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LG To Withdraw From Smartphone Market Due To Ongoing Losses

After nearly 6 years of losses, South Korea’s LG Electronics has decided to completely withdraw from the smartphone market and focus on other areas instead.

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lg to withdraw from smartphone market due to ongoing losses

After nearly six years of losses, South Korea’s LG Electronics has decided to withdraw from the smartphone market and focus on other areas instead, including home electronics, connected devices, and smart vehicle components.

The total losses of the LG’s mobile division amount to $4.5 billion even though the brand currently enjoys the third place in the United States, after Apple and Samsung Electronics.

“In the United States, LG has targeted mid-priced — if not ultra-low — models and that means Samsung, which has more mid-priced product lines than Apple, will be better able to attract LG users,” commented Ko Eui-young, an analyst at Hi Investment & Securities.

For a long time, LG was considered to be one of the most innovative smartphone manufacturers, pioneering ultra-wide-angle cameras, dual-display devices, vein-tracking aerial gestures, and swappable components. Unfortunately, most of its innovations failed to gain any significant traction among consumers.

To make things even worse, some of the more recent flagship models have suffered both software and hardware problems, and professional reviewers were quick to point them out, steering potential buyers toward other brands.

lg smartphone market share

LG Smartphone Market Share

Currently, LG’s global share is only around 2 percent, with 23 million smartphones shipped last year. When compared with Samsung’s 256 million shipped units, the company’s decision to withdraw from the smartphone market suddenly becomes easier to understand.

Also Read: Huawei Wants To Make Long-Range Wireless Charging A Reality

It’s also worth pointing out that successful Chinese brands, such as Xiaomi, Vivo, and OPPO, have greatly increased buyers’ expectations by offering flagship specifications at mid-range prices.

The good news is that current employees of LG’s mobile division won’t lose their jobs — at least not those who are based in South Korea. Instead, they will be moved to other electronics divisions. Owners of LG smartphones also have nothing to worry about because both service support and software updates will continue to be provided even in the near future.

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Amazon Partners With Music Streaming Service Anghami

Prime subscribers in Saudi Arabia and the United Arab Emirates will automatically get a free six-month subscription to Anghami Plus.

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amazon has partnered with music streaming service anghami

Amazon’s Prime subscription service offers an excellent value proposition because it includes not only free shipping but also access to a huge library of songs, among other things. Unfortunately for music lovers in the MENA region, the Amazon Prime music library includes mostly songs from English-speaking countries. But that’s about to change soon because Amazon has partnered with Anghami, the first legal music streaming platform and digital distribution company in the Arab world.

As a result of the new partnership, Prime subscribers in Saudi Arabia and the United Arab Emirates will automatically get a free six-month subscription to Anghami Plus, a premium subscription service that offers an unlimited access to Anghami’s large content catalog and unlocks extra features such as the ability to play songs offline, display lyrics, and enjoy music in high quality.

amazon prime anghami plus offer

“This collaboration with Anghami is a perfect example of how we work together with leading local brands to innovate on members’ behalf, offering them the best experience possible,” said Ronaldo Mouchawar, Vice President of Amazon Middle East and North Africa. “We’re excited to see Prime members in both Saudi Arabia and the UAE enjoy Anghami Plus and all it has to offer, alongside other shopping, savings and entertainment benefits already included in their membership”.

The partnership with Amazon is guaranteed to help Anghami realize its global ambitions and compete with other music streaming services, most notably Spotify and Deezer.

Also Read: Truecaller Wants To Raise Over $100 Million In Stockholm IPO

Several months ago, Anghami entered into a merger agreement with publicly traded special purpose acquisition company (SPAC) Vistas Media Acquisition Company Inc. The goal is to list Anghami on the New York NASDAQ exchange, giving it access to global growth capital.

Currently, Anghami provides its users access to more than 57 million Arabic and international songs, as well as podcasts and live radio. Amazon Prime subscribers who decide to keep using Anghami can get an additional 50% discount for the next six months.

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