Amidst the lush economic landscape of New Delhi, electronics titan Samsung has publicly declared an ambitious target: amassing a revenue of Rs 10,000 crore from its Artificial Intelligence (AI)-enhanced television business in India. The goal is set against the backdrop of Samsung’s substantial 21% volume market share at the close of 2023, with aspirations to amplify its supremacy in the year ahead with the unveiling of its AI-driven television models.
“We are ushering in a new era with a sharp focus on premium products that cater to the expansive consumer segment. At the same time, we are gunning for an unprecedented revenue landmark of Rs 10,000 crore in 2024,” articulated Mohandeep Singh, Senior Vice President of Visual Display Business at Samsung India. With such a bold assertion, Samsung is not just testing the waters but diving headfirst into the competition, and its ripples could agitate the entire industry.
The television market in India has recently shown signs of regression. A report by Counterpoint Research highlighted a notable 16% drop in shipments in the previous year. However, the South Korean electronics juggernaut has its gaze fixed on a resurgence in 2024. It is buoyed by the rising demand amongst the millennial and Gen Z consumers, referred to as ‘MZ consumers’, who are showing a keen interest in premium television offerings.
Previously, not a single TV brand operating within the Indian market has claimed the feat of Rs 10,000 crore in revenue, nevertheless, Samsung forges ahead with confidence. The company has introduced to the Indian market its high-end Neo QLED 8K, Neo QLED 4K, and OLED televisions, which are pegged as the vanguard in its pursuit to tighten its grip on the TV sector.
These advanced televisions embody the pinnacle of home entertainment with their trailblazing, AI-powered capabilities. They’re engineered to enrich the viewing experience with enhanced picture quality, deeper immersion, and personalized viewing options that are all but a few nuances of their technological prowess.
Meanwhile, analysts are watching this space closely. The target—while aggressive—reflects Samsung’s commitment to dominating a market that is increasingly shedding the notion that fancy tech is an overindulgence. Instead, it embraces the reality where state-of-the-art AI features are fast becoming prerequisites in the eyes of consumers demanding innovation and exclusivity.
Samsung’s stride into 2024 is, thus, not merely about sustaining its market share but also about pushing the envelope in an industry that’s on the cusp of transformation. With the undercurrent of their twin strategy focusing on both breadth and premium nature of their range, they hope to sway consumer appetites and set a new benchmark for revenue in the Indian television landscape.
Singh’s statement encapsulates the duality of their approach: offering an array of choices to cater to the diverse consumer base while simultaneously reeling in hefty revenue figures. This balancing act, should it succeed, could render Samsung’s business model as one for the case studies, and potentially, for the record books.
While navigation through the doldrums of market fluctuations could daunt the less steadfast, Samsung’s ardor for the Indian market is palpable. Enshrined within every premium Neo QLED and OLED TV is a manifesto of Samsung’s tech-forward vision, driving the TV business into a digitally intelligent future.
As the narrative of Samsung’s expedition unfolds, eyes are fixated on the company’s performance and whether it delivers on the lofty ambitions it has put forth. A Rs 10,000 crore revenue target is not just a number—it’s a towering testament to the potential of AI in reshaping the contours of home entertainment. The MZ consumers have cast their vote of confidence, thus should Samsung strike the chord accurately, it could very well serenade the market with an unparalleled symphony of success.
