Affected by the financial crisis, LeTV's business is accelerating shrinkage and adjustment in the global market.
At a time when Tesco was expanding rapidly, India was once regarded as an important stop in capturing global markets, and now, as the news of India's layoffs, prosecutions and so on, has been heard.
For those who have withdrawn from the Indian market, LeTV insiders said: 'Currently, there is no such plan for the company, depending on the market.'
A source close to musicians disclosed to the Securities Daily reporter: 'LeTV in India was mainly the sale of mobile phones, music as the mobile company after the financial crisis, there is no supply of goods to the local, in fact, music in the Indian market promotion, marketing and sales It has also basically stopped.
Mobile phone business shut down
Indian market is affected
Recently there was news that LeTV was sued in India due to arrears and the media company Madison Media Group (Madison Media) and international advertising company Leo Burnett (Leo Burnett) were reported to be sued in court recently for the reason Music is not within the deadline to pay the cost.
Among them, Madison Media sued LeTV for 390 million rupees (about 39.87 million yuan) fees and interest in a Hong Kong court in China, while Leo Burnett filed a lawsuit against LeTV in Mumbai High Court in India and said LeTV owed it 2650 million rupees (about 2.799 million yuan).
Sam Balsara, chairman of Madison Media Group, said: "We not only buy traditional media, but also buy digital and outdoor media channels for them. After the credit defaults, we stopped all from August last year Advertising service.
Another digital media company that has suffered a delinquent payment also said that LeTV has now disappeared from India, leaving behind the arrears already due, a group of manufacturers have been prosecuted LeTV, while others are trying to contact LeTV.
In this regard, the music insiders to accept the "Securities Daily" interview, said: 'At present, India's business is still under adjustment.'
It is understood that music as the Indian market is music as part of the world, the main business in the region is music as the controlling shareholder of Asia Pacific Mo Cuitian.
However, in November last year, Jiayue Ting has announced that Gao Jun replaced Mo Cuitian as the new president of LeTV Asia Pacific, LeEco responsible for the overall operation of the Asia Pacific region and Hong Kong, fully assume the region's ultimate business performance responsibility.
And who is the current head of the Indian market, he said: 'Perhaps the relevant person in charge of the Hong Kong market,' he told reporters: 'To be honest, now inside the TV show, we find it difficult for ourselves.'
It is reported that the music crisis in the Indian market is mainly affected by its mobile phone business suffered the problem of funding chain.
From the end of last year till now, the financial crisis of LeTV's mobile phone broke out after the music crisis, LeTV in the Chinese market has frequently been subject to debt collection by suppliers. In fact, in the Indian market, the relevant suppliers, LeTV stores, mobile advertising service providers to LeTV debt collection and prosecution The phenomenon also exists on a large scale.
However, due to the fact that dictionaries such as LeTV headquartered in China and large advertisers in India can not directly locate their headquarters in LeTV as their Chinese counterparts, they can only choose to sue for more to recover the debt or claim compensation from LeTV.
Quoted out of the South Asian market
Music as it is being adjusted
In fact, the music as the platform for mobile phone music music can be said that the earliest financial crisis music as the company, then music as the other business platform funding chain problems have erupted in succession.This series of events, not only for music in the Chinese market crisis, let it Lost a lot of overseas markets.
Previously, Jiayue Ting has said that due to lack of predictability of the liquidity management of LeTV mobile phone, the follow-up funds are not followed up cautiously, resulting in the mobile phone business into quasi-shock status.At present, Le mobile phone business has been fully stagnant, and its official website has been discontinued Phone
It is understood that the current music as the official mall at present all the phone products are in the shelf or can not buy the status of music as the mobile phone business has also stopped production in the official mall after the inventory is cleared, the future music as the phone or difficult to restart the production task.
Prior to the music in India as a smart phone to hit the market, and intends to introduce other products one after another, at that time, music as the Indian market attaches great importance.
A LeTV executives disclosed last year that LeTV had a very important strategy of entering the fast-growing Asia-Pacific market, such as the Indian market, but in March this year there was news that LeTV fired 85% of its employees in India, And plans to leave India and even the entire South Asian market.
At that time, in order to dispel rumors, Jiayue Ting also responded that India is the LeTV strategic market and LeTV has no exit plan. Since the successful entry into India and rapid market acceptance and initial mass adoption, India has taken on the requirements of the second phase of its headquarters strategy and the business operations in India The requirements of sustainable development are being upgraded in our Indian business strategy.
One music insider told the Securities Daily: "LeTV's mobile phones and TV were once very popular in the Indian market. However, with the funding problem, the company's mobile phone products in India are currently at a standstill. New, in the music as the listing system. The relevant business is still adjusting.
Whether it will continue to operate LeTV's television business in the Indian market after Le Hsin Bin takes over power at LeTV's TV platform is still unknown.