Achieves a combined revenue of over USD 2 billion in seven days
Letv announced that, following the launch of the Le Super TV and Le 1s super phone on October 27th, the organization has made over US$2 billion in the week following the launch event. Within seven days, the booking amount for the Le 1s Super phone has grown to more than 11 million units amounting to 12.1 billion Yuan (US$1.91 billion). And for the Le uMax120 Super TV, the world’s largest Smart TV, the booking amount within 48 hours reached 1128 units, amounting to more than 500 million Yuan (US$79 million).
These are record numbers considering Letv just entered the mobile phone business this April and the TV business three years ago. Earlier, in September, Letv’s smartphones had become the top competitors in their respective price ranges having 587,000 units and gaining a 5.8% market share.
Letv’s competitive advantage stems from the price and quality of its attention grabbing products. The Le 1s super phone comes with an 8-core Helio X10 Turbo processor, 3GB RAM, 32GB storage, fingerprint recognition, and its unique EUI5.5 (eco user interface); all of which make this phone stand out. Plus, with fast charging technology, users can charge the phone for just five minutes and then talking for 3.5 hours; beating any other smart phone right now in the market.
Together with Le 1s super phone, Letv also released its latest TV product, uMax120. This 120in plasma TV is the world’s largest smart TV ever. Comparing to Samsung’s 110in TV’s price of 1.25 million Yuan (US$197,145), Letv’s uMax120 sells for less than half the price, at 499,000 Yuan (US$78,700).
On the launch event, Mr. Jia Yueting, founder of Letv, announced that the sales target for uMax120 is 1 billion Yuan. However, the market reaction has outperformed expectations with sales of over 500 million Yuan in the 48 hours following the product’s launch. While initial market statistics show that the capacity in China for TVs over a 100 inches is only around 200 units, the uMax120 sales have exceeded the country’s market capacity. Among the 1128 preordered uMax120 customers, 10% are business clients, 65% are from apartment owners, while the remainder was pre-ordered by villa dwellers.
Letv was established in 2004 by Jia Yueting and Liu Hong as a video-streaming company. Now this 11-year-old company has grown into a full-fledged listed conglomerate with a wide range of businesses, including TV, mobile phone, green car, sports, music, movies and TV shows, wine distribution and so on.