Starting from a video business, the founder has left abroad and has not returned yet. Who still misses LeEco?

Tech 2023-05-18 14:06:09 Source: Network

This year's television industry can be said to be bumpy. Regardless of the big or small brands, both domestically and internationally, products that are basically paired with televisions inevitably come with price reductions, and often the higher the configuration, the more obvious the price reduction

This year's television industry can be said to be bumpy. Regardless of the big or small brands, both domestically and internationally, products that are basically paired with televisions inevitably come with price reductions, and often the higher the configuration, the more obvious the price reduction. Under such industry pressure, many small manufacturers are in a precarious situation, and for LeTV, which once flourished and now has become an 18th tier company, this is also a development challenge.

Who still remembers that the LeEco Super TV was a domestically produced light? From May 2013 to present, LeEco Super TV has been around for ten years. According to development data, from 2013 to 2016, LeEco Super TV sold nearly 9 million units, making it the number one brand of smart TV in China and the industry's largest in comprehensive capabilities.

This shipment volume represents the final peak period of the television industry. The popularity of LeEco Super TV naturally relies on the efforts of its founder Jia Yueting. Jia Yueting founded LeTV in 2004, just in time for the large-scale expansion of its video business. LeTV seized the opportunity to specialize in video services and became one of the earliest video platforms in China. Interestingly, LeTV was also the pioneer of domestic copyright membership system, earlier than the current Youaiteng platform.

At that time, Jia Yueting could be said to be ambitious. After becoming the first profitable video website through the distribution of film and television copyrights in the early stages, it was listed on the ChiNext board in August 2010. Thanks to his top-notch storytelling (pancake drawing) skills, Jia Yueting attracted a lot of capital and launched the rare LeEco ecosystem plan at the time. In a word, LeEco needed both content products and derived middle and back-end modules.

But having confidence is one thing, being able to do it is another matter. After announcing the big ecosystem plan, LeEco's market value soared to 170 billion yuan in 2015. However, in 2016, LeEco broke the news of a funding chain rupture, with sales of a series of products, including LeEco Super TV, showing a significant decline. The distrust of shareholders was also directly reflected in the shrinking market value.

Then came the most crucial year of 2017, when the official website of the China Securities Regulatory Commission announced the details of LeEco's financial fraud case: LeEco had a total false increase of 1.87 billion yuan in revenue and 1.73 billion yuan in profits over the past 10 years. This has caused LeEco's reputation to plummet, and its business development has almost come to a standstill. Founder Jia Yueting has even gone abroad without returning.

Although Sun Hongbin, the investment tycoon of Rongchuang, took over LeTV with 15 billion yuan, there was ultimately no way to save LeTV from its reputation collapse and could only leave in a gloomy manner. Last year, the news that LeTV relied on the copyright of "The Legend of Zhen Huan" and charged rent to support 400 employees surged on the hot search, making everyone miss the big brother of this video platform again.

Amidst the nostalgia of the crowd, LeEco's product discussion has also returned to people's topic. In that era of fierce competition in the television industry, Xiaomi had not yet risen. At that time, apart from Hisense Skyworth, the television industry was the most competitive among LeTV. Moreover, the quality of LeEco Super TV is also very good, and it can be used for several years. Although it is still on sale, everyone has more and better choices, and the development of LeEco Super TV cannot go back to its original days.

It has been 6 years since Jia Yueting ran away, and LeTV in China can only say that it is struggling to support it, while Faraday Future, which Jia Yueting has devoted himself to, has not seen any real car products come out. On the contrary, it was revealed by insiders that in the nine years from 2014 to 2023, Faraday will experience a future loss of nearly 24 billion yuan.

Due to the current super internal competition in the automotive industry, some netizens say that Jia Yueting has a higher chance of making a comeback for television than for cars. Although Jia Yueting has been ridiculed for "returning to China next week", there is currently no trace of Jia Yueting wanting to return. It can only be said that perhaps when his dream of making a car is successful, it will be the time to return to China for the Jinyi Night Tour. Do you think so?

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