LG has announced a $2,000 cut in the price of its flagship 55-inch Curved OLED TV, down to a new recommended retail price of AU$5,999.
The reduction is the second major slash in pricing for the product since it was first brought to the Australian retail market in October 2013. The price of the 55-inch model (55EA9800) at launch was AU$11,999, which was brought down to AU$7,999 in January of this year before being further reduced to AU$5,999 this week — just half the original ticketed price.
Similar to the reasoning around its last Curved OLED price cut, LG has cited an increase in production efficiencies as one of the major reasons behind the reduction in RRP.
"We believe LG is the only company in Australia that can currently supply OLED TVs in significant volume," said LG Australia general manager marketing, Lambro Skropidis. "Much has been written about companies struggling with OLED manufacturing, but not LG.
"We have been able to master the manufacture of OLED TV technology, and we're incredibly excited that we are able to innovate and lead in this new segment. This is a powerful breakthrough that consolidates LG's position as one of the world's leading consumer electronics companies. I feel like we've 'cracked the code' on OLED TV production efficiency."
Skropidis also cast his lot in with the OLED technology, saying LG saw the OLED as "the future of television" and the company working to establish OLED manufacturing facilities across the world "in anticipation of increased demand" for the TV technology.
"We believe consumers with plasma and LED/LCD TVs will look at superior OLED technology as a real option for their next purchase," he said. "The new price point will bring our most innovative TV technology to more Australians seeking greater picture quality combined with absolute style."
While manufacturers set their own RRPs, this does not necessarily dictate the price consumers see in store, as retailers are free to set their own ticketed price. That said, LG distributes its 55-inch Curved OLED through selected retailers, meaning there is likely to be less downward pricing pressure on pricing from retailers.