LG Electronics plans to make its OLED technology the new television standard by the end of the year and has set a goal to sell five times as many OLED TVs as it did in the first half, according to Brian Kwon, executive vice president and CEO of LG’s Home Entertainment Company.
Kwon, speaking at a roundtable at IFA 2015 in Berlin this week, shed some light on the strategy his company will employ that he said would solidify LG’s role in the home entertainment market. That strategy was divided into four key components:
- Expanded OLED TV lineup. LG plans to provide a wider selection of its own OLED TVs that Kwon said will suit the tastes of a wide variety of customers. But the company is also confident that announcements of OLED TV products from other manufacturers will accelerate the adoption of OLED TVs by more and more customers.
- Enhanced marketing campaigns. LG will invest in a major international marketing push to help drive sales of its OLED TVs overseas, Kwon said. The company plans to do product introduction tours and install OLED displays at major airports around the globe.
- Bolstering Smart TV. Look for LG’s webOS platform to expand with more smart TV content from partners like Netflix and YouTube. The company will also kick off a high dynamic range (HDR) content streaming service for webOS 2.0-enabled smart TV users, and it plans to roll out an upgrade to webOS 1.0 users.
- AV Profitability. LG wants to become more profitable in its monitor, digital signage, and audio-visual business. Relying on its reputation as a reputable premium-display provider, the company will push its high-end monitor products. And LG plans to expand its suite of Bluetooth audio products.