On 26th March, LeTV announced the establishment of LeTV Music, which is under the administration of Lei Zhengjian, the president of LeTV Music and Yin Liang, who is responsible for the music business development at LeTV. The newly established company defined itself as “music+ technology+ Internet”, which means a deepened development in music industry.
LeTV Music is an Internet music company with a vertical integration of music industrial value chain and focus on the demands of its users. It aims at the construction of a music industry system which is demonstrated with the characteristics of “IP + Internet+ hardware+ value add service”.
It is said that LeTV Music has been integrating upstream IP area and would make new investment in the near future. They will broadcast hundreds of live concerts and enhance O2O concert mode and their own IP content project. Additionally, new music devices are predicted to enter the market later this year. In August 2014,LeTV Music , cooperating with Wang Feng, initiated concert live charging mode, which was a hit in the industry. Afterwards, they made further collaboration with Phoenix Legend, YuQuan, G.E.M.(Deng Ziqi), BiBi Zhou(Zhou Bichang) and Li Zhi to open official websites for the musicians or create interactive ways of cooperation, which also caused tremendous repercussions.
According to Lei, with the assistance of Yin, LeTV Music is playing a creative role in LeTV.com and made breakthrough in professional influences, original product development and innovative commercial mode.
At present, it has a number of original columns and more than 40 4K concerts. Also, LeTV Music successfully produced “Live life–Concert”, “Super Concert”, “LeTV Music Festival” and “Star Official Website”, as well as vertical service like “Jazz Channel” and “Classic Channel”. Meanwhile, it is the only music video service provider who covered PC/Phone/Pad/TV with 10+ classified carousels on LeTV.
One thing is for sure that administers of LeTV Music still focus on the online music live system. Yin told China MBN, “Before, music performances were limited offline. However, I believe that the development of online music technology and business model will be a huge opportunity. ”
Yin also said that it is vitally important to build a closed-loop from online to offline that connects music creators to consumers, which requires a progress through people, context, and terminal to value-added service. The plan is still underway and the online integration of music industry value chain just begins.
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