LG Electronics aims beyond $737 mn in sales with LG webOS

LG Electronics Chief Executive Cho Joo-wan

LG Electronics Inc. is making significant strides with its new operating system, LG webOS, aiming to top 1 trillion won ($737 million) in sales for 2024 through its content and service ventures.

Recent industry forecasts on Monday found that the webOS is expected to generate more than 1 trillion won in sales for 2024, with LG Electronics Chief Executive Cho Joo-wan expressing confidence in the platform at a shareholders‘ meeting in March 2024.

“The webOS has proved so profitable that it saw sales of 740 billion won in 2023, and we anticipate a trillion won this year,” he said.

Despite TV sales declining overall in 2023, the explosive growth of the webOS platform enabled LG Electronics Home Entertainment division to report a staggering 67-fold increase in operating profit to 362.4 billion won.

At the heart of the webOS business is LG Channel, a free ad-supported streaming service (FAST) offering a diverse range of content. The service provides customers with free streaming content and delivers targeted ads based on viewers’ preferences as an advertising platform.

LG Electronics plans to extend its webOS content and service offerings beyond TVs to smart monitors, in-car infotainment systems, and commercial displays. The company recently partnered with Genesis for the 2024 GV80 and GV80 Coupe.