LG NOVA Program Announces “First 50” Startups Advancing to Next Phase of Incubation Program
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By News Reporter
Highest Full-Year Revenue in LG Electronics’ History With
Continuous Growth Based on Strong Fundamentals
SEOUL, Jan. 27, 2023 — LG Electronics Inc. (LG) today announced full-year 2022 consolidated revenue of KRW 83.5 trillion with operating profit of KRW 3.6 trillion.
In 2022, LG achieved its highest annual revenue ever – surpassing KRW 80 trillion for the first time in its history – increasing 12.9 percent over 2021, when sales exceeded KRW 70 trillion for the first time. The record sales reflect continuous growth based on strong fundamentals, although full-year profitability was impacted by challenging global economic conditions.
The company’s revenue growth in 2022 was driven by strong demand for premium home appliances and automotive parts. For the seventh consecutive year, the appliance business unit saw significant year-over-year growth. The turnaround of LG’s Vehicle components Solutions business in 2022 reflected steady improvements in the automotive industry, and this business exceeded 10 percent of LG’s total revenue for the first time.
The LG Home Appliance & Air Solution Company saw another record-setting year with 2022 revenue of KRW 29.9 trillion, an increase of 10.3 percent from the previous year, as a result of company’s premium-focused strategy that includes unique appliances such as LG Styler clothing care systems, all-in-one WashTower laundry centers, and LG InstaView refrigerators with Craft Ice. Full-year 2022 operating profit was KRW 1.1 trillion lower than in the previous year caused by increased marketing investments and higher logistics costs. The business unit plans to consistently pursue its premium-centered strategy by improving competitiveness of premium products as well as strengthening its mass-tier lineup, along with cost structure management to enhance profitability. In addition, the company will accelerate the expansion of smart home ecosystems by expanding upgradable appliance lineups in the overseas markets.
The LG Home Entertainment Company reported 2022 revenue of KRW 15.7 trillion and operating profit of KRW 5.4 billion. Although lower global TV demand impacted revenue and operating profit versus 2021, the company’s content and services business based on LG’s smart TV platform has grown ten-fold since 2018. As challenging business conditions persist, the company will focus on expanding LG’s smart TV platform to diversify its overall business portfolio and secure future growth engines. Furthermore, the company will maintain its competitive edge by growing the premium TV segment, such as OLED TV and QNED TV, as well as effectively managing marketing expenses.
The LG Vehicle component Solutions Company increased revenue by 29.1 percent in 2022 from 2021 to KRW 8.6 trillion with a full-year operating profit of KRW 169.6 billion. The business unit’s profitable growth was driven by proactively responding to higher demand from automakers. By year-end 2022, the total value of accumulated orders for auto parts is around KRW 80 trillion, reflecting the company’s position as a leading supplier to the worldwide automotive industry. The company will continue its momentum by strengthening its global supply chain and will work to further increase profitability through efficient cost structure management.
The LG Business Solutions Company’s 2022 revenue of KRW 6.1 trillion increased 11.2 percent over the previous year driven by continuous recovery of information displays. Full-year operating profit declined, primarily due to lower post-pandemic demand for PCs and monitors. Looking ahead, the company plans to improve competitiveness of PCs and monitors, while driving stable growth in the B2B segment by developing more customized solutions.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on January 27, 2023 at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.
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By News Reporter
New Video Camera Solution With LG webOS Facilitates Convenient
Medical Staff-Patient Interactions, Day and Night
SEOUL, Jan. 26, 2023 — LG Electronics (LG) is unveiling its Smart Cam Pro (model AN-VC22PR), a 4K video camera designed for use in hospitals and healthcare centers. LG Smart Cam Pro delivers sharp, clear image quality with or without the lights on, allowing seamless video communications at any time of day or night. The new model also presents healthcare solution providers with customizability through the integration of LG’s versatile webOS platform.
LG Smart Cam Pro incorporates a 4K RGB main camera and a 4K night vision camera, each offering crisp, ultra-high definition (3,840 x 2,160) images1 and 4x digital zoom. The device also implements LG’s HDR effect, which adjusts color and contrast to make the subject easier to see, even when they are backlit by strong, natural or artificial light. When paired with a TV/display2 in the patient rooms, LG Smart Cam Pro with customized solution makes it possible for medical staff to complete their rounds virtually and ascertain if a patient needs specific support before physically attending to them. Also, after accepting a call placed through LG Smart Cam Pro, the screen of the recipient’s TV3 switches from the content being viewed to the camera feed, then switches back once the call has ended.
Featuring a compact, space-saving design with a foldable mount, LG Smart Cam Pro can be placed on or near a TV or display. The device has a subtle, dark silver casing and a gloss-black front featuring a manual privacy cover that can be moved over the main lens at the user’s discretion. To provide clear communications between patients and medical staff, LG Smart Cam Pro is equipped with a built-in 4-way microphone system with echo cancellation and noise reduction.
Additionally, LG’s 4K smart camera leverages the LG webOS platform, which provides a convenient user experience with the ability to add new and customized services in the future, and a Qualcomm Technologies, Inc. high-performance system on chip (SoC) for the Internet of Things (IoT) – capable of providing an excellent video experience and intensive Edge AI applications – to deliver seamless software services4 for healthcare solutions.
“Utilizing both Qualcomm Technologies’ system-on-chip innovations and the LG webOS platform will allow the LG Smart Cam Pro to transform the way that medical services are performed across the globe,” said Jeffery Torrance, senior vice president and general manager of Connected Smart Systems (CSS), Qualcomm Technologies, Inc. “LG and Qualcomm Technologies are continuing to advance IoT camera technology for consumers and businesses alike.”
“Based on the LG webOS platform and Qualcomm’s advanced SoC, the new LG Smart Cam Pro is a 4K video camera solution intended to provide a convenient means of medical staff-patient communication in busy healthcare settings,” said Paik Ki-mun, senior vice president and head of the Information Display business unit of LG Electronics Business Solutions Company. “A reliable innovation partner, LG will continue to provide a wide range of product lineups designed to meet the specific needs of diverse business sectors.”
The LG Smart Cam Pro will be introduced at ISE 2023, which will be held in Barcelona, Spain from January 31 to February 3. To learn more about the innovation, visit
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1 Image definition may vary depending on the network environment.
2 Available on a TV/display connected via HDMI.
3 Available on compatible LG commercial TVs when connected via MPI port.
4 Performance may vary depending on the network environment.
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By GiotisCy
Hello,
I have recently purchased an LG C2 Oled TV which I connected with my Samsung HW-Q800B 5.1 soundbar via eArc HDMI. When I select "Passthrough" as a Digital Sound Output on LG TV sound advanced settings, there is an obvious sound response delay around 3 seconds when I pause and unpause the movie on Netflix or Prime video streaming apps on LG TV. For example, when I start the movie, the video starts and sound starts 2-3 secs later. When I pause the movie, the sound continues for 2-3 secs after the video has been stopped. There is no any lip sync issue, just this response delay of the sound from the soundbar. This happens only on LG TV Apps. If I connect to an external HDMI device such as AMAZON Fire Stick 4K, there is no such sound delay issue neither on Netflix neither on Prime Video.
Thus, the problem seems to be on LG TV apps.
If I change the Digital Sound Output to "Auto" instead of "Passthrough" the issue is gone but sound quality is not as good as with Passthrough selected. So I do not want this to be my option.
I would appreciate if someone could come with a solution on this.
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By Libbo2003
Hi just got a new QNED LG to replace 2021 Nano tv
the problem is I can’t move my HD channels down to channels 1 to5.
the program manager does not have the function to move channels like my old Nano tv which is only a year older.
is there anyway I can get around this strange function?
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By News Reporter
For LG, 2022 was a defining year for its unwavering journey towards sustainability after the company successfully redirected its focus to collaborations for a greater collective impact through its global innovation challenge, the LIFE’S GOOD AWARD.
Innovators hailing from all four corners of the globe answered LG’s call with creativity, passion and a drive to make sure Life’s Good, with novel solutions that bring much-needed hope of a brighter future for people and the planet. Among the countless game-changing ideas submitted, the best four were selected to be presented at the LIFE’S GOOD AWARD Conference held in January, in what would be the grand finale.
(From left to right) Lee Jeong-seok, head of LG Electronics’ Global Marketing Center, CTO Dr. Kim Byoung-hoon and CSO Lee Sam-soo
With innovation at its core, it was only fitting that LG Sciencepark, the company’s immense innovation hub based in Magok (South Korea), was chosen to host the conference. The four finalists joined the judging panel of respected scholars and LG executives to give their final pitches that would determine which award they would be taking home. But this was by no means a closed event, as the public was warmly invited to tune into the conference’s afternoon events.
Lee Jeong-seok, head of LG Electronics’ Global Marketing Center
The day kicked off with a presentation from each team and the judging panel gave valuable feedback and asked questions based on the solution’s impact, innovation and sustainability. And finally, the moment everyone had waited for; the announcement of who would be receiving what prize at the awards ceremony held later that day.
Public attendees interested in LG’s latest sustainability efforts were greeted to the park by a special exhibition booth providing an interesting overview of each top-four solution, as well as a look into LG’s most notable products promoting environmental sustainability and accessibility.
The ‘Dot pad,’ Dot Incorporation’s tactile graphic display, was one of them. Featuring 2,400 braille pins/dots which move up and down to convert information, this device gave visitors the opportunity to experience how the visually impaired ‘see’ the world through their fingertips.
Next up was Day1Lab’s alternative plastic solution which promotes its vision of a green Earth devoid of all harmful microplastic waste. This exhibit was set up to clearly demonstrate how carbohydrate complex materials degrade naturally in freshwater and earth, as to not harm the planet’s beautiful and diverse ecosystems.
Similarly, SOLUTUM presented an alternative plastic solution which degrades naturally in freshwater without toxic residue. Attendees were eager to see the eco-friendly material close up, especially as it’s expected to be featured in consumer products soon in partnership with a leading beverage brand.
Water desalination was the key initiative outlined in NONA Technologies’ exhibit. It’s here where onlookers could discover how a desalination solution that removes minerals from raw water completely changes the outlook of agriculture and water-deprived communities over the world.
Professor Christopher Marquis, a professor at Cambridge Judge Business School
Following this exclusive tour of the winning solutions, everyone gathered for the long-awaited awards ceremony. But before the awards were handed out, a welcoming address by LG, special lectures from presiding professors and speeches from the winning teams were conducted, a perfect example of how businesses, scholars and innovators can come together as one for a better world.
(From left to right) Dot Inc.’s Ki Kwang Sung, CSO Lee Sam-soo and Dot Inc.’s Ju Yoon Kim
The curtains closed on the ceremony with a big round of applause for the winners, with Dot Inc. (South Korea), SOLUTUM (Israel), Day1Lab (South Korea) and NONA Technologies (the United States) claiming the Grand Prix, Gold, Silver and Bronze awards, respectively. The jury lauded the four winners’ amazing dedication and visionary solutions.
Through a relentless drive for innovation and an unwavering commitment to connecting with some of the brightest minds in the world, LG will continue to foster a Better Life for All. Stay tuned to
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