LG U+, which has designated the Internet of Things (IoT) as a new growth engine, is stepping on the gas to explore new services in the IoT sector, penetrating people’s daily lives.
With determination and concentration, LG U+ has a strategy to walk the walk in such core business segments as video and electronic settlement, making them sustainable profit models.
The Korean financial information company FnGuide said on Feb. 18 that LG U+ posted 632.3 billion won in operating profit in 2015, up 9.7 percent over the previous year, as well as 351.2 billion won in net profit, a 54.5 percent jump. The telecom service provider’s operating profit is projected to grow to 701 billion won this year.
LG U+ promises to take an omnidirectional approach to diversify the IoT business arena.
In the latest move to make an aggressive foray into the IoT field, LG U+ has released the LTE Magic Mirror that can analyze types of human skins via IoT technologies in cooperation with the full-scale interior company Hanssem. The LTE Magic Mirror can recommend skin management tactics and cosmetics tailored to meet a customer’s particular needs according to the measured skin type.
LG U+ plans to nurture such industry IoT segments as smart factory and smart building as growth engines that can create values for customers by differentiating itself from other rivals in the industry and public fields.
The company strives to develop IoT services with diverse service developers and manufacturing companies while building an IoT ecosystem with SMEs and venture companies.
LG U+ has already invested $2 million and acquired a stake in Jibo, a U.S. intelligent robot venture company, which is developing the world’s first social robot for home, “Jibo.” If the development of the robot with intelligence and emotions is completed, it will be commercialized in the United States early next year.
The company is working on the launch of such new businesses as IoT total solutions outfitted with electric vehicles and electric ships in collaboration with U.S. EV developer, Leo Motors, Inc.
“The LoT market is now expanding into diverse services based on big data, and innovative changes will like take place in such areas as self-driving, robots, other systems and sensor-based IoT platform solutions in the years to come,” LG U+ officials said.
LG U+ plans to realize IoT services closer to customers’ daily lives by collaborating with diverse fields.
The company plans to launch services controlling refrigerators, air-conditioners, air purifiers, washing machines and microwave ovens regardless manufacturing companies, including LG Electronics and Samsung Electronics.
“With the expanding of alliances on IoT services into all industries, LG U+ plans to release intelligent IoT services in the second half of this year with a focus on the upgrading of platform and system development to establish such core areas as engine areas as office-to-office (O2O) and settlement as future growth engines,” they said.
LG U+’s strategies to offer lower prices to customers and lead the IoT market have paid off, as more IoT services are put on the market.
Financial investment companies said LG U+, expanding into the IoT business area with a focus on home IoT services, is forecast to maintain growth momentum.
In particular, they said LG U+ will likely make a splash with a positive business performance in the home IoT business this year. The telecom service provider has made a feat of attracting more than 100,000 subscribers in six months since releasing home IoT services. LG U+ plans to double the number of IoT service subscribers by reinforcing marketing activities to such B2B areas as construction companies.
Yang Jong-in, a researcher at the Korea Investment & Securities Co., said mobile video-oriented services will see subscribers rise 2.8 percent to 340,000 and operating profit surge to 14.9 percent this year thanks to a with a competitive advantage and a drop in marketing costs.
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Two models promote IoT home network services LG U+ offers.(Photos:LG U+)
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