Meitu terminated its partnership with Xiaomi and gave up on the smartphone business

Meitu terminated its partnership with Xiaomi and gave up on the smartphone business


2021-03-27 00:12:34

Meitu used to be known for smartphones that focus on beautiful photography, but decided to stop making smartphones in 2019. However, in November 2018, Meitu signed a partnership agreement with Xiaomi to co-develop. smartphone.

Meitu’s new smartphones will be designed, developed, manufactured, marketed, and sold by Xiaomi. However, these smartphones still retain Meitu’s imaging technology and algorithm, still under the Meitu brand. Now two years later, this partnership has ended.

This news was confirmed by CEO Wu Xinhong of Meitu himself at the company’s annual conference. Mr. Wu said he had ended the partnership with Xiaomi, and regained his trademark and license. Meitu’s CEO also confirmed that the company will no longer participate in the development and sales of smartphones.

Meitu started out as a software development company, creating mobile applications, and today Meitu continues with that work. By December 2020, Meitu’s total monthly users reached 261 million. Recently, Meitu also invests in cryptocurrencies and is holding $ 90 million worth of cryptocurrencies.

In 2020, Meitu achieved total revenue of 1.19 billion yuan ($ 181.8 million), up 22.1% year-on-year. This is also the first year that Meitu has made a full year profit since its inception.

It has been leaked that Meitu will launch a new smartphone in 2020, but that has never come true. The most recent collaboration between Meitu and Xiaomi is the Xiaomi CC9 Meitu Custom Edition smartphone.

It is possible that the Covid-19 pandemic and short supply of processor chips are the reason why Xiaomi wants to focus more on its own brands. This will be the end of a partnership that is supposed to last for 30 years.

Reference: gizmochina

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