Leshi Internet Information & Technology is the full name of what is known as LETV, although recently renamed Leeco, which is as we call it. We are facing one of the most important technology companies in China, founded in 2004 by the then young entrepreneur Jia Yueting. Try to pigeonhole the company in a field of action is very complicated, and it also sells you a content video, which brings to market the latest mobile phone, or walk inpreparing the car of the future, one step ahead of Tesla. Mix made promises, but that we will discover.
It really all started as a video platform, but in the group began to try to play with new industries by introducing their particular way of consuming technology, and so far nothing has hampered him in his conquest of territories. Along the way they have done with an army of 10,000 employees, mainly located in three main headquarters: Los Angeles, Hong Kong and Silicon Valley.
Why be renamed Leeco? They decided I had to do a makeover, offer with a new logo and name the idea of ecosystem products (short for Le Ecosystem). Customers understand that everything that “Lexxx” was called would be part of the same system of connected elements under the control and design of a company.
In a couple of years, transforming the company has been important; they began entering the contents – a kind of Chinese YouTube – to quickly become creators of hardware and vehicles. Its market capitalization amounted to 12,000 million dollars.
In its ways we can liken to Alibaba or Xiaomi , young companies who understand that the customer is the same in many fields of technology and consumer electronics , so you have to try to catch him with ecosystems, communities, and of course , products attractions.
Who is Jia Yueting?
Jia Yueting is the founder of the company, arrived in rural areas of China, particularly in a town called Shanxi. He worked in the computer world locally, but soon launched entrepreneurial initiatives in your area. Before Leeco was a simple idea, and succeeded with a company called Sinotel Technologies.
The chief acknowledges that his particular vision of growing up ‘disruptive’ in different industries is a dangerous thing. How do harm to Facebook, Amazon or Netflix at once? For now they grow successfully where start a new path, we will see how far they go.
On its behavior at public events, Jia strip style put on stage Steve Jobs, nonchalantly and very sure of what he says in the middle of an empty stage. Curiously never misses an opportunity to stoke Apple as it may, it is one of your references as we will see later.
Apple is outdated
Jia Yueting for Apple is outdated and has lost its time in China, it said last April in an interview with CNBC. Their main argument is that innovates too slow relative to what they are capable of making Chinese brands as Leeco.
He returned to say something similar in the China Entrepreneur Club – a meeting for business leaders in China – arguing that foreign rivals are not a big problem : they do not work the device ecosystem at the same level as them and that marked differences, too Apple believes that design is outdated.
Vizio, one foot in United States
No we are going to get dizzy with the story itself, we tell you this week: the Chinese company bought a Vizio, a manufacturer of electronics powerful US consumption, mainly by price. What matters to us is to know that this is the second leading westward push.
The first are doing it from within, with the development of the car of the future in Faraday Futures, a company based in Nevada. We’ll talk about this in a later point, he deserves it.
It seems that the idea is to appear in the US with services and products that have no patent problems and may be helping to create “ecosystem”. The door and opened with Vizio.
You may also like to read another article on Tiffany-Hines: How Huawei is becoming a giant of mobile technology?
LETV, the Chinese Netflix
With videos started it all, or at least with what the great mass of money they get. If we talk about video streaming and companies who offer content, because we are coming to Netflix head, for something like that in China makes LETV / Leeco, with the particularity that began three years earlier than the US.
The catalog of content offered in China is huge, more than 5,000 films and 100,000 episodes of series television, mainly for local consumption, although there are also things arrivals of Hollywood. The service works with a monthly fee, no option that will put ads, and obviously “pay-per-view” with concrete contents.
Two striking facts: there are currently 50 million active users in the country and its market value is 6,430 million. This lets you create original content, perform series of series productions, as we have seen they do on Netflix or Amazon.
Among its main successes are the controversial series Go Princess Go, who had to pass Chinese censors to play with bisexuality in some characters. As for movies just announced its first production in the United States with ‘The Great Wall’, the most expensive film shot in China, with Matt Damon as the star.
All that complicated Chinese company with possibilities have not tried to be mounted on this car, with all the growth that has taken in recent years. Now the thing slows and go to India to seek their piece of the pie, but we should not wonder that the expansion continues. A good example was the presentation of Le Max Pro at CES 2016, a global showcase. They wanted to teach him that were the first to put a Snadpragon 820 within a phone.
In its first year of operations in the division they managed to sell more than five million phones, but are still not as dear as companies like Xiaomi. His story is quite prolific for his short life ripped with Le 1, Le 1 Pro and Le Max, later to arrive with a mid – range called Le 1S, which is clearly the most popular family.
Soon came the renewal of terminals with Le 2, Le 2 Pro and Le Max 2, made famous by obviating the headphone port, in addition to its top – level specifications.
A Leeco likes to sell through the network, both in India via Flipkart, as in China through its channel Lemall. Both are companies like Amazon, but very powerful in each country.
Returning to China is important to know that one of the strongest brands in affordable handsets, Coolpad, is now owned by Leeco: Jia Yueting became president of it in early August.
So does a gadget that car
The cars is one of its most mysterious and innovative Chinese company, where you want to go directly to the electric vehicle and autonomous departments. There is long way to go because they do not actually sell any product, just make presentations of what has to come and invest endlessly on things that are essential for a car of this kind.
We need to know that the investment being made in both China and the United States, with a Californian company called Faraday Future, self – proclaimed as a competitor of Tesla Motors. To touch the real world of the automobile they have also worked closely with the people of Aston Martin Rapide.
His first prototype was known LeSee Leeco, a sedan four doors and aerodynamic particularly attractive, with a very futuristic design: grill not see no lights on that front. Also it draws attention to the glass surface, or the ability to create customized atmospheres in each square of the vehicle.
As is standard in the company, the ecosystem and services around the vehicle, hence its name (Super Electric Ecosystem). From here out ideas as a system of car sharing and car parks, or the highest level connectivity with your mobile device.
Although the final task is to create cars, the company now is shaping a platform that allows you to explore technologies for the next generation of vehicles. The most important for someone in the industry they will to invest 2,600 million euros in a factory in the Chinese city of Deqing, Zhejiang Province step. It will be completed in 2018 and produce 400,000 cars want a year when you reach your most productive time.
Leeco, too much show
Having an accurate opinion on a Chinese company so little known in these parts, it’s complicated, but based on the conversations I have with people who live in the country and best known brand, you could say that is a very powerful brand in certain segments market – and services – but also tries to cover too much, moving in the field of smoke easily.
Often he promises more than it does with promotions and products, especially with regard to gadgets. One of his “luck” is to maintain a good relationship with some Chinese government departments, this is crucial for better growth in the country.