LG wants to reinvent itself as a service and entertainment provider
- July 14, 2023
- 0
A LG is one of the world’s leading manufacturers of technology, and its products are among the best-selling in most countries. But even with all this fame, the
A LG is one of the world’s leading manufacturers of technology, and its products are among the best-selling in most countries. But even with all this fame, the South Korean giant is not entirely happy with the sales profit, with the manufacturer’s CEO William Cho detailing that the company intends to focus on subscription services increase your income by 2030.
LG intends to bet on subscription services
Cho stated in an interview that his company wants explore advertising and subscription markets for your smart TV and home appliance business and to make his company a provider of “smart living solutions that integrate and enhance different spaces and customer experiences, rather than relying on its current position as the best appliance brand that offers quality products.”
Credits: LG Disclosure
07/14/2023 at 11:45
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With this plan LG intends to increase its annual global revenue from the current $51 billion to $79 billion in 2030. To do this, the manufacturer will invest in subscription services, while he will give up profits only once when selling the product to the buyer. move to a service business model a platform that constantly brings profitsuch as content and services, subscriptions and solutions.”
The first product to transition to this new company vision should be the smart TV division with webOS expected to receive a news series in 2023. With these changes, the manufacturer wants to expand its television system for “content, services and advertising” and must make it available for use by other manufacturers.
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In a press release, the manufacturer elaborated on its plan, stating that LG ThinQ UP will play a central role in this new phase of South Korea’s development. With this change, the company’s home appliances should put more emphasis on offering “features that customers want even after purchase” to charge for a subscription so that the consumer can get the full experience.
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Donald Salinas is an experienced automobile journalist and writer for Div Bracket. He brings his readers the latest news and developments from the world of automobiles, offering a unique and knowledgeable perspective on the latest trends and innovations in the automotive industry.
