The latest news from South Korea suggests that OLED TVs will become more affordable as LG Display increases its production capacity.
LG Display, the display maker arm of South Korean tech giant LG, has reportedly planned to invest an additional $1 billion in ramping up the production of OLED displays. These fresh funds will be used to meet the ever-growing demand for OLED panels and improve production facilities.
The company is looking to raise 1.29 trillion won ($971 million) through a paid-in capital, and most funds raised will be invested to “enhance the competitiveness and growth of its OLED business.”
For those unaware, LG supplies OLED panels to almost all brands, including Sony, Panasonic, Philips, and others. LG’s closest rival, Samsung, also uses LG OLED panels and has roped in LG to supply OLED panels for the next five years.
Besides TVs, OLED panels are also used in other devices like laptops, tablets, smartphones, monitors, and more. This move precedes LG’s intent to increase the OLED shipments by 20%. In this move, LG looks to strengthen its position as a key supplier in the premium TV segment while looking for ways to improve its position in the smaller display segment.
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What does increased production mean for users?
While these corporate announcements might sound boring, the increase in production and supply hints that the demand for OLED TVs has increased. There is no doubt that these premium TVs provide a superior viewing experience and add to any living room’s aesthetics.
Moreover, TVs and other devices with an OLED display are pricier than regular devices. This high price is the biggest roadblock to the mass adoption of OLED TVs. However, an increase in production and an eased supply chain hint that the technology could soon be more affordable.
Though we can’t confirm a timeline, over the next few years, we could see the market flooded with cheaper OLED TVs, and more manufacturers could introduce their OLED TVs than ever before. For an end user, having more options to choose from and, cheaper OLED TVs is always good news.