Consumer Interest in OLED TVs is Down

LG Display struggled to counteract the consequences of weakening consumer demand, which resulted in the company posting record losses due to a decline in TV sales. Nearly all of the top OLED TVs use LG Display's panels, which is the only maker of standard OLED panels for other TV manufacturers, with the exception of those that employ QD-OLED (made by Samsung Electronics). For those unaware, LG Display is the division of the company that produces screen panels. Furthermore, the South Korean firm released its financial results for the third quarter of 2022 earlier this week, and the report showed an incredible operating loss of more than $540 million. In addition, this statistic stands in stark contrast to the company's $370 billion profit from a year earlier. For the figures, LG Display cited the Russian invasion of Ukraine, the escalating energy crisis, the rise in prices, and the decline in demand following the epidemic. Additionally, the corporation is under increasing pressure from Chinese display producers who are gaining a larger market share. But it seems that the company's OLED TV business is now having problems with consumers, who are choosing to wait before shelling out on a more expensive TV. More details LG Display one of the largest LCD display manufacturers and the leading producer of OLED panels in the world has been severely impacted by the drop in prices for both types of panels. Most importantly, this week's financial report emphasized that sales of premium OLED TVs and panels had fallen to an "unprecedented level," with Europe seeing the lowest levels of demand. Moreover, currently, the business claims it would reduce its 2022 investment budget by more than $700 million while also operating its OLED production lines flexibly to meet demand. According to sources, LG now plans to speed up both its overall transition to OLED technology and its decrease in LCD capacity in China. Also, Read- Samsung vs LG – The never-ending battle – Which One is Best?