SK Telecom and Magic Leap Sign MOU for Strategic Partnership in AR

Seoul, South Korea, February, 27, 2019 - SK Telecom (NYSE:SKM) today announced that it signed a Memorandum of Understanding(MOU) with Magic Leap, a world-renowned company specializing in AR devices and spatial computing technologies, for a strategic partnership in AR.

The MOU signing ceremony took place at MWC 2019 on Feb. 26th in Barcelona, Spain with the participation of Ryu Young-sang, Executive VP and Head of MNO Business of SK Telecom, and Omar Khan, Chief Product Officer of Magic Leap.

Under the MOU, SK Telecom and Magic Leap will discuss detailed measures of cooperation for diverse areas, including the joint development of AR services and business models; joint research and development for a 5G-capable AR device and AR technologies; distribution and sales of AR devices; development of AR content and support for the communities of developers aimed at boosting the AR ecosystem. The partnership also makes SK Telecom the exclusive wireless service provider to distribute Magic Leap’s products in Korea.

Besides 5G technologies, SK Telecom has also been developing AR-based technologies such as an AR content platform (‘T real’) and space-mapping technologies that support the conversion of physical spaces into digital spaces (‘eSpace’). 5G provides an optimal framework for SK Telecom to start monetizing their in-house developed AR services. Collaborating with Magic Leap will ensure that a strong foundation for the AR ecosystem is built.

Magic Leap, which was founded in 2010, is at the forefront of the AR device industry. With its spatial computing technologies, the company has a vision for creating a world where digital content merges with the physical environment. With 5G technology, Magic Leap is planning to place the PC, smartphone and other devices all under the AR-enabled umbrella. Magic Leap has raised more than $2.3 billion in investment capital from world-renowned companies such as Google, Alibaba, AT&T and Qualcomm. In 2018, the company launched its ‘Magic Leap One’ wearable spatial computer, further boosting its valuation.

In the 5G era, AR technologies will advance to a point where the physical and digital worlds can coexist. By utilizing the high-speed transmission and ultra-low latency enabled by 5G technology, AR experiences delivered by a dedicated device such as Magic Leap One, will fully immerse the user into the world of AR, something that is not possible with other AR devices or smartphones.

“Magic Leap is very excited to partner with SK Telecom as we forge relationships with the world’s preeminent telecom providers to bring the next era of computing to people around the world,” said Omar Khan, Chief Product Officer of Magic Leap. “SK Telecom is advancing 5G with extreme speed, stability and security, providing its customers with a framework to experience the power of Magic Leap’s spatial computing platform.”

“This MOU agreement will fortify SK Telecom’s position as the forerunner of 5G,” said Ryu Young-sang, Executive Vice President and the Head of MNO Business of SK Telecom. “We will continuously pursue various measures to drive the growth of the AR market and its ecosystem.”

[WikiLeaks Korea=By Junhyeok Shin]