By News Reporter
Company’s Transformation to Bring a Better Life to Its Customers
Through Selection of Distinctive Services and Content
SEOUL, Sep. 19, 2023 — LG Electronics (LG) today shared its first step to become a media and entertainment platform company, a business transformation that will enrich customers’ lives by delivering valuable services and a unique collection of curated contents in products, including LG OLED and LG QNED TVs. LG shared its new direction and strategy at the webOS Partner Summit 2023, held at the LG Sciencepark in Seoul, South Korea, and attended by content producers, providers, developers and industry figures from over 30 countries.
The first event of its kind, webOS Partner Summit 2023 provides the perfect forum for LG to share its new vision – and the immense value of the ever-evolving and expanding webOS smart TV platform ecosystem – with its trusted global partners.
Since its launch on LG Smart TVs in 2014, webOS has been one of the most widely used smart TV platforms in the world. Powering more than 200 million LG TVs worldwide, webOS also supports several third-party TV brands in multiple markets. Moving forward, LG plans to extend webOS to more third-party TV companies and expand the platform to other product categories. Within 3 years, LG expects to have over 300 million webOS-powered devices.
To deliver the unmatched convenience and expansive ecosystem of webOS to a broader customer base, LG has already applied its platform webOS to a range of categories, including projectors, digital signage and in-vehicle infotainment systems.
Moreover, the number of third-party partner brands that have embraced webOS Hub, the webOS solution for third-party brands, has grown substantially, increasing from 20 just two years ago to over 300 today. During that time, webOS Hub has undergone meaningful upgrades with the variety of content on offer expanding to include cloud gaming and OTT services and new features arriving to enhance convenience and the overall user experience. Additionally, some of LG’s partner TV brands have now introduced their own OLED TVs powered by webOS Hub.
The webOS smart TV platform is continuously evolving, providing seamless upgrades that add support for new services and bringing constant refinement to the user interface (UI) and user experience (UX) design based on LG’s deep understanding of customers. To allow as many users as possible to enjoy the latest version of webOS on their home TVs, LG is offering seamless support for TV operating system upgrades and updates via platform upgrades even for earlier TV models.
As part of its strategy to expand the webOS platform ecosystem, LG acquired the US advertising and content data analysis specialist, Alphonso, in 2021. Alphonso established subsidiaries in the UK and Greece last year, accelerating the global growth of its content service.
LG is set to make a substantial investment of KRW 1 trillion in its webOS business over the next five years in order to provide more content and services that cater to the diverse lifestyles and preferences of consumers. By boosting its competitiveness in content and services, LG believes it will further elevate the webOS user experience.
LG’s strategic investment will be focused on broadening the range of content available via the webOS platform, boosting usability by innovating the UI and UX, and strengthening partnerships with content production companies on a global scale. To date, LG has worked with its partners to bring new technologies to the platform for gamers, sports fans or Gen Z users. An example is the integration of Sye, a Prime Video proprietary, which provides a low latency technology that will benefit LG customers who are fans of live-streaming sports like Thursday Night Football. LG TVs deliver Netflix HDR streaming and have just opened the beta release for Netflix Games on TV and with the launch of the lifestyle screens for Gen Z, the company worked with YouTube to make a Native Touch UX available for the app on models such as StanbyME.
LG is also strengthening innovation in the area of AI-based search and recommendations. The company plans to incorporate a voice user interface (VUI) feature into partner companies’ apps, which will let webOS users easily control and navigate third-party content services with their voice, and enable swift and seamless content discovery.
Service usability will likewise be enhanced. LG Channels 3.0, LG’s premium, free streaming service, boasts a growing selection of TV series and has a revamped UI that allows users to view more content options, including live channels and movies, on the screen, reducing the need to scroll. And thanks to the new UI, users can now easily explore what’s on other channels without having to pause or navigate away from what they’re watching.
Available in 27 countries worldwide, LG Channels currently offers over 3,000 channels and has over 50 million subscribers as of March 2023. In 2022 alone, the number of unique devices on which LG Channels was used increased by 75 percent, while viewing time rose by 57 percent and usage frequency surged to make the service one of the top-five most-accessed apps on the webOS platform.
LG is actively investing in its smart TV platform development capabilities by partnering with academic institutions in South Korea to nurture the next generation of software talent, and by reinforcing its efforts to secure top-notch software professionals all around the globe.
LG is driving change with a genuine customer-centric approach, as represented by its TV business’s Sync to You, Open to All vision. The vision expresses the company’s aim to provide personalized experiences that cater to each customer’s preferences and lifestyle, and to create products that are accessible to all.
“LG is poised to transform into a media and entertainment platform company that delivers distinctive content and services that will enhance the lives of its customers,” said Park Hyoung-sei, president of the LG Home Entertainment Company, at webOS Partner Summit 2023. “This transformation would not have been possible without LG’s decade of OLED TV leadership and the technological innovation of the webOS smart TV platform.”
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By News Reporter
Have you ever wondered how many LG OLED TVs are shipped every year? 100 thousand units perhaps, maybe as much as a million? In the first half of 2023, LG recorded over 1.33 million shipments of its stunning OLED TVs, setting new benchmarks and records its competitors can only dream of.
According to market research firm
link hidden, please login to view, LG captured over 55 percent of the global OLED TV market in the first six months based on total shipments. As a renowned OLED TV leader now celebrating 10 years of innovation in this space, LG has once again defended its premium TV crown while further cementing LG OLED TV’s status as the pinnacle of premium TVs.
The “bigger the better” trend continues to prevail in the TV market, which is great news for LG. As more and more people desire larger TVs for their living spaces, models of 75 inches or larger accounted for a remarkable 11.4 percent share of total OLED TVs sold, while shipments’ yearly average growth rate topped 90 percent over the past five years. Staying on top of this growing trend, LG is resuming its dominance in the market with an outstanding 64.2 percent share in total shipments of OLED TVs over 75 inches.
LG is targeting this new demand for large and premium TVs in the second half of 2023 with the groundbreaking TV (model 97M3) it unveiled in July, which boasts the world’s first 4K 120Hz wireless solution that makes it easy for customers to achieve their dream interior.
Not one to be confined, LG unleashed a tidal wave of 10 million TV units (OLED and LCD) on the world, which has helped the company carve out a 16.2 percent share of revenue for itself in the global TV market.
Despite facing a downturn in the global TV market, LG persisted in strengthening its inventory management and securing higher profits while actively pursuing a strategic approach for its premium and ultra-large displays. And this commitment has paid off substantially, with its LG OLED TVs now accounting for around 30 percent of the company’s overall revenue generated from TV sets.
TV shipments totaled over 92 million units in the first half of 2023, matching last year’s first half performance. The OLED TV segment, which has been led by LG for a number of years, has already passed the 2 million shipments mark this year, which bodes well for the rest of 2023.
OLED TVs are continuing their takeover of the global TV market after capturing 9.3 percent of all revenue in the first half. Meanwhile, Omdia predicts that OLED TVs are set to shine even brighter, projecting at least a 43 percent revenue share among premium TVs priced above USD 1,500.
Find all the latest news on the home entertainment business and learn more about its world-leading innovations on the LG Newsroom.
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By News Reporter
Technology in the automotive sector is advancing swiftly. Electric cars and autonomous driving are rapidly evolving, and we’re now seeing tremendous changes in the automotive landscape. In just ten years, LG Vehicle component Solutions (VS) Company has transitioned from being a newcomer in the mobility industry to an established player.
After a decade of fulfilling customer demands and their expectations, the LG VS company has reached an important point in our history. In this year of our 10th anniversary, we are shifting gears to drive lasting growth by focusing on what matters most: delivering customer value, being passionate about innovation and holding true to our sense of purpose.
LG’s highest priority has always been customer value. With decades of expertise in the consumer electronics industry, LG possesses valuable insights into consumers’ wants and needs – which the LG VS company is now leveraging to create value for our auto industry customers and end users.
Our competitive edge and unique selling proposition lie in our ability to deliver strong customer value. The LG VS Company strives to provide outstanding technology and design innovations that are tailored to our customers’ needs. We will continue to develop solutions that have never been provided before. This is why automakers trust us to be the right partner to help realize their vision.
Passion and a sense of purpose are the other key foundations of LG’s business. The LG VS Company is pursuing its objective to enhance customer value with more passion and purpose than ever before. With our vision of Driving Better Future Mobility, we are strengthening our market presence and reinforcing our reputation as an “Innovation Partner for Future Mobility.” Our scope and vision have now been broadened. Not only are we aiding in the creation of new mobility technologies, but we are also actively driving tangible changes in the mobility experience.
The vehicle is no longer just a means of transportation. It is an integrated space where users can enjoy comfort, entertainment and safety. To provide such future mobility experience, we at LG will continuously bring fresh perspectives to the wider auto industry. We will also leverage our insights, knowledge and capabilities to provide our partners with innovative solutions for the road ahead.
By Eun Seok-hyun, president of LG Vehicle component Solutions Company
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By News Reporter
Targeting More Than USD $100 Million, the Fund Will Focus on Investments in
Companies That Provide Positive Impact on People and the Planet
SANTA CLARA, Calif., Aug. 2, 2023 — Global innovator
link hidden, please login to view and , a global investment advisory and asset management firm with nearly two decades of experience in impact and sustainable investing, announced a strategic alliance to support companies developing solutions to bring positive change to people and the planet. The two companies are collaborating on NOVA Prime Fund, a venture capital fund with a target of more than USD $100 million. The Fund’s objective will be to invest in companies advancing innovations to build a better future, drawing from the pool of companies participating in the Program sponsored by LG Electronics’ North America Center for Innovation, . “As a part of our business transformation to a Smart Life Solution company, LG is innovating to expand its services and solutions in new areas of business growth,” said LG Electronics Global CEO William Cho. “The strategic investments we’ve made with LG NOVA and its Mission for the Future Program has led us to take the next step in working with Clearbrook and others to support the accelerated growth of new technological solutions in digital health, sustainability and future solutions platforms that benefit society. Clearbrook’s investment track record with a clear focus on impact and sustainable investing aligns perfectly with LG NOVA’s mission.”
, Clearbrook’s venture capital arm, invests at the intersection of sustainability, profit and purpose, and will act as General Partner of the NOVA Prime Fund while LG Electronics will be a Limited Partner. The NOVA Prime Fund will focus on investing in mission-driven companies concentrated on sustainable energy, digital health, immersive AI and industries of the future. Based in Silicon Valley and investing across both national and international markets, the NOVA Prime Fund will seek to advance both companies’ long-standing commitment to societal impact, as the fund seeks to empower innovative startup companies to build the tools required for a more sustainable future.
LG NOVA will serve as a contributing source of innovative companies for the fund to invest in and provide a commercial acceleration path for those companies selected through its programs. Selected portfolio companies are also expected to benefit from Clearbrook’s global commercial acceleration resources. LG NOVA’s Mission for the Future is a global program to identify leading companies with innovative concepts and transformative solutions that create a positive impact on people and the planet. Selected companies may have an opportunity to explore new venture creation, and may benefit from an accelerated path to growth with support from LG.
“We anticipate that LG NOVA’s acceleration capabilities will help startups, as well as our portfolio companies, succeed in their business initiatives – providing a valuable scenario for the fund to achieve its mission of growing companies that provide a positive impact on society,” said Clearbrook’s Chairman and CEO Elliott Wislar. “Our strategic alliance is the result of a shared vision that impact investing is an essential part of a business ecosystem that contributes to an improved society for all. Through our combined forces, we will seek to accelerate and amplify innovation for a better tomorrow. Our focus will encompass environmentally friendly solutions with a reduced environmental impact, and we will actively seek to support cutting-edge innovations in healthcare, sustainable energy and other solutions that foster a smarter, healthier lifestyle.”
“By investing in this fund, we are intentionally bridging sustainability and innovation to drive exponential growth in viable solutions for the challenges we face today,” said Sokwoo Rhee, Head of LG NOVA and SVP of Innovation for LG Electronics. “We, in collaboration with Clearbrook, are moving forward in our vision for a brighter future created with innovative solutions to help people live a better life.”
For more information on the NOVA Prime fund visit
Learn more about LG NOVA and the Mission for the Future Program
Submit your company for the Mission for the Future program .
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