LG Electronics CEO William Cho said on Tuesday that the company was open to equity investment and joint ventures with over-the-top content companies.
In the TV market today, FAST, or free ad-supported streaming TV, platforms were gaining attention, the CEO stressed during the electronics maker’s annual shareholders’ meeting.
His statements come amid the slowdown in global TV sales from the economic downturn.
LG Electronics was in talks with global content makers for ways of collaboration, executives said.
OTT companies were forming appliances and these companies were actively purchasing each other’s stocks, they said.
Cho said LG Electronics was also open to forming joint ventures with these companies or making an equity investment.
Last year, LG Electronics recorded 750 billion won in revenue from webOS-based ad and content businesses.
The CEO said revenue this year is expected to reach 1 trillion won. LG Electronics has 160 million LG TV owners worldwide and these smart TVs run on webOS, which offers over 3,000 channels.
