OK, are you sitting down? Good. The price will be around nine million won, or just under US $8,000, Maeil Business Newspaper of South Korea.

LG will begin its OLED TV marketing campaign in Europe before expanding worldwide. The unveiling will take place in France at the Cannes Film Festival that runs May 16 to 27, the report says.

The May launch is earlier than LG officials had originally planned, a move reportedly designed to give the company a head start against OLED TV rivals, including and possibly .

LG also hopes that the Summer Olympic Games, which take place in London from July 27 to August 12, will boost OLED TV sales.

Ultra-thin OLED TVs feature vivid colors, 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 Show in January.