網路漫畫，正是我們重點利用的形式。所以我們一直在討論本季全球網路漫畫應用月活躍用戶成長 1.5% 的原因。更重要的是，我認為在最大的潛在市場，也就是最新的最大潛在市場，我們稱之為英文網絡漫畫應用月活躍用戶 (MAU) 的市場中，我們關注的是 12% 這個數字，並注意到它正在轉化為更高的月付費用戶 (PU)，因為這些指標正是我希望華爾街關注的，它們關係到我們未來大部分的收入增長。

Now I want to be clear, Wattpad itself is the single largest driver of the total MAU declines. And I do think we need to be clear on what drives them, so that you can model persistence. Wattpad is an important business. It's a great source of IP. We talked about in my script, Sidelined the sequel coming out in Thanksgiving. We're very excited about the crossover IP, and we're very excited about its advertising potential. We talked about how advertising saw a decline partially related in Rest of World to the MAU declines in Wattpad.

現在我想明確一點，Wattpad 本身是導致每月活躍用戶總數下降的最大單一因素。而且我認為我們需要明確是什麼驅動了它們，這樣才能建立持久性模型。Wattpad是一家重要的企業。它是知識產權的重要來源。我在劇本中談到了《Sidelined》這部續集將在感恩節上映。我們對這個跨界IP感到非常興奮，也對其廣告潛力感到非常興奮。我們討論了廣告收入下降的部分原因，即世界其他地區的廣告收入下降與 Wattpad 的每月活躍用戶數量下降有關。

Having said that, when we look at Wattpad, we talked about three drivers. We talked in the previous quarter about a search engine indexing issue that we described as fully resolving, which is good news. But we also talked about two countries, let's call them instead of three drivers, let's call them two. The second driver is we were banned in a country along with great other companies like Roblox and Discord. And as we lap those two, we will eventually in 2026, begin to see more of the sequential stabilization that we mentioned in my script. But at this point, it's very hard for us to call the ball on when some of these country issues resolve. What we can control, the search engine issue, we've made progress on. But I think you'll have to hear more in coming quarters for us to provide definitive guidance on the total MAU associated with the company driven by Wattpad.

話雖如此，當我們審視 Wattpad 時，我們討論了三個驅動因素。我們在上個季度討論過一個搜尋引擎索引問題，當時我們稱該問題已完全解決，這是個好消息。但我們也談到了兩個國家，與其說是三個司機，不如說是兩個司機。第二個原因是，我們和 Roblox 和 Discord 等其他優秀公司一起被某個國家封鎖了。隨著我們超越這兩個國家，最終在 2026 年，我們將開始看到我在劇本中提到的那種序列穩定性的進一步發展。但就目前而言，我們很難預測這些國家問題何時才能解決。在我們能夠控制的範圍內，例如搜尋引擎問題，我們已經取得了進展。但我認為，在接下來的幾個季度裡，我們需要提供更多信息，才能對受 Wattpad 推動的公司總月活躍用戶數 (MAU) 做出明確的指導。

Your next question (multiple speaker) --

你的下一個問題（多人發言）——

Hold on, one moment, John. Yongsoo, our Chief Strategy Officer and Lead of our global business is going to offer a comment.

等一下，約翰。我們的首席策略長兼全球業務負責人永洙將發表演說。

Yeah, another important aspect of our partnership with Warner is that it includes not only Korean Webtoon titles, but also a significant number of English original titles. We believe the impact on the Webtoon brand and English platform will be especially meaningful once these English original titles are developed through a major US animation studio like Warner and reach the market.

是的，我們與華納合作的另一個重要方面是，它不僅包括韓國網路漫畫作品，還包括大量的英文原創作品。我們相信，一旦這些英文原創作品透過像華納兄弟這樣的大型美國動畫工作室進行開發並推向市場，對 Webtoon 品牌和英文平台的影響將特別顯著。

Doug Anmuth, JPMorgan.

道格·安穆斯，摩根大通。

Great. Thanks so much for taking the question. David, can you just talk a little bit more about the drivers of the 4Q guide, the slower revenue growth? Just trying to understand -- I know you mentioned IP adaptation, some of the lumpiness there, but also trying to understand how much is tied to the Korea advertiser advertising from the e-com partner that declined in 3Q and what kind of visibility you have there?

偉大的。非常感謝您回答這個問題。大衛，你能再詳細談談第四季業績指引中營收成長放緩的驅動因素嗎？我只是想了解一下——我知道你提到了IP適配，以及其中的一些波動，但我也想了解這其中有多少與第三季度下降的電商合作夥伴的韓國廣告商廣告有關，以及你在那方面的可見度如何？

And then just putting that all together, like how you're positioned into '26. Thanks.

然後把所有這些因素綜合起來，就像你在 2026 年的定位一樣。謝謝。

Great. Thanks for the question. First, let me start with the last part of your question. We feel very good about the fundamental business health and growth opportunity mid- to long term for this business. In particular, in paid content to see the emerging signals of continued webcomic English app MAU growth and now paid user signs of future monetization, we feel very good.

偉大的。謝謝你的提問。首先，讓我先回答你問題的最後一部分。我們對這家企業的基本業務健康狀況以及中長期成長機會感到非常樂觀。尤其令人欣喜的是，在付費內容方面，我們看到了網路漫畫英文應用程式月活躍用戶持續成長的跡象，以及付費用戶未來變現的跡象。

And frankly, the announcements that we've made with great partners like Warner Bros and Disney make me feel even stronger about the future of this company for '26 and beyond. Having said that, Q4 does represent a quandary for us to explain.

坦白說，我們與華納兄弟和迪士尼等優秀合作夥伴共同發布的公告，讓我對公司在 2026 年及以後的發展前景更加充滿信心。話雖如此，第四季確實為我們帶來了一個需要解釋的難題。

Let me try. First, while we do not usually disclose great detail, I wanted to mention that within the 2.3% to 5.1% revenue decline as forecasted, this $330 million to $340 million range with the $335 million midpoint. Within that range at current FX rates, paid content is up, reflecting what we believe to be the strength in paid content.

我來試試。首先，雖然我們通常不會透露太多細節，但我想提一下，在預測的 2.3% 至 5.1% 的收入下降範圍內，這部分下降幅度在 3.3 億美元至 3.4 億美元之間，中點為 3.35 億美元。在這個範圍內，以目前的匯率計算，付費內容有所增長，這反映了我們認為付費內容的強勁勢頭。

The primary driver, frankly, year-on-year is not a function of paid content. It's a function of the timing of IP adaptations. I want you to remember that IP adaptations play a really important role for us with regard to having some of the lowest cost way to create awareness for our creators and for our own content on our platforms.

坦白說，逐年成長的主要驅動因素並非付費內容。這取決於IP改編的時機。我希望你們記住，IP改編對我們來說非常重要，因為它是以最低成本的方式提高我們創作者和我們平台上自有內容的知名度。

And in Korea, where we've talked about a 50% market penetration, that is a great strength. However, when you have that much market penetration, the flow of when crossover IP hits a quarter can really change the optics of the total revenue.

在韓國，我們已經談到了 50% 的市場滲透率，這是一個巨大的優勢。然而，當市場滲透率達到如此之高時，跨界IP何時進入季度，真的會改變總收入的面貌。

Recall in Q4 of 2024, a year ago relative to guidance, we had major breakouts. We had the success of A Star is Born. We had Trauma Code. We haven't even in North America the impact of Sidelined: The Quarterback and Me. So when we think about the guide, I would characterize it as primarily on revenue being driven by the timing of crossover IP.

回想一下，在 2024 年第四季（相對於一年前的業績指引），我們取得了重大突破。我們憑藉《一個明星的誕生》取得了成功。我們啟動了創傷急救程序。在北美，我們甚至還沒有感受到《場邊四分衛與我》的影響。因此，當我們思考該指南時，我會將其主要描述為由跨界 IP 的時機驅動的收入。

And I'll note that despite the fact that we're guiding to a decline in total revenue, we're still guiding to the same adjusted EBITDA, the same definition and the same number of roughly minus $4 million, and that reflects how strong we're managing G&A, and it also reflects the fact that we're managing our mix and our gross profit.

我要指出的是，儘管我們預計總收入將下降，但我們仍預計調整後的 EBITDA 將保持不變，定義相同，金額也相同，約為 -400 萬美元。這反映了我們對一般及行政費用的管理有多麼出色，也反映了我們對產品組合和毛利的管理有多麼出色。

In fact, we added another disclosure, which I think is important on the bottom line, which is within the guide, there is inclusive in it a $16.5 million non-cash set of costs that include, amongst other things, the actuarial adjustment for the pension expense for some of our Asian-based employees and the non-cash write-down of minimum guarantee held on balance sheet, independent of what we actually pay in terms of liquidity.

事實上，我們還增加了一項披露，我認為這對最終結果很重要。該揭露包含在指南中，其中包含 1,650 萬美元的非現金成本，其中包括我們一些亞洲員工退休金費用的精算調整，以及資產負債表上持有的最低擔保的非現金減值，這與我們實際支付的流動性費用無關。

And the reason why we did so is to really note that we feel that the quarter guide, while appropriate, reflects the strength we think that we are building for the long term. I know that's hard perhaps on the surface to see.

我們這樣做的原因是為了強調，我們認為季度業績指引雖然合適，但反映了我們認為正在為長期發展而建立的實力。我知道這一點表面上可能很難看出來。

Now with regard to your question in advertising, we are so early in the Rest of World that you should think of advertising as disclosed as primarily being driven by Korea. And it goes to the same market penetration point. When you have 50% market penetration, we described a movement in one large e-commerce customer affecting the quarter.

至於你提出的廣告問題，目前世界其他地區的廣告市場還處於起步階段，你應該認為廣告市場主要由韓國主導。而且它也達到了同樣的市場滲透率。當市場滲透率達到 50% 時，我們描述了一家大型電子商務客戶對該季度的影響。

You'll note we also disclosed the strength of our relationships with other advertising partners in Korea, inclusive of NAVER. And we did not talk about this issue as being a persistent one in our business model beyond the quarters that we have described. So you have to read into that as you will.

您也會注意到，我們也揭露了我們與韓國其他廣告合作夥伴（包括 NAVER）的良好關係。而且，除了我們所描述的幾個季度之外，我們並沒有把這個問題視為我們商業模式中持續存在的問題。所以，至於如何解讀，就由你來決定了。

But again, we're not talking about a fundamental business health issue anywhere, particularly amongst where we are strong in Korea, including our advertising business in the mid- to long term.

但再說一遍，我們討論的並不是任何地方的根本性業務健康問題，尤其是在我們在韓國的優勢領域，包括我們的廣告業務，從中長期來看都不是問題。

Andrew Marok, Raymond James.

Andrew Marok，Raymond James。

Hi, thanks for taking my questions. Two, if I could. So maybe first, just if you could elaborate a little bit on the engagement that you've seen with some of the Disney content to date. I mean, obviously, you've mentioned that there's a lag between the content coming on to the platform, the monetization because of the free episodes. But just how that engagement curve is progressing relative to expectations?

您好，感謝您回答我的問題。如果可以的話，我希望有兩個。首先，您能否詳細說明一下您迄今為止所看到的迪士尼內容的互動情況？我的意思是，很顯然，你提到過，由於免費劇集的存在，平台上的內容和盈利之間存在滯後。但就參與度曲線而言，目前的進展與預期相比如何？

And then maybe one more on advertising. If you could just maybe talk a bit about advertiser appetite for new platforms and new channels to devote spend to and kind of what we're hearing is maybe a little bit of a mixed or an uncertain environment into Q4. Thank you.

然後或許還可以再寫一篇關於廣告的文章。如果您能談談廣告主對新平台和新管道的投入意願，以及我們目前聽到的關於第四季度市場環境可能喜憂參半或充滿不確定性的討論，那就太好了。謝謝。

Sure. On your first question, unfortunately, Andrew, while everything that we've seen is positive, it's too early for me to give you specific quantified metrics. I will tell you that we've talked about in the past how the timing of this engagement with Disney is a great time because the leadership and the team have already rolled out fundamental improvements in product. We call it Global Webtoon 2.0. And we've also talked in the last quarter, previously, we talked about a 9% increase. And things like when we look at engagement from new products, we look at not just the webcomic English app MAU growth or the MPU growth that we mentioned, that's great. But we look at episodes of read. We look at quality metrics. Too early for me to disclose them quantifiably. But I would tell you, we're very encouraged by the progress we're making.

當然。關於你的第一個問題，很遺憾，安德魯，雖然我們看到的一切都是正面的，但現在我還沒辦法給你具體的量化指標。我可以告訴你們，我們之前討論過，與迪士尼合作的時機非常好，因為領導層和團隊已經在產品方面推出了根本性的改進。我們稱之為全球網路漫畫 2.0。而且，在上個季度，我們之前也談到 9% 的成長。而當我們查看新產品的用戶參與度時，我們不僅要關注我們提到的網路漫畫英文應用程式的月活躍用戶成長或每用戶月增長，這固然很好。但我們關注的是閱讀的片段。我們關注品質指標。現在透露具體數字還為時過早。但我可以告訴你，我們對目前的進展感到非常鼓舞。

And it's the largest upside market for us because we've only started. So I can't give you more that I can't disclose in the short term on Disney, but I can tell you we're very bullish about our business in Rest of World, particularly in North America.

而且，這是我們最大的上漲潛力市場，因為我們才剛起步。所以，關於迪士尼，我不能透露更多短期內不能公開的信息，但我可以告訴你，我們對我們在世界其他地區的業務，特別是北美地區的業務，非常樂觀。

Great, thank you. And then maybe on the advertising point for advertisers looking to invest through the appetite for incremental platforms or channels. Thank you.

太好了，謝謝。然後，或許可以從廣告角度來看，廣告主希望透過對增量平台或管道的需求進行投資。謝謝。

There is definitely strong interest. I would point you to in Japan, the continued success of pre-roll video, which we think is a wonderful way to deepen engagement even in paid content, right? This is the opportunity. And I think as we get better and better at targeting, the opportunity for people to see pre-roll video that has better and better affinity to the paid content they're already engaged with.

確實存在很強的興趣。我想指出的是，在日本，前置影片廣告持續取得成功，我們認為這是一種即使在付費內容中也能加深用戶參與度的絕佳方式，對吧？這是個機會。我認為，隨著我們定位技術的不斷進步，人們將有機會看到與他們已經參與的付費內容越來越相關的前置影片。

We talked about that being a strength in Japan. We did talk about the dislocation from one customer in Korea. But in terms of Rest of World, we are early. And while we're building for the long term, we're not yet realizing, I think, the very large offerings that I believe customers want. So at this point, I can't give you specifics. I will tell you, it was a wonderful opportunity to engage with advertisers publicly, we were at New York Ad Week. We had a very large presence along with our New York Comic Con presence. I'm really encouraged personally by the interest in the differentiated products that we can offer. But I also need to be candid that we're still fundamentally building out the infrastructure in places like North America to begin to realize them down the road.

我們討論過這是日本的優勢。我們確實討論過一位韓國客戶遇到的問題。但就世界其他地區而言，我們還處於早期階段。雖然我們正在著眼於長遠發展，但我認為我們還沒有實現客戶真正想要的龐大產品和服務。所以目前我無法提供具體細節。我必須說，那是一次與廣告商公開交流的絕佳機會，我們當時在紐約廣告週。除了參加紐約動漫展之外，我們還進行了大規模的宣傳活動。我個人對大家對我們提供的差異化產品的興趣感到非常鼓舞。但我也必須坦誠地說，在北美等地，我們仍在從根本上建造基礎設施，以便將來能夠實現這些目標。

And it seems that we have no further questions at this time. This concludes the Q&A session and today's conference call. We would like to thank you all for your participation. You may now disconnect your lines. Have a pleasant day, everyone.

目前看來，我們沒有其他問題了。問答環節和今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。祝大家今天過得愉快。