Image source: Snap

Snap to release two new versions of Spectacles after $40 million flop

Snap still hasn’t given up on its failed Spectacles idea. According to a report in Cheddar, the company has not one but two new versions of its smart glasses in the works.

Launched back in 2016, Snap built hype around the smart specs with sporadic sales that made the glasses hard to find. When they were perceived as a hot commodity, hundreds of people camped out in front of stores hoping to get their hands on the camera equipped specs. There were even reports of some spending upwards of $1,000 on eBay to avoid the queues.

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But late last year it emerged the company was sitting on hundreds of thousands of unsold pairs. All in all, Snap sold over 150,000 spectacles, which was far below what it originally anticipated. As enthusiasm around the specs died down, Snap ultimately booked a $40 million loss on costs “related to Spectacles inventory”.

snapchat spectacles make us open debut - Snap to release two new versions of Spectacles after $40 million flop
Image source: Snap

Cheddar claims that Snap is now working on new Spectacles products and is eyeing a launch this fall. The upgraded glasses will fix bugs, offer new colours and water-resistance.

More interestingly, there is also an advanced model in the works that will be made of aluminum, come with a leather case, it will feature two cameras for 3D depth effects and built-in GPS. This one will be released in 2019 and could cost up to $300.

Unsurprisingly, the company is scaling down its expectations this time around and planning to sell fewer sets of glasses. Snap is also looking to license the technology to eyewear makers like Luxottica and Warby Parker.

The report goes on to say that the company intends for future versions of Spectacles to incorporate AR capabilities. But this may be several years down the line.

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