In short: OnePlus has confirmed its intention to release a TV-based hardware product in due course. At present, the details from the company are very light as this project is understood to be at a very early stage of development. Therefore, there is no current time-frame in place for when consumers can expect a new 'OnePlus TV' product to arrive to market, or what it will offer when it does arrive.
Background: OnePlus is primarily known for offering smartphones which place a focus on specs and design. It now seems to be the case the company wants to transpose its smartphone philosophy to the TV sector. This would mark the largest expansion of hardware for the company to date, with previous non-smartphone products from OnePlus largely consisting of headphones and accessories. The company has made it clear that two of the big industry turning points that have led to the decision to pursue a TV product are 5G and artificial intelligence (AI). More generally speaking, the greater ability to now combine intelligence with connectivity. OnePlus has suggested its new TV product line will be "much more than where you watch your favorite shows" and will come with an emphasis on design, image quality and audio quality.
Impact: This is a very big move for the company although the true impact is unlikely to be known until more details about the product(s) emerge. As of now, the announcement mainly is just the voicing of a commitment by the company. For example, even the name has yet to be determined with the company having now turned to its forum community asking for naming suggestions. In the meantime, however, it's currently being referred to simply as "OnePlus TV." What is clear is OnePlus is likely going to try and make use of its OxygenOS (or at least employ the same principles) software which would mean a lighter user experience that also looks to be fast as well as smart. Like the naming, it's likely OnePlus will turn to its community on a number of occasions during the development cycle for further insight into what customers feel are the most important aspects. In other words, what consumers would like to see included in the "OnePlus TV experience."