If so, you weren't watching Netflix.

如果你的答案是肯定的，你看的想必不是 Netflix。

You see, Netflix doesn't rely on ads to support, grow, and source its revenue.

是這樣的，Netflix 的收入來源及公司擴建並非仰賴於廣告。

Unlike Hulu and Amazon Prime Video, the world's leading streaming service offers every single customer a completely ad-free viewing experience.

不同於 Hulu 以及 Amazon Prime Video，這家世界第一的串流平台提供每位使用者無廣告的觀影體驗。

So without ads, how does Netflix manage to make money?

所以沒了廣告，Netflix 是如何賺錢的？

In this video, we're gonna break down exactly how Netflix's unique business model allows it to capture such a sizable audience, and how its vision for the future could cement the streaming disruptor as a bona fide media titan.

在本片，我們將揭秘 Netflix 獨特的企業模式如何幫助它囊括廣大觀眾，其未來的展望又該如何幫助它成為真正的媒體巨擘。

In 2018, Netflix brought in a total of 16 billion dollars in annual revenue, up 35% year over year.

於 2018 年，Netflix 年收入總額達 160 億美金，年成長率達 35%。

The online streaming platform also grew its net income to 1.2 billion dollars last year, double what it was in 2017. But where does that money come from? 

這個線上串流平台去年的淨收入同樣成長至 12 億美金，是 2017 年的兩倍。但這筆收入從何而來？

All told, roughly 139 million users pay between $8 and $16 to Netflix to stream shows, documentaries, and films every single month.

整體來看，約有 1 億 3900 萬名用戶每月付 8 至 16 美金收看 Netflix 的節目、紀錄片和電影。

In fact, in the U.S., Netflix's biggest market, estimated 54% of households now have the streaming service.

事實上，在 Netflix 最大的市場 —— 美國，預估有 54% 的家庭都是其用戶。

That's a lot of people binge-watching in their pajamas.

那可是一大票人穿著睡衣在追劇。

Last year alone, Netflix accounted for 10% of all overall screen time in the United States, which adds up to 100 million hours of television per day. 

光是在過去一年，Netflix 就佔了美國全國觀影時數的 10%，相當於每日 1 億小時的觀看記錄。

More eyeballs means more stream time, and for Netflix, more paying members.

更多的收看人數意味著更多的串流時間，對 Netflix 而言同時意味著更多的付費用戶。

But it's not just uninterrupted reruns of The Office and Friends that keep Netflix at the front of the pack.

但不只是不間斷地重播《我們的辦公室》或《六人行》讓 Netflix 拔得頭籌。

Netflix, which started as a DVD rental company, also produces its own original content, shows you can't find anywhere else and just can't put down.

Netflix 以 DVD 出租起家，他們也製作原創內容，那些讓你一看就停不下來，而且只在 Netflix 上看得到的節目。

The company's created full-blown frenzies with its original content, so much so that releases like Bird Box have become cultural events.

該公司的原創內容造成轟動，其中《蒙上你的眼》甚至成為一種文化潮流。

The company estimates around 80 million member households watch the blockbuster in the first four weeks following its release.

他們預估有大約 8000 萬家庭用戶於該賣座片釋出的頭四週就已經觀看。

Netflix has been a steady hit-maker with its originals, and created tentpole franchises with House of Cards, Stranger Things, and Ozark, among others.

Netflix 已慣於推出強檔原創影集，其中《紙牌屋》、《怪奇物語》和《黑錢勝地》更是台柱。

These titles build buzz, bring in new members, and keep loyal fans happy, but they don't come cheap.

這些影集引起話題、帶來新的用戶，忠實用戶也為之樂見，不過這可不便宜。

Instead of licensing this content, Netflix is paying the upfront cost to produce and market it.

比起只是買下內容版權，Netflix 可是要負擔製作和行銷的前期花費。

In 2018, the company spent around 12 billion dollars on content, up from 9 billion dollars the year before.

在 2018 年，該公司花了大約 120 億美金在內容上，比前一年的 90 億更多。

And in 2019, the company is targeting a content spend of 15 billion dollars.

而在 2019 年，他們預計將砸重金 150 億美金在內容。

While Netflix is profitable, on a cash flow basis, this content spend actually takes the company negative.

雖然 Netflix 有獲得利潤，但內容上的開銷也有損公司收益。

In 2018, Netflix had a free cash flow of negative 3 billion dollars, and they plan to burn through an additional 4 billion dollars next year.

在 2018 年，Netflix 的自由現金流顯示為負 30 億美金，且隔年還計劃再花額外 40 億。

You heard that right -- that's billion, with a B.

你沒聽錯，幾十億美金起跳。

The company is taking on debt to build out its content library of originals.

他們為了建立屬於自己的原創內容而負債。

The plan is to eventually scale that spend down over time as the archive becomes so big that even the most avid binge-watchers can't cruise through it all.

計劃在未來影片庫龐大到即使是最強的追劇狂也追不完時，開銷就會逐漸下降。

It's a bold strategy, but so far, it's working.

這是個大膽的策略，不過目前為止有起到作用。

As of today, Netflix is the seventh-largest internet company in terms of revenue.

就收入而言，Netflix 是目前第七大的網路公司。

Thanks for watching! If you have a company you'd like to see us break down, mention it in the comments section below, and be sure to like the video and subscribe to get more videos like this from The Motley Fool.

感謝收看！如果你希望看我們講解別家企業，請至底下留言。記得給我們影片按讚，然後訂閱 The Motley Fool 看更多影片。