Zedge Inc (ZDGE) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Zedge's earnings conference call for the second fiscal quarter of 2026. (Operator Instructions)

各位女士、各位先生，大家好，歡迎參加 Zedge 2026 會計年度第二季財報電話會議。(接線員指示)

I will now turn the call over to Mr. Brian Siegel. Sir, the floor is yours.

現在我將把電話交給 Brian Siegel 先生。先生，請開始。

Thank you, operator. During today's call, Jonathan Reich, Zedge's Chief Executive Officer; and Yi Tsai, Zedge's Chief Financial Officer, will discuss Zedge's financial and operational results that were reported today.

謝謝，接線員。在今天的電話會議中，Zedge 執行長 Jonathan Reich 與 Zedge 財務長 Yi Tsai 將討論我們今天公布的 Zedge 財務與營運成果。

Any forward-looking statements made during this conference call during the prepared remarks or in the question-and-answer session, whether general or specific in nature, are subject to risks and uncertainties that may cause actual results in the future to differ materially from those discussed on today's call.

本次財報電話會議中，無論是在事先準備的發言或問答環節所作的任何前瞻性陳述（不論其性質為一般性或特定性），均受風險與不確定性影響，可能導致未來實際結果與今日電話會議所討論者出現重大差異。

These risks and uncertainties include, but are not limited to, specific risks and uncertainties disclosed in Zedge's periodic SEC filings. Zedge assumes no obligation to update any forward-looking statements or to update the factors that may cause actual results to differ materially from those that they forecast.

這些風險與不確定性包括但不限於 Zedge 定期向美國證券交易委員會（SEC）提交之申報文件中所揭露的特定風險與不確定性。Zedge 不承擔更新任何前瞻性陳述，或更新可能導致實際結果與其預測結果出現重大差異之因素的義務。

Please note that our earnings release is available on the Investor Relations page of the Zedge website and has also been filed on Form 8-K with the SEC. Finally, on this call, we will use non-GAAP measures. Examples include non-GAAP EPS, non-GAAP net income and adjusted EBITDA. Please see our earnings release for an explanation of our use of these non-GAAP measures.

請注意，我們的財報新聞稿可於 Zedge 官網的投資人關係頁面取得，並已以 Form 8-K 向 SEC 提交。最後，在本次電話會議中，我們將使用非 GAAP 指標。例如非 GAAP 每股盈餘（EPS）、非 GAAP 淨利以及調整後 EBITDA。關於我們使用這些非 GAAP 指標的說明，請參閱我們的財報新聞稿。

Now I'd like to turn the call over to Jonathan.

現在我想把電話交給 Jonathan。

Thank you, Brian, and good afternoon, everyone. Let me start with what stood out to me this quarter. The quality of our monetization continues to improve, and this is leading to record results. We achieved record levels of revenue and average revenue per monthly active user in our seasonally strongest quarter driven by continued advertising optimization, record active subscription numbers and record Zedge Premium GTV. What that tells me is that the investments we have made in optimizing our ad inventory and subscription offerings continue to pay off.

謝謝你，Brian，各位下午好。我先從本季最令我印象深刻的部分談起。我們的變現品質持續提升，並帶來創紀錄的成果。在我們季節性最強的一季中，受持續的廣告最佳化、訂閱活躍數創新高以及 Zedge Premium 商品交易總額（GTV）創新高所帶動，我們達成了營收與每月活躍用戶平均營收（ARPU）雙雙創新高。這告訴我，我們在最佳化廣告庫存與訂閱方案上的投資持續帶來回報。

Although MAU contraction remains, we are focused on acquiring higher-value users and monetizing our audience more effectively. That makes the core marketplace more resilient and durable. Turning to innovation, starting with Data Seeds. It remains early, and we are excited about this market and its incredible growth potential. The appetite for AI training data is virtually insatiable, and we are productizing offerings, we believe can meet the needs of model builders and doing so intelligently and cost effectively.

儘管 MAU 仍在收縮，我們專注於獲取更高價值的用戶，並更有效地將受眾變現。這使核心市集更具韌性與持久性。談到創新，先從 Data Seeds 開始。目前仍屬早期階段，我們對這個市場及其驚人的成長潛力感到振奮。對 AI 訓練資料的需求幾乎是無止盡的；我們正在將我們相信能滿足模型建構者需求的方案產品化，並以更聰明且具成本效益的方式來完成。

This is in contrast to the many venture-funded start-ups in this market, many of which are overcapitalized and burning money like there is no tomorrow. Data is the fuel that powers AI models and we do not believe this is a bubble. Our challenge is in making the right bets, continuing to grow our library of relevant content and executing well in a rapidly developing market we're witnessing continued inbound interest and have started building an outbound pipeline.

這與該市場中許多由創投資助的新創公司形成對比，其中不少公司資金過度充裕，燒錢彷彿沒有明天。資料是驅動 AI 模型的燃料，我們不認為這是一個泡沫。我們的挑戰在於做出正確的押注、持續擴充相關內容庫，並在快速發展的市場中良好執行；我們持續看到主動上門的興趣，也已開始建立對外拓展的商機管道。

Some of our customers have returned placing new larger orders after proving that we were able to meet their highly discerning needs with high-quality outcomes. Enterprise customers tend to scale relationships over time based on consistent and reliable performance.

在證明我們能以高品質成果滿足其高度嚴格的需求後，部分客戶已回流並下了新的、更大筆訂單。企業客戶通常會基於一致且可靠的表現，隨時間逐步擴大合作關係。

Our operational focus is on building a high-quality outbound pipeline and on better qualifying inbound requests. Not every opportunity converts and not every deal is feasible, being selective, focusing on those needs that we can meet and executing well on the opportunities we pursue is critical to building long-term credibility in the enterprise market.

我們的營運重點在於建立高品質的對外拓展商機管道，並更有效地篩選主動上門的需求。並非每個機會都能轉換，也並非每筆交易都可行；保持選擇性、聚焦於我們能滿足的需求，並把握我們所追求的機會且執行到位，對於在企業市場建立長期信譽至關重要。

In addition, we are building an off-the-shelf or OTS catalog to drive down cost and accelerate order delivery. Our production cloud is growing as well with a set of vetted production teams that we can call on to create data sets as needed. Revenue remains lumpy at this stage, but engagement trends are encouraging.

此外，我們正在建立現成（off-the-shelf，OTS）目錄，以降低成本並加速交付。我們的製作雲端也在成長，並建立了一組經審核的製作團隊，可在需要時協助建立資料集。在此階段營收仍呈現不均勻（lumpy），但互動趨勢令人鼓舞。

Our priority is building the infrastructure, supply depth and operational rigor required to support larger, more consistent opportunities over time without getting too far ahead of ourselves and hurting profitability. Our innovation team is humming. We recently launched two more alpha products, bringing us halfway toward our goal of introducing up to six this fiscal year.

我們的優先事項是建立所需的基礎設施、供給深度與營運嚴謹度，以便隨時間支持更大且更穩定的機會，同時避免操之過急而損害獲利能力。我們的創新團隊運作順暢、火力全開。我們最近又推出兩項 alpha 產品，使我們朝本會計年度最多推出六項的目標完成了一半。

As expected, not every initiative will make the cut, but we learn from each new launch. Syncat, our first release under the product innovation team framework did not deliver the KPIs we were shooting for and we are ceasing development of this product.

如同預期，並非每項計畫都能通過篩選，但我們會從每一次新產品上線中學習。Syncat 作為產品創新團隊框架下的第一個發布，未能達成我們設定的 KPI，因此我們將停止該產品的開發。

Our framework is simple, prequalify, develop rapidly, test quickly, measure objectively and invest in the winners. Adopting this operating mentality is challenging and requires great discipline and the ability to avoid getting attached to a product because of personal affinities.

我們的框架很簡單：事前篩選、快速開發、迅速測試、客觀衡量，並投資於勝出者。採用這種營運心態具有挑戰性，並需要高度紀律，以及避免因個人偏好而對某個產品產生依戀的能力。

Turning to Emojipedia, we continue to face structural headwinds tied to the evolving field of search, and we recorded a noncash impairment this quarter to reflect the likely impact of these changes. The business remains profitable and the cost structure, which had always been efficient is aligned accordingly. GuruShots appears to be stabilizing and is being operated conservatively following last year's restructuring as we evaluate longer-term options.

談到 Emojipedia，我們仍面臨與搜尋領域演進相關的結構性逆風，因此本季我們認列了一筆非現金減損，以反映這些變化可能帶來的影響。該業務仍然獲利，而其成本結構一向高效率，也已相應調整到位。GuruShots 似乎正在趨於穩定；在去年重整後，目前以保守方式營運，同時我們也在評估長期選項。

From a capital allocation standpoint, we generated solid free cash flow even after investing in Data Seeds, Tapedeck and other innovation priorities. Cash strengthened to $19.1 million with zero debt. Our free cash flow yield remains in the double digits, and we are now paying a quarterly dividend while continuing to invest in innovation and repurchasing shares when the market conditions are right.

就資本配置而言，即使在投資 Data Seeds、Tapedeck 及其他創新優先事項之後，我們仍產生了穩健的自由現金流。在零負債的情況下，現金增至 1,910 萬美元。我們的自由現金流殖利率仍維持在兩位數；同時，我們已開始支付季度股利，並在持續投資創新的同時，於市場條件合適時回購股票。

Stepping back, our priorities are straightforward. Strengthen monetization in the marketplace, build Data Seeds deliberately and expand our innovation pipeline in a disciplined way. We believe that balance positions us well for the remainder of fiscal 2026.

回過頭來看，我們的優先事項很明確。強化市集的變現能力、審慎打造 Data Seeds，並以有紀律的方式擴大我們的創新管道。我們相信這樣的平衡，能讓我們在 2026 會計年度剩餘期間保持良好態勢。

With that, I'll turn it over to Yi.

接下來，我把電話交給 Yi。

Thank you, Jonathan. Total revenue for the second quarter was $8.3 million, up 18.3% from last year. Remember, historically, Q2 is our seasonally strongest quarter due to the holidays. There are a couple of items of note in the quarter's results. First, Zedge Marketplace revenue was up over 21% year-over-year driven by strong advertising CPMs and subscription revenue.

謝謝你，Jonathan。第二季總營收為 830 萬美元，較去年成長 18.3%。請記得，從歷史來看，由於假期因素，第二季一向是我們季節性最強的一季。本季結果有幾點值得注意。第一，Zedge Marketplace 營收年增超過 21%，主要受強勁的廣告 CPM 與訂閱營收帶動。

Consistent with Jonathan's comments earlier and on our last call, Emojipedia was a significant drag on top line growth, and when combined with year-over-year declines at GuruShots were a material drag on our overall revenue growth rate. That said, GuruShots continues to stabilize on a sequential basis.

與 Jonathan 先前以及我們上次電話會議中的評論一致，Emojipedia 對營收成長（top line growth）造成了顯著拖累；再加上 GuruShots 年對年下滑，對我們整體營收成長率形成了實質性的拖累。儘管如此，GuruShots 仍持續在環比基礎上趨於穩定。

Advertising revenue was up 18.3% for the quarter as strong growth in the Zedge Marketplace was offset by lower ad revenue at Emojipedia. Zedge+ subscription revenue increased 33% year-over-year, and our net active subscriber base grew 49%, reaching nearly 1.2 million subscribers. We continue to optimize our subscription plans and are seeing the benefits of those changes.

本季廣告營收年增 18.3%，Zedge Marketplace 的強勁成長抵銷了 Emojipedia 較低的廣告營收。Zedge+ 訂閱營收年增 33%，我們的淨活躍訂閱用戶基數成長 49%，達到接近 120 萬名訂閱者。我們持續優化訂閱方案，並已看到這些變更帶來的效益。

Deferred revenue, which primarily represents subscription-related revenue reached $6 million, up 5% sequentially and 39% year-over-year. This is an important metric as it reflects future revenue that essentially carries a 100% gross margin. Zedge Premium GTV was up 15.7% from the year ago quarter and [ARPMAU] increased 47.6%, continuing to shift towards higher value users and improve monetization efficiency.

遞延收入（主要代表與訂閱相關的收入）達到 600 萬美元，環比成長 5%，年增 39%。這是一項重要指標，因為它反映了未來收入，而該收入基本上具有 100% 的毛利率。Zedge Premium 的 GTV 較去年同期成長 15.7%，且 [ARPMAU] 成長 47.6%，持續朝更高價值用戶轉移並提升變現效率。

This quarter, note that our digital goods and services revenue includes contribution from both GuruShots and Data Seeds, with the vast majority being generated by GuruShots at this stage as we recognized minimal Data Seeds revenue in the quarter. We expect to see Data Seeds increase its contribution in the second half of fiscal 2026.

本季請注意，我們的數位商品與服務收入包含 GuruShots 與 Data Seeds 的貢獻；但在此階段絕大多數仍由 GuruShots 產生，因為本季我們認列的 Data Seeds 收入極少。我們預期在 2026 會計年度下半年，Data Seeds 的貢獻將會提升。

Cost of revenue was 6.8% of revenue, which was up from 6.4% last year due to the reduction in partner discounts from Google Cloud Services as well as the introduction of Tapedeck licensing fees and Data Seeds production costs. SG&A decreased about 6% to $6.7 million for the quarter. This reflects the net savings from our restructuring, partially offset by investment in ramping Data Seeds and Tapedeck. GAAP loss from operations was $2.9 million compared to a loss of $2.2 million last year. This quarter, we took a $3.7 million asset impairment charge related to Emojipedia.

營收成本占營收比重為 6.8%，高於去年同期的 6.4%，原因在於 Google Cloud Services 的合作夥伴折扣減少，以及新增 Tapedeck 授權費與 Data Seeds 製作成本。本季 SG&A 約下降 6% 至 670 萬美元。這反映了我們重整所帶來的淨節省，但部分被對 Data Seeds 與 Tapedeck 擴張投入所抵銷。GAAP 營業損失為 290 萬美元，去年同期為損失 220 萬美元。本季我們就 Emojipedia 認列了 370 萬美元的資產減損費用。

While last year, we had $1.3 million in restructuring charges. GAAP net loss and loss per share were $2.3 million and $0.18 compared to a loss of $1.7 million and a loss per share of $0.12 last year. On a non-GAAP basis, net income was $0.8 million and EPS was $0.06 compared to a loss of $0.2 million and a loss per share of $0.01 last year.

而去年我們有 130 萬美元的重整費用。GAAP 淨損失與每股虧損分別為 230 萬美元與 0.18 美元，去年同期為淨損失 170 萬美元與每股虧損 0.12 美元。以非 GAAP 基礎計算，淨利為 80 萬美元、EPS 為 0.06 美元；去年同期為淨損失 20 萬美元、每股虧損 0.01 美元。

Cash flow from operations was $0.9 million and free cash flow was $0.8 million for the quarter. Adjusted EBITDA for the quarter was $1.1 million, versus negative $0.1 million last year. From a liquidity perspective, we ended the quarter with $19.1 million in cash and cash equivalents and no debt. In addition to our dividend payouts, we still have about $500,000 available under our current buyback authorization.

本季營運活動現金流為 90 萬美元，自由現金流為 80 萬美元。本季調整後 EBITDA 為 110 萬美元，去年同期為負 10 萬美元。就流動性而言，本季末我們持有 1,910 萬美元的現金及約當現金，且無負債。除股利發放外，我們在現行庫藏股回購授權下仍約有 50 萬美元可用額度。

I want to point out one item as we look to our Q3. Last year, we had a onetime benefit to revenue of $450,000 related to an integration bonus from an ad partner that will not repeat this year. Thank you for listening to our second quarter earnings call. We look forward to updating you again soon when we report results for the third-quarter of fiscal 2026.

在展望第三季（Q3）時，我想指出一項事項。去年我們的營收有一次性 45 萬美元的利益，係來自某廣告合作夥伴的整合獎金，今年不會重複發生。感謝各位收聽我們第二季財報電話會議。我們期待在不久後公布 2026 會計年度第三季業績時，再次向各位更新。

Operator, please open the line for questions.

接線員，請開放提問。

Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. (Operator Instructions)

謝謝。各位女士、先生，我們現在開始問答環節。（接線員指示）

Allen Klee, Maxim Group.

Allen Klee，Maxim Group。

Yes. Nice quarter. For Data Seeds, could you kind of walk us through, how you think about -- I know you're building a pipeline, but as you get these -- how long do you think it takes to be able to deliver on a when and how -- is this considered -- how you think about it from a margin perspective potentially when it scales? And anything else related to the pipeline and the size of orders that might be in the pipeline? Thank you.

是的。本季表現不錯。關於 Data Seeds，您能否帶我們梳理一下你們的思考方式——我知道你們正在建立案源管線（pipeline），但當你們取得這些案子時——你們認為要多久才能交付、在時間點與方式上如何落地——以及從毛利率角度來看，當規模化之後你們可能如何看待？另外，關於管線以及管線中訂單規模的大小，還有其他可以分享的嗎？謝謝。

Hi, Alan, thank you. A couple of different observations about Data Seeds. As we've said in the past, Data Seeds is a B2B offering. And from what we've seen the progression of a deal depends on how well the proof-of-concept goes. If we deliver well according to SPAC in time frames that we are given, the customer has interest in coming back to us.

嗨，Alan，謝謝。關於 Data Seeds 有幾點不同的觀察。如同我們過去所說，Data Seeds 是一項 B2B 產品/服務。而就我們所見，一筆交易的推進進度取決於概念驗證（proof-of-concept）的進展情況。如果我們能在客戶給定的時程內，依照 SPAC 的要求良好交付，客戶就會有興趣再回來找我們。

The growth of those deals is very much dependent on what the customer needs, whether it's a custom-made deal, whether it's an off-the-shelf deal, and we are still in the midst of refining that process to make sure that we are investing our resources in the right area with the right data, with the right prospects and so on and so forth. In terms of margins, thus far, the margins have been attractive.

這些交易的成長很大程度取決於客戶需求：是客製化交易，還是現成（off-the-shelf）交易；我們仍在持續精煉流程，以確保把資源投入在正確的領域、正確的資料、正確的潛在客戶等各方面。就毛利率而言，截至目前毛利率表現具吸引力。

We do have target margins, but margins are also dependent on what type of deal it is, off-the-shelf will command a lower margin than custom made by and large, and depending on whether or not there is a middle man, meaning a marketplace that's evolved, that also impacts margin. So these are all variables that are being considered by us as we further invest in expanding this business.

我們確實有目標毛利率，但毛利率也取決於交易類型：一般而言，現成方案的毛利率會低於客製化方案；此外，是否存在中間商（例如已發展成熟的市集平台）也會影響毛利率。因此，隨著我們進一步投資擴展這項業務，這些都是我們正在納入考量的變數。

Okay. And last quarter, I think you mentioned -- so this makes perfect sense with you guys on photos with which you have in GuruShots . And you also, I think, mentioned you're looking at other type of data? And how are you thinking about that now?

好的。另外，上季我記得你們提到——這與你們在 GuruShots 擁有的照片內容非常契合。而且我想你們也提到正在看其他類型的資料？你們現在對此的思考是什麼？

Yes. We are focusing on multimodal data that can be images, audio and/or video. So we are focused on each of those verticals in terms of actual data. The typical entry point is based upon our reputation and business in the image space, but we've already completed one proof of concept on the video side, and we're speaking to several prospects about some audio work.

是的。我們聚焦於多模態資料（multimodal data），可以是影像、音訊和/或影片。因此，就實際資料而言，我們正分別聚焦於上述各個垂直領域。典型的切入點是基於我們在影像領域的聲譽與業務基礎；但我們已在影片端完成一次概念驗證，並且正與數個潛在客戶洽談一些音訊相關的工作。

That's great. On your alpha product launches. You mentioned you launched two more to get to four out of six. Is there anything you can comment on the two new ones?

太好了。關於你們的 alpha 產品上線。你提到你們又推出了兩個，讓總數從六個中的兩個變成四個。你能否談談這兩個新的產品？

The two new ones literally are fresh out of the starting gate. What I can comment on, thematically is we are -- these are being built on a foundation that continues to evolve such that we can build things at a much more modular fashion, allowing us to accelerate and get stuff out the door sooner rather than later. We also are expanding and monetizing not only through subscription, which was Syncat related but also through advertising.

這兩個新的產品真的才剛起步。我能評論的是，從主題面來看，我們——這些產品是建立在一個持續演進的基礎之上，讓我們能以更模組化的方式打造產品，使我們能加速並更早把東西推出去，而不是拖到更晚。我們也在擴張並變現，不僅透過訂閱（那是與 Syncat 相關），也透過廣告。

And the refinement that we have in terms of even selecting what to produce next is continuing to improve. We've run fake door tests against the cohort of different ideas that we have research using various industry tools measuring where is the traction in the market, market sizing and then taking a look at things like conversion rates, cost for acquisition amongst other KPIs.

而且我們在挑選下一個要做什麼的精準度也在持續提升。我們針對一組不同想法做了「假門」測試，並使用各種產業工具來衡量市場牽引力在哪裡、市場規模，然後再看轉換率、獲客成本等其他 KPI。

And after we've analyzed that data across a cohort of different ideas, we will select 2 winners and then we start the development process. The goal is ultimately to have a foundation, which allows for very fast turnaround so that we can build in a modular fashion as opposed to having to start from scratch every time we go out with a new app.

在我們針對一組不同想法分析完這些數據之後，我們會選出兩個勝出者，然後開始開發流程。最終目標是建立一個能夠非常快速周轉的基礎，讓我們可以用模組化方式建置，而不是每次推出新 App 都得從零開始。

Right. And you're still seeing good momentum on subscription revenues, is anything different in what's driving that or the kind of the same trends?

了解。你們的訂閱營收仍然有不錯的動能；推動因素有什麼不同嗎？還是大致上是相同的趨勢？

Yes. What's driving it is really our ongoing investment in optimizing our subscription offering and trying to find those pockets of prospective subscribers that will be attracted to what we had to offer.

是的。推動因素主要是我們持續投資於優化訂閱方案，並嘗試找出那些可能會被我們所提供內容吸引的潛在訂閱者族群。

Okay. In terms of Zedge Marketplace, that's also doing very well. How -- talk a little bit about kind of what's been driving that?

好的。就 Zedge Marketplace 而言，表現也非常好。能不能談談是什麼在推動它？

Well, it goes without saying our fiscal Q2 overlaps with year-end advertising spend --

嗯，不用說，我們的會計年度第二季與年終廣告投放支出重疊--

Right.

對。

Pardon me.

不好意思。

And furthermore, we've been doing a lot of work on the data science side in order to better segment users and optimize their performance from a monetization perspective.

此外，我們在資料科學方面做了很多工作，以便更好地對使用者分群，並從變現角度優化他們的表現。

Okay. And in terms of like your active users, how -- how are you thinking -- what's your strategy there on trying to increase that?

好的。那就你們的活躍使用者而言，你們怎麼思考——你們的策略是什麼，想要如何提升？

Sure. So we've got three tracks under way. Number one, is marketing, find new marketing mechanisms that we've not used in the past, let's just say, influencer market. Number two, is we're testing new product features and capabilities that will draw back users on a daily basis.

當然。我們目前有三條軌道在進行。第一是行銷，尋找過去沒有使用過的新行銷機制，比方說網紅行銷。第二是我們在測試新的產品功能與能力，讓使用者每天都願意回來。

Just by way of example, we're going to be testing the notion of offering alarms such that you can wake up in the morning to an alarm and a user would need to interact with the app in order to turn the alarm off, so product features. And then the third is that we've got data science projects that we've initiated to help us better isolate prospective new users that we can bring into the app based upon the wonders of data science.

舉例來說，我們將測試提供鬧鐘的概念，讓你早上可以用鬧鐘起床，而使用者需要與 App 互動才能把鬧鐘關掉，這類產品功能。第三是我們已啟動資料科學專案，藉由資料科學的神奇之處，幫助我們更好地鎖定可導入 App 的潛在新使用者。

Okay. That's great. I'm sorry I forget, your -- the marketplace where you're offering independent music makers to -- where they can get the royalties, could you talk a bit about how that's progressing?

好的。很棒。不好意思我忘了，你們——那個提供獨立音樂創作者、讓他們可以獲得版稅的市集，你能談談目前進展如何嗎？

Sure. First of all, as an aside, there was a really fantastic article that came out in Billboard Magazine, over the course of the last couple of days, featuring Tapedeck and really counting the value that Tapedeck brings to the world of indie music. In terms of the actual product itself, the KPIs are trending in the right direction. We are slowing down in terms of ongoing product development and focusing our efforts more closely on expanding our music catalog.

當然。首先，題外話，過去幾天 Billboard 雜誌出了一篇非常精彩的文章，介紹 Tapedeck，並且真正盤點了 Tapedeck 為獨立音樂世界帶來的價值。就實際產品本身而言，KPI 正朝著正確方向發展。我們正在放慢持續的產品開發速度，並把重心更集中在擴充我們的音樂曲庫。

The need to find and build a music catalog that will be attractive to users that is material in size, provides variety, and exposes users to that are hyper fans to their perspective indie musicians is table stakes for the success of that business. And that is where we're shifting our focus to because most of the product needs are completed at least for the stage of the rollout.

要找到並建立一個對使用者有吸引力、規模夠大、提供多樣性，並讓那些對各自獨立音樂人極度熱愛的粉絲能接觸到內容的音樂曲庫，是這項業務成功的基本門檻。因此我們正把重心轉向這裡，因為就目前的上線階段而言，大多數產品需求至少已經完成。

To what extent is discovery important for the success of this as maybe people don't know the particular artists that -- and if they can find him or her might get excited and do it, how do you engage that? Or how do you think about that?

在多大程度上，「探索/發掘」對這項業務的成功很重要？因為也許大家不認識特定的藝人——如果能找到他或她，可能就會很興奮並使用；你們如何促進這件事？或者你們怎麼思考這一點？

Discovery is obviously important and if one opens up the Tapedeck gap, they can search for their artists who will come back. If the artist isn't there, they will recommend alternative artists, genres and so on and so forth that align to that style. But what we've also started to do is to work directly with artists that are within Tapedeck in terms of promoting the app to their fan base.

探索當然很重要；如果有人打開 Tapedeck App，他們可以搜尋自己的藝人，系統會回傳結果。如果該藝人不在上面，我們會推薦符合該風格的替代藝人、曲風等等。但我們也開始直接與 Tapedeck 內的藝人合作，讓他們向自己的粉絲群推廣這個 App。

Great. Okay, sounds good. Thank you so much.

很好。好的，聽起來不錯。非常感謝。

Thank you. (Operator Instructions)

謝謝。(接線員指示)

As we have no further questions, this will conclude our question-and-answer session and our conference call. We thank you for attending today's presentation, and you may now disconnect.

由於沒有進一步的提問，我們的問答環節以及本次電話會議到此結束。感謝各位參加今天的簡報，現在您可以掛線。

Okay, why not revive me by watching ads?

好吧，那何不透過看廣告來讓我復活呢？