Tech
After Rumors Swell, LG Formally Announces They Will Be Leaving The Smartphone Market
Published
2 years agoon
By
Ben Smith
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Things have not been looking good for South Korean electronics manufacturer LG. Rumors have been swelling around online for months now that the company is planning to fully exit the Android smartphone market.
Last week, reporters coming from the Korea Times had said that anonymous sources revealed that LG will be pulling out of the Android smartphone market this week, citing that the smartphone business has been a ‘money-losing’ business for LG.
Since January, LG had been publicly reviewing their business model as it relates to Android smartphones and had explicitly stated that “all possibilities were open”. This immediately gave rise to a suspicion both in the media and online that the South Korean giant was planning to leave the smartphone market sometime this year.
Reporters who had been following the story had been expecting an announcement to come towards the end of March, potentially during the shareholders call which happened on March 24th. But as the shareholders call passed, the statements from the company remained the same: “all possibilities remain open.”
While it is no secret that LG had been struggling in the smartphone market for the past six years, the company has made massive gains during the COVID-19 pandemic through home appliances and TV’s. LG has been expanding in their presence within the consumer electronics markets, including electronic vehicles and electronic parts for more than three years, and it would appear that the company plans to follow in this trajectory if they pull out of the smartphone market.
However, the Wing 5G hasn’t been able to carry the company in the smartphone market, and this year has seen the company shift to outsourcing its mid-range and low-end devices to various Chinese companies. In addition to the outsourcing, LG shelved and indefinitely delayed multiple smartphones including the LG Rainbow and LG Rollable, with the belief that neither of these devices will ever see a final release.
Updated 4/5/21: LG has announced on Monday that they have made a “strategic decision to exit the incredibly competitive mobile phone sector” and will re-focus their business on their growing electronic parts production side.
LG will fully wind down its Android smartphone business by July 31st, although they did leave room to say they might still sell whatever stock is left of their phones after that date. All users of LG phones will continue to receive service support and software updates for a limited period time that is varied by region, according to the company.
As the Smartphone market shrinks more, market leaders Apple and Samsung are in position to dominate the market in the following years, along with Chinese manufacturers from Huawei and Xiaomi.
In 2013, LG was ranked by Reuters as being the world’s third largest phone manufacturer but has struggled considerably since then with poor market reviews of their products and cheaper prices coming from competitor Samsung. Since 2013, LG had recorded close to six years straight loss on its mobile phone business.
Ben is a professional writer who writes about PC hardware, gaming and anything else related to computers. When Ben isn’t writing, you can find him gaming or watching basketball.
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Super Skrull G’iah: Unleashing a New Powerhouse with Corvus Glaive, Proxima Midnight, Ebony Maw, and The Outriders
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