LG accelerates XR business with Meta
February 28, 2024
LG Electronics is ramping up its strategic collaboration with Meta Platforms, aiming to expedite its extended reality (XR) ventures. The aim is to combine the strengths of both companies across products, content, services and platforms to drive innovation in customer experiences within the burgeoning virtual space.
LG’s top management, including CEO William Cho and Park Hyoung-sei, president of the Home Entertainment Company, have this week met with Meta Founder and CEO Mark Zuckerberg at LG Twin Towers in Yeouido, Seoul. This meeting coincided with Zuckerberg’s tour of Asia. The two-hour session saw discussions on business strategies and considerations for next-gen XR device development. Cho, while experiencing the Meta Quest 3 headset and Ray-Ban Meta smart glasses, expressed a keen interest in Meta’s advanced technology demonstrations, notably focusing on Meta’s large language models and its potential for on-device AI integration.
LG envisions that by bringing together Meta’s platform with its own content/service capabilities from its TV business, a distinctive ecosystem can be forged in the XR domain, which is one of the company’s new business areas. Moreover, the fusion of Meta’s diverse core technological elements with LG’s product and quality capabilities promises significant synergies in next-gen XR device development.
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. Cho previously remarked: “We see 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 organisational 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.