13 August 2021
There is no denying the fact that virtual reality aka VR is one of the buzzwords in the technology market. There are many players in the VR space with many others willing to enter. The latest one to take the first step in the direction is TikTok owner ByteDance that has officially announced the acquisition of Pico, a Chinese VR headset maker.
The news was first reported by CNBC as it revealed that financial details of the deal between the two parties have been kept under wraps. It should be noted that Pico was the world's third-largest VR headset maker during Q1 2021 (as per research firm IDC). Its shipment figures are said to have seen significant growth of 44.7% year on year.
Talking about the acquisition, ByteDance said that Pico's “comprehensive suite of software and hardware technologies, as well as the talent and deep expertise of the team, will support both our entry to the VR space and long-term investment in this emerging field.”
It is confirmed that ByteDance is ready to enter the VR space. There is a good possibility that we might see VR headsets featuring the company's branding. Its most popular offering is TikTok which has become a global phenomenon in the short video sharing market. There is a chance that we might see some sort of VR integration available with the app but we will have to wait to know all these details.