LG HelloVision to enhance regional businesses

LG HelloVision CEO Song Gu-young [Courtesy of LG HelloVision]

LG HelloVision Corp. plans to expand its business portfolio beyond its traditional strength in budget phones and rentals to new regional businesses, as underlined by its leader.

During his new year speech on Tuesday, Chief Executive Officer Song Gu-young highlighted the company’s new strategies to survive “in the midst of economic downturns surrounding businesses and crises of media environment changes,” encouraging moves beyond reliance on broadcasting and communication businesses.

Song outlined key strategies that are primarily focused on two pillars: home business and regional business, or more specifically, securing a sustainable growth foundation for the broadcasting and communication business, enhancing the growth potential of budget phones and rental businesses, leading market trends, and solidifying growth models for new regional businesses.

Regarding the medium- to long-term strategies, Song stated the company will accelerate the qualitative growth of its home business while actively pursuing the three new regional businesses in the areas of culture and tourism, education, and commerce to lead differentiated growth.

“We will help make customers’ day-to-day lives convenient and add value to the regional communities,” said Song, adding that he hoped 2024 will be a year of mutual growth for all.