On Tuesday, South Korean technology firm LG teased an upcoming extended reality (XR) product that leverages virtual, augmented, and mixed reality (VR/AR/MR) solutions via its LG Display sub-division.
In a first-quarter earnings conference call, an LG representative explained,
“We are closely monitoring the XR market and are preparing to enter it quickly if profitability and market size meet our standards. We are preparing products in advance”
LG Electronics introduced its Small and Medium-sized Business Division last year, which provides crucial research and development (R&D) related to OLED panels for upcoming XR headsets.
Currently, there is a growing demand for practical and efficient display solutions. Many firms construct various component solutions, including microLED, QLED, and OLED displays for XR devices.
Major firms such as Apple are developing OLED solutions with partners TSMC. Google is also investing in microLED technology for its upcoming XR headset following the acquisition of Raxium, a startup focusing on immersive displays.
Alternatively, several global startups have earned significant capital from strategic partners to accelerate and enhance experimental components. Notably, firms such as InZiv, Vuereal, and Porotech earned between $10 and $20 million each to assist in creating advanced display components and solutions.
LG’s Entry into the XR Marketplace
This week’s announcement does not mark LGs first foray into XR technology. In October last year, LG revealed a tech partnership with Apple and Microsoft to supply each headset vendor with 3D time of flight (ToF) components.
The partnership between the two firms and LG’s InnoTek division will supply Apple with components for upcoming XR products, potentially including Apple’s AR smart glasses set for launch next year.
Previously, LG provided Apple with components to enable lidar-powered, 5G-based AR immersive experiences on Apple iPad and iPhone Pro devices. The South Korean firm also supplies Meta with parts for its Quest 2 VR headsets.
Additionally, in November, LG launched U+ DRIVE for smartphone users, a service that provides users with a 3D content library housing nearly 1,500 XR assets at launch, suitable for various vertical use cases in areas such as education, entertainment, and tourism.
The U+ Dive content library currently contains around 3,000 digital assets and has hosted many virtual live events, including artists such as NCT 127, who performed exclusively on the platform.