LG to invest $762 mn in webOS to transform into platform-based tech giant
Eui-Myung Park
5 HOURS AGO
Park Hyoung-sei, head of LG Electronics’ home entertainment division, speaks at the company’s webOS Summit 2024 in Incheon, South Korea, on Sept. 27, 2024 (Courtesy of LG) LG Electronics Inc., the leading global home appliance maker, plans to invest more than 1 trillion won ($762 million) in its multitasking operating system webOS by 2027 as the South Korean company plans to transform into a platform-based tech giant.
LG said on Sunday it unveiled three strategies to enhance the webOS – improving content competitiveness and convenience, expanding webOS ecosystems and advancing ad-business competitiveness within the platform at its webOS Summit 2024.
“We aim to evolve into a media and entertainment platform company providing customers with fun through continuous innovation of the webOS platform,” said Park Hyoung-sei, head of LG’s home entertainment division at the event on Friday.
The webOS installed in millions of LG devices, especially smart TVs, worldwide was expected to generate more than 1 trillion won in sales this year, four times its 2021 revenue, according to the company.
The webOS accounted for 11.7% of the global TV operating system market, following Google’s Android TV with 42.2% and Samsung Electronics Co.’s Tizen as of 2023, according to industry analysis firm Omdia.
GAME, PAYMENT SERVICE
LG aims to actively expand the game service with strong growth potential for the webOS, which already allows users to enjoy Nvidia Corp.’s game streaming service GeForce Now, Amazon.com Inc.’s cloud gaming platform Amazon Luna and others on their TVs.
The South Korean tech behemoth demonstrated the connection of its new Bluetooth gaming controller jointly developed with Razer Inc. and MediaTek Inc. with a TV with the webOS at the event. The product is LG’s first controller to utilize ultra-low latency (ULL) Bluetooth technology -- an in-development standard that aims to make wireless controllers as responsive as their wired counterparts.
LG launched the webOS Pay, which allows users to make payments within their TVs based on the payment methods registered in advance on their webOS TV accounts, in major European countries.
The webOS Pay enables users to search content, make payments and watch within their TVs while allowing content providers to provide services such as content sales and subscriptions without a separate payment system.
LG aims to expand the payment service into more countries in Europe this year and introduce it to other markets such as North America and South Korea.
Guests at the webOS Summit 2024 experience webOS content on Sept. 27, 2024 (Courtesy of LG)BEYOND TV
LG showcased the webOS’ artificial intelligence-based services such as voice recognition for login, personalized content and keyword recommendations, and TV control at the summit where about 300 content creators and developers of some 140 firms in 24 countries gathered.
The company is also installing the webOS into other devices such as automotive infotainment systems, digital signages, smart gaming monitors and projectors. It already signed supply deals with global major carmakers including Kia Corp.
LG is also improving the competitiveness of its ad business within the webOS platform through LG Channels, which provides more than 3,800 channels in 29 countries for free.
“The webOS has grown into a platform, to which new technologies such as AI can be applied in the easiest and fastest ways,” Park said.
“It is expected to further evolve to make it easier and more convenient for customers to enjoy and experience content in their daily lives.”