LeEco’s global
expansion reaches new frontiers
After
India, LeEco enters Russian market with
USD100
million investment
As part of its ambitious globalization plans,
LeEco, the global internet and ecosystem conglomerate has taken the momentous
step towards promoting economic and cultural ties between China and Russia. On
May 16, 2016, LeEco signed a quadripartite memorandum with Institute of
Internet Development (IID), Russian Export Center and JSC Digital Television to
export Russian media content to China and other markets and build Le Ecosystem
in Russia. With the introduction of its unique vertically integrated ecosystem
in Russia, LeEco will provide Russian users an all-new experience delivered
through the Internet, smart devices, smart applications, and cloud.
For its
foray into the Russian market, LeEco plans to invest over USD 100 million. In
2016, LeEco successfully entered the U.S. and Indian markets making Russia its
third overseas market.
As the world's fastest-growing Internet ecosystem company over the past
year, LeEco plans to set up its Russia office in the summer of 2016 which would
be responsible for the building of Le Ecosystem in Russia. In line with its
efforts of making a strong mark for itself globally, with the signing of the
memorandum LeEco will synergistically combine its powerful business ecosystem
and Russia's rich media content resources to expand in the Russia market and
further reinforce LeEco's global competitiveness.
The signing ceremony was attended by Chinese ambassador to Russia Li
Hui,
highlighting the significance of the memorandum as an important
cooperation between China and Russia. In his speech, Li Hui said that the
agreement will make an important contribution to the cultural exchange and good-neighborly
relations between the two countries.
During the signing ceremony, LeEco co-founder and vice chairman Liu Hong
met with Herman Klimenko, IID chairman and Russian President Vladimir Putin's
special adviser on Internet-related affairs. Liu Hong, together with Li Hui,
also attended the signing ceremony for Chinese-Russia strategic movie
cooperation and the ceremony for the appointment of Victor Xu, CEO of LeEco
Russia and Eastern Europe, as Advisor to the General Office of the President of
Russia.
The memorandum will provide an action framework for the promotion of
Russian movies, TV dramas, animations and other video products in China and
other markets. In addition to providing a globally accessible platform for the
distribution of Russian content, LeEco will assist Russian partners in content
localization such as translation, licensing and authorization in China and
other countries.
India has played a key role in scripting LeEco’s global success story,
with trend setting products and record-breaking sales. With the release of the
Le 1s and Le Max earlier this year, followed by the launch of the first “Made
for India” Superphone, Le 1s Eco, the company has
successfully sold an astounding number of 500,000 Superphones in 100 days,
making it a record of sorts for a new entrant in a fiercely competitive
smartphone market in India.
About LeEco:
LeEco, formerly known as Letv, is a global pioneering
internet and technology company with multiple internet ecosystems across
content, devices, applications and platforms. Founded in November 2004 by Jia
Yueting and Liu Hong, LeEco employs more than 10,000 people and is the world’s
first video company to go public with a market capitalization of more than $12
billion USD. Headquartered in Beijing, China, it has regional headquarters in
Hong Kong, Los Angeles and Silicon Valley.
With “Complete Ecosystem,
Groundbreaking technologies, and Disruptive Pricing” as the guiding principle,
LeEco is engaged in a myriad of businesses, spanning from Internet-based Super
TV and Superphones, video production and distribution, smart
devices/accessories and large-screen applications, to e-commerce and even
connected super-electric cars.
The
company also features one of the world's largest content libraries, comprising
of movies, TV dramas, entertainment shows, sports and music, which can be
conveniently viewed on LeEco products, including the Superphones, Super TVs,
and in the near future, Le Autos. Breaking the barriers of industries, LeEco
provides personalized products and services for an enhanced user experience at
disruptive prices.
For Further Information, Please
Contact:
Khushboo Mehra | Khushboomehra@le.com
Achint Punyani | achintpunyani@le.com
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