China’s LeTV, a content provider is all set to invest $4.8 billion in Hong Kong video entertainment market.
The investment is expected to include the purchase of video content copyright, drama and program production, product production costs, customer service and hotline centre operation and e-commerce operation.
LeTV has partnered with BBC and Sanlih Entertainment Television, and has entered into deals with suppliers like Golden Scene, Pegasus, China Star Entertainment, Celestial Movies, Orange Sky by Golden Harvest, Fortune Star Entertainment and My Way Film.
According to a report, LeTV is currently coming up with a scheme for local drama production in Hong Kong, with a plan to shoot five more Hong Kong dramas that cater to local audience preferences.
In January, the group’s CEO Jia Yueting said, he expected revenues to more than double in 2015. Apart from entertainment and the smartphone, LeTV is also developing its smart TV business and working on an electric car.
The group is also planning to join hands with a Hollywood director and partner with a major studio to make an English-language Chinese-American co-production.