Chinese Internet company Letv.com formally announced in Hong Kong that they have established a music company.
Yin Liang, core creator of Letv's music business, was appointed chief executive officer of the new Letv music company; while Lei Zhenjian was appointed chairman.
Lei said that Letv music is currently one of the largest platforms for music video content creation and 4K content in China. At the same time, it boasts being the only music video provider that covers PC, phone, tablet, and TV terminals.
Lei also said that Letv music company's business positioning will combine music, technology, and the Internet. It will become an Internet music technology company that vertically integrates the value chain of the music industry. Based on the demands of users, the company will create a music industrial ecosystem with IP, Internet, hardware, and value-added services.
Letv has been integrating the upstream IP sector and may implement more capital investment. The company will also tap the concert O2O business model. Moreover, it is expected to launch music hardware before the end of 2015.