South Korean technology firm LG has announced it will close down its plasma television business by the end of the month, signalling the final nail in the coffin for a technology long surpassed by liquid crystal display.
In a regulatory filing issued today, the firm announced that the decision reflects the decline in demand for plasma TV sets.
The move was widely expected, with the business accounting for just 2.4 per cent of LG's annual revenue in 2013.
LG spokesman Ken Hong confirmed that the decision was taken reluctantly, particularly given the fact that the company produces its own plasma panels.
"We wanted to keep it going as long as we could," he told Reuters. "No matter how much we try to keep it going it's just not a business anymore."
Industry experts added that plasma screens are unable to achieve the resolution desired by most consumers, and require more power and generate more heat than their LCD counterparts. Faced with these factors, businesses were forced to focus on LCD technology according to IBK Securities analyst Eo Kyu-jin.
Earlier in the year, market research firm NPD DisplaySearch revealed that plasma TV sales are expected to plummet from 5.2 million in 2014 to just 500,000 worldwide in 2015.
A number of other high-profile manufacturers have also confirmed they will pull out of the plasma TV business, with Panasonic announcing their exit in October.
As the last major player in the market, Samsung has confirmed that it will continue to make plasma TVs, but did not reveal where it will source plasma panels from after its sister company, Samsung SDI, announced it will cease production by the end of November.