Chinese Internet video company Letv.com, which established its Asia Pacific headquarters in Hong Kong in August 2014, now plans to invest HKD6 billion in Hong Kong in the next three years to build the largest Internet movie and TV entertainment platform in Asia.
The company will produce TV series in Hong Kong and plans to shoot five TV shows within two years.
According to Mo Cuitian, Letv's vice president and Asia Pacific executive president, the new Internet movie and TV entertainment platform will replace the traditional live broadcast model with a video-on-demand model, providing flexible entertainment choices to audiences in Hong Kong.
Mo said that Letv will implement active development and hiring in the Hong Kong market. For program content and transmission technologies, the company aims to offer unprecedented experiences to the local Hong Kong audience.
Letv previously expressed its intention to cooperate with Asia Television. Mo said that Letv has no intention to participate in TV license bidding in Hong Kong and its cooperation with Asia Television will be limited to the existing resources of that company. At present, all cooperation plans are undergoing discussion.
So far, Letv boasts 100,000 clicks in Hong Kong in peak time. Mo said the vide-on-demand service will be a paid service and its paid users are expected to increase to one million by the end of 2016. Hong Kong has less than eight million residents, though, which is about the same as a medium-sized mainland Chinese city like Hangzhou.