LG's patents have been acquired by Apple and another unknown firm (likely Samsung).The business previously claimed to have received a one- time payment for patent licensing, but it never stated to whom the license was sold. According to information from the Elec, two businesses gave LG Electronics KRW 890 billion ($ 662.4 million). And on the other hand, Apple gave LG KRW 800 billion ($ 595.4 million) of the enormous sum.
The report also emphasizes that the license is valid for ten years rather than one to two. However, rather than renewing the license every year, firms frequently pay a one- time fee and sign a ten- year contract.
Why did Apple buy LG’s patents?
You can find every product you might require in the popular tech market on Apple. This includes mobile devices including smartphones, tablets, AIOs, studio computers, laptops, and more. Apple's greatest revenue generator is the iPhone, but the corporation is falling behind in the folding smartphone trend, which is currently quite popular. Apple isn't currently working on any foldable devices, but Samsung, Oppo, Huawei, and even LG all have them on the market.
Foldables were anticipated to be gimmicky and useless, when they first appeared. Four years later, Samsung has just unveiled the Galaxy Z fold and Flip in its fourth iteration, while other companies like Motorola, are also releasing new foldable phones this year, Apple frequently adopts trends and is probably taking its time to create the most distinctive foldable smartphone.
In exchange for a fee, patent licensing enables the business to make use of technology developed by other businesses. In addition, Apple has filed numerous patent applications for foldable technology, including an ipad- like tablet. Apple will likely start developing a foldable smartphone, though. Samsung may be the other firm that purchased the license, but it already has a popular foldable phone that now holds the lion’s share of the market.
Before making the decision to stop, LG has been working on foldable and rollable phones. In order to provide greater screen space, Apple may potentially focus on developing phones with rollable panels that strech.
