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.

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TCL Bows New Mini-LED TV With 98-Inch Screen, Video Gaming Functionality

China’s consumer electronics giant TCL Jan. 4 unveiled an updated line of QLED televisions (a new type of LED-backlit LCD TV) and soundbars at the CES 2023 confab in Las Vegas.

The company, which established a foothold in the U.S. market in 2014 with the launch of a branded Roku OS television, disclosed a new TV lineup across the S-Series and all-new Q Series TV models that include the company’s latest 98-inch screen model ($8,500) in the high-end QM8 collection to become TCL’s largest-screen mini-LED TV.

TCL is readying a line of QD-OLED televisions, which use so-called “quantum dots” in the pursuit of an alleged superior picture than OLED TVs. The company is also rolling out technology dubbed “Game Accelerator,” which claims to offer higher frame rates enabling high resolution and smoother images while playing video games.

TCL’s emphasis on larger screens across its televisions, in addition to upgrades for video gaming and enhanced cinematic home entertainment viewing, has helped the manufacturer become the No. 2-selling TV brand in the U.S. over the past four years, with unit sales totaling more than 25 million, according to the company.

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Big-screen televisions and football are frequently a winning combo, and TCL is spending big marketing dollars.

“2023 will be groundbreaking for TCL as the Official TV Partner of the NFL,” Chris Hamdorf, SVP, TCL North America, said in a statement.

To target football consumers in the home ahead of Super Bowl LVII on Feb. 12, TCL said it will rollout retail deals later in January to fans looking to buy a big screen TV.

“TCL’s pledge to make giant screens up to 98-inches will help the NFL continue to elevate fans’ experience and deepen their passion for the sport,” Hamdorf said.

Samsung, Roku, Sonos Among Top Brands in NPD’s Consumer Electronics Awards

The NPD Group’s technology division announced the winners of its annual Consumer Electronics Industry Performance Awards, honoring Samsung for its LCD TVs, Sonos for its soundbars and Roku for its streaming media player, among other companies.

Among the top increases in market share in North America, Samsung took the top prize for LCD TVs. Among the fastest-turning brands per item in the United States, Canada and Mexico, Sonos was the top U.S. soundbar. And among the top increases in online market share in the United States, Roku was the top streaming media player.

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“After an unprecedented year, we at NPD are excited to take a moment to acknowledge the many silver linings the consumer technology market experienced in the midst of the pandemic,” Ian Hamilton, president, technology sector, The NPD Group, said in a statement. “In this fifth year of our CE Industry Performance Awards we are recognizing brands that saw success providing consumers with products that enabled them to work and learn from home, as well as stay entertained and connected in their downtime. Congratulations to all award winners — we wish everyone a healthy and successful 2021.”