LG says sales booming for 55-inch OLED TV

LG’s 55-inch curved OLED TV retailed for 15 million won last year. Today it can be bought for 3.99 million won. Provided by the company

LG Electronics said yesterday that its curved OLED TV sold more than 1,000 units last month after a drastic price cut in September.

The 55-inch TV retailed for 15 million won ($13,967) when it was released in April 2013. However, the company has started selling the TV for 3.99 million won.

According to LG, sales since the price cut have skyrocketed twentyfold compared to last year.

This is the first time the company has revealed sales data for its 55-inch curved OLED TV.

LG Electronics recently has been aggressively promoting the curved OLED TV to counter shrinking profits from its TV business.

“No matter how good the product’s quality is, it won’t do well unless it is at a competitive price point that customers can accept,” said Ha Hyun-hwoi, the company’s CEO for home entertainment, at an August press conference.

Meanwhile, market research company Display Search estimated that last year 5,000 units of OLED TV were shipped in the global market. That figure is expected to reach 100,000 units by the end of this year and further expand to 4 million units in 2017.

BY Lee Ho-jeong [ojlee82@joongang.co.kr]