LG and Meta join forces to pave way in next-gen Extended Reality experiences

LG Electronics (LG) has joined forces with Meta Platforms, Inc. (Meta) to expedite its extended reality (XR) ventures. The partnership will combine the strengths of both tech giants across products, content, services and platforms to drive innovation in customer experiences within the burgeoning virtual space.

LG envisions creating a unique ecosystem in the XR domains by bringing together Meta's platform and its own content/service capabilities from its TV business. By combining Meta's diverse core technological elements with LG's cutting-edge product and quality capabilities, the company expects significant synergies in next-gen XR device development - one of LG's new business areas.

In recent years, LG has focused on investing its resources on promising future areas that are expected to exhibit high growth. LG has minimized investments in marginal businesses based on market dynamics and strategic assessments. The XR partnership with Meta aligns with this strategy and aims to lead innovations in customer experiences within the virtual space, anticipating the full-fledged development of the XR market.

Late last year, LG established a dedicated XR business unit within the Home Entertainment Company to accelerate the pursuit of new ventures in the virtual space arena. The unit was established as part of an organizational reshuffle.