作为互联网电视、电影内容最大的供应商之一，Netflix当前已拥有超过6100万的用户群，在与Hulu等视频商的市场竞争中暂露头角。
While other streaming services implement a combination of member subscriptions and the sale of advertising space to outside companies, Netflix stands out from the crowd in its approach toward generating revenue.
当其他流媒体服务商还在实行会员订阅制，并对外出售视频广告位时，Netflix却以其独特的创收方式脱颖而出。
The company does not offer advertising space to marketers, nor does it offer differently priced tiers of content to subscribers. Rather, each Netflix customer pays a set monthly fee that allows access to exclusive and nonexclusive TV shows and movies for which the company has purchased licensing from the content owners.
Netflix既不出售广告位，也不推行付费内容制。相反，每个Netflix用户仅需每月支付固定费用，就能观看各类电视、电影节目，所有的视频内容都由Netflix直接向内容商购买。
Fees collected from subscribers, coupled with the raising of capital through new debt issues, allow Netflix to purchase new and renew old licensing agreements for the content the company delivers to its users.
用户每月的固定费用加上公司债务发行所筹集的资本，Netflix就能不断地购买新的内容、续费原有的版权，向用户提供视频内容。
Content Licensing
To keep subscribers satisfied with the number of choices available for streaming online, Netflix is constantly negotiating new licensing deals with TV shows, networks and filmmakers.
为了向客户提供多样化的在线流媒体服务，Netflix一直在寻求新的内容合作伙伴，包括电视节目商、广播电视网以及电影制作人等。
Licensing in the realm of online streaming content is defined as the process of obtaining permission from the owner of a TV show or movie to stream its content through a service such as Netflix. A licensing agreement is established under the terms of a legally binding contract between the content owners and Netflix, and each agreement varies based on the needs of the content owner and Netflix.
获得在线流媒体内容的播放许可，指的是电视、电影节目方允许自家内容在服务提供商如Netflix上进行播出；双方需要签订具有法律效应的合同，许可协议才能生效，合同中具体的条款内容双方可自行约定。
For instance, the owner of a TV show could agree to allow Netflix to stream all seasons of that show in full through its online platform for one, three or five years. The licensing agreement can be renegotiated after the set time period ends, or Netflix could drop the show from its library if viewer interest is not high enough to warrant the cost.
例如，一家电视节目方可以同Netflix签订协议，允许在其平台上播放该节目所有内容，时限为一年、三年、或者五年。到期后双方可以续订合约，若观众对该节目兴趣不高导致公司亏本运营，Netflix也可以从内容库中将其删除。
A content owner may offer a similar deal on the same TV show to a competing streaming service, such as Hulu or Amazon Prime Instant Video, making the licensing agreement between each company and the owner nonexclusive. Licensing agreements that are not exclusive to a single streaming platform are less expensive to obtain.
同时，内容方还可以同其他流媒体服务商签订同一部电视节目的播出版权，比如Hulu、亚马逊尊享即时视频网等，形成非独家许可协议，为流媒体服务商减少了不少开支。
As competition continues to saturate the streaming television and movie marketplace, content owners and streaming services recognize the importance of exclusive content to viewers.
随着流媒体电视、电影市场的逐渐饱和，内容方和服务商都意识到了独家版权的重要性。
Under an exclusive licensing agreement, content is only available through a single streaming service for a set period of time or into perpetuity. Exclusive licensing agreements are far more expensive for Netflix than nonexclusive agreements, but they have the potential to bring in a greater number of subscribers over time.
独家授权协议一旦签订，该内容就只能在指定的流媒体服务平台进行播放，可以是约定的期限，也可以到期续约。对Netflix来说，购买独家播放权显然要贵得多，但同时也会给他们带来更多的用户群。
The Cost of Doing Business
Securing licensing agreements with TV networks, filmmakers and other content owners is arguably the greatest expense for Netflix. For example, the company spent nearly $200 million in 2011 for access to Disney films and TV programming for a one-year period. The full series of "Lost" cost the company $45 million, "Scrubs" came in at $26 million and "Desperate Housewives" totaled $12 million for a single year.
与内容方签订播放协议可以说占据了Netflix的绝大部分开支。例如，2011年，该公司就花费近2亿美元，买下迪斯尼电影及电视节目一年的播出版权；同时，Netflix以4500万美元的价格买下电视剧“迷失”的版权，其他两部电视剧则分别为“实习医生风云”（2600万美元），以及“绝望的主妇”（1200万美元），版权期均为一年。
The growth of Internet-based television has made it more difficult to purchase licensing inexpensively, and the company's current content licensing budget reflects this truth.
随着互联网电视的不断发展，内容商开出的版权费也一路攀升，这点也能从Netflix当前的经费预算中看出。
In a statement to shareholders in early 2015, Netflix revealed that its budget for obtaining new licensing deals and renewing expiring arrangements for exclusive and nonexclusive content would exceed $6 billion through 2018.
2015年年初，Netflix曾向其股东发出一份声明，声明中透露，到2018年，该公司在签约新内容和续费原有版权的经费总开销，将会超过60亿美元。
Netflix uses consumer data mining to determine which content viewers pay to see and relies heavily on this information to determine the total cost of each licensing agreement.
而通过资料勘探技术，Netflix能够了解到用户主要付费观看哪些内容，并以此来敲定每项播放许可合适的价格区间。
