Wikipedia is a bit more specific.
"Compared to the widespread
LCD technology, mLED displays offer far greater
contrast, much faster response times, and would use less energy.
Along with
OLEDs, mLEDs are primarily aimed at small, low-energy devices such as
smartwatches and
smartphones. OLED and mLED both offer greatly reduced energy requirements compared to conventional LCD systems. Unlike OLED, mLED is based on conventional
GaN LED technology, which offers far higher total brightness than OLED products, as much as 30 times, as well as higher efficiency in terms of lux/W. It also does not suffer from the shorter lifetimes of OLED, although the multi-year lifespan of modern OLEDs has mitigated this issue in most roles."