William Wang, the founder and chief executive of smart TV maker Vizio, was the recipient of the Lifetime Achievement Award at the 75th Annual Technology & Engineering Emmy Awards last week.
In a statement, a spokesperson for the Tech & Engineering Emmys said Wang was selected for his “contributions to the television manufacturing industry by bringing premium-quality, innovative TVs, and soundbars into millions of American homes at affordable prices.”
“We’re delighted to honor the individuals and companies dedicated to delivering high quality content and innovative new technologies for consumers,” Adam Sharp, the President & CEO of the National Academy of Television Arts & Sciences, which operates the Emmy Awards, said in a statement.
Sharp continued: “Mr. Wang’s Lifetime Achievement Award comes after a long career of reshaping what’s possible and making advanced technology accessible, speaking to his powerful leadership and founding of Vizio.”
Wang started Vizio in 2002 out of a desire to bring low-cost, feature-filled high definition TVs (HDTV) at a time when HDTV technology was starting to proliferate.
Then, most of the major broadcast networks were offering prime-time and sports programming in high definition (HD), and cable and satellite platforms were starting to distribute channels with HD programming.
The first Vizio HDTVs debuted in retail stores in 2003, but it was a partnership with Costco that transformed Vizio into a household brand name associated with affordable TV sets.
Vizio built on the momentum with the introduction of sound bars in 2010, which complemented its line-up of feature-filled TVs by offering premium audio at affordable prices. It became the best-selling sound bar manufacturer in the United States just six years later.
These days, Vizio has been laser-focused on building out its software and advertising business, which includes the streaming TV platform SmartCast, available in all modern Vizio TV sets, and Vizio Ads.
Business at Vizio is booming, with the company earning $437.3 million during the second quarter (Q2) of 2024, an increase of 11 percent compared to the same time period in 2023. While sales of TVs and soundbars have been relatively flat in recent quarters, the company’s platform business is accelerating, and was responsible for nearly all the $99.5 million in corporate profit logged during Q2, according to a review of the company’s earnings report by The Desk.
That platform business drew the attention of Walmart: Earlier this year, the retailer agreed to plunk down $2.3 billion to acquire Vizio. The deal is still pending regulatory approval.
The success of Vizio made Wang a no-brainer to receive the Lifetime Achievement Award at the Tech Emmys, which he accepted last week.
“I am deeply honored to receive this prestigious Lifetime Achievement Award,” Wang said. “My life has been dedicated to bringing great technology to consumers in America. This recognition is also a testament to the incredible team at Vizio – it is our lifetime achievement. Together, we’ve challenged the status quo and have created new possibilities for the future of television. I’m proud of what we’ve accomplished and excited for the journey ahead as we continue to push the boundaries of technology and entertainment.”
