LG Electronics announced a strategic plan to focus on its Business Solutions division, with an aim to double its sales to $7.5 billion by 2030. The division is in charge of businss-to-business (B2B) and signage displays, commercial TVs, IT devices such as laptops and monitors, robots and EV chargers.
LG says that for its commercial and signage displays, it will focus on premium fine-pitch LED displays, which include its microLED Magnit models. Indeed LG says that "MAGNIT Micro LED display will be at the forefront of this expansion". The company reveals that its annual MAGNIT sales grew almost 2X since introducing them in 2020 (though sales are still likely very low). LG plans to launch its next-generaiton AI-powered microLED TVs by the end of 2024.
To achieve this increase in sales, the company says it plans to offer more tailored services and differentiated solutions. It could be that its custom (tiled) MAGNIT TVs will fit in this new tailored and differentiated solutions model.
LG Electronics is also open to mergers and acquisitions to boost its B2B growth even further, which could be good news for microLED startups and developers.
LG is already shipping a variety of microLED tiled display solutions, based on the company's chip-on-board (COB) LED technology, supporting 0.68, 0.78, 0.94, 1.25 mm - and recently also 1.5 mm pixel pitch, for larger displays. Its latest display was released in September 2023: a 118-inch 4K 120Hz LG MAGNIT (0.6 mm pixel pitch), targeting residential applications. The price tag is $237,000.
Interestingly only a few months ago we heard reports that both Samsung Display and LG Display have decided to slow down their microLED business plans. It is excellent to now hear that LG is actually focusing on microLED TVs to power its high-end business-to-business signage and commercial displays.
