LG exploring ads and subscription plans for its home products
As part of the company's goal to increase global annual revenue, LG announces its plan to transform into a "smart life solution company".
The vision of a "smart life solution company" will see LG create "a platform-based service business model that continuously generates profits, such as content and services, subscriptions and solutions, to the hardware-orientated businesses."
To achieve this, LG will transform its TV business portfolio into a "media and entertainment service provider" by going into content, services and ads in its OLED and QNED TVs. The company plans to invest KRW 1 trillion over five years to enhance the content competitiveness of drive growth of the ads-based free broadcast platform, LG Channels.
In addition, LG will expand the use of webOS to external TV brands and the application of webOS to other product categories. The LG ThinQ Up appliances will be evolved to have upgrade functions that customers need even after purchase, and transform into a "Home as a Service" platform with hyper-personalisation, subscriptions, and smart home services.
This means that consumers might have to pay subscription services to unlock advanced features on LG ThinQ Up appliances. With consumers already having to deal with subscription plans across different services, it remains to be seen how they will react if LG home appliances enter the fray.
Source: TheElec
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