Xiaomi and Meitu announced a strategic cooperation agreement

19 November 2018, 13:48:41

Xiaomi and Meitu announced a strategic cooperation agreementOn November 19th, Meitu and Xiaomi Group announced a strategic cooperation agreement. According to it, Meitu exclusively licenses the brand, image technology and second-level domain name of its mobile phone business to Xiaomi Group worldwide. The upcoming Meitu phones will be developed, produced, sold and promoted by Xiaomi, while Meitu will continue to provide support for imaging technology and beautification algorithms. In addition, Xiaomi is also authorized to produce and promote a range of Meitu-branded smart hardware products (except for skin-related smart hardware products).

It is reported that during the cooperation period, Meitu will enjoy in two phases the division of authorized revenues for mobile phones and intelligent hardware that are subject to this cooperation. In the first phase of cooperation between the two parties, within 5 years from the official launch of the agreement, Meitu will receive 10% of the gross profit of the jointly developed products until the accumulated share amount reaches the agreed amount. Xiaomi also has the right to choose a one-time payment. Once the agreed amount is reached, if Xiaomi decides to continue cooperation, the two parties will enter the second stage. The second phase will last for 25 years. During this period, Meitu will continue to receive a share of mobile phone sales and enjoy a guaranteed share of $10 million per year.

Wu Xinhong, founder and CEO of Meitu, said: "The strategic cooperation with Xiaomi will enable Meitu and Xiaomi to develop their respective strengths. In the future, Meitu will invest more people and resources in imaging technology and algorithms. Seeing this cooperation as an opportunity, Meitu can concentrate on developing the next generation of image processing technology. With the large-scale capabilities of Xiaomi in product development, supply chain management and efficient channels, Meitu mobile phones will have the opportunity to grow further."

For Xiaomi, this cooperation will help to enhance the camera experience, win more female user groups, continue to promote the multi-brand strategy of Xiaomi's mobile phone business, further expand and enrich the user community, and provide new growth points for the overall business of Xiaomi.

Meitu has leading image technology and beauty algorithms, a high-quality female user base, and a high-value brand image. Meitu's APP products cover more than 1.5 billion unique devices worldwide. As one of the world's largest smartphone brands, Xiaomi has established the world's largest consumer Internet of Things platform, with leading product development, Internet operation capabilities, strong supply chain and efficient new retail channel capabilities. Xiaomi mobile phone shipments have exceeded 100 million units this year, with a strong scale effect.Source

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