文 | 刀客doc 一、广告用户规模问题已经不是问题了 Netflix的广告业务要先从2022年说起，11月它在几乎被自己否定了二十年的广告模式上踩了刹车，推出 带广告的低价套餐。刚上线那会儿，这个套餐的月活用户只有500万，算是一个试水。 一年之后，也就是2024年5月，Netflix对外披露：广告层的全球月活已经冲到4000万，占到广告层可用 国家新注册用户的40%。半年再往后，到2024年11月，这个数字翻到7000万，新的注册用户里，超过一 半选择了带广告的那一档。 最新一次对资本市场的沟通里，Netflix直接换了一个口径：把账号数，换成了广告的人数来算，推出了 新的MAV（Monthly Active Viewers，月度活跃观众）指标——用内部调研估算每个家庭平均几个人 看，再把广告触达换算成人。 按这个口径，他们现在宣称广告每月触达的观众已经超过1.9亿。 说白了，MAV这个口径，本质上是在向"电视话语体系"靠拢。传统电视卖的是GRP和收视率，习惯 用"人"来算触达；流媒体原生的世界里，只看账户、订阅数和播放时长。 Netflix 现在把广告层的汇报口径，从订阅账户切回观看人数，既是为了让媒体 ...

Core Insights - Netflix reported a Q3 operating profit of $3.87 billion, a 33% year-over-year increase, with a profit margin of 33.6%, exceeding market expectations [1] - Revenue growth is primarily driven by price increases and advertising, with an estimated 3-5% overall ARPPU growth due to price hikes in core regions and inflationary pressures in Latin America [1][2] - The company anticipates a doubling of advertising revenue this year, targeting around $1.5 billion, despite macroeconomic challenges [2] Financial Performance - The actual operating profit for Q3 was $3.87 billion, reflecting a 33% increase year-over-year [1] - The company’s Q4 guidance aligns closely with market expectations, indicating stable performance [1] - The estimated net increase in subscription users for Q3 was around 4 million, lower than the previous two years' quarterly averages [1] Advertising Strategy - The first full quarter of the in-house advertising system was completed, with plans to introduce Amazon DSP in Q4 [2] - The company aims for a doubling of advertising revenue, with a focus on enhancing the advertising sales process and expanding the diversity of advertisers [8][9] - Programmatic advertising is expected to be a significant growth driver, with a notable increase in pre-sale commitments in the U.S. [7] Content and User Engagement - Q3 saw significant content success, with titles like "KPop" and "Wednesday" achieving high viewership, contributing to positive market expectations [1][10] - User engagement metrics improved, with record TV viewing shares in the U.S. and the U.K. [3][10] - The company plans to continue expanding its content offerings, including live events and gaming, to enhance user engagement [10][19] Tax and Regulatory Issues - A complex tax issue in Brazil led to a reassessment of costs, impacting Q3 financials but not expected to significantly affect future performance [4] - The tax in question is not an income tax but a cost associated with operating in Brazil, which has been re-evaluated following a recent court ruling [4] Future Outlook - The company remains optimistic about its business health and growth opportunities, with a focus on core strategies and technology improvements [3][5] - Plans for 2026 include maintaining financial targets and focusing on revenue growth, profit margin expansion, and free cash flow enhancement [5][6] - The company is committed to organic growth rather than acquisitions, emphasizing the importance of content creation and user experience [16][18]