Snap has appointed actor Robert Downey Jr. as the honorary Chief Customer Experience Officer for its upcoming augmented reality glasses. The device, priced at $2195, is scheduled to go on sale later this fall. The company aims to leverage the actor's association with the inventor character Tony Stark to promote the product's capabilities, which include AI assistance and gaming features.
The financial terms of the partnership remain undisclosed, and neither party has confirmed reports suggesting a potential $100 million deal. Shareholders have expressed concerns regarding potential dilution if the agreement involves stock-based compensation. Snap's stock has seen a 7.59% increase over the last five days, though it remains down 22.48% year-to-date.
The company faces significant competition in the wearable market, notably from Meta, which offers a VR device priced at $1299. To strengthen its market position, Snap has secured enterprise partnerships with Nvidia, AWS, and Salesforce in September. The success of the product launch will depend on whether celebrity endorsement can effectively drive consumer sales.
