来源：环球网 消息人士透露，Netflix一直以来都坚定主张将放映窗口期设定为17天。Netflix作为流媒体平台的头部， 其商业模式侧重于通过线上订阅服务为用户提供丰富多样的影视内容，快速将电影推向流媒体平台，能 够吸引更多用户订阅，增加平台的流量和收益。然而，这一主张与院线方的利益诉求产生了激烈冲突。 以全球知名院线AMC为代表的传统影院方，坚持认为院线窗口期应维持在目前常见的45天左右。院线 方认为，较长的窗口期能够为影院提供足够的排片时间，吸引观众走进影院观影，从而保障影院的票房 收入和经营稳定。 【环球网科技综合报道】1月3日消息，据Deadline报道，Netflix在完成对华纳兄弟的收购后，计划将华 纳兄弟电影的院线放映窗口期大幅缩短至17天。 传统影院依赖电影放映作为主要收入来源，较长的院线放映窗口期能够确保观众在一段时间内只能选择 在影院观看新片，为影院创造可观的票房。而好莱坞电影创作者也担心，过短的院线窗口期可能会影响 电影的艺术表达和市场传播效果。电影在影院的大银幕上放映，能够为观众带来独特的视听体验，这种 体验是流媒体平台无法完全替代的。如果窗口期过短，观众可能会更倾向于等待电影在流媒 ...

Core Viewpoint - Morgan Stanley maintains a "neutral" rating for Netflix (NFLX.US) with a target price of $1,220, citing strong content library and advertising growth potential as long-term advantages, but short-term stock price reflects optimistic expectations, necessitating attention to content performance and monetization progress in the second half of the year [1] Group 1: Company Performance and Projections - Netflix's content lineup for the second half of 2025 is described as one of the strongest ever, featuring returns of popular series such as "Squid Game" Season 3, "Wednesday" Season 2, and "Stranger Things" Season 5, along with new shows and sports live content, expected to significantly boost user growth and engagement [1] - The company is projected to add 4.5 million net new users in Q2, including 750,000 in North America, and a total of 25.5 million net new users for the entire year of 2025 [1] Group 2: Advertising Business Insights - Netflix's ad-supported subscription tier currently has approximately 94 million monthly active users (MAU), which could reach 170 million when including non-profile viewers, with users in the ad tier watching an average of 41 hours per month, comparable to ad-free standard tier users [2] - Morgan Stanley anticipates that by the end of 2025, ad tier users will exceed 60 million, corresponding to about 140 million MAU, with advertising revenue (excluding subscriptions) expected to double to $3 billion [2] Group 3: Financial Guidance and Expectations - Netflix maintains its revenue guidance for 2025 at $43.5 to $44.5 billion, with an operating margin of 29% and free cash flow of $8 billion, but actual revenue performance may exceed the midpoint due to a weaker dollar [2] - Based on strong content in the second half, recent price increases, advertising business growth, and favorable exchange rates, investor expectations for 2025 guidance may be raised, potentially extending into 2026-2027 [2] - The forecast for Netflix's 2025 revenue is $44.4 billion, a 15% year-over-year increase, with an operating margin improvement to 29.6%, content cash spending of $17.7 billion, and free cash flow expected to reach $8.4 billion, a 21% increase [2]