LONDON -- South Korean company LG has released a teaser video for its next smartphone, which will feature two screens and will be launched on Oct. 1.

The unnamed smartphone will be launched at an event in New York on Thursday, Oct. 1, and while it is set to feature two displays, there won't be a screen on the front and the back, rather a smaller screen sitting above the main display next to the front-facing camera which will display notifications.

The brief 15-second black-and-white video gives us a glimpse of the new smartphone, which appears to have sharp lines unlike the company's flagship G4 smartphone. LG has been struggling to gain a foothold in the premium end of the smartphone market recently, with figures from Counterpoint Research showing that it has dropped behind the likes of Huawei, ZTE and Xiaomi with less than 4 percent of the global smartphone market.

According to renowned leaker Evan Blass, the LG smartphone will be called the V10 and will feature a 5.7-inch quad HD display and be powered by Qualcomm's Snapdragon 808 chip paired with 3GB of RAM. He says it will come with 64GB of storage along with a microSD card slot for expansion and there will be a 16-megapixel sensor on the rear camera with a 5-megapixel sensor for the front-facing camera. 

It is unclear if a small display above the main screen will entice customers to purchase the new phone, but if it is used to display notifications rather than the main screen, then it could mean significant improvements for battery life. LG is no stranger to trying something different with smartphone displays, with the company launching the world's first curved-screen smartphone in 2013 -- the LG G Flex.

There is already one company producing dual-screen smartphones. Russian company YotaPhone has launched two versions of its smartphone, which features a typical LCD screen on the front paired with an e-ink screen to increase battery life.

While LG is holding its own event on Thursday, the company will also be part of Google's big event on Tuesday, Sept. 29, where the California-based company is expected to unveil the Nexus 5X, which has been built in conjunction with LG, alongside the Nexus 6P, which has been built with Huawei.