LG vows to make smartphone business profitable in 2021 with "wow factor"
LG’s smartphone division has been in a constant downward spiral for years with falling sales and big losses. Over the past twelve months, though, it has slowly managed to reduce expenses and now the company has revealed when it expects the business to become profitable.
Speaking at a CES press conference in Las Vegas, chief executive Kwon Bong-Seok announced LG’s intention to develop its mobile division into a profitable business by the end of 2021. This will be achieved by expanding the lineup of devices on offer and releasing models with so-called “wow factors” attached. The executive didn’t elaborate on the plans for an expanded lineup but they likely involve growing LG’s presence in the low-end and mid-range segments. After all, that’s where the company continues to perform best and the vast majority of market share lies. As for the “wow factor” that was mentioned, it certainly seems as though this will be more related to software than hardware. After all, recent LG V60 ThinQ and G9 ThinQ leaks don’t point to anything very revolutionary on the company’s next flagships.
Like rival Sony, LG was previously betting heavily on the introduction of 5G connectivity as a path back to growth. However, as market data shows, only Samsung has so far been able to capitalize on its arrival with shipments of around 7 million devices and a market share of almost 75%. This year, the company is once again expected to put a big emphasis on 5G. But unlike the LG V50 ThinQ 5G which debuted as one of the first compatible devices on the market, in 2020 virtually every flagship on the market and even many mid-range smartphones will support the networks, meaning LG will be relying heavily on those aforementioned “wow factors” to stand out from the competition.
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