I own a Philips 34PW8502/37, The picture is hourglass shaped, the images "bow-in" on the left and right of the screen

This is a very common failure on Projection TV sets.
Screen looks 3D
Colors don't line up
One or more colors can't be adjusted when using the convergence menu.
Screen is bowed or warped.
You can see some example photos and find a solution here...
http://www.fixya.com/support/r2861627-updated_convergence_problems_amp

If you are familiar with TV repair, have electronics basic knowledge, good soldering skills and tools then check dry (cold) soldering joints at D board of this TV. Resold all lose connections there and check picture.
Still no joy then you need to replace D board.

Took back off, removed control board and inspected for bad solder joints. found no obvious problem. Cleaned and reinstalled. Working ok now. I'm crossing my fingers.

magnets

Nope.

Sounds like the Filter Cap is shorting.

You likely have bad convergence output ic's type #STK392-570.  These can be purchased at UED 800-648-6657.  You will need to remove the board they are mounted on to be able to usolder the old ones and resolder the new ones.  These will be mounted on heat sinks.

I’m happy to help further over the phone at https://www.6ya.com/expert/dewayne_4a10eab6caecdb92

The shape your seeing is called 'V Bow' and 'Pincushion' which needs to be calibrated again. Theres probably a diode that went out. The tech can open it up and adjust the angles back. I wouldn't charge over $100-$150. Shop around for a good repair tech. Good Luck poe_diddley.

The link you posted has been deleted, so I cannot see the picture you posted. If the sides bow in like an hourglass and the red, green and blue colors are still aligned then there is a horizontal width or pincussion problem, but if the sides bow in and the 3 colors have separated and are no longer anywhere near aligned then you have a convergence problem, both of which should be serviced by someone with experience in servicing projection TV's.

check the cap that couple the horizontal transistor, this could be bad replace the flyback.all caps and transistors in that circuit should be cheked.good luck.