Recently, LeTV announced that its subsidiary XinleTV Zhijia, which is mainly engaged in smart TV business, has reached investment intentions with Sunac, Tencent, JD.com, Suning, TCL and other investors. If the capital increase is completed according to this intention, XinleTV Zhijia will obtain a financing of about 3 billion yuan at a valuation of 9 billion yuan, of which Tianjin Jiarui Huixin, a subsidiary of Sunac, will become the second largest shareholder. In addition to LeTV and Sunac's Tianjin Jiarui and Jiangsu Design Valley, well-known Internet companies such as Tencent, JD.com and Suning have also bought shares.
In an internal letter recently released by Le Rong Zhixin, the company described the capital increase as a "reversal" and stated that after the capital increase is completed, it will not only solve the company’s funding problems, but will also discuss with investors including content, retail, Cooperation in many aspects such as smart communities. However, industry insiders have analyzed that the development of LeTV TV will still face many challenges.
Product value is still optimisticAccording to the reporter’s understanding, LeRong Zhixin is a consolidated subsidiary of LeEco. Its main business is the production and operation of LeEco’s super TV. Super TV is an important part of the “LeEco ecosystem†and its revenue accounts for The majority of LeTV's total revenue in the first half of 2017. According to LeTV's 2017 semi-annual report, LeTV's revenue was 5.79 billion yuan in the first half of 2017, and Lerong Zhixin's revenue was 4.653 billion yuan in the first half of 2017, accounting for 83% of LeTV's total revenue in the first half of 2017. .
Last month, Sunac China Sun Hongbin emphasized in an interview, "Lechuang Entertainment and New LeTV Smart Home, we will find ways to do it well, LeTV is still leading in the field of smart TV."
"LeTV TV is an important interactive portal, and this capital increase will also help revitalize its high-quality assets." Yu Tianyu, vice president of Yiou Company, told reporters that, on the whole, the smart TV business is indeed LeTV's most mature product. Line, still has good brand value and a large number of existing users. He believes that Sunac, Tencent, JD.com and other giants have invested mainly because of the value of LeTV TV in the smart TV market.
Tencent said that through its cooperation with XinleTV Zhijia, it will help Tencent Video to enrich third-party content distribution channels, further reach users and boost membership and advertising revenue.
The reporter learned that after the financing is completed, whether it is Internet giants such as Tencent, JD.com, and Suning or manufacturing giants such as TCL and Lenovo, their business can give LeTV's TV business very practical resources.
Whether the "return of the king" is still variableIn 2013, LeTV Super TV set off a wave in the TV market through model innovation. With the combination of hardware and content, it was a big success, and it remained the same in the following years. However, with the outbreak of the overall LeTV crisis at the end of 2016, the sales of LeTV Super TVs were severely impacted. According to the data disclosed by LeTV.com, in 2016, the sales volume of LeTV Super TV reached 4.3 million units. In the first three quarters of last year, sales plummeted to 1.13 million units, down 67% year-on-year, and revenue dropped from 12.783 billion yuan to 4.973 billion yuan, down 60%.
Since then, Storm TV and Xiaomi TV have "divided up" the fertile ground of smart TV. According to Baofeng Group’s previous 2017 annual results forecast, its Internet TV business operating income has increased significantly, an increase of more than 40% over the same period last year. Other public data shows that the sales volume of Storm TV in the first three quarters increased by 30% year-on-year, and its revenue increased by 82%. As for Xiaomi, according to public data from Zhongyikang, from January to July 2017, online sales of Xiaomi TV increased by 91.2% year-on-year. In the second half of the year, Xiaomi TV also won several consecutive online sales.
Although LeTV has received strong support from many capitalists this time, the industry generally believes that the current dividend period in the Internet TV market has passed, and there are still many difficulties in the development of LeTV. According to data released by the China Flat Panel TV Industry Conference, the overall share of Internet TV brands in 2017 has fallen from about 20% in 2016 to 10%.
"The entire intelligent ecology of the TV industry is actually far from coming." Tianyu believes that although the "from scratch" dividend era led by LeTV TV has passed, the intelligent ecology of the future TV industry actually still exists. Space, its core competition is nothing more than content and interaction. With the loss of LeTV video users in large numbers, Tencent’s shareholding and plans to put Tencent Video TV copyright content on LeTV TV will greatly help LeTV TV’s content improvement.
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