TP Vision delivers growth in key segments of the Philips TV & Sound business
Amsterdam, February 7th, 2023
TP Vision delivers growth in key segments of the Philips TV & Sound business – despite the negative impact of global economic and political events
- Business growth driven by Philips OLED Ambilight TV sales plus strong performance in key audio segments for Philips Sound.
- Philips dedicated GO Sports audio range has enjoyed exceptional growth.
- Overall 2022 performance:
Sales of OLED Ambilight TVs continue to be highlight of TV range with a YOY increase of 22% in ’22.
TP Vision has continued to deliver growth in Sound products with the Audio category increasing by 12% and the headphone segment by an impressive 22%.
Fidelio and Soundbars also posted a positive growth YoY.
The continued focus on GO Sports headphones is an outstanding business highlight with sales increasing by 70% in 2022.
Ambilight TVs now accounting for almost 80% of the business clearly demonstrating that the experience is resonating with our fans.
- TP Vision received 145 Awards from European media experts in 2022 in recognition of the company’s products delivering exceptional picture and sound quality with outstanding European design.
- Significant progress with sustainability initiatives continues to be a key element in defining the future identity of the business.
- TP Vision plans to further invest in its successful collaborations with Wings for Life World Run, Team Jumbo Visma and Bowers & Wilkins.
- The business will expand and add focus to additional categories in 2023 with the launch of the renowned AOC brand into the audio category and the launch of the first Philips sleep headphones in partnership with Kokoon.
Kostas Vouzas, CEO, TP Vision (Philips TV & Sound Europe & Americas) has announced details of the company’s 2022 business results – plus the company’s exciting new products for 2023 – during the TP Vision Amsterdam Live press, partner and key retailer event.
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.
Winning by Design
Offering the best in European Design – via our dedicated Amsterdam design studio – across all product categories in both TV & Sound also continues to be a key identifying element of TP Vision’s product strategy and another recognized differentiation for the consumer.
The outstanding quality of this work has consistently gained official recognition including in 2022 with the OLED+907 and OLED+937 TVs and the Fidelio Home Entertainment system winning both prestigious iF and Red Dot design awards while the new rugged GO wireless speakers have also won a Red Dot design award.
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.
TPV Cares was another new important initiative launched in 2022.
The TPV group includes many businesses each having their own community support projects and a collective decision was made to create a home for all of TPV’s social and environmental impact initiatives where they could be combined and shared under the under the TPV Cares umbrella.
The TPV Cares platform is now available in all countries in which TPV is present (including EMEA, APAC, ASIA and North America) and provides a variety of volunteer, financial and in-kind support for deserving community projects around the globe – each selected by their ability to have a lasting and positive effect on society.
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About TP Vision
TP Vision Europe B.V. is registered in the Netherlands, with its head office in Amsterdam. TP Vision is a wholly owned company of TPV Technology Limited (‘TPV’), one of the world’s leading monitor and TV manufacturers.
Founded in 2012, TP Vision is today one of the largest global players in the consumer TV and audio industries. It develops, manufactures and markets consumer electronics products and technologies that offer a superior audio and visual experience.
With a strong focus on the consumer and hospitality market, TP Vision’s product portfolio includes consumer audio products and televisions, professional displays and content operation systems. These products, and solutions, are brought to market through TP Vision’s own brand AOC, as well as the Philips brand, used under license from Koninklijke Philips N.V.
Home to leading electronic brands and award-winning products, TP Vision employs over 2,000 people globally, with operations in Europe, Americas, Middle East, India and selected countries in Asia-Pacific.
TP Vision adds value in everyday lives and society through its expertise in product development, design, operational excellence and responsible manufacturing.
The content in the news releases is accurate at the time of publication but may be subject to change without notice. All trademarks mentioned in this news release are the property of their respective owners.
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