LG Electronics is ramping up its strategic collaboration with the global tech powerhouse, Meta Platforms, Inc. (Meta), 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.
Forging an XR Collaboration With Meta
On February 28, LG’s top management, including CEO William Cho and Park Hyoung-sei, president of the Home Entertainment Company, met with Meta Founder and CEO Mark Zuckerberg at LG Twin Towers in Yeouido, Seoul, being a part of Zuckerberg’s tour of Asia.
The two-hour session saw discussions on business strategies and considerations for next-generation XR device development. CEO 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.
Paving the Way in Next-Generation Extended Reality Experiences
LG plans to create a unique ecosystem in the XR domain by combining Meta's platform with its own content and service capabilities from its TV business. Additionally, the integration of Meta's various core technological elements with LG's advanced product and quality capabilities will result in significant synergies in the development of next-generation XR devices.
XR devices are considered to be the next generation of personal devices that can overcome the limitations of mobile screens when it comes to immersion and intuitiveness. Wearable devices can greatly expand customer interactions.
CEO Cho previously remarked:
We see opportunities for next-generation personal devices in the XR business arena.
Continued Portfolio Enhancement Through Selection and Concentration
In recent years, LG has been focusing its resources on areas with high growth potential, while minimizing businesses with lower potential. The company has collaborated with Meta to spearhead innovation in customer experiences within the virtual space, anticipating the full development of the XR market.
Last year, LG announced its Future Vision 2030, which aims to evolve the company into a Smart Life Solution Company that connects and expands customer experiences across various domains, including home, commercial, mobility, and virtual spaces. To achieve this, a dedicated XR business unit was established within the Home Entertainment Company to accelerate the pursuit of new ventures in the virtual space arena.
