Together, we're paving the way for the next generation of augmented reality experiences.
SEOUL, South Korea , Feb. 28, 2024 /PRNewswire/ — LG Electronics (LG) has entered into a strategic partnership with global technology giant Meta Platforms, Inc. (Meta) to advance augmented reality (XR). We are strengthening our partnership. Venture. The aim is to combine the companies' strengths across products, content, services and platforms to drive customer experience innovation within the fast-growing virtual space.
Building an XR collaboration with Meta
On February 28, LG's management team, including CEO William Cho and Home Entertainment Company President Park Hyun-sei, met Meta founder and CEO (Meta) at the LG Twin Towers in Yeouido, Seoul. I met with CEO Mark Zuckerberg. The meeting coincided with Zuckerberg's trip to Asia. The two-hour session discussed business strategy and considerations for next-generation XR device development. While experiencing the Meta Quest 3 headset and Ray-Ban Meta smart glasses, CEO Cho gave a demonstration of Meta's advanced technology, with a particular focus on Meta's large-scale language model and on-device AI integration potential. expressed a strong interest in
Paving the way to the next generation of augmented reality experiences
LG envisions that by combining Meta's platform with unique content/service capabilities from its TV business, it will be able to create a unique ecosystem in the XR space, one of its new business areas. Additionally, the combination of Meta's diverse core technology elements and LG's cutting-edge product and quality capabilities is expected to create significant synergies in the development of next-generation XR devices.
XR devices are emerging as next-generation personal devices that can exceed the limits of mobile screens in terms of immersion and intuitiveness. Wearable devices offer the potential to significantly expand customer interactions. CEO Cho previously said, “We believe there is an opportunity for next-generation personal devices in the XR business space.”
Continuously strengthen the portfolio through selection and concentration
In recent years, LG has chosen to minimize marginal businesses based on market dynamics and strategic evaluation, and has strategically focused resources on promising areas with high growth potential. The collaboration with Meta is in line with this strategy, which aims to spearhead the innovation of customer experience within future virtual spaces in anticipation of the full-scale development of the XR market.
Last year, LG announced its Future Vision 2030, outlining its long-term goal to evolve into a smart life solutions company that can seamlessly connect and extend customer experiences across various domains, including home, commercial, mobility, and virtual spaces. As part of the organization's reorganization at the end of the year, a division specializing in XR was established within the Home Entertainment Company to accelerate the pursuit of new businesses in the virtual space field.
About LG Electronics Co., Ltd.
About LG Electronics, Inc. LG Electronics is a global innovator of technology and consumer electronics with more than 74,000 international employees with locations in nearly every country. Combined with his four companies in LG (Home Appliance & Air Solutions, Home Entertainment, Vehicle Component Solutions, and Business Solutions), his global revenue in 2023 will exceed 84 trillion won. LG is a leading manufacturer of consumer and commercial products ranging from televisions, home appliances, and air products. solutions, monitors, auto parts and solutions, and its premium LG SIGNATURE brand and intelligent LG ThinQ brand are well known around the world. For the latest news, please visit www.LGnewsroom.com.
Source LG Electronics
