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Sony and Panasonic to announce an OLED partnership next week

Rival Japanese television makers Sony and Panasonic will reportedly announce a new partnership next week to mass produce OLED televisions, according to Reuters. The two companies hope to develop technology that will enable them to make OLED TVs more affordable — current models cost thousands of dollars. OLED panel technology, which Sony pioneered in 2007, provides users with improved picture quality as well as deeper color saturation with high contrast, and it allows vendors to make TVs as slim as 4 millimeters that consume less power than traditional LCD sets. In recent years, the Japanese television industry has lost ground due to increased competition from South Korean rivals LG and Samsung, however by combining their research and development resources, Sony and Panasonic are hoping to regain lost market share.