Chen -
3月1日，爱奇艺（IQ.NASDAQ）披露2021年度业绩，实现营收305.54亿元，同比增长2.85%； 净亏损为61.09亿元，同比收窄12.83%。
On March 1, iQiyi (IQ.NASDAQ) disclosed its 2021 annual results, achieving revenue of 30.554 billion yuan, a year-on-year increase of 2.85%; net loss was 6.109 billion yuan, a year-on-year decrease of 12.83%.
爱奇艺全年投入的内容成本达207亿元，和上年度基本持平。截至2021年12月31日， 爱奇艺持有现金、现金等价物、受限现金及短期投资44亿元。
The content cost invested by iQIYI in the whole year reached 20.7 billion yuan, which was basically the same as the previous year. As of December 31, 2021, iQIYI held 4.4 billion yuan in cash, cash equivalents, restricted cash and short-term investments.
爱奇艺2021年四季度日均订阅会员数为9700万人，同比回落570万人，环比下降770万人，退回2019年一季度水平。 2021年四季度每会员月平均收入为14.16元，延续上季度的增长趋势，同比提升1.71元。
In the fourth quarter of 2021, iQIYI"s average daily number of subscribers was 97 million, a year-on-year decrease of 5.7 million and a month-on-month decrease of 7.7 million, returning to the level in the first quarter of 2019. The average monthly income per member in the fourth quarter of 2021 was 14.16 yuan, continuing the growth trend of the previous quarter, with a year-on-year increase of 1.71 yuan.
去年年底， 爱奇艺被媒体曝出大规模裁员，裁员比例在20%~40%之间。 裁员消息一出，爱奇艺在纳斯达克的股票市值暴跌近10%，创下 历史 新低。今年3月份，爱奇艺的股价最高超过了28美元，而到12月10日，股价已经跌到了4.2美元。
At the end of last year, iQIYI was exposed by the media for large-scale layoffs, and the layoff ratio was between 20% and 40%. As soon as the layoff news came out, iQiyi"s stock market value on Nasdaq plummeted by nearly 10%, hitting a record low. In March of this year, iQiyi"s stock price topped $28, and by December 10, the stock price had fallen to $4.2.
三大长视频平台“优爱腾”近年的日子都不好过，十年烧光了1000多亿元人民币，而且至今看不到盈利的希望。这跟我们印象当中互联网平台财大气粗、日进斗金的形象很不一样。为什么地主家也没有余粮？
The three major video platforms "You Aiteng" have had a hard time in recent years. They have burned out more than 100 billion yuan in ten years, and there is no hope of making profits so far. This is very different from the image of the Internet platform in our impression that it is rich and powerful, and the money is made every day. Why don"t the landlords have surplus food?
截至去年底，奈飞的付费会员数为2.1亿人，会员价格在每月8.99~13.99美元。美国人的平均月薪为3500美元，奈飞会员价格相当于平均月薪的0.28%。
As of the end of last year, Netflix had 210 million paid members, with membership prices ranging from $8.99 to $13.99 per month. The average monthly salary in the United States is $3,500, and the Netflix membership price is equivalent to 0.28% of the average monthly salary.
而“优爱腾”的付费会员数为2.2亿人，跟奈飞差不多，会员价格在每月15 25元人民币。 中国人平均月薪为4500元，优爱腾会员价格相当于平均月薪的0.39%，比奈飞还贵。
The number of paid members of "You Aiteng" is 220 million, which is similar to that of Netflix, and the membership price is 15 to 25 yuan per month. The average monthly salary of Chinese people is 4,500 yuan, and the price of You Aiteng membership is equivalent to 0.39% of the average monthly salary, which is more expensive than Netflix.
也就是说，在会员规模和会员费率差不多的情况下，奈飞早就实现了盈利，优爱腾却不行。 如果不是收入太低的原因，那就只能是成本太高的原因。
That is to say, when the membership size and membership rate are similar, Netflix has already achieved profitability, but You Aiteng has not. If it"s not because the income is too low, it can only be because the cost is too high.
优爱腾每年要花大价钱来竞争热门影视版权，比如当年腾讯视频花13亿才拿下了《如懿传》的独播权。
You Aiteng spends a lot of money every year to compete for popular film and television copyrights. For example, Tencent Video spent 1.3 billion to win the exclusive broadcast rights of "Ruyi"s Royal Love in the Palace".
那么，版权费那么贵，影视制作方应该很赚钱？其实也不是，在疫情之前的2019年，就有超过一半的影视上市公司亏损。
So, the copyright fee is so expensive, and the film and television producers should be very profitable? In fact, it is not. In 2019 before the epidemic, more than half of the listed film and television companies lost money.
影视公司其实没有定价权，定价权在流量明星手里。往往一个流量明星的片酬就占到了剧组60%-70%的成本，除了明星工资，剧组其他成员都得省吃俭用，后期制作也是能省就省。
In fact, film and television companies have no pricing power, and the pricing power is in the hands of traffic stars. Often, the salary of a traffic star accounts for 60%-70% of the cost of the crew. In addition to the star salary, other members of the crew have to be frugal, and post-production can also be saved.
归根结底，是明星不合理的片酬结构，导致了影视公司不赚钱，长视频平台巨额亏损，观众还看不上高质量的影视作品。
In the final analysis, it is the unreasonable remuneration structure of stars, which has led to film and television companies not making money, long video platforms suffering huge losses, and audiences not appreciating high-quality film and television works.
尤其是这几年，“优爱腾”为了止损，都在尝试从购买外部版权，转向亲自下场去做“自制剧”。但是，内容成本仍然居高不下，比如爱奇艺的内容成本就占到了营收的70%~80%。 “优爱腾”不过是从“不赚钱的长视频平台”，变成了“不赚钱的影视公司”，结果是一样的。
Especially in recent years, in order to stop losses, "You Aiteng" has been trying to switch from purchasing external copyrights to doing "self-made dramas" in person. However, content costs remain high. For example, iQiyi"s content costs account for 70% to 80% of revenue. "You Aiteng" just changed from a "long video platform that doesn"t make money" to a "film and television company that doesn"t make money", and the result is the same.
同为内容生产和内容创作平台，奈飞比起优爱腾高明在哪？
As both a content production and content creation platform, where is Netflix better than You Aiteng?
奈飞高明在掌握了一个越来越有力量的工具：智能辅助生产。奈飞抓住了机器智能、平台智能和聚众智能。
Netflix is mastering an increasingly powerful tool: intelligently assisted production. Netflix captures machine intelligence, platform intelligence, and crowd intelligence.
机器智能比较好理解，就如剧情走到结尾的时候，拍出几种结局，然后用机器智能识别用户的偏好，让不同用户分别看到不同的结尾，这样就可以大大地提高观众的满意度。
Machine intelligence is easier to understand, just like when the plot comes to the end, several endings are shot, and then machine intelligence is used to identify users" preferences, so that different users can see different endings, which can greatly improve the audience"s satisfaction.
平台智能，就是平台经过长时间的运行形成的数据，在数据之上形成的各种智能，平台再通过算法去判断和预测市场，跟单个的用户进行很好的互动。
Platform intelligence is the data formed by the platform after a long period of operation, and various intelligences formed on the data. The platform then judges and predicts the market through algorithms, and interacts well with inpidual users.
但对于平台的数据，有的时候因为依赖于广告、会员等因素，数据本身可能具有某种扭曲性，这个时候就需要聚众智能。只要聚拢的人的数量足够多，而且有足够多的多样性，偏向性就会少。
But for the data of the platform, sometimes due to factors such as advertisements and members, the data itself may be distorted in some way. At this time, we need to gather intelligence. As long as there are enough people gathered and there is enough persity, there will be less bias.
最重要的是，汇聚的这些人里，由于紧密的联系、频繁的互动，而形成了某种智能。虽然他们每个个体并不一定聪明，但是汇聚在一起以后，会形成一种众愚成智的现象，也就是从低智能向高智能涌现的这样一种现象。
The most important thing is that among these people gathered, due to the close connection and frequent interaction, some kind of intelligence has been formed. Although each of them is not necessarily smart, but when they come together, they will form a phenomenon of ignorance becoming wise, that is, a phenomenon that emerges from low intelligence to high intelligence.
一个平台的聪明程度，就是由机器智能、平台智能和聚众智能决定的，奈飞的高明之处，就是做到了这三种智能。
The intelligence of a platform is determined by machine intelligence, platform intelligence and crowd intelligence. Netflix"s genius is to achieve these three kinds of intelligence.
爱奇艺（IQ.NASDAQ）披露2021年度业绩，全年净亏损为61.09亿元。其实除了爱奇艺，三大长视频平台“优爱腾”近年的日子都不好过，十年烧光了1000多亿元人民币，而且至今看不到盈利的希望。
iQiyi (IQ.NASDAQ) disclosed its 2021 annual results, with a net loss of 6.109 billion yuan for the year. In fact, in addition to iQiyi, the three major video platforms "You Aiteng" have had a difficult time in recent years. They have burned out more than 100 billion yuan in ten years, and there is no hope of making profits so far.
相比之下，大洋彼岸的奈飞（Netflix）则实现了盈利，奈飞高明在哪？我们今天分析了奈飞具备的三种智能。
In contrast, Netflix on the other side of the ocean has achieved profitability. Where is Netflix"s genius? Today we analyzed three kinds of intelligence that Netflix possesses.