It's being reported this morning in Korea that Mark Zuckerberg, CEO of Meta, is expected to meet with LG Electronics CEO Cho Joo-wan in Korea to continue their possible joint development of an advanced mixed reality headset.

In their meeting, Zuckerberg and Cho are expected to further discuss their joint development of an advanced mixed reality headset -- combining augmented and virtual reality technologies -- to compete in the burgeoning market.

Global tech giants are seen joining forces to introduce the novel device, which is said to transform the entire IT industry and its usage. Apple launched its first AR headset, Apple Vision Pro, early this month. Samsung Electronics has teamed up with Qualcomm and Google to develop XR technology and is expected to launch its own XR headset this year.

LG and Meta reportedly agreed to collaborate on creating an MX/MR headset since last year. Under their collaboration, LG will be in charge of producing components for the devices, including displays and batteries. The two are also expected to work together on software development.

Their envisioned smart headset is expected to launch in 2025, at a price of about $2,000 -- about twice the price of the current Meta Quest Pro. The price is cheaper than Apple's Vision Pro, launched early this month in the US at $3,500.

LG has also recently launched a team under its TV business unit which is dedicated to XR technology development, and has been hiring experts in the field since early this year.

At CES 2024, the tech show held in Las Vegas in January, Cho had said the company was looking to come up with a personal device using XR technology for a new business item, since the company shut down its smartphone business in April 2021 after suffering years of losses.

The global XR market is forecast to grow rapidly in the coming years. According to market tracker Counterpoint Research, the shipment unit of XR headset is expected to reach 3.9 million this year, manifesting a double-digit growth rate from last year.

Zuckerberg's visit to Korea will include a meeting with LG executives Samsung Electronics Chairman Lee Jae-yong.

Bloomberg's Mark Gurman has suggested that Apple is likely to introduce Vision Pro II in around 18 months – in time to challenge any Meta-LG XR headset in 2025.