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TP Vision Delivers Growth in Key Segments of the Philips TV & Sound Business

Sales of OLED Ambilight TVs show a YoY increase of 22% driving business growth.

Despite increasingly difficult global economic and politically challenges, TP Vision has maintained growth in key segments of both the companies TV and Audio businesses with the performance of OLED Ambilight TVs and GO Sports products a particular highlight in the company’s sales success.

Commenting on the announcement, TP Vision CEO Kostas Vouzas said: ‘Market conditions became increasingly challenging during 2022, a situation that is likely to continue in the first half of 2023. Despite these challenges, the combination of our multi-award-winning products with the support of our customers, partners and retailers plus our team’s resilience has resulted in continued growth in our strategic business segments. Our focus areas and products continue to resonate with consumers and fans. While the market will still face headwinds in the months ahead, I am certain that our strategy, supported by fantastic products and partnerships will help us maintain our growth and success’.

In the TV market, Ambilight continues to be the differentiating factor with the uniquely immersive experience receiving an exceptionally positive response from consumers – highlighting that Ambilight TV is often considered a segment on its own right.

Philips OLED Ambilight TV’s proposition continues to increase in popularity thanks to the sets widely acknowledged outstanding picture quality created by a combination of the latest OLED panel technology with TP Vision’s in-house developed P5 AI picture processing suite – a winner of multiple awards and widely considered to be the best currently available. In additional selected Ambilight TVs will continue to feature sound by our friends and partners at Bowers & Wilkins.

Philips Sound successfully enjoyed a strong growth in audio products of 12% with a highlight being a 22% increase in headphones sales in 2022 – with plans in place to fuel further growth.

In addition, the focus on the dedicated sports segment proved a hit with consumers in 2022, with new GO Series headphones and newly introduced rugged portable wireless speakers combing to increase sales by more than 70%.

Growth was driven by the quality and innovation found in the new products plus the credibility of the Philips brand to the sports audience – something reinforced by the continued collaboration with Team Jumbo Visma and the partnership with Wings for Life World Run – the world’s biggest running event. Both GO partnerships will be strengthened in 2023.

To further drive growth, TP Vision will use its proven product design and sound quality expertise to launch the renowned AOC brand into the audio category in 2023, with stylish and exciting products specifically designed to serve a younger audience.

TP Vision will also take the Philips brand into a new market segment with the launch of the first Philips Sleep Headphones designed in partnership with sleep scientists Kokoon and offering the prefect answer to the misery of disturbed sleep by helping wearers fall asleep more easily, while also protecting their sleep from outside disturbances.

Sustainability & CSR

Sustainability and CSR are now fully integrated into the TV & Sound business plan and are part of both TP Vision’s ongoing company culture and its future business success.

Key examples of the strategy were visible in 2022, both in terms of product developments and through establishing long-term partner activities.

All 32”, 43” and 50’ TV models switched to polystyrene free, eco packaging in 2022, with larger screen size models set to follow. In addition, the company has now stopped producing full colour printed TV outer packing and is using soy-based inks.

Similarly, for Philips Sound, replacement of plastic inner packaging with sustainable materials for Philips headphones was accelerated, with the company also committing to plastic-free eco-packaging for all sound products by 2024.

TP Vision is also continuing its partnership with The Explorers, supporting their project to create archive content of Earth’s natural, cultural and human heritage and wonders. The company believes that making a positive environmental impact can be achieved by creating overall awareness through partnering with like-minded organizations such as The Explorers – where the partnership can offer a perfect mix of high technology and sustainability.

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