South Korea-based LG and Meta, one of the names that attach great importance to the VR / AR side, announced that they are collaborating on the “XR” side.
In the statement made on this subject, the following was stated: “LG Electronics (LG) is a global technology giant Meta Platforms, Inc. that aims to accelerate extended reality (XR) initiatives. Increasing strategic cooperation with (Meta). The aim is to combine the strengths of both companies across products, content, services and platforms to drive innovation in customer experiences in the evolving virtual space. On February 28, LG senior management, including LG CEO William Cho and Home Entertainment Systems Company President Park Hyoung-sei, met with Meta Founder and CEO Mark Zuckerberg at the LG Twin Towers in Yeouido, Seoul. This meeting coincided with Zuckerberg’s Asian tour. The two-hour session included discussions on business strategies and considerations for developing the next generation XR device. While experiencing the Meta Quest 3 headset and Ray-Ban Meta smart glasses, CEO Cho expressed keen interest in Meta’s high-tech demonstrations, particularly focusing on Meta’s broad language models and the potential for on-device AI integration.
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LG envisions that by combining Meta’s platform with its own content/service capabilities in the TV business, a different ecosystem can be created in the XR field, one of the company’s new business areas. Moreover, combining Meta’s various core technological elements with LG’s cutting-edge product and quality capabilities promises significant synergies in developing the next-generation XR device. XR devices are heralded as the next generation of personal devices that can overcome the immersion and intuitiveness limitations of mobile displays. Wearable devices offer the potential to significantly expand customer interactions. “We see opportunities for next-generation personal devices in the XR business,” CEO Cho previously said.
In recent years, LG has strategically concentrated its resources on promising areas with high growth prospects, preferring to minimize marginal businesses based on market dynamics and strategic considerations. The collaboration with Meta is in line with this strategy, which aims to pioneer innovations in customer experiences in the future virtual space, anticipating the full-fledged development of the XR market. Last year, LG unveiled Future Vision 2030, which outlines its long-term goal to evolve into a Smart Living Solutions Company that can seamlessly connect and extend customer experiences across multiple domains, including home, commercial, mobility and virtual spaces. “As part of the organizational change made at the end of the year, a dedicated XR business unit was established within the Home Entertainment Company to accelerate the pursuit of new initiatives in the field of virtual space.”