South Korean electronics heavyweight LG have decided to invest in OLED (organic light emitting diode) televisions, according to the latest media reports. The company will be spending a whopping USD 650 million on the new technology as it believes that the future of television lies in OLED-screen devices.

LG had started demonstrating OLED television screens in January 2009. These televisions were too expensive for consumers to think seriously about purchasing them. As a result, the company has now decided to invest money into the project and make the technology cheaper for the average household.

Samsung and LG have been squabbling over the OLED technology for a while now. However, Samsung dropped its injunction request against the South Korean company a few days ago. While the companies battle it out, they have both created smaller devices with the OLED technology inbuilt, such as smartphones and other hand-held devices.

The new technology allows devices to consume less power than screens with other forms of LED technology. This will allow for longer battery life and lower power bills as well. This is recognized to be something that most households will want to have in the years to come. LG will be able to remain a step ahead of the competition now that it has invested in bettering the technology.

More interesting News -  Times Internet Ltd launches BoxTV in India, US and UK