Story updated with Cisco response.
SAN JOSE, Calif. ( TheStreet) -- Cisco (CSCO) is set to bring its high-end videoconferencing technology into the home, according to the Wall Street Journal, marking the next big push in the company's consumer products strategy.
Cisco hasn't officially announced the venture, although it will likely come during a Cisco webcast scheduled for Wednesday. In a press release, Cisco heralds the event as "a new consumer experience."
Citing a person briefed on the matter, the Journal reports that the Cisco system includes a video camera and a device that connects to high-definition TVs. The system will be priced at $600 with a $300 monthly subscription fee.Cisco is also likely to draw on its telepresence technology for the new announcement. A form of high-end videoconferencing, Cisco's telepresence was initially aimed at corporations, but the company has dropped hints that it intends to push the tech into home offices. At the CES show in Las Vegas earlier this year, Cisco CEO John Chambers ran a series of demos using telepresence to speak with people in other parts of the U.S., including his wife in the San Francisco Bay Area. Although Chambers didn't unveil new products during his hour-long presentation, he promised that Cisco's video strategy will be completely "device agnostic." Video, for example, is seen as an ideal use of tablet computers such as Apple's (AAPL) iPad. The tech bellwether has made inroads with video over the past few years, acquiring Norwegian videoconferencing specialist Tandberg last year and Flip camera maker Pure Digital. During Cisco's recent fourth-quarter conference call, Chambers said that the Tandberg acquisition, combined with telepresence, brought in revenue of approximately $370 million, a 40% hike on the same period last year. While a drop in the ocean compared to Cisco's total revenue of $10.8 billion, videoconferencing has become a cornerstone of the company's long-term strategy.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV