Electronics giants Sony and Panasonic have officially announced that they will join forces to produce a new range of OLED televisions.
Organic light-emitting diode technology is the basis for the next generation of televisions, offering users a clearer and more vivid viewing experience than ever before. Both companies are hoping they'll be able to mass-produce a range of low cost OLED appliances by next year.
The two Japanese firms are old rivals and analysts have said such a link-up would at one time have been "unthinkable". However, having both fallen behind Samsung Electronics, it is hoped this project will make the companies competitive once again.
A report by the Daily Mail said Samsung is planning to launch its own range of OLED screens later this year.
Alvin Lim, associate director at ratings agency Fitch, said: "Japanese OLED investment is better late than never.
"While consumer demand for OLED is still unproven, without investment Japanese manufacturers could become stranded in the TV market should this technology become mainstream."