Despite the success of certain products, tech companies often face disappointments with at least one device that fails to meet expectations after its launch. Amazon’s Fire phone and Meta’s Ray-Ban Stories are examples of such products that didn’t perform as well as anticipated.
According to an internal document from Meta (previously known as Facebook) viewed by The Wall Street Journal, the Ray-Ban Stories smart sunglasses saw low user engagement, with less than ten percent of owners using the product regularly. The company reportedly sold approximately 300,000 units of Ray-Ban Stories between its launch in September 2021 and February 2023, but there were only 27,000 monthly active users at that time.
The low retention rate for the smart sunglasses could be attributed to various issues, including connectivity problems and battery life concerns. While the fact that some users have already purchased the sunglasses may provide some consolation for the companies, the poor user engagement does not inspire confidence in the product’s ongoing sales potential.
Furthermore, Meta’s Reality Labs division, responsible for the Ray-Ban partnership, is facing financial challenges, incurring a loss of almost $8 million over the first half of 2023.
Despite the lackluster performance of the first-generation Ray-Ban Stories, Meta is reportedly planning to release a new iteration of the product in either the fall or spring. The next version of the smart glasses is said to have improvements in battery life and camera capabilities and will be available in more sunglass models than the current three. While the pricing for the upcoming version has not been disclosed yet, it remains to be seen whether these enhancements will be enough to capture the market’s interest and improve the product’s adoption.
