Samsung Electronics Co.’s share price down, to make its products Internet-ready by 2020

The Co-Chief Executive Officer of Samsung Electronics Co., Yoon Boo Keun, revealed at the Consumer Electronics Show that all companys products are planned to be internet-ready within half a decade. The company, currently the largest TV manufacturer worldwide, has focused on the expanding businesses of smart homes and vehicles.

Yoon Boo Keun said in the statement, cited by Bloomberg: “The Internet of Things has the potential to transform our society, economy and how we live our lives. It is our job to pull together – as an industry, and across different sectors – to make true on the promise.” As reported by the Wall Street Journal, he also said: “We’ve been at [Tizen development] for years and a lot of money was spent. We’re going to continue upgrading the platform.”

According to the statement, Samsung plans to start selling only Web-connected sets by 2017.

The company intends to invest more than $100 million during the current year in an attempt to accelerate its programmes.

This step emphasizes on Samsungs efforts to push for further implementation of the alternative platform, which has been having some difficulties to take off.

The company plans to extend the use of its homegrown operating system Tizen beyond wearables in order to improve its internal software capabilities, as it is trying to boost its competitiveness to its major rivals Apple Inc. and Google Inc. The South-Korea-based company has already delayed the official release of a Tizen-based smartphone a couple of times due to lack of interest from application developers.

Samsung has been trying to transform its business, as its mobile devices unit has been losing market share due to the rivalry of cheaper products provided by companies such as Lenovo Group Ltd and Xiaomi. As the company has revealed in a report, the third-quarter operating profit of its mobile division declined by 60% compared to the result posted during the same period a year ago.

At present Samsung is making a serious attempt in the Internet-connected appliances and wearable devices business in order to get a market share that may be estimated to $7.1 trillion in half a decade.

Samsung Electronics Co. lost 2.85% to close at KRW 1 295 000 per share today. The company is valued at KRW 219 434.60 billion.