Chinese television manufacturer Skyworth Group is aiming to invest up to 1.5 billion yuan or roughly $212 million to accelerate its research and development into new cutting-edge technologies. The company plans to integrate these new technologies into its products in order to gain more market share despite the ongoing economic turndown, which has affected the domestic television sector.
Shenzhen Skyworth-RGB Electronic chairman and president, Wang Zhiguo, stated that the company will focus on new technological innovations, including the rising popularity of large-screen AIoT technologies. AIoT, or the artificial intelligence of things, is a rapidly growing feature that combines the power of artificial intelligence with the internet of things infrastructure that is already present in modern devices.
The technology attempts to significantly enhance human-machine interactions through advanced data management and analytics, greatly improving the end-user experience. Skyworth plans to use its investment to create its own AIoT ecosystem, called the Swaiot AIoT ecosystem, which will allow users to control and manage smart home devices through their television sets. The company plans to work with its local partners and various developers to create its planned ecosystem.
Apart from investing in AIoT, Skyworth is also heavily invested in the research and development of cutting-edge Organic Light-Emitting Diode (OLED) technologies. Skyworth currently does not make its own OLEDs, instead, the company had partnered with South Korean panel maker LG Display for its self-branded OLED TVs, which it had been selling since 2013.
Last year, the company reported a surge in overall TV sales, landing it on the top of the list in the domestic market. The company holds around a 17 percent market share in China last year. Its OLED TVs accounted for about 42 percent of the overall OLED TV market in the country.
According to market consultancy firm All View Cloud, TV sales in China last year had reached more than 47.72 million units with revenues hitting a high of 134 billion yuan. The popularity of OLED TVs is also rapidly growing, with the firm forecasting that OLED TV sales could reach up to 80 million units by the end of the year.
Skyworth is also heavily investing in developing 5G-capable 8K ultra-high-definition televisions to improve the industry. The company plans to focus on the research and development of AI-powered 8K chips, which it uses to drastically improve image quality on the fly.
The company's latest product to feature its latest technologies is its G71 TV, which sports features such as an artificial intelligence-powered camera that is capable of facial recognition, gesture control, and motion perception. The capabilities can be used with various apps for activities such as communication, gaming, and fitness.
