For some time, the manufacturer LG has been trying to change its brand image with consumers. Wishing to no longer appear only as a company centered on electronic products, its management team has been "phosphorizing" for a while the reorientation of the company in order to find new sources of growth, its activity being hit hard by the return of the inflation and the sluggishness of global growth on the one hand, by the ever-increasing competition from Chinese firms on the other hand.
LG Electronics, smart life solutions company
This is why William Cho exposed to the world ten days ago in Seoul the new LG strategy which now aims to become a "smart living solutions company" in order to generate revenue no longer solely linked to the marketing of materials, but also once they are installed and used by consumers. A bit, all things considered, like Apple, whose Services division (Apple Music, Apple Pay, Apple TV+, etc.) generates an ever-increasing share of its turnover compared to sales of iPhones and Mac computers.
Welcome to William Cho, CEO of LG Electronics
And the first activity affected by this paradigm shift is none other than the TV branch. “For starters, by the end of this year, LG's TV business is expected to make a big transformation based on its WebOS operating system, which powers more than 200 million smart TVs globally. With this in mind, the company intends to transform its TV business portfolio into a "media and entertainment service provider" by expanding content, services and advertising in products, including LG TVs. Oled and LG QNED, which have differentiated competitiveness”.
So LG wants to offer media and entertainment as a service by offering more content, services and advertisements to LG TV owners.
