The CEO of Snap Thinks You’ll Pay $2,195 for His New Smart Device: ‘Are We Being Punked?’

Snap is preparing to present a brace of $2,195 smart glasses connected September 16. CEO Evan Spiegel poured years and important resources into the glasses, which he is eager to introduce, according to a caller study from The Wall Street Journal.

Ahead of the company’s autumn merchandise launch, Spiegel appeared connected CNBC successful June. Sources told the Journal that astatine slightest 1 workfellow urged him not to deterioration the glasses for the full interview, suggesting he talk astir the product alternatively than deterioration it connected camera passim the segment. Despite receiving this advice, Spiegel chose to deterioration the glasses for the full question and reply anyway. 

The guidance online was swift. Social media users called the glasses “laughably ugly” and compared them to “3D glasses astatine an IMAX theater.” “Are we being punked?” 1 poster asked, per the Journal.

Spiegel has championed the task for years. The Journal reported that Spiegel’s attraction connected smart glasses has disappointment labor and investors astatine times, particularly arsenic Snap’s stock value has struggled. 

His committedness has prompted questions wrong the company. According to the Journal, immoderate leaders person raised concerns astir really overmuch clip Spiegel is devoting to the glasses compared to Snapchat, the company’s halfway revenue-driver. 

Still, Spiegel views the instrumentality arsenic a semipermanent wager connected really AI could reshape people’s relationship pinch technology. Additionally, immoderate analysts spot the smart glasses arsenic a imaginable semipermanent measurement for Snap to reduce its reliance connected its flagship app.

A high-stakes trial for Snap

Snap’s September debut of its $2,195 Specs glasses will beryllium a captious trial of Spiegel’s long-term vision for the institution and its expertise to find maturation opportunities beyond Snapchat. 

The institution was erstwhile 1 of societal media’s hottest names, but it has struggled to go profitable while facing deep-pocketed rivals specified arsenic TikTok and Instagram genitor Meta. Meanwhile, Meta is pursuing its ain strategy astir AI smart glasses, pinch prices for its Ray-Ban Meta smart glasses starting astatine $379. Meta has sold much than two cardinal pairs since debuting the glasses successful October 2023. 

Snap’s banal has fallen much than 30% this year, and the 15-year-old institution has yet to station an yearly profit. According to the Journal, complete the past 3 years, it has mislaid 9 cardinal regular users successful North America for its halfway societal media app.

Snap has besides knowledgeable important executive turnover. In the past 18 months, its wide counsel, main financial officer, main imaginative officer, main communications serviceman and the executive overseeing the smart glasses’ augmented-reality operations person each left.

Snap responds

A Snap spokesperson told the Journal that gross roseate 19% from a twelvemonth earlier successful the latest 4th and that the level was nearing 1 cardinal monthly progressive users. The spokesperson besides said Spiegel’s CNBC question and reply boosted awareness of the product, while his X following has quadrupled since the appearance.

“We person invested thoughtfully successful making computing much quality pinch Specs augmented reality glasses and we are looking guardant to sharing much astatine our September 16th motorboat event,” the spokesperson said. 

Snap is preparing to present a brace of $2,195 smart glasses connected September 16. CEO Evan Spiegel poured years and important resources into the glasses, which he is eager to introduce, according to a caller study from The Wall Street Journal.

Ahead of the company’s autumn merchandise launch, Spiegel appeared connected CNBC successful June. Sources told the Journal that astatine slightest 1 workfellow urged him not to deterioration the glasses for the full interview, suggesting he talk astir the product alternatively than deterioration it connected camera passim the segment. Despite receiving this advice, Spiegel chose to deterioration the glasses for the full question and reply anyway. 

The guidance online was swift. Social media users called the glasses “laughably ugly” and compared them to “3D glasses astatine an IMAX theater.” “Are we being punked?” 1 poster asked, per the Journal.