LG said it will implement a new business strategy to revive the mobile segment. Velvet is the first phone to follow this strategy.
“In the segment above 1,000 USD, we are preparing a device with a different design, in order to catch up with customers who yearn for breakthroughs, diversity,” an LG official said Wednesday. According to the company, they will have a high-end line of over 1,000 USD along with the “popular flagship” phone, priced from 600 to 1000 USD.
The company did not say what the specific “different design” will be, but some industry figures predict could be a “rollable” phone. Or it could also be a foldable phone that competes with Huawei and Samsung. Now that the phone design is saturated, companies are keen to introduce a groundbreaking product, and foldable phones are the most concerned.
LG just released its first quarterly business report, in which the smartphone segment achieved $ 830 million in revenue and lost $ 200 million in losses. With the goal of making the segment profitable again, LG expects its “popular flagship” products to be successful. They will have all the elements customers want in a flagship phone, but the configuration is cut to bring a more affordable price.
With LG Velvet, the device will be equipped with Snapdragon 765G which costs less than Snapdragon 865, but still supports 5G network. Under-display fingerprint sensor, triple camera with 48MP main sensor, 8GB of RAM. The design is the biggest highlight with LG’s 3D curve language, the camera cluster is different from most machines on the market today.
LG expects 5G phones will contribute 30% of total sales. It will focus on promoting markets that have implemented 5G telecommunications networks such as the US, South Korea and Japan. LG Velvet is expected to launch on May 15 for about 650 USD. And the flagship of $ 1,000 with a unique design has no specific timeline.