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Originally Posted by tlopes 
I too have the same question about Netcast. From doing a bit of research, it seems that LG has abandoned the Netcast brand in favor of what they now call "Smart TV". I was hoping there would be a possible update to this for my 60PK950, but I must be dreaming to even think LG would put that much effort into compatibility with "old" (less than a year) TV's. At the time, Netcast seemed like a great idea with future updates and all. Too bad it fizzled... 
Looks like I may have to go with an external streaming box (Apple TV, Boxee Box, Roku, etc.) Any other thoughts on this?
Otherwise, loving my set and still very happy with the purchase.
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I sent an email to LG's US Tech support about potential updates to netcast services, this is their reply:
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Originally Posted by LG Customer Support
The 50PK950 is a 2010 unit that offers Netcast feature. At this time LG does not have any plans to add any new Netcast Features, but will continue to support the Netcast features with software upgrades. In order to add any new features you would need the ST600 Smart TV upgrader. This can connect to any TV that has an HDMI connection. The spec sheet for the ST600 is file attached. With the ST600 you would have Hulu and Amazon VOD and the ST600 has a web browser.
I do apologize for your inconvenience and hope this information is helpful.
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Yeah, so your instincts are correct, LG is abandoning netcast after 1 year and their "solution" is to have you buy their SmartTV box that doesn't directly integrate into the TV and doesn't work with the "magic wand" remote.
Granted, the ST600 is actually half decent, and this week is on sale at Fry's locally (not online) for $50. I've picked one up and it streams videos and audio fine (DLNA compliant) has Hulu Plus, Amazon Prime, Netflix, Pandora, napster and surprisingly un-sucky web browsing. The simplified remote it comes with actually has a pretty cool directional "touch circle" that allows for usable pointer control in the web browser. It also includes builtin ABGN 2.4 and 5GHz wifi (5GHz bands are really rare, and since I have a 5GHz N network set up it's great, most people don't so it's not an advantage.) For its $130 MSRP, there are better alternatives out there.
It's still a pain that LG has dropped support for netcast so quickly.