February**Dynamic Incentive Plan LeTV, which has been silent for a long time, suddenly returned to people's field of vision, just on December 21, 2021. On that day, multiple social accounts under LeTV sent out a message almost at the same time: We have given employees a salary increase! More than 500 days have passed since LeTV's delisting, and it has been 4 years since LeTV's founder Jia Yueting "left".
What is unimaginable is that in the absence of Jia Yueting, although LeEco has experienced many economic difficulties, it did not fall in the end, but showed signs of revival.
Jia Yueting was once an influential Internet tycoon, once ranked 37th on the Forbes list of China's richest people. So why did he suddenly get into trouble? And after he "left", how did LeTV continue to operate? What exactly does the company rely on to make money?
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LeEco is a company with a long history, officially listed on China's Growth Enterprise Market on August 12, 2010, and is also one of the earliest companies in China's A** field. In order to expand the company's influence, in the following years, LeTV began to get involved in sports, super TV, and film and television drama investment and other fields. With its unique vision, LETV's development speed is getting faster and faster, and by 2014, the total revenue of LETV's entire ecological business has approached 10 billion. Surprisingly, Jia Yueting, the behind-the-scenes leader of LeTV at that time, was just a junior college student from the countryside!
Unlike Ma Huateng, he does not have a father who is a director of a listed company; Unlike Cao Dewang, he does not have an older brother in a high position. Jia Yueting lacks a prominent background, let alone a well-connected network, and even his academic performance is not outstanding.
After graduating from Shanxi Provincial Finance and Taxation College in 1995, Jia Yueting worked as a network technology administrator at the local tax bureau and also tried to start industrial companies, but most of them were unsuccessful.
It wasn't until 1999 that Jia Yueting began to get involved in the Internet industry more comprehensively, and his life began to take a significant turn.
In 2004, with his sensitivity to the Internet industry, Jia Yueting officially founded LeTV, and since then, the prototype of LeTV's business empire has gradually taken shape.
In the following years, LeEco not only dabbled in film investment and e-commerce, but also won a lot of attention with its super TV and super mobile phone businesses.
It took only 6 years, LETV was successfully listed under the leadership of Jia Yueting, and in 2015, LETV's market value exceeded the 100 billion mark, and Jia Yueting's wealth reached 42 billion, ranking 31st on the 2016 Hurun Report.
In February 2016, at the LETV Ecological Global Annual Conference, Jia Yueting ignited the passion of all "LETV people" with a song "Wild Son". At that time, Jia Yueting was an Internet tycoon worth tens of billions and the "head" of LeTV with a market value of 100 billion, but he never expected that it would take him ten years to start from scratch to the peak of his worth, and from the peak to the dust, it was completed in less than 2 years.
In November 2016, LeEco began to show signs of a financial crisis. Fortunately, Sunac China reached out in time to make a smooth transition. However, with the arrival of the second funding crisis in April 2017, LeEco was completely in a desperate situation.
According to relevant statistics, in the 7 years before the outbreak of the capital crisis, the overall financing amount of LETV was as high as more than 70 billion. However, even with such a huge amount of money, it still could not meet Jia Yueting's expanding ambitions.
In the 7 years since its listing, LETV has not hesitated to use financing funds to acquire content on a large scale, purchase exclusive copyrights, and at the same time heavily subsidize LETV's mobile phones and TVs, which ultimately led to the unsustainability of the capital chain.
On July 5, 2017, shortly after the outbreak of the funding crisis at LeTV, Jia Yueting suddenly appeared at the Los Angeles Airport in the United States. He also said through social platforms that he would take responsibility for LeTV. However, only 1 day later, Jia Yueting resigned as chairman of LETV, a move that completely confirmed the fact that LETV is irretrievable.
Since leaving the United States, Jia has been trying to make a comeback with a car project. However, 6 years have passed, and his car project still does not cause much of a stir, but instead attracts more and more skepticism.
Contrary to Jia Yueting, after he left, LeTV Group did not go to a desperate situation, but showed signs of re-emergence.
On July 21, 2020, LeTV was officially delisted from the Shenzhen Stock Exchange. Just when everyone thought that this once famous Internet company was about to die, less than 1 year later, LETV suddenly announced: LETV intelligent ecological return and super mobile phone rebirth.
However, at the end of 2021, LeEco earned enough attention with a "salary increase" announcement. Even during the epidemic, LeTV also low-key said that during the epidemic period of working from home, the company implemented full pay for all employees. In addition to salary increases, LETV's work model of "no involution, no wage arrears, no 996" has made countless workers envious.
What is even more enviable to countless netizens is that on January 3, 2023, LeTV** issued an announcement through social platforms, saying that the company will implement a four-and-a-half-day work week.
However, although expressing envy and surprise, many people are also very puzzled: Why can LeTV still operate so far without Jia Yueting? Why can LeTV, which is already in huge debt, still be called a "fairy company"? What does today's LeEco rely on to make profits?
Some netizens once ridiculed: "A "The Legend of Zhen Huan" is enough to keep the glory and wealth of LeTV!" This is a joke, but it is not without reason.
In fact, since 2011, before the industry consensus on anti-piracy was completely established, Jia Yueting had already formulated new regulations on "copyright distribution". To this end, LeTV has low-key purchased the genuine rights of 90,000 episodes of TV series and 5,000 movies.
Today, although LeTV has lost its former glory, "The Legend of Zhen Huan" can still bring more than 10 million revenue to the company every year. In addition to "The Legend of Zhen Huan", LeTV also owns the copyright of many popular TV series such as "The Legend of Miyue", "White Deer Plain" and "Happiness Like Flowers". These film and television drama copyrights can not only bring membership and advertising revenue to LeTV, but also earn additional fees through copyright distribution.
In addition to film and television drama copyrights, LETV also has tens of millions of super TV terminal users. Since 2021, LETV has continued to launch a variety of products such as headphones, smart watches, and smart door locks. On December 26, 2023, LeEco announced the launch of the LeEco Open Platform, a strategy that will inject new vitality into LeEco's operations. Due to the active "self-help" of the company's employees, LeEco's operating conditions are not affected by debt, but are more free. In this case, the question of whether Jia Yueting "will return to China next week" has become less important.