NFLX 基本面强劲（利润率增长、全球分发），但长期面临来自 AI 内容以及收购等战略失误的威胁。
逐段跳播
接下来是Netflix和Spotify，这个我会谈到。
Then we Netflix and About Spotify I will talk about that.
Netflix本周的这些公告，他们做了。与世嘉合作，新的《索尼克》节目，以及基于世嘉IP打造一档新节目，为此签订了合同。
Netflix this Announcements of the week They did that. With Sega New Sonic Show and Sega IP Based on Creating a new show Contract for Did.
在媒体广告方面，哪个位置最好？是Netflix首页，对吧？尽管Netflix并不给你这个机会。我提到了Netflix，这是下一个。讨论一下预测。
In the media Advertisement Best for Which place is it? This Netflix Homepage, right? Although Netflix You are that Doesn't give a chance. I Netflix Mention I did, which is next. Discussion Forecast,
记住这一点。原因是Netflix也有类似的东西，但是。
Remember this. Reason Netflix too Something similar There is, but
更确切地说，我会说，Netflix现在的估值倍数是多少？可能更低——这证明了这一点。我们现在来谈Netflix。我会说，但在我讲完Spotify之前。有人提出了这个问题。接受它吧，因为在我看来就是这样。
Netflix如果也相关的话。我认为它已经结束了。那个反对意见是可以成立的。
Rather, I I will say, this Netflix How much is the multiple? It may be less- This proves it. We Netflix Talk about it now. I will say, but his Spotify before I'm done with it. The question is asked.
Take it, because I It seems like this. Netflix Also in case Relevant. I think it's over. That objection It can rise.
你好，Daniel。2025年，终于有一位CEO从职位上退了下来，他站了出来，把责任交给了Kosciuszko，另一位现在是执行董事长。这样的人我见过很少。记住那个地方。在哪里读到过？
创始人、梦想家，而CEO就这样退下来站着。当然他现在是执行董事长，并没有完全退出，但没错。我认为是这样。Netflix单看这一点，你就是答案。你会明白的。Reed Hastings离开之后，Netflix有一段时间比较艰难。
每当这种情况发生，你就会想，梦想家期望做到什么，他设法做到了。接下来几年会有点艰难吗？也许我退到一边，整理一下资源，拿一些。我们休息一下，让别人来应对这段艰难时期，我来承担责任。
所以，在我看来，Spotify就是这样。它会走到尽头。重要的反对意见或疑虑。而那是合乎逻辑的。那也合乎逻辑。而且我认为某种程度上也有不利的一面，也有一种选择，因为你说得对。CEO比我们知道的更多。
有时他们在一个很好的状态下想要告别。其间有时会听到，我的意思是，那些让人困惑的事情我不想做，但Steve Jobs离开之后。离开苹果之后，很多人相当怀疑。而团队里根本没有Cook。
没有创意的人。但在我看来，听着，这是一个有争议的观点。总的来说，以我的个人经验，很多CEO在手下工作过，然后我觉得他们被夸大了。我认为是这样。他们非常像四分卫。在我看来，他们的可得性比成就和额外分担责任更重要。
我认为现任CEO来自技术或工程背景。这基本上就是工程产品和明星试图做的事情，我的意思是他们制作歌曲。不是做这个。他们是在做一个平台。他们试图从中获得最好的经济效益。我认为是这样。
这种趋势，高管套装的限制要大得多。所以管理层变动，我非常认为更重要，我不认为利润率增长通过证据已经匹配了。你知道Daniel，尽管过去3年利润率每年都大幅增长。而且我认为它还会进一步增长。
CEO被夸大——在这件事上。我会与你意见不同。我同意。我认为是这样。大多数CEO被夸大了，但既然你举了四分卫的例子，我就顺着说。我认为就是这样。这种事情，哪里有巨大的成功机会。
他们大多数人被夸大了，但如果最好的三个人中有谁，比如Patrick Mahomes或Tom Brady。为什么他们明年会把奖杯拿在手里？如果对你来说，最好中的最好，如果有这样的人，在我看来他们实际上被低估了，而且总是拿到更少的报酬。
如果我们谈谈NBA，因为顶薪合同，当LeBron处于最佳状态时，即便那时他也被大大低估了。我认为是这样。Mahomes和Brady被大大低估，因为他们赢球。而且持续性要付出代价。
我不知道。Daniel，从零到建立起这样一门生意，他必须是一位伟大的创始人。他就是这样。了不起的公司，是他创办的。我不知道。他是最好的之一吗？身家数十亿美元的CEO？不。我认为他是，但是。
我同意你。同意大多数CEO被夸大了。然而Daniel，或者他们中的许多人，在某些事情上我不同意，即便像Elon Musk那样三个这样的——我们是四个人。也许我会发现，一千倍，如果工程师用语言说话，如果他们去做，成功的可能性有很多。
更多。我会说，这些人一直被低估，而且现在仍然如此。Mark Zuckerberg，你和他一起在Meta做了很多工作。他做到了，他大概也会这样做。我会把他列在名单上。我知道，人们会为他们的错误或正确的证据付出代价，试图去做，但这是我的不同意见所在。
Hello, Daniel. One in 2025 Finally, the CEO position Move away from He stood up, Gave responsibility Kosciuszko, another Now Executive Chairman. I have very few of those. Remember the place.
Where is it reading? Founder, Dreamer And the CEO is like this Move away Standing. Of course he is now Executive Chairman, Completely removed Didn't go, but Right. I think so. Netflix Just looking at it You are the answer.
You will get it. Reed Hastings After moving away From Netflix Time for A bit difficult Gone. And whenever This happens when To think of you Will be, Dreamer What to expect He managed to do that.
The next few A little bit of a year To be difficult Going? Maybe I stand aside, Organize your resources Take some. Let's take a break and Someone else this Hard times To handle I take responsibility.
So, in my opinion Is Spotify This is the case. It will be the end. Important Objection or doubt . And that Logical. And That's logical. And I think Somewhat Adverse There is also an election, Because you are right.
Said the CEO Than us You know more. Sometimes they Very good Goodbye in a state Want to take. In between Sometimes it is heard, I mean, the things To confuse I don't want to, but Steve Jobs moves on.
After leaving About Apple Many are quite Doubtful Was. And the team No cook at all. Creative people No. But mine It seems, look, This is a Controversial Opinion. In general My Personal In experience, Many CEOs To work under Then I think They Exaggerated.
I think so. They are very Quarterback Like. In my opinion They Availability More than Achievements and Extra Sharer of blame Be. I think Current CEO One Technology or Engineering Background Came from.
This is basically a Engineering Products and stars What to try to do Doing, I mean They make songs. Not doing it. They A Platform Making. They are from this Best Economic Getting benefits Trying.
I think this. The trend Executive Suit limits Much bigger than . So Management Change I am very More important I don't give and Margin Growth Through Evidence Already Matched. You Know that Daniel one Not to be Despite the last 3 Margin per year Has grown a lot.
And I think It will increase further. CEO Exaggerated—this I am in the matter. With you Disagreement I will. I agree. I think so. Most CEOs Exaggerated, but Since you Quarterback Examples We gave I live there.
I think this is it. Such a thing Where a big Opportunity for success There is. Their Most of them Exaggerated, But if The best three Someone among There is, for example Patrick Mahomes or Tom Brady.
Why are they Next year's trophy Take it in hand? If To you The best of the best If there is someone, In my opinion they are Actually Undervalued And always less Remuneration Gets.
If we Let's talk about the NBA. , max Paid Due to the contract When LeBron In the best form Stay, even then He is much more Undervalued. I think so. Mahomes and Bradio Many Undervalued Because they win. and Continuity Pay the price.
I I don't know. Daniel one About, however From zero to this Build a business To lift He must A great one Founder. He is this. Awesome The company Started . I don't know. He is one of the best.
Multi- Billion dollars Was the CEO? No. I think He was, however. I am with you. Agree that Most CEOs Exaggerated. However Daniel one, Or many of them With something My disagreement Even though Elon Like a mask Three such- We are four people.
Maybe I'll find it, A thousand times Engineers To speak in a language If they go, Success There are many possibilities. More. I will say, These people Always Undervalued Was and still is There is.
Mark Zuckerberg, With whose meta You work a lot. Did it, him too I probably do this. I will put it on the list. . I know, the cost People with Their mistakes or Correct evidence Trying to do Will do, but This is mine. Disagreement Place.
我们开始吧。谈Netflix吧。Netflix这件事相当有趣。如果我是一个熟练的播客主持人，我会，但他们年初的股价下跌了多少，以及Warner Brothers提出收购之后又下跌了多少？
我本可以说出来，但那很多，对吧？对这只股票来说，这相当困难。时间在流逝。人们相当好奇，Warner Brothers协议之后立刻就有批评者说：“他们看统计数据时到底在看什么？这是他们史上第一笔大收购，有必要吗？”
我们也会谈到这个。我说过。我认为我不会那样做。一份合同，应该怪他们，也就是现在没有发生的事情，以及六个月前已经过去的事情。但他们的KPI或关键指标也在某种程度上变化，这种事情还在持续。
股价在最近的财报之后下跌了。所以这是一个相当困难的局面，正在演进，我认为是这样。你的视角不同，我听到非常看涨的投资者在这一点上靠得很近。Bill Ackman，一位知名投资者，他在2022年经济衰退时卖出了股票，现在他又回来了。
来吧，我就像这样。我认识的很多人经常关注这些。我认为是这样。非常看涨的投资者自己说：“是的，按照我们的预期，这是最好的位置，但业务方向相当不错。”很多。在这段时间里，这是现在最便宜的。
他们这样认为。真的很有趣。“他们流媒体赢得了战争，已经结束了。”所以我现在想把这件事向你强调。就像我们今天坐在这里，是的，今天。今天几号？16号？九月？股价在70以上，在其顶部。
关于未来，如果你想一想，Netflix，你有什么看法？
Let's go. On Netflix Let's go. Netflix The matter is quite Interesting. I If a skilled Podcast host I would, but they Beginning of the year Share price from How much has it decreased and Warner Brothers After the proposal How much has decreased?
To tell it I could, but that A lot, right? For the stock This is quite difficult. Time is passing. People are quite Curious, Warner Brothers Immediately after the agreement Critics It was saying, "They Their In statistics What is it that you are looking at?
Their All time The first big one Acquisition Is it necessary?" And we do that. Talk about it too. I said. I think I don't do that. A contract Take them To blame Should, which is now What is not happening and what Six months ago It's past.
But they are their KPI or key The indicators too Somewhat Changing, This kind of The matter is ongoing. The share Recent Income Report After its decline Done. So This is quite difficult.
Situation Through Going and I think so. Your Perspective Different, I am very Bullish Investors This close up I heard. Bill Ackman, A prominent person Investor Who is 2022 The recession of 2018 Time share Sells Gave it, now He is back again.
Come, I am like this. Many people I know those Regularly it Follow. I think so. Very bullish The investor himself Said, "Yes, This is ours. Expectations Best according to Not in position, But Business direction "Pretty good."
A lot. During the day This is now the most Cheap Going. They Thinks this. Really Interesting. " They Streaming Winning the war "It's done." So I Now the matter Towards you I want to highlight.
As we sit today Yes, today. What date is 16? September? Share price 70- On top of its roof Towards. About the future If you think about it Netflix With you What is the opinion?
我认为就是这样。相当令人印象深刻，Ackman的Pershing公开地做出了他们的决定，规模很大。改变了，因为我知道很多这样的人，有人在分享中犯错，被证明之后，就没有回头路了。
人们会嘲讽他。他们说：“我会实现我的目标。”他以200美元买入股票，以150美元卖出——不是拆股——现在他说要以500美元买入。真是个傻瓜！我说：“朋友，你知道吗？这有多难？”
我一直这样做。来播客，让我说，图表顶部正在走向，我认为我抓住了机会。我错过了。他不对。如果你犯了错，这是件大事。不，这是他的心理灵活性，“我是其中之一。我错过了机会，它涨了三倍，但在我看来，机会仍然存在。”
真的不可思议的心理灵活性，我认为每个人都应该拥有。应该。人类需要这种力量。所以，我完全同意。很好的观点。所以，是的，我认为他改变决定是明智之举。
I think this is it. Quite Impressive That was Ackman Pershing Publicly Their The decision is big. In size Change Did it, because I To many such people I know someone who Error in sharing Proven After that, There's no going back.
People him Satire about Does. They say, " I am mine. Target "I will fulfill it." He For 200 dollars Buy shares for 150 Selling in dollars Did— Split account No—and now He said it was 500.
Buying in dollars. What a fool! I I say, "Friend, Do you know? How hard is it?" I always do this. Come to the podcast And let me say that Chart top Going towards And I think I take the opportunity.
I missed it. He is not right. It's a big deal if you make a mistake. No, this is his Mental Flexibility that, " I am one of them. Missed opportunity I did what Three times increased, But mine It seems like an opportunity.
It's still there. Really Incredible Mental Flexibility and I think so. Everyone should have it. Should. Human Such power It is necessary to be. So, I Totally agree. . Excellent Point.
So, yes, I think he/she Decision Change To do Wise There was work.
很多交易不合逻辑。不。他们的利润率在上升。不。Netflix 以防万一，那个人关于这些问题很挑剔，Paramount 以防万一，我从来不喜欢那样。我看不出来。在我看来，这里只是哇。给出，倾向很高，
Many deals are no It is logical. No. Their Margins are increasing. No. Netflix In case The man that About the issues Picky, Paramount In case I Never like that. I don't see it.
My It seems here Just wow. To give The tendency is high,
成功的唯一标准是交易做成了吗？不。但我们在这里听着，我认为是这样。Netflix 是一只价值股，它们只是做好自己的本分。好，我得走了。我的想法，很多人的想法，还是老一套。在这个世界上，被媒体困住，很特别，以防万一。
很多人存在偏见。那个节目，我看了。你喜欢吗？不喜欢？但当你是一家全球流媒体服务时，你必须记住，没有 YouTube，Netflix 本身就是唯一真正的全球流媒体服务。那么，到底几颗星？
她拿了艾美奖。据此可以判断。不，尽管那个数字很大，或者任何一部热门剧，据此都不行，即使你这么做也不行，因为这些来来去去。我知道。不，Netflix 人们的想法能不能改变。这个，我有几年，那段时间之前，提醒你，当人们说，“苹果不再创新了，不行了。”
上一次他们这样是什么时候？有哪款产品让你惊讶？你做了吗？嗯，你知道吗？有时候那是他们的。有必要这么做，它不读。他们的标准变了，给他们答案，他们现在看的是利润，而在这件事上人们很生气。
走了。有些事无关紧要。同意，我得接受。因为那是事实。而如果利润率像这样持续增长，我认为是这样。
Success The only one The criterion is The deal Is it done? No. But we Here Listen, I think so. Netflix A value Stocks and their Just their job. Okay. I have to go. My Idea, a lot Human Thoughts Still the same old one In the world Stuck, special By the media In case.
Many people There is bias. That, the show that I I saw it. Did you like it? No? But you When a Global Streaming Service, then You must remember, Without YouTube Netflix itself The only one True Global Streaming Service.
So, Just how many stars? She won an Emmy. Based on Can be judged No, although that The number is large, Or any one Popular Shore Based on Not even if you do, because These come and Goes.
I know. No Netflix People's ideas Can change What or not. This I have a few years That time before Reminding you When people give Said, "Apple No more innovation "Doesn't." The last When are they like this?
Any product Which was made Surprise you. Did you do it? " Well, you know what? ? Sometimes That's theirs. It is necessary to do It doesn't read. They Their criteria has changed and Giving them The answer is, they Now profit To look at wants, and in this People are angry.
Went. Something Nothing to do. Agreed I have to take it. Because that's the truth. . And if Margin like this It keeps growing, I think so.
Netflix 营业利润率 30，还有空间，大约 40，向前推进，好吗？人们想生气就生气吧。也许会有，但我坐在这里这样，我不会谈那个。一家公司收入以两位数增长，利润率在上升，也就是说，如果看收入增长，但那大约在 20% 附近。
Netflix Operating Margin 30 There is a room and Around 40 Moving forward, Okay? People Get angry if you want. There may be, But I Sitting here like this I won't talk about that.
A Company income In two-digit numbers Growing and Margins are increasing, That is, if Income Growth Look, but that About 20 Percentage Nearby.
我在上一次播客中也说过，关于这件事，太多夸张了，我会说不，Netflix 他们的内容库，超过获得收益，已经变得极其精通。所以，他们现在在保持酷或时髦的这场战斗中，而不是赢得业务，更倾向于关注，因为在那场战争中，最终会赢的人会破产。
I Also in the last podcast I said, More about the matter Too much exaggeration I will say no, Netflix Their Content Library More than To receive benefits Incredibly Has become proficient .
So, they are now Cool 'or Trendy In the battle to stay Rather than winning Business More towards Paying attention, Because in that war Going to win Finally Go bankrupt.
但健康的大脑，有人这么声称。做不到。它实现盈利，达成一个好的决定。所以，是的，股价低就低吧。让人失望就让人失望吧。他们的利润率会继续增长，市盈率 18，从 17 下降，会来，然后再次会被评估。
观众和看客，我警告你们，我认为结束了。直到他们也许又一次大收购会去追逐。
But healthy Brain Someone claims it. Can't do it. That it is profitable To achieve A good one The decision was . So, yes, Stock price is low Let it be. Disappointing people Let them be.
Their margin It will continue to increase, PE ratio 18 Decreased from 17 to Will come, then Again Will be evaluated . Audience and Viewers I warn you, I think it's over. Until they Perhaps another A big one Acquisition Will run after.
哦，收购，坏在没什么。在我看来是这样。那很好笑。他们 3 年前，有人说了什么？据此让他们困在这个想法上，他一直保持着。3 年前我们说过，任何收购我们都不做。是的，没错。是的，但 5 年过去了。
而我们都输给了竞争对手。现在我们有了，你明白，十亿用户——有一个钟。我们现在媒体公司，从墓地里，各种东西必须买。而 Netflix 我是其中之一。
Oh, Acquisition Bad in Nothing. My It seems like this. That's funny. They 3 years ago What did someone say? Based on that Make them Stuck on the idea He has kept it. 3 years Before we We said Any acquisition I won't.
Yes, That's right. Yes, But 5 years Passed. And we all To the competitor I finished. And now we have, You understand, One billion User- There is a bell. We now Media Companies From the cemetery Various things Must buy. And Netflix I am one of them.
留下。Netflix 最好的 YouTube 选择明星，有史以来，独家协议，从来不是非独家协议。他们是 YouTube。他们很多人把试播季当作使用。
Stay. Netflix Best YouTube Choose the stars Taking, ever Exclusive In agreement, never Non- Exclusive In agreement. They are YouTube. A lot of them Pilot season As Using.
是的。我在尝试带来更多名字。人们不同。在寻找某种想法。在我看来很无聊。而叔叔或无聊和不吸引人，事情是这样的。不同的想法，我认为 Netflix 会赢得这场。
Yes. I am I Trying More names To bring. People are different. Kind of idea Looking for. My It seems boring. And Uncle or Boring and Unattractive Here's the thing. Different ideas And I think Netflix To win this There will be.
我，我最感兴趣的话题，用来开始这一天。我的意思是，最不有趣的，然而，一个有趣的话题。AI 视频崛起，你。你知道，很长一段时间我都这么认为。
Me me The most Interesting topic To start with Day. I mean, The most Not interesting However, one Interesting topic . AI video Rise, you. You know, For a long time I thought so.
价值投资对 Netflix 的模式是这样的，正如你所说，他们有全球分发，有十亿用户。当他们不是由内容价格决定时，那么它就是基于十亿用户；其他所有人基于 5 亿、1 亿或超过 2 亿。
所以内容价格高。更少，他们全都有优势，他们有自己的。创造一个热门也许，比如他们为《Suits》所做的，或者任何这样的旧媒体资产，在媒体中常见，失败了。但在 Netflix 上来了，成了巨大的热门。
就是这样。这完全是看涨或乐观的主题。对。有人想用规模与他们竞争，你做不到。
Value Investing For Netflix The model is such that, As you are Said, their Global Distribution There is, one of them Billion User There is. When They are not Content Price Determines, Then it is one.
Billion User Based on Does; Everyone else 500 million, 100 Million or 200 Over a million Based on . So the content The price is high. Less, all of them There are advantages, They are their own.
To create a hit Maybe, for example 'Suits' For what they did, or such Any old Media Property which Common In the media Failed. But On Netflix Come and be a huge hit Done. That's it.
Was completely bullish Or optimistic Subject. Right. Someone them With scale To compete You can't.
AI 生成内容崛起，你。你知道，这双向起作用。首先，Facebook 的呼吁，听着，听着，他们怎么说？先进的 AI 算法帮助人们在 Instagram 和其他平台上多花 10% 的时间。
所以，一个数字，AI 很小。格式内容更多地在制作中变得精通，你陷入重复循环，而 Netflix 那个老论点，我们最大的竞争不是 HBO，而是睡眠或其他什么，对吧？短视频内容非常非常受欢迎，AI 内容，电视节目被制作。
做，而算法 AI 节目使其容易制作。Netflix 也许未来 AI 生成的竞争会非常大，崛起会发生。
AI- Generated Content Rise, you. You know, this Two-way work Does. First of all, The Facebook call Listen and Listen, they How is that saying? Advanced AI Algorithm People Instagram and others On the platform 10% more time To spend Helping.
So, one Number, AI is small. Formats Content More in the making Becoming proficient Which you Repeated loop Stuck in Keeps and Netflix That old one The argument that Our most Big Competition Not HBO, but Sleep or other Something, right?
Short-form Content Very very much indeed Popularity Getting and AI Content Utthan TV The shows are made. To do and Algorithm AI show with Makes it easy to make Giving. Netflix Maybe AI in the future Generated Competition Very big rise It's going to happen.
Netflix 与 AI 相关，关于这个你在想什么？
Netflix With Related As AI About you What are you thinking?
我有些东西。使用示例或真实 AI 噪音，我想看到例子，人们想要什么。吸引，然后我就做。我会更多地思考这件事。我理解新奇。我的意思是，我不知道。我能见你吗？停一下。我能说吗？我理解你的话，但 AI 意味着未来在哪里？
走向，目前不是。而且你知道，我那个关于视频的老例子，我记得，仅仅两年前，威尔·史密斯在吃芝士汉堡。你觉得呢？那在那里吗？是的。而观众不知道，他们说的是你，威尔·史密斯的芝士汉堡，一个吃 AI 生成的视频。
威尔·史密斯的手上有八根手指。看他，很多海绵宝宝。像卡通。太糟糕了。但那只是两年前。而如果你想想当前的事，如果你做那个，但你能得到一个绝对逼真的威尔·史密斯吃芝士汉堡的视频，所以不？
我明白。我可以，你。仍然 AI 内容那样受欢迎，没看到，但它是相当棒的片段。能创造。几天前我看了一个 AI 生成的情景喜剧，那有很多。娱乐性没有，但如果有人说，“嘿，这是一个情景喜剧。”
你可能会说，“嗯，有时有些奇怪，有争吵，但是的，事情大致可理解。”我的意思是，我今天。情况我不是在说，但如果我这样持续 2 年。我开车，一个作者如果是 AI，留意，并说，“这看起来不错。
不。”“这改变。”我绝对。这样的世界想象我能做到。在那里 2 年你在 AI。用《老友记》复制节目你能做到，在那里六个人有趣的朋友聊天，讲笑话，而一个真正的作者观察制作了节目。我那样做。
我明白。而对我来说，这是一个相当大的。感觉到风险正在发生。
I am something. Usage Example or Real AI noise To see examples I want what people want. Attracts, Then I do it. I will think more about it. . I am The novelty I understand. I mean, I I don't know.
Can I see you? Stop for a moment. Can I say? I Your words I understand, But AI It means Where is the future? Going, What is currently It's not. And You know, That old one of mine About the video I remember what Only two years Previously, where Will Smith Cheeseburger He was eating.
What do you think? Is that there? Yes. And the viewers Don't know, they I'm talking about you, Will. Smith's Cheeseburger One to eat AI-generated There was a video. Where will In the hands of Smith There were eight fingers.
And to see him A lot Spongebob Squarepants It seemed like. It's a cartoon. It was so bad. But that Only two years As before. And Current affairs If you think about it, if you Do that, but You are absolutely Realistic Will Smith Cheeseburger Eating video You can get it, so No?
I understand. I can, you. Still AI Content That way To be popular Didn't see, But it's quite Great clips. Can create . A few days ago I An AI- Generated Sitcom I saw it, That's a lot.
Entertaining There was no, but If someone had said,"Hey, This is a sitcom. . "You might He would say, "Hmm, Sometimes something Strange There is a quarrel, But yes, The matter Roughly Understandable.
"I mean, I am today. Situation I'm not talking, But if I This has been going on for 2 years. I drive and one If the author is AI Keep an eye on And said,"This is Looks good. No. "" This Change.
" I Definitely. Such a World imagination I can do it. Where 2 years You are in AI. With a' Friends' Copying the show You can do it, Where six people Interesting Friend chat Giving and Telling jokes, and One True The author is Observation Made the show Doing.
I do that. I see. And to me This is quite a big one. Feel the risk Happening.
这种情况可能发生。但你看，我认为如果这些东西流行起来——首先，我担心的是演员，他们走在前头。演员工会和行会会确认，他们应该分到一份，因为没有他们，就没有补偿，没有他们的反映，就不会给。
但这可怕吗？为什么不呢？原因是有，如果我朋友说，我们来做点类似的东西，比如新的一集，不过当然，我是Jennifer Aniston，我会给你钱，所以不行？但这很可怕。为什么不是这样呢？
我长得像Jennifer Aniston，我该找个人来演吗？我是她的名字。《Friends》继续，不，我会继续。《Acquaintances》里也有六个人长得一样。那种人还会有另一个。
作者用AI把整件事做出来。那你要起诉谁？你会吗？我是Jennifer Aniston，不，我是普通人。我对任何人，我都在用。我的意思是，这里你认识的某个人没有脸。我实际上担心互联网上那些乱七八糟的东西会填满内容。我想是这样。
It can happen, But look, I think if These things Gains popularity, But first of all, that Actors first I'm worried, They are ahead. Come and Performers Union and Guilds Will confirm.
That they should Gets a part, Because they are not Compensation Without them Reflection To use Will not give. But is it scary? Why not? Reason Yes, if I Friends' Let's make something like, For example, new Episode, however Of course I am.
Jennifer Aniston I will give you money, so No? But scary. Why is this not the case? That I am Jennifer. Aniston's Looks like Should I make someone? I am its name. Friends' Keep No, I'll keep it.
Acquaintances 'And there Six people look the same. Kind of person There will be another one. Author AI Using The whole thing Will make. Then you Who is sued? Will you? I am. Jennifer Aniston Using No, I am ordinary.
Any To the person I am using. I mean here Someone you know No face. I Actually worried That internet All that nonsense. Filled with content Will go. I think so.
我重复一遍，这基本上是一个 YouTube 现象或事件，在这种情况下，Netflix 和 YouTube 在一个更大的战斗中运行，也许是一个子章节。
I repeat, this is Basically a YouTube Phenomenon or The incident, which In this case Netflix and YouTube Running in Larger A fight Chapter, maybe A sub-chapter .
我就这么说吧，在媒体历史上，每一次，在我看来，人们对公式的依赖程度，比我以为的要更深。你知道，媒体。在每个时代，你都是最好的。如果你拿一个节目或一个笑话来看，你会看到，他们很多是在模仿中做出来的，试图抓住当时的需求。
我又回到孩子对娱乐的层面，因为在我看来，孩子在娱乐中的周期运转得很快，因为总有新婴儿出生，他们对以前的事情没有记忆。
And I just I will say this, Media In history, Each Through, my It seems that people As much as it Actually the formula- Dependent, his More than I think Did. You You know, the media.
In every era, You are the best. If you take a show or a joke You will see, Their Many in imitation Made something What happened in time To capture the demand Tried. Me again Children Towards entertainment Going back, Because in my mind Either children In entertainment The cycles Works quickly, Because always New baby born Who is taking Previous events About No memory.
发生了什么，Netflix 的困难位置证明了这一点，那就是，去年。NFL 开幕赛在巴西发生了什么？在 YouTube 上转播，大约 1700 万观众看了。而今年在澳大利亚的比赛，在 Netflix 上播出，大约 1900 万观众看了。
What happened and what Netflix Hard Location It proves that That is, last year. NFL Opening The game In Brazil What happened? On YouTube Broadcast and about 17 Million viewers Saw it.
And this year The game In Australia is, which On Netflix is shown and About 19 Million viewers He saw it.
所以，是的。是的，这很有趣……你在哪里？我要走了。我明白。它总是这样。会有的。是的。所以，是的。所以，在我看来，媒体世界是艰难的。媒体是艰难的。告诉我。这真的非常难。而且你看，Dick Wolf，Dick Wolf的所有剧，《Law and Order》、《Chicago》系列，这些都非常依赖公式。
但正如他们所说，即使NBC心里有这些公式，给Dick Wolf的黄金时段排了那么多钱，他的背后当然有原因，而他们要么给你钱，要么不给。我们也许能创造一个公式，但也就到此为止了。
那2%的魔法，是我们工作中缺失的。所以，我同意你的看法。我很快换个话题，我不知道你会不会，你会评论吗，但NFL回来了。它到了。一件让我很关心的事，看起来很接近，很有趣。
So, yes. Yes, This Interesting... Where are you? I am going. I understand. It always is. There will be. Yes. So, yes. So, in my opinion Either media The world is difficult. The media is difficult.
Tell me. This is really very Difficult. and Look, Dick Wolf, All of Dick Wolf's shows , ‘Law and Order', ' Chicago The series, These are very Formula- Dependent. But you As they say, These Formula in mind Even though NBC Dick Wolfe Their Primetime For the schedule So much money Giving, his Behind, of course.
Is there a reason, And they you Or give me money Not giving. We might be one. Formula creation I could, But that's the end. 2% magic Made by us At work Missing. So, I am yours.
Agree with. I Quickly another On topic, I I don't know about you. Comment on Will you do it, but NFL is back It has arrived. A The matter that concerns me Very close Looks interesting.
这个频道对 $NFLX 的历次判断
Yet Another Value Podcast 在这只股票上只有这一条判断。