After LG Electronics completely stopped producing smartphones last year, LG Electronics wants to start selling licenses for related technologies — for smartphones and other mobile solutions. LG has about 20,000 patents related to 4G, 5G and Wi-Fi that cost more than $16 million annually to maintain.
Although there have been rumors that LG intends to trade licenses for the use of its technologies, the company recently officially announced that it intends to start licensing.
According to the South Korean edition of The Elec, in addition to licensing solutions, LG Electronics could set up a subsidiary to which it will transfer part of the patents. The sale of so-called patents is also being considered. “Non-practicing” companies are in fact patent trolls ready to sue companies using appropriate technology.
In addition, LG announced back in April last year that it would leverage its mobile developments to create smart home appliances and IoT devices. LG’s patents will also contribute to the company’s transportation solutions business.
Even before LG stopped making smartphones, many companies showed interest in its developments – including the German concern Volkswagen and other large conglomerates. However, data on concrete agreements are not yet available.