MWC Unveils 'V60 ThinQ' for Overseas Release Only
Mass Premium Smartphone Being Prepared for Domestic Market
Budget 'Q51' and Mass Premium 'G9' Likely
[Asia Economy Reporter Han Jinju] LG Electronics is adopting a strategy of releasing different models domestically and internationally this year as 5G becomes full-scale. The flagship smartphone 'V60 ThinQ' will be launched only overseas, while a mass premium product will be released domestically to respond to the market. Interest is growing as to whether LG's clever move to exploit gaps amid competitors flooding the market with foldable phones and flagship smartphones will pay off.
According to industry sources on the 4th, LG Electronics plans to unveil the 'V60 ThinQ' at MWC held later this month and release it in Europe and North America. Domestically, instead of the V60 ThinQ, the company has decided to launch a mass premium product. The domestic release model is expected to be the 'G9 ThinQ.'
Until now, LG Electronics has released the G series and V series as flagship smartphones every year. However, since 5G was first commercialized domestically last year, the brand strategy has changed. The V series was elevated to the highest-end brand, and the V50 was launched as LG Electronics' first 5G model. At that time, when competition to attract 5G subscribers was fierce, even mobile carriers joined the marketing of the V50 series, resulting in sales exceeding 500,000 units. The G8 was released as an LTE model and received relatively less marketing support, so it did not stand out as much compared to the V50.
This year, LG plans to launch the V60 ThinQ in North America and Europe, where 5G network construction is becoming full-scale, to respond to early 5G demand. The decision to release the V60 in overseas markets, where competition for 5G customers is expected to intensify, also reflects the judgment that marketing expenses can be reduced. For LG Electronics, which recorded a cumulative loss of 1 trillion won last year, cost reduction is urgent, and there is a strong will to prevent excessive marketing spending.
Domestically, LG plans to introduce the mass premium G9 and the budget model 'Q51,' judging that the initial demand for 5G flagship smartphones has been largely resolved. The strategy to diversify 5G smartphone distribution applies to both Samsung and LG, but unlike Samsung, which is seeking new opportunities with foldables, LG appears to be focusing on maintaining the status quo. LG is also developing new form factor technologies such as foldable phones but has no plans to release them within the year.
An LG Electronics official said, "Since the V60 is a model made for overseas markets, it will not be released domestically," adding, "The characteristics of the 5G market differ; domestically, the 5G market is entering its mid-phase, subscriber competition has slowed, and the demand for high-end phones is not strong, whereas overseas, full-scale competition is beginning."
A telecommunications industry official explained, "There is a clear niche market demand for mid-to-low-end smartphones, but it is relatively difficult to link them with 5G or high-priced plans," adding, "Many people looking for flagship smartphones also subscribe to 5G plans, so it will not be easy for LG Electronics to respond with only mid-to-low-end models."
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