LG and Meta Announce Collaboration To Accelerate XR Business

LG Electronics has announced an expanded strategic collaboration with global tech powerhouse Meta, aiming to combine the strengths of both companies across products, content, services and platforms to drive innovation in extended reality (XR) customer experiences.

Highlighted by IEEE as one of the core growth areas in technology in 2024, extended reality technologies cover metaverse, augmented reality (AR), virtual reality (VR) and mixed reality (MR).

Meta and LG paving the way in next-gen XR experiences

By bringing together Meta's platform with its own content/service capabilities from its TV business, LG aims to develop a distinctive ecosystem in the XR domain: one of the company's new business areas. 

XR devices are heralded as next-generation personal devices capable of surpassing mobile screens' limitations in immersion and intuitiveness. Wearable devices offer the potential to substantially broaden customer interactions, with LG CEO William Cho previously identifying “opportunities for next-gen personal devices in the XR business arena”.

Over recent years, LG has strategically concentrated resources on promising future areas with anticipated high growth, opting to minimise marginal businesses based on market dynamics and strategic assessments. The collaboration with Meta aligns with this strategy, aimed at spearheading innovations in customer experiences within the future virtual space, anticipating the full-fledged development of the XR market.

Last year, LG unveiled its Future Vision 2030, outlining its long-term goal of evolving into a Smart Life Solution Company that can seamlessly connect and expand customer experiences across various domains, including home, commercial, mobility and virtual spaces. As part of an organizational reshuffle at year-end, a dedicated XR business unit was established within the Home Entertainment Company to accelerate the pursuit of new ventures in the virtual space arena.

“If 2023 was the year in which we set the direction for new changes, we will make 2024 the year in which we truly accelerate these changes,” said Cho. “Future Vision 2030 is our promise to the market and to our customers, and we will strive as a company to deliver on this promise.”

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