Michael Nathanson

Thank you for being here, Neal, thanks for being here. Before we get started, I am given the role of the safe harbor spokesperson. So some of the statements that Mr. Mohan may make today could be considered forward-looking. These statements involve a number of risks and uncertainties that could cause actual results to differ materially.

感谢你的到来，Neal，非常感谢你出席。在开始之前，我要履行“安全港声明”发言人的职责。Mohan 先生今天可能会发表一些前瞻性声明，这些声明涉及多种风险与不确定性，可能导致实际结果出现重大差异。

Please refer to Alphabet's Form 10-K and 10-Q, including the risk factors discussed in its Form 10-K filing. Any forward-looking statements that Neal makes are based on assumptions as of today, and Alphabet undertakes no obligation to update them.

请参阅 Alphabet 的 10-K 与 10-Q 表格，特别是 10-K 中讨论的风险因素。Neal 发表的任何前瞻性声明均基于截至今天的假设，Alphabet 无义务更新这些声明。

Okay. So now my introduction for Neal. For those that don't know, the CEO of YouTube, prior to becoming CEO in 2023, Neal served as YouTube's Chief Product Officer, responsible for the company's forays into streaming, shorts, subscriptions, podcasting and growing contributions to the creator economy and scale, trust and safety issue -- efforts. Before joining YouTube, Neal led the product development team and strategy at DoubleClick and then [indiscernible] acquisition and integration with Google. So Neal, thank you for being here. Once again, we really appreciate it.

好的，现在让我来介绍 Neal。如果你还不认识他，他是 YouTube 的首席执行官，在 2023 年担任此职务之前，Neal 曾是 YouTube 的首席产品官，负责推动公司在串流、短视频、订阅、播客等领域的发展，并助力创作者经济的扩展、信任与安全工作的推进。在加入 YouTube 之前，Neal 曾领导 DoubleClick 的产品开发与战略，并负责其与 Google 的并购整合。Neal，非常感谢你再次出席，我们非常感激。

Neal Mohan

Thank you for having me, Michael. It's great to be here.

谢谢邀请，Michael。很高兴来到这里。

Michael Nathanson

So YouTube is celebrating its 20th year anniversary this year. What has surprised you most about the platform during your tenure there, and what are your key priorities to keep the product momentum going?

YouTube 今年迎来 20 周年。在你任职期间，平台最令你惊喜的地方是什么？你目前的关键优先事项有哪些，以保持产品发展势头？

Neal Mohan

Sure. Yes. So happy birthday, YouTube. Very excited that it's hard to believe that it's our 20th anniversary. I think what I would say, whether it's a surprise or not, I think sort of the biggest kind of thought I have on reflection, and I've been involved with YouTube for a very, very long time, is just -- it was a simple Web site that started where you would upload grainy videos of yourself, me at the zoo and others like that. And you fast forward two decades later to today and it is a place, this incredibly vibrant creator economy ecosystem, our creators are really the start-ups of Hollywood just to carry that Silicon Valley analogy forward. They are innovative and disruptive. They have full studios themselves. I visited some of them, employ lots and lots of people. And they're pushing the boundaries in terms of entertainment and culture. They are the reasons why YouTube is the epicenter of culture across the world. And so it's just amazing to see that transformation.

当然。首先祝 YouTube 生日快乐。很激动，难以置信我们已走过 20 个年头。无论是否称得上“惊喜”，我最大的感慨是——我与 YouTube 的关系非常久远，它最初只是一个简单的网站，人们会上传一些画质粗糙的个人视频，比如“我在动物园”的那类内容。而如今，二十年过去了，这里已成为一个极其充满活力的创作者经济生态系统。我们的创作者实际上就是好莱坞的初创公司，把硅谷的比喻延续下去：他们充满创新性与颠覆性，拥有自己的完整工作室。我曾参观其中一些，雇佣了大量员工，在娱乐与文化领域不断突破。他们是 YouTube 成为全球文化中心的真正推动力。这一转变令人赞叹。

In terms of our priorities, the way that I like to think about the YouTube business is across multiple sort of interconnected pieces of flywheel, if you will, and it starts, as I was just describing with our creators. And so how do we make it so that they can continue to build an audience, build a community on YouTube that is the secret sauce of YouTube. You come to YouTube to connect with your favorite content, your favorite creators every single day and how do we help them grow their business, they're entrepreneurs as well.

谈到优先事项，我通常将 YouTube 的业务理解为多个互联互通的飞轮组成部分，而核心起点正是我们的创作者。我们如何助力他们持续积累观众、建设社区——这正是 YouTube 的“秘诀”。用户每天来 YouTube，是为了与自己喜爱的内容、喜爱的创作者建立联系；而我们要帮助这些创作者拓展事业——他们同样是企业家。

So that's really the first leg of the flywheel, so creation tools, supporting multiple formats, everything from 15 seconds shorts to 15 minute traditional sort of log format to 15 hour live streams, for creators. The second, of course is, as I said, we all as fans and viewers come to YouTube to connect with these creators. So how do we create new innovative formats. One of our biggest priorities has been connected TVs. How do we invest in that from a user standpoint, viewer standpoint. Shorts, of course, is a big priority for us. Podcasts, of course, is something that we've been investing in to viewers. And then kind of the third leg of that stool, of that flywheel is really monetization.

飞轮的第一部分就是创作工具，支持多种形式，从 15 秒的 Shorts 到 15 分钟的传统 vlog，再到 15 小时的直播，全部面向创作者。第二部分，如我所说，我们作为粉丝和观众每天都来 YouTube 与创作者互动，那我们就要不断创造新的创新形式。我们的一项重点是智能电视（Connected TV）——从用户和观众的角度来看，我们如何在这个领域投资。Shorts 自然是核心优先事项，播客也是我们对观众持续投资的领域。而飞轮的第三部分，也就是“第三只支柱”，就是变现能力。

And we really are fundamentally a twin engine monetization capability with our AVOD business but also our -- now our SVOD business across YouTube Music and Premium, YouTube TV, Sunday Ticket, et cetera. And that monetization sort of drives that flywheel back again in terms of attracting new creators, which attracts more viewers and kind of going around. So those are the kind of the three legs of our flywheel, if you will, and those are my priorities.

我们本质上拥有双引擎的变现模式，一方面是广告支持的 AVOD 模式，另一方面是以 YouTube Music、Premium、YouTube TV、Sunday Ticket 等为代表的订阅 SVOD 模式。这种变现反过来又驱动飞轮运转：吸引更多创作者 → 吸引更多观众 → 再次循环。这就是我们飞轮的三个核心支柱，也是我当前的优先任务。

Question-and-Answer Session

问答环节

Q - Michael Nathanson

Okay. Can we talk a bit about engagement and viewership? I think people are still surprised when they see how large YouTube is on connected TV. You're the biggest viewing platform by size, much bigger than Netflix at this point. Can you help us unpack what's driving that consumption on CTV, what's at the bottom of it?

好的，我们来谈谈用户参与度和观看情况吧。我觉得很多人仍然对 YouTube 在联网电视（Connected TV）上的规模感到惊讶。你们现在是最大的视频观看平台，远超 Netflix。你能不能解释一下是什么在驱动 CTV 上的观看？背后的核心因素是什么？

Neal Mohan

Yes, I'd like to talk about our position in Connected TV as really like an overnight success that was many years in the making. It has been an area that we've been investing in for years now, actually prior to COVID, and that is through product innovation, bringing the magic immersive nature, interactive nature of YouTube to connected TVs, which was pioneering at the time. Partnerships with device manufacturers, OEMs, et cetera. And that's really been a big area of investment for us to make the viewing experience first class on Connected TVs.

是的，我很乐意谈谈我们在联网电视领域的地位。它看似是一夜之间的成功，实际上是多年深耕的成果。我们在这个领域已经投入多年，甚至早于 COVID 疫情开始就开始布局。我们通过产品创新，把 YouTube 富有沉浸感和互动性的体验带到了联网电视上，这在当时是非常开创性的举措。同时我们与设备制造商、OEM 等建立了合作。这一直是我们的重点投入领域，旨在让联网电视上的观看体验达到一流水准。

But as you point out, we've been the number one streamer in the US for the last couple of years on Connected TVs, last couple of months, it's really been across streaming, broadcast and cable, all combined in terms of the number one distributor and over 1 billion hours of engagement time, watch time happens on Connected TVs all over the world. And in the U.S., a few weeks ago, we announced that it's the primary way that people consume YouTube. So you often think about YouTube as what's in your pocket on your mobile phones, of course, that is an important and growing surface for us, but connected TVs now are the primary way that people watch YouTube in the home. So that has been a big priority for us and a real area of growth.

正如你指出的，过去几年里，我们在美国一直是联网电视领域的第一大流媒体平台。而在过去几个月，无论是流媒体、广播还是有线电视，我们在综合分发量上也都是第一。在全球范围内，联网电视每月的观看时间已经超过 10 亿小时。在美国，我们几周前宣布，联网电视已经成为用户观看 YouTube 的主要方式。人们常常把 YouTube 想成手机里的应用，当然移动端对我们仍然重要且持续增长，但在家庭场景中，联网电视已成为主流观看渠道。这是我们的重点战略方向，也是高速增长的领域。

Michael Nathanson

You mentioned Shorts before. I know that's a priority, as you said. Can you give us an update on viewership trends in Shorts? And again, what's driving the growth? I know that's been a pivot for you all.

你之前提到了 Shorts，这是你们的重点方向之一。你能分享一下 Shorts 的观看趋势吗？另外，增长背后的驱动因素有哪些？我知道这对你们来说是个重要转型。

Neal Mohan

Yes. Really, what I would say about Shorts, so we've seen about 20% year-on-year growth in engaged views in Shorts, so -- as of Q1. So a very strong continued momentum in terms of the viewer side. And so what that tells me is that, that is a format that our viewers enjoy and want to consume. They do it alongside traditional sort of long form content on YouTube. So it's all really part of the experience.

是的，关于 Shorts，我想说的是：截至第一季度，Shorts 的参与式观看量同比增长了约 20%，这说明我们在观众层面持续保持强劲势头。这告诉我们，这是观众喜欢并愿意消费的一种内容形式，而且他们通常会将 Shorts 与传统长视频一起观看，是 YouTube 整体体验的一部分。

And I would say that a couple of things really drive that to your question. The first is, especially for younger audiences, viewing video is increasingly participatory in nature. They want to jump in themselves and participate in that creation process. And Shorts just makes that easy and straightforward. So you open up the app, you hit that plus button at the bottom of YouTube and you can start making a short.

针对你的问题，我认为有几个关键驱动因素。首先，尤其对年轻观众来说，观看视频本身越来越具有“参与性”。他们不只是想看，也想亲自参与创作。而 Shorts 提供了一个简单直接的创作入口：打开 App，点击底部的“+”按钮，就可以立刻开始制作短视频。

So that's one. The second is that it's like building on that, it's an on-ramp for creativity on YouTube. We have some of our biggest creators today starting as a Shorts creator. So Alan Chikin Chow, I mentioned studios in Hollywood. He has a 10,000 square foot studio in LA, produces amazing content, employs lots of people. He started as a Shorts creator. Adam W is another example of that. In fact, 70% of channels uploading to YouTube upload Shorts.

其次，Shorts 是 YouTube 创意生态的“入门通道”。我们现在很多顶级创作者都是从 Shorts 起步的，比如 Alan Chikin Chow——他在洛杉矶拥有一间 10,000 平方英尺的工作室，制作出精彩内容，雇佣了大量人员，他最初就是一位 Shorts 创作者。另一个例子是 Adam W。事实上，现在有 70% 的 YouTube 上传频道发布 Shorts 内容。

Michael Nathanson

Okay. And then you touched on this, too, is podcast, right? So you've called out that as an area you're seeing a high level of user engagement, right? What's the opportunity with podcast? I know we're all focused on it. So give us your sense of how big the opportunity is there for you?

好的，你刚才也提到了播客（podcast）。你说这是一个用户参与度很高的领域。那么播客对你们来说意味着什么样的机会？我们大家都在关注这个赛道，你怎么看这个机会的潜力有多大？

Neal Mohan

Yes. I mean podcasts have certainly been in the psychoses for the last few months. And again, just like I said on the Connected TV side, it's one of those sort of overnight successes at YouTube that's been years in the making, because we've been thinking about it for a long time. And we have now over 1 billion users every month consuming podcast on YouTube. So incredibly proud of the success there, both on behalf of viewers but also our podcasters.

是的，播客确实在过去几个月成为热门话题。就像我在谈联网电视时说的那样，这是 YouTube 看似“一夜成名”但实际上多年筹备的成果。我们早就开始思考这个领域了。现在，每月有超过 10 亿用户在 YouTube 上消费播客内容。这对我们来说是个巨大的成功，无论是对观众还是播客创作者而言，我都感到非常自豪。

I'd say a few -- a couple of things that have been driving that on YouTube. The first is it turns out that lots of viewers don't want to just listen to podcast, they want to watch them. We first saw that, obviously, during COVID when everybody was at home, but that trend has really continued. In fact, lots and lots of podcast content on YouTube is watched in the living room on big screen. So video is really turns out incredibly important for podcasts.

推动 YouTube 播客增长的有几个关键因素。首先，我们发现许多观众不仅仅想“听”播客，他们还想“看”。我们在疫情期间首次明显观察到这一趋势，当时大家都宅在家里，但这种趋势之后仍在持续。实际上，大量播客内容是在客厅的大屏幕上观看的。因此，视频元素对播客来说至关重要。

The second is discovery. So really helping podcasters grow their audience, which, of course, is our bread and butter with our traditional creators. And so that just really works for podcasters. And then the third final piece is that we've really invested in the podcast listening or viewing experience, both in the YouTube main app but also in the YouTube music apps. So those have been drivers of it. And now there's a real ecosystem just like there is for creators, everything from Joe Rogan to Alex Cooper to Rotten Mangoes to every sort of genre of podcast that's out there.

第二是发现机制，也就是帮助播客创作者扩大受众规模——这本就是我们在传统创作者领域的核心强项，也同样适用于播客。第三，我们在播客的“听”与“看”体验方面投入巨大，无论是在 YouTube 主应用还是 YouTube Music 应用中，都做了优化和提升。这些因素共同推动了播客的发展。现在播客也像创作者一样拥有了完整的生态系统，从 Joe Rogan 到 Alex Cooper 到《Rotten Mangoes》等，涵盖各种题材和风格。

Michael Nathanson

So you mentioned how important creators are to your business. We have a panel later today, a cheap plug on that, 1:30 new creator economy. So can you talk a bit about the competition for creators, right? So you guys are clearly the biggest. What do you see in terms of competition and what are you doing to make sure that, that creative community stays with you and is happy to always work with YouTube?

你提到了创作者对你们业务的重要性。我们今天下午还有一场关于“新创作者经济”的座谈会（1:30 开始，顺便宣传一下）。你能谈谈你们目前在“创作者争夺战”中的处境吗？你们显然是最大的创作者平台，那你们如何确保这些创作者继续留在 YouTube 并愿意长期与你们合作？

Neal Mohan

Yes, that’s great. And I ran into Colin and Sameer yesterday, I think that's going to be a great session. Their insights are always super, super interesting.

是的，太好了。昨天我碰到了 Colin 和 Sameer，我相信他们那场座谈会会非常精彩。他们的见解总是非常有启发性。

I would say every time I talk to creators, no matter where I am in the world, whether it's LA, I was in Mumbai a couple of weeks ago, they really view YouTube as their home. It is the home base from which all of the opportunities that they have outside of YouTube derive.

我想说的是，每次我跟创作者交谈时，无论是在世界的哪个地方——比如我前几周在孟买——他们都把 YouTube 视为“家”。YouTube 是他们一切外部机会的出发点与根据地。

And in fact, Jimmy Donaldson MrBeast was at our upfront last night. And he has, in his offices kind of these three rules of success. And the number one pillar he has is YouTube first, because he knows that all of his success, obviously, on YouTube. He's our biggest creator. But off YouTube really derives from his investment and continued focus on YouTube above and beyond everything else.

就拿 Jimmy Donaldson（也就是 MrBeast）为例，他昨晚还参加了我们的 Upfront 活动。他在办公室里贴了“成功的三条法则”，第一条就是“以 YouTube 为先”。他深知，自己所有的成功都源自于 YouTube。他是我们最大的创作者，他在平台之外的影响力也都建立在他对 YouTube 的持续投入与专注之上。

And I hear that repeatedly from our creators. As I said, these creators, YouTube really is the epicenter of culture today all over the world, especially amongst young viewers and that stems from what our creators are doing. So it stands to reason that other services, et cetera, are interested in them because they really are setting the culture.

我经常从其他创作者那里听到类似的反馈。正如我之前说的，YouTube 现在是全球文化的核心地带，尤其是在年轻观众群体中，而这一切正是由我们的创作者推动的。因此，其他平台、服务想要吸引他们也很自然——因为这些创作者正在塑造流行文化。

And what we do for them is what I said earlier, Michael, which is focused on two things, helping them build their audience and community. They know that their most authentic, most engaged fans are on YouTube, that's home base for them, so continuing to grow that. And then the second, of course, is monetization.

我们为创作者所做的，正如我刚才说的，集中在两个方面：第一是帮助他们扩大受众和建设社区。他们知道自己最真实、最活跃的粉丝都在 YouTube，这是他们的主阵地，所以我们要继续帮助他们扩大影响力。第二当然是变现。

We have always prided ourselves in the fact of being this creator economy. I think from '21 through 2023, which is the last time we looked at this, paid out over $70 billion to creators, partners, our ecosystem there. And over the last 10 years that number has grown every single year. And so growing audience and then growing the business is why creators feel like YouTube is their home.

我们一直以“创作者经济”的先行者为荣。据我们上一次统计，从 2021 年到 2023 年，YouTube 向创作者、合作伙伴及整个生态系统累计支付了超过 700 亿美元的收入。在过去十年中，这个数字每年都在增长。也正是因为我们能帮助创作者扩大观众基础、发展事业，他们才把 YouTube 当作真正的家。

Michael Nathanson

So, last time you were here, it was early days, but I think it's the question we get in more and more. What do you think the future development application of multimodal Gen AI will do for your creating universe, right? So, you see the tools that are coming out. What do you think the impact is going to be on the business?

上次你来的时候，还是在 AI 应用的早期阶段。但现在我们越来越常被问到这个问题：你怎么看多模态生成式 AI（Gen AI）未来在创作生态中的应用？你已经看到这些工具正在涌现——你认为它们将对你们的业务产生什么样的影响？

Neal Mohan

Yes. I think that's a super interesting question. As you can imagine, Michael, that's obviously lots of conversations within YouTube of that every single day.

这是一个非常有意思的问题。正如你可以想象的，Michael，这类话题每天都在 YouTube 内部被反复讨论。

The first thing I'll say on that is that's not a new area of focus for YouTube. We've been investing in AI for years and years. Everything from what you experience when you open up the app on your phone, on your television in terms of the recommendations that you see has been AI-powered. A lot of our content policy enforcement AI-powered, tools like content ID that enforce rights on YouTube investment in AI. So we've been doing that for years.

首先我要说的是，这并不是 YouTube 最近才关注的领域。我们已经在人工智能方面投资了多年。从你在手机或电视上打开 App 时看到的内容推荐，就是 AI 驱动的；我们内容政策的执行、内容识别（Content ID）等版权工具，也都基于 AI 技术。这方面我们已经深耕多年。

In terms of new areas that I'm excited about, particularly for creators is creation itself. So when you, again, open up the app, hit that plus button, you're going to see -- you're seeing more and more applications of AI there.

至于我最期待的未来方向，特别是针对创作者的，核心就是“创作”本身。当你打开 App，点击“+”按钮，你会看到 AI 的应用越来越多地融入创作流程。

A couple of examples that I'm very excited about is a product called Dream Screen. That is being able to, in a matter of seconds, typing in a text prompt into YouTube and generating an image or a video, using -- and this is a collaboration between YouTube and Google DeepMind, taking their Veo model and incorporating it into features on YouTube. So creation is an area of strength for us, and that's where AI and our investment there is going to pay off.

我非常兴奋的一项新产品叫做 Dream Screen。它可以让你在几秒钟内输入文字提示（prompt），就能在 YouTube 上生成图像或视频。这是我们与 Google DeepMind 合作的成果，整合了他们的 Veo 模型，直接嵌入到 YouTube 的功能中。创作领域是我们的优势所在，而 AI 正是在这个方面能带来真正回报的技术。

The other thing that creators are really excited about is, again, growing their audience, distribution. So one really powerful example of AI there is something that we call multitrack audio.

创作者们同样兴奋的另一件事是：扩大受众、拓展传播能力。一个特别有代表性的 AI 应用就是“多轨音频”（multitrack audio）。

So today, given the global nature of YouTube, one of the biggest barriers of connecting a creator or a creative idea with their audience regardless of where they are in the world is language.

如今，YouTube 是全球平台，而创作者与全球受众之间最大的障碍之一就是语言。

But what if we could actually take every video on YouTube and translate that into not just a couple of languages but many, many languages and do it at such high fidelity, capturing the creators voice, et cetera, that's a really powerful application of AI that creators are excited about.

但如果我们可以将每一条视频不仅仅翻译成几种语言，而是许多语言，并且实现极高的音质保真度，甚至保留创作者本人的声音，这将是 AI 一个非常强大的应用方向，创作者对此充满期待。

And then the final piece is back to where I started, which is things like recommendations. By investing in Gemini, we can have a deeper understanding of the video and the viewer of the video and combine those things to actually provide much better recommendations, particularly in scenarios where the viewer is a casual viewer, where we might not have lots of watch history, for example, or other information.

最后一点回到我刚开始提到的——推荐系统。通过对 Gemini 的投资，我们可以更深入地理解视频内容及观看者，将两者结合，实现更精准的推荐。尤其是在面对那些没有太多观看历史或行为数据的新用户时，这点尤为关键。

And so improving recommendations and therefore, improving the product experience of YouTube using Gemini as a fundamental use case of AI that I'm excited about.

因此，借助 Gemini 改进推荐系统，从而提升整个 YouTube 的产品体验，是我最期待的 AI 核心应用场景之一。

Michael Nathanson

The thing about technology, it happened just gradually, you've been investing forever than suddenly. So do you think we're at the dawn of this new age of kind of the creator world with -- as they start discovering more and more tools, right? We're all waiting for that explosion point in terms of the better and better content generation from these creators?

技术的发展往往是缓慢积累，然后在某一刻突然爆发。你认为我们是否正处于一个全新时代的黎明？尤其是在创作者开始接触并使用越来越多的 AI 工具时。大家都在期待那个“爆发点”——创作者生成的内容将会变得越来越好，对吧？

Neal Mohan

Yes, the way I like to describe it in terms of YouTube's position there is we're in this sort of kind of very unique position, which is, on the one hand we invest deeply in this technology, collaborations with Google DeepMind, investment in Gemini and those use cases on YouTube.

是的，我认为 YouTube 在这方面处于一个非常独特的位置。一方面，我们在技术层面深度投资，与 Google DeepMind 合作、支持 Gemini，并将这些技术应用于 YouTube 的不同场景中。

On the other hand, we are facing and working very closely with the creative industry every single day.

另一方面，我们每天都在与创意产业保持非常紧密的联系与合作。

And so I really view AI as a technology that is going to empower human creativity. It is going to put these tools in the hands of a lot more people. And I think we're going to see there for kind of a renaissance in terms of creativity itself, storytelling that's going to be powered by AI.

所以我真心认为 AI 是一种赋能人类创造力的技术。它将把强大工具交到更多人手中。我认为我们将见证一场“创意文艺复兴”——由 AI 驱动的讲故事方式，将彻底改变内容创作的未来。

Michael Nathanson

Got it. So that's the engagement piece, it's going really well. So -- but monetization, which is going well as well. Shorts monetization, can you share an update on how YouTube Shorts have performed, engagement and also has been called out as a headwind to monetization, what have been the challenges there and what factors do you need to solve for to drive further modernization?

明白了。这解决了互动层面的问题，进展很好。不过在变现方面——同样也进展不错。关于 Shorts 的变现，你能否更新一下 YouTube Shorts 的表现、用户参与度，以及它曾被视为变现阻力的原因？有哪些挑战？要进一步实现现代化，需要解决哪些因素？

Neal Mohan

Yes. I mean, so the first part of that puzzle, of course, is what we just talked about, which is engagement and viewership. And as I said, 20% growth in engaged views as of Q1 2025. So despite our numbers there that growth continues really all over the world, because it is a format that viewers really appreciate. So that's the first thing. In terms of -- then the next layer of monetization, it's really about the fact that Shorts allows for, on average, more ad opportunities because of the feed nature of the product. But also this is where some of the AI pieces come in, in terms of investing in the right ad products. So using AI for advertisers to be able to take creative that already exists and translate it to that Shorts format as one example, AI for better targeting. So improving monetization as a result of better ads products is important. And this is something that we've been at work on for, as you know, for a couple of years now. I've seen really nice success. In fact, we recently hit a big milestone for Shorts, which is in a number of countries, including the US, the revenue per watch hour, so kind of our core RPH metric, monetization rate metric, is now equal to what it is for traditional in stream on YouTube and in fact, in some places, it's ahead. And so really, really excited about that. It's something that we have been working on for a while and it's a testament to both the viewer side but also the quality of the ad products that we build for our advertisers.

是的。要解开的第一块拼图当然就是我们刚谈到的互动与观看量。截至 2025 年第一季度，Shorts 的有效观看次数同比增长 20%。因此，即使在已有的高基数上，这一增速仍然遍及全球，因为观众非常喜爱这种内容形式。这是第一点。接下来谈到变现层面，Shorts 的信息流属性意味着平均拥有更多广告机会。此外，AI 也在此发挥作用，帮助我们投资合适的广告产品，例如利用 AI 将现有创意快速转化为 Shorts 格式，以及实现更精准的受众定向。通过更优质的广告产品来提升变现至关重要——过去几年我们一直在努力，并取得了相当不错的成效。事实上，我们最近为 Shorts 实现了一个重要里程碑：在包括美国在内的多个国家，Shorts 的每观看小时收入（我们的核心 RPH 指标、变现率指标）已与 YouTube 传统 in-stream 视频持平，甚至在某些地区更高。这让我们非常振奋，既印证了观众端的价值，也体现了我们为广告主打造的高质量广告产品。

Michael Nathanson

So let's talk about the advertisers for a second. Can you give us any update on your progress of driving more performance based advertisers becoming less reliant on brand?

那我们来谈谈广告主吧。你能否更新一下，在吸引更多效果型广告主、减少对品牌广告依赖方面，你们的进展如何？

Neal Mohan

Yes. I mean, that also has been a kind of multiyear effort for us. In fact, in our most recent results with the 10% year-on-year growth in YouTube ads driven by direct response followed by brand. So performance is definitely a core part of our portfolio that we offer advertisers. Of course, we have such a variety of surfaces and use cases and formats across YouTube that our goal is to be able to cater to whatever use case the advertiser has. Everything from connected TVs where brands can tell their stories about their brands and what they stand for through our nonskippable ad formats, to everything that I just talked about in terms of Shorts monetization and everything in between. So we are working on both brand as well as direct response. I'll just give you two very quick examples. Just last night on the brand side, we announced a sponsorship package where around key cultural moments where, as I said, many of them happen on YouTube, whether it's the Met Gala, whether it's the PGA championship or what have you, you can get a takeover where your brand shows up in YouTube search results, you have meaningful share of voice across all the content that is generated around that moment. You can do channel takeovers there as well. And so that's something that our brands are very excited about. Also formats like using QR codes or shoppable Connected TV where through a QR code, you can see something on your television screen and be able to actually then consummate the purchase on your phone. So really trying to innovate across the entire funnel for advertisers, both on Connected TVs but also on Shorts.

是的，这同样是我们多年来持续推进的工作。事实上，在最新财报中，YouTube 广告收入同比增长 10%，主要由直接响应（效果广告）驱动，其次才是品牌广告。因此，效果型广告绝对是我们为广告主提供的核心产品组合之一。当然，YouTube 拥有极其丰富的展示场景、使用情境和内容形态，我们的目标是满足广告主的所有投放需求——从联网电视上的不可跳过广告（品牌可借此讲述自身故事与理念），到我刚才谈到的 Shorts 变现方案，以及两者之间的各种形式。我们既在品牌广告，也在效果广告上持续发力。我举两个简短例子：就在昨晚的品牌层面，我们推出了一项赞助套餐，围绕诸多关键文化时刻（这些盛事往往在 YouTube 上发生，例如 Met Gala、PGA 锦标赛等），品牌可以“接管”YouTube 搜索结果，在该文化事件衍生的所有内容中获得显著声量，并可进行频道接管。这让品牌方十分兴奋。再比如，通过二维码或“可购物”联网电视广告，观众可以扫描电视屏幕上的二维码，在手机上完成购买。我们正在整个营销漏斗上进行创新，无论是联网电视还是 Shorts，都为广告主提供全方位的解决方案。

Michael Nathanson

So that was my question to ask you about action oriented campaigns on CTV, because personally, I like to be in the environment of watching something not leaving. So you're solving for that by using a phone versus going click to some destination, right? So it's more multiscreen in that case.

这是我想问你的关于在联网电视上开展“行动导向”广告活动的问题，因为就个人而言，我喜欢在观看内容时不必跳转离开。你们通过让观众用手机而不是点击跳转到其他页面来解决这个问题，对吧？所以这更像是一种多屏体验。

Neal Mohan

Yes. And by the way, it -- that happens, that reduces the friction, because it is just simply -- just like you see here, just like on the QR code there, it's very simple to actually make that click happen. And so that's one example. Another example is something that we have been -- we announced a few months ago, we've been working on called Pause Ads. So that's the idea that when you're on your living room screen and you pause the video that you're watching, there's a squeeze back type of experience for users, and then you can see an ad that's playing. And so that's another example of a use case that brands are interested in but also performance advertisers are interested in. So you should expect that type of innovation.

是的，而且这样做确实减少了摩擦——就像你在这里看到的二维码，点击操作非常简单。这是一个例子。另一个例子是我们几个月前宣布并一直在开发的“暂停广告”（Pause Ads）。其理念是，当你在客厅的大屏上观看视频并按下暂停时，画面会收缩，让用户看到正在播放的广告。这是品牌和效果型广告主都感兴趣的另一种场景。你可以期待此类创新的不断出现。

Michael Nathanson

So let's talk about AI and ads. You talked about how it's helping other parts of the ecosystem for YouTube. Given the massive number of impressions that are generated on YouTube, how are you adding value through -- to those impressions through technology to support healthy pricing for your creators and to drive better ROI for your advertisers, right? So what have been the innovations using AI?

那么让我们谈谈 AI 与广告。你提到它如何帮助 YouTube 生态的其他部分。考虑到 YouTube 产生的海量展示，你们如何通过技术为这些展示增加价值，既能让创作者获得合理收益，又能为广告主带来更高的投资回报？在 AI 方面有哪些创新？

Neal Mohan

Yes. So the first is just like I described, the use of AI for creation amongst creators. You -- we're -- I'm seeing that on the advertiser side as well. So how do we make that creation process? Ultimately, it's about that creative that pulls in all of us as potential consumers easier and more powerful through AI. So being able to take a creative concept or asset that you have and turn it into all of these different formats and surfaces across YouTube in a very seamless manner. And so that is, I think, a very compelling use of AI and can save lots and lots of time and effort off of that creative process. So that's one area. The second is on the targeting and quality side of the ads itself. So better targeting, more efficient targeting, that has been an area that we have been investing in. A big area of focus connected to your earlier question, Michael, on performance advertising is our campaign type called demand generation, demand gen. And that is using AI to improve the efficiency and efficacy of the ad campaigns that run across YouTube. And we've seen a 26% improvement in cost per dollar year-on-year as a result of these investments, including investments in AI. So those are a couple of examples on the creation side but also on the targeting side where AI plays a big role.

好的。首先，就像我之前说的，AI 在创作者端的应用已经非常广泛；在广告主端也是如此。AI 可以让创意制作过程更简单、更强大：将手中的创意概念或素材无缝转换成适用于 YouTube 各种格式和版位的广告内容，这是 AI 的一个极具吸引力的用例，可大幅节省时间和精力。其次，在广告投放本身的定向和质量方面，AI 带来了更精准、更高效的定向。这与刚才关于效果广告的问题相关：我们的“需求生成”(Demand Gen) 活动类型正是利用 AI 提升广告效率和效果的重点方向。借助这些 AI 投资，我们的每美元成本同比改善了 26%。因此，无论在创意端还是定向端，AI 都扮演着关键角色。

Michael Nathanson

Okay. A question you get that often is ad load, right? So do you think there's room to increase the ad load without harming consumer experience across all your touch points?

好的，你经常被问到的一个问题是广告负载率。你认为在不损害用户体验的前提下，是否还有提升广告负载的空间？

Neal Mohan

Yes. So the first thing I'll say, and before my time at YouTube, I was responsible for a lot of our ads products at Google. So I think about this a lot. And I would say the rule has always been focused on the user experience first. And that, in my experience, is not contradictory with advertiser ROI or what have you. So we really always start with that, that is about ad load, that's about ads quality, all of those things. And that is the fundamental principle at YouTube, which is it has to be something that is relevant and useful and interesting to our users. Having said that, there -- like I said, I don't think that's contradictory with delivering results for our advertisers. In fact, I think they are self reinforcing. And a very concrete example of that is what we have been working on Connected TVs, on living room devices around advertising. And so when you're in that mode, when you're sitting on your couch and watching YouTube in sort of that lean back mode, what if we could actually have fewer ad interruptions but do it in a way where they are deeper, so pods. So deeper pods, fewer interruptions. And so that is an example of one that allowed us to actually increase the number of ads per hour, however, you want to measure it, but also improve user satisfaction. So those two things both rose as a result of that. And that's an example of how we think about user quality and advertiser results hand in hand.

是的。首先我要说的是，在加入 YouTube 之前，我曾在 Google 负责大量广告产品，所以我对此思考颇多。我一直遵循的原则是：用户体验优先。在我的经验中，这与广告主的投资回报并不矛盾。因此，我们的出发点总是关注广告负载、广告质量等所有用户体验因素，这也是 YouTube 的基本原则——广告必须对用户有相关性、实用性和趣味性。话虽如此，我认为这与为广告主带来成效并不冲突，实际上两者相辅相成。一个非常具体的例子是我们在联网电视（客厅设备）上进行的广告创新：当用户以“懒人模式”坐在沙发上观看 YouTube 时，如果我们减少广告打断次数，却让每次插播的广告更集中、更深入（广告组 pods），我们就能在每小时播放更多广告的同时提升用户满意度。这两个指标都同步提升，这正体现了我们如何兼顾用户体验和广告主效果。

Michael Nathanson

迈克尔·纳森森

Right. You don't want to kill the golden goose, which is -- I can tell you -- I could tell you all about that in media. Talk to you about subscriptions. You guys have done a great job growing that business. I know you're very proud of how big it's become, we're a YouTube TV family, many people in the room love YouTube TV, so may I ask you about that…

没错，你可不想杀死那只会下金蛋的鹅——在媒体行业这点我深有体会。我们来谈谈订阅业务吧。你们在拓展这项业务方面做得非常出色。我知道你们对它如今的规模倍感自豪；我们全家都在用 YouTube TV，现场也有很多人是粉丝，所以我想请教一下……

Neal Mohan

尼尔·莫汉

It's a mere feature requests…

这只是一些功能需求而已……

Michael Nathanson

迈克尔·纳森森

I have them more range of playoff games. You can't control that. So we expect YouTube TV to be the single biggest Pay TV provider in three years' time. We could be wrong, it could be two years' time. So with that said, we have a few questions that we always debate inside our firm, right? Why not call the channel lineup into a more targeted sports news bundle and drop many of the legacy cable networks that are no longer being funded adequately by their parent companies?

我希望它能播放更多季后赛比赛，不过这点你们无法左右。我们预计 YouTube TV 将在三年内成为最大的付费电视服务商——也可能两年就实现。基于此，我们公司内部总在讨论几个问题：为什么不把频道列表精简成专注体育和新闻的套餐，并砍掉那些母公司已无力投入的传统有线频道？

Neal Mohan

尼尔·莫汉

Yes. I mean, I guess what I would say there, Michael, is just kind of going back to the origin of YouTube TV and why we started it in the first place. It really was about really reinventing sort of that whatever legacy or traditional TV experience, like I'm a sports lover, I love watching sports. How would I want that television experience to be. And so the reason I always like to start with that is because you should think about how we invest in YouTube TV through that lens, which is really through the product innovation lens. And that is the way that we're going to look at it, that's where our success comes from. We have over 8 million subscribers on YouTube TV. And so features like Multiview, key plays, those are areas that you should continue to see us invest in. In fact, one of the feature requests we get is people love Multiview, they want more choice. So experimenting around more user choice around those types of things. And so that's what I think ultimately it's that product and feature innovation as opposed to specific channel lineups, for example, that I think are important to our growth and that's really the way that you should expect us to look at that product.

是的，迈克尔。我想说的是，我们得回到 YouTube TV 的初衷——为何要从零开始？本质上，我们想重新构想传统电视体验；我自己热爱体育，也喜欢看比赛，那么理想的电视体验该是什么样？因此，你应该从“产品创新”的视角看待我们对 YouTube TV 的投入，这正是我们成功的源头。当前 YouTube TV 的订阅用户已超过 800 万，像 Multiview、Key Plays 这样的功能就是我们会持续加码的方向。实际上，我们收到的反馈是用户很喜欢 Multiview，但希望有更多选择，所以我们正在围绕提升用户选择权进行尝试。我认为，最终驱动增长的是产品和功能创新，而非某个具体的频道列表；这正是你可以期待我们在该产品上的思路。

Michael Nathanson

迈克尔·纳森森

How about the move to skinnier bundles, right? So if you ask -- if you tested the room, we all want 50 channels, \$50, right? That's something that I think we all sign up for. So how do you -- how are you thinking about offering a cheaper skinny bundle at a lower price?

那关于更精简的套餐呢？现场如果做个调查，大家大概都想要“50 个频道、50 美元”的方案，对吧？你们是否考虑推出更便宜、更精简的低价套餐？

Neal Mohan

尼尔·莫汉

Yes, I mean I probably don't have anything to say on that today. I mean we're always looking at what our channel mix looks like, we want to deliver the best value to our subscribers, we get feedback on a regular basis. But I have to tell you, like it really oftentimes comes back to the product experience itself, the features themselves. Of course, we're there to watch the content, but how you watch the content I really think is important to users. And so that's a big area of focus.

嗯，今天我大概没有更多可分享的。我们一直在审视频道组合，力求为订阅用户提供最佳价值，并定期收集反馈。不过说实话，很多问题最终都回到产品体验与功能本身。当然，大家是为了内容而来，但“如何观看内容”对用户同样重要，所以这会是我们的重点方向。

Michael Nathanson

迈克尔·纳森森

Yes. Not to joke but the features you've introduced it's a great product, right? And people who have it, swear it by, and once you sample it, you can never imagine people going back to the old world…

说真的，你们推出的那些功能让这款产品非常出色。用过的人都赞不绝口，一旦体验过，就很难想象有人会回到过去的旧方式……

Neal Mohan

尼尔·莫汉

We're very proud of that product.

我们对这款产品感到非常自豪。

Michael Nathanson

迈克尔·纳森森

Yes, it's great. On that point, let's talk about Sunday Ticket and sports rights. It's going to be a third year carrying the Sunday Ticket. You just announced a big deal with the NFL for the first game of the year this year. How has the product met your expectations? And maybe you could talk about why and how you're thinking about this new game that you're adding?

没错，确实如此。既然提到了，我想谈谈 Sunday Ticket 和体育版权。今年是你们播出 Sunday Ticket 的第三个赛季，你们刚刚宣布与 NFL 达成协议，将播出今年开幕周的首场比赛。这款产品达到你们的预期了吗？你能谈谈为何以及如何考虑加入这场新比赛吗？

Neal Mohan

尼尔·莫汉

Yes. So I mean, I think they're related in some ways. And so we're very, very excited about our partnership with the NFL, this exclusive game that's going to be carried on YouTube during kickoff weekend — the Brazil game. We announced the match up last night actually at our upfront. Roger came and announced it, Chargers versus the Chiefs and so super, super excited about that. And what I think, at least I'm particularly excited about, because this is what played out with Sunday Ticket is that we are going to do it in a uniquely YouTube way. And so beyond YouTube, YouTube TV, game is going to be available in front of the paywall to billions of users all over the world. And so I'm very excited about that. I know the NFL is extremely excited about that sort of global reach that YouTube will be able to provide there.

是的，我认为两件事在某种程度上是相关的。我们对与 NFL 的合作感到非常激动，这场将在开幕周于 YouTube 独家播出的比赛——巴西赛——让人期待。昨晚在我们的广告推介会上我们公布了对阵，由罗杰宣布，是闪电队对阵酋长队，非常令人兴奋。让我特别激动的一点是，我们将以独具 YouTube 特色的方式来呈现这场比赛，就像我们对 Sunday Ticket 所做的那样。除了在 YouTube TV 上播放之外，这场比赛还将在付费墙前向全球数十亿用户免费开放。我对此非常兴奋，NFL 也同样期待 YouTube 能提供这样的全球覆盖。

And tying it back to your Sunday Ticket question, I would say we'd like to do with this game what we have done with Sunday Ticket, which is product and technology innovation, that's what YouTube stands for. So things like Multiview, how do we enhance the actual football watching experience, sports watching experience, because it's on YouTube. That's super, super important, because we want to super serve those sports fans that are on YouTube. We have 35 billion hours of watch time of sports content on YouTube annually. Consumption of sports on living room in YouTube is growing 30% year-on-year. And so we want to super serve those fans.

回到你的 Sunday Ticket 问题，我们希望在这场比赛中复制 Sunday Ticket 的成功——靠的是产品和技术创新，这正是 YouTube 的核心。比如 Multiview 之类的功能，我们希望进一步提升观看橄榄球、观看体育赛事的体验，因为赛事在 YouTube 上播出。这一点至关重要，因为我们想为 YouTube 上的体育迷提供卓越体验。YouTube 每年有 350 亿小时的体育内容观看时长，客厅端观看体育的时长正以 30% 的年增速增长，我们要为这些粉丝提供顶级服务。

The second thing that I will say is our creators, what makes watching sports like the NFL Sunday Ticket on YouTube particularly unique is our creator ecosystem. And to the NFL's credit, they have really leaned into that. And so one small example is this idea of watch with. So our — the sports fans, particularly young sports fans love their favorite creators, sports creators or what have you. What if you could actually watch your favorite game alongside your favorite creators. And that turns out to actually be a winning product combination. In fact, in Brazil, speaking of this Brazil NFL game, we carry live soccer matches there. And we did a partnership with a big YouTuber CazéTV, and it turns out that, that is not just a delightful experience when you watch it alongside Cazé, but it also drives viewership because you are now inheriting Cazé’s huge audience as well. And so, whether it's the Brazilian domestic leagues or FIFA, they really lean into that creator integration. So that's been our experience with Sunday Ticket. We're -- I'm very happy with how that experience has been going. I know the NFL is very happy with Sunday Ticket on YouTube. And so you should expect to see a continuation of that.

其次是我们的创作者生态，这是在 YouTube 上观看 NFL Sunday Ticket 等体育赛事的独特之处。NFL 也积极拥抱这一点。有个小例子叫“Watch With”：年轻球迷喜爱他们的体育创作者，如果能与自己喜爱的创作者一起观看比赛，那会是绝佳体验。这种组合大获成功。以巴西为例——也就是这场巴西 NFL 比赛的背景——我们在那里直播足球比赛，并与知名 YouTuber CazéTV 合作。结果不仅让观众与 Cazé 一起观看时充满乐趣，还能带动收视，因为我们同时吸引了 Cazé 庞大的受众。无论是巴西本土联赛还是 FIFA，都充分利用了这种创作者整合。这正是我们在 Sunday Ticket 上的体验，我对此十分满意，NFL 也对 YouTube 的 Sunday Ticket 表现非常满意，所以你会看到这种做法持续延伸。

Michael Nathanson

On that point, do you expect other leagues? We had the NBA here yesterday, there are some leagues are being challenged by the RSN model being challenge in itself. So how do you -- what do you think of possibility of working with other leagues on products like Sunday Ticket on league passes? Is that something that you think will happen and you have tolerance for?

迈克尔·纳森森

在这方面，你们是否预计与其他联赛合作？昨天 NBA 的代表也来了，一些联赛正受到地区体育网络（RSN）模式本身崩塌的冲击。你们怎么看与其他联赛合作推出类似 Sunday Ticket 或 League Pass 这类产品的可能性？你们是否会考虑并有承受力？

Neal Mohan

I mean we're very focused on making our existing partnership successful. When we make a bet we really want to see them through and be a success for the partners, but most importantly, for our joint fans. And so that's our focus. We'll look at sports opportunities through those lenses that I described. Does it super serve our fans, is there some unique technological sort of innovation that we can bring to it and how do we enhance and integrate our creator ecosystem to make that a better experience.

尼尔·莫汉

我们当前的重心是确保现有合作伙伴关系取得成功。当我们下注时，就会全力以赴，既要为合作伙伴带来成功，更要为我们的共同粉丝带来成功。这就是我们的关注重点。我们会用我刚才提到的标准来审视体育机会：它能否为粉丝提供卓越体验？我们能否赋予其独特的技术创新？我们如何强化并融合创作者生态，使体验更上一层楼？

Michael Nathanson

And then going back to the NFL game, appetite for other things like that, putting it in front of your paywalls. Is that -- this is the first major one of its kind. But is this a test case for you to see how much -- how well can we scale this and how will we monetize this?

迈克尔·纳森森

再说回那场 NFL 比赛，把内容放在付费墙之外的类似举措还有多少可能？这是首个此类大型项目，你们是否把它当作试验，想看看能否规模化以及如何变现？

Neal Mohan

Yes, we're always learning, every time we try these new things. Our kind of mantra at YouTube is we want to continue to push the frontier in terms of creativity and entertainment and culture, and this NFL game is squarely another example of that.

尼尔·莫汉

是的，每次尝试新事物我们都会不断学习。YouTube 的箴言是持续推动创意、娱乐与文化的前沿，这场 NFL 比赛正是其中又一个例子。

Michael Nathanson

Okay. So going back to subscriptions. The NFL Sunday Ticket was an important way for YouTube to enter the channels business, right, with prime time channels. Can you talk about your ambitions here? And no one seems better positioned than you, I believe to be an aggregator of all these channels in one place. So how are you seeing this market develop and what are the gating factors?

迈克尔·纳森森

好的，回到订阅业务。NFL Sunday Ticket 以 Prime Time Channels 形式，为 YouTube 进军频道业务开了重要一枪。你们在这一领域有怎样的雄心？我认为没有谁比你们更适合把所有频道聚合到一个平台上。你们如何看待该市场的发展？有哪些门槛因素？

Neal Mohan

Yes. So for those of you that aren't familiar, prime time channels is our à la carte video service subscription capability within the main app of YouTube. Sunday Ticket is an example of that. So one of the innovations we brought to Sunday Ticket is you could buy it as part of an add-on to YouTube TV of that bundle, but you could also buy at à la carte stand-alone as a stand-alone SKU in prime time channels. And so that business is a relatively new one for us. We are investing in it for -- back to kind of the overall vision that I described right at the top, which is we want to serve all of those video use cases, everything from 15 second Shorts to four hour NFL games to 15 hour gaming live streams. And so having prime time channels is a way for us to accomplish that on the user side. We have 45 channels now, really spanning the gamut of video subscription services. And we're happy with the response so far, but that's -- it's a relatively new business for us. And you're right, Sunday Ticket was an important part of that.

尼尔·莫汉

好的，给不熟悉的朋友说明一下，Prime Time Channels 是 YouTube 主应用内的按需订阅视频服务功能，Sunday Ticket 就是其中一例。我们在 Sunday Ticket 上的创新之一是：用户既可以把它作为 YouTube TV 套餐的附加项购买，也可以在 Prime Time Channels 中单独按需购买。这块业务对我们来说仍然较新。我们持续投入，是因为正如我开头所说，我们希望涵盖所有视频场景——从 15 秒 Shorts，到 4 小时的 NFL 比赛，再到 15 小时的游戏直播。Prime Time Channels 是我们在用户侧实现这一愿景的方式。目前我们已拥有 45 个频道，几乎覆盖各类视频订阅服务。到目前为止反馈良好，但这毕竟是新业务；你说得对，Sunday Ticket 是其中的重要组成部分。

Michael Nathanson

迈克尔·纳森森

Can we talk to another subscription business, which doesn't get as much attention maybe, but it's larger, YouTube Music and Premium. You announced 125 million subscribers. Can you talk about what's driving that growth, what regions of the world are most important to you and just give us a sense of anything under the hood on that, because it's such a large business right now?

我们能谈谈另一块可能没那么受关注、但规模更大的订阅业务吗？——YouTube Music 与 Premium。你们宣布订阅用户已达 1.25 亿。能否说明促成这一增长的动力、对你们而言最关键的地区，以及这背后还有哪些值得关注的细节？毕竟这已是一项非常庞大的业务。

Neal Mohan

尼尔·莫汉

Yes. I mean, look, that is a business that we've been investing in for a very long time, nearly a decade. And you mentioned the milestone of 125 million subscribers, that is a global product. We want to continue to invest in it. Everywhere we -- the way that we look at that is, first and foremost, it's just about user choice. Can we provide an offering? This was when it started was ad-free background offline, right, as the features that you get for all of your YouTube content on the main app, on the music app, catering in particular, to music lovers on YouTube. That's obviously a very big vertical on YouTube. But we've added dozens of features since the initial launch. We're going to continue to add features, higher quality audio, faster playbacks up to 4x playbacks for premium subscribers. So continuing to innovate in terms of user choice and user value we're adding there that allows us to match price with the value that we're providing as well. So that -- so I'm very happy about that. We want -- building on that, we want to add new SKUs. So one new SKU that I'm very excited about is called Premium Lite. So that is a more affordable subscription SKU where you get the ads-free experience on the nonmusic part of the YouTube corpus of videos. And so we're seeing if that introduces a price point and an offering that works for consumers. So continuing to innovate in that space. And it turns out that when we have a premium user that is a user that contributes more back to our creator ecosystem, to our partners, to YouTube's business. So kind of the gross profit profile of that type of a user is meaningfully better than it is on just an ads alone type of user. So that's why we're very happy about that business.

没错，这项业务我们已经深耕近十年。你提到 1.25 亿订阅者这一里程碑——这是一款全球化产品，我们会继续投入。我们始终把“用户选择”放在首位：我们能否提供一款方案？最初它的卖点是免广告、后台播放、离线下载——这些功能覆盖主应用和音乐应用，对 YouTube 的音乐爱好者尤为重要。音乐在 YouTube 上显然是个巨大的垂类。自最初发布以来，我们又新增了数十项功能；未来还将继续扩展，例如更高音质、Premium 用户最高 4 倍速播放等。我们持续在“用户选择”与“用户价值”上创新，从而让定价与所提供的价值相匹配。对此我感到非常满意。在此基础上，我们还想推出新的订阅档位。让我很兴奋的一款新 SKU 叫“Premium Lite”——更实惠，主打在非音乐视频中享受无广告体验。我们正在验证这一价格和服务组合是否满足消费者需求，持续在这一领域创新。事实证明，Premium 用户为创作者生态、合作伙伴以及 YouTube 业务贡献更多，这类用户的毛利率显著优于纯广告用户。这也是我们对这项业务十分看好的原因。

Michael Nathanson

迈克尔·纳森森

Okay. So in our last question, let's get to profitability. Can you talk a bit how you think about managing the business from a financial and returns perspective?

好的，最后一个问题，谈谈盈利能力。你如何从财务和回报的角度来管理这项业务？

Neal Mohan

尼尔·莫汉

Yes. I mean in order to keep that flywheel that we talked about at the start, really working for our ecosystem of creators and advertisers and viewers, it's really important to think about our business in a very disciplined way. And so it starts, first and foremost, with making long term bets, investing long term bets. So everything from a lot of them that we talked about, the living room, Podcasts, Shorts. We're going to continue those investments. AI, that's really, really important to the long term growth. Then, of course, revenue and monetization. We just announced on our Q3 '24 earnings call that overall revenue at YouTube is over \$50 billion that's up from the \$40 billion that we announced here with view back in 2023. So continued focus on revenue across AVOD, SVOD, we've talked about, but also new areas like shopping, channel memberships, direct fan funding opportunities. So trying to grow that piece. But also focus on things like on the gross margin side. So just a quick example of that is, for example, the revenue share that we offer on Shorts is different than it was on sort of traditional VOD. And the reason is it's a reflection of sort of the creation costs, et cetera, that go into Shorts, but it results in an improvement on the gross margin side. And then in terms of kind of further down the statement in terms of just overall sort of operating expenses. Of course, we want to continue to be disciplined there. So moderating things like headcount growth, vendor costs, using AI, back to your point around AI, around efficiencies. So that's really how we look at this. And all of these things result in our contribution back to Google Services. So that's sort of how I think about growing the business and financial discipline all at the same time.

要让我们之前提到的飞轮持续运转，为创作者、广告主和观众生态带来价值，就必须以高度自律的方式来管理业务。首先是做长线押注并持续投资——包括我们已谈到的客厅端、播客、Shorts，这些都会继续投入；AI 更是长期增长的关键。其次是收入与变现：我们在 2024 财年第三季度财报中宣布，YouTube 总收入突破 500 亿美元，较 2023 年的 400 亿美元进一步增长。我们会继续在 AVOD、SVOD 方面发力，同时拓展购物、频道会员、粉丝打赏等新领域，以扩大收入来源。我们也关注毛利率，例如 Shorts 的分成比例不同于传统点播，因为要反映 Short 形式的创作成本等因素，但这提升了整体毛利。再往下看营业费用，我们同样保持纪律性：控制员工增速、供应商成本，并利用 AI 提升效率。这些举措共同推动 YouTube 对 Google Services 的贡献。因此，我们在扩大业务规模的同时，也保持财务纪律。

Michael Nathanson

迈克尔·纳森森

Well, Neal, thanks for being here. We really appreciate it. Keep on going.

好的，Neal，谢谢你到来。我们非常感激。继续加油。

Neal Mohan

尼尔·莫汉

All right. Thank you. Thank you, everybody. Thanks, Michael.

好的，谢谢大家。谢谢你，Michael。