Snap Spectacles success shows potential of wearables market

Snapchat Spectacles have smashed internally set sales goals and some. Speaking at the Vanity Fair New Establishment Summit, Snap CEO Evan Spiegel announced that first-year sales of their smart glasses were over 150,000 units, some 50,000 units more than the company’s goal.

Putting that figure into context, Spiegel proudly boasted that that number outweighs the number of iPod sales based on its first year of trading. And while Spiegel admitted that the numbers had exceeded expectations, he was quick to draw parrelells with the iPod, hinting at the heights he is hoping to achieve. Apple sold around 143,000 units during the first full year of the iPod’s availability, and Spiegel said the goal from the start was to sell at least 100,000 pairs of Spectacles.

“It’s out-sold our expectation. We’ve sold over 150,000 units,” Spiegel said. “Our goal was, if we can sell 100,000, then at least people are open to trying a new way to make memories.”

The comparison with the iPod is certainly a bold one but it does hint at the potential Spiegel believes the market has. Traditionally smart watches and fitness trackers have led the way in the smart wearables market but if Spectacles are anything to go by, it suggests that there is profit to be made in other areas.

In fact, Spiegel used his speech to encourage designers – and investors – to think outside the box when it comes to bringing new products to market. “I think investors are fearful, and fear is a powerful motivator – they’re fearful we’ll never be profitable, or they’re fearful that competition will kill us or something like that,” Spiegel said. “But I think those are kind of normal fears for any start-up – and the really successful companies just grow through that. And that’s why we’ve just tried to stay focused on the business this year and execute and deliver results.”

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