Organic Light Emitting Diodes (OLEDs) are a type of display technology that uses organic compounds to emit light when an electric current is applied, enabling thinner and more flexible screens with superior color accuracy and faster refresh rates than traditional LED displays. They are a preferred choice in high-end devices such as smartphones and televisions due to their excellent image quality and energy efficiency, although they tend to be more expensive and have a shorter lifespan compared to some other display types.