LG NOVA Announces Fourth Annual InnoFest 2024, Invites Entrepreneurs, Investors and Startups to Innovate for Building a Better Tomorrow
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By News Reporter
With Immersive Sound, Versatile LG TV Integration and Enhanced Features,
LG Provides Elevated Audio Experience With Latest Soundbars
SEOUL, Dec. 19, 2023 — LG Electronics (LG) unveils its 2024 soundbar lineup, including the S95TR, SG10TY and S70TY models. Crafted to seamlessly complement LG TVs, these soundbars promise an elevated home cinema experience through their robust sound quality, well-rounded features and sophisticated designs.
Creating an enhanced synergy between the soundbar and TV, the elevated audio quality of LG’s newest soundbar models enriches the home entertainment experience with a heightened sense of immersion and greater convenience. When paired with WOW Orchestra, the soundbar and LG TV harness the full potential of their audio channels, creating an unrivaled audio experience with an enlarged soundstage and improved depth and height. The ideal choice for a surround sound experience, LG’s new soundbars deliver the superior quality of Dolby Atmos, driven by the advanced technology of DTS:X.
WOWCAST takes audio excellence a step further, allowing the S95TR and SG10TY models to connect wirelessly to LG TVs, ensuring superior sound without any compromise, even when playing Dolby Atmos audio. All three new soundbar models feature the WOW interface, an intuitive and user-friendly method to effortlessly manage soundbar settings and share sound modes with the TV.
At the forefront of LG’s new soundbar lineup is the premium S95TR model, delivering an impressive 810W output and captivating surround sound through its 15 channels. The S95TR boasts five up-firing channels, including the industry’s first center up-firing speaker, creating an unparalleled three-dimensional audio experience with enhanced clarity and an expanded soundstage. Moreover, the angle of the center up-firing speaker ensures a seamless audio-visual experience with precise elevation to the TV screen’s level.
The S95TR features improved tweeters for clear and precise audio, while also incorporating a passive radiator to enrich bass sounds and optimize the overall balance between the soundbar and the subwoofer. Notably, viewing quality is further strengthened in the S95TR model, designed with a matte color palette, materials and finish to effectively reduce reflections.
The SG10TY, another new LG soundbar, serves as the perfect audio and visual companion to LG’s premium OLED TVs. WOW Orchestra, WOW Interface, and WOWCAST enable the SG10TY model to seamlessly integrate with LG OLED TVs, completing the viewing experience for a greater sense of immersion. Remarkably, connecting WOWCAST to the SG10TY model and an LG premium OLED TV creates a wireless home entertainment experience with no visible cables between the screen and the soundbar. This Wi-Fi enabled soundbar provides a flawless listening experience with a high-fidelity audio quality for listeners to enjoy their favorite tracks on music streaming platforms including Tidal Connect and Spotify Connect. The thoughtful design of the SG10TY flawlessly aligns with the width and frame colors of LG OLED TVs, resulting in an impeccable visual match when paired with an ultra-thin OLED TV.
LG will also roll out the S70TY soundbar model, ideal for LG QNED TVs with its simple and compact design. This model also features the industry’s first center up-firing speaker, providing sharpened voice clarity. The angled design ensures harmonious audio and visual in alignment with the TV screen’s level.
A dedicated bracket for the S70TY model* allows users to place the soundbar directly beneath the QNED TV for a refined appearance. This bracket provides a convenient solution for direct attachment, eliminating the need to drill holes in the wall during installation. The bracket allows customizable wall-mounting of the S70TY soundbar at various heights or locations, guaranteeing an aesthetically ideal setup, great convenience and an optimal sound experience.
LG Triple Level Spatial Sound technology applies channel analysis through a 3D engine to mesmerize listeners with lifelike sound and a compelling sense of space. What’s more, LG AI Room Calibration – a feature praised by both consumers and experts for its audio enhancement – rapidly analyzes the environment of a room and adjusts the settings, enhancing the audio to harmonize with the room’s acoustics. New for 2024, the AI Room Calibration extends its capability to calibrate the audio of rear surround speakers, expanding audio immersion and offering more flexibility for installation.
In 2024, LG also plans to introduce new editions of speakers and earbuds to the global market. Despite its compact design, the most recent XO2 model offers the authentic, omnidirectional audio of the LG XBOOM 360 speaker. Featuring a distinctive conical-cylindrical design, it radiates sound in all directions, ensuring consistent, high-quality audio enjoyment for everyone in the listening space. Its compact dimensions, along with 20-hour battery life and IP55 rating, increase its portability and versatility. The most recent XBOOM 360 speaker boasts unique 360-degree mood lighting using audio reflectors, presenting a new lighting design that emanates a sense of openness and diffusion.
LG TONE Free earbuds continue to be ideal for an on-the-go option with user-centric features and a comfortable fit. The latest T90S model offers balanced sound, improved Dolby Head Tracking and refined Adaptive ANC. Additionally, the T90S supports Plug & Wireless, allowing users to enjoy their favorite shows, movies and music on non-Bluetooth devices by using the charging case as a Bluetooth transmitter.
“LG has always been committed to delivering unmatched audio-visual experiences with superior quality, all to bring a better life to our valued customers,” said Lee Jeong-seok, head of LG Home Entertainment Company’s audio business. “We remain dedicated to providing immersive home entertainment experiences through LG’s premium soundbar products, ensuring our customers enjoy the very best with further enhanced surround sound optimized for LG OLED TVs and LG QNED TVs.”
LG’s latest innovations and technologies for home entertainment will be on show during CES 2024 from January 9-12 at the company’s booth (#16008, Central Hall, Las Vegas Convention Center). To keep up with all of LG’s exciting announcements at CES, follow #LGCES2024 on social media.
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* This dedicated bracket for the S70TY model is available for separate purchase.
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By News Reporter
Company Achieves Highest Annual Revenue as Home Appliances and Vehicle
Components Continue Growth for Ninth Consecutive Year
SEOUL, Jan. 23, 2025 — LG Electronics Inc. (LG) announced its financial results for the year 2024, disclosing a consolidated revenue of KRW 87.73 trillion and an operating profit of KRW 3.42 trillion. This marks a new record for the highest annual revenue in the company’s history.
In terms of revenue, both the home appliances and the vehicle components business continued their growth for the ninth consecutive year, contributing to the company’s highest revenue achievement. The LG Home Entertainment Company and Business Solutions Company also saw an increase in revenue compared to the previous year.
Operating profit experienced a slight decline compared to the previous year, primarily due to external factors such as a delayed recovery in global demand for home appliances and increased logistics costs in the second half of the year. Despite these challenges, the company maintained a stable profit structure on an annual basis. This stability was achieved through qualitative growth resulting from business portfolio restructuring and the operating leverage effect from increased sales.
2024 Business Performance
The LG Home Appliance & Air Solution Company reported a revenue of KRW 33.2 trillion in 2024. After surpassing KRW 30 trillion in annual revenue for the first time two years ago, the Company has continued to demonstrate sustainable performance, achieving double-digit revenue growth last year. Operating profit reached KRW 2.04 trillion, overcoming the challenges posed by increased logistics costs. This marks the first time since 2021 that the Company has exceeded KRW 2 trillion in operating profit.
The Company’s qualitative growth was driven by changes in its business models, which include home appliance subscriptions and Direct-to-Consumer sales. Revenue from home appliance subscriptions surged by over 75 percent compared to the previous year, nearing KRW 2 trillion. In addition, the B2B segment, which includes heating, ventilation and air conditioning (HVAC) systems, continued to expand.
The LG Home Entertainment Company reported a revenue of KRW 15.23 trillion and an operating profit of KRW 315.9 billion in 2024. Sales of OLED TVs saw growth in regions such as Europe and Asia, driven by global sports events. Additionally, the webOS-based advertising and content business surpassed KRW 1 trillion in annual revenue.
The LG Vehicle component Solutions Company reported a revenue of KRW 10.62 trillion in 2024, marking the second consecutive year it has surpassed KRW 10 trillion in revenue. Despite experiencing a temporary slowdown in demand for electric vehicles, the Company demonstrated stable revenue growth for the ninth consecutive year, supported by a high order backlog. However, operating profit decreased to KRW 115.7 billion compared to the previous year, primarily due to increased development costs for new order projects and R&D investments aimed at transitioning to software-defined vehicles (SDV).
The LG Business Solutions Company reported a revenue of KRW 5.69 trillion in 2024, with an operating loss of KRW 193.1 billion. The increase in revenue was driven by a focus on customized commercial displays for sectors such as hotels, stores, businesses and schools, as well as premium IT products like the LG gram. However, the Company continued to face operating losses due to rising raw material prices for key products and intensified market competition.
2025 Business Directions
LG will consistently pursue qualitative growth through business portfolio innovation, despite the rapidly changing global market and competitive environment. Following the regrouping of the company’s business operation units at the end of last year, LG aims to enhance synergies between its businesses and improve operational efficiency. Additionally, LG will focus on strengthening the fundamental competitiveness of its businesses in terms of quality and cost, while securing a sound profit structure.
The LG Home Appliance Solution Company plans to launch new products with regional specialization and AI applications, aiming to expand sales by increasing sales of its volume zone lineups. The Company will also advance its AI home solution business to achieve its goal of “Zero Labor Home, Makes Quality Time.” Additionally, the subscriptions business will actively expand beyond Korea, Malaysia and Taiwan to include Thailand, India and other regions, continuously creating new opportunities.
The LG Media Entertainment Solution Company aims to expand sales of premium products such as OLED and QNED, while providing differentiated customer experiences through AI features. The Company will integrate operations of LG’s screen-based businesses – including TVs, IT devices and information displays – to enhance synergies between hardware and platform businesses. Additionally, webOS will be developed into an integrated content and services platform for both indoor and outdoor use through continuous content investment and partnership expansion.
The LG Vehicle Solution Company aims to focus on going beyond a supplier of vehicle components to becoming a provider of innovative solutions for the entire vehicular experience. The Company will focus on securing SDV capabilities in preparation for the future. It will also strive to maintain stable revenue based on its order backlogs while improving profitability through product mix enhancement and overall operational improvements.
The newly established LG Eco Solution Company aims to rapidly grow LG’s HVAC business into a global top-tier player by leveraging its core technological competitiveness in key components such as motors and compressors. The Company will focus on building locally self-sustainable production systems and developing region-specific solutions. It will provide comprehensive solutions optimized for various spaces, including industrial, commercial, public and residential facilities, ranging from large chillers to commercial and residential air conditioners.
Earnings Conference and Conference Call
LG Electronics will hold a Korean / English conference call on January 23, 2025, at 16:00 Korea Standard Time (07:00 GMT/UTC). Conference call participants are instructed to pre-register online to receive a private PIN. To participate in the conference call, dial +82 31 810 3130, enter passcode 6418# and then the PIN. The corresponding presentation file will be available for download at the LG Electronics website before the call.
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By News Reporter
Company Sets New Record for Annual Revenue
SEOUL, Jan. 8, 2025 — LG Electronics Inc. (LG) today announced its preliminary earnings results for the fourth quarter and full-year of 2024, reporting a consolidated revenue of KRW 87.74 trillion and an operating profit of KRW 3.43 trillion. This marks a new record for the highest annual revenue in the company’s history.
Over the past four years, LG’s consolidated revenue has seen a compound annual growth rate of over 10 percent. The company has managed to grow while maintaining solid fundamentals amidst various external uncertainties. Strategic shifts in business models, including subscription services and Direct-to-Consumer (D2C) initiatives, have driven growth beyond the limits of its core businesses. The expansion of Business-to-Business (B2B) operations has also contributed significantly to the revenue increase.
Despite various challenges, profitability remained stable on an annual basis. In the second half of last year, unexpected global shipping cost surges and one-time costs for inventory rationalization impacted profitability. However, the overall annual business performance showed positive qualitative growth driven by business portfolio realignment.
In the fourth quarter of last year, LG recorded consolidated revenue of KRW 22.78 trillion and an operating profit of KRW 146.1 billion. This year, the company aims to accelerate qualitative growth through business portfolio transformation. LG will focus on strengthening fundamental competitiveness in areas such as quality and cost while maximizing efforts to secure a robust profit structure through fixed cost efficiency.
The home appliance business, a core segment for the company, is expected to surpass KRW 30 trillion in revenue for the second consecutive year. The strategy of expanding AI appliances and volume zone lineups, along with diversifying business models to subscription and D2C, has driven solid performance. Growth in the B2B sector, including heating, ventilation and air conditioning (HVAC), built-in appliances and component solutions, continues steadily.
LG plans to expand its subscription business to countries such as Thailand and India, in addition to existing markets like Korea, Malaysia and Taiwan. The HVAC business, which holds the largest share in LG’s home appliance B2B area, will now operate as an independent business unit to become a global top-tier, comprehensive air solutions business.
In the TV business, despite the overall market experiencing delayed demand recovery, demand in premium markets such as Europe is gradually improving. The company’s webOS-based advertising and content business continues to expand its ecosystem across TVs, smart monitors and automotive infotainment systems. Beginning this year, the company will seek to further expand the foundations of its advertising and content business through its OLED and QNED “Dual Track” strategy in premium markets, as well as meeting market-specific demands across the globe with volume zone lineups. Additionally, in accordance with last year’s organizational restructuring, the company plans to enhance synergies between hardware and platform businesses through the integrated operation of its screen-based offerings including TVs and IT and ID products.
The vehicle component business has experienced a temporary slowdown in demand for electric vehicles. Despite this, it has continued to achieve solid results and is on track to surpass KRW 10 trillion in revenue for the second consecutive year. The company will focus on responding to the transition to software-defined vehicles (SDV) and strengthening internal stability through profitability-centered operations.
These figures are tentative consolidated earnings based on K-IFRS provided as a service to investors prior to LG Electronics’ final earnings results, including net profit. Details regarding each division will be announced officially later this month.
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By News Reporter
LG NOVA Pushes Forward the Future of Collaboration and Innovation
Across Healthtech, AI and Cleantech
LAS VEGAS, Jan. 4, 2025 — LG NOVA, the North America Innovation Center for LG Electronics(LG), returns to CES this year to showcase its commitment to a brighter future through building collaborations with entrepreneurs and startups working in healthtech, AI and cleantech. LG NOVA’s exhibit will feature startup companies building transformative solutions that address today’s real-world challenges impacting people and the planet.
At CES 2025, in LG NOVA’s Eureka Park exhibit, visiting attendees will have the opportunity to explore emerging technologies in healthtech, cleantech and AI; connect with LG executives and leading startups in their respective market areas, attend in-booth sessions and tech talks, learn about LG NOVA’s vision for the innovation ecosystem and discuss the latest trends and views on the markets with the team.
LG NOVA’s showcase will include
link hidden, please login to view, the first new venture unveiled by LG, launched in collaboration with LG NOVA. At CES, Primefocus Health will demonstrate its new healthcare solution built for providers to support patients’ recovery at home with a remote-monitoring and healthcare delivery platform. The company is working on personalized, home-based healthcare solutions tackling rural access, obesity, healthy aging and substance abuse. Additionally, with its continual efforts on creating innovative solutions for better health, LG NOVA is exhibiting a new mental health solution concept, Relief AI. This new concept is a platform for monitoring and tracking patients’ mental wellbeing through advanced AI assessment technologies, engaging with the patient directly.
The LG NOVA startup showcase is located at Eureka Park (Venetian Expo, Hall G. Booth #60511) Featured startups in the LG NOVA program include:
Healthtech:
: A patient-controlled hub for all home health data for streamlining personal health decisions. A leader in dermatology AI and skin cancer diagnostics, driven by its innovative DermEngine platform. Cleantech:
AI-assisted digital energy assessments for homes and neighborhoods to accelerate the decarbonization and optimizing energy efficiencies through home improvements. : Next-gen filtration technology to eliminate microplastics from textile wash—redefining laundering for a cleaner future. Artificial Intelligence:
An AI-powered platform for marketing teams to create production-grade videos for testimonials, webinars and events, featuring effects like multicam and AI-simulated camera moves – all with just an iPhone. : Creates Versa, a hands-free multi-modal AI system for cooking and nutrition. Versa is available as white-labeled SDK for appliance manufacturers and through the VersaWare mobile app and VersaBoard. Open Innovation:
Helps providers track patients’ recovery from neurological injuries and screen for frailty in minutes using digital biomarkers powered by patented movement analysis technology. An AI-powered voice biomarker health tech company that uses real-time patented vocal analysis to screen for mental health and neurological disorders. These startups exemplify LG NOVA’s pursuit to collaborate with innovative companies, pushing the boundaries of technology to create transformative solutions and a positive impact on the future.
For more information on LG NOVA’s at CES visit .
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By News Reporter
Strategic Restructuring to Enhance Synergy and Drive Growth in Key Business Areas
SEOUL, Nov. 21, 2024 — LG Electronics (LG) today announced a series of organizational changes and executive appointments following the approval of its board of directors. This restructuring aims to accelerate the company’s mid- to long-term strategy, “Future Vision 2030,” by enhancing inter-organizational synergy and innovating its business portfolio.
The restructuring focuses on regrouping LG’s business operation units* to maximize the potential of existing businesses, strengthen platform-based service operations, accelerate B2B initiatives and secure new growth engines in promising sectors. These changes are designed to enhance efficiency through the strategic selection and concentration of capabilities, thereby creating greater synergy between businesses and bolstering future competitiveness.
To spearhead this transformation, LG has appointed skilled individuals with exceptional expertise, emphasizing the enhancement of the company’s long-term competitiveness through the development of high-performing organizations.
Key Changes in Business Structure
A new Company will be established to bolster the growth of the heating, ventilation and air conditioning (HVAC) business, a crucial component of LG’s B2B acceleration strategy. The Overseas Sales & Marketing Company will now function as the overseas B2B control tower. Additionally, display-based operations – including TVs, monitors and signage – will be integrated to foster synergies and expand platform-based service businesses. New growth engines will be strategically relocated to Companies with greater business relevance, ensuring more stable support and creating synergies across business areas.
All four Companies will now incorporate “Solution” in their names, reflecting LG’s evolution into a Smart Life Solution provider that connects and enhances customer experiences across various environments, including homes, commercial spaces, mobility and virtual platforms.
Restructuring of Companies
LG has restructured its four Companies into the Home Appliance Solution (HS) Company, the Media Entertainment Solution (MS) Company, the Vehicle Solution (VS) Company and the Eco Solution (ES) Company. This reorganization redefines their roles and identities within LG.
The H&A Company will be renamed HS Company to align with its vision of “Zero Labor Home, Makes Quality Time.” To support this vision, LG will move the Platform Business Center – responsible for the planning, development and operation of LG ThinQ – directly under HS Company. This strategic realignment aims to establish HS Company as a leader in AI solutions across diverse spaces, including homes, commercial areas and vehicles, effectively addressing customer needs outside traditional home settings. Furthermore, HS Company will incorporate the Robot Business Division from the BS Company to integrate core robot technologies into its home robot solutions. Lyu Jae-cheol will continue to lead HS Company.
The HE Company will change its name to MS Company to align with its goal of becoming a media and entertainment platform powerhouse. It will integrate the Information Display business and Information Technology business from the BS Company with its TV business to create synergies in hardware and platform operations. Park Hyoung-sei will continue to lead the MS Company, driving its transformation into a media and entertainment platform.
The MS Company will accelerate the expansion of platform-based service business areas by broadening the application of webOS, which was primarily used in smart TVs, to monitors, signage and in-vehicle infotainment systems. webOS will evolve into an integrated content and services platform for both indoor and outdoor use, enhancing competitiveness through synergy and improved business structure.
The VS Company will clarify its role by changing its name from Vehicle component Solutions Company to Vehicle Solution Company, emphasizing its commitment to providing innovative solutions across the entire automotive ecosystem. Eun Seok-hyun will continue to lead the company.
The ES Company has been newly established. The HVAC business, previously part of the H&A Company and a significant contributor to LG’s B2B growth, will now operate as a standalone entity under the ES Company. Lee Jae-sung, the current head of the Air Solution Business Division, will lead the ES Company, ensuring continuity in the HVAC business and maintaining its strategic direction.
Given the project-based nature of the HVAC business and the specific characteristics of the market and its customers, LG has determined that operating it as an independent Company will maximize future competitiveness and growth potential. With the establishment of the ES Company, LG aims to position itself as a global leader in comprehensive air solutions.
Additionally, the ES Company will assume responsibility for the electric vehicle charging business from the BS Company and play a pivotal role in driving B2B growth within the clean tech sector, one of LG’s key future growth engines.
Meanwhile, to enhance the competitiveness of overseas B2B operations, LG will establish the B2B Business Capability Enhancement Division under the Overseas Sales & Marketing Company.
The Chief Strategy Office (CSO), acting as LG’s future strategy control tower, will also oversee AI acceleration and respond to global AI developments. The Chief Digital Office, previously responsible for digital transformation, will be reorganized into the DX Center and transferred directly under the CSO. The DX Center will focus on driving business performance through generative AI technologies and will be led by Cho Jung-bum.
The executive appointments emphasize the selection of diverse talents with proven expertise in sales, services and R&D. Jung Pil-won, currently leading the TV Overseas Sales & Marketing Group, has been appointed as the MEA Region Representative, recognizing his extensive experience in overseas sales management and his deep understanding of the Middle Eastern and African markets. Additionally, Kim Jung-ho, Kim Yoo-seon and Choi Jung-won, who head the subsidiaries in Saudi Arabia, Poland and Malaysia respectively, have been promoted to executive positions in acknowledgment of their significant contributions to business growth.
All appointments are effective December 1, with promotions taking effect on January 1.
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* LG’s major business operation units are called “Companies.”
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