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LG Announces Strategic Shift Toward Media and Entertainment Platforms

Source: LG Electronics

Seoul, South Korea - LG Electronics unveiled its intent to evolve into a media and entertainment platform company.

Announcing its pivot at the inaugural webOS Partner Summit 2023, LG is repositioning itself to meet the future demands of the connected entertainment industry.

Why It Matters:

LG developed LG WebOS for use in their smart TVs. However, it is a multipurpose OS environment.

As a web-based platform, it can be used for different solutions. The announcement can check the evolution of the OS since its first launch.

The Key Points

  • Platform expansion: Since its launch in 2014, LG's webOS has powered over 200 million LG smart TVs worldwide. The platform is known for its adaptability and extensive ecosystem and is expected to be integrated into more than 300 million devices within three years.
  • Diverse applications: Beyond smart TVs, webOS has expanded into projectors, digital signage, and in-car entertainment systems. Third-party webOS brands have grown from 20 to more than 300 in just two years.
  • Global collaborations: In 2021, LG will acquire a majority stake in U.S.-based Alphonso, a data analytics company specializing in advertising and content. This move, coupled with Alphonso's European expansion, underscores LG's commitment to the global growth of content services.
  • User-centric innovation: Leveraging AI for enhanced search functionality and content recommendations, LG plans to integrate voice user interfaces into partner applications. This will provide users with smoother navigation and faster content discovery.
  • Streaming Surge: LG Channels, a free streaming service available in 27 countries, reports more than 50 million subscribers by March 2023. Impressively, the number of unique devices increased by 75%, and the number of viewers increased by 57% in 2022.

Deep Dive

Regarding the financial commitment, LG pledges a significant investment of KRW 1 trillion in webOS over the next half-decade.

This capital injection aims to refine the user experience, expand content offerings, and foster global partnerships.

Park Hyoung-sei, president of LG Home Entertainment Company, emphasized the strategic shift, stating, “LG is poised to transform into a media and entertainment platform company. 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.”

LG's redefined direction aims to enhance customer experiences, embodying its "Sync to You, Open to All" vision.

This approach ensures a tailored user experience and promotes inclusivity across products.