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2021-10-25
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Netflix Is Entering a New Era, Leaving Its Haters in the Dust<blockquote>Netflix正在进入一个新时代，让仇恨者望尘莫及</blockquote>
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The revenue model is indirect: Netflix creates or buys content, generating revenue by signing and keeping subscribers. For years, it tapped the debt markets to fund content creation. Skeptics thought the company might never generate enough revenue to self-finance new content. Bulls always knew content costs would increase over time, but they had faith that subscriber revenue would grow faster and that Netflix eventually would become a self-sufficient, cash-flow-generating machine.</p><p><blockquote>在华尔街，关于Netflix（股票代码：NFLX）模式从长远来看是否可行存在长期争论。收入模式是间接的：Netflix创建或购买内容，通过签约和留住订户来创收。多年来，它利用债务市场为内容创作提供资金。怀疑者认为该公司可能永远不会产生足够的收入来为新内容自筹资金。看涨者总是知道内容成本会随着时间的推移而增加，但他们相信订户收入会增长得更快，Netflix最终会成为一台自给自足、产生现金流的机器。</blockquote></p><p> In the first half of 2021, skeptics had the upper hand, and the stock flatlined. The pace of new content introductions slowed, due to pandemic-related production issues, and subscriber additions swooned, bottoming at a worst-ever 1.5 million net adds in the June quarter.</p><p><blockquote>2021年上半年，怀疑论者占据上风，该股持平。由于与大流行相关的制作问题，新内容推出的速度放缓，订户增加量大幅下降，在6月份季度的净增量降至有史以来最糟糕的150万。</blockquote></p><p> But the company’s better-than-expected third-quarter report turned the tables. Netflix added 4.4 million net new subscribers, boosting its total to 213.6 million, well above its own forecast. It expects to add another 8.5 million net new subscribers in the December quarter, in line with its fourth-quarter performance over the past three years.</p><p><blockquote>但该公司好于预期的第三季度报告扭转了局面。Netflix新增净订阅用户440万，总数达到2.136亿，远高于其自己的预测。该公司预计在12月季度将再增加850万净新用户，与过去三年第四季度的表现一致。</blockquote></p><p> Netflix says it will no longer need to borrow to finance new content and expects to be free-cash-flow positive in 2022 and beyond. It has begun buying back stock—$100 million in the latest quarter—while making acquisitions in its core business and in its emerging interest, mobile gaming.</p><p><blockquote>Netflix表示，将不再需要借款来为新内容融资，并预计2022年及以后的自由现金流将为正。该公司已开始回购股票——最近一个季度回购了1亿美元——同时对其核心业务和新兴业务移动游戏进行收购。</blockquote></p><p> While the company continues to show rapid subscriber growth in Europe and Asia, growth in the U.S. market has slowed to a trickle. But Co-CEO Reed Hastings still sees a huge opportunity to expand the company’s domestic position. In its quarterly letter to shareholders this past week, Netflix noted that streaming video still accounts for just 28% of overall U.S. TV viewing hours—with Netflix at just 6% of the total—even as consumers continue to cut the cord.</p><p><blockquote>尽管该公司在欧洲和亚洲的用户继续快速增长，但美国市场的增长已放缓至涓涓细流。但联合首席执行官Reed Hastings仍然看到了扩大公司国内地位的巨大机会。Netflix在上周致股东的季度信中指出，尽管消费者继续切断连接，但流媒体视频仍仅占美国电视总观看时间的28%，其中Netflix仅占总观看时间的6%。</blockquote></p><p> It is tempting to tie the strong third quarter to the launch of the Korean-language series <i>Squid Game</i>, which, as Netflix noted, was viewed by 142 million households in the first four weeks since launch, making it the company’s most successful new series ever. But the real power of the Netflix model is its gigantic content budget, which is producing an array of popular shows—<i>Stranger Things, Ozark, Bridgerton, You, The Queen’s Gambit, Lupin</i>, and <i>Tiger King</i>, to name a few.</p><p><blockquote>人们很容易将第三季度的强劲表现与韩语系列的推出联系起来<i>鱿鱼游戏</i>正如Netflix指出的那样，该剧在推出后的前四周内就有1.42亿家庭观看，使其成为该公司有史以来最成功的新剧集。但Netflix模式的真正力量在于其庞大的内容预算，它正在制作一系列受欢迎的节目——<i>怪奇物语，欧扎克，布里奇顿，你，女王的策略，卢平</i>，和<i>虎王</i>，仅举几例。</blockquote></p><p> “The company appears to operate in a virtuous cycle,” Pivotal Research analyst Jeffrey Wlodarczak wrote. As the subscriber base grows—and average revenue per user rises as Netflix gradually boosts monthly fees—the more it can spend on original content. That expands the potential target market and reduces churn, bolsters its ability to boost prices, and improves its position.</p><p><blockquote>Pivotal Research分析师Jeffrey Wlodarczak写道：“该公司似乎处于良性循环中运营。”随着用户群的增长——随着Netflix逐渐提高月费，每个用户的平均收入也会增加——它在原创内容上的支出就越多。这扩大了潜在的目标市场，减少了客户流失，增强了其提价能力，并提高了其地位。</blockquote></p><p> Netflix is adding new elements to its mix, too. The company’s nascent move into videogaming has the potential to shake up gaming in the same way it has driven dramatic change in the TV business. Most mobile games are either sold directly to consumers or supported by advertising and in-game purchases. Netflix intends to tack gaming on to its subscription plan at no extra cost, and without ads or other extra revenue sources.</p><p><blockquote>Netflix也在其组合中添加了新元素。该公司刚刚进入视频游戏领域，有可能像推动电视业务发生巨大变化一样撼动游戏行业。大多数手机游戏要么直接销售给消费者，要么通过广告和游戏内购买来支持。Netflix打算将游戏添加到其订阅计划中，无需额外费用，也无需广告或其他额外收入来源。</blockquote></p><p> It’s the Netflix model as its purest: find ways to drive more subscribers and keep them around.</p><p><blockquote>这是最纯粹的网飞模式：想方设法吸引更多用户并留住他们。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Netflix Is Entering a New Era, Leaving Its Haters in the Dust<blockquote>Netflix正在进入一个新时代，让仇恨者望尘莫及</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNetflix Is Entering a New Era, Leaving Its Haters in the Dust<blockquote>Netflix正在进入一个新时代，让仇恨者望尘莫及</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-10-25 09:58</span>\n</p>\n</h4>\n</header>\n<article>\n<p>With its earnings report this past week,Netflix has blown up the bear case on the stock.</p><p><blockquote>Netflix在上周的收益报告中打破了该股的看跌理由。</blockquote></p><p> On Wall Street, there’s been a long-running debate on whether the Netflix (ticker: NFLX) model would work in the long run. The revenue model is indirect: Netflix creates or buys content, generating revenue by signing and keeping subscribers. For years, it tapped the debt markets to fund content creation. Skeptics thought the company might never generate enough revenue to self-finance new content. Bulls always knew content costs would increase over time, but they had faith that subscriber revenue would grow faster and that Netflix eventually would become a self-sufficient, cash-flow-generating machine.</p><p><blockquote>在华尔街，关于Netflix（股票代码：NFLX）模式从长远来看是否可行存在长期争论。收入模式是间接的：Netflix创建或购买内容，通过签约和留住订户来创收。多年来，它利用债务市场为内容创作提供资金。怀疑者认为该公司可能永远不会产生足够的收入来为新内容自筹资金。看涨者总是知道内容成本会随着时间的推移而增加，但他们相信订户收入会增长得更快，Netflix最终会成为一台自给自足、产生现金流的机器。</blockquote></p><p> In the first half of 2021, skeptics had the upper hand, and the stock flatlined. The pace of new content introductions slowed, due to pandemic-related production issues, and subscriber additions swooned, bottoming at a worst-ever 1.5 million net adds in the June quarter.</p><p><blockquote>2021年上半年，怀疑论者占据上风，该股持平。由于与大流行相关的制作问题，新内容推出的速度放缓，订户增加量大幅下降，在6月份季度的净增量降至有史以来最糟糕的150万。</blockquote></p><p> But the company’s better-than-expected third-quarter report turned the tables. Netflix added 4.4 million net new subscribers, boosting its total to 213.6 million, well above its own forecast. It expects to add another 8.5 million net new subscribers in the December quarter, in line with its fourth-quarter performance over the past three years.</p><p><blockquote>但该公司好于预期的第三季度报告扭转了局面。Netflix新增净订阅用户440万，总数达到2.136亿，远高于其自己的预测。该公司预计在12月季度将再增加850万净新用户，与过去三年第四季度的表现一致。</blockquote></p><p> Netflix says it will no longer need to borrow to finance new content and expects to be free-cash-flow positive in 2022 and beyond. It has begun buying back stock—$100 million in the latest quarter—while making acquisitions in its core business and in its emerging interest, mobile gaming.</p><p><blockquote>Netflix表示，将不再需要借款来为新内容融资，并预计2022年及以后的自由现金流将为正。该公司已开始回购股票——最近一个季度回购了1亿美元——同时对其核心业务和新兴业务移动游戏进行收购。</blockquote></p><p> While the company continues to show rapid subscriber growth in Europe and Asia, growth in the U.S. market has slowed to a trickle. But Co-CEO Reed Hastings still sees a huge opportunity to expand the company’s domestic position. In its quarterly letter to shareholders this past week, Netflix noted that streaming video still accounts for just 28% of overall U.S. TV viewing hours—with Netflix at just 6% of the total—even as consumers continue to cut the cord.</p><p><blockquote>尽管该公司在欧洲和亚洲的用户继续快速增长，但美国市场的增长已放缓至涓涓细流。但联合首席执行官Reed Hastings仍然看到了扩大公司国内地位的巨大机会。Netflix在上周致股东的季度信中指出，尽管消费者继续切断连接，但流媒体视频仍仅占美国电视总观看时间的28%，其中Netflix仅占总观看时间的6%。</blockquote></p><p> It is tempting to tie the strong third quarter to the launch of the Korean-language series <i>Squid Game</i>, which, as Netflix noted, was viewed by 142 million households in the first four weeks since launch, making it the company’s most successful new series ever. But the real power of the Netflix model is its gigantic content budget, which is producing an array of popular shows—<i>Stranger Things, Ozark, Bridgerton, You, The Queen’s Gambit, Lupin</i>, and <i>Tiger King</i>, to name a few.</p><p><blockquote>人们很容易将第三季度的强劲表现与韩语系列的推出联系起来<i>鱿鱼游戏</i>正如Netflix指出的那样，该剧在推出后的前四周内就有1.42亿家庭观看，使其成为该公司有史以来最成功的新剧集。但Netflix模式的真正力量在于其庞大的内容预算，它正在制作一系列受欢迎的节目——<i>怪奇物语，欧扎克，布里奇顿，你，女王的策略，卢平</i>，和<i>虎王</i>，仅举几例。</blockquote></p><p> “The company appears to operate in a virtuous cycle,” Pivotal Research analyst Jeffrey Wlodarczak wrote. As the subscriber base grows—and average revenue per user rises as Netflix gradually boosts monthly fees—the more it can spend on original content. That expands the potential target market and reduces churn, bolsters its ability to boost prices, and improves its position.</p><p><blockquote>Pivotal Research分析师Jeffrey Wlodarczak写道：“该公司似乎处于良性循环中运营。”随着用户群的增长——随着Netflix逐渐提高月费，每个用户的平均收入也会增加——它在原创内容上的支出就越多。这扩大了潜在的目标市场，减少了客户流失，增强了其提价能力，并提高了其地位。</blockquote></p><p> Netflix is adding new elements to its mix, too. The company’s nascent move into videogaming has the potential to shake up gaming in the same way it has driven dramatic change in the TV business. Most mobile games are either sold directly to consumers or supported by advertising and in-game purchases. Netflix intends to tack gaming on to its subscription plan at no extra cost, and without ads or other extra revenue sources.</p><p><blockquote>Netflix也在其组合中添加了新元素。该公司刚刚进入视频游戏领域，有可能像推动电视业务发生巨大变化一样撼动游戏行业。大多数手机游戏要么直接销售给消费者，要么通过广告和游戏内购买来支持。Netflix打算将游戏添加到其订阅计划中，无需额外费用，也无需广告或其他额外收入来源。</blockquote></p><p> It’s the Netflix model as its purest: find ways to drive more subscribers and keep them around.</p><p><blockquote>这是最纯粹的网飞模式：想方设法吸引更多用户并留住他们。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/netflix-stock-price-new-era-content-51634859727?mod=RTA\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"NFLX":"奈飞"},"source_url":"https://www.barrons.com/articles/netflix-stock-price-new-era-content-51634859727?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131198254","content_text":"With its earnings report this past week,Netflix has blown up the bear case on the stock.\nOn Wall Street, there’s been a long-running debate on whether the Netflix (ticker: NFLX) model would work in the long run. The revenue model is indirect: Netflix creates or buys content, generating revenue by signing and keeping subscribers. For years, it tapped the debt markets to fund content creation. Skeptics thought the company might never generate enough revenue to self-finance new content. Bulls always knew content costs would increase over time, but they had faith that subscriber revenue would grow faster and that Netflix eventually would become a self-sufficient, cash-flow-generating machine.\nIn the first half of 2021, skeptics had the upper hand, and the stock flatlined. The pace of new content introductions slowed, due to pandemic-related production issues, and subscriber additions swooned, bottoming at a worst-ever 1.5 million net adds in the June quarter.\nBut the company’s better-than-expected third-quarter report turned the tables. Netflix added 4.4 million net new subscribers, boosting its total to 213.6 million, well above its own forecast. It expects to add another 8.5 million net new subscribers in the December quarter, in line with its fourth-quarter performance over the past three years.\nNetflix says it will no longer need to borrow to finance new content and expects to be free-cash-flow positive in 2022 and beyond. It has begun buying back stock—$100 million in the latest quarter—while making acquisitions in its core business and in its emerging interest, mobile gaming.\nWhile the company continues to show rapid subscriber growth in Europe and Asia, growth in the U.S. market has slowed to a trickle. But Co-CEO Reed Hastings still sees a huge opportunity to expand the company’s domestic position. In its quarterly letter to shareholders this past week, Netflix noted that streaming video still accounts for just 28% of overall U.S. TV viewing hours—with Netflix at just 6% of the total—even as consumers continue to cut the cord.\nIt is tempting to tie the strong third quarter to the launch of the Korean-language series Squid Game, which, as Netflix noted, was viewed by 142 million households in the first four weeks since launch, making it the company’s most successful new series ever. But the real power of the Netflix model is its gigantic content budget, which is producing an array of popular shows—Stranger Things, Ozark, Bridgerton, You, The Queen’s Gambit, Lupin, and Tiger King, to name a few.\n“The company appears to operate in a virtuous cycle,” Pivotal Research analyst Jeffrey Wlodarczak wrote. As the subscriber base grows—and average revenue per user rises as Netflix gradually boosts monthly fees—the more it can spend on original content. That expands the potential target market and reduces churn, bolsters its ability to boost prices, and improves its position.\nNetflix is adding new elements to its mix, too. The company’s nascent move into videogaming has the potential to shake up gaming in the same way it has driven dramatic change in the TV business. Most mobile games are either sold directly to consumers or supported by advertising and in-game purchases. Netflix intends to tack gaming on to its subscription plan at no extra cost, and without ads or other extra revenue sources.\nIt’s the Netflix model as its purest: find ways to drive more subscribers and keep them around.","news_type":1,"symbols_score_info":{"NFLX":0.9}},"isVote":1,"tweetType":1,"viewCount":2100,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":7,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/856099261"}
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