LG Announces Fourth-Quarter and Full-Year 2024 Financial Results
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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 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
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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By News Reporter
Equipped With Cutting-Edge AI Technologies, the Company’s Large-Capacity
Commercial Washers and Dryers Deliver Excellent Energy Efficiency
SEOUL, Nov. 7, 2024 — LG Electronics (LG) is showcasing its PROFESSIONAL LAUNDRY lineup at Texcare International 2024, a global B2B laundry and textile care exhibition, held in Frankfurt, Germany, from November 6-9. Prioritizing energy efficiency, the new lineup features a variety of large-capacity solutions, including 30-kilogram washers and dryers, as well as a washer-dryer combo with heat pump, offering a maximum capacity of 25 kilograms for washing and 16 kilograms for drying. With the launch of its PROFESSIONAL LAUNDRY lineup, LG aims to strengthen its position in the commercial laundry market, both in Europe and worldwide.
LG’s comprehensive range of large-capacity commercial washers and dryers provides several outstanding options for customers to choose from. The new PROFESSIONAL LAUNDRY lineup features 20-, 25- and 30-kilogram washers, as well as 25- and 30-kilogram dryers, along with a 25- kilogram washer-dryer combo. These solutions are equipped with LG’s advanced AI technology, which automatically adjusts water usage and washing/drying times based on load size, enabling a complete cycle in just 60 minutes.*
Along with energy efficiency, LG’s PROFESSIONAL LAUNDRY lineup boasts outstanding durability. The new washers feature the company’s Ball Balancing System, which supports a maximum spin speed of 1,100 RPM and enhances stability during high-speed washing cycles. The 25-kilogram washer-dryer combo stands out as one of the largest models in the heat pump combo category and is the industry’s first commercial combo to employ an inverter heat pump drying module. This proprietary technology significantly reduces drying times and boosts energy efficiency. Ideal for businesses with high laundry demands, such as hotels and care facilities, LG’s impressive heat pump combo represents a reliable, energy-efficient alternative to traditional gas and electric dryers.
LG’s commercial laundry solutions deliver further value with Proactive Customer Care, a smart service that actively monitors the machines’ operational data to identify potential issues before they arise. This service sends alerts to facility managers through the LG Laundry Crew app, allowing them to take preventive measures and avoid any service interruptions. In addition, the machines are equipped with features designed to safeguard performance, such as Tub Cleaning, which helps maintain hygienic conditions within the drum.
Since entering the global commercial laundry market in 2008, LG has consistently expanded its influence within the segment. Earlier this year, the company strengthened its partnership with WASH, a leading North American laundry service provider, to increase its presence in the growing U.S. and Canadian markets for laundry solutions in multi-family housing and university dormitories. LG also continues to showcase its innovations globally, with a successful appearance at the Clean Show 2022 in the U.S. and now at Texcare International 2024 in Germany.
With its new PROFESSIONAL lineup leading the way, LG plans to continue expanding its presence in Europe’s commercial laundry solutions sector. The company’s high-efficiency washer and dryer technologies will play a key role in helping commercial laundry operations lower their energy consumption.
“Building on our success in the residential washer and dryer market, we are now accelerating our efforts to lead the commercial laundry sector and are excited to launch our innovative, energy-efficient PROFESSIONAL LAUNDRY lineup,” said Lyu Jae-cheol, president of LG Electronics Home Appliance & Air Solution Company. “Texcare International 2024 is a notable opportunity to grow our commercial laundry business and strengthen our standing in the global market, particularly in Europe.”
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* Based on an IEC standard load of 7 kilograms for washing and drying courses. Actual results may vary depending on usage environment and washing conditions.
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By News Reporter
LG SIGNATURE OLED T and CineBeam Q Honored
for Their Groundbreaking Innovation and Unprecedented Design
ENGLEWOOD CLIFFS, N.J., Nov. 1, 2024 — This week, TIME revealed its annual list of the Best Inventions, naming the
link hidden, please login to view to the list which features 200 groundbreaking innovations changing the world. Debuted at CES 2024, the LG SIGNATURE OLED T is the world’s first consumer transparent TV with transparent 4K OLED screen and LG’s wireless video and audio transmission technology, transforming users’ viewing experience with unprecedented freedom. Additionally, the received a special mention for its sleek design, light form factor and performance. TIME’s Best Inventions of 2024 list is compiled by nominations from TIME’s editors and correspondents around the world, and through an online application process, evaluating a variety of industries and sectors such as consumer electronics, education, sustainability and robotics. Each submission is evaluated on several key factors, including impact, reach, creativity and effectiveness. See the full list here:
Of this year’s list, TIME’s editors write: “The result is a list of 200 groundbreaking inventions (and 50 special mention inventions)—including the world’s largest computer chip, a humanoid robot joining the workforce, and a bioluminescent houseplant—that are changing how we live, work, play, and think about what’s possible.”
Revolutionizing the world of home entertainment, the LG SIGNATURE OLED T transforms how we experience screens in our homes. This groundbreaking innovation not only delivers stunning visuals but also features a breathtaking transparent display that seamlessly blends into your environment when not in use. With its ultra-slim design, the LG SIGNATURE OLED T transforms into an elegant piece of art, enhancing any room’s aesthetic. Advanced wireless technology enables the transmission of 4K video and audio without the clutter of cables, offering a truly immersive viewing experience. The TV boasts exceptional picture quality, showcasing vibrant colors and deep contrasts, setting a new standard in home entertainment. With the LG SIGNATURE OLED T, LG is pioneering a future where technology and design coexist beautifully.
With its compact design and powerful performance, the CineBeam Q delivers stunning 4K resolution and vibrant colors, transforming any space into a captivating theater. This state-of-the-art projector features advanced laser technology, ensuring exceptional brightness and clarity, even in well-lit environments. The LG CineBeam Q also offers versatile connectivity options, allowing seamless streaming from various devices, making it perfect for movie nights or gaming sessions. With its user-friendly interface and compact form, the LG CineBeam Q is designed to enhance your entertainment experience, setting a new standard for home projection.
Furthermore, Signature Kitchen Suite’s 30-inch Combi Wall Oven, a product in the latest Transitional Series delivering a chic, minimalist appearance, has also been recognized as one of the Best Inventions of 2024 in the Household category.
To learn more about the LG SIGNATURE OLED T and CineBeam Q, visit .
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