Meta Invests $3.5 Billion in World's Largest Eye-Wear Maker in AI Glasses Push 18
Meta has acquired a $3.5 billion stake in Ray-Ban maker EssilorLuxottica, "a deal that increases the U.S. tech giant's financial commitment to the fast-growing smart glasses industry," reports Bloomberg. From the report: Meta's investment in the eyewear giant deepens the relationship between the two companies, which have partnered over the past several years to develop AI-powered smart glasses. Meta currently sells a pair of Ray-Ban glasses, first debuted in 2021, with built-in cameras and an AI assistant. Last month, it launched separate Oakley-branded glasses with EssilorLuxottica. EssilorLuxottica Chief Executive Officer Francesco Milleri said last year that Meta was interested in taking a stake the company, but that plan hadn't materialized until now.
The deal aligns with Meta CEO Mark Zuckerberg's commitment to AI, which has become a top priority and major expense for the company. Smart glasses are a key part of that plan. While Meta has historically had to deliver its apps and services via smartphones created by competitors, glasses offer Meta a chance to build its own hardware and control its own distribution, Zuckerberg has said. The arrangement gives Meta the advantage of having more detailed manufacturing knowledge and global distribution networks, fundamental to turning its smart glasses into mass-market products. For EssilorLuxottica, the deal provides a deeper presence in the tech world, which would be helpful if Meta's futuristic bets pay off. Meta is also betting on the idea that people will one day work and play while wearing headsets or glasses.
The deal aligns with Meta CEO Mark Zuckerberg's commitment to AI, which has become a top priority and major expense for the company. Smart glasses are a key part of that plan. While Meta has historically had to deliver its apps and services via smartphones created by competitors, glasses offer Meta a chance to build its own hardware and control its own distribution, Zuckerberg has said. The arrangement gives Meta the advantage of having more detailed manufacturing knowledge and global distribution networks, fundamental to turning its smart glasses into mass-market products. For EssilorLuxottica, the deal provides a deeper presence in the tech world, which would be helpful if Meta's futuristic bets pay off. Meta is also betting on the idea that people will one day work and play while wearing headsets or glasses.
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meta hasn't innovated anything ever. fb was just a lucky shot that went viral, and monetizing that isn't really innovative. otoh, forking money to the right person is what made rupert murdoch. his famous words: "my only skill is to know who to trust". otoh, yeah, i also believe they aren't rupert murdoch, they don't have a clue and are just fleeing forwards and will fail again, i'm just reflecting on your reflection.
From the 'investing-in-the-future-department...' (Score:3)
This has been tried before. Microsoft tried similar with some wearable pendant years ago. It was a flop, and for good reason. The only reason to do this is to finally create the panopticon that these giant companies have always wanted, where a stream of literally every detail of your life is always coming in for them to abuse and monetize.
Good lord, kill this shit with fire.
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This has been tried before. Microsoft tried similar with some wearable pendant years ago.
I was thinking more along the lines of Google Glass [wikipedia.org]. At the time, some folks were genuinely concerned the concept might catch on and we'd have to deal with "glassholes" who constantly filmed everything.
All of these sorts of smart accessories seem to exist under some mistaken belief that people don't want to just use their smartphone to accomplish the same tasks.
Yeah, fuck that lizard (Score:2)
I don't really want Facebook in more of my life, let alone ALL of my life. I think I can hold out with a smartphone.
Great, more monopoly price manipulation. (Score:3)
Luxotica owns both Pearle Vision and LensCrafters, along with Ray-Ban, Oakley, and dozens of other brands they use to keep up the appearance there's any competition on the market.
They're why prescription glasses cost $400-$600 instead of $100.
If Meta wanted to make glasses they could buy up a smaller brand and invest a billion or so and make all the glasses they need. But clearly monopolists are attracted to each other, so...
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It's really difficult to buy glasses in the US that aren't part of one of EssilorLuxottica's holdings.
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I got glasses at Walmart once, in an emergency, while traveling.
They sucked so bad that I would have returned them if I had been able to do so.
What? (Score:2)
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Luxottica is an Italian fashion house. They're dominant in glasses because they're aware people will pay silly amounts for a brand name.
Facebook is, well, used to be, popular for a similar reason. And they reason their interest in Luxottica is because they're aware that almost nobody is going to pay silly amounts to put a pair of Facebook branded bricks on their face. They learned that from Google. But Ray Bans, Oakleys or Jimmy Choos....
Love the idea in theory (Score:2)
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