After achieving the most formidable position in the consumer durables and home appliances segment, LG has now decided to strengthen its position in the audio market by launching its new Karaoke system, NKS, in the Capital on Friday.
Priced between Rs 10,000 and Rs 30,000, the Next Gen Karaoke system, as it is termed, is equipped with features like 1,800 songs, both in Hindi and English, on scrolling lyrics enabling the singer to sing along even if they don’t know the lyrics. Besides, it also comprises a songbook, a microphone, and has the unique feature of tempo variation as well.
With the festive season round the corner, LG is seriously eyeing the audio market where it has a negligible share at present. The company has a 10 per cent share in the audio market, which is around Rs 350 crore, or four lakh units per annum. With 14 models in its audio category at present, LG has plans to double the number by next year and has plans to attain the leadership position by next year.
Currently enjoying the number two position in the DVD category with a 25 per cent market share, LG has set its target to achieve the numero uno position in this category by the end of this year.
An official release, quoted Moon B Shin, Deputy Managing Director, LGEIL, as saying, “LG, with its feature rich products and 25 per cent market share in the DVD player category, is today a strong and formidable player. We are confident that our unique DVD range will make us accompany to reckon with in the home entertainment segment in India, and help us in widening our customer base. Out target is to be number one in the DVD player category by year end.”
Sharing more on the future launches in the audio domain over the next few months, Girish Bapat, Vice-President, Marketing, LGEIL, said, “Audio is one segment where we want to come with the same amount of force as in other segments. The kind of offerings that we will deliver promise that life is good with LG.”