Tech Explained: Here’s a simplified explanation of the latest technology update around Tech Explained: EssilorLuxottica’s sales soar as Meta partnership fuels AI smart glasses revolution in Simple Termsand what it means for users..
EssilorLuxottica sold over seven million artificial intelligence glasses last year, the French-Italian eyewear brand announced in its fourth-quarter results. The upswing is the result of its tie-up with social media giant Meta on Ray-Ban and Oakley smart glasses.
The 18 per cent surge in fourth-quarter sales not only far surpassed analysts’ estimates, but it also puts the company on track to sell 10 million units by 2027. “Our success in wearables is helping to propel the AI-glasses revolution, with our iconic brands being a powerful driver of demand,” the company said in a release.
EssilorLuxottica has been partnering with Meta on wearable devices since 2019, with the two companies launching the first edition of the smart glasses in September 2021. Over the following couple of years, the device began to attract a much larger audience.
In September, the two companies introduced Meta Ray-Ban Display AI-powered glasses, featuring advanced in-lens display technology controlled by a smart EMG wristband.
The device comes with a small display in one of the lenses, allowing users to manage messages and even navigate using a simple map.
Meta announced in January that the international expansion of the latest $799 models will be delayed because of supply shortages. Bloomberg reported in January that Meta was seeking to double production capacity to 20 million units or more this year.
Meta is doubling down on its production of AI wearables and its own AI models. “Billions of people wear glasses or contacts for vision correction. And I think that we’re at a moment similar to when smartphones arrived, and it was clearly only a matter of time until all those flip phones became smartphones,” Meta CEO Mark Zuckerberg said during a recent earnings call. He said it is “hard to imagine a world in several years” where most glasses worn by the public are not AI glasses.
Google may launch a range of smart glasses this year, following a $150 million deal with Warby Parker. Apple is also rumoured to unveil smart glasses in the next year or two. Snap recently said it would spin its AR glasses, Spectacles, into a new subsidiary.
OpenAI is also pursuing a dream in AI wearables, though the company has not yet spoken about what its first hardware product would be. EssilorLuxottica forecasts “solid growth” in total revenue for the next five years.