Chinese online video and internet TV content provider LeTV has revealed that the company plans to invest HKD 6 billion (€0.7bn) on content production and copyright licensing in Hong Kong over the next three years. LeTV’s goal is to become the second largest premium channel in Hong Kong by the end of next year.
Since LeTV’s entry into Hong Kong in August 2014, the online channel has had 100,000 visitors at peak times, of whom 15-20 per cent are paid subscribers, according to LeTV VP and executive president of the Asia-Pacific Region Mo Cui. Mo forecasts that LeTV will reach 500,000 peak users by the end of the year and 1 mln users by the end of next year.
LeTV Hong Kong currently has a library of 30,000 hours of programming, including 10,000 television programmes, 670 films, and 70 4K films. LeTV Hong Kong will spend more than HKD 100 mln over the next two years to film web series, and the company has plans to film 3 4K high def television series next year.
LeTV is currently negotiating with Hong Kong-based cable and satellite TV operator Asia Television to purchase syndicated content, recruit talent, and purchase advertising space.