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 28 February 2024, LGโs 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. This meeting coincided with Zuckerbergโs 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 Metaโs advanced technology demonstrations, notably focusing on Metaโs large language models and its potential for on-device AI integration.
Paving the way in next-generation extended reality experiences
LG envisions that by bringing together Metaโs 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 companyโs new business areas. Moreover, the fusion of Metaโs diverse core technological elements with LGโs cutting-edge product and quality capabilities promises significant synergies in next-generation XR device development.
XR devices are heralded as next-generation personal devices capable of surpassing mobile screensโ limitations in immersion and intuitiveness. Wearable devices offer the potential to substantially broaden customer interactions. CEO Cho previously remarked, โWe see opportunities for next-generation personal devices in the XR business arena.โ
Continued portfolio enhancement through selection and concentration
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.
