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Apple plans to have augmented-reality headsets by 2020

With a photo of former Apple co-founder and CEO Steve Jobs projected in the background, Apple CEO Tim Cook kicks off the event for a new product announcement. Photo: Marcio Jose Sanchez / AP

Apple plans to have an augmented-reality headset complete by 2019, and ready to distribute by 2020, according to Bloomberg. While creating an in-house chip to power the AR headset, and a new operating system ("rOS"), engineers are also experimenting with feature like virtual meeting rooms and 360-degree video playback.

Why it matters: Apple CEO Tim Cook said on a recent earnings call that AR "is going to change the way we use technology forever." And while a team was assembled years ago to begin working on AR-related projects, Cook told the Independent that he doesn't care about being first, he cares about being the best.