With the holidays approaching, many consumers are looking into purchasing new, bigger televisions that produce sharper images than ever. Now one company is looking to cash in on its proprietary technology that may become the industry standard for high-definition TV.

Founded in 1994, the New Jersey company Universal Display Corporation (UDC) owns patented technology that is becoming highly sought after by major electronics companies, according to Bloomberg. Using organic light-emitting diodes (OLED) technology in place of the liquid crystal display (LCD) screens currently used in many TVs, UDC’s approach is coming down in price and being adapted into the leading brands’ higher-end models.

For example, LG offers an OLED 55-inch model that sells for $1,800 at Best Buy, about the same price as a similar Samsung with an LCD screen. Panasonic and the Chinese firm Skyworth are also now offering OLED TV models.
UDC has patents on the OLED technology, which in addition to promising sharper images is more energy efficient than LCD screens. The company has licensed the technology to Samsung for its smartphone screens since 2011, and now also has a licensing deal with LG that runs through 2022.

The rising interest in its OLED technology is leading to increasing revenues for UDC. Earlier this month the company reported $7 million in third-quarter earnings, up 64 percent over the same period last year. Projections suggest the company’s profits will be more than $48 million this year, and as much as $70 million in 2016.

LG has doubled the capacity of its Korean OLED factory, and plans to invest $866 million in a second factory to make OLED screens for Panasonic and China’s Konka. The company says it will double its shipments of OLED screens next year. Samsung is using the screens even in its less expensive smartphones, and Apple is now using them in its Apple Watch.

With the interest in the technology, other companies are now developing competing OLED businesses. The chemical giant DuPont says it is working on an OLED technology that will ultimately be five times more efficient to produce than UDC’s version.

But UDC says it is not worried about competition. The company recently cut a deal with the Chinese firm BOE Technology to help it develop its own OLED technology. BOE plans to invest $3.5 billion in an OLED factory, and UDC expects to score large profits on licensing deals with Chinese companies interested in licensing deals.