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By News Reporter
LG NOVA InnoFest Lights the Halo of Innovation on Bold Ideas and Businesses With
Open Conference Program, Issues a Call for Startups for the Pitch Competition
SAN FRANCISCO, July 16, 2024 — LG Electronics (LG) has opened registration for the fourth annual LG NOVA InnoFest, taking place on September 25-26, at the Palace of Fine Arts in San Francisco. Hosted by LG NOVA, LG Electronics’ North America Innovation Center, the two-day event will bring together a cross-section of business leaders, innovators and investors across various industries to collaborate on solutions for a better future. This year’s event theme, “Lighting the Halo of Innovation” was designated to inspire attendees to focus on creating change and impact through co-creation and collaboration on bold ideas and businesses.
The event brings back its annual Startup Pitch Competition, where 10 selected startups will compete to win cash prizes, an audience with executive judges and recognition on stage. In this competition, LG is looking for bold startups with great potential, working on innovative ideas that can lead to transformative change in their markets.
LG Electronics’ sister company LG Chem is co-sponsoring this year’s startup pitch competition, adding a new Life Sciences category alongside CleanTech, HealthTech, AI, Smart Life and Open Innovation. The US Business Development team is seeking next-generation technologies that align with LG Chem’s sustainability mission and will sponsor a new “Innovation for Impact Award.”
For more details on each category, visit
link hidden, please login to view. Interested startups can submit their companies for consideration at . In addition to the monetary prizes and on-stage recognition, selected startups may have the opportunity to collaborate with LG to build businesses, participate in LG NOVA-sponsored marketing activities or qualify for investments from LG and its network. According to a 2023 from Boston Consulting Group, 79 percent of companies ranked innovation among their top three priorities and more than 40 percent expect to increase spending significantly. Today, innovation is being driven by a collaborative ecosystem. This interconnected approach, involving startups, corporations, academia and venture capitalists can result in groundbreaking solutions. Innofest seeks to illustrate the capabilities of this model, bringing together startups, investors and members of the innovation community to exchange ideas, encourage, support and discuss how they can all work together to spur “innovation for a better life.”
“Today the responsibility for innovation no longer sits solely with individual companies; collaboration is critical,” said Dr. Sokwoo Rhee, corporate executive vice president for Innovation at LG Electronics and head of LG NOVA. “Through InnoFest, we are bringing together the entire innovation ecosystem, from corporations to growing startups, to discuss creative and cutting-edge ideas that have the potential to shape our future.”
Last year’s gathering brought 90 industry-leading speakers together for 28 sessions focused on topics such as women in tech; balancing growth, profitability and impact; as well as diversity in tech. The event enabled people to join in the discussions on solutions to challenges in these key areas within the innovation community.
This year, according to Rhee, “InnoFest is boldly reimagining its program to be more interactive and engaging through a non-traditional conference format, emphasizing meaningful connections and inspiring conversations.” Attendees can look forward to influential speakers and keynotes, select curated panels and more dynamic discussion-based sessions.
“At LG, we believe in the power of optimism and innovation to change the world,” said Rhee, who invited startups to join LG at InnoFest 2024, “as we strive to create a brighter future together.”
Registration for InnoFest is now open at . Interested in speaking or moderating at the event? Learn more at .
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By News Reporter
Company Hosts Memorable Event on Champs-Élysées to Mark Launch of New
InstaView Refrigerators With MoodUP in France
SEOUL, May 28, 2024 — LG Electronics (LG) announces the launch of its advanced InstaView refrigerators with MoodUP in France. The company hosted a grand picnic on Paris’s iconic Champs-Élysées on May 26 to celebrate the release of two LG InstaView with MoodUP lineups in France.
Following launches in Spain, Germany and Italy and now France, LG has augmented its outstanding range of InstaView refrigerators with MoodUP with a new bottom freezer – a model that is highly popular among customers throughout Europe. Offering a smart and customizable culinary experience, the company’s color-changing refrigerators are ideal for those who want to express their mood and personal taste in the kitchen.
Dubbed Le Grande Pique-Nique des Champs, the recent Champs-Élysées launch event attracted more than 4,000 people, many of whom had the opportunity to personally experience the innovative features and unique value of LG’s latest refrigerators. LG, with the support from the City of Paris and the Comité Champs-Élysées, turned a section of the world-famous avenue into a large, vibrant picnic area, complete with a 216-meter-long tablecloth. The event presented a variety of entertaining experience zones, including eight kitchen areas, each with a distinct atmosphere delivered in part by the brand-new refrigerators and their color-changeable LED door panels and InstaView lighting.
To enhance Parisian picnickers’ enjoyment of the special day, LG provided picnic baskets containing mats, utensils and other necessities. In addition to savoring the fine food on offer from specially-erected culinary booths, event attendees had the opportunity to interact with the innovative features of LG’s new refrigerator; changing the color of its door panels and playing music on its built-in Bluetooth speaker.
The new InstaView with MoodUP refrigerator lineups offer two compelling choices: a French Door model and a bottom freezer model. LG’s interactive appliances feature cutting-edge functionalities designed to enhance and personalize the customer experience. Via the ThinQ app, users can apply up to 170,000 color combinations to the refrigerators’ color-changing LED door panels to create a different look and feel in the kitchen. The new models also incorporate LG’s distinctive InstaView door panel, which improves convenience and energy efficiency by letting users see inside without having to open the door. What’s more, the LG InstaView bottom freezer with MoodUP comes with a 4.3-inch LCD Cover Screen, a touch display that enables the convenient management of various refrigerator settings.
In addition, the company’s innovative refrigerators come equipped with a Bluetooth speaker, enabling users to play songs and podcasts from their favorite streaming apps. Bringing a fun, dance-party vibe to the kitchen, the refrigerators’ LED lighting can even pulse in sync with the music’s beat.* The Color Alarm feature further enhances interaction, communicating with users by making the LED door panels blink or glow brighter in specific situations.
“It’s an honor to host such a unique and enjoyable event on ‘the world’s most beautiful avenue’, and to showcase our innovative, customizable InstaView refrigerators with MoodUP to a French audience,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company.
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* The door-panel color changes automatically when Party Mode is activated.
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By Trevin
I have an LG 2022 tv that I connected with Alexa. Alexa can change the channel of the tv and turn it off, but when I say “Alexa, turn on the tv” she says “TV isn’t responding. Please check its network connection and power supply.” How can I get the tv to listen to Alexa even when it’s off?
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By News Reporter
Company Pushes Boundaries With Innovative Business Models
While Balancing Core Operations and Future Growth to Create New Opportunities
SEOUL, April 25, 2024 — LG Electronics Inc. (LG) announced first-quarter 2024 consolidated revenue of KRW 21.09 trillion and operating profit of KRW 1.33 trillion. The company’s home appliance sector demonstrated global leadership, achieving record-breaking revenue and double-digit operating profit margins. The EV components sector, a key driver of future growth, continued its steady expansion. Both the TV and business solutions sectors experienced year-on-year sales growth and returned profits compared to the previous quarter.
Despite navigating challenging macroeconomic conditions such as high commodity prices, volatile exchange rates, rising interest rates and delayed demand recovery, LG achieved its highest-ever total revenue for a first quarter. This milestone underscores the effectiveness of implementing sustainable business models like subscription services and leveraging growth opportunities in the promising B2B sector. LG’s emphasis on differentiating features such as AI, energy efficiency and customer-centric design has strengthened its competitiveness in the premium market. Furthermore, the strategic approach of offering diverse product lineups and flexible pricing structures enabled the company to successfully navigate polarized demand trends.
Operating profit surpassed KRW 1 trillion for the fifth consecutive year, showcasing LG’s strong performance in the face of intensifying market competition. The company’s focus on content/service businesses and direct-to-consumer sales via the Online Brand Shop (OBS) has fueled qualitative growth. Efforts to stabilize raw material and logistics costs, coupled with production location flexibility, have further bolstered profitability.
The LG Home Appliance & Air Solution Company generated first-quarter revenue of KRW 8.6 trillion and an operating profit of KRW 940.3 billion. This represents a notable 7.2 percent increase in revenue compared to the same period last year, setting a new record for first-quarter performance. Operating profits reached the second-highest level in the company’s history, with an operating profit margin of 10.9 percent, underscoring the company’s exceptional global competitiveness.
Driven by its core technologies, particularly in motors and compressors, LG’s home appliance business continues to innovate within a mature market landscape. With a commitment to industry leadership, LG is pioneering transformative initiatives such as product subscription services and advancing the concept of ‘Affectionate Intelligence’ appliances. These innovations are tailored to empathize with and address customer needs effectively. Moreover, LG is strategically expanding its B2B ventures, including HVAC and built-in solutions, to capitalize on emerging growth opportunities.
The LG Vehicle component Solutions Company reported first-quarter revenue of KRW 2.66 trillion and an operating profit of KRW 52 billion, reflecting an 11.5 percent year-on-year revenue increase. The ongoing conversion of backlog orders into revenue is progressing steadily. Despite ongoing investments in overseas production sites to fulfill new orders and meet OEM demands, the company has maintained stable profitability, benefiting from economies of scale resulting from revenue expansion.
While there are expectations of a slight slowdown in the recent growth of EV demand, the demand for high-value-added EV components continues to rise steadily. LG is proactively addressing these market dynamics by developing a balanced portfolio, spanning from in-vehicle infotainment to powertrains and headlamps. The company aims to ensure sustained revenue growth and a stable profit base by actively adapting to these market shifts.
The LG Home Entertainment Company reported first-quarter revenue of KRW 3.49 trillion and an operating profit of KRW 132.2 billion. This represents a 4.2 percent increase in revenue compared to the same period last year, driven by a resurgence in TV demand in Europe and the successful launch of new 2024 models. The positive operating profit was fueled by the robust performance of the webOS content/service business, alongside traditional product sales. Despite challenges such as rising LCD panel prices, the company effectively managed profitability.
Looking ahead, a gradual recovery in the TV market demand is anticipated in the second half of the year. LG’s strategy focuses on leveraging its globally leading OLED TV and premium LCD QNED TV offerings while continuously enhancing the profitability of the webOS platform business, which is poised for rapid growth.
The LG Business Solutions Company reported first-quarter revenue of KRW 1.57 trillion, marking a 6.5 percent increase year-over-year, and an operating profit of KRW 12.8 billion. The launch of new LG gram laptops, featuring on-device AI and timed for graduation and enrollment seasons, garnered positive market feedback. In addition, sales of commercial display products, including electronic whiteboards and LED signage, experienced growth. While operating profit returned to positive territory from the previous quarter, there was a slight decrease compared to the same period last year, attributed to factors such as rising component prices and intensified competition.
This year, the overall IT market is expected to maintain similar demand levels to the previous year, with a slight growth anticipated in the commercial display segment. There is an expected increase in demand for high-spec IT products like gaming monitors and LED signage. LG aims to lead the market with strategic IT products tailored to customer needs, integrating gaming-specific features and OLED displays, alongside premium LED products. Efforts to proactively develop promising new businesses such as robotics and EV charging continue to drive future growth prospects.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on April 25, 2024, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants should pre-register online to receive a private PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.
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By svsrama
Hi,
I have my LG 4K Smart TV -Model : 43UJ632T.
I could not able to use the Wireless Keyboard ( Logitech K230) with Builtin Apps like Youtube, Amazon Prime or in Netflix to search. I could able to use only thru Magic Remote.
But the same Keyboard is working fine in Google Movies & SunNXT apps.
Could you please help me in fixing the same.
Thanks,
Sriram.
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