On April 14, LeTV released a "super phone" that is said to "subvert Apple". #这事 Cook knows! # This is certainly not the first time LeTV has played the "Super" card. There are super TVs, super cars, music studios on the left, music videos on the right, music music in front and back, and music in the sky. Humans have been surrounded by super music. Under the dazzling ecological layout, in terms of specific business branches, is LeTV really as powerful as Jia Yueting’s internal letter? The author has sorted out and analyzed each of the major business segments that LeTV currently has, and distinguishes its advantages and disadvantages. It looks at the leather and stories of the borderless, where the real boundaries and capabilities stop. Bottom line: Before LeTV told the next "super" story, did its previous "super" dream come true? LeTV has formed the "Starfleet" As of the end of 2014, LeTV (300104.SZ) has 12 subsidiaries, which are: Leshi Zhixin (58.5%), Huaer Film (100%), Leshi Cloud Computing (60%), and LeTV Sports (60). %), LeTV New Media (99.5%), LeTV Wealth (100%), LeEco E-Commerce (51%), Visual Media Advertising (100%), LeTV Culture Development (51%) and LeTV (Tianjin), LeTV (Shanghai) and LeTV (Hong Kong) are three wholly-owned subsidiaries. There is no equity relationship with listed companies, but the same controller Jia Yueting also controls LeTV Holdings, LeTV Pictures, Sibel Communications, and Internet Wine Network. Traditional economic theory believes that it is efficiency to determine the size of the enterprise. When expansion cannot increase efficiency, it should stop expanding. The Internet has dramatically increased the value of collaboration between businesses, while reducing organizational costs and extending the boundaries of the enterprise. So there is almost nothing to do, BAT without boundaries. Jia Yueting also sensitively grasped the pulse of the times, extended to the upstream of the industrial chain, controlled key resources (such as video content) to prevent being "blackmailed", extended downstream (television, mobile phone, e-commerce) and consumers directly, trying to create A complete ecosystem. But if the barrel theory is used in the ecosystem, how much water LeTV can hold is determined by the short board, so let's take a look at where the boundaries of its various businesses are. The boundaries of the video site: Youku Tudou and iQiyi are two mountains that cannot be turned over. The video website is the core business of LeTV, and it is also the beginning of the entire LeTV Group. In the early days of developing the video business, LeTV's ultra-low price accumulated a huge amount of video copyright. In 2011, he won the hot rights of the new media in the high price of "Biography", and set off the copyright war that the industry has not been able to calm down. LeTV used the copyright video in his hand to make a big profit with the price "scissors difference", which was once dubbed by the industry as "copyright two traffickers". . In 2012-2013, the price of new media copyrights in film and television dramas fell, and LeTV turned to bet on homemade dramas (Note: The acquisition of Huaer Film and Television is the transaction completed in this context). Despite Jia Yueting's wife Gan Wei personally blessing, LeTV's self-made contribution to traffic is still limited, and copyright video and variety is still a big traffic. If you believe in third-party data, according to the February ranking published by Comscore, LeTV ranked third after the monthly UV coverage of Youku and Iqiyi. LeEco barely became the first echelon of the video site, but its status is not stable. The focus, content and strong background of Youtu and iQiyi make them two insurmountable mountains for LeTV's video business. However, the market value of the city is only 17 billion yuan, and LeTV's video business is extremely imaginative and there is not much imagination. Starting from LeTV's core competence, Jia Yueting first thought of Super TV. Super TV border: regulation and competition LeTV released the “LeTV Box†in 2012. Since then, several versions have been released, all of which are based on genuine HD content, and LeEco’s content payment model has begun. In a rumor that "LeTV will acquire Sohu video", LeTV launched the "Super TV" series in 2013, and slogan "Subversion" against Samsung, which triggered the Internet TV boom in 2013. . In September 2013, iQiyi, Ali, and Xiaomi launched brand TV to participate in the competition. After a short confrontation, the Xiaomi box successfully crushed LeTV, but it became an "empty box" due to a ban on radio and television. Like a box, the boundaries of a super TV are also defined by regulation. LeTV hardware business suffered heavy losses in the second half of 2014 due to strict control of radio and television. Although TV is still selling, the broadcast control platform equipped with new TV products has been changed from CNTV to Chinese for various reasons (Hua number in 2014) In April, Ali was a shareholder. The box even suffered the fate of the suspension of sales. Second, the super TV market is bound to be divided by many competitors. The biggest threat will come from Xiaomi, which is similar in mode to LeTV. The fierce competition between TV and mobile phones is inevitable. At the beginning of 2015, Chen Hao joined Xiaomi and successively invested in Yutu and Aiqiyi to supplement the short content of copyright content. Then Wang Chuan took the initiative to attack LeTV, which triggered another war of words. What is interesting is that although he understands the situation The person told the tiger that after the public relations war in 2014, LeTV and Xiaomi were close to reaching a verbal agreement of “non-infringementâ€. The confrontation between LeTV and Xiaomi is not limited to the public relations war, and the two sides have been eagerly attacking, from single-handedly to the entire team. In addition, the Super TV model has financial flaws. LeTV has a 24-month membership fee for each Super TV sold. It is reasonable to say that the Super TV sold in January 2014 will not only confirm the revenue of 490 yuan in the year, and the other 490 yuan will not be fully confirmed until 2015. According to this principle, combined with the data provided by the China Daily and the annual report (average monthly sales of 120,000 units in the first half of the year and 130,000 units in the second half of the year), the estimated contribution income for 2014 should be approximately 378 million. However, LeTV has confirmed the revenue of 1.53 million members of the 1.5 million super TVs as revenue, and the current revenue is exaggerated 1.15 billion (accounting for 16.9% of annual revenue). The strict management policy of radio and television has not shown signs of loosening. The “awake†of strong opponents means fierce competition, and Jia Yueting’s line of sight has turned to mobile phones.
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