> A new display plant costs multiple billions

To be fair, most TVs on the market are buying panels from the same few manufacturers. For example, Hisense sources panels from part of LG. I think Samsung is another manufacturer.

So a new company could theoretically access these panels to make a privacy friendly TV without as much capital.

But like you say, it wouldn’t be able to compete on price, because the ad tech lets other companies sell at a loss.