LeEco, a Chinese company which offers a Netflix-like video streaming platform as well as a variety of electronic devices, is set to enter the Russian market this summer, Kommersant reported last week, citing a source familiar with the company’s plans.
The business daily has learned that LeEco is seeking to hire two top managers from JD.COM — Victor Xu and Alex Vassiliev — to manage its Russian operations.
The Chinese company will invest no less than $100 million into the Russian market in the first stage of expansion.
On the local online video market, LeEco will compete with Netflix — which started activities in 130 new countries, including Russia, this past January — as well as with several local players using a similar subscription model. Among these players are Amedia TV, Ivi+ and Tvzavr.
Previously known as LeTV, LeEco was founded in 2004 by Jia Yueting. The group is engaged in a rich array of businesses, spanning from Internet TV, video production and distribution, smart gadgets and large-screen applications, to e-commerce and Internet-connected supercars. LeEco’s streaming service claims to attract 50 million users daily in China.
Earlier this year LeEco made its foray into the Indian market, launching the Le 1s and Le Max “superphone” in the country, as reported by Android Central.
The group is also planning to enter the US market this year.
