LG Uplus president Hwang Hyeon-sik laid out a strategy to develop a diverse range of platform services, targeting revenue from non-core businesses to account for 40 per cent of its total by 2027.
Hwang told a press conference LG Uplus’ aims to drive its market capitalisation to KRW12 trillion ($8.6 billion) by 2027, double the level in 2021, and cited a target issued in 2021 to grow non-core revenue to 30 per cent of LG Uplus’ total by 2025.
Non-telecoms revenue accounted for around 20 per cent of LG Uplus’ total in 2021.
In addition to its current entertainment platform, LG Uplus plans to develop businesses covering lifestyle, childcare and future technologies.
It set the target of signing-up 7 million customers to its lifestyle platform in five years.
Hwang noted LG Uplus’ package incorporating children’s programming had so far focused on providing IPTV services, but explained this limited its ability to understand “customer usage patterns”.
To address this, the operator will “prepare a subscription-type platform” alongside a mobile-oriented OTT service for children’s content.