LG Electronics Posts $87.5 Million Fourth-Quarter Home Entertainment Operating Loss

LG Electronics reported a home entertainment operating loss of $87.5 million in the fourth quarter (ended Dec. 31, 2022). The division, which includes all LG televisions, soundbars, headphones and related in-home consumer electronics, reported a near 10% quarterly revenue drop to $3.65 billion, from $4.05 billion in the previous-year period.

South Korea-based LG attributed the quarterly fiscal sales and loss due to the geopolitical risk stemming from the prolonged Russia-Ukraine military conflict and weakened consumer sentiment caused by concerns of a global economic downturn.

For fiscal 2022, home entertainment revenue of $12.8 billion and operating profit of just $4.4 million. That was down from revenue of almost $14 billion and operating income of $888 million.

Although lower global TV demand impacted revenue and operating profit versus 2021, LG’s content and services business based on its proprietary smart TV platform, including SVOD and AVOD, has grown tenfold since 2018.

At the recent Consumer Electronics Show in Las Vegas, Paramount+ and Pluto TV announced plans adding more than 100 content channels to LG smart TVs.

Going forward, LG said it would focus on expanding its smart-TV platform while continuing to push the premium TV segment, such as OLED TV and QNED TV, as well as effectively managing marketing expenses.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

Comcast-Owned Sky Bows Smart ‘Glass’ TV That Doesn’t Require Satellite Hookup

Taking a page from the Roku playbook, Comcast-owned subsidiary Sky Oct. 7 announced the launch of a branded television that connects with streaming apps without the requirement of its namesake satellite dish.

Called “Sky Glass,” the new streaming TV will be available to buy in the U.K. Oct. 18 with monthly subscriptions starting at £13 (plus the cost of the TV), and will launch in Sky’s other European markets in 2022. The Sky Glass HDTVs come in 43-inch, 55-inch and 65-inch screen sizes. A separate “Sky Puck” enables users to access Sky Glass via third-party devices.

Subscribe HERE to the FREE Media Play News Daily Newsletter!

The TVs feature Ultra HD and Quantum Dot technology, 360-degree Dolby Atmos sound with built-in speakers and sub-woofer. Users can talk to their TV to find what to watch. Sky claims the units to be the world’s first TV to be certified as a “CarbonNeutral” product.

“Sky Glass is the streaming TV with Sky inside, providing the total integration of hardware, software and content,” CEO Dana Strong said in a statement. “Built on over 30 years of understanding what our customers want, this is a TV that only Sky could make. We believe this is the smartest TV available, and that customers will love it.”

Strong said the streaming revolution has brought a “whole new set of challenges” underscored by increased cord cutting by traditional pay-TV subscribers.

“Most people use multiple apps to find content but these experiences can feel fragmented and we end up spending more time searching for content than sitting back and enjoying it. In our already complex lives, we need things to be simple and this will dramatically simplify experiences and transform the role of TV in the home.”

The technology mirrors what Roku did in 2014 when it launched a line of Chinese-made TVs that don’t require a separate streaming device or cable, satellite connection.