“How big the wind is, the more my heart is turbulent...†LeTV CEO Jia Yueting sang the “Wild Son†song at LeTV’s annual meeting, refreshing the outside world’s recognition of his talent for acting. The wind caused music to turbulence. Jia Yueting said at the 2016 China IT Leaders Summit in Shenzhen on the 27th: LeTV is not a company that chases winds. “Let’s do mobile phones and cars, not to catch the wind. On the contrary, LeTV hopes to create one. tuyere."
Jia Yueting
In the mobile phone, television, automobile, sports, cloud, video, music, Internet finance and other fields at the same time make wind, where does LeTV come from? What are the biggest risks to Letv as the battle lines lengthen?
LeTV is undoubtedly a company with a controversial topic. The most controversial issue for outsiders is the LeTV model and the financial risks under this model.
“The fund of LeTV is indeed a bottleneck for the development of LeTV.†Jia Yueting admits that LeTV will face four major challenges and risks in the future. The first is the risk and challenge of funding, and the second is the organizational capability. “These two aspects are very, very critical ."
In the interview process of the day, Jia Yueting repeatedly emphasized that LeTV’s corporate values ​​are not based on pursuing profit maximization. “This will bring certain financial pressureâ€. LeTV's annual performance report for 2015 showed LeTV's terminal business revenue was 6.089 billion yuan, an increase of 122.22% year-on-year, accounting for nearly half of revenue. However, the terminal cost of 8.186 billion yuan means that its terminal business suffered a loss of 2.097 billion yuan.
No stress does not mean there is no risk. Jia Yueting said that in order to evade the risk of funds, LeTV needs to continuously enhance its hematopoietic and financing capabilities.
"The outside world says that LeTV has a very strong financing capacity. In fact, the opposite is true." Jia Yueting repeatedly stressed that LeTV is not a company driven by financing. He pointed out that LeTV’s source of financing is the two major systems of listed companies and non-listed companies. Some listed companies, as of today's listing, only six rounds of financing, a total of 100 million US dollars financing, "Lokvision Sports has just completed the B round of financing, our financing capacity has been a certain degree of improvement."
As for hematopoietic capacity, LeTV’s 2015 financial report showed that LeTV’s members and distribution business achieved revenue of RMB3.782 billion, a year-on-year increase of 56.17%, ranking second within LeTV. Advertising revenue ranked third with 2.634 billion yuan.
In addition to funding risks, Jia Yueting also stated that organizational capabilities are also critical. "With so many fronts, each line must be sufficiently extreme, and the execution and ability of the team is a very big risk."
Taking the headquarters of a smart terminal headquartered in Shenzhen as an example, according to Jia Yueting's “learning modelâ€, entering the hardware industry will not give LeTV too much cash flow pressure. The "levision model" refers to the reform of the hardware industry through innovative models. The traditional mode of the hardware industry is to purchase, produce, and distribute goods in advance. After the user purchases, the cash can not return to their own hands. The platform generally has a 1 to 2 month billing cycle (taking Jingdong, Suning, and Gome as examples), so the funds The pressure is very high. LeTV is reversed. Users pay in advance, and LeTV uses 1 to 2 weeks for delivery. After a certain period of time, it will be settled with the upstream supplier. # Actually, only LeTV had less cash flow pressure, suppliers settled afterwards and the situation did not change much. #
Looks like what catches the wind, and there is no business to touch. The BAT giant either owns a media business or acquires a media business. Jia Yueting believes that although LeTV has certain media attributes, LeTV and media are not particularly strong. "In the media field, we never touched it because we have not yet seen what transforms music and the media into the industry after the integration of music."
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