The battle for supremacy in the streaming business is far from over as more players’ eye the space as the race to poach people shunning traditional TV heats up. Netflix, Inc. (NASDAQ:NFLX) could soon face off against a new competitor, not in the name of HBO or Hulu but Chinese streaming behemoth Letv that has announced plans to tap into the lucrative US streaming market.
Letv could pose the biggest threat to Netflix, Inc. (NASDAQ:NFLX), on its entry considering it has expanded in ways its American counterpart hasn’t, having been in the game for the longest time. Not only does the Chinese sensation produce its own content, but also sells TV, set-top boxes and smart TVs. Letv is a typical conglomerate with plans to become a smartphone carrier.
The US is the next stop for Letv as it plans to unveil its streaming service made of original programming, as well as set-top boxes similar to those of Apple TV and smartphones. Headed by former Google employee Mark Li, Letv has its head high on having a disruptive effect on the larger U.S market.
The smartphone industry is however set to be the hardest to crack for Letv as it has over the years been dominated by Apple Inc. (NASDAQ:AAPL) and Google Inc (NASDAQ:GOOGL). It remains to be seen the kind of effect Letv will have in the smartphone space, taking it consideration the fact that Apple still dominates the smartphone space in China. Li is, however, quick to affirm that Letv is not a smartphone company but an internet video company with the phones business only being used to deliver videos.
The phones according to Li are a way of delivering video content to Chinese faithful’s in the US while also offering tools yet to be offered to the greater market. Plans are already underway for the opening up of an office in Silicon Valley and the setting up of shop in LA. Legal hurdles still pose the biggest threat for Letv on its push to set up shop in the US, a problem that may be compounded by US consumers’ willingness to buy devices that are always under constant snooping from the Chinese government.
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