LG CEO Encourages Securing New Businesses and Expanding Growth Opportunities in MEA and India
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By News Reporter
Company Strengthens Long-term Strategy With Agile
Adaptability in Rapidly Changing Business Environments
LAS VEGAS, Jan. 8, 2025 — LG Electronics’ (LG) CEO William Cho and key company executives outlined the company’s 2025 business strategy during a press conference held today for Korean media in Las Vegas, Nevada, U.S.A. The CEO emphasized the need to build structural competitiveness and accelerate qualitative growth by refining execution strategies adapted to rapidly changing global market environments.
Cho highlighted positive progress achieved through innovative business models, such as subscription service business and webOS-based advertising and content business, which demonstrate LG’s agile responsiveness to evolving market demands. “Amidst unprecedented market uncertainties and a shifting competitive landscape, we require a fundamentally different level of strategies and precise execution,” he stressed.
Compared to two years ago when LG first presented its Future Vision 2030, the global market recovery is experiencing prolonged delays, while geopolitical risks, such as shifts in trade policies in major nations, are becoming more pronounced. The competitive paradigm with Chinese companies is also shifting from price-based competition to a more sophisticated focus on technology.
As a part of the Future Vision 2030, LG aims to expand its existing device-centric business into mobility and commercial spaces. By leveraging decades of customer understanding, know-how and technological expertise, the company seeks to transform into a smart life solutions provider that connects and enhances customer experiences.
“Despite the challenging environment, significant opportunities remain,” Cho added. “By focusing on delivering differentiated customer value, we will create continuous growth.”
Shifting Business Paradigms to Meet Market Demands
LG is increasing its market presence through new business models like subscription based-services and the online brand shop. Capitalizing on the company’s strengths, the subscription business combines devices and services to provide greater convenience and flexibility, moving beyond price-driven competition. Customers can use products for a duration that best suits their needs and receive optimized care services, allowing LG to maintain closer customer relationships and generate recurring revenue.
LG is also strengthening its competitive edge by enhancing on-site care services and diversifying sales channels. This year, the company is expanding the service to India, Singapore and Hong Kong, following successful launches in Malaysia, Thailand and Taiwan.
In 2024, LG’s revenue from subscription services rose more than 75 percent year-over-year (YoY), surpassing the company’s original target (KRW 1.8 trillion) to reach a total nearing KRW 2 trillion. LG aims to more than triple this figure by 2030, establishing its subscription services as a key driver of growth.
The company’s data-driven online brand shop is also growing at a rapid pace, with sales surging over 80 percent YoY during last November’s Black Friday period.
Expanding Platform-based Services Business Through webOS
The platform-based service business, which is contributing to the transformation of the company’s business structure into a high-profit model, aims to increase its revenue by more than five times by 2030 – ultimately accounting for 20 percent of LG’s total operating profit. This business model leverages hundreds of millions of LG products sold worldwide as a platform to generate revenue by providing customers with content, tailored advertising and services.
A prime example of LG’s current success in this area is the advertising and content business based on the company’s webOS smart TV operating system. Last year, the webOS-based advertising and content business exceeded its revenue target of KRW 1 trillion.
Starting this year, webOS will become a comprehensive content platform for various devices and solutions, including IT products and vehicle infotainment systems. It will also broaden its scope to encompass AI-powered Digital Out of Home (DOOH) solutions to advertisers, evolving into an “integrated media advertising platform” that delivers differentiated content experiences across diverse indoor and outdoor spaces.
To this end, LG initiated the integration of its display-based businesses – including TVs, signage, monitors and laptops – through an organizational realignment at the end of last year. The company is also exploring various opportunities to secure additional capabilities through mergers and acquisitions (M&A) and partnerships.
Accelerating Growth in B2B exemplified with HVAC
To accelerate growth in the B2B sector, the company is focusing on its heating, ventilation, and air conditioning (HVAC) business, which is projected to expand rapidly in the AI era. LG has established a dedicated business division, the LG Eco Solution (ES) Company, to take its existing HVAC business to new heights. The HVAC business, alongside LG’s automotive component and smart factory business, will play a significant role in driving the company’s B2B business to greater success.
LG HVAC boasts a comprehensive portfolio of high-efficiency, high-performance solutions employing the company’s industry-leading core technologies. Its state-of-the-art products range from residential air conditioners to commercial air conditioners for buildings, schools and public institutions; heating solutions designed to replace fossil fuel boilers; and advanced chiller technology, which are now being applied to optimize energy efficiency in data centers – a pivotal backbone of AI infrastructure. Additionally, in key markets, LG is hastening the establishment of a localized, end-to-end business structure that encompasses R&D, production, sales and maintenance, and has the ability to develop region-specific solutions.
By 2030, LG expects its B2B business to account for around 45 percent of all revenue generated by the company. B2B revenue made up approximately 27 percent of total revenue in 2021 – a figure that rose to 35 percent by the end of last year.
Taking on Bold R&D Initiatives to Tackle Future Megatrends
The company is also revamping its future technology R&D portfolio to align with key strategic directions: maximizing business potential, expanding platform-based service businesses, accelerating B2B businesses and rapidly commercializing new growth engines. Over 75 percent of LG’s advanced R&D efforts will focus on technologies for businesses aligned with the company’s mid- to long-term strategies, and on securing pivotal technologies in promising future fields.
LG will continue to concentrate on strengthening core technologies across eight core technologies: software, system on chip, AI, robotics, materials and parts, standards, next-generation computing and cloud/data. Specifically, the company will apply CEO Cho’s “3B” strategy – Build, Borrow and Buy – by fostering internal capabilities, leveraging external expertise and acquiring technologies. This approach includes forming partnerships with global tech giants as well as promising startups and academia in order to solidify technological leadership. Additionally, LG will further bolster its R&D efforts in high-potential future fields, such as quantum computing and space technology.
CEO-led Task Force System to Enhance Structural Competitiveness
In addition to transforming its business portfolio, LG is focusing on strengthening its structural competitiveness – represented by Quality, Cost and Delivery – to address intensifying global competition.
This year, LG is establishing a new CEO-led review system to drive these efforts. Each business division and headquarters organization will set up a task force to secure leadership in products and technology, manufacturing efficiency, R&D and operations, with CEO Cho personally overseeing their progress. Key objectives for each task force include securing product and technology innovations, enhancing manufacturing capabilities and improving R&D capabilities.
LG is also carrying out meticulous preparations to improve its ability to respond strategically to external uncertainties. Working with internal and external experts, the company is crafting predictive scenarios for key issues and developing a “playbook” to identify optimal responses. This forward-looking approach is expected to minimize the impact of outside factors on the business and uncover new opportunities.
Sustained Investment in Future Growth
While it anticipates that the business environment will continue to face considerable uncertainties in the years ahead, LG is committed to maintaining its strategic investments. Aimed at securing fundamental business competitiveness and sustaining future growth, these investments will be ‘maximized’ based on strategic priorities.
In addition to investing in facilities and R&D, LG is actively exploring the strategic allocation of investment resources for equity investments and M&As to further accelerate the company’s growth. Previously, LG announced its plan to inject over KRW 50 trillion by 2030 to drive portfolio transformation and qualitative growth.
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By News Reporter
Company Leverages Its Latest AI-driven Innovations to
Expand the Definition of Space Experience
SEOUL, Jan. 2, 2025 — LG Electronics (LG) is showcasing an innovative, new solution that extends the convenience and comfort of the LG AI Home into mobility spaces at CES 2025. The “Lifestyle Solution for Mobility” concept vehicle, on display at the company’s booth, introduces the LG Mobility Experience (MX) platform. This groundbreaking mobility space solution integrates a full suite of LG’s smart life solutions to create a seamless connection between mobility and the AI Home, offering entirely new lifestyle experiences.
LG’s MX platform expands the definition of home solutions, creating a new type of multifaceted, multipurpose space. Using a modular package system, the platform integrates LG’s innovative appliance hardware and AI technologies to transform the vehicle cabin into an adaptable environment. This space can function as an extension of the home, a private media lounge or a creative studio, unlocking a raft of exciting “Space-as-an-Experience” opportunities for potential customers.
The MX platform aligns with prevailing auto industry trends and customer preferences, which are shifting away from traditional notions of transportation and towards the idea of vehicles as a personalized lifestyle space. The platform offers a tailored lifestyle experience where the latest products, AI solutions and services synergize to support superior user comfort and convenience.
The MX platform features a dual-cabin design: a front driver’s cabin and a rear customizable experience space. Users can configure this versatile space in a variety of different ways, such as dividing it into multifunctional zones or converting it into a hyper-personalized lifestyle spaces complete like a creator studio, business lounge or separate zones for relaxation and hobbies. The modular design makes it possible to equip the rear cabin with various appliances, enabling users to select combinations that meet their particular needs and preferences. LG plans to offer the MX platform as a subscription service, making it accessible to a broader audience.
Powered by LG’s AI Home solution, ThinQ ON, the MX platform lets users tailor conditions inside the vehicle and enjoy helpful lifestyle services such as daily schedule management and information briefings. Additional services from external providers – including food and beverage order, laundry and hotel booking – can be integrated to further expand and enrich the user experience.
Visitors to LG’s booth at CES 2025 can explore the MX platform in the “Lifestyle Solution for Mobility” experience space. This will showcase highly-customizable space solutions and mobility lifestyle solutions, featuring LG’s state-of-the-art appliances and Internet of Things devices. It will offer a compelling preview of the future of mobility and connected hybrid living spaces.
“The innovative MX platform, based on the concept of ‘Space-as-an-Experience,’ leverages LG’s strength in appliances and AI Home technology to present a new direction for mobility experiences,” said Lyu Jae-cheol, president of the LG Home Appliance Solution Company. “Pursuing our Zero Labor Home vision, we will continue to connect and expand customer experiences across all aspects of daily life.”
Visitors to CES 2025 from January 7-10 can experience all of LG’s latest innovations, including the MX platform, at the company’s booth (#15004, Las Vegas Convention Center).
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By News Reporter
LG Aims to Expand Its B2B Offerings and
Build a Growth-Driven Portfolio in Emerging Sectors
SEOUL, Oct. 10, 2024 — LG Electronics (LG) held a press conference today at LG Digital Park in South Korea to share its future vision for the B2B sector with domestic journalists. The company outlined its goal for the LG Business Solutions (BS) Company to achieve KRW 10 trillion in annual revenue by 2030.
At its 2024 Investor Forum in August, LG highlighted the acceleration of its B2B operations as one of the central components of its business portfolio innovation strategy. By 2030, the company expects that its B2B concerns will account for 45 percent of total sales.
LG plans to strengthen its leading B2B businesses, such as hotel and hospital TVs, digital signage and premium laptops, while also focusing on medical monitors and electric vehicle (EV) chargers to build a sustainable, growth-focused portfolio.
Additionally, the company is rapidly strengthening its B2B capabilities across a wide range of areas, including vehicle components, HVAC systems, built-in appliances and smart factory solutions. The expansion into mobility and new business segments is part of the company’s strategy to accelerate its business transformation.
Leading LG’s flagship B2B businesses, the LG BS Company offers customized digital signage for various commercial spaces, including hotels, retail stores, offices, schools and hospitals, as well as IT products ranging from high-spec monitors to LG gram laptops, commercial robots and EV charging solutions.
The B2B sector is less affected by economic fluctuations than B2C, resulting in comparatively stable revenue and profits. Another advantage of B2B is the “lock-in” effect, which typically leads to close, long-term relationships with customers and a virtuous cycle of mutual growth.
“Over the past 66 years, LG has accumulated valuable insights into its customers and the diverse spaces they occupy through its consumer electronics business,” said Jang Ik-hwan, president of LG Business Solutions Company. “Going forward, we will leverage this expertise to offer tailored services and differentiated solutions to our business customers, further cementing our reputation as a trusted partner in the competitive B2B market. The BS Company is seeking to double its current revenue, reaching KRW 10 trillion by 2030.”
Driving the Commercial Display Market with Premium Signage and Hospitality TVs
LG has gained a leading position in the B2B display solution market thanks to its top-tier commercial display technology, premium digital signage and strong performance in the global hotel and hospital TV segments. LG’s information display business has experienced steady growth since 2019, recording an average annual growth rate of seven percent.
LG will continue to expand its display solutions business with products tailored for various spaces. The focus will be on premium fine-pitch LED signage (including All-in-One LED and Micro LED models), a product category that has seen a double-digit rise in revenue each year.
At the forefront of this expansion is the cutting-edge LG MAGNIT Micro LED display. LG MAGNIT is offered in various formats, including an all-in-one model for conference rooms, a model designed for virtual production studios, a premium home cinema edition and a model with a separate power supply unit (PSU). Since 2020, MAGNIT has recorded an impressive growth rate, with its annual revenue growth nearing a twofold increase on average over the past four years.
Additionally, LG is strengthening its portfolio of innovative digital signage solutions with products such as the next-generation LG Micro LED display, which is set to launch later this year. LG has employed the latest AI technology for its upcoming Micro LED, both during the production process and to create intelligent image-quality algorithms that help ensure superior visual performance. As part of the manufacturing process, AI is used to assess and select each of the product’s approximately 25 million LED chips (based on a 136-inch model). Meanwhile, the AI processor applied to the LG Micro LED display analyzes and optimizes color and brightness in real-time to deliver optimal picture quality.
To drive future growth, LG is actively working to identify potential demand and will keep on adding to its diverse lineup of tailored hardware and software solutions for commercial spaces.
Preferred by customers around the world, LG’s hospitality TVs boast many user-friendly features, including the ability to wirelessly mirror personal devices screens via Google Chromecast or Apple AirPlay. Hotel guests simply scan the QR code displayed on the TV to watch content from their device on the TV’s larger screen. To protect users’ privacy, viewing history and connection data are automatically deleted upon check out.
LG continues to maintain its strong leadership in the global hospitality TV market, and is collaborating with renowned international hotel chains including IHG Hotels & Resorts, and Hyatt.
In addition to its hardware offerings, LG provides a variety of cloud solutions through its online B2B platform, LG Business Cloud. These include the LG DOOH Ads digital signage advertising solution, LG SuperSign Cloud and Pro:Centric digital signage and hospitality TV content management solutions, and LG ConnectedCare remote monitoring and management solution.
To accelerate its expansion into new business areas and enhance overall competitiveness, LG is fostering strategic partnerships with global B2B companies. It recently signed a memorandum of understanding with office solutions provider Ricoh to explore the development of comprehensive enterprise services.
Strengthening LG’s Position as a Leading EV Charging Solutions Provider
LG is set to expedite its growth in promising new business areas, with the company’s EV charger business standing out as an emerging “unicorn.” Through strategic partnerships and investment, LG is poised to increase its presence in the global EV charger market.
LG opened its EV charger production factory in the U.S. (Texas) in January of this year and in June reached an agreement with ChargePoint, a leading provider of networked charging solutions for EVs in North America. The two companies are collaborating to expand their businesses by boosting product sales through distribution channels, reinforcing their product portfolios and jointly developing next-generation solutions. Additionally, LG is leveraging its extensive B2B sales network in the U.S., established through its nationwide success in hospitality TVs and digital signage, to actively target the country’s increased demand for EV charging infrastructure. This includes the necessary charging framework for hotels, shopping malls and retail stores, as well as highway charging stations and depots.
LG aims to secure around eight percent of the U.S. fast charger market by 2030 and position itself as a global top-tier provider of EV charging solutions.
At present, LG offers six types of EV chargers, including 7kW and 11kW slow chargers, and 100kW, 175kW, and 200kW fast-charging models.1 In addition, the company is producing a 350kW ultra-fast charger for the North American market and plans to release two slow-charging models – 30kW and 7kW – targeting the European market, all scheduled to launch by the end of this year.
Furthermore, LG is proactively addressing concerns over EV charger safety by implementing various fire-prevention solutions.
The charging control system applied to LG’s EV chargers prevents overcharging, which is one of the leading causes of EV charging safety incidents. The control system automatically stops charging when the vehicle battery reaches 80 percent during fast charging and 100 percent during slow charging. Additionally, LG chargers are equipped with a load management system that allocates electricity based on the installation site’s power capacity, ensuring stable charging even with limited power availability.2
The installation environment and consumer safety are key considerations in the design of every EV charger that LG makes. The company’s 175kW fast-charging model operates reliably in extreme temperatures ranging from -35 to 55 degrees Celsius and boasts an IP55 rating for water and dust resistance, along with an IK10 rating for impact resistance. Additionally, LG EV chargers comply with Restriction of Hazardous Substances (RoHS) regulations for the use of ten harmful chemicals such as lead, cadmium and mercury during the manufacturing process.
Prioritizing Medical Monitors as a Key Growth Engine
LG is focusing on the medical monitor sector as a new growth driver for its IT business, with plans to become a global top-three medical monitor provider within the next five years.
Medical monitors are required to meet the medical device regulations of each country, as well as medical imaging display standards, such as DICOM Part 14. Delivering excellent image accuracy and reliability, these monitors are considered premium products with high entry barriers, and are recognized as high-value-added products. According to market research firm Omdia, the global medical monitor market is expected to reach approximately USD 2.5 billion in value by 2030. In markets such as North America and Europe, hospitals are required to use medical-grade monitors for the reviewing of medical images obtained from X-rays, endoscopies and other procedures. With these strict regulations in place, the market for medical-grade monitors is expected to grow significantly in the future.
Launched in 2016, LG’s medical monitor business has steadily expanded in size, achieving close to double-digit annual growth in North America and Europe. Its product lineup, which is now available in more than 50 countries worldwide, currently comprises 14 types of medical monitors – including clinical, diagnostic and surgical models – and six types of digital X-ray detectors (DXDs).
LG offers healthcare institutions a diverse range of medical monitors, including surgical monitors with Mini-LED technology, specialized diagnostic monitors for mammography and high-resolution displays with screen-split features. By adopting a turnkey solution approach, LG has enhanced its competitiveness in the global medical display market and set a solid foundation for future growth.
In 2023, the company made significant strides in the medical display segment by securing a four-year, EUR 10 million contract with Centrale d’Achat de l’Informatique Hospitalière (CAIH), France’s public hospital IT purchasing center, for the supply of medical monitors. Looking ahead, LG plans to integrate AI technology into the data analysis and solutions derived from its medical monitors and digital X-ray detectors, and is also considering an entry into the medical imaging equipment sector.
LG’s success in the B2B sector owes much to the company’s technology and knowhow accumulated over many years in the B2C market. Recently, LG is in discussions regarding a contract to supply a U.S. financial services company with custom-built, high-resolution monitors for a period of five years. LG has supplied dual monitors to a U.S. financial media company and provided in-flight entertainment (IFE) displays to international airlines.
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1 LG’s 7kW and 11kW slow chargers and 100kW fast charger are available in South Korea, while the 175kW and 200kW fast-charging models are available in North America.
2 LG’s load management solution, which has already been applied to the company’s fast- and slow-charging EV charging solutions in North America, will be introduced in South Korea beginning next month.
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By News Reporter
New Program Connects LG, Strategic Partners and Startups to
Ignite Collaboration and Development of Innovative Ideas for a Better Future
SANTA CLARA, Calif., Sept. 19, 2024 — LG Electronics today announced the launch of the LG NOVA Partner Alliance Program – a platform that brings together corporate partners and startups for cross-industry collaborations, technology and business development, and commercial partnerships to catalyze the growth of innovations for the future.
Spearheaded by LG NOVA, LG Electronics’ North America Innovation Center, the Program extends the success of LG NOVA’s mission to co-create new ventures with startups to its corporate partners with the goal to encourage exponential growth of new innovations in the market by creating more pathways for innovative ideas to flourish at a greater rate.
Joining the Partner Alliance Program at launch are
link hidden, please login to view, , , , and the . These organizations have all signed on to work with LG NOVA and its extensive startup ecosystem to generate and explore new concepts; develop, test and validate those concepts; and collaborate on innovative product solutions or even co-create new businesses. Additional partners will be added to the Partner Alliance Program in the coming months. “The new Partner Alliance Program aligns with our core mission to collaborate and create an eco-system for startups to thrive and ensure that the innovations today become the market-leading solutions of tomorrow,” said Dr. Sokwoo Rhee, corporate executive vice president for Innovation, LG Electronics and head of LG NOVA.
Kevin Chong, LG NOVA’s head of corporate and business development, said, “This program is a win-win for all parties, including LG, as we continue to explore new ideas for business co-creation. The growth of new ideas and cross-industry collaboration will help the markets move forward faster towards a better future that benefits all of us, businesses, people and the planet.”
In bringing on corporate partners to its Program, LG NOVA is helping to create more opportunities for startups to find quintessential industry partners that will help it reach commercial success at a larger level, Chong explained. For the corporate partners, finding innovative startups to work with will help them address new market opportunities, extend their businesses into new areas and better address the changing needs of their customers.
The Partner Alliance Program will leverage the resources of LG Electronics existing business units while also tapping into the pipeline of startups and resources available through the LG NOVA’s – a broad umbrella of programs designed around engaging with the entire innovation ecosystem to explore ideas on creating a better future through collaboration and tech innovations.
LG NOVA and the newly announced partners in the Partner Alliance Program plan to share more about their goals and vision for this program at the 2024 LG NOVA InnoFest, Sept. 25-26, at the Palace of Fine Arts in San Francisco, Calif.
LG NOVA’s annual InnoFest conference unites business leaders, innovators and investors to collaborate on solutions for a better future, this year, under the theme of “Lighting the Halo of Innovation,” inspiring attendees to focus on impactful co-creation and bold ideas. For more information about this year’s event visit .
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By News Reporter
LG Electronics CEO William Cho, in an exclusive interview with Bloomberg, discussed the company’s business strategy, growth areas, and the competitiveness of LG’s AI. Cho highlighted the focus on expanding B2B, subscription services, and its webOS-based advertising and content business to drive growth.
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