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Apple event: What to know about its virtual reality headset release

Apple is expected to reveal its virtual reality headset Monday, marking the tech giant’s first major product launch since it released its AirPods earbuds in 2016.

Apple’s device is expected to cost between $2,000 and $3,000 and is aimed at developers of video games and other applications, rather than the general public. 

The new virtual reality headset has Apple playing catchup in the VR arms race, with rivals such as Google and Facebook owner Meta already having made forays into the growing space. Still, making a late entry into a marketplace has worked for Apple with other products, such as with smartwatches, because it allows the tech giant to wait as other companies test new markets first, according to Wedbush securities technology analyst Dan Ives.

“They’re not on bleeding edge. They wait for other companies like Google and Meta, then they come in a few years later and create a market for the product, because people love Apple,” Ives told CBS MoneyWatch. “They don’t care if they’re first, second or third to market because they know they have an unparalleled ecosystem they can tap.”

Earlier flops from other headset makers could be a cautionary tale, but Apple has a built-in user base that other companies lack, experts say. Even so, Facebook’s followers haven’t helped Meta turn a profit on its Metaverse project, which has cost it billions. Google’s Glasses, which used augmented reality technology, only lasted a few years.

“It is easy to write off a VR headset, but people wrote off Apple Watch until Apple came out with it,” Ives said. 

Ives said he thinks the product announcement will be a win for Cupertino, California-based Apple.

“It is going to further embed Apple within developer community and I ultimately believe this is just one piece of a broader AI strategy that Tim Cook is rolling out over the next 12 to 18 months,” he said. 

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