Redmi TV MAX has plunged into a niche market.
Before yesterday, most people would probably not have thought that it was not the Xiaomi brand products that set the record price of Xiaomi’s single TV products, but from the Redmi (hereinafter referred to as “red rice”) brand.
At the Redmi K30 Pro new product launch conference on March 25, the Redmi Smart TV MAX 98-inch (hereinafter referred to as “Redmi TV MAX”) was officially released. This TV is priced at 19,999 yuan, setting a record price for Xiaomi’s single TV.
Before the release of Redmi TV MAX, Xiaomi currently sells TV products with the highest selling price of the Xiaomi Mi 5 Pro 75-inch and Xiaomi Mural TV 75-inch.
Picture from Lu Weibing Weibo
At the press conference, Lu Weibing, the president of Xiaomi China and general manager of the Redmi brand, revealed the comparison chart of other 98-inch TVs on the market. The price of Redmi TV MAX is a lot lower than similar products.
However, unlike the previous common practice of Xiaomi’s products entering a larger market at a relatively low price, the scale of the giant screen TV market that Redmi TV MAX entered this time is not large.
The data provided by Yikang in the home appliance market research institute shows that in 2020, the 75-inch market share of China’s TV market segment size is expected to be 2.9%, and the market share above 75 inches is expected to be 0.8%.
Combined with China Yikang ’s previous forecast of the size of the color TV market in 2020 ( 43.7 million units, The data was released before the epidemic situation, without considering the impact of the epidemic situation. span> ), the total TV market size of more than 75 inches (including 80/85/86/98/100, etc.) is about 350,000 units, and the larger the screen size, the lower the share.
Compared to the 70-inch and 40-inch Redmi TVs, which currently sell for 3199 yuan and 899 yuan, respectively, the role of the Redmi TV MAX may be to increase the influence of the Redmi brand.
On the JD platform, it was found that before Redmi TV MAX, other brands of TVs priced at 15,000 yuan to 20,000 yuan were moreIt is 80 inches / 85 inches. Compared with similar products, under the premise of conforming to the cost-effective positioning of the Redmi brand, Redmi TV MAX ’s record-breaking Xiaomi record price can create a publicity gimmick for the Redmi brand in a short period of time and increase brand popularity.
Drawing (data source: Xiaomi prospectus and financial report)
Drawing (data source: Xiaomi prospectus and financial report)
During a group visit after the launch of Redmi K30 Pro, Xu Jieyun, general manager of Xiaomi Group’s public relations department, revealed that Redmi TV will continue to develop more sizes and models this year. Redmi’s overall mobile phone + AIoT ecological layout The meeting will be fully launched.
Under the circumstance of limited smartphone market space and intense competition, raising the IoT market has become the best choice for Xiaomi to drive revenue growth. Starting with TV, the most mature category of Xiaomi and contributing the largest revenue, the influence of the Redmi brand in the IoT market will provide Xiaomi with more flexible potential space for subsequent expansion of various IoT categories.
However, as of the third quarter of 2019 financial report, Redmi / Xiaomi are more differentiated in terms of products and marketing. In the specific business data of the financial report, Xiaomi has not disclosed the contribution of the Redmi brand.
(The cover picture is from “Redmi Smart TV” official Weibo)