What the heck do a thousand people do at Magic Leap? That’s an insane headcount for a company without a sales or consumer support team. And that’s just the jobs they cut!
I don't think they are one of those companies where I wonder why they need people. They are doing something really hard. Maybe too hard.
As for the sales platform, why wouldn't they develop it? To attract developers they need to make it easy for users to buy the products those developers would be create. It's not like the early 2000's where you could launch a console without an online store, it's pretty much mandatory these days because both developers/publishers and consumers expect it to be there.
They have sales and customer support. They also don't have a (sizable) network of 3rd party developers yet, and had a lot of staff internally working on content for the platform.
In addition to the fact they design their own hardware, they manufacture and test it themselves too so they have supply chain/logistics to worry about, QA and test development, factory workers/technicians, etc.
Of all the "how does X have so many people?!" ML makes the most sense. It's hardware, not easyware.
They have capitalized so much that they need to capitalize even more to make their previous capitalization make sense.
Nobody throws money into the fire unless they're trying to keep something warm.
Once that project ceases, those employees will be cut and the resulting tech or teams will be acqui-hired by an R&D arm or contractor who'll continue to pick at the bones of it.
JPMC is in the money business. Not tech. They're riding this beater until it finally conks out.
If you work for MagicLeap, get your CV out there.
"Signed over" is too strong, it's more like their loan covenants mention the patents, but if you pay the loan, it doesn't matter.
What does that mean exactly? Were the people laid off given their jobs back? What does "withdrawing" a WARN notice even mean?
Wouldn't surprise me if they sold lemons at such absurd contract prices that it made their investors giggle.
Id buy that.
That’s enough money to give $100,000 to 30,000 startups.
(Assure you a $100k to a startup is not the same as $100k to Google.)
That said, $100k is not a salary and if someone needs $100k+ salary to do a startup for a year, startups are the wrong choice.
If I were under 26, no responsibilities and could get on my parents insurance sure.
Your example explicitly mentions age as one of the requirements.
Magic Leap is literally garbage (it's downright embarassing when compared to Oculus or HoloLens), and yet they just raised another $350M. It simply boggles the mind.
Opposed to these behemoth's who really only have a hope and a prayer that they're a bit enough disruption that they will pay off. Like Uber, Groupon, Living Social, WeWork, AirBNB, etc... I think they all could be more valuable had they operated more lean, w/ a solid strategy to monetize early and less focus on VC money and raising seed rounds.
TLDR; I like the little guy stories, and am also fatigued of the giant so-called unicorn stories.
I don’t have data but the pulse I’m reading is a very high consumer satisfaction and it continues to sell out.
VR has nothing to do with Magic Leap or even AR. VR probably has a consumer case (consuming media) but no real business use case until after the consumer case has been made.
There is clearly demand, but I think we've learned that it's a niche market.
It’s definitely the exception, though. Nothing else comes close, so I’m having difficulty justifying shelling out $1000 on something for a single game, no matter how exceptional.
If Henry Ford asked you what you wanted in 1890s, it sounds like you would have said "a faster horse"
VR is growing slowly and steadily. That's not counting offerings like the Oculus Quest.
Also Magic Leap is AR, not VR.
There are very interesting use cases in ‘perspective collaboration’ - as in, ‘do you see what I see?’ Other stellar use cases are how you can prepare for new spaces and new environments. These use cases will sell many units (along with the de facto: gaming).
All this said, I feel the parent comment is correct. The way these companies are approaching the ‘why’ is very ‘it’s like you’re there’ ; ‘look at how connected you are’ ; and some variant.
All is not lost though. There are incredible changes in society if these embodiments (VR, AR, MR, XR) are seen as one of the many user interfaces for the next kind of personal computer. As in, if you change the basic command structure between user and computer - then the next generation PC can take shape.
[Edited: clarity and still terrible]
Honestly, Snap isn’t too far off, but the valley is uncanny.