TikTok owner ByteDance delves into virtual reality with the acquisition of Pico

What happened now? ByteDance, the Chinese multinational tech company better known as the face behind TikTok, is officially jumping into the metaverse. CNBC has confirmed that ByteDance has agreed to acquire virtual reality startup Pico. The financial terms of the deal, which the Chinese newspaper Nweon first spoke about a few days ago, have not been disclosed.

In the statement provided CNBCAccording to ByteDance, Pico’s suite of software and hardware technologies and its talented team will help support their long-term investment in the emerging virtual reality space.

You may not have heard Pico’s name before, but people in the virtual reality industry are probably familiar with this startup. According to IDC, in the second quarter of 2021, Pico became the third largest VR headset manufacturer in the world and managed to increase shipments by 44.7 percent year after year.

Lately, ByteDance has been striving to diversify its activities a little. Last year, the company launched its first hardware product in the form of a smart lamp with a touchscreen display and two cameras. A few months later, she acquired mobile games studio Moonton in a deal that Reuters considers valued. $ 4 billion

With a VR startup in its portfolio, ByteDance could prepare to face off against Facebook’s Oculus VR in a fast-growing space. And with Apple’s recent involvement along with a host of other established players, we can finally start to see some major progress in the next few years.

Image courtesy of Zhang Canglong, Visual China Group

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