Samsung Goes All-in on the Metaverse as Stock Price Slides

Samsung is going all-in on the metaverse and robotics after seeing its stock price stagnate.

According to  a report , the tech giant discussed its blueprint for the future in front of 1,600 shareholders. It said it would use robot tech and the metaverse as a new engine to drive growth.

Samsung CEO: The company will use #Metaverse as a new growth business and will develop Metaverse devices — 8BTCnews (@btcinchina) March 17, 2022

Vice-chairman Han Jong-hee said: “We will develop optimized metaverse devices and solutions so that customers can experience metaverse any time, anywhere.” 

Speaking at the Mobile World Congress in Barcelona last month, Han also said consumers could look forward to a metaverse platform, but refused to be drawn on a timeline.

Game Optimizing Service slows down Samsung smartphones

One of the factors spurring the decision was the Game Optimizing Service (GOS) issue that is slowing down the performance of thousands of gaming applications on the Galaxy S22 smartphone. 

This led to the company’s share price dropping in recent weeks and has Samsung searching for a new alternative. 

The company has dabbled in the crypto space before. The new  S22 even has a built-in crypto wallet  and its latest  TVs include NFT support . 

Samsung believes the lack of compelling new products may be a major reason for their stagnating stock price. 

Han is believed to have decided on robots and the metaverse following a year of testing by the company’s robot-human division, apparently with the aim of creating a future where humans might be able to live alongside robots as “life companions”.

Mergers and acquisitions also on the table

The move will also include multiple new mergers and acquisitions of businesses in the artificial intelligence sphere, 5G telecommunications technology, production of robots, and electric automotive equipment, Han said. 

Samsung also said they had stopped supplying products to Russia following the Ukraine invasion.

Many companies have stopped shipping goods to Russia, including  Trezor , which ceased supplying cold wallets after sanctions were imposed.

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