May 20, 2022

Samsung Views Metaverse as an Area of Future Growth: Report

South Korean tech juggernaut Samsung is eyeing the metaverse and robotics as key areas of focus as the global tech giant hunts for fresh growth avenues for future bets. Simultaneously, Samsung is also looking to strengthen its portfolio through acquisitions in artificial intelligence, 5G, and automotive electronics sectors. Samsung unveiled its long-term company vision this week at a general shareholders’ meeting to alleviate concerns of a lack of fresh growth engines that has been weighing on its share price.

“We will develop optimised metaverse devices and solutions that will help customers experience the metaverse anytime and anywhere,” said Samsung’s Vice Chairman and Co-CEO Han Jong-hee said in the meeting held in Suwon, home to the company’s headquarters.

As reported by South Korean news outlet Hankyung, Samsung Electronics has spread the word that it plans to dip its toes properly into the metaverse as analysts begin to pinpoint a lack of future growth engines as a reason for sluggish performance in the company’s stock. Some even went on to state that Samsung has been negligent in preparing for the future compared to its competitors as it has not sought any significant acquisitions since 2016 when it took over Harman, a US electronics system maker, for $8 billion (roughly Rs. 60,640 crore).

The Korean tech giant’s Vice Chairman and CEO Han Jong-hee made it known at Mobile World Congress in Barcelona, earlier this year (via Korea JoongAng Daily), that the onset of metaverse projects has nudged the company to get back into making new hardware. While Han Jong-hee provided very little input to speculate on, Samsung could be joining Meta and Microsoft in betting big on tech’s newest fascination.

“Please look forward to the launch [of the metaverse device], since we are working hard,” said Han, who heads both the mobile communication and consumer electronics businesses at Samsung Electronics.

That said, Han was careful to avoid any talk around the type of the device being made and when it will be launched. “It is important to raise the quality of product to the highest standards,” Han said evasively.

Industry insiders expect the gadget to be a pair of smart glasses supporting augmented reality, which in its grandest description is now called the metaverse.


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