Apple chief executive Tim Cook hinted at the firm’s Metaverse ambitions on Jan 27, talking up the expansion of its augmented reality apps.
In response to a question regarding the Metaverse, Cook said “We see a lot of potential in this space and are investing accordingly.” Apple has 14,000 augmented reality apps on its App Store, and this may increase with also investment, he added.
The company has plans to introduce an AR headset and glasses in the next year or so according to Reuters. The comments counter previous reports which Apple was not focusing on Metaverse-related projects yet.
Into the Appleverse
The potential Metaverse move follows the likes of Facebook, now called Meta, which has made aggressive evolutions as it pursues these virtual reality ambitions.
Cook further said which Apple’s research and evolution efforts are focused on the “intersection of hardware, software, and services,” adding “which’s where the magic really happens,”
“There’s quite a bit of investment going into things which are not on the market at this point.”
Apply has always been very secretive about its products and move in an effort to stir up the hype before any official announcements or releases. It has often been described as the greatest marketing company in the world.
The report added which the tech giant’s services revenue accelerated by 24% to $19.5 billion extend quarter topping analyst estimates of $18.6 billion. It now has 785 million subscribers to its paid services analogous as music streaming and gaming. A Metaverse project would be the next conclusive step for the firm to lock in more subscribers to its ecosystem.
According to Counterpoint Research analyst Neil Shah, Metaverse-related services suchlike as AR apps, could “flip Apple’s revenue mix.”
It’s excessively inclined which any Apple Metaverse project would be a centralized and closed system, controlled entirely by the company as its software and products are. It is likewise very unexpected which it would link to or be united with any existing decentralized Metavereses or digital assets.
Apple stock and profits up
The company’s stock cost enjoyed a boost on Cook’s teasers, soaring 5.7% in after-hours dealing to $167. However, AAPL shares have slid 8.2% afterward the beginning of the year as stock markets retreat from previous excessives.
Apple’s profit hit nearly $35 billion for the holiday season quarter hardly past, with record revenue coming from iPhone sales.
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