Thursday, January 20th, 2022

Magic Leap Has Its Sales Plummeting Dramatically In The Last 6 Months

Magic Leap seems to be gaining momentum now. The Silicon Valley sweetheart and augmented reality (AR) startup has been found to have distributed only around 6,000 units of its $2,300 Magic Leap One Creator Edition that is a mixed-reality headset in the first 6 months. The number 6,000 means a self-effacing sales number that is worst compared to the company’s previous sales. The startup had predicted that it would make around 1 Million units’ sales at the start of availability. Later, 100,000 sales’ goal was set; however, the sales seemed to be very poor and the company had to give the employees the units for free.

Magic Leap Has Its Sales Plummeting Dramatically In The Last 6 Months

The company has had to lay off many of its employees from various departments due to no sales or revenue gain. The startup has switched to other cost-saving measures such as reducing work travel for certain departments and also lowering the hiring of employees. Magic Leap is found to be sustainable and for that, the company has spent almost $40–$50 million per month throughout 2018. The company’s board of directors also seems to have left for reasons unknown and Alphabet CEO Sundar Pichai seems to be one of them. In 2014, Google had invested $542 Million in the company. Magic Leap is currently feeling the pressure.

Similarly, Insomniac Games and Magic Leap had recently stated that they have a novel game called Strangelets for the Magic Leap One. The new gameplay is a transcript of Insomniac’s earlier AR named Seedling that was released in 2018. The game is expected to help Magic Leap climb the ladder of success plus earn little revenue to clear all its debts. The game will have real-world time and weather taken into account to make as realistic as possible for the public and to make them enjoy & feel the game.

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