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XR and MEP (Q2 2023): Apple's Vision Pro fuels XR's cautious comeback as metaverse plummets

Key takeaways

Extended Reality (XR)

  • Apple launched its first spatial computing device, the Vision Pro, priced at USD 3,499. The device features eye-tracking and a 4K-per-eye display with a noticeable absence of controllers, shifting its focus from gaming to immersive viewing experiences. However, reports suggest a reduction in 2024 production targets to less than 400,000 units, with material costs estimated at USD 1,549. Apple is also reportedly working with Samsung and LG on a more affordable version of the headset, set for release by the end of 2025.
  • The Extended Reality (XR) industry saw a rebound with key product launches and a modest recovery in funding. Q2 saw six notable device launches (including Apple’s Vision Pro and Meta’s Quest 3) and 20 software launches/updates to existing platforms. The AR/VR platforms segment recorded the highest number of software updates (12), which included the launch of generative AI-backed tools, followed by the Content segment.

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