Roh Tae-moon, president of Samsung Electronics’ Mobile eXperience business, shows new Galaxy S23 phones during the Unpacked event at Masonic Auditorium in San Francisco on Feb. 1, 2023, in this photo provided by the company.
SEOUL, May 23 (Korea Bizwire) — Samsung Electronics Co. is considering hosting a smartphone unveiling event in South Korea as part of its strategy to diversify its Asian market and address declining exports to China.
According to industry sources, the tech giant plans to showcase the Galaxy Z Fold 5 and Galaxy Z Flip 5 on July 26, a few weeks ahead of schedule.
Samsung experienced significant earnings shocks in the first quarter of this year, prompting the need for earlier smartphone releases to sustain sales in the mobile business.
In addition to an earlier timeframe, Samsung is also contemplating a change in the venue for the Unpacked event.
Previously held in New York or San Francisco, the company is now considering Seoul or Busan as potential locations.
The intense competition in the foldable smartphone market, fueled by the upcoming release of Google’s Pixel Fold, influenced Samsung’s decision to choose South Korea as the venue.
People check out the Galaxy Z Flip 4 and Galaxy Z Fold 4 in a pop-up store in London, Britain, on Aug. 11, 2022, in this file photo provided by Samsung Electronics Co.
This move aims to highlight the country’s status as the birthplace of foldable phones.
To enhance Samsung’s smartphone reputation, the company plans to leverage traditional palaces and other prominent landmarks, tapping into the Korean Wave trend sweeping across Southeast Asia.
As a replacement for the Chinese market, Samsung is currently exploring opportunities in countries such as Indonesia, Vietnam, and India, which are experiencing significant growth in the smartphone industry.
India, the world’s second-largest smartphone market after China, is expected to achieve an annual growth rate of 8 percent by 2027.
With Android OS holding a dominant 95 percent market share, Samsung stands to benefit from its compatibility with the operating system.
Despite an overall 7 percent decline in accumulated smartphone shipments as of October last year, the four major Southeast Asian countries, namely the Philippines, Thailand, Indonesia, and Vietnam, witnessed a 1-percent increase in Samsung smartphone shipments.
Kevin Lee (kevinlee@koreabizwire.com)
