LG has exited the mobile phone market.

The South Korean technology giant LG Electronics announced that it has completely withdrawn from the smartphone market and sold its patent to the Chinese company Vivo.

LG WILL NO LONGER MANUFACTURE SMARTPHONES

Once a leading name in the smartphone market, LG Electronics made a historic decision to withdraw from the mobile market in 2021. Since that time, the South Korean technology giant has announced that it has completely exited the market. Unable to maintain its position in the market, LG sold all its patent rights to the Chinese technology company Vivo.

SOLD ITS PATENTS

While selling 46 US standard patents to Vivo, LG noted that most of these are standard patents necessary for video signal compression. It was stated that codecs are technologies that compress and decompress digital video and audio. In particular, the 46 patents in question covered a range of key technology areas critical for improving the efficiency and quality of video processing, such as intra-frame prediction, inter-frame prediction, transform coding, motion vector prediction, chroma format, affine motion prediction, bitstream signal processing, and high-frequency zeroing.