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Could A Meta and LG Partnership Be The Next Big Thing In The XR Device Industry?

AInvestMonday, Feb 26, 2024 3:45 am ET
2min read

Meta is reportedly planning to collaborate with South Korean tech giant LG Electronics to develop the next-generation Quest Pro, which could be launched as early as the first half of next year.

The partnership between the two companies has not been officially disclosed. However, it was confirmed last month by LG Electronics that plans were underway to launch an Extended Reality (XR) device as early as next year, and most market insiders predict that the potential collaborator will be Meta.

Notably, Meta's founder Mark Zuckerberg is set to make a public visit to South Korea this Wednesday, where he will meet with the CEO of LG Electronics.

Insiders reveal that the two companies plan to launch a headset during the first quarter of next year that would surpass the performance of Apple's Vision Pro. LG will bring its hardware technology capabilities to the collaboration, while Meta will contribute its wealth of experience in artificial intelligence (AI) and the metaverse.

Latest reports suggest that LG's TV operating system, webOS, will be integrated into the new headset in some way. The specifics are not yet clear, but it may imply that the headset will come with a virtual LG TV built-in, supporting streaming services such as Netflix, Disney+, Max, Prime Video, Apple TV+, Hulu, Paramount+, and VUDU without additional development.

Whether the collaboration between LG and Meta turns out to be true, LG's commitment to enter the XR domain is evident. In January this year, LG's CEO Cho Joo-wan pointed out that they will roll out an XR product as early as next year, and at the latest within two years.

For Meta, this is not the first time it has collaborated with a large consumer electronics company to develop a headset: Earlier, the hardware for Gear VR was handled by Samsung, the Oculus Go was produced by Xiaomi, and the Oculus Rift S was manufactured and co-designed by Lenovo.

But regarding this potential collaboration with LG, It's still unclear how the LG brand will be incorporated into the Quest Pro 2, or whether Quest Pro 2 will end up being the final name for this collaboration headset.

Meta has always been a pioneer in the XR field, a concept that combines Virtual Reality (VR), Augmented Reality (AR), and Mixed Reality (MR). Since its inception in 2016, Meta has been consistently releasing various VR and AR headsets. 

Despite leading in market share (49% in Q3 of last year), the market response has always been lukewarm. Following the release of Apple's Vision Pro, Meta's Quest Pro has clearly been left behind and is considered inferior to the Vision Pro in some respects.

With the high-end headset market seemingly dominated by Apple with its Vision Pro, the potential handshake between Meta and LG, along with the collaboration between Google and Samsung which was announced last year, could set the stage for a Big Three in the XR headset market next year.


$META(META)

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