LG Electronics is betting big on flat panel displays as the company sees this category as a major driver for its growth in the future. The company is planning to consolidate its flat panel displays in 2007 and the first step towards that direction is the launch of the Time Machine TV, which was launched in the capital on Monday.
The Time Machine is available in both LCD and Plasma Display Panels. The LCD TVs are available in 37" and 42" models while the Plasma version comes in 42" and 50" models. The price of the products ranges between Rs 1.15 lakh and Rs 2.4 lakh.
Moon B Shin, Deputy MD, LGEIL, said, “Being the pioneers in introducing innovative and superior technology products worldwide, we are delighted to unveil the LG Time Machine TV in India after its immense success internationally. The LG Time Machine TV is a revolutionary product and is a breakthrough in the television viewing technology. LG India plans to further expand the digital display market share with the launch of Time Machine and establish its supremacy in the high end display market.”
Time Machine TVs are equipped with a built-in digital video recorder, which enables the user to pause, rewind, and replay live TV programmes as per convenience after the original broadcast. The TV allows viewers to record one live programme, while watching another live programme. Signals from cable or satellite can be saved in analogue and digital TV mode. One can also record from external input devices like camcorders, DVD players, game consoles onto the HDD recorder inside the TV.
LG currently has a market share of 35 per cent in the flat panel display category. The company aims to clock around 45 per cent market share in this category within the next few months.
Girish V Rao, VP, Sales and Marketing, LGEIL, said, “With the trend of customised products fast gaining ground, Time Machine has been introduced by LG with the aim of maximising profit in the high potential display market by securing a strong technological edge. The LG Time Machine TV is targeted towards the technology savvy audience and will make television viewing much more intelligent than before. The product has been a success worldwide, especially in markets such as Europe and South East Asia, and we are expecting Time Machine alone to contribute around 25 per cent to our total Flat Panel Display sales.”
As far as promotional plans are concerned, the company revealed that a lot of noise would be created around the product. The teaser campaign would commence from December 12 and the promotional activities would continue for the next two months.
According to Rao, the category needed high visibility and hence, the company would not lay stress on conventional colour television advertising. LG has a 360-degree communication plan for its new product, including mass media, outdoor and region specific events. A significant budget has been allocated for the same, however, Prashant K Das, National Product Group Head, Flat Panel Display (Retail), LGEIL, refrained from sharing more details on it.