Byte Dance swallows VR headset producer Pico

Byte Dance swallows VR headset producer Pico

4. September 2021 0 By Horst Buchwald

Byte Dance swallows VR headset producer Pico

Shanghai, Sept. 4, 2021

ByteDance has acquired VR headset manufacturer Pico for an undisclosed sum. Pico was the world’s third-largest VR headset manufacturer in the first quarter of 2021, with shipments up 44.7% year-on-year. It is rumored that Pico cost ByteDance $772 million.

Pico, which was founded in 2015, employs more than 300 people. ByteDance said Pico would help it enter the VR market, adding that the acquisition represents a “long-term investment in this emerging space.”

 

Global sales of VR headsets are expected to reach $28.6 million by 2025. ByteDance’s acquisition of Pico follows a trend of diversification away from social media.

In March, ByteDance had mobile gaming studio Moonton for $4 billion. These acquisitions have led to speculation that ByteDance is expanding into VR and VR gaming to compete with Facebook and Apple.

Apple acquired NextVR, a virtual reality company, last year and is reportedly working on developing its own VR headsets.

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