Augmented reality hits economic reality in the case of Magic Leap

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Magic Leap just announced its intention to focus on the enterprise market, after years of branding itself as a consumer device company. The corporate press release blamed COVID-19 for the required pivot, and nearly 1,000 employee have been laid-off; almost half its workforce. However, this shift toward the enterprise market is not driven by the COVID-19 crisis. It is a case of augmented reality (AR), virtual reality (VR), and remote reality (RR) hitting up against economic reality (ER). Only a minority of (regular) people are willing to pay a lot of money for experiences that can't populate their Instagram feed.