LeTV employees live a fairy life? things ain’t so nice

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A few days ago, it was the 5th anniversary of Jia Yueting’s going abroad.

On July 4, 2017, Jia Yueting resigned from his positions as chairman of LeTV and flew to Los Angeles, USA, saying that he would focus on “building cars”.

At that time, LeEco had already encountered a serious financial crisis.

More than 20 lawsuits followed, more than 1.2 billion assets were judicially frozen, and countless supply chain companies were on the road to debt. .

But Boss Jia patted his chest and vowed to return to China next week.

Who knows 5 years have passed and his week is not over yet.

I don’t know if the 2-week luggage prepared by his wife is enough to replace it.

But you may not believe it. Yesterday, a hot search on Weibo made many people think: LeTV is actually doing well?

Here’s the thing.

There were rumors some time ago that LeEco still has more than 400 employees, living a fairy life without a boss, without 996 and no introspection.

Relying on operating and copyright income, the company has never owed wages and social security.

At first, the news was only spread on a small scale, but after yesterday’s LeTV video response, the topic rushed to the hot search.

For example, it not only said that it does not have a 996, but also patted its chest and said that it may still have a four-and-a-half-day work system in the future.

In fact, seeing it say so, the poor reviewer is not surprised.

Because as early as before, LeEco has not less news about “I am not so miserable”.

For example, other video members are raising prices, and LeTV said it will not increase prices.

Other Internet companies are laying off staff and reducing wages, and LeTV’s table beat: all employees have raised their salaries!

The next day the table is shot again: we do not lay off staff!

Let’s not say anything else, these few waves of operations, LeTV’s image has stood up in the hearts of netizens.

Seeing this, are you curious?

Those big factories can’t stand the economic pressure, and LeEco operates with confidence. . .

Is it really as uploaded on the Internet, relying on “The Legend of Zhen Huan”, renting out his own building and making money?

Not really, we can do the math.

“The Legend of Zhen Huan” can bring LeTV more than 10 million yuan a year.

The rent for the first floor of Lerong Building is 74,000 yuan per month. If you calculate that it rents out 10 floors, it is about 9 million yuan a year.

The two earn 20 million a year together, what can they do?

According to the data estimated by @雷峰网, the total annual salary of more than 400 employees is around 120 million.

“The Legend of Zhen Huan” + the income from renting the building is only enough to pay 60 or 70 people’s wages every year.

Therefore, the argument that LeEco makes money easily does not hold.

Let’s still read the financial report.

According to LeEco’s 2021 annual report, its revenue is 410 million.

These mainly come from video membership business, short video operation business, copyright and TV drama distribution business.

The annual revenue is 410 million, which seems okay at first glance, but if you continue to look down, the operating cost has reached 450 million.

That is, it also lost 40 million. . .

Not only that, there are still 2.2 billion yuan in debt in the past years, including investment failures, historical debt interest, and estimated compensation for lawsuits.

The most annoying thing is that in the major litigation risk, it is also told that once a case is lost, not to mention that the company cannot operate, and even the place to work will be lost.

ah?

Looking at it this way, LeEco has neither made any money nor repaid its debts, and may die suddenly at any time.

So what does it have fun every day? . .

To be honest, the poor reviewer has not figured out this question after thinking about it for a day, but I saw 2 statements, maybe you can refer to it.

Everyone carefully watch LeTV’s response to the video on Weibo.

The signature at the bottom is LeTV.com, Le Rong Zhi Xin.

LeTV.com is the LeTV video, where you usually watch TV series.

Lerongzhixin is LeTV, and now it mainly sells TVs, mobile phones, smart devices and so on.

According to the data of Tianyancha, LeEco has only 25% of the shares in Lerongzhixin, and the major shareholder of Lerongzhixin is Tianjin Jiarui Huixin Enterprise Management Co., Ltd.

Although the company in Tianjin also has shares in LeTV, it is less than 1/10.

Most of the newly earned money from Lerongzhi does not need to pay off LeEco’s debts.

Since there is no pressure, Lerongzhixin can of course be happy.

But another LeTV network in the signature, that is, LeTV Video, its major shareholder is Jia Yueting (changed to Zhixin Yunwang last month), and the money Jia Yueting owes must be paid back.

So what does it enjoy?

The reason may be this Weibo posted by Mr. Jia today.

It probably means that LeTV owes Weibo a lot of advertising fees, and it has not paid yet.

(Not sure if it is LeTV or another subsidiary of LeTV)

So is it possible that debts are debts.

But I still can’t make it, if I want to pay it back, but not necessarily.

Moreover, the bad reviewer has to remind everyone not to give LeTV a thumbs up because of a sentence on LeTV’s Weibo: “No salary arrears in the past five years.”

It is only LeTV and Lerongzhixin that say there is no back pay.

The entire LeTV Group, as well as LeTV Mobile (selling mobile phones), LeTV Entertainment (formerly called LeTV Pictures), LeTV Sports, and Wangjiu.com (selling wine).

These days are tough. Some departments/companies that have closed down owe a lot of wages to their employees.

Everyone remembers the national football refund brother, the reporter who interviewed him, the refund sister.

Sister Qianqian once worked in LeTV Sports, and LeTV still owes him 80,000 to 90,000 yuan.

In Zhihu, a former LeEco employee also appeared.

Except for LeTV Video and TV, there is no salary settlement for other businesses, only one IOU.

LeTV even has a salary group ▼

Therefore, some information in recent years has made everyone think that LeTV is not bad.

Although it is said that LeTV is very good at hardships, it wrote “12.2 billion owed” on the logo back then, played a wave of self-mockery, and received a lot of praise.

Recently, he has generously admitted that he is not introverted and not 996, which has attracted a wave of goodwill.

But let’s not forget that there are still many creditors who are under pressure behind this.

Some disheartened investors, suppliers who died on the way to debt collection.

It is true that LeTV has done a good job of these marketing effects.

I also believe that some creditors still hope to see LeEco become bigger, so the hope of getting their money back will be higher.

But what to say.

See LeTV’s financial report and the entire group’s annual debt interest of billions.

I think that day may be even further away than Boss Jia’s return to China.

Written by: Hedgehog Editor: Noodles Jiangjiang Cover: Xuan Xuan

Pictures, sources:

Tianyancha: Lerongzhixin, LeTV Information Technology (Beijing) Co., Ltd.

Wikipedia: LeTV Holdings

Lei Feng.com: LeTV, quietly come back to life?

Weibo: LeTV Video, Between Coming and Going, Nest Nest Nest Even

LeTV 2021 Annual Report

Zhihu @天 Eye Check: What do you think of LeTV’s response to employees lying flat, saying that “the company does not have 996, and it has never owed wages and social security to its employees.” What does LeTV mainly rely on to make profits?


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