“It is also a last resort. There is always a choice. One emphasizes the new, and the other emphasizes entertainment. Hopefully it is a rebirth. Therefore, LeTV is retained.†Zhang Zhao made the above explanation for the change of name.
From "Film and Television Company" to "Entertainment Company," Zhang Zhao bluntly said that it is related to the scenario of strategic investors, Sunac, and Sun Hongbin. As the second largest shareholder of LeTV, Sunac China currently holds 21% of LeTV. After the LeTV crisis broke out, Sun Hongbin, chairman of Sunac China’s board of directors, announced that it had injected LeTV with 15 billion yuan to gain strategic investor status.
According to Zhang Zhao, the future of the renamed LeTV is mainly to create IP with commercial value. Specifically speaking, it is to use television, drama as the media to operate IP, develop derivative products, landing family scenes, and create a vertical closed loop.
According to the new LeTV’s previous plan, LeTV and Huaer will strengthen their self-control capabilities and continue to shoot their own movies and TV series to revitalize the company; on the other hand, they will customize some movies suitable for family screen users for the Super TV business. And TV dramas, to help listed companies to solve the unique needs of the content, pull members to pay - the core is to solve the problem of tweaking TV users and commercial value of users.
Different from the simultaneous development of the seven sub-ecosystems in Jia Yueting's era, the new LeTV tends to develop in depth. Zhang Zhao believes that the entertainment industry is not a competitive industry. "We don't compete with BAT because we don't want to compete with BAT. Because after the competition, your driving force has changed. Whether you want to win BAT or you want to serve this group of people who have no service, your actions will be Deformed."
Regarding the number of teams currently implementing the new LeTV entertainment business, Zhang Zhao said, “This thing is slowly coming, and I’ll say anything about this matter. Seeing investors and banks all say that this matter is an old cow pulling. The car slowly walks, no hurry."
In addition, Zhang Zhao said that after the rename of LeTV Films, the ownership structure will not change, and new investors will not be introduced for the time being, but in the future there will certainly be new investors coming in.
The list of LeTV's shareholders can be described as a collection of stars, including Zhang Yimou, Sun Honglei, Sun Hao, Huang Xiaoming, Li Xiaobiao, and Guo Jingming. How will the future star shareholders withdraw? Zhang Zhao looks very optimistic. “It's very simple. You asked them if China still has such a good movie company that is not on the market? This is a self-help process. Let's do it together.â€
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