What happened? ByteDance, the Chinese multinational technology company best known as the face behind TikTok, has officially entered Metawares. CNBC has confirmed that ByteDance has agreed to buy virtual reality company Pico. The financial terms of the deal, which was rumored by the Chinese magazine Noyun a few days ago, were not disclosed.
ByteDance told CNBC that Pico Software and Hardware, along with its highly talented team, are supporting their long-term investment in the VR startup that it's making.
Pico may not be a name you've ever heard, but people in the VR industry are surely familiar with the launch process. According to IDC, Pico was the world's third largest VR headset manufacturer in the second quarter of 2021, with sales increasing 44.7% annually.
< p > ByteDance is recently looking for diversification. Last year, the company launched its first hardware product in the form of a smart bulb with a touch screen and two cameras. A few months later, mobile game studio Moonton rebounded in a $4 billion deal reported by Reuters.
With the launch of VR in its portfolio, ByteDance could be ready to work with Facebook's Oculus VR division in a growing space. And given Apple's re-engagement with many other players, we can see significant progress in the next few years.
Image Credit Zhang Kanlong, Visual China Group
TikTok owner ByteDance takes on virtual reality by buying Pico