Netflix Q1 2023 Earnings Interview
发布时间 2023-04-19 01:05:01 来源
Hello and welcome to the Netflix Q1223 Erning's interview. I'm Spencer Wong, VP of Finance, IR and Corporate Development. Joining me today are co-CEO's Ted Serendos and Greg Peters and CFO Spence Newman. Our interviewer this quarter is Jessica Rief-Ehrlich. As a reminder, we will be making forward-looking statements and actual results may vary. With that, Jessica, I'm going to turn it over to you for your first question.
大家好，欢迎来到 Netflix Q1223 Erning's 访谈节目。我是财务、IR 和企业发展部门的副总裁 Spencer Wong，今天我们邀请了联席CEO Ted Serendos 和 Greg Peters，以及CFO Spence Newman 参加。本季度我们的访谈嘉宾是 Jessica Rief-Ehrlich。请注意，我们将进行前瞻性声明，实际结果可能有所不同。接下来，我将把话题转交给 Jessica，让她提出第一个问题。
Thank you.
谢谢你。简单表达感谢之意。
So, let's start with Ted and Greg. You've worked together for over 15 years, but this is your first quarter as co-CEOs. Are there any highlights you want to share?
那么，我们从Ted和Greg开始。你们已经一起工作了15年以上，但这是你们作为联合首席执行官的第一个季度。你们有什么亮点要分享吗？
Well, Jessica, you pointed out. It's our first quarter together as co-CEOs, but 15 years working together. And in those 15 years, you build a lot of respect and trust in each other to help you get through some trying times. And not to let you down about, there's no drama, but this was pretty much a business as usual quarter for us, having done this together for so long. And Greg and I enjoy the same kind of trust, respect and shorthand that I enjoyed with Read for so many years, and I know Greg did as well. So it's not as eventful as folks might have thought, and it's really been incredibly and wonderfully professionally stimulating to have a co-CEO and get to tackle big problems together. So, I think one of the things that we'll look back at reads incredible 25 years at Netflix, one of the great accomplishments is facilitating this very, very smoothly transition and succession.
杰西卡，你指出了一个问题。虽然我们是首次担任共同CEO，但我们已经一起工作了15年。在这15年里，我们建立了很多相互尊重和信任的关系，让我们在一些困难的时候互相帮助。事实上，这一季度对我们来说几乎就像例行公事一样，没有什么戏剧性的事件，因为我们已经一起工作了这么长时间，所以我们之间已经建立了相同的信任、尊重和默契，就像我和里德在许多年里享有的一样，我知道格雷格也同样如此。所以这并不像人们可能想象的那么惊心动魄，而是非常有意思和充满挑战的一个阶段，我们作为共同CEO一起解决了很多大问题。因此，我认为我们回顾读取在 Netflix 的25年历程中，其中一个最大的成就就是顺利地实现了这一平稳的过渡和继任。
Great. So, you've recently regained prices in 116 countries. Is this a more local approach similar to what you did in India in 2021, or is the impetus to enable a successful introduction of password sharing and advertising tiers?
太好了。所以，你最近在116个国家恢复了价格。这是一种类似于你在2021年在印度所做的更本地化的方法，还是为了推动密码共享和广告层的成功介绍而产生的动力？
意思：恭喜你们最近在116个国家恢复了价格。这是采用了类似于2021年在印度使用的更本地化的方法，还是为了成功介绍密码共享和广告层而进行的努力呢？
I could take this one if you want, Jessica. This is really about, you know, we talked for the last few quarters about further refining our pricing strategy and monetization. And if you think about it, when we did our global launch in 2016, it was pretty much across the board a bit of a skim approach and not particularly sophisticated in terms of our pricing. So, think of this as kind of that next step in our evolution of a bit of a better market fit, product market fit, pricing fit. We're the aim of growing our penetration in these markets and also better medium and a long-term revenue. So, better for our members, better for our business. But, I want to emphasize, this is not a material to our business any time in the near term for sure. So, it's a lot of countries, but it represents less than 5% of our revenue. And so, it's something that will, over the long term, hopefully will benefit us. And, you know, we can point to an example and success is sort of like what we saw in India. So, last year back in December of 21, we've drawn prices in India between 20 to 60%. We saw engagement over the past year, grow by about 30% high growth in paid-in ads. And also, revenue, FX-neutral revenue growth actually accelerated from 19% in the year prior to 24% last year. So, that's, you know, we're not saying every market's going to play out like that, but that's what it would look like in success.
如果你想的话，我可以接下来这个项目，Jessica。最近几个季度，我们一直在讨论如何进一步完善我们的定价策略和货币化。如果你想一想，当我们在2016年进行全球推广时，我们所采用的定价策略基本上是比较粗略的，不太复杂。因此，可以将这看作是我们发展的下一步，即更好地市场适应性、产品市场适应性和定价适应性。我们的目标是在这些市场扩大我们的渗透率，并获得更好的中长期收益。因此，这对于我们的会员和企业都是好的。但是，我想强调的是，在短期内，这并不会对我们的业务产生明显的影响。所以虽然这涉及很多国家，但它的收入占比不到5%。因此，希望在长期内它能为我们带来好处。我们可以像印度那样提供一个成功的例子。去年的12月，我们在印度将价格下调了20%到60%。我们看到在过去的一年中，用户参与度增长了约30%，我们的收费广告也有很高的增长。此外，外汇中性收入增长从前一年的19%加速到去年的24%。因此，我们并不是说每个市场都会像印度一样成功，但这是一个成功案例的样本。
Great. Let's move on to password sharing. What have you seen in your Q1 new market launches, churn as well as conversion? And can you give us any specific color on what you've seen in Canada, whether it's in terms of new subs versus add-ons?
太好了，让我们继续谈密码共享。在你们第一季度的新市场推出、客户流失和转化方面有什么发现？能否具体说明一下加拿大的情况，无论是指新订阅还是附加商品方面？
Yeah, I'll take that one. So, this is an important transition for us. And so, we're working hard to make sure that we do it well. And as thoughtfully as we can, this last-sad-a-country rollouts have gone well. And maybe most importantly, we're directionally consistent with what we saw in Latin America.
是的，我会选择那个。所以，这对我们来说是一个重要的转型。因此，我们正在努力确保我们做得很好。我们尽可能地考虑周全，最近的国家推出都进展顺利。也许最重要的是，我们的方向性与我们在拉丁美洲看到的一致。
So, just to remind people what that looks like, very much like a price increase, we see an initial cancel reaction. And then we build out of that, both in terms of membership and revenue as borrowers sign up for their own Netflix accounts. And existing members purchase that extra-member facility for folks that they want to share with.
所以，为了提醒大家这是什么样子，就像价格上涨一样，我们看到了一个最初的取消反应。然后我们依靠借款人开通他们自己的Netflix账户，来增加会员和收入。现有的会员为他们想要与之分享的人购买额外会员服务。
So, first of all, it was a strong validation to see consistent results in these new countries, because they're different market characteristics different from each other and also different from the original Latin American rollout countries. So, to get to a positive outcome, you mentioned Canada. We're in now in a positive member and positive revenue position relative to pre-rollout.
首先，对于我们在这些新国家得到持续的结果表示强有力的认可，因为它们具有不同的市场特点，不同于拉丁美洲最初推出的国家。因此，你提到了加拿大，我们现在处于一个相对于推出前积极的成员和收入地位。
So, that's a really strong confirmation that we've gotten approach that we can apply in many different countries with different market characteristics, including our largest revenue countries. In fact, we actually, we could have launched that solution. We actually considered that option. But we also learned from this last set of launches about some improvements we can do, especially in areas that matter a lot to our members. Things like having seamless access to Netflix, as they've always been using it on the go or while traveling, as well as making sure they've got good tools for them to manage access to their accounts and their devices.
这是一项非常强有力的确认，我们可以将这种方法应用于许多不同的国家和具有不同市场特征的国家，包括我们最大的收入国家。实际上，我们曾经考虑过推出这个解决方案。但是，我们也从上一轮的推出中学到了一些改进的方法，尤其是一些对我们会员非常重要的领域。例如，让他们无缝地访问Netflix，因为他们一直在路上或旅行中使用它，以及确保他们有良好的工具来管理访问他们的账户和设备。
So, all in, you know, we felt based on those results, it was better to take a little bit of extra time, incorporate those learnings, and make this transition as smooth as possible as we can for members. And we think that approach also best serves the long-term business goals as well. So, we're going to launch this new improved version broadly, including in the United States in Q2.
总的来说，基于这些结果，我们认为最好多花一点时间，融入这些学习成果，使得我们的成员能够尽可能平稳地过渡。我们认为这种方式也最符合长期的商业目标。因此，我们将在2021年第二季度广泛推出这个新的改进版本，包括在美国。
So, as a follow-up, so the cadence, you just said the US and Q2, how about the rest of the world? And is there, you know, can you give us your thoughts on pricing? And whether you have a preference for a current borrowers become a subscriber or an add-on?
那么，作为后续，您刚才说了美国和Q2的节奏，其他国家的情况如何？您对定价有何想法？您更喜欢当前借款人成为订阅者还是添加用户？
Yeah. So, that launch we're doing in Q2 is a very broad launch, includes the United States, includes many, many other countries. I mean, we reserve the right for some, you know, countries where we think there's, you know, a different approach. But I would say the bulk of our countries, and certainly when you think about from a revenue perspective, the vast majority will be, you know, we'll be rolling out in Q2. You mentioned in terms of pricing, you know, we'll look at that on a market by market basis. But obviously, we tested different pricing in these last real odds, then we'll be tested in Latin America. And that gives you a sense about how we're thinking about, you know, what is optimal pricing, especially in more affluent countries.
是的。我们在第二季度进行的这次推出是一个非常广泛的推出计划，包括美国在内，还有许多其他国家。我的意思是，在我们认为有不同方法的某些国家保留权利。但我想说的是，在我们的大部分国家，特别是从收入角度考虑，绝大部分都将在第二季度推出。关于定价，您提到了我们将根据市场的不同来看待价格。但显然，我们在这些最近的实际测试中尝试了不同的定价策略，这些策略将在拉丁美洲的测试中得到验证。这让您了解到我们正在如何考虑什么是在更富裕的国家中最优定价。
So, I'll leave it at that. And then in terms of preference, what we're trying to do is create a structure that really supports choice. So that gives an opportunity for folks to spin off to borrow accounts where they think that's the right solution for them or for use cases, which are legitimate use cases where somebody wants to, you know, basically, you know, buy Netflix for, you know, a family member or something like that. We want that extra member, you know, to be a place to. So we don't really have, I'd say, a strong preference. We're not trying to steer in one perspective other than using pricing, you know, to both satisfy those, you know, customer choice goals, as well as thinking about long-term revenue optimization.
那么，我就这样说吧。在偏好方面，我们试图创建一种真正支持选择的结构。这样就给人们提供了一个机会，可以借用帐户，如果他们认为那是正确的解决方案，或者针对合法的使用案例，某人想要基本上为家庭成员购买Netflix之类的东西。我们希望这个额外的成员是一个可以放置的地方。因此，我们没有真正的偏好。我们不试图朝一个方向引导，只是利用定价来同时满足客户选择目标以及考虑长期收入优化。
One, one more in password sharing. Are there any incremental costs? And it seems like content distribution, marketing, or already in your expenses. So is the incremental margin 100% or are there plans to reinvest some of this revenue so it doesn't all flow through?
这段话的意思是：
在密码共享中再多一个人，是否会增加额外成本？看起来像是内容分发、市场营销或已经在你的费用中了。那么增量利润是100%还是有计划将部分收入重新投资，以免全部流动？
Well, I'll leave it to go. Go ahead. It's going to go for it. Yeah, you got it. You got it. Because there's really not other than just kind of just the general kind of allocation of resources that wouldn't say there's real incremental costs to this.
好的，那我就让它顺其自然吧。继续吧。它会顺利进行的。是的，你做对了。你做对了。因为除了资源的一般分配之外，我们无法说这真的会产生额外的成本。
But of course, we always want to reinvest. So as you kind of see with our kind of guidance and our objectives, Jen really, Jessica, we're looking to reaccelerate a revenue growth. That's the path that we're on right now. And as we do that, we want to kind of balance, you know, gradually increasing margins.
但当然，我们总是想要重新投资。就像你们可以看到我们的指导和目标一样，珍妮，杰西卡，我们正在寻求重新加速营收增长。这是我们目前的道路。在这样做的过程中，我们希望逐渐平衡，提高利润率。
You see that in our guide where we're looking to tick up margins a bit to the 18 to 20% range full year relative to just under 18% last year, but balance that with that big prize ahead of us. So reinvesting to more and more great entertainment for our members and drive that flywheel of more entertainment, more value for members and ultimately more and more members over time and then build a really, really big and profitable business.
在我们的指南中，你可以看到，我们正在努力将全年利润率略微提高到18%至20%的范围，相对于去年的接近18％，但是我们也要在那个大奖前保持平衡。因此，我们会投资更多优秀的娱乐项目，推动娱乐轮盘的发展，为会员提供更多娱乐和价值，最终吸引越来越多的会员，建设一个非常非常大和有利可图的企业。
So let's move on to advertising. Netflix appears to have a huge advantage and let's call it television advertising. I mean, you pretty much have nothing to lose from a legacy perspective and everything to gain on an avod platform given the limited outload premium video content, your humongous reach and engagement with some pretty hard to reach demographics, as well as the ongoing mass transition from linear to streaming, your position is enviable.
那么我们继续谈谈广告问题。Netflix似乎在电视广告方面有着巨大的优势。我是说，从传统角度来看，您基本上没有什么损失，但在avod平台上却可以获得很多收益，因为在高端视频内容受限、您具有巨大的覆盖面和吸引到一些很难触及的人口群体以及线性到流媒体的大规模转变不断发生的背景下，您的地位是令人羡慕的。
Having said that, you seem to be very careful in your advertising role out. Can you give us your key learnings to date and what the growing pains have been so far?
话虽如此，您在广告推出方面似乎非常谨慎。您能告诉我们迄今为止的主要经验教训以及所遇到的问题吗？
Yeah, as you state, we're significantly optimistic about the long term opportunity for the reasons that you mentioned. But we've always expected and we can expect, frankly, this to be a gradual build. It follows a very similar process that we've used in so many other areas where we get in, we learn as we go, we iterate and we found that having that approach yields basically great long term outcomes as we grow and learn.
是的，正如你所说的，我们对长期机会非常乐观，原因就像你所提到的那样。但是，我们一直期望并且可以期待这是一个逐步建立的过程。这遵循着我们在许多其他领域使用的非常相似的流程，在这个过程中，我们进入、学习、迭代，并发现采用这种方法在我们不断成长和学习的过程中取得了良好的长期结果。
So I would say, where we're at today, we've got a lot of work to do to develop, continue to develop features that support advertisers. We're rolling out things like measurement and verification, but we've got a bigger long or longer roadmap that we have to go do there.
所以，我想说的是，就我们现在的情况而言，我们还有很多工作要做，以便继续开发支持广告商的功能。我们正在推出诸如测量和验证之类的东西，但我们还有更长期的路线图要去实施。
We're improving our go-to-market and sales capabilities and partnership with Microsoft. There's a lot of good work that we have to go do and some of this is hard work because it's very country by country. You've seen us add a programmatic market place that gives advertisers more ways to buy as we grow inventory. We're also trying to improve things on the consumer-facing side. We're adding more features to the ad plan. We're making that experience better for members.
我们正在改善我们的营销和销售能力以及与微软的合作关系。我们有很多工作要做，其中一些工作很艰难，因为它们非常依赖于不同的国家。您可能已经看到我们增加了一个可编程的广告市场，为广告客户提供更多买入方式以扩大库存。我们也在努力改善面向消费者的体验。我们正在向广告计划中添加更多功能，以提高会员的体验。
Through that process, we expect those iterations, which we're trying to go as fast as we can on them while being judicious and thoughtful about the business to really add up over a period of time into a significant highly material and highly lucrative, high margin business. There's plenty to go do when we're trying to maintain a fast pace, but also a thoughtful pace.
我们希望通过这个过程，尽快地进行这些迭代，同时在考虑业务方面保持审慎和深思熟虑，以便在一段时间内使其积累成为一个重要的，高回报率的高利润业务。我们正在尽力维持快速并且深思熟虑的步伐，还有许多工作需要投入。
Even a lot of press reports regarding your build-up of ad tech capabilities, can you provide an overview of plans, timeframe, and cost?
尽管有很多媒体报道称您正在建立广告技术能力，但您能提供计划、时间表和成本的概述吗？
Yeah, I would say we have ambition to be innovative in this space. A lot of that innovation is thinking about not a one-size-fits-all in terms of the member experience and thinking about what's the right time to fly to NAD, things like that.
是的，我会说我们有创新的野心在这个领域。其中很多的创新都是针对会员体验的“一刀切”思想的反思，并思考什么是飞往NAD的最佳时间等等。
I would also say that we're very much in the mode right now where we're doing a lot of work that is following a well-trodden path to build a big business back to when you think about verification, measurement, etc. What we're doing on programmatic, those are sort of relatively straightforward things. A lot of the work that we're doing is heavily in that space.
我认为目前我们正在执行的大部分工作都是非常熟悉的，即按照一条已经被开辟出来的道路建立一个大型业务，其中包括验证、衡量等方面。在程序化广告领域，我们正在进行的工作也较为直接，算是相对简单的事情。因此，我们大量的工作都是集中在这个领域。
In terms of incremental costs, do you want to chime in here?
在增量成本方面，你想在这里发表意见吗？
Sure, I'd say, just generally, Jessica, we try to, in all of this, first day, we've always talked about this crawl-walk run, which Greg mentioned, being very thoughtful and methodical, we're building the business. With that also, how it impacts our overall financials, our revenue, and our incremental profit contribution. We believe we can do that in a very healthy way. That's what we're building towards.
当然，Jessica，总的来说，我们在这一切中，尤其是第一天，一直谈论着爬行-行走-奔跑的理念，正如Greg所提到的，非常谨慎和有条不紊地为我们的业务搭建基础。同时，我们也要考虑它对我们的整体财务状况、收入和利润的影响。我们相信自己可以以一种非常健康的方式实现这一点。这就是我们所要建立的目标。
Yes, there is some cost to this, both in terms of the cost to the Microsoft partnership and the cost to building out of our capabilities, people as well as tech capabilities. Very manageable.
是的，这样做需要一些成本，既包括对Microsoft合作伙伴的成本，也包括对我们技术和人才能力的建设成本。但这些成本都是可控的，我们可以很好地应对。
We also talked about a little bit of content costs as we continue to increase our level of content parity on the plan this past quarter, which is great. It's about 95% plus of viewing parity, which is again, a great progress. We keep moving forward, but this is all at a level that we believe is not just better for our members with a lower price option, but better for our business.
我们在过去一个季度继续提升我们的内容平价计划，并谈到了一些相关成本，这是非常好的。我们已经实现了大约95%以上的观看平价，这是一个很大的进步。我们会不断前进，但我们认为这不仅对我们的会员提供更低的价格选项更好，对我们的业务也更好。
We could do it with, in our doing it in a way that's, I would say, without being overly specific, think of it as like 50% or more incremental profit contribution to the business.
我们可以做到这一点，并以一种方式进行，我认为，不过分具体，可以认为产生的利润贡献增加了50%或更多。
When you come to the May advertising upfront, which is in a couple of weeks, it sounds like you're coming with the standards here now. Do you have any plans to introduce it to your premium tier? And how much scale, meaning how many steps you're expecting on the platform when you roll out, when the upfront commitment is coming in the fall, how much scale will you have?
当你参加即将到来的五月广告预售时，似乎你现在已经有了标准。你有计划将其引入你的高端层吗？以及你在推出时期望在平台上获得多少规模，也就是在秋季承诺到来时，你将拥有多少规模？
Yes, so on your first question, we're always thinking about and working to improve that plan structure of the pricing. We've got two goals in mind when we do that. One is, we want to give a wide range of consumers, ideally increasingly wide range of consumers access to our great stories at a range of prices with appropriate corresponding features. The second goal is thinking about optimizing long-term revenue.
是的，对于你的第一个问题，我们一直在思考并致力于改进计划定价结构。当我们这样做时，我们有两个目标。其一是希望为广泛的消费者提供我们伟大故事的访问机会，理想的情况下是越来越广泛的消费者，以一系列价格和相应的功能为基础。第二个目标是思考如何优化长期收益。
A good example of this is based on the economics of our ads plan, based on the limited switching behavior that we've seen off of standard and premium. We've upgraded the ads plan features both in terms of video resolution or video quality and number of concurrent streams, because we think it supports both of those goals. So that's a good example of that. I would say beyond that, we've got, we're all continue to evaluate as we always do. You've seen us make moves in the space before, but we've got nothing more to add on that today.
这是一个关于我们广告计划经济学的好例子，基于我们观察到的标准和高级服务的有限切换行为。我们已经升级了广告计划的功能，包括视频分辨率或视频质量和同时流媒体的数量，因为我们认为这支持了这两个目标。所以这是一个很好的例子。我认为，除此之外，我们将继续像往常一样进行评估。你们已经看到我们在这个领域做出了一些动作，但今天我们没有更多的补充。
And then in terms of scale, obviously we're growing. Every day we grow and we're seeking to continue to grow, but we're not going to sort of announce or target or what we expect forecast, let's say, for upfront set this point.
显然，就规模而言，我们正在扩大。我们每天都在增长，而且我们正在寻求继续增长，但我们不会在这个时候宣布或定目标或预测。
One more advertising question and then I'll move on. But can you provide our post specifics on what you've seen so far? Because you mentioned in the release that the revenue is actually higher than even standard. So it seems like so far so good.
再问一个广告相关的问题，然后我就转移话题了。但是你能否具体说明一下目前为止你们看到的情况吗？因为你们在新闻发布会上提到收入实际上甚至比标准还高。所以目前看起来一切都不错。
Yeah, I can jump in. I mean, yes, overall, we're pleased with our kind of per-member ad plan economics. It's higher than our basic plan overall. As you say in the US, it's actually even higher than our standard plan. So we really like the path we're on, the trajectory we have. And as I said, it's kind of a win-win because it's a lower price option for our members. And it's both kind of incremental revenue, incremental profit as a bit for the business.
是的，我可以加入讨论。总体来说，我们对于我们的按会员计划的广告经济成果感到满意。这个经济成果要比我们的基本计划更高。就像你在美国所说的那样，实际上，这个经济成果甚至要比我们的标准计划更高。所以，我们真的很喜欢我们所走的路线，我们的轨迹。正如我所说，这是一个双赢的局面，因为它是我们会员的更低价格的选择，也是对于我们的业务而言的增量收入和增量利润。
So it makes the business stronger, which of course we can then reinvest into more and more great entertainment. So we like the path. Again, it's early, we're only a couple quarters into this, Jessica. So we're going to get better as Greg said, better targeting and measurement, better kind of tools and buying options for advertisers. So we think all of that will actually kind of build on this so that we'll reinforce and strengthen that kind of premium CPM ad network that we're building.
这样做可以让我们的业务更加强大，当然我们可以再次将资金投入更多出色的娱乐项目。因此，我们喜欢这个方向。再次强调，现在还早，我们只完成了几个季度，我们会变得更好，就像Greg所说的那样，我们将为广告商提供更好的定位和测量、更好的工具和购买选项。因此，我们认为这些都将有助于进一步加强我们正在构建的高级CPM广告网络。
So maybe Sturgeon cares a little bit to the capital returns and free cash flow. You did raise your free cash flow guidance. But you kept your margins the same for this year. What are your longer-term margin growth or expectations at this point?
也许Sturgeon在关注资本回报和自由现金流方面是有一定考虑的。你提高了自由现金流的指引，但你在今年保持了相同的利润率。目前，你对长期利润率的增长或期望有什么想法？
Pre-COVID, you had indicated the 300 basis points of improvement per year over a few year period. Can you can you prevent it, provide any update to that?
在COVID-19疫情之前，您曾表示在未来几年内每年将实现300个基点的提升。请问您能否提供一些最新的更新吗？
Well, we're not, we've never provided a long-term guide to our margins. But I'd say that we're already in a place where we feel great about the business that we have. It's a great business model, it's a business at scale with over 30 billion of revenue, healthy profit margins, growing margins, growing free cash flow. So that's sort of the starting point.
嗯，我们从未提供过长期的利润率指南。但我可以说，我们已经处于一个非常好的业务状态。我们有一个优秀的商业模式，拥有超过300亿美元的收入规模，健康的利润率、不断增长的利润率和现金流。这是我们的起点。
And as I mentioned before, we're trying to balance as we re-accelerate revenue, ticking up those margins with also reinvesting back into the business, back in that member base, back into that big prize where we feel like we're so small today.
正如我之前提到的，我们正在努力平衡重振收入、提高利润率和重新投资业务、回馈会员、回馈我们认为今天还很小的巨大奖励。
We've talked on recent earnings calls where we represent, we believe roughly 5% of that direct consumer spend in the areas of entertainment that we're participating in today, primarily in film, TV and games. And when we think about even just the member population that's available, those 1 billion plus broadband households and even today, roughly 455,500 million of those being connected TV households. And we only have 230 millionish paying members today, roughly, right?
我们在最近的收益电话中已经谈到了我们代表的直接消费支出大约占我们今天所参与的娱乐领域的5％，主要是电影，电视和游戏。当我们考虑可用的会员人口，包括10亿多的宽带家庭，以及如今大约有4,555亿个连接电视机的家庭，我们今天只有大约2.3亿付费会员。
So that's why we're so focused on addressing with paid sharing and then just making our business and our, our, our, our, our the value that we bring to the service, better each day to bring in more members. So that's, that's really what we're working towards.
因此，这就是我们为什么如此专注于解决付费共享问题，并不断改进我们的业务以及我们所带来的价值，以吸引更多的会员加入我们的服务。这就是我们正在努力的方向。
And in long term, we just, we don't see ourselves approaching a near term ceiling. There's lots of proxies out there, entertainment services and networks at scale. Traditionally, it'd been well above our roughly 20% operating margins. So we believe we have a long way to go and we have some inherent advantages where a truly global entertainment network perhaps the first with really healthy leading engagement and a really scalable content model.
从长期来看，我们并不认为我们接近一个近期的上限。市场上有很多娱乐服务和网络是涉及到规模的。传统上，它们的营收利润一直比我们的约20％要高。因此，我们认为我们还有很长的路要走，并且我们有一些内在的优势，可能是第一个具有真正健康领先的参与度和可扩展的内容模型的全球娱乐网络。
So we believe we've got a long way to go, but not really putting more specific guidance out for now.
我们认为我们还有很长的路要走，但目前并没有提供更具体的指导。
So I just spent just like it at an example of that of the scale of the business being global is that every one of our big content wins start as a local win. And then in success, they roll out, if they get regional, then they reach the diaspora, then they get global and it's huge success. And there's no marginal cost to all that additional audience when we get it right.
我只是花了一点时间来举一个例子，说明全球化经营规模的意义在于：我们所有的大型内容胜利都始于本地的胜利。而在成功之后，它们会扩展到区域，再到侨民，最终全球化，这是一个巨大的成功。当我们做对了时，所有这些额外受众并没有额外的成本。
So by driving, creating those stories that drive growth of the business in local territories provides content into the pool that people can fall in love with and it's just as likely that we can get a gigantic hit from anywhere in the world. And that's really the scale of our operating business and going back to what's been said about the potential for even grow margins beyond what we're at today is very, very high.
通过开展驾车活动，创造那些推动本地区业务增长的故事，将内容注入到人们可以爱上的池子里，同样有可能从全世界任何地方获得巨大的成功。这真的是我们经营业务的规模，回到今天可能增长利润率的潜力已经非常高的话题上。
Could you give us an update on your capital return plans? I mean, how are you thinking about on you know, you know, it's the 1.2 million by back in Q1, but relative to your free cash flow and incredible balance sheet, you have a lot of capacity. So you know, can you give us any color on how you're thinking about capital returns over the longer term?
能否给我们提供一下您有关资本回报计划的最新进展？我的意思是，您是如何考虑的，您知道，在第一季度回购了120万美元股票，但相对于您的自由现金流和不可思议的资产负债表，您有很大的容量。因此，您是否可以给我们提供一些关于长期资本回报计划方面的想法？
Sure. I answered you. You want to take that one? Yeah, I can take that one. Thanks Jessica for the question. And we are happy to be fully investment grade as of Q1. So that's a nice milestone for the company. And you're right, there's no change to our capital allocation philosophy. So we are still targeting to maintain minimum cash equivalent to roughly two months of revenue based on the Q1 numbers. It's about $5.4 billion of minimum cash. We ended the quarter with about $7.8 billion on the balance sheet. So we do have about $2.4 billion of excess cash. So that is why we did indicate in the letter that our share purchases will accelerate over the course of the year.
当然。我已经回答了你的问题。你想选择那个吗？是的，我可以选择那个。感谢杰西卡的问题。我们很高兴从Q1开始完全达到投资级别，这对公司来说是一个不错的里程碑。你说得对，我们的资本配置理念没有变化。所以我们仍然目标是保持现金等价物的最低存量，大致相当于Q1的收入的两个月。这是大约54亿美元的最低现金。我们在季度结束时在资产负债表上有大约78亿美元。因此，我们有大约24亿美元的多余现金。这就是为什么我们在信中指出股份购买将在今年加快的原因。
And then one other minor thing I forgot to mention in my intro that this video interview will include four looking statements and actual results may vary. So I do want to say that.
在我的介绍中，我忘了提到另外一个小事情，那就是这个视频访谈将包含四个展望性陈述，实际结果可能会有所不同。所以我想说一下这个。
And here's evidence that this video interview is actually not scripted. So back to you Jessica. Thank you.
这里有证据表明这个视频采访实际上并没有事先编写剧本。现在回到你身边，Jessica。谢谢。
So Ted, how are you preparing for a potential writer's strike? Financial is unlikely.
泰德，你为可能发生的作家罢工做好准备了吗？经济上不太可能出现问题。
Well, Jessica, first of all, say we, we are going to be able to do a lot of things. We respect the writers. We respect the WGA and we couldn't be here without them. We don't want a strike. The last time there was a strike, it was devastating to creators. It was really hard in the industry. It was painful for local economies and support production. And it was very, very, very bad for fans.
首先，Jessica，我们要说我们将能够做很多事情。我们尊重作家们，我们尊重WGA，没有他们我们无法到达此处。我们不希望罢工。上一次罢工对创作者来说是毁灭性的，对产业来说非常困难，对当地经济和支持生产也非常痛苦，对粉丝来说更是非常非常糟糕。
So if there's a strike and we want to work really hard to make sure we can find a fair and equitable deal. So we can avoid one. But if there is one, we have a large basis.
所以，如果发生罢工，我们要努力确保能够找到公平公正的交易，以便避免罢工。但如果真的发生了罢工，我们有足够的基础来应对。
Of upcoming shows and films from around the world. We could probably serve our members better than most. And we really don't want this to happen. But we have to make plans for the worst. And so we do have a pretty robust slate of releases to take us into a long time. But just be clear, we're at the table and we're going to try to get to an equitable solution so there isn't a strike. And be on the strike just so once you get that, we get passed that.
我们即将推出来自世界各地的节目和电影。我们可能比大多数人都能更好地服务我们的会员。而我们真的不想发生罢工。但我们不得不为最坏的情况做计划。所以我们有一个相当强大的释放计划来带领我们度过一段很长的时间。但要清楚的是，我们正在谈判桌前，我们将努力达成公平解决，以避免罢工。一旦罢工结束，我们就过去了这个难关。
How would you expect content spending to change over the next few years? You've kind of been at this $17 billion cadence. Does it depend on revenue growth? Can you give us some color on how you're thinking about that?
在未来几年内，您预计内容支出将会如何变化？目前，您已经保持着170亿美元的节奏。这是否取决于收入增长？能否介绍一下您对此的看法？
Well, yes, it depends on revenue growth. And also keep in mind that the way that revenue, the way that content spend hits us, it's with starter productions and deliveries. We still work through or we came through or comping off of those post-COVID floodgates opening. And so that does, you know, throw, makes the content spend a little lumpier. We expect to be back to about the $17 billion level in $24. And the rate of growth depends on the rate of revenue growth for sure.
好的，是的，这取决于营收增长。还要记住的是，收入的增长方式，以及内容支出的方式对我们的影响是初步制作和交付。我们仍在努力应对后COVID时代的涌入潮，这也使得内容支出有些波动。我们预计到2024年将回到约170亿美元的水平。增长速度当然取决于收入增长的速度。
Just to add to Ted's point because I totally agree with all of that. But again, it's a big opportunity ahead. So I just want to reinforce that. We said we'd stay at roughly $17 billion on average over a few year period, over the 2022 to 24 period. But there's a big entertainment market to go after beyond that. So as we re-accelerate revenue, we see a lot of opportunity to grow into that viewing and engagement and business opportunity ahead. So we expect to be there and we just have to build into it. Absolutely.
我想加一句，因为我完全同意Ted的观点，但这是一个巨大的机会。我们曾表示过，在2022年至2024年的几年期间，我们平均每年会保持在大约170亿美元左右的水平。但是，在那之外还有一个庞大的娱乐市场等待我们去开拓。因此，随着我们的收入重新加速增长，我们看到了在这个领域的观看、参与和商业机会的巨大潜力。我们期望能够走得更远，我们必须为此而建立。完全正确。
Do you have any thoughts on revisiting your film strategy? You know, in terms of the, like, the optical output as well as distribution, you've had so much success at the Academy Awards. So does that change anything for you? And you also recently had a restructuring in this division. Is there anything to read from that?
你是否考虑重新审视自己的电影策略？这包括光学输出和分销方面。你在奥斯卡上很成功，这是否改变了你的想法？你的公司最近在这个部门进行了重组，其中是否有什么含义需要关注？
No, Jessica, you know, the film division is doing great. They really are building some great films as you point out the success at the Oscars was great. But the thing even better than that was the movies that won so big. We're also very, very popular with fans. So this is a award-winning, critical acclaim and enormously popular with fans. Even, like I said, with Al Quaid on the Western Front was that. Pinocchio certainly was that. And we're really proud of the films that are in the mix because they were loved by fans.
杰西卡，你知道吗，电影部门表现非常出色。正如你所指出的，奥斯卡获得的成功真的很棒。但比这更好的是那些获得巨大成功的电影。我们也非常受粉丝欢迎。因此，这是一种获奖、受到广泛赞誉，并且受到粉丝们极大喜爱的表现。甚至像“西线上的阿尔卡伊德”和“木偶奇遇记”这样的影片也是如此。我们为即将上映的影片感到自豪，因为它们受到了粉丝的热爱。
So we're really happy with the investment in film. Of course, we're trying to approve it like we do with all of our films. But our release strategy, remember, there's a lot of ways to create and collect demand for a film. Driving folks with theaters is just not our business. We create that demand and we collect that demand on our subscription service with our members. And I think having big, new, desirable content, including feature films in the first window, drives value for our members and drives value to the business. So no major changes in play except for trying to continue to improve the films for our members and make a big splash with films that are loved and watched. And it's really leaning into an event we believe in, an advantage we have of delivering that value to our members.
我们对电影投资非常满意。当然，我们会像对待我们所有电影一样尽力批准它。但是请记住我们的发行策略，有很多方法来创造和收集对一部电影的需求。把人们带进电影院不是我们的业务。我们在我们的订阅服务中创造和收集对电影的需求。我认为拥有大规模的、新的、令人向往的内容，包括首映的电影，会为我们的会员带来价值，从而推动业务增值。因此，除了努力不断改进我们的电影，使观众喜爱并观看之外，没有什么重大变化。这实际上是倚仗我们拥有向会员提供价值的优势的一个事件。
But because of our reach and our scale to have over 230 million paying members at our average revenue per member, it affords the opportunity to invest in these big movies, bring them to our members. It's just one other piece or area of variety of content and must watch content and entertainment for our members. So it's really kind of leaning into that advantage. And I think it's tempting to make the comparison between the services, but the other services don't have that scale as you pointed out, Spencer. They don't have the revenue base or the viewer base to support with a single window the way we can support even big budget films with a single window on Netflix.
由于我们的覆盖范围和规模，拥有超过2.3亿的付费会员，平均每个会员的收入，为我们提供了投资这些大片并向我们的会员带来它们的机会。这只是我们会员所需及欣赏的内容和娱乐多样性的另一个领域。因此，我们真的是利用这种优势。我认为，把我们与其他服务进行比较很诱人，但正如Spencer所指出的，这些其他服务没有这样的规模。他们没有收入和观众基础去支持像Netflix那样用单一的窗口来支持甚至大片预算的电影。
How is your live strategy evolving? Chris Crock was a new kid, but Love is Blind's head. Some technical issues is live a big advertising driver. Do you need to invest more to beef up your technical capabilities? Greg, you want to grab that?
你的直播策略如何发展？克里斯·克罗克是新来的，但《爱情是盲目》的主角。一些技术问题成为了推动广告的重要因素。你需要投资更多来增强你的技术能力吗？格雷格，你想抓住这个机会吗？
Yeah, I'll kick it off. I'd start by saying, we're really sorry to have disappointed so many people. We didn't meet the standard that we expected of ourselves to serve our members. And just to be clear from a technical perspective, we've got the infrastructure. We had just a bug that we introduced. Actually, when we implemented some changes to try and improve live streaming performance after the last live broadcast, Chris, Rock and March. We just didn't see this bug in internal testing because it only became apparent once we put sort of multiple systems interacting with each other under the load of millions of people trying to watch Love is Blind. So we hate it when these things happen, but we'll learn from it and we'll get better. And we do have the fundamental infrastructure that we need. And I would say the good news is that ultimately 6.5 million viewers watched and enjoyed the show. Then I'll turn it over to talk about more of the strategy side.
是的，我先说一下。我们非常遗憾地让这么多人失望了。我们没有达到自己对会员服务的期望标准。从技术角度来讲，我们有基础设施，我们只是遇到一个我们引入的bug。实际上，在最后一次直播之后，我们实施了一些变化，以尝试提高直播性能-克里斯，洛克和马奇。我们在内部测试中没有看到这个bug，因为只有在数百万人尝试观看《爱情是盲的》时将多个系统互动放在负载下才会显露出来。所以，我们不喜欢这种事情发生，但我们会从中吸取教训，变得更好。我们确实拥有我们需要的基本基础设施。我想说的好消息是，最终有650万观众观看并喜欢这个节目。然后我将转而谈论更多的战略方面。
Yeah, look, we've said we want to use live when it makes sense creatively, when it helps the content itself. So a reunion show that's going to generate news and buzz, it really does play better live when people can enjoy it together. Certainly, the Chris Rock stand-up show played out so well because it's so much anticipation for what he's going to say in that set. So when we have the opportunities to do projects like that, we like the fact that we have the option to do it. As Greg said, we're super disappointed to not be able to come across with the live product for everyone who wanted it on Love is Blind reunion. But we're super thrilled that people love the show. It does point to the kind of love for that brand and for the growing love for those unscripted brands on Netflix. And some of them will be live. And I do think sometimes those results oriented shows do play out a little bit better on live and they do generate a lot of conversation. But keep in mind, like on Chris Rock, about 90% of the viewing happen after. But it doesn't change the fact that it was a big event when it happened live.
嗯，看，我们说过我们想要在创意上有意义时使用直播，当它有助于内容本身时。所以，一个会产生新闻和话题的重聚节目，当人们能够一起欣赏时，直播效果真的更好。当然，因为人们对他在那个节目中会说些什么充满了期待，所以Chris Rock的单口喜剧表演效果很棒。因此，当我们有机会做这样的项目时，我们很高兴我们有这个选择。正如Greg所说的，我们非常失望不能让所有想要观看《相爱有声》重聚会的人获得直播产品。但我们非常高兴人们喜欢这个节目。这确实指向了对于该品牌的热爱和对于Netflix上那些未编剧品牌日益增长的热爱。其中一些将直播。我认为，有时那些结果取向的节目在直播中可以更好地表现出来，它们确实会产生很多谈资。但要记住，像Chris Rock那样，大约有90％的观众是在直播之后看的。但这并不改变它是一个大事件的事实。
Is it a big driver of Africanism? Yeah. We're not currently advertising in the live broadcast. I have a one more question of password trying to go back to for a second, but of the 30 million you can and 100 million plus global borrowers. That sounds like from your release. That's actually the number of households. What is the number of potential subs or add-ons? I mean, what is the potential conversion from these 100 million plus households?
这是非洲主义的主要推动力吗？ 是的。我们目前没有在直播中做广告。我还有一个关于密码的问题需要再回顾一下，但是你们的新闻发布中提到的3千万和全球1亿多名借款人，实际上是家庭的数量。那么潜在的订购或增值服务的数量是多少呢？我的意思是，这1亿多个家庭中有多少个有可能成为我们的订户？
Well, to some degree, I mean, the borrowers, as borrowers said, represent well-qualified people in the sense that they have all the technical need to get to Netflix, with a smart TV, the broadband access. They know how the system works. They've clearly enjoyed content on the service before. So having said that, we see a range of engagement amongst those borrowers. Some folks are watching as much of our shows as a normal paying account. And those folks are very strong, likely to convert, I would say. And then we see that taper off rather through that range of folks. And if you're watching much less, it's much less likely that you'll ultimately convert. But even in that case, I'd say this represents a really important structural shift where we'll develop that one-to-one relationship without pricing distortion, without membership distortion, with a whole new range of members. So we'll see a membership growth through that approach. We'll see revenue growth through it as well. But we'll also see a situation where in high viewer penetration markets like the United States, you mentioned the stats there. Some of those folks won't convert, but they'll represent essentially a pool of people that we can then go after with improving our offering. You know, more amazing movies to talk about that, more amazing series, more amazing games in the fullness of time. That'll get those folks ultimately to convert over members as well.
在某种程度上，我是说，借款人代表着那些具备获取Netflix所需的技术，例如智能电视和宽带接入等条件的符合资格的人。他们知道如何使用这个系统，显然之前也享受过这项服务。因此，我们看到这些借款人之间的参与程度差异很大。有些人观看的节目数量达到了正常付费账户的水平。这些人非常强大，很有可能转变成付费会员。然而，我们也看到这一范围内的其他人随着观看量的减少而逐渐减少，他们转变成会员的可能性也较低。但是，即使如此，这也代表了一个非常重要的结构性转变，我们将通过这种方式建立起一对一的关系，而不会出现定价或会员资格的扭曲，同时也会获得一些新会员。我们将通过这种方式实现会员增长和收入增长。在高观众渗透率市场，如美国，您提到的统计数据是，一些观众不会转变为付费会员，但他们代表了对我们服务有兴趣的一组潜在客户，我们可以通过改善我们的服务，例如提供更多惊人的电影、电视剧和游戏，最终将这些观众转变成付费会员。
Then just also going back to like advertising. What are the advertising features that you are most excited about?
那么现在回到广告方面，你最期待的广告特性是什么？
Well, again, we're sort of in this mode where there's what I'm super excited about, and then there's the work that we really need to do for the business, which I'm also excited with because it's just about how we get to be bigger. So there's sort of the brass tax pieces, which are a lot about measurement verification, targeting, expanding the ways for advertisers to buy. So I'm excited for a sort of immediacy of business returns for those pieces.
我们现在面临的局面是，我有一些非常令人兴奋的想法，同时我们还需要为公司做一些必要的工作。这些工作同样让我感到兴奋，因为它们让我们可以更大更强。具体来说，我们需要进行一些测量验证、目标定位和广告投放方式拓展方面的工作。这些工作可以立即为公司带来收益。
But then when you think about like from a technology and product experience perspective, what am I excited about there? That's again where I think we have an opportunity to bring the specific characteristics of a premium, fully addressable, fully targetable, fully deterministic ad streaming system to this world. And so that means that we can do a whole range of things in terms of how we flight creatives from brands associated with certain shows and thinks about how we tailor the user experience to be specific to what the user needs in a moment rather than having a one size fits all sort of rules in terms of how we flight ads. So there's just a whole amazing line of innovation that we can go after and we'll be going after it for frankly for years.
当从技术和产品经验的角度去考虑时，我对什么感到兴奋呢？我认为我们有机会将高端、完全可寻址、完全可定位、完全确定性广告流系统的特性带到这个世界上。这意味着我们可以在品牌与某些节目相关联的创意航班方面做很多事情，并思考如何根据用户当前需求定制用户体验，而不是根据航班广告的一刀切规则。因此，我们可以追求一个整个令人惊叹的创新路线，而且我们将会追求它，实际上是多年。
And we don't even know what all those things are because mostly we'll be working with advertisers and members to try things and then let, you know, but then tell us what's working, what's not.
我们甚至不知道所有这些东西是什么，因为我们大多数时候都是与广告商和会员合作尝试一些东西，然后让他们告诉我们什么有效，什么无效。
What do you consider the walk phase? Well, I think we're sort of getting into the walk phase and that it's probably a combination of things. One is, you know, scale, obviously, scale is relevant in the business. So we're getting a certain size of scale that shifts how advertisers think about us. Part of it is the technical features that advertisers, the face advertisers. So that's very much along the lines of this measurement, verification, targeting the programmatic buying capability, that's a component of it. So those, I think, really constitutes, I characterize that we're really, you know, we're basically getting into that middle phase of growth and we've got a lot of work frankly to do in that before we get to the run phase.
你认为走路阶段是什么？嗯，我认为我们正在进入走路阶段，这可能是多方面的组合。一方面是规模，显然，规模在业务中是相关的。所以我们正在获得一定大小的规模，这改变了广告商对我们的看法。另一方面是广告商面对的技术特点。所以这非常符合测量、验证、定位程序采购能力等方面，这是其中一个组成部分。所以我认为，这些真的构成了，我将其刻画为我们正在进入增长的中间阶段，我们在进入奔跑阶段之前，实际上要做很多工作。
You know, we talked about it's a multi-year build and a gradual build and crawl walk run and, you know, we're only a couple quarters into this. So I don't know Greg if you would agree, but I would hope we're in the walk phase by the end of the year and into next year, but I think this is a year of getting from crawling along.
你知道的，我们谈到这是一个多年建设和逐步建设的过程，要从匍匐前进到走路再到奔跑。现在我们才进行了几个季度，所以我不知道Greg是否同意，但我希望到年底和明年我们能达到走路的阶段，但我认为这是一个爬行阶段的一年。
Yeah. That's right. It's wanted to clarify something, I think you said this is a 50% margin. I mean, typically, the advertising can be as high as 80 or 85% margins as that. Are you, do you expect to build up to that or do you think it's really just a 50% plus business?
没错，我想澄清一些事情。你说这是50%的利润率，我觉得通常广告利润率可以高达80或85%。你认为你们能达到那个水平，还是说这真的只是一个50%以上的业务？
Well, I put plus in there. So I said at least 50% and it was really just to highlight the fact that we're still in startup mode of this business. And so leaning a little conservative, but yes, our expectations over time is that it would be meaningfully over 50%, but I don't want to give a specific number yet.
我在其中加入了“至少50%”，这主要是为了突出我们的业务仍处于初创阶段。虽然我们保守一些，但我们的预期是随着时间推移，这个数字将显著超过50%。但我现在不想给出具体数字。
Okay. Moving on to gaming, can you give us some data points on engagement and what you're seeing on retention? Yeah, I'm not going to give you those specific points, but let me just to review sort of where we're at more broadly, you know, we've got 55 games out to date. We've got 40 more on the queue for this year. Yeah, there's very exciting games. If you want to try a few out, I'd recommend Tara Nill. That's a reverse city builder sort of twist on that genre. You've got mighty quest launching today. Our first new game from an internal studio, which is Oxen Free 2, is coming later this year.
好的，接下来谈到游戏方面，你能给我们一些参与度数据点以及你们对玩家留存情况的观察吗？是的，我不会给你那些具体数据点，但我想回顾一下我们现在的情况，我们已经发布了55款游戏。今年我们还有40款游戏在排队等待发布，非常令人兴奋。如果你想尝试一些游戏，我推荐《泰拉尼尔》。这是一个反向城市建造者的游戏，是该类型游戏的一种新的玩法。今天我们还将推出一款全新的游戏，名为《强大的探险》，这是我们内部工作室的第一款新游戏，而《Oxen Free 2》将在今年晚些时候上市。
So you can sort of see it build into a combination of licensing and now layering in, you know, internally developed games into that. And, you know, and it's really, you know, it's following our trajectory that we've seen before I would say on these other new content categories that we've added. If you think about, you know, film, you know, you heard folks here and talked about sort of that film progress or nonfiction or international, where we sort of build into this over, you know, a multi-year period. And, you know, to reinforce, you mentioned those metrics.
因此，你可以看到它正在成为许可和内部开发游戏的组合，你知道，这是分层的。你知道，这真的，你知道，它遵循我们之前在这些其他新内容类别中添加的轨迹。如果你考虑电影，你会听到这里的人们谈论电影的进展或纪录片或国际影片，我们在多年的时间内逐步建立在此基础上。并且，为了强调，你提到了这些度量标准。
I mean, the fundamental goal here, obviously, is to give our members a new entertainment modality and more, you know, ways to enjoy incredible, you know, universes and deep in their fandom. And we do that with an effort to drive the primary metrics we have on the consumer facing side, which is, you know, engagement with the service, which leads to retention and incredible stories that people are talking about games that are must play games that create buzz off the service and motivate people to sign up.
意思是，显然，我们的基本目标是提供给我们的会员一种新的娱乐方式，并提供更多方式，让他们享受令人难以置信的宇宙和深入他们喜欢的领域之中。我们通过努力促进面向消费者的主要指标，即与服务的互动，从而实现这一目标，这将导致客户留存，并创造令人兴奋的故事，人们在社交媒体上谈论的必玩游戏，这些游戏能够在该服务上创造话题，并激励人们注册。
Are there plans to directly monetize games, you know, with, for example, advertising or licensing night-pita game developers? Not currently, so we think that we're very consistent with what we've done in other parts of the business. The best thing for us to do is really focus on, you know, the core initiative, which for us right now, is how do we bring games, you know, and games based on our IP to our members, to fans of that IP directly. And also, we believe that, you know, we want to have a differentiated gaming experience. And part of that is getting game creators, the ability to think about, you know, building games, surely from the perspective of player enjoyment and not having to worry about other forms of monetization, whether it be ads or in-game payment.
有没有计划直接通过广告或许可给开发者赚取游戏收益？目前没有，所以我们认为在这方面我们非常一致，和我们在业务的其他领域所做的一样。对我们来说最重要的是专注于核心事务，也就是我们当前的目标是如何将游戏以及基于我们知识产权的游戏直接带给我们的会员以及该IP的粉丝。我们认为我们希望提供一种有区别的游戏体验。其中一部分是让游戏创作者从玩家的角度思考游戏开发，而无需担心其他形式的赚钱方式，无论是广告还是游戏内付费。
So maybe turning to India, which is one of the biggest global markets and one of the fastest growing markets really in the world right now, you mentioned the pricing change in 21 and Ted, you recently said at a panel earlier in the year, I think you were in India, you know, that is your fastest growing market and you've given the statistics engagement of 30% revenue of 24%. But I think, Ted, you said that you're increasing your local originals from 28 last year. Can you just talk a little bit about this market, you know, like, what are you along a term plans? Is it actually profitable or is this something that we, where we can see a real change in contribution?
也许，我们可以转向印度，这是全球最大的市场之一，也是目前全球增长最快的市场之一。你提到了21世纪和Ted的定价变化，Ted在今年早些时候的一个小组讨论会上提到过，我想那时候你在印度，你提到了它是你们增长最快的市场，你也给出了30%的参与度和24%的收入统计数据。但是，我认为Ted说过你们将去年的本地原创节目数增加到了28个。你能简单谈一下对这个市场的看法吗？你们有长期计划吗？这个市场真的是有利可图的吗？我们能看到实质性的贡献变化吗？
Look, I think what we've talked about earlier, when we get the pricing a little better, more suited to the market. You can see that we can grow revenue and therefore, and we grow engagement. We have to get the content that people have just really flipped out for. We've seen a steady improvement in that quarter over quarter, both in our films in our series. Ron and I do now is a great show that we just, you know, the people are loving all over the country and it causes a great deal of excitement for the service. Now we have to get the pricing and the payment methods right. India is a big prize because it's in an enormous population of entertainment loving people. And you just have got to have the product that they love and it's in any product that they, and that you can do business with them together. So we've got, we're doing the creative part and we're getting the pricing better and there's always lots of promise to continue to grow in India.
我们之前谈论的是当我们将价格更适合市场时，我们可以增加收入和用户参与度。我们必须确保提供人们真正喜爱的内容。我们发现在季度内无论是影片还是系列剧集中，这方面一直在稳步提高。Ron和我现在制作的一档很棒的节目，人们遍布全国都很喜欢，它让服务更加受欢迎。现在我们要想办法确立正确的定价和支付方式。印度是个大奖，因为那里有大量喜欢娱乐的人口。你必须有他们喜爱的产品，并与他们一起做生意。所以我们正在做创意部分和改善价钱部分，并继续在印度扩大业务。
It is a very specific market in terms of they like local content, but also you're seeing their local content is traveling more than ever. This was an incredible year. I think it's where you may be referring to Jessica that I was talking about movies like RRR, which they business all over the world and Gangubai was this really fantastic film that was in the hunt for the, for best foreign language feature. So you look at all these things and say that as the content opportunity continues to scale and our ability to access the market and through those audiences continues to grow, we could do quite well in India. We're a long ways from that. We're still, you know, still investing against it and I think that we'll ultimately do great in India.
在这个市场中，人们非常青睐本土内容，而且本土内容也正在比以往更广泛地流传。这一年是非常不寻常的。当我谈到像《RRR》这样在全世界都有业务的电影以及像《甘古比女士》这样竞争最佳外语特别奖的杰出电影时，我认为你可能正在指的是这一点。因此，我们可以看到，随着内容机会的不断扩大以及我们通过这些受众的能力的不断增强，我们在印度的表现可能会相当不错。我们离这个目标还有很长的路要走。我们仍然在对其进行投资，我认为我们最终会在印度做得很出色。
Jessica, we have time for two last questions, please. Okay.
Jessica，我们还有时间问你最后两个问题，请问可以吗？
好的。
So moving on to like, it's in salary revenue and products. Can you give us an outlook or an update on see, you know, just when you're seeing what you expect expectations are for consumer products. I mean, you announced the LaCosta collaboration for clothing on your eight most iconic shows, but you also have other collaborations. So, you know, I know it just seems like an area that now that you're building up your own content seems to provide a, a, a, you, a incremental opportunity. Yeah, we continue to grow it. The primary driver for our consumer products business is to build and deepen fandom. It does drive some revenue. But in general, we're really looking for those opportunities to help fans connect with their favorite shows, their favorite films or favorite talent by wearing the shirt or carrying the notebook. I know the other ways that people really like to express their fandom. And also through these very successful live experiences, the Bridgerton experience or the stranger things experiences that we've traveled around the world. We're super excited about all of them. And you see us stepping into even a newer one with the stranger things stage show. And there's all kinds of amazing stuff coming in that world. But keep in mind that it's mostly to build fandom in a way that can drive revenue, but mostly in straight things the core of the business.
接下来，关于薪资收入和产品销售，您能否提供一些展望或更新，包括消费品的预期情况？我知道您已经宣布了针对八个最具代表性节目的Lacoste合作服装系列，但您还有其他合作项目。因此，似乎现在您正在打造自己的内容，这个领域提供了一个增量机会。我们继续推广这个业务。消费品业务的主要推动因素是建立和深化粉丝的忠诚度。它确实带来了一些收入。但总的来说，我们真正寻找的机会是通过穿衣服或携带笔记本等方法帮助粉丝与他们最喜爱的节目、电影或明星建立联系，我知道人们也还有其他方式来表达他们的忠诚度，比如通过非常成功的现场体验，比如我们环游世界的《扣人心弦》和《怪奇物语》体验。我们对它们都非常兴奋。您可以看到我们正在进入更新颖的领域，比如《怪奇物语》的舞台剧。还有许多令人惊叹的东西即将到来。但请记住，它主要是为了建立粉丝基础，从而带动收入，但《怪奇物语》是我们业务的核心。
Right. I guess one last one. So it just follow up on password sharing in the markets where you rolled out password sharing. Have you seen any movement between the tears? Like, for example, as a household that has a premium subscription or they go into two standards or, you know, anything like that.
好的。我想最后一个问题就跟你们在推出密码共享的市场上有没有看到任何流动相关。例如，像一个家庭拥有高级订阅，他们会不会变成两个标准订阅，或者还有其他变动吗？
Yeah, we see some of those effects and write in and we know that in especially price sensitive markets, right? So this is also a situation which is very different market by market. But in some price sensitive markets, you know, consumers essentially got to a practical or informal pricing structure by subscribing to premium and then sharing this out.
是的，我们见过一些这些影响，并且在特别关注价格的市场中，我们知道这种情况很常见，对吧？所以，这也是一个市场因市场而异的情况。但在一些价格敏感的市场中，消费者通过订阅高端服务然后分享给其他人，实现了一种实际或非正式的定价结构。
And then oftentimes, you know, actually having people pay for a fraction of that, you know, from as they're sharing it. So associated with that, you know, we see some of that being shifted off of those plans and having those people sign up for individual plans, you know, as we rationalize that structure implement the changes that prevent password sharing and also have them be able to use things like extra member or in countries where it's relevant, the ads plan as a new entry level price.
通常，为了让人们支付一部分费用，他们会逐渐分享资源。因此，我们发现部分资源转移到个人计划中，人们可以在这些计划中注册。我们正在使这个结构合理化，实施一些改变，以防止密码共享并让人们能够使用像额外成员或在其适用的国家中的广告计划之类的东西作为新的入门级价格。
I think you're going to see some of that sorting. And again, we think this really, you know, it's better for the business ultimately. It sets us up structurally to have more members, to have a one-to-one relationship with those members, to have all the systems that we have work more correctly, to have more transparent, sort of pricing connections with the different members on the different plans.
我认为你会看到这种分类的情况。再次强调，我们认为这对业务最终是有好处的。这样做可以在结构上让我们拥有更多的会员，与这些会员建立一对一的关系，使我们所有的系统更加正确地运作，与不同计划的会员建立更透明的价格联系。
So we're excited about, you know, getting through that point. But again, I would characterize this as a very country-specific kind of approach where some countries respond that way and other countries, you know, it really wasn't about that. It was much more about casual sharing.
我们对这个阶段感到兴奋。但是，我认为这是一种非常依赖于国家的方法，有些国家会以这种方式回应，而其他国家则不会，他们更多是进行非正式共享。
And just to add really quick, the way that we went over those shares and the way that we grow the ad plan is to have the content that people cannot live without. And let me just tell you real quick before we get to the close here how we're doing on that front. Because this quarter alone just passed Q1. Night Agent became our sixth biggest original season of television in our history. Incredible success.
只是简短地补充一下，我们通过制作人们无法生活没有的内容来推广广告计划。在我们结束之前，让我简单地告诉你我们在这方面的进展。因为仅在本季度第一季度，夜间特工成为我们历史上第六个最受欢迎的电视原创季播。这是非常成功的。
We saw returning seasons of you, for season four, a third season of outer banks, a second season of Jenny and Georgia. All shows that have grown from their original first seasons. And also shows that have created incredible new stars like Chase Stokes and Tony A Get Gentry and Madeline Klein and Penn Bradley who now have huge fan bases around the world. We saw The Glory, which is from Korea and our fourth biggest non-English launch ever. We had incredible big films with big stars like You People, Your Place or Mine, Murder Mystery 2. Did really well in the multi-cam comedy space with the 90 show. And unscripted with full swing. So this past quarter we were super thrilled with the results of the content.
我们看到了你们回归了一些季节，第四季、《外滩寻宝记》的第三季、《珍妮和乔治亚》的第二季。这些节目都已经成长为他们原始第一季的不同版本。这些节目还创造了一些令人难以置信的新明星，如Chase Stokes 和Tony A Get Gentry，Madeline Klein 和 Penn Bradley，他们现在已经拥有了全球庞大的粉丝群。我们看到了来自韩国的《The Glory》，它是我们第四个最大的非英语版发布。我们有了大明星主演的精彩电影，例如《你们人民》、《你的地方或我的地方》、《谋杀谜案2》。在多点钟喜剧领域表现非常出色，例如《90年代秀》。在非剧本真人秀上，我们也做得非常到位。所以在过去的季度，我们对这些内容的成果感到非常高兴。
And we have to keep that up in order to win over those sharing accounts and also to grow that ad supported here. You missed beef. You didn't say that. That was incredible. Oh, I missed a bunch. You know, Jessica, the reason why when we talk about our content, it sometimes sounds like a laundry list is that it's a long list that really illustrates how hard this is to do, which is to hit on the quality and the breadth of the entertainment that people really want.
我们必须继续努力，以赢得那些分享账户的人，同时在这里增加广告支持。你漏了一点，你没说到那一点。太好了。哦，我漏了好几个。你知道，Jessica，我们在谈论我们的内容时，有时会听起来像是一个清单，因为它是一个很长的清单，真正说明了这个任务是多么的困难，即达到人们真正想要的娱乐质量和广泛性。
And everyone has such remarkably very taste that you have to have very different things for different fans. And that's what we're good at doing at scale. And plus one to beef is being an amazing time. Well, that's true. By the way, that's new this quarter and it has kicked off and it's off to a tremendous start. And again, another example of critical acclaim, likely to do well award season we hope. But love by fans.
每个人的品味都不一样，因此我们需要满足不同粉丝的需要。而这正是我们在规模上做得很好的地方。此外，牛肉还是一个非常美好的时期。这是真的。顺便说一下，这是本季度的新产品，并已展开并取得了巨大的成功。这是又一项备受好评的例子，也有望在奖项季节取得好成绩。但粉丝们都很喜欢。
Great. And without you, did you want to take us home? Yeah, just wanted to tell you a quick, we're really pleased with the quarter. 2023 is off to a good start. Netflix is the leading streaming service in terms of engagement, revenue and profits and streaming is the future of entertainment at home.
非常不错。如果没有你，你想把我们带回家吗？是的，只是想告诉你一句话，我们非常满意这个季度的业绩。2023年是一个良好的开始。Netflix在参与度、收入和利润方面是领先的流媒体服务，而流媒体是家庭娱乐的未来。
So an engagement just yesterday, Nielsen released data and Q1 to 23. Netflix was the most watch of any broadcaster or streamer in the US by a pretty nice margin. We have, and we have plenty of room to grow, even with that tremendous amount of watching, we're about 10% of total TV time in our most established markets like the US and the UK.
昨天，尼尔森发布了数据，并在今年一季度中对其进行了评估。结果显示，Netflix在美国是任何广播或流媒体平台中的最受欢迎的观看平台。即使我们已经有大量的观众，我们仍有很大的发展空间。在我国和英国等我们最成熟的市场，Netflix的观看时间也只占到总电视时间的约10%。
On revenue and profit, we're growing. Not as fast as we believe we can, not as fast as we do on two, but we are growing and we're profitable. And we have a clear path to reaccelerate growth in both revenue and profit and we're executing on it. You'll see a broader rollout of paid sharing in Q2 and we're going to continue to grow that ad business.
我们的收入和利润在增长。虽然增速不像我们预期的那样快，也不和我们在其他两个领域一样快，但我们正持续增长并保持盈利。我们有明确的路径来加速收入和利润的增长，我们正在执行这个计划。第二季度我们将扩大分享收费的范围，并继续发展广告业务。
And we also are aiming to continue to grow free cash flow.
我们还旨在继续增加自由现金流。这意味着我们将努力提高现金流量的持续性和稳定性，以确保我们有足够的资源来投资未来的业务发展，并为股东创造更大的价值。
As we said this year, we're going to generate about 3.5 billion in free cash and unincreased margins.
正如我们在今年所说的，我们将产生大约35亿的自由现金和未增加的利润率。
意思是该公司预计今年将有35亿的自由现金和未增加的利润率。自由现金是指公司在支付成本和投资后可自由支配的现金余额，未增加的利润率是指公司的盈利率在当前水平上保持不变。
So remember that this account sharing initiative helps us have a larger base of potential paying members that we can continue to serve and grow Netflix long term.
因此，请记住，该账户共享计划帮助我们拥有更多潜在的付费会员，我们可以继续服务和发展Netflix，从而实现长期收益。
And that's why we've been so focused on execution.
因此，这就是为什么我们一直专注于执行的原因。这句话的意思是，这是我们所关注的重点，我们一直都在努力地实现它。
So the variety and quality of our much watch movies, our much watch TV shows, our most play games, we're going to keep working to improve discovery, to have busier and more creative marketing.
因此，对于我们所需观看的电影，必须观看的电视节目和最常玩的游戏的多样性和质量，我们将继续努力改进发现方式，拥有更繁忙和更有创意的营销。
Because when we deliver for our members, we deliver as a business.
因为我们为会员提供服务时，我们作为一个企业进行服务。
简单的说，我们提供服务的方式类似于一个企业的运营模式。
And we keep doing that by doing it just a bit better and a bit faster than our competition every month, every quarter and every year.
我们通过每个月、每个季度、每年比我们竞争对手更好、更快地做到这一点来持续实现它。
Thanks, Jessica.
谢谢，杰西卡。