The break-up of funds coupled with blind expansion has caused LeTV, which has had a market value of 100 billion yuan, and Jia Yueting, the “dreamerâ€, to fall into the bottom of the valley and become the object of all condemnation. Since he retired from the chairmanship in July this year, Jia Yueting has gone to the United States to build a car, leaving behind a pile of messes. Until now there is no news of returning home. Not only that, Jia Yueting also prosecuted Gu Yingqiong, a media writer, for libel in the United States, and applied to the local court for a ban. It seems that there is a kind of unsuccessful attempt.
Compared to Jia Yueting in the United States, “New LeTV†still hasn’t seen much improvement in more than three months. Even if it is done with subtraction to reintegrate the business, it’s too much for a long time. I don’t know how long it is. In order to clarify the clues.
Shopping malls such as the battlefield, dare to gamble and fight to keep expanding territory. However, for Sun Hongbin, this time it was misplaced. He despised the problem of LeTV, and he underestimated the intricate connections between LeTV's various business lines. In the past nine months, only a seemingly rational appearance has appeared. Not so complete "new music".
In January 2017, Sun Hongbin sent charcoal in the snow before the Spring Festival, bringing billions of dollars to LeTV. However, Sun Hongbin may not have thought that this 15 billion yuan is also difficult to make up for LeTV's hole. After the “change ownerâ€, LeTV has consistently and unrelentingly carried out the “overhaul of Jia Yue Tingâ€. Major executives have left their positions one after another, and the strategic, structural framework and future development direction have all been adjusted.
Not only that, in order to completely change, LeTV has changed the name. On the evening of September 27, LeTV announced that, in order to fit the new strategic adjustment, the company will be renamed "New LeTV Information Technology (Beijing) Co., Ltd.", referred to as the new LeTV.
It is worth noting that Sun Hongbin’s decision to “pit†was largely a matter of “quality assets†such as LeTV and LeTV, and he claimed to build a new industry chain of television and film and television. At the same time, the “New LeTV†after integration will also regard the TV business as the core of future development. The superior position of Liang Jun is a good example. In May 2017, Jia Yueting resigned as the CEO of LeTV. LeTV made the new CEO Liang Jun take over as the CEO of LeTV.
For New LeTV, the integration of quality assets into listed companies is the cornerstone for future development and a key step in building a new system. Is it really true that the new LeTV at the core of TV business can really turn the tide away?
New LeTV: Will Not Abandon Super TV
LeTV announced on September 27 that after a series of strategic adjustments in the first half of 2017, it inherited the ecological philosophy of user experience as the core, “platform+terminal+content+applicationâ€, and concentrated resources to focus on the large-screen ecological advantages. Combining content-based and content-open content strategies, supplemented by Internet financial services, we will create a large-screen Internet home entertainment centered on smart TVs. Through this strategic adjustment, the company’s goal is to become a leader in the escalation of cultural consumption using the home Internet as a platform. The core of the new LeTV is LeTV.
In the era of mobile Internet, the appearance of Internet TV gave opportunities to emerging companies such as LeTV and Xiaomi. After years of development, brands such as LeTV, Xiaomi and Kukai have achieved good results in the market, and they have attracted TCL, Hisense and other traditional manufacturers to launch Internet brands to compete with them. According to statistics from a number of market research institutions, LeTV has been the leader in recent years, and Xiaomi and other companies have created a new beginning of Internet TV.
In the past 2016, LeTV launched a total of 14 new products, covering almost all sizes and price segments. However, in this year's crisis, Letv bid farewell to the past bluffs, public appearances are fewer, and new products are less.
Making hardware is a very expensive matter, especially for companies that are seriously deprived of funds. However, in the view of Sun Hongbin and his "New LeTV," television as an important terminal will become a link for many businesses in the future. And, when LeTV faced a financial crisis, the television business was relatively less affected.
Earlier, it was reported that LeTV would stop production completely after it parted ways with Foxconn, and it would give up TV business. In this regard, LeTV relevant person in charge denied, and said "Super TV is the future of the new music as one of the core business."
LeTV revealed that LeTV’s current production is recovering, and that the recovery work of LeTV’s industrial chain is also progressing. At the same time, the new LeTV executives are also intensively meeting with home delivery, HSBC logistics and other super TV logistics, warehousing, distribution, installation and other after-sales service link partners, and signed a number of strategic cooperation agreements.
å°´å°¬'s core business from leader to the top ten out of the market
Whether it is Sun Hongbin or LeTV, it has repeatedly stressed that TV is one of the core businesses of New LeTV and will not give up. However, at present, LeTV is shrinking both in terms of output and sales compared to last year, and it has already dropped out of the top ten in the market, let alone lead the new LeTV to come back.
For the color TV industry, the rise in prices of upstream panels, the decline of Internet dividends, and the frequent occurrence of price wars have caused profits to decline year by year. According to the data published by Ovid Cloud Network, the profit of China's color TV industry in 2011 was 3%, and this year it has fallen below 1%. For LeTV, it would be difficult to find new breakthroughs in the color TV industry with a profit of only 1%.
Earlier, Liang Jun had declared that the sales target of LeTV this year was "to protect 7 million units and compete for 8 million units." However, from the current performance of LeTV, it is almost hopeless to achieve the goal.
The LeTV, which has a negative core of hardware, has been well received by users. In the 919 event, 866,000 TVs were sold on the same day. In comparison, there was no substantial subsidy for this year's 919, and with the collapse of the LeTV brand image, the sales volume was very bleak. According to Ove Cloud Network's "AVC Color TV - Overall TV Online Retail Market Monitoring Weekly Data Report," it shows that in the 39th week of 2017 (September 18 to September 24), the sales volume of LeTV is no longer in the top ten. According to industry sources, sales of LeTV online in September were only around 50,000 units, and offline sales are even less optimistic.
Unloading “Jia†is also difficult to turn around
According to the planning of the new LeTV, TV is the core business of the future and it also undertakes the development of other businesses. However, judging from the current situation, it is even harder for TV companies entrusted with heavy responsibilities to help New Music Vision change its course. On the one hand, the performance of the entire color TV industry is sluggish, especially the Internet brands, and it has reached the key node of profitability. Blind investment will only increase the burden on the company. For LeTV, its own funds have been very scarce, and how much it can invest in TV business is still a question.
On the other hand, according to the financial report data released by LeTV.com, LeTV, which specializes in super TV, generated new operating income of 4.65 billion yuan and a net loss of 280 million yuan, and has been losing money since its inception. For New LeTV, if we want to rely on television business to rejuvenate the brand, it is imperative to regain the trust of suppliers and users to ensure production capacity and sales channels. However, how has the unprofitable TV business been able to give partners confidence? The 919 dismal sales data has given us the answer.
It is undeniable that the repair of any cracks will require a certain amount of time and process. However, in the process, would LeTV give us hope?
Written at the end:
LeTV's name was changed to make a distinction with the past, but for most people, whether it is LeTV or LeTV’s money, it will all come down to LeTV’s head, even if it adds a “new†word. kind. Therefore, even if New LeTV claims to have a large number of high-quality assets, it is very unlikely that it wants to achieve a turnaround through television and other services.
Liang Jun had frankly stated that as long as the team makes corresponding adjustments, it will achieve various "repair" tasks in 2018. For LeTV, the most effective adjustment is to resolve a series of arrears and regain trust with suppliers and investors. Interestingly, on January 15, Sun Hongbin said very easily that "the only problem with LeTV is the lack of money, which is easier to handle." But where is the money now?
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