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
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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By News Reporter
Record Revenues, Strong Profitability Provide Solid Foundation for
Pursuing Mid- to Long-term Growth Through Advancement of Business Portfolio
SEOUL, July 27, 2023 — LG Electronics Inc. (LG) today announced second-quarter 2023 consolidated revenue of KRW 20 trillion with operating profit of KRW 741.9 billion.
The company recorded the highest second-quarter revenues in company history. The second-quarter results underscore the success of the company’s strategy to drive continuous growth while strengthening its business competitiveness. The record revenue reflects the company’s actions to fundamentally improve its business structure by pursuing new platform-based service businesses and continuously expanding the business-to-business (B2B) segments. Profitability also was strong, although operating income was 6.3 percent lower than the second quarter last year, primarily due to a one-time second-quarter 2023 provision.
The company plans to drive further profitability improvements by optimizing efficiencies and by preemptively meeting market demands through enhanced demand forecasting and manufacturing competitiveness. LG also plans to continuously strengthen its online brand store and direct-to-consumer businesses.
The LG Home Appliance & Air Solution Company generated second-quarter revenues of KRW 7.99 trillion and an operating profit of KRW 600.1 billion. Despite intensified market conditions, the business unit recorded strong profitability on the back of increased sales of high-demand products such as air conditioners and energy efficient heat pump-enabled products. The operating profit increased by 40 percent from the previous year, reflecting efficient cost structure management. The company will leverage its high-efficiency innovations including heat pumps and ESS as demand for green technologies grows in Europe, North America and around the world. At the same time, the company sees the electrification trend as an opportunity for future growth in the HVAC business. In the third quarter, the company will launch new LG ThinQ UP 2.0 home appliances featuring hyper-personalization, subscriptions and services. Certain mass-tier appliance lineups also will be expanded in response to market changes. The company plans to lead a paradigm shift in the home appliance industry by combining service-based business models with differentiated product competitiveness, while continuing efforts to increase efficiencies in production, purchasing and logistics for stable profitability.
The LG Home Entertainment Company recorded second-quarter revenue of KRW 3.15 trillion and an operating profit of KRW 123.6 billion. As challenging business conditions persist for the worldwide consumer electronics industry, the company continued to focus on improving operational efficiency and improving profitability by growing the content and service businesses based on LG’s webOS smart TV platform. The company intends to transform its TV business portfolio into a “media and entertainment service provider” by expanding content, services and advertising in differentiated products. The business unit also intends to solidify LG’s leadership in the ultra-large-screen TV market with the launch of the 97-inch LG SIGNATURE OLED M, the world’s first “wireless” consumer TV with Zero Connect technology. Also driving the premium TV market are expanded sales of the company’s popular new Lifestyle Screens.
The LG Vehicle component Solutions Company‘s second-quarter revenue was KRW 2.66 trillion, the highest second-quarter revenues in company history. However, an operating profit was KRW 89.8 billion excluding non-recurring expenses such as one-off provision, achieving the highest second-quarter operating profit in terms of business performance. But after the company’s operating profit margin included the one-time provision of KRW 151 billion, related to General Motors’ recall of the Chevy Bolt EV, it resulted an operating loss of KRW 61.2 billion. This provision reflects the increases in material costs that occurred during the recall period.
The business unit will continue its growth momentum by focusing on expanding its high value-added and high-performance business. The company’s order backlog is expected to reach KRW 100 trillion by the end of the year, leading to sequential sales conversion resulting in profitable growth. In particular, in terms of profitability, it is positive that the company is experiencing economies of scale from sales expansion. As steady increase of electric vehicle demand is expected in the future, the company will actively seek new opportunities in future mobility areas, such as autonomous driving, software solutions and content, while securing stable profitability by expanding the portion of high value-added and high-performance products supplied to key automotive customers around the world.
The LG Business Solutions Company saw improved second-quarter revenues of KRW 1.33 trillion with an operating profit of KRW 2.6 billion. Both revenue and operating profit declined slightly from the same period last year due to the persistent softening of demand for IT products. From the third quarter, demand for IT products is expected to show a gradual recovery compared to the first half. In the midst of this, LG plans to actively expand sales of monitors and laptops equipped with gaming features and OLED displays. In the commercial display business, the company will seek opportunities for further growth with customized solutions for various vertical markets, from hospitality and health care to education, retail and corporate.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on July 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
First-of-Its-Kind LexisNexis Report Ranks LG Among Top 100 Companies
Accelerating Innovation to Achieve United Nations Sustainable Development Goals
NEW YORK, July 11, 2023 – LG Electronics Inc. (LG) has been recognized as a world leader in leveraging technology to address sustainability and social challenges, according to a just-released groundbreaking report. LG is ranked 13th among the top 100 corporate patent owners advancing transformative solutions toward the United Nations Sustainable Development Goals (SDGs) in the new report, “Exploring the Global Sustainable Innovation Landscape: The Top 100 Companies and Beyond,” by LexisNexis® Intellectual Property Solutions.
“Now more than ever, the intersection of innovation and sustainability is creating opportunities for companies to make a difference in addressing some of the world’s most pressing issues,” said LG Electronics North America CEO Thomas Yoon. “LG’s Better Life for All ESG mission builds on our longstanding role in the UN Global Compact and aligns with SDG initiatives driving positive impact for people, communities and the planet.”
With the release of Exploring the Global Sustainable Innovation Landscape, LexisNexis introduces what it calls “a new standard of excellence for responsible and sustainable business.” By objectively mapping the SDG targets and indicators to the global patent system and applying the Patent Asset Index, a widely accepted evaluation methodology featured in the LexisNexis® PatentSight® platform, the report identifies the companies such as LG that are building a healthier, prosperous and more sustainable world through the contributions of their patent portfolios.
The six pillars of LG’s global ESG strategy – carbon neutrality, circular economies, eco-conscious products, sustainable supply chains, an inclusive organizational culture and accessible products – are aligned with UN SDGs. The company is working toward carbon neutrality by cutting emissions from operations through measures such as highly efficient buildings, renewable energy, fleet electrification and carbon offset projects. LG’s climate action efforts also focus on reducing the environmental impact of its products throughout their entire lifecycle, from design and production to packaging and transportation to use and disposal.
To download the report, view the complete ranking of the Top 100 companies and learn about the report’s approach to mapping patents to the SDGs, visit
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By News Reporter
Highest Second Quarter Revenue With
Steady Growth Based on Strong Fundamentals
SEOUL, July 7, 2023 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the second quarter of 2023.
LG reported revenues of KRW 19.9 trillion in the second quarter of 2023, the highest second-quarter revenue, with operating profit of KRW 892.7 billion, the second highest second-quarter operating profit in the company’s history.
The revenue reflects the company’s actions to fundamentally improve its business structure by continuously expanding the B2B segment, even as profitability was impacted by the challenging global economic conditions and intensifying competition in the market. Operating profit increased by 12.7 percent compared to the same quarter last year, reflecting continuous growth based on the company’s strategy to strengthen business competitiveness.
The LG Home Appliance & Air Solution Company recorded strong profitability on the back of increased sales of high demand products such as air conditioners and energy efficient heat pump-enabled products as well as energy storage systems.
Despite the challenging global economic conditions, the LG Home Entertainment Company is achieving meaningful growth of content and service businesses based on LG’s webOS smart TV platform. At the same time, the company’s Lifestyle Screens are expanding sales and driving the premium TV market.
The LG Vehicle component Solutions Company is continuing the growth momentum supported by high order backlog of auto parts and stable supply chain management. At the same time, the company’s growth was positively impacted by a stable business portfolio made up of the 3 key areas of infotainment, e-powertrain and lighting solutions. The LG Business Solutions Company is accelerating the expansion of the customer experience to discover potential customer demand by introducing the world’s first commercial television sets to feature Apple AirPlay technology support for hotel TVs.
These figures are tentative consolidated earnings based on K-IFRS provided as a service to investors prior to LG Electronics’ final earnings results, including net profit. Details regarding each division will be announced officially later this month.
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