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LG Electronics plans to provide home appliances and TV services by expanding its subscription model to generate revenue and cope with declining profits. The strategy may impact retailer revenue but could help shift the home appliance paradigm.
Although LG Electronics’ profits fell last quarter, its sales are expected to hit a new high. Meanwhile, Samsung Electronics expects first-quarter operating profit to rise sharply, pointing to a rebound in demand for its semiconductor business.
LG Electronics’ new subscription model relies on customers’ existing devices as it seeks to transform the company into a media and entertainment services provider. The company plans to continue investing in promising business areas to ensure future growth.
(Source: channelnews Image source: unsplash)
