Apple signs a ‘long-term’ patent use agreement with LG, report claims

LG Electronics received a one-time payment of patent fees of approximately $600 million in April. However, the Korea-based company did not name the customers who paid for the patent license agreement. According to a report by The Elec, licensing fees were paid by two companies and one of them was Apple. The report suggests that LG Electronics and the Cupertino-based tech giant have likely entered into “a long-term patent agreement of up to 10 years”, which is also a standard for corporations. great.

What patents does Apple agree on?
The report cannot confirm the patents that Apple has agreed to use, however, it does mention that it includes “many standard essential patents”. According to the report, both companies have previously signed a cross-licensing agreement for the patents.
Since LG has left the smartphone business, this deal is no longer necessary. The report also claims that LG will get a bigger profit from the latest deal as the company won’t have to pay Apple as it no longer makes smartphones. Nokia has also had similar deals since it left the handset business, the report added.

LG’s importance in Apple’s ecosystem
LG Electronics may not be making smartphones anymore, but the company is still very important to Apple’s ecosystem. By LG Innotek comapany’s display division and division supplies camera and display modules to the Cupertino company. Moreover, LG monitor is said to supply OLED panels for the upcoming iPhone 14 series, which is expected to be announced in the coming weeks.