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LG announces business transformation.
LG announced its business transformation plan to evolve into a media and entertainment platform company, which was first unveiled at the 2023 webOS Partner Summit. Key highlights of LG’s strategy include:
webOS expansion: LG plans to expand the webOS smart TV platform to more devices, cooperate with third-party TV companies, and promote webOS in other product areas. It is expected to support more than 300 million devices by 2026.
Diverse applications: In addition to TVs, LG also integrates webOS into a variety of devices such as projectors, digital signage, and car entertainment systems.
Partner ecosystem growth: The number of third-party brands working with webOS Hub has increased rapidly, from 20 to more than 300, which has also prompted partner brands to launch OLED TVs.
Strategic acquisitions and investments: LG has acquired a large stake in Alphonso, a US advertising and content data analysis company, and plans to invest 1 trillion won in the webOS business over the next five years to provide more content and services to meet different consumer preferences and lifestyle.
Content and usability enhancements: LG is committed to increasing content diversity on webOS, improving user interface and experience, and strengthening global partnerships with content producers, including with companies such as Prime Video and YouTube, to bring new features and Beta.
Artificial Intelligence and Voice Integration: LG plans to launch AI-driven Voice User Interface (VUI) features to improve app navigation and content discovery.
LG Channels Growth: LG Channels 3.0, LG’s free streaming service, has seen significant growth, with more than 50 million subscribers in 27 countries and usage growth of 75% in 2022, making it one of the top five apps on webOS.
Talent development and acquisition: LG is working with academic institutions in South Korea to train the next generation of software talents and looking for outstanding software professionals globally.
This strategy aims to strengthen LG’s position in the media and entertainment field and provide more diversified products and services to meet changing market needs. LG will continue to work hard with its partners to promote the realization of this vision.
