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Why a Meta-Magic Leap partnership makes sense – and may or (may not) be all about Apple

Meta (META) is reportedly in talks with augmented reality (AR) headset maker Magic Leap to license its tech. It's a deal that would make a lot of sense, as the possible drop of Apple's (AAPL) mixed reality headset draws nearer.

The "why" is really simple – mixed reality, by definition, requires both virtual reality (VR) and AR, and so far, Meta has focused on VR. AR provides a new avenue for Meta, which has had to battle VR skepticism, dwindling metaverse interest, and a cash-burning research and product operation that's far from profitable.

"Metaverse interest has cooled down in the past several months, but that doesn’t mean it is dead altogether," said IDC Research Director Ramon Llamas. "Meta’s efforts with all things AI can be leveraged within AR and VR. Magic Leap can help extend that into the AR realm."

A deal with Magic Leap would also lend Meta serious AR credibility, said Cathy Hackl, Journey Chief Futurist & Chief Metaverse Officer.

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"If Meta licenses Magic Leap's visual tech, that would help Meta move faster with its AR glasses ambitions," said Hackl. "The optics/waveguide tech work that [Magic Leap] has worked on is something very few companies have ever worked on to the degree that they have."

Hackl, who worked at Magic Leap from 2018 to 2020, said the Florida-based company also has a lot of credibility when it comes to the metaverse – in fact, Magic Leap's ex-Chief Futurist Neal Stephenson, a famed science fiction writer, is credited with coining the term "metaverse."

LAS VEGAS, NEVADA - JANUARY 06: Attendee Jason Nguyen uses augmented reality (AR) glasses in a simulation at the Magic Leap booth during CES 2023 at the Las Vegas Convention Center on January 6, 2023 in Las Vegas, Nevada. CES, the world's largest annual consumer technology trade show, runs through January 08 and features about 3,200 exhibitors showing off their latest products and services to more than 100,000 attendees. (Photo by David Becker/Getty Images)

"When I worked at Magic Leap, many of us thought Magic Leap would be the next Apple or the next tech juggernaut," said Hackl. "That didn't turn out to be the case, but when I was there, the metaverse as a concept many of us were discussing with enterprise clients or a topic we would often mention on stage at conferences talking about the work we were doing toward building it, so I would say Magic Leap would have as strong a metaverse cred as any company that has been innovating and creating new products and processes in this specific space. What Magic Leap was able to accomplish as a startup was impressive despite the criticism it has gotten."

Magic Leap, founded in 2010, has been subject of criticism for attracting billions in investments yet developing a still-imperfect mixed reality headset.

It's not just about Apple, experts say

It certainly seems more than coincidental that there are reports of Meta pursuing Magic Leap just a couple weeks before Apple's Worldwide Developers Conference, the event at which the company's expected to finally reveal its mixed reality headset. However, both Hackl and Llamas are skeptical that this is just about Meta keeping its lead over Apple.

"It allows Meta to enter the AR glasses space faster," said Hackl. "Is a Magic Leap partnership enough to help Meta fend off Apple? I think you're asking the wrong question. I think what this partnership allows Meta is to become a more serious player in the AR glasses space and gives them an opportunity to tap into what [Magic Leap] has already created."

Llamas agrees that this can't be all about the specter of Apple.

"As for fending off Apple, I wouldn’t say that it is the primary reason," said Llamas. "If anything, both companies bring a set of skills and expertise to the table that the other may not necessarily have, and allows them to pursue a bigger total-available-market that neither could do independently."

So, in the end, for Meta, as much as anything else, this is at least as much about growing that addressable market and the technology at their disposal, as it is about growing competition, he told Yahoo Finance.

"What I’d really like to see is Meta’s and Magic Leap’s respective experiences become available across both AR and VR," said Llamas. "That’s not an easy thing to do, but assuming that Meta and Magic Leap can pull it off, that puts them in very strong position to meet more customers."

Allie Garfinkle is a Senior Tech Reporter at Yahoo Finance. Follow her on Twitter at @agarfinks and on LinkedIn.

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