Panasonic announced that it has developed a new IPS LCD panel that achieves a high-contrast ratio of over 1,000,000:1, 600 times better than conventional LCDs. panasonic developed new light modulating cells that permit pixel-by-pixel control of backlight intensity.

Panasonic high contrast IPS LCD panel comparison photo

Panasonic says that these new displays will be suitable for high-end monitors for broadcasting, video production, medical, automotive, and other fields. The company will start shipping samples in January 2017, produced at the company's 8.5-Gen production lines that are capable of manufacturing 10- to 100-inch products.

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Seems like a good idea

I've been wondering for a long time why there hadn't been a technology like this.  Essentially two layers of LCD... one to modulate the light coming through from the backlight and a second LCD layer to modulate color (and also light) with RGB subpixels.  Seems like a great idea though I'm curious to see how good the viewing angles are with these.  Even IPS still has noticeable color shifting when not viewed from straight on.