LeTV holds a forum to discuss Internet ecosystem

Liu Hong,co-founder and vice-president of LeTV Holdings Ltd, delivers a keynote speech during the Internet Ecological Innovation Forum held on December 21, 2015 in Beijing. [Photo/Provided to chinadaily.com.cn]

LeTV, one of China's largest online video companies, gathered industrial experts under one roof to discuss collaborating traditional industries with the Internet ecosystem on Monday in a forum in Beijing.

During the event, a LeTV-sponsored think tank named "Internet ecological research institute" also made its public debut.

Guests join a panel discussion on smart automotives during the Internet Ecological Innovation Forum held on December 21, 2015 in Beijing. [Photo/Provided to chinadaily.com.cn]

The organization, which focuses on the research of the Internet ecosystem development and the stimulating effect of the Internet on social and economic development, will be led by Liu Hong, co-founder and vice-president of LeTV and Ma Weihua, former president of China Merchants Bank.

"This event can be seen as one of the specific implementations of President Xi's national Internet strategies proposed during last week's World Internet Conference held at Wuzhen," said Ma, during the Internet Ecological Innovation Forum.

According to Ma, the Internet ecosystem is based on technologies and users through establishing different relationships between humans and between humans and networks. The interdependence of each relationship on the ecosystem chain helps to build the complete ecological environment.

"The ecosystem is also an innovative and cross-boundary business model that brings new customer value," Ma added.

"Breaking innovative boundaries between different industries and different organizations is the key to the Internet ecosystem innovation," said Ablikim Ablimit, vice-president of strategy management at LeTV. "LeTV believes that the customer value is the first priority compared with industrial value and social value."

The event also included a panel discussion on smart automotives and the utilization and implementation of the Internet ecosystem theory in the traditional auto industry.

A foundation alliance that aims at supporting technology startups in the Internet ecosystem was also established during the event. Innovation Works, Prometheus Capital, Sinvo Capital and another five domestic funds have joined the union.

A white paper that summarized the research achievements of the institute will be co-published with consulting firm Bain & Company by February next year.

"We believe that in the coming decade, China's Internet companies will lead the global economy into the Internet ecosystem era," Jia Yueting, chairman and CEO of LeTV Holdings Co Ltd, told China Daily during a previous interview.

According to Jia, the next generation of the Internet will be led by ecosystem innovation that breaks boundaries. The leader of the Internet ecosystem should seamlessly integrate technology, culture and the Internet, creating new elements and new value.

Based on vertical integration of the industrial chain and reconstruction of the cross-industry value chain, the company has established "Le Ecosystem", an open-ended, closed-loop ecosystem that combines a platform with content, devices and applications.