LG U+ envisions transition to platform player with its lofty "U+3.0" vision

[Photo by LG Uplus Corp.]

South Korea’s third-largest wireless carrier LG Uplus will expand the portion of non-telecom sales to 40 percent and boost its corporate value to 12 trillion won ($8.6 billion) in 2027 by transitioning itself into a platform business, the company’s chief executive Hwang Hyun-sik said.

In a press conference held on Thursday, Hwang unveiled his mid- to long-term business growth strategy for expanding the four pillars of future technologies including lifestyle, play, child development, and Web 3.0.

“We plan to expand beyond traditional telecommunication business areas under our ‘U+3.0’ vision where we will develop customer-oriented platforms and services based on data analytics and technologies,” said Hwang.

The lifestyle platform is centered around accelerating digitalization in the telecommunications field with its DIY mobile plans, while providing data-driven services for its customers such as “subscription” and “routine.” In the future, it plans to use the data accumulated on its lifestyle platform to develop businesses related to healthcare, pets, and travel.

LG Uplus is aiming to build a lifestyle platform that has 7 million subscribers by 2027.

The mobile carrier’s play platform will include various features such as streaming services and K-pop-related entertainment content.

Its child development platform has launched an upgraded version of “Children’s Country,” for infants and toddlers, as a mobile-friendly Kids OTT service.

LG Uplus plans to develop a business model that will provide real value for customers based on Web 3.0. The company will expand its own R&D and investment support for startups to secure core future technologies.

“We need to boost the usage of our platforms in order to further innovate the customer experience,” said Hwang. We will actively build our four-pillar platform business to attract more subscribers, he added.

[ㄏ Maeil Business Newspaper & mk.co.kr, All rights reserved]