TP Vision Confirms outstanding business performance in 2020

Amsterdam, January 27th, 2021

TP Vision Confirms outstanding business performance in 2020 with fourth consecutive year of growth
Company continues to grow in revenue, market share and profitability while expanding investment and resources

TP Vision, the company holding the Philips TV & Sound license in selected markets across the globe, has enjoyed another year of outstanding business success in 2020, outperforming the industry sector average for all business performance indicators.

The company announced its latest business results, news, and new products to be launched in the first half of 2021 during a special interactive online press event in January – following on from the huge success of TP Vision’s first online press conference in September 2020.

January’s online press conference was given to a global audience of over 1500 people with Kostas Vouzas, CEO, and Martijn Smelt CMO TP Vision (Philips TV & Sound) Europe proudly presenting details of the company’s exceptional business performance before showcasing the company’s latest products.

Details included:

  • Continued growth in revenue and profitability.
  • 2020 sales YoY compared to 2019:
  • Overall growth for the Philips TV & Sound business of 9%.
  • Sales of OLED TVs increased by 20% – with new models and sizes announced.
  • Premium OLED segment led the way with Philips OLED+ sets tripling sales in 2020.
  • TV Performance Series sales increase of 80% – new and improved models announced.
  • Philips TV & Sound’s sales by volume has increased by 40% in the past five years.
  • Philips Sound doubled sales in 2020 – with a major initiative in the dedicated sports headphone market announced.
  • Focus on new digital strategy delivered excellent results with a significant increase in online presence for the brand and a doubling of traffic delivered to TP Vision retail partners.
  • More than 140 media awards across Europe in 2020 with 100 awards for TV and 40 awards for Philips sound products.

Amsterdam based TP Vision is the company responsible for Philips-branded TV sets (in Europe, Russia, Middle East, South America, India and selected countries in Asia-Pacific) plus, more recently, for Philips-branded consumer audio products (Globally) under trademark license by Koninklijke Philips N.V.

For the last eight years under TP Vision’s guidance the Philips TV category has enjoyed continuous investment allowing Philips TV to not only maintain, but reinforce, its place as the reference mark in terms of TV picture quality, sound quality, innovation and outstanding design.

TP Vision was an early champion for OLED TV technology which in parallel with the company’s in-house development of the P5 processor suite – now with AI technology – has seen Philips TV keeping its position at the pinnacle of TV picture quality.

Offering the best picture quality has been one of the key reasons behind Philips TVconsistent growth in sales and market share with sales of OLED sets increasing by 20% in 2020. A new and improved OLED806 model was introduced at the online event, with the range expanded to include 48” and, for the first time, 77” sets.

At the very top of the market, TP Vision’s own premium OLED products, featuring the award winning P5 AI picture processing in a unique combination with exceptional, uncompromised sound – from the partnership with specialist audio company, Bowers & Wilkins – enjoyed an exceptional year with Philips OLED+ sets recording a sales increase of more than 300% year-on-year.

The success has been repeated in more mid-market categories, in particular due to the introduction of the extremely popular Performance Series, launched with the concept of offering the consumer a clear and simple choice: A TV set with the quality and performance of a premium model, including Philips unique Ambilight technology, but all at a mid-range, ultra-competitive price.

The Performance Series has continued to be marketed under the promise ‘The One to watch’, emphasising that this is ‘The One’ TV set that has everything a consumer may need. The response has been a further sales increase of 80% in 2020 following on from a near doubling in sales for the Performance Series in each of the previous two years.

TP Vision turned a similar focus to Philips Sound in 2020 including a relaunch for Philips Fidelio with premium headphones and soundbars. The result was an impressive doubling of the business in 2020.

Further Philips Fidelio product launches are planned in 2021 with TP Vision also announcing a major push in the hugely popular and growing dedicated Sports Headphones market.

TP Vision is continuing to invest in further developing and growing the Philips brand in the consumer electronics category with a focus on strengthening and expanding the company’s resources and organisation to focus on accelerated digital investments and enhanced retail partnerships.

Media contact TP Vision:

Andrew Burslem
Tel: +44 203 494 4422

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About TP Vision

TP Vision Europe B.V. (‘TP Vision’) is registered in the Netherlands, with its head office in Amsterdam. TP Vision is a wholly owned company of TPV Technology Limited (‘TPV’), which is one of the world’s leading monitor and TV manufacturers.

TP Vision is a consumer electronics key player in TV and audio entertainment. TP Vision concentrates on developing, manufacturing and marketing Philips-branded TV sets (Europe, Middle East, South America, India and selected countries in Asia-Pacific) and Philips-branded audio products (globally) under trademark license by Koninklijke Philips N.V. We combine the strong Philips brand with our product development and design expertise, operational excellence, and industry footprint of TPV. We believe in creating products that offer a superior audio and visual experience for consumers.