10 Years of OLED TV Evolution... A New Era of Customer Experience Has Begun

LG Electronics Captures 60% of OLED TV Market
Unveils New Vision for TV Business

[Asia Economy Reporter Park Sun-mi] LG Electronics marked the 10th anniversary of its OLED (Organic Light Emitting Diode) TV business this year by presenting customer experience expansion as its new vision.

On the 3rd, LG Electronics announced that it has established a new vision for its TV business called "Sync to You, Open to All" to celebrate the 10th anniversary of its OLED TV business. LG Electronics, which announced the start of its OLED TV business by unveiling the world's first 55-inch OLED TV at CES 2013 held in Las Vegas, USA, in January 2013, currently dominates 60% of the global OLED TV market, solidifying its number one position.

The new vision focuses on customer experience throughout all processes from product development to purchase and use, allowing everyone to freely enjoy screen experiences tailored to individual tastes and lifestyles.

The new 2023 OLED evo model, unveiled at CES 2023 opening on the 5th of this month, fully embodies this vision. The AI (Artificial Intelligence) picture and sound engine analyzes the content creator’s intent, adjusts screen noise, and recognizes faces, objects, text, and backgrounds in scenes to display an optimized screen. To provide a customized user experience, the home screen is composed of webOS, which can contain various applications rather than broadcasting.

When LG Electronics started its OLED TV business 10 years ago, it launched curved OLED TVs with screens curved on both sides like an IMAX theater, focusing only on screen size and high resolution. Now, it has presented a new vision for the TV business with enhanced customer-tailored experiences, expanding the service area through customer experience. LG OLED TVs, which have evolved continuously, won a total of 12 innovation awards at CES 2023, including two 'Best Innovation Awards,' achieving the remarkable record of winning CES innovation awards for 11 consecutive years since their first launch in 2013.

Despite the contraction in TV demand due to global economic uncertainties, LG Electronics has achieved a performance of dominating 60% of the entire OLED TV market, which is the top-tier lineup. According to market research firm Omdia, as of the third quarter of last year, 59.2% of OLED TVs sold worldwide were LG Electronics products. The proportion of OLED TVs in LG Electronics’ total TV sales also increased by 0.9 percentage points from a year earlier to 33.7%. It is estimated that more than 15 million LG OLED TVs have been sold since the first launch in 2013. As of the third quarter of last year, cumulative sales had already reached 14,097,000 units. Typically, more than 30% of annual TV shipments are concentrated at the end of the year.

Park Hyung-se, head of LG Electronics’ HE Business Division, said, “LG Electronics has led customer experience innovation as a prestigious OLED brand over the past 10 years,” adding, “We will continue to offer customers new value that cannot be experienced with conventional TVs based on differentiated OLED picture quality and design, as well as advanced platform competitiveness.”