Samsung cuts OLED TV price 34%

Samsung Electronics said Sunday that it has decided to cut the price of its cutting-edge curved OLED TV by a whopping 34 percent, allowing more customers to purchase the premium TV.

"Samsung Electronics will sell our curved 55-inch OLED TV at 9.9 million won, from the previous 15 million won. The aggressive pricing policy was aimed at appealing to more consumers and leading the way in the OLED TV market," Samsung said in a statement.

Samsung, the world's biggest TV manufacturer, started selling the 55-inch curved OLED TV in Korea from June this year.

OLED TV is thinner than conventional LCD TVs as OLED TV doesn't require backlighting. OLED stands for organic light-emitting diode.

But higher prices and limited quantities due to small manufacturing yields have been cited as the biggest hurdles hampering its imminent market expansion, according to analysts.

"The price cut is also due to improved manufacturing yields. We hope the measure helps us lead over rivals in the heated race for OLED TVs," the Samsung statement read.

The company said it will compensate consumers who already bought the TV.