LG and Meta join forces to accelerate XR business

LG Electronics and Meta, the big tech company, are teaming up even more to work together on products, content, services, and platforms to make better extended reality (XR) experiences for customers.

IEEE, a big tech group, says that one of the main areas for growth in technology in 2024 is extended reality (XR) tech. This includes stuff like the metaverse, augmented reality (AR), virtual reality (VR), and mixed reality (MR).

LG wants to make a unique ecosystem in the XR world by combining Meta’s platform with its own content and services from its TV business. This is one of LG’s new business areas. XR devices are being praised as the next big thing in personal tech because they can do more than just regular screens when it comes to making you feel like you’re really there and making things easy to use.

Wearable gadgets could really change how people interact with stuff, according to LG CEO William Cho. He’s talked about how there’s a lot of potential for new kinds of personal tech in the XR world. In the last few years, LG has been focusing on areas that they think will grow a lot in the future, and they’ve been cutting back on stuff that’s not doing so well based on how the market is and their own plans.

Working with Meta fits right into this plan. LG wants to be a leader in making cool new stuff for customers in the future virtual world, and they think the XR market is going to get really big. Last year, LG talked about their Future Vision 2030, which is all about becoming a company that helps people live smarter lives. They want to make it easy for people to connect and do stuff in their homes, at work, when they’re getting around, and even in virtual worlds.

At the end of last year, LG made some changes to how things are organized. They set up a whole new team in the Home Entertainment Company just for working on stuff in the virtual world. They’re hoping this will help them move faster and try out new things.

“If 2023 was the year in which we set the direction for new changes, we will make 2024 the year in which we truly accelerate these changes,” said Cho. “Future Vision 2030 is our promise to the market and to our customers, and we will strive as a company to deliver on this promise.”