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The red light is usually one of the first things that is powered by the power supply of the set. If even this is not working the place to start diagnosis is in the power supply. If you are not a qualified technician taking safety precautions then please refer the repair to a professional TV repair shop.
your pwer and video boards are compromised. I say all three because generally a fault in the pwoer supply affects the sustain boards. The light onh the front (LED) will light becaus its on thehigh volatage input side side but items on the output side fail to receive enough power to fire up. There is a sequence of flashes oin the led that can guide one to the problems. Not of the flash codes are good news. This repair is nopt DIY as it is quite involved.
Akai TV's are knwon for various issues, this is one of the ones i have had to deal with repairs for many times now, first jsut pwoer reset it, unplug it for 3-5 minutes and try another outlet, try a dvd player as well jsut o insure there is no sound, akai has no tech support as they ahve gone out of bussiness, i suggest calling the local television repair center or returning it
if the tv is in warranty get the lamp, ittl burn out after awhile anyway, if it doesnt fix it they will end up sending somone out, now if its outside of warranty get a free estimate from a repair center
on a side note if they havent made you pwoer reset it by unplugging it, give it a shot