Summary
- LG Electronics is shifting from being a key player in the mobile sector to becoming a prominent media and entertainment platform company, aiming to enrich consumers’ lives with services and curated content on its flagship products like LG OLED and LG QNED TVs.
- LG’s webOS, a smart TV platform, powers over 200 million LG TVs globally and supports various third-party brands. The company plans to expand this number to 300 million within the next three years and has also diversified the application of webOS into projectors, digital signage, and in-vehicle infotainment systems.
- LG’s commitment to constant innovation based on consumer insights sets it apart. It has made investments in advertising and content data analysis to fortify the webOS ecosystem. LG is also focusing on enhancing content variety, refining user interfaces, and consolidating global partnerships with content producers.
In the ever-evolving world of technology, companies must adapt to thrive. Once a key player in the mobile sector, LG Electronics is charting a bold new direction: pivoting to become a prominent media and entertainment platform company.
Recall that LG, an original member of the Open Handset Alliance which paved the way for Android, officially exited the smartphone market in 2021. However, rather than signaling a decline, this move has been followed by a period of growth. After the mobile division’s closure, LG reported increased profits last year. It seems the South Korean giant was recalibrating its strategy.
LG unveiled its new vision at the webOS Partner Summit 2023 in Seoul, attended by a global consortium of content creators, developers, and industry leaders (via SamMobile). The company’s aim? To enrich consumers’ lives with an array of services and curated content, especially on flagship products like LG OLED and LG QNED TVs.
Central to this mission is LG’s webOS, a smart TV platform. Launched on LG Smart TVs in 2014 after originally powering Palm Phones, it’s become one of the most prevalent platforms of its kind globally. Impressively, it powers over 200 million LG TVs and supports various third-party brands. With an aggressive expansion strategy, LG aims to elevate this figure to 300 million within the next three years. Furthermore, LG has diversified the application of webOS into projectors, digital signage, and in-vehicle infotainment systems.
LG’s webOS could soon power more than just smart TVs.
The webOS Hub, catering to third-party brands, has seen remarkable growth, with partner brands rising from 20 to over 300 in just two years. This evolution brings with it a slew of features, ranging from cloud gaming to OTT services, further enhancing user experience.
But what sets LG apart is its commitment to constant innovation based on profound consumer insights. The company has made it possible for users to enjoy the latest webOS versions on their home TVs, offering robust support for operating system upgrades even for previous TV models.
Moreover, to fortify the webOS ecosystem, LG acquired a majority stake in US-based Alphonso in 2021, specializing in advertising and content data analysis. This aligns with LG’s pledge to invest a hefty KRW 1 trillion in its webOS business over the next five years, aiming to cater to diverse consumer lifestyles and preferences. LG’s investment will focus on enhancing content variety, refining user interfaces, and consolidating global partnerships with content producers.
On the technological forefront, LG is emphasizing innovation in AI-based search and recommendations, with plans to incorporate a Voice User Interface feature. This will allow webOS users to smoothly control and explore third-party content services using voice commands, simplifying content discovery.
With such ambitious plans, one might ponder the impact on competitors like Samsung. As SamMobile pointed out, while LG’s emphasis on evolving the webOS platform and prioritizing its OLED and QNED TVs hints at a refined focus, it might translate into Samsung capturing more of the consumer electronics market share with less pressure from its biggest domestic rival.
