Philips Televisions are legendary for having faulty power supply capacitors.
In order to prevent really bad things from happening, the TV does a two-stage power-on. It first does a basic diagnostic test, and if that fails, it stops it from going any further.
Philips tends to use cheap capacitors, use capacitors that are somewhat under-sized for the job, and also seems to be pretty bad at soldering.
Personally I've got my Philips LCD TV opened up on my workbench for that exact problem.
Most repair shops would replace the whole power supply board ($150-200 part plus labor), while most DIY fixers take a stab at replacing the obviously bulging and failed caps for less than $10.
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The television has an internal problem - the 7 flashes are a code generated by the processor identifying the area of the problem for the service technician.
You will need to get it looked at by a service technician - unless you can source a service manual and are able to fix it yourself.
Mitsubishi TV troubleshooting
Here's something that might also be useful. After you turn on the set, and get the regular red blinky lights, hold down the Device and Menu buttons together for about 5 seconds.
The Power light will start to flash in a two digit sequence.
For example, 3 flashes, then 7 flashes = 37.
Here are the error codes, and the corresponding problem:
12 = No error detected, check power supply.
32 = Lamp Cover is open.
33 = Air filter cover is open.
34 = Lamp abnormality
36 = Light Engine (DMD or Lamp Fan stopped)
37 = Exhaust or Lamp Ballast Fan stopped
38 = Lamp Temperature High
39 = DMD Temperature High
41 = Short is detected
44 = DVI cable between FMT and Engine disconnected
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