A source said that the company is trying to build a software ecosystem around areas 'we can have more control over,' reports stated.

LG has already launched a few smartwatches with Google’s Android Wear. The company also plans to go with WebOS across most of their smart devices, which include thermostats, refrigerators, and washing machines and even as far as automobiles.

WebOS was originally developed by Palm and then bought over by HP for further development, which was later sold off to LG in 2013.

Samsung is on a similar path with Tizen OS and has already debuted a smart television on the new operating system.

LG Display presses on with OLED TV despite doubts

LG Display Co Ltd  plans to increase production capacity of organic light-emitting diode (OLED) panels for TVs, seeking growth in a new technology field that its rivals have dismissed as still too expensive to succeed.

LG Display and its sister company, the world's second largest TV maker LG Electronics Inc, have been the biggest proponents of OLED TVs, which they hope will give them a competitive edge over rivals once the technology matures.
               
On Tuesday, LG Display said it would more than quadruple the monthly production capacity of OLED TV panels to 36,000 units by the year-end from 8,000 currently.
               
The companies say OLED is far superior to the mainstay liquid crystal display (LCD) technology, offering better picture quality as well as lower power consumption. Costs, however, are much higher, making OLED TVs several times more expensive than LCD sets.