Recently, LeTV has made frequent moves and seems to be trying to tell everyone that it is still alive.
The most classic is the LeTV Y1 Pro released a while ago.
There is no warm-up, no routine, directly on the shelves of their own malls, but they are happy to mention a wave of heat. There is no other reason, this thing and the iPhone 13 can not be said to have nothing to do with, can only say exactly the same.
To be honest, the slogan of this product "rejects excessive performance and lets users only pay for the core value", and the fruit is still quite agreeable.
But...... Tiger Ben T310 4G processor, about equal to the Snapdragon 625 six years ago, 4G + 32G started, you are too short of performance, right? The configuration of the national brick player is better than yours!
Well, considering its price, the fruit is not cursed. Let's sit down calmly and talk about the rise and fall of LeEco and its recent situation.
Oh yes, except for LeTV's creditors and shareholders, you take the antihypertensive medicine well, and do not send it slowly.
Back then, it was a business myth
In China's business history, LeEco was a myth.
At that time, when Youku and Tudou were still burning money and losing money, LeTV became the first enterprise in the mainland Internet video industry to declare profitability, and also landed on the A-share ChiNext board in the name of "the first share of network video".
LeTV's most glorious moment was in 2015. Its stock price once reached an all-time high of 179.03 yuan per share, with a market value of more than 150 billion yuan, becoming the company with the highest market value on the ChiNext board at that time.
This figure was 9 times the market value of Sohu and 6 times that of Youku Tudou, which was listed in the United States at that time. Jia Yueting also became the "richest man on the ChiNext board" and was enshrined as "Jabs".
In the early days, LeEco's advantage was the licensing license.
It is usually only applied for by state-owned enterprises like CCTV, and few private enterprises have obtained this certificate. With it, LeEco became a streaming content provider for Unicom in 2005, a significant contributor to its subsequent listing profits.
After the listing, LeEco was rich and wealthy, and in January 2016, it named wukesong stadium and renamed it "LeEco Sports Ecology Center". In February of the same year, LeEco held an annual meeting inside, which is of great significance to any private company.
That night, Boss Jia sang a song "Wild Son", which became one of the many famous scenes of LeTV. "Blowing, blowing, blowing, blowing, blowing,
At its peak, LeEco's advantage was copyright. One of the most famous is LeTV Sports.
After three years of brutal growth, LeTV Sports is far ahead in terms of user volume, revenue, team size and financing amount, and has become one of the top players in the entire sports industry chain.
The copyright of LeTV Sports includes the world's top competitions such as the Premier League, Chinese Super League, tennis, golf, MLB and so on. For other domestic opponents, it can be said that it is a comprehensive crush, and it has also established a brand effect and become the preferred user platform for users.
LeTV Super TV was also once a popular Internet celebrity item. It gained a market size of nearly 6 million units in 2016, just one step away from the domestic first at that time.
Guo Zi still remembers that when he went to play at a friend's house in the trench, he was already impressed by his 60-inch LeTV super TV and the game rights that could be seen in everything. For a fan, it is like a god.
Guozi thought that after graduation, he would also save money to buy a top with the living room. Unfortunately, LeEco did not wait for the fruit to graduate before it collapsed, leaving a field of chicken feathers.
In the end, Guozi and LeTV made friends, which is still selling salted fish, and is jokingly called "LeTV Legacy" QC 3.0 Fast Charge.
It collapsed
In 2016, LeEco came to a turning point in its destiny.
Soon after LeTV's business expanded into the automotive sector, the unlisted system as a whole, from cars to mobile phones, fell into a capital chain crisis, and even LeTV, a listed company that had already declared profits, was also affected.
In 2017, LeTV suddenly announced that all profits since its listing were fake, replaced by a huge loss of more than 13.8 billion yuan. Subsequently, in 2018 and 2019, LeEco continued to lose 4.096 billion yuan and 11.279 billion yuan, with a cumulative loss of nearly 30 billion yuan in three years.
On May 14, 2020, the Shenzhen Stock Exchange issued a blockbuster announcement: the Shenzhen Stock Exchange decided to terminate the listing of LeTV shares. The dust has finally settled, and LewangTV is about to enter the delisting process, leaving this thought-provoking K-line chart.
Poured, and not completely poured
Although Jia Yueting has fled to the United States, while talking about returning to China next week while building a car to seek a turnaround, the LeTV he left behind can be said to have fallen, but not completely.
Over the years, Leshi has not been forgotten by everyone, and every once in a while he has begun to spend the whole time, and it has played an unexpected effect.
At the beginning of last year, when major apps were busy dividing up X billion in cash, LeTV launched a self-deprecating "owe 12.2 billion" Logo, which soon appeared on the hot search, and was also ridiculed by many netizens that "LeTV Video" can be renamed "Optimistic Video".
Not only that, under the Logo, LeTV has also written slogans such as "Key Control of the Capital Chain", "Boss Makes Car America", "Determined to Be High", "Reinvigorating the Drum to Create Classics", "Xiaojia Ecological Lei General Inspection", "Film and Television Variety Shows Keep the Bottom Line" and other slogans, all of which are low-cost self-black marketing.
This wave of reverse marketing has indeed brought effects to LeEco, and the download volume of LeEco video apps has increased by nearly 20%.
The most impressive thing should be the end of last year. When 19 internet manufacturers announced layoffs and Internet practitioners were panicked, LeTV announced salary increases at the same time on a number of official microblogs, announcing in a high-profile manner that LeTV would benchmark Internet manufacturers. In that cold winter of layoffs, LeEco earned enough eyeballs.
In addition to Weibo, LeTV's personnel department also released an internal letter:
"In November 2021, TV operations, mobile operations, advertising commercialization and other businesses all reached their annual business targets ahead of schedule. For the first time in several years, the latest operating figures, which are the first of its kind in years, have achieved a double balance of operating profit and cash flow, regardless of the impact of historical debt. ”
In the recent Beijing epidemic, LeEco once again announced in a low profile that it would not cut wages or lay off employees.
According to the internal letter, LeEco said that the overall impact of the epidemic on the company's business is limited and controllable, the company's cash flow revenue and expenditure are good, basically in accordance with the budget, and the deviation rate is small.
LeEco also stressed that during the epidemic period of working from home, the company implemented full salary for all employees, will continue to keep its promises, and there will be no large-scale layoff plans.
Under the pressure of huge arrears, how did LeEco survive? Boss Jia has run away, where does LeTV's money come from?
Hold on, LeEco can win
From the public voices, internal letters and financial reports of LeTV executives, Guozi found that the main sources of revenue of LeTV are advertising revenue, terminal income, membership income, film and television drama distribution income, interest income, and fee and commission income.
To sum up, it is video content and intelligent hardware, corresponding to LeTV and Le Rongzhixin. Although LeTV and Le Rong Zhixin are one family, their core business is very finely divided.
The core business of LeTV is LeTV Video, which is also the current profit, including large-screen operation (TV operation), small-screen operation (LeTV video APP) and commercialization; Le Rong Zhixin's core business is the LeTV intelligent ecology including TVs and smart home appliances.
Today, LeTV video is not only far less than Aiyouteng, even Mango TV and Sohu video are not comparable, and they have long been left behind; The LeTV ecosystem is the key to LeTV's next layout.
In last year's internal letter, LeEco mentioned that the company's positive cash flow and breakeven came from the joint action of the two companies:
In terms of hardware, the LeTV intelligent ecology has returned to the public eye, and new categories and new products have been listed one after another; In terms of operation, LeTV's TV operation, mobile operation, advertising commercialization and other businesses have reached their annual business targets ahead of schedule.
Lerong Zhixin CEO Zhang Wei once revealed that in 2020, LeTV's TV products sold 400,000-500,000 units, and LeTV's daily active users also had more than one million. Relying on hardware + content, the former LeTV ecology has been continued.
The copyright of the video content is also the bottom wealth of LeTV.
LeTV said that the content of LeTV video has been continuously updated, the membership income is stable, and a large number of exclusive copyright dramas accumulated before, including "The Promotion of the Princess Princess", "The Biography of Mi Yue", "The Biography of Zhen Huan", "The Translator" and "Notes on the Tomb Robber", are continuing to contribute to the activity and membership.
Here, we have to mention "The Biography of Zhen Huan", which is a divine drama that LeTV once purchased for exclusive online copyright for 20 million yuan. It is still the core IP that can be paid to watch LeTV video, and it is also still for the producer Hua'er Film, a company that was once acquired by LeTV for 900 million yuan, bringing an average of more than 10 million yuan in revenue per year.
The commercialization of LeTV's TV side is also an important part of its revenue. In 2021, LeTV video will have a total of 90 new TV series and about 350 movies.
Compared with these hardware and software, Guozi believes that the biggest wealth left by LeTV is those who are still sticking to it.
At present, LeTV (LeTV + Le Rong Zhixin) still has more than 400 employees, of which nearly 40% are more than five years old employees. They are the root of LeEco's still functioning, and they are still waiting for an answer.
The LeEco Tower doesn't look much different from five years ago, and is still an upscale office building adjacent to Asia's largest urban park. And it was just auctioned off to new buyers a few months ago.
According to news reports, LeTV's companies are still working here and occupy many floors. Because there are not many people, the work area is large and empty, everyone's position is very wide, and the conference room is idle, which is very calm.
What makes The fruit feel most deeply is the story of a LeTV customer service.
He said that he usually stares at the bad reviews in various application markets and responds to those bad reviews. Although he knew that the friendly businessman "Ai Youteng" did not care much about these bad reviews, he felt that it was a meaningful thing.
Because, if the user sees and affirms this reply, they will re-establish confidence in LeEco.
LeTV is one of the earliest Internet companies in China to focus on fan operations.
I don't know how many fox friends who read this article pushed here have used LeTV products, or bought LeTV stocks?
Thank you for your patience in reading, and talk about LeTV in the comment area with The Fruit!
EDIT: Question mark
Resources:
FunTalk: The people who stayed in LeTV are still waiting for an answer
Pencil said: Without Jia Yueting's days, LeTV is alive?
36Kr: LeEco announced a salary increase, saying that it was benchmarking Internet manufacturers
Zinc Finance: While owing money and raising salaries, LeTV speaks two words
Retail Business Finance: The Death of LeEco: A New Species Suffocated by Dreams