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OLED is truly the "next generation" display (and lighting - see bottom of article) technology we've all been waiting for. It's flatly superior in every regard to LCD (and green both in terms of energy usage as well as the lack of dangerous substances like mercury); faster response rates (current OLED displays are 0.02 ms compared to 2 ms for the best LCDs), faster refresh rates (OLEDs have 600Hz refresh rates compared to 120Hz or 240Hz for the best LCDs), higher contrast ratios (OLEDs use no backlighting so blacks are truly black, leading to a true 1,000,000:1 contrast ratio, or higher), and they can use less power (partly due to the lack of a need for backlighting). In the end, OLED displays will actually be cheaper to produce than LCDs, too (likely around 2015-2016). On top of all of that they simply LOOK better; the colors and off-axis viewing are amazingly good (very nearly 180 degrees).
In point of fact, OLED isn't just the next-gen display of choice; it's the final destination in flat-panel displays. What do I mean by that? I mean that OLED demolishes ALL the nagging issues that other display technologies have suffered from, including ghosting, poor contrast/blacks, too slow refresh rates and pixel response, poor color reproduction, and so on. Basically, when OLED is out in force in the marketplace there will be no issues left on the video side of the equation that need addressing.
We have OLED on cellphones already, like the Samsung Galaxy S, and they look truly amazing compared to anything else on the market. But now we have some OLED TVs making their way to market. You may be wondering, "Well, I've seen LED HDTVs at the retail stores - isn't that the same thing?". But that isn't the case - first off, LEDs and OLEDs have almost nothing in common; LEDs are point-source and a single color only; OLEDs can be planar or point and can be any color which is why they're useful for displays. Secondly the LED HDTVs you see in stores aren't LED TVs at all; they're LCD displays that use LED *backlights* instead of fluorescent tubes.
Evidence of OLED Progression into the Marketplace
In recent news, we see that Apple has submitted 3 patent applications, all around using OLED displays in tablet or smartphones:
http://www.flatpanelshd.com/news.php?subaction=showfull&id=1297681474

Here's a nice listing of some of the many devices already on the market that use OLED displays that you may have seen but didn't even realize were OLED:
OLED devices in the market now
As an example of what we can expect from OLED HDTVs take a look at the video on this page, showing LG's 31-inch OLED HDTV in action - a beautiful display that's only 2.9 mm thin: http://www.engadget.com/2010/09/03/lgs-31-inch-oled-spin-slices-its-way-into-our-cold-lcd-hearts/
Here are some stills from the video:




Samsung committed 2.1 Billion in 2010 to build a new 5.5 gen OLED plant that will bring monthly production of small OLED screens for cellphones and the like from 3 million to 30 million. And just a week before CES they announced their 2011 investment budget - a whopping 4.8 Billion more to fast-track a gen 8 OLED factory to produce OLED HDTVs in sizes up to 55 inches. In later news apparently Samsung is going to be able to produce OLED HDTVs of up to 65 inches from their gen 5.5 factory in 2012
Samsung invests US $4.8 Billion in gen 8 OLED plant in 2011
Samsung to produce 65-inch OLED HDTVs in 2012
Speaking of Samsung, this older video from them shows a good example of the types of displays we will be seeing very soon - this is a video of a flexible OLED screen playing full-motion video while the engineer bends it like a pretzel and bangs it with a hammer (the video also shows what happens to standard LCD cellphones from the same hammer)!

Video of "Unbreakable Flexible OLED (FOLED) Screen"
Samsung was also showing off some flexible OLEDs at CES this year - a few pics and a video are below.


Video of Samsung flexible OLED screens at CES
Another article on ComputerWorld goes into even more detail about the possible applications of flexible OLEDs.


Another nice video of LG and Samsung's flexible OLED displays they have been showing at recent conferences.
Samsung also has a new video, showing the differences between their new Super AMOLED Plus (SAMOLED Plus) and IPS-LCDs (like the iPhone 4 uses):
Samsung SAMOLED vs Apple iPhone 4 IPS-LCD
And, speaking of flexible displays not possible with other display technologies, Mitsubishi just revealed a new giant 360-degree advertising display using flexible OLED technology at the ISE 2011 show in Amsterdam: Mitusbishi 360-degree advertising display


And now on to some comparison pictures, showing the differences between existing technologies and OLED...
Check out the OLED advantage in contrast ratio - blacks are actually black unlike the washed-out gray of the larger LCD screen:
LCD vs OLED


Off-axis viewing is vastly superior:

Sony has launched two new professional broadcast OLED displays, one 17-inch and the other 25-inch. Both are vastly superior to the existing LCDs they'll be replacing, and cost only 10% more.
Sony Broadcast-Quality OLED Monitors
Here's an interesting video that shows the potential of OLED technology as it may be applied in the very near future:
The Future of Screen Technology
Some stills from the video:


OLED isn't just the next-generation display technology of choice; it's also the next-generation lighting technology of choice. It isn't solely a point-source like LED, uses no dangerous substances like mercury (that compact-fluorescents use), is extremely energy-efficient, and is achieving extremely long lifetimes (50,000+ hours of operation and climbing seemingly monthly).
Here is a video from GE that is very informative on OLED lighting:
http://www.efactormedia.com/archive/ge_oled/index.html
Also on the OLED lighting front news, Universal Display at SID a few weeks ago showed their latest OLED white lighting display. This unit has 58 lumens/watt efficiency and has a lifetime (to 70% of initial brightness) of 30,000 hours. That's three times the life of their similar light just one year ago! And just to put it into perspective, 30,000 hours is over 13 years of 6-hour/day usage. And the panel is likely usable beyond that time as that lifetime is when it reaches 70% of initial brightness. How would you like to have lighting that saves energy (both in actual energy consumption generating light, but also in less heat for your A/C to deal with) for 15-20 years after install when compared to fluorescent or other lighting? As expensive as OLED lighting is now it's already cost-effective when you do the math on electricity savings. As the price drops precipitously it's only going to become a stronger proposition.
http://www.oled-display.net/udc-showcase-white-oled-lighting-panel-with-58-lumens-per-watt-and-30000-hours-lifetime
Universal Display's display that demonstrates the differences in different OLED light illumination types on a white globe.

More interesting lighting info - Universal Display shows off sampling of flexible OLED white (or colored) lighting - this serpentine design is flexible and can show in a range of colors and uses very little power. Manufacturers can sign on to use this technology to make myriad new lighting designs. Video of the device in action can be seen by following the link below.
http://www.engadget.com/2011/05/18/udc-shows-off-serpentine-oled-lamp-concept-at-sid-2011-video/
Update: July 12, 2011 - Konica-Minolta are advertising their 'Lumiblade' OLED white lighting panels, which are made with Universal Display's PHOLED materials (which are the phosphorescent materials that make OLED more power-efficient than fluorescent and other forms of lighting).

The full flyer including the specs for the panel are located here.
Update: July 13, 2011 - Novaled announced a new OLED white lighting panel, with a 100,000 hour lifetime!
"Novaled, a leading technology and materials provider specializing in high-efficiency, long-lifetime organic light-emitting diodes (OLEDs) for display and lighting applications, today announced it has developed a highly power-efficient white OLED structure achieving 60 lm/W at a brightness of 1,000 cd/m2 capable of reaching a very long lifetime of 100,000 hours at an initial brightness of 1,000 cd/m2 while using commercially available fluorescent blue emitting material."
More info can be seen here
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