LG will introduce its first 55-inch OLED TV in May, coming in at just under $8,000. To put in a perspective, that's the price of four 55-inch LED TVs or five 55-inch LCD/Plasma TVs.

The device's actual price is approximately nine million won, or $7,928.91. The OLED TV will launch at a movie premiere in Cannes, France.

"LG Electronics decided to arrange the launching event of its 55-inch OLED TV during the Cannes Film Festival period from May 16 to 27. Starting in Europe, the company plans to advance marketing activities of its OLED TVs worldwide," an LG official said last Thursday to MK Business News.

The launch of the TV is expected to coincide with rising demand, due to the Olympic Games in London running from July to August. LG also want to get ahead of competitors, such as Sony, who are also planning to launch OLED TVs.

"In order for LG to take the lead in the OLED TV market, LG should roll out OLED TVs earlier than it planned. Speed up research and development to commercialize OLED TVs ahead of schedule," said LG Group Chairman Koo Bon-Moo.

The OLED TV market is expected to rise between 2013 and 2015, from 570,000 units to 3.68 million, with 11.93 million units expected in 2017, according to DisplaySearch.

"Ultra-thin OLED TVs feature vivid colours, deep blacks, and superior clarity and contrast that are vastly superior to competing-but considerably less expensive-LCD/LED and plasma TVs, according to tech reviewers who got an eyeful of OLED TV prototypes at the 2012 International Consumer Electronics Shows in January," PCWorld reported.

DigiTimes also reported that OLED TV penetration will begin in 2015, after a price drop next year.

"TV manufacturers at LG Electronics plan to launch AMOLED TVs, and with AMOLED panel production capacity to gradually increase between 2013 and 2014, AMOLED TV penetration will begin to gradually increase with an estimated penetration rate of about 10-15% in 2015. In 2013, the price gap of AMOLED and LCD TVs will be about 30%, which will help further increase the penetration rate," the site said.

The site added that Samsung has a strong lead with AMOLED production. It also says that panel makers in Japan, Taiwan and China have been speeding up development on AMOLED displays.

And yes, if you think 3D TVs are cool, $8,000 would get you three LG Cinema 3D LED TVs, with some left over.

(reported by Jonathan Charles, edited by Surojit Chatterjee)