LeTV, the Chinese internet company that had entered the smartphone market earlier this year had made some record sales. Unlike the other Chinese companies, it had just focused on the high-end market by launching three smartphones with flagship specifications and are priced lower than its competitors. Earlier to this, LeTV is a well-known brand in China as video content provider and it is the largest online video company.
The company had out thrown Apple and Samsung in the online sales of the premium smartphones. It has been the main competitor for Xiaomi in the Chinese market. A couple of weeks back, LeTV had filed a case against Xiaomi over pirating the 11 of the copyrighted movies and TV shows. According to the verdict by the court, Xiaomi had to pay 2,19,000 Yuan (approx Rs. 22,38,000) as compensation to LeTV.
Though this is not the first Xiaomi had been found doing wrong, in June last year the company had sued Xiaomi over pirating 10 of the LeTV movies. In August, both the companies had the same issue where 16 of the LeTV’s movies and TV shows are pirated and this time Xiaomi had to compensate 3,20,000 Yuan (approx Rs. 32,72,000) to LeTV.
Stepping out of the home market, LeTV will enter the Indian market in the coming days, and it will be interesting to see how Xiaomi will take on their counterpart. LeTV had scheduled an event for tomorrow where it is expected to announce some big news about the future plans. The company will also launch next-gen smartphone and smartTV at the event.
It is expected that more than 10,000 people including journalists, fans and others will attend the event which will be held at a stadium in Beijing, China. At the same event, the company might also expect to announce their partnership with JD.com, popular Chinese online store.
The company had been investing in few startups like YiDao, Chinese leading car service startup. It also plans to launch its first ever Virtual Reality headset ‘LeVR.’ At the Le Fans festival held on September 19th, the company had sold more than 280 million USD worth of products and that too in a single day. There are rumors the upcoming smartphone from LeTV will sport whopping 6GB of RAM.
LeTV was invited for the Macau International Trade and Investment Fair, making first ever Chinese internet company to be invited for this fair. They are invited to invest in the Portuguese speaking countries including Brazil, Portugal, and few other nations. Stay tuned for more information regarding the tomorrow’s LeTV event.