After withdrawing from the mobile phone business, LG Electronics relied on this to collect more than 560 million US dollars in patent fees from Apple

August 24, 2022

Latest company news about After withdrawing from the mobile phone business, LG Electronics relied on this to collect more than 560 million US dollars in patent fees from Apple

Core Tip: On August 22, according to foreign media reports, in April this year, LG Electronics disclosed that they received a one-time patent licensing fee from customers, but they did not disclose the specific customer name.
News on August 22, according to foreign media reports, in April this year, LG Electronics disclosed that they received a one-time patent licensing fee from customers, but they did not disclose the specific customer name.

The latest news from the Korean media shows that two companies paid LG Electronics patent licensing fees in the first quarter, paying a total of 890 billion won. The two companies included Apple, and Apple paid most of them, more than 800 billion. Korean won, that is, more than 560 million US dollars.
The Korean media also mentioned in the report that LG Electronics and Apple may have reached a long-term patent use agreement with a term of up to 10 years, including a large number of standard essential patents.

If Apple becomes a patent licensing customer of LG Electronics, as foreign media reports, it will be another agreement between the two companies on patent licensing.

LG Electronics and Apple have also signed a patent licensing agreement before, but unlike the latest foreign media mention of Apple becoming LG Electronics' patent licensing customer, the two companies signed a cross-licensing agreement before. business, cross-licensing agreements are no longer necessary.

And LG Electronics no longer produces smartphones, which means that they don't need to pay Apple's patent licensing fees, and they can earn considerable income with a large number of standard essential patents.

The Korean media also mentioned in the report that after reaching a patent licensing agreement with Apple, LG Electronics, which has a large number of standard essential patents, may also seek a similar agreement with Samsung Electronics, which is currently the world's top-selling smartphone manufacturer. Annual shipments are higher than Apple's.