[CES 2024] LG Electronics' ThinQ Expands B2B... "Advancing into a Revenue-Generating Platform"

LG ThinQ Expands from Home to Various Commercial Spaces
Releases ThinQ API to Attract External Participation
Center Director Jeong Gi-hyeon: "We Will Enhance Business"

LG Electronics, aiming to evolve into a smart life solutions company, is expanding its 'LG ThinQ' business domain to B2B (business-to-business). The intention is to extend LG ThinQ beyond providing advanced convenience to general users, expanding it into a business that satisfies all service providers, including platform operators, device manufacturers, and construction companies.

Jung Ki-hyun, Vice President and Head of LG Electronics Platform Business Center, speaking at the Platform Business Center media briefing held on the 11th (local time) at the Las Vegas Convention Center (LVCC) in the United States / Photo by LG Electronics

On the 11th (local time), LG Electronics held a media briefing at the Las Vegas Convention Center (LVCC) in the United States through its Platform Business Center, announcing that it will expand the LG ThinQ business domain beyond the existing B2C (business-to-consumer) to include B2B as well. LG ThinQ, which has continued innovation centered on home spaces, will be expanded to various commercial spaces to discover new opportunities.

Jung Ki-hyun, Vice President and Head of LG Electronics Platform Business Center, explained, "We will advance the business so that LG ThinQ can become a platform that not only delivers innovative customer experiences but also generates substantial revenue."

This aligns with the '2030 Future Vision' declared by Jo Joo-wan, CEO of LG Electronics. The 2030 Future Vision includes transforming into a smart life solutions company that connects and expands diverse experiences in all spaces where customers live. The platform business is also one of the three major growth engines emphasized by CEO Jo and is part of building a relationship-centered recurring business structure.

Expanding Ecosystem by Releasing 'LG ThinQ API'... Benefits from Value Chain Perspective

LG Electronics will fully launch the LG ThinQ API (Application Programming Interface) business this year. Leveraging its accumulated smart home experience and software technology, it aims to secure another future growth engine for LG ThinQ.

An API is an interface that standardizes data input and output methods so that information from a specific app (platform) or system can be used by other apps (platforms). It acts as a link that allows easy use of information from one app in another without needing to know the detailed operation of the platform.

By commercializing LG ThinQ's API, anyone?individuals or businesses?can utilize various functions, services, and data based on products supplied by LG Electronics according to their needs, making ecosystem expansion easier. For example, a building management company can use the LG ThinQ API to build its own system to remotely control and manage LG Electronics' air conditioning systems installed in the building.

LG Electronics Platform Business Center Executive Director Kim Geon-woo is giving a presentation at the Platform Business Center media briefing held on the 11th (local time) at the Las Vegas Convention Center (LVCC) in the United States. / Photo by LG Electronics

LG Electronics also plans to increase the adoption of operating systems (OS) in appliances themselves, such as TVs equipped with its proprietary smart TV platform webOS or UP appliances (appliances that can be upgraded after purchase), allowing external developers to easily participate in the smart home platform ecosystem in the form of apps. The company explains that this can create differentiated customer value by integrating innovative ideas from insightful individuals and companies, and can also benefit the company from a value chain perspective.

Vice President Jung said, "As the ecosystem expands, the smart spaces customers experience can extend beyond homes to commercial, mobility, and virtual spaces. Applying continuously evolving artificial intelligence (AI) technology will also innovate service experiences, enabling customers to truly enjoy a smart life."

Introducing 'Experience Packages' in the First Half to Innovate User Smart Homes

LG Electronics is evolving LG ThinQ from a 'device connection integrated control perspective' to an 'AI-based personalized customer experience perspective.'

The company plans to promote the sales business of 'experience packages (tentative name)' within LG ThinQ in the first half of the year. Experience packages help users reflect on pain points (points where customers feel inconvenience) or the smart home life they expected in daily life, allowing them to freely select and customize appliances, IoT devices, sensors, and more as they wish.

For example, a consumer who wants a comfortable indoor environment can check the appliances and IoT devices they own, then select necessary smart devices (such as door sensors, temperature and humidity sensors) and hubs to create a package for order, receiving delivery, installation, and integration services all at once. Afterwards, users can automate indoor environments or atmospheres at desired times through dedicated smart routines provided by LG ThinQ's experience packages.

Previously, LG Electronics conducted surveys, analyses, and pilot tests related to smart home experiences targeting general consumers, asking questions such as "What experiences do you want in a smart home?" and "Why do you not use smart homes?" Using accumulated LG Electronics device user data, the company decided to promote the experience package business.

The company is also expanding the LG ThinQ 'ThinQ Home' service business for apartment residents in cooperation with home network operators. Currently, residents of 18 apartment complexes where ThinQ Home is applied can use LG smart appliances as well as smart lighting, heating and cooling systems, elevator calls, and community facility reservations built within the complexes all through the LG ThinQ app. LG Electronics plans to expand the business to more than 200,000 households in about 300 complexes this year, including existing apartment complexes.

This content was produced with the assistance of AI translation services.