LG AND META FORGE COLLABORATION WITH META TO ACCELERATE XR BUSINESS

February 28, 2024 06:29 PM AEDT | By Cision
Follow us on Google News: https://kalkinemedia.com/resources/assets/public/images/google-news.webp

Joining Forces to Pave the Way in Next-Generation Extended Reality Experiences

SEOUL, Souh Korea, Feb. 28, 2024 /PRNewswire/ -- LG Electronics (LG) 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.

LG CEO William Cho and Meta Founder and CEO Mark Zuckerberg met at LG Twin Towers in Yeouido, Seoul
LG CEO William Cho and Meta Founder and CEO Mark Zuckerberg met at LG Twin Towers in Yeouido, Seoul

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. 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. 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-Gen Extended Reality Experiences

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 cutting-edge 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. CEO Cho previously remarked, "We see opportunities for next-gen personal devices in the XR business arena."

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 minimize 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.

About LG Electronics, Inc.

About LG Electronics, Inc.LG Electronics is a global innovator in technology and consumer electronics with a presence in almost every country and an international workforce of more than 74,000. LG's four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for global revenue of over KRW 84 trillion in 2023. LG is a leading manufacturer of consumer and commercial products ranging from TVs, home appliances, air solutions, monitors, automotive components and solutions, and its premium LG SIGNATURE and intelligent LG ThinQ brands are familiar names world over. Visit www.LGnewsroom.com for the latest news.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.

This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.

Two ASX Listed Stocks Giving Bullish Indications

Recent Articles

Investing Tips

Previous Next
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.