LeTV, the largest online television network in mainland China, has pledged to pour HK$6 billion in the coming three years to produce and buy content for Hong Kong, the Hong Kong Economic Journal reported Tuesday.
The internet TV operator aims to become the second-largest pay-TV station in the city, after nowTV, operated by PCCW Ltd. (00008.HK), Mo Cuitian, a Beijing-based vice president of LeTV Holdings Co. Ltd., said.
LeTV, which debuted in Hong Kong in August, had as many as 100,000 viewers in the city at one point.
About 15 to 20 percent of the Hong Kong viewers pay fees to subscribe to its service.
Mo estimated that the user base in the city will grow to 500,000 this year and one million next year.
He said LeTV has a better vision for internet TV than Hong Kong Television Network Ltd. (01137.HK), which started broadcasting online in November.
The two rivals deliver their content directly over the internet.
Mo said LeTV has a reserve of more than 30,000 hours of programs, including 10,000 drama episodes, 670 movies and 70 4K (very high-resolution) movies.
Translation by Vey Wong
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