LG’s new V10 super-flagship packs many promising and unique features, but those don’t appear to be helping the handset strike the right chord with consumers. The V10 is apparently off to a slow start in its home country of South Korea and analysts are not confident about the phone’s future prospects.
According to data from market research firm ATLAS Research & Consulting, the LG V10 failed to break into the top 10 list of domestic smartphone sales during its first week of release, which is used as an indicator of consumer interest in a handset. The V10 only placed 15th between October 8th and 14th, while it was Samsung’s Galaxy Note 5 that claimed the top spot. Other Samsung handsets, including the Galaxy S6, Grand Max and the mid-range Galaxy A5 also took places within the top 10.
LG has already dropped the price of its V10 to 700,000 won (US$615), but has only managed to keep pace with the falling costs of the Galaxy S6 and iPhone 6, which are available at virtually the same price point. The company is also suffering from the effects of low cost competitors, who are offering high-end specifications at a lower price point than LG.
LG had been banking on its V10 to pick up its dwindling high-end smartphone sales this year. The company’s flagship LG G4, which launched earlier in the year, also underperformed following its launch in South Korea and LG’s earning expectations for the year have been cut by analysts as a result. LG has also slipped out of the top 5 list of global smartphone manufacturers in the last quarter, as lower cost brands like Huawei, Lenovo and Xiaomi continue to snap up market share.
Perhaps the LG V10 will find more success when it arrives in other markets?