LeEco pulls the plug on its EcoPass video service
LeEco formally known as Le.TV is the first public video company that is currently doing rounds in the market. This company has domestically been funded and is listed as one of companies with the highest stock valuation for the past couple of years. However their tale of venturing into America has been fraught by the constant scrutiny of the press. Previously they were being accused of money laundering and this onslaught by the press has really taken a toll on LeEco’s image in the society.
A couple of months ago LeEco announced that EcoPass beta program is currently being developed in order to create an English language version of their services; this was introduced with a three month free trail with the company’s handsets. This service accumulated content from an array of service and combined it with a warranty plus cloud storage. Basically LeEco was planning on giving Netflix a run for their money as this service specially designed to target this niche in the market and they considered EcoPass to be their corner stone in the US market.
This project was fueled by the series of products that LeEco launched specifically around their video play services; they had also acquired Vizio and funded the Matt Damon fantasy. All of these strategic moves imply just how LeEco was planning on taking over the market and replace Netflix as the next video giant in the United States. Their service included over sixty different channels that included the latest movies and series and that this service was specially designed to give their customers great value in exchange for a nominal fee.
But even though LeEco had apparently done everything in their power to ensure the success of their new service but the ruthless onslaught by the press has deterred them to a very high degree. The press had claimed that LeEco was laundering money due to the cash crunch that they were suffering and were also trying to dump land it bought from Yahoo. This negative publicity has proven to be a wrench in LeEco’s plans as they were quite adamant that their service will be a huge success, especially since they threw a massive party in which they announced the impending arrival of their latest products.
However, it seems that LeEco has bitten more than it can chew as they have recently announced that they are pulling the plug on its EcoPass video service. A spokesman from LeEco has stated that as of April 1st the EcoPass service will be replaced by their Direct TV NOW service, he stated that people who have bought the EcoPass service or their handsets will get a three month trial of their Direct TV services. He further stated that pulling the plug on EcoPass is not a sign of defeat, but is rather another strategic plan to help take the company to new horizons. But this latest announcement will be welcomed by Netflix with open arms as they only posing threat has pulled the plug on its services.
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