Quantcast
Jump to content

Road of Hope Leads to Brighter Future for Job Seekers


News Reporter

Recommended Posts

LG-KOICA-01-600x373.jpg

For many Koreans, Ethiopia is more than just a developing country in East Africa known for its famous coffee.

link hidden, please login to view
between the two countries runs deep and since 2013 LG has designated the African nation a key priority for the company’s community-building activities including the construction of new housing for Korean War Veteran decedents to teaching new job skills.

LG-KOICA-02-600x391.jpg

Under its overarching vision to nurture local communities, LG has collaborated with KOICA (Korean International Cooperation Agency) to establish a tuition-free training program to teach competitive job skills to the next generation of Ethiopians. LG-KOICA Hope TVET College, founded in 2014, has recruited students who are decedents of Korean War veterans, from low income family and or the physically challenged.

LG-KOICA-03-600x399.jpg

Approximately 30 students are selected every year through an admission process that tests their their knowledge of physics, mathematics and English. Once accepted into the no tuition three-year program, the students are also provided with free meals and transportation. In addition to the regular training courses, experts from LG’s Regional Training Center in Dubai make annual visits to provide on-site training as well.

LG-KOICA-04-600x394.jpg

As part of the program, six exceptional students and the two best trainers from each department travel to LG’s regional headquarters in Dubai every year for additional training. For seven days the group is trained in customer service and receive additional job skills. LG’s regional office makes available internship opportunities and has hired LG-KOICA TVET College graduates who have demonstrated strong technical skills, knowledge and attitude.

LG-KOICA-05-600x400.jpg

The program has proven to be a success. Over the past five years, 91 percent of LG-KOICA Hope TVET College students have passed the Ethiopian government’s Certificate of Competency exam compared to the national passing average of 47 percent. Since 2014, the government has recognized the college as the best performing school in the country, an accolade which has helped students land even better jobs upon graduation.

LG-KOICA-06-600x362.jpg

Even after graduation, the college continues to provide support and guidance to its students, arranging job fairs and project exhibitions with companies in Ethiopia. As a result, 100 percent of the 324 graduates succeeded in finding jobs: 77 percent at companies and 23 percent self employed.

LG-KOICA-07-600x380.jpg

To encourage creative thinking and entrepreneurship as part of the training, LG and KOICA established the Incubation Center in 2018 as a place where students can turn their innovative ideas and prototype products into a business strategy. A steam bread maker, modernized three-wheel tuktuk and TV module for training are just some of the ideas that got their start at the Incubation Center.

LG-KOICA-08-600x360.jpg

In addition to job skill training, LG-KOICA Hope TVET College provides opportunities to participate in sports. The school is home to the continent’s first women’s baseball team, an inspiration to all girls in Africa who know no limits.

LG-KOICA-09-600x388.jpg

LG-KOICA Hope TVET College is an example of a responsible company making a difference through its adherence to LG’s philosophy of effecting Sustainable Changes in Society. Through its multi-faceted partnership with KOICA and the Ethiopian government, LG is sharing its values not only with the youth of Ethiopia but with everyone who is committed to making the world a better place.

# # #

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Similar Topics

    • By News Reporter
      Company Drives Strategic Growth With AI webOS, an Intelligent Platform
      that Delivers Outstanding Customer Value and Unique User Experiences

      SEOUL, Sep. 30, 2024 — LG Electronics (LG) last week held webOS Summit 2024 in Incheon, South Korea, sharing its strategic vision and future initiatives for expanding the AI webOS ecosystem and growing its platform business. Themed “Empowering webOS with AI,” the second webOS Summit played host to around 300 attendees representing 140 partner companies – including content developers, producers and providers – from 24 countries. The event also marked a major milestone: the tenth anniversary of the launch of webOS on LG smart TVs.
      AI webOS plays a pivotal role in LG’s ambitious business transformation, shifting from a consumer electronics manufacturer to a Smart Life Solution Company. With a strategic investment of over KRW 1 trillion (USD 740 million), LG aims to significantly enhance the capabilities of its webOS platform and related businesses.
      To achieve its strategic vision and elevate the value of its unique offerings, LG is continuously broadening the extensive selection of content and services accessible on AI webOS. The platform, which delivers exceptional experiences to LG TV users in over 180 countries, currently provides over 4,000 apps, including those for entertainment, home fitness, education and gaming.
      This year, LG is reinforcing the reputation of AI webOS as an advanced gaming platform by adding a variety of new services and experience innovations. At present, the cutting-edge platform offers around 4,500 games across popular cloud gaming services such as GeForce NOW and Amazon Luna. To make gaming on its TVs even more responsive, LG has teamed up with MediaTek and Razer, leveraging new Bluetooth Ultra-Low Latency (BT ULL) technology to reduce input lag to an imperceptible 1ms when using a Bluetooth gaming controller. Demonstrated during webOS Summit 2024, this impressive responsiveness enhances the cloud gaming experience, giving users more precise control and making gameplay more immersive.
      LG is also bolstering its competitive edge in content and services by actively seeking out and securing top industry talent. The company recently hosted a global hackathon to discover compelling new games and AI-powered content suitable for AI webOS and is also collaborating on game development with respected institutes of higher education, such as Sungkyunkwan University and New York University.
      Furthermore, with the introduction of webOS Pay, LG has made it faster and more convenient for users to purchase content and services on AI webOS. The simple-to-use payment service contributes to the seamless, personalized shopping experience on LG’s intelligent platform.
      Over the last decade, LG has sold a remarkable 220 million smart TVs and has consistently strengthened its webOS platform business through licensing agreements with an array of local and global companies. LG first made webOS available to other TV makers in 2021, and since then, the versatile platform has been adopted by over 400 brands. The company is now poised to further expand the webOS ecosystem via an array of webOS-powered automotive infotainment solutions, digital signage, smart monitors, gaming monitors and projectors.
      Additionally, the webOS platform is shoring up LG’s strong competitiveness in the advertising business. In 2024, revenue generated by advertising and services on webOS is projected to exceed KRW 1 trillion, which represents a fourfold increase from 2021.
      A significant contributor to this excellent performance is LG Channels, a free, ad-supported streaming service that provides over 3,800 channels and is now available in 29 countries. The company has augmented its already stellar offering of top-notch viewing options on its free service with the launch of LG Channels Showcase and LG 1 – new channels boasting a curated selection of premium entertainment. What’s more, LG is adding value to the user experience via the provision of AI-based ad solutions that make content recommendations even more relevant to user preferences.
      With its Affectionate Intelligence vision for a more caring, empathetic and attentive AI technology, LG is continuously enriching and enhancing the customer experience. The application of Affectionate Intelligence allows webOS users to enjoy easier control as well as personalized content and service recommendations suited to their individual tastes and lifestyles. Through collaborations with innovative partner companies and the seamless integration of the latest technologies, LG is constantly refining its cutting-edge platform.
      Along with informative presentations and demonstrations, webOS Summit 2024 featured an experience zone where attendees were able to see first-hand how powerful AI technologies are driving customer experience innovation on webOS. One of the many intelligent features offered on LG’s platform, AI Concierge employs voice recognition, search history and user data to provide customized app and viewing recommendations. Thanks to its ability to recognize different voices, AI webOS can take each LG smart TV user straight to their own personalized Home Screen without having to manually select their profile.
      “Our webOS platform business continues to go from strength to strength based on close collaboration with our valued partners and an unrelenting focus on meeting the diverse needs of our customers,” said Park Hyoung-sei, president of the LG Home Entertainment Company. “Celebrating a decade of webOS innovation, and now enriching customer’s everyday lives with AI webOS, LG is accelerating its transformation into a leading media and entertainment platform company.”
      # # #

      link hidden, please login to view
    • By News Reporter
      Between September 6-10, LG showcased its diverse range of AI-powered home solutions, opening a new chapter of intelligent home living at its IFA 2024 booth. Under the theme of Experience, Affectionate Intelligence (AI) Home, the company presented its unique, AI-inspired vision of future living to visitors from around the world.

      Designed in collaboration with Korean science fiction author Kim Cho-yeop, the expansive booth featured diverse experience zones curated to demonstrate how the company’s AI can be embedded into home life to elevate lifestyles in intelligent and distinctive ways.

      Upon entering Hall 18 of Messe Berlin, visitors were greeted by the AI Home Gate, a massive LED media wall displaying the journey of LG AI, from the birth of LG’s AI Agent, FURON, to how it communicates with the world and enriches daily life.
      After gaining a solid understanding of what Affectionate Intelligence is all about, visitors could explore how it makes everyday life more simple and convenient. Divided into several distinct lifestyle spaces, LG’s booth showcased how natural conversations with
      link hidden, please login to view, can help manage every aspect of daily routines.
      The first lifestyle space, “Second Youth Home,” showcased a new and more active lifestyle for retirees. The digital signage on the wall visualized how ThinQ ON customizes and takes care of home appliances depending on the user. For example, after recognizing certain phrases like “tennis lesson” on the user’s calendar, ThinQ ON automatically sets the washer and dryer to its “Activewear course” via Smart Pairing.

      , employs AI DD technology to intelligently minimize water and energy usage based on each load. It also features Easy Control technology, which automatically selects cycles according to usage patterns and user preferences for maximum convenience.

      The second lifestyle space, named “Smart Green Home,” showcased the ideal abode for families passionate about the environment and energy conservation. Among the many power-saving solutions on display, LG’s AI-enhanced Energy Storage System (ESS) analyzes energy usage patterns and weather forecasts to adjust its mode according to various conditions. Another highlight was the . With these devices – both inside and outside the home, connected to ThinQ ON – LG AI optimizes household energy usage in real-time and reduces energy bills by intelligently managing the power consumption of every connected device.

      The next lifestyle space was the “Affectionate Home,” designed with children and pets in mind. It featured the company’s Self-Driving AI Home Hub, which can move freely around the home and interact with children through conversation. Its multi-modal sensing combines voice, sound and image recognition to change its expression according to various emotions, allowing it to respond to different situations with appropriate etiquette. The hub can move from room to room and control connected appliances and IoT devices, constantly making sure the environment is optimized for the little ones.

      Not just a hub for home appliances, LG AI is an Affectionate Intelligence storyteller that boasts a deep level of emotional depth and understanding, enabling it to communicate and interact with users effectively. Through generative AI, the Self-Driving AI Home Hub can develop stories based on images drawn by the user, ensuring a unique bedtime story every night.

      The next room demonstrated how LG appliances optimize the environment for pets and their owners. Once temperature and humidity sensors detect indoor air conditions, the LG DUALCOOL air conditioner can achieve the perfect temperature with airflow customized to suit the environment and personal preferences.
      This zone also featured the AeroCat, a purifier designed specifically for cats. As every cat owner knows, cats love to sleep on devices and appliances. With this in mind, LG AeroCat can detect when a pet sits on top of it, stopping operation to provide a quiet place for a nap. And since weight can be an important indicator of heath, the AeroCat’s built-in weight sensor tracks the pet’s weight and alerts owners of any unusual changes via the ThinQ app.

      “Delightful Home,” the final lifestyle space on display, presented a perfect setting for inviting and entertaining family and friends through a shared love of food. This zone highlighted LG AI’s ability to make cooking easier and quicker, with ThinQ ON providing menu recommendations and step-by-step instructions for numerous delicious dishes. Visitors could even learn some new skills by watching the “AI Talking Cooking Show,” a live cooking demonstration by chef Kristof Mulack, a culinary master who knows the best ways to customize LG’s AI appliances.

      To let visitors focus on the technology that makes all these lifestyle spaces possible, the company also set up the “LG Affectionate Intelligence” zone. This area effectively illustrated the connectivity and expandability of the Matter-certified LG ThinQ ON, engineered to help users manage their entire smart home with a single device.

      LG also shined a light on its AI legacy with a special “AI to the Core” space. Using a transparent OLED display, the company explained how its Core Tech has evolved into LG AI core tech. This lineup includes revolutionary AI DD and AI DUAL Inverter, both of which employ AI to enhance performance and deliver more precise control, resulting in new and improved levels of customer care and user experiences.

      The final zone by LG was none other than the “Sustainability Lounge,” which provided visitors with an overview of the company’s latest efforts to promote sustainable living. Here, visitors could relax while learning more about LG’s ESG activities, including its use of recycled plastics in select products.

      LG’s booth at IFA 2024 successfully delivered an insightful window into the LG AI Home. Stay tuned to to explore how LG AI can enrich daily life in the new era of AI.
      # # #

    • By News Reporter
      Seamlessly Integrating Customer and Spatial Experiences, Company’s “Affectionate
      Intelligence Home” Presents an AI Home Lifestyle of Curated Comfort and Convenience

      SEOUL, Sep. 5, 2024 — LG Electronics (LG) is set to unveil its vision for future living at IFA 2024, showcasing a complete range of AI home solutions for every need and lifestyle under the theme of “Experience, Affectionate Intelligence (AI) Home.”
      Central to LG’s Affectionate Intelligence Home is LG ThinQ ON, an advanced AI home hub designed to deliver comfort and convenience tailored to individual preferences. ThinQ ON seamlessly integrates with LG’s latest AI appliances, forming the core of the LG AI Home Solution. This system is driven by Affectionate Intelligence, LG’s empathetic and caring AI technology. As the AI Home Solution learns more about users’ routines, preferences and behaviors over time, it creates a personalized spatial experience, delivering unmatched customer value and bringing greater ease to everyday life.
      The first thing visitors to the LG booth at IFA 2024 will encounter is the AI Home Gate, an immersive LED media wall that visually communicates how LG AI is deployed within the AI Home to elevate customer lifestyles.
      Visitors will get to experience LG’s sophisticated generative AI technology through the ThinQ ON hub once they pass through the AI Home Gate. ThinQ ON understands natural language, allowing users to control a wide range of appliances, Internet of Things (IoT) devices, and services with conversational voice commands. LG’s AI hub facilitates a truly personalized AI home lifestyle, managing everything from lifestyle services to helping kids get a good night’s sleep.
      Intelligently Personalized AI Home Lifestyles for Every Generation, Family and Pet
      The Second Youth Home exemplifies LG’s commitment to enhancing the lives of the elderly by easing household chores and enriching leisure activities. Powered by ThinQ ON, this space highlights how conversational voice-recognition and seamless coordination of home appliances – for example, automatically setting the dryer to “Activewear course” once the washing machine finishes a workload – simplify home management. The AI hub can also provide voice briefings to keep users informed of what’s going on, relieve stress by offering guidance for tasks such as booking a taxi, and estimate travel time to the selected destinations.
      In the Affectionate Home zone, the focus is on AI solutions designed to help families care, especially for children and pets. The Self-Driving AI Home Hub, capable of controlling AI appliances and IoT sensors, adjusts device settings and environmental conditions to meet children’s needs. For example, it can activate Sleep Mode at bedtime, dimming lights and adding a starlight effect to help kids drift off to sleep. Additionally, the hub supports learning by using generative AI to create stories from children’s drawings.
      For easier pet care, LG’s AI Home Solution manages connected appliances and devices to maintain fresh air and clean floors. Air-quality sensors intelligently control the LG PuriCare Alpha Pet Double air purifier, while temperature and humidity sensors manage the DUALCOOL air conditioner, automatically adjusting mode and air flow to suit current conditions. The robot vacuum autonomously cleans the floor once after pets leave, ensuring a more pleasant living space. Additionally, the Affectionate Home zone introduces a brand-new home appliance made especially for cats (and their owners). The innovative LG AeroCat combines a cat bed with an air purifier to offer a comfortable resting spot for cats and a fresher atmosphere for their human companions.
      In the Delightful Home zone, ThinQ ON takes center stage in creating a more convenient culinary experience by engaging with visitors and providing personalized recipe recommendations as well as nutritional analysis. Visitors can also enjoy live cooking demonstrations, such as the “AI Talking Cooking Show,” savor the delicious dishes prepared by LG’s AI ovens with built-in cameras, and see how the InstaView with MoodUP refrigerator enhances the ambiance.
      Next up is the Smart Green Home, a self-sustaining abode featuring high-efficiency appliances, including the advanced Therma V R290 Monobloc air-to-water heat pump and state-of-the-art heating, ventilation, and air conditioning (HVAC) system. LG AI optimizes household energy usage in real time, adjusting device settings and schedules in accordance with users’ lifestyles and routines, while accounting for fluctuations in electricity rates. ThinQ ON also helps reduce household energy costs by intelligently managing the power consumption of all connected devices.
      Innovating the AI Home Ecosystem and Key Technologies with LG AI
      The LG Affectionate Intelligence zone showcases the scalability of LG’s Affectionate Intelligence with ThinQ ON at its core. Utilizing LG’s own generative AI technology and advanced security solutions, ThinQ ON acts as the central hub of diverse IoT ecosystems enhanced by a range of LG’s IoT sensors and devices. These include motion and light sensors, temperature and humidity sensors and smart buttons, all providing real-time spatial information for personalized, AI-driven home services.
      The zone also highlights how LG’s open AI ecosystem integrates third-party services to enrich the customer experience and demonstrates the versatility of IoT sensors that can even connect non-AI appliances to the AI Home system. The exhibit underscores the scalability of LG’s AI solutions, giving visitors a real sense of the intelligent and responsive living environment LG is creating.
      What’s more, the LG Affectionate Intelligence zone illustrates how ThinQ ON serves as the home’s central hub, working in complete harmony with LG’s ThinQ UP and ThinQ app, and a wide variety of services and solutions. This creates an exceptionally personalized experience and fosters a continuously-growing AI home ecosystem.
      Finally, the AI to the Core zone highlights the cutting-edge innovation of LG’s AI Core-Tech, including the AI DD and the AI DUAL Inverter. The integration of LG’s latest AI solutions with industry-leading core technologies delivers more precise control, improved energy efficiency and enhanced personalization.
      “Our Affectionate Intelligence Home solutions at IFA 2024 will enable customers to experience the ease of the Zero Labor Home, where they can enjoy a life free from mundane household chores,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “We will continue to lead the AI home era with our Affectionate Intelligence solutions and state-of-the-art core technologies.”
      Visitors to LG’s booth (Hall 18, Messe Berlin) at IFA 2024 from September 6-10 can discover the unprecedented customizability and convenience of the company’s latest Affectionate Intelligence Home solutions.
      # # #

      link hidden, please login to view
    • By News Reporter
      LG Electronics CEO William Cho, in an exclusive interview with Bloomberg, discussed the company’s business strategy, growth areas, and the competitiveness of LG’s AI. Cho highlighted the focus on expanding B2B, subscription services, and its webOS-based advertising and content business to drive growth.
      video player" frameborder="0" allowfullscreen="" data-embed-src="https://www.youtube.com/embed/LNI0STXN_qA?si=yxEcHdSBzmK_0WRW&start=2066">

      link hidden, please login to view
    • By News Reporter
      Driving Business Portfolio Innovation to Maximize the Potential of Key Business Areas
      and Advance B2B, Platform-Based and Emerging Ventures


      SEOUL, Aug. 21, 2024 — LG Electronics (LG) is rapidly evolving into a “Smart Life Solution Company” by leveraging its decades of customer insight, manufacturing expertise and technological prowess as a leader in home appliances. As part of its mid- to long-term strategy, “Future Vision 2030,” LG is committed to ongoing transformation and growth.
      On August 21, LG hosted an investor forum at LG Sciencepark in Seoul, bringing together domestic and international investors and analysts. During the event, CEO William Cho outlined the company’s progress and strategic direction since the announcement of Future Vision 2030 last year, emphasizing key achievements. The forum was also streamed live on
      link hidden, please login to view. In addition to CEO William Cho, the event was attended by CFO Kim Chang-tae, CSO Lee Sam-soo and other top executives responsible for key business areas such as heating, ventilation and air conditioning (HVAC), webOS content & services and subscription business. The event aimed to communicate the progress and plans of LG’s mid- to long-term strategy directly to the market, ensuring greater transparency.
      Following the announcement of the 2030 Future Vision and the shareholders’ meeting, LG continues to engage with the market and stakeholders through direct communication from the CEO and key business leaders, as demonstrated in this investor forum.
      Under the Future Vision 2030 plan, LG aims to become a “Smart Life Solution Company” by connecting and enhancing customer experiences across various living spaces, including homes, commercial environments, mobility and virtual platforms. To achieve this, the company plans to accelerate the transformation of its business portfolio towards a more future-oriented model. The goal is to achieve the “Triple Seven” targets: a 7 percent average growth rate, 7 percent operating profit and an enterprise multiple (EV/EBITDA) of 7.
      At the event, LG shared its interim financial progress under Future Vision 2030, revealing an 8 percent increase in revenue, a 6 percent operating profit and a fourfold growth in EV/EBITDA compared to the previous year, based on the first half of this year’s business performance (excluding LG Innotek).
      “Over the past year, we have been steadily laying the foundation for achieving our future vision, and we take pride in creating ‘structural changes’ and ‘sustainable outcomes’ in various areas,” said CEO Cho. “With strong confidence and a sense of responsibility, we will continue to advance towards our goals.”
      Four Strategic Directions for Business Portfolio Innovation
      CEO Cho detailed LG’s approach to business portfolio innovation, focusing on four key directions: maximizing the full potential of existing key businesses, expanding platform-based service models, accelerating the growth of B2B and fostering New-to-LGE businesses.
      The first direction of maximizing the full potential of current businesses involves a strategy to overcome the limitations of mature core businesses, such as home appliances and TVs. This includes integrating subscription services into its home appliance offerings and expanding direct-to-consumer (D2C) sales channels, providing customers with more choices and enhanced experiences.
      CEO Cho explained that these efforts are leading to steady growth and profit generation in core businesses, which serve as cash cows for the company. Despite a double-digit decline in the Korean home appliance market, LG’s domestic appliance sales are on the rise, driven by the creation of new demand through subscription services. In addition, overseas home appliance sales have grown more than 1.5 times faster than the market average over the past three years, driven by expanded product and price lines and D2C sales.
      Second, expanding platform-based service models focuses on leveraging the hundreds of millions of LG products sold worldwide as a platform to generate revenue from content, advertising and services. A prime example is LG Home Entertainment Company’s TV business, which aims to accelerate the webOS advertising and content business with the goal of transforming the company into a media and entertainment platform powerhouse. Since 2018, the annual growth rate of the webOS platform-based advertising and content business has reached 64 percent.
      In terms of accelerating the growth of B2B businesses, LG is achieving significant results in areas such as vehicle components, HVAC and smart factories. These advancements are closely aligned with market inflection points like digitalization and electrification. LG aims to increase the B2B share of its total revenue to over 45 percent by 2030. The B2B share, which was 27 percent in 2021, has already risen to 35 percent in the first half of this year.
      LG’s vehicle component solutions business has secured an order backlog exceeding KRW 100 trillion (USD 74 billion), with sales of high-value products like digital cockpits growing rapidly. The company is also expanding its global production footprint to support this growth. In the HVAC sector, LG leads the high-efficiency market with its advanced inverter and heat pump technologies, and it is actively targeting the cooling systems market for AI data centers, where demand is surging. LG also has plans to expand its smart factory business into industries with rising factory automation needs, such as semiconductors, pharmaceuticals, biotechnology and food & beverages.
      The company continues to invest in promising new business areas that will serve as the foundation for future growth. In the commercial robotics sector, LG is focusing on securing AI-driven, software-defined robotics capabilities. For the electric vehicle charging business, LG is collaborating with leading global partners to seize business opportunities.
      Portfolio Innovation Yields Emerging Unicorn Ventures
      LG also highlighted the success and growth potential of key businesses that have become core engines of the company’s future growth, showcasing significant results from its portfolio innovation.
      “Inspired by the term ‘unicorn’ used to describe ventures valued at over KRW 1 trillion (USD 740 million) in the market, we refer to new business models generating annual sales of over KRW 1 trillion (USD 740 million) as ‘unicorn businesses,’” said CEO Cho. “Our home appliance subscription service surpassed KRW 1 trillion (USD 740 million) in annual sales last year, securing its status as a ‘unicorn business.’ Additionally, several seed businesses, which are expected to become the next unicorns in the near future, are accelerating their growth.”
      Home Appliance Subscription Business Achieves Unicorn Status
      LG is pioneering a paradigm shift in the home appliance business by combining services with its home appliances through a subscription model. Unlike traditional product-centric models that generate one-time sales, the subscription model maintains ongoing customer relationships, offering optimized care services post-purchase, thereby generating continuous revenue.
      Last year, the subscription business achieved KRW 1.134 trillion (approximately USD 840 million) in annual revenue, marking a 33 percent growth over the previous year and securing its place as a unicorn business. This growth is accelerating, with revenue expected to rise by nearly 60 percent this year to exceed KRW 1.8 trillion (USD 1.3 billion).
      The rapid growth of LG’s home appliance subscription business is driven by its ability to meet diverse customer needs. Customers can lower their initial purchase burden and maintain their appliances in top condition with expert care services for the desired duration, with free services provided during the subscription period. Customer responses highlight the high value of the subscription business, with its share of LG’s domestic home appliance sales rising from 15 percent last year to over 20 percent this year.
      webOS-Based Advertising & Content Business Set to Become the Next Unicorn
      LG’s webOS-based advertising and content business leverages millions of devices worldwide as a platform to generate additional revenue streams. This year, revenue is expected to exceed KRW 1 trillion (USD 740 million), a fourfold increase compared to 2021. To sustain this rapid growth, LG is focusing on expanding its customer base, diversifying revenue models and strengthening business capabilities.
      In platform businesses, the more devices that use the platform, the larger the business scale becomes. LG has sold approximately 220 million smart TVs over the past decade. In addition, LG licenses its webOS to external companies lacking their own operating systems, with non-LG brands having sold over 10 million webOS TVs. The webOS platform is also expanding beyond TVs to include automotive infotainment and smart appliances, with the company securing leading global OEMs as clients for its in-vehicle infotainment systems.
      LG provides a variety of content via webOS, operating revenue models based on advertising and services. A prime example is LG Channels, a free, ad-supported streaming service offering over 3,800 channels in 29 countries. LG plans to diversify its services into high-growth areas such as gaming, personalized shopping and Transactional Video On Demand.
      To bolster its webOS platform capabilities, LG plans to invest over KRW 1 trillion (USD 740 million) by 2027. The company will continue collaborating with more than 4,000 global content partners and expand tailored advertising solutions through its data analytics subsidiary, Alphonso.
      Chiller Business Targets AI Data Center Cooling Market: On Track to Become a Unicorn in Three Years
      LG’s HVAC business offers a broad portfolio, ranging from residential air conditioners to commercial systems for large buildings, schools, public institutions and industrial facilities. This is one of LG’s fastest-growing core businesses, driven by market trends like decarbonization and electrification.
      The chiller business, which provides cooling solutions for large buildings, has seen new opportunities as global tech giants increase demand for data centers amid the AI boom. Over the past three years, LG’s chiller business has achieved an average annual growth rate of over 15 percent, with overseas sales more than doubling during the same period.
      LG plans to leverage its extensive experience in supplying chillers to power plants, data centers and other facilities, along with its high-efficiency core technologies, to actively target the data center cooling market. In addition, LG is preparing to commercialize new solutions, such as liquid immersion cooling, which are gaining traction in the market.
      “By 2030, 50 Percent of Total Sales and 75 Percent of Operating Profit Will Come from B2B, Platform-Based and New Businesses”
      To achieve its mid- to long-term goals outlined in Future Vision 2030, LG will consistently drive business portfolio innovation. The company aims to generate 50 percent of total sales and 75 percent of operating profit from three key focus areas: expanding platform-based services, accelerating the growth of B2B and nurturing New-to-LGE businesses.
      “These goals are rapidly becoming a reality,” said CEO Cho. “We will ensure that LG’s new value proposition is recognized by all stakeholders, securing sustainable growth and profitability over the long term.”
      # # #
      * Amounts in Korean won (KRW) are translated into U.S. dollars (USD) at the average rate for the six-month period of the year 2024 — KRW 1,349.55 per USD.

×
×
  • Create New...