LG Electronics buys TV data analysis startup Alphonso for $80 million
Jan 7, 2021, 09:22 IST
Seoul, LG Electronics on Thursday said it has acquired US-based TV data analysis startup Alphonso to boost its software and service capabilities in the TV business.
The South Korean tech firm said it spent $80 million to acquire a controlling stake of more than 50 percent in Alphonso.
LG believes the deal will allow the company to offer enhanced and customised services to users of its smart TVs and streaming platform, as it can utilize Alphonso's data, TV ad analytics and video artificial intelligence (AI) capabilities.
"Providing customised and segmented service can ultimately help us to drive customers' trend," LG said. "We believe it can generate profits across all business areas beyond the TV sector."
Founded in 2012, Alphonso has been collecting TV data sets and building analytics solutions. It previously worked with other TV manufacturers and technology firms, including Hisense, Sharp and Toshiba.
LG said the acquisition of Alphonso will also help the company to better target North American consumers. Alphonso is known to have the TV viewing data of more than 15 million households in North America, reports Yonhap news agency.
LG said the acquisition of Alphonso is important since 90 percent of its TVs shipped last year are smart TVs through which users can enjoy video content with internet connection. The company shipped a total of 30 million units of TVs last year.
The company recently agreed with the world's No. 3 auto parts maker Magna International to set up a joint venture to make electric vehicle powertrain products.
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The South Korean tech firm said it spent $80 million to acquire a controlling stake of more than 50 percent in Alphonso.
LG believes the deal will allow the company to offer enhanced and customised services to users of its smart TVs and streaming platform, as it can utilize Alphonso's data, TV ad analytics and video artificial intelligence (AI) capabilities.
"Providing customised and segmented service can ultimately help us to drive customers' trend," LG said. "We believe it can generate profits across all business areas beyond the TV sector."
Founded in 2012, Alphonso has been collecting TV data sets and building analytics solutions. It previously worked with other TV manufacturers and technology firms, including Hisense, Sharp and Toshiba.
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LG said the acquisition of Alphonso is important since 90 percent of its TVs shipped last year are smart TVs through which users can enjoy video content with internet connection. The company shipped a total of 30 million units of TVs last year.
The company recently agreed with the world's No. 3 auto parts maker Magna International to set up a joint venture to make electric vehicle powertrain products.
SEE ALSO:
boAt raises over $100 million from Warburg Pincus — analysts expect the headphone brand to double its revenue to ₹10 billion this financial year
OnePlus Band India launch date, price and everything you need to know
WhatsApp will stop working if you do not agree to its new terms and privacy policies
Toyota Fortuner 2021 launched at a starting price of ₹29.98 lakh — here’s all you need to know from looks to specification and features