Meta, Magic Leap Could Join Forces To Give Apple A Run For Its Money In The Metaverse Showdown

As the competition heats up in the emerging augmented reality space, Meta Platforms Inc. META is rumored to be considering a collaboration with Magic Leap to maintain its edge against Apple Inc. AAPL

What Happened: Facebook-parent is reportedly engaged in discussions with Magic Leap to sign a multi-year intellectual property licensing and manufacturing agreement, according to Financial Times. 

See Also: WhatsApp Scrambles To Clear The Air After Elon Musk Says Meta’s Messaging Service ‘Cannot Be Trusted’

The report did not provide specific details of the negotiations, but it cited sources indicating that the partnership between the two tech companies will unlikely result in a jointly developed headset. 

Instead, Magic Leap is expected to offer the Mark Zuckerberg-led company its optical technology and manufacturing assistance. 

Meta did not immediately respond to Benzinga’s request for comments. 

While Magic Leap did not confirm the rumors, it acknowledged that partnerships have emerged as a “significant line of business and growing opportunity” for the company, the report noted. 

Why It’s Important: The timing of these latest rumors holds significance for various reasons. 

Foremost, the Zuckerberg-led company is currently facing immense pressure from investors to demonstrate tangible results for the substantial investments made towards making metaverse the future of computing. 

Second, Meta’s formidable rival, Apple, is expected to make its entry into the AR/VR market during its upcoming annual WWDC developers conference next month. The device has already garnered massive interest from netizens and tech experts like the former Meta employee and Oculus founder, Palmer Luckey

Meanwhile, Reliance Industries, owned and led by India’s richest manMukesh Ambani, has also launched its first-ever virtual reality headset that costs just under $16. 

Check out more of Benzinga’s Consumer Tech coverage by following this link.

Read Next: Mark Zuckerberg’s Fortune Grew $44 Billion This Year

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: GamingNewsSocial MediaRumorsTop StoriesTechMediaAppleverseAR/VRConsumer TechMagic LeapMark ZuckerbergmetaverseMR headsetSoftware & Apps
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!