Chinese company Pico, ByteDance's virtual reality subsidiary, announced it would cut its workforce by "hundreds" without specifying an exact number. 📉 The restructuring will be the largest since the acquisition of Pico by the company that created TikTok two years ago.
The goal is to refocus the business on hardware and key technologies. Pico will retain the hardware development team, while a significant portion of the software development team will be integrated into ByteDance's product development team.
The reorganization is a blow to ByteDance. Buying Pico in 2021 for more than $1 billion was considered an attempt by ByteDance to compete with Meta Platforms' Quest line of VR headsets. Despite hints about phasing out Pico, ByteDance emphasized its commitment to the long-term prospects of the VR industry.
While demand for VR is declining, Pico is actively expanding its presence in domestic and international markets. In China, Pico has become the leader in VR shipments, and in the world it ranks second after Meta. 🌐
The goal is to refocus the business on hardware and key technologies. Pico will retain the hardware development team, while a significant portion of the software development team will be integrated into ByteDance's product development team.
The reorganization is a blow to ByteDance. Buying Pico in 2021 for more than $1 billion was considered an attempt by ByteDance to compete with Meta Platforms' Quest line of VR headsets. Despite hints about phasing out Pico, ByteDance emphasized its commitment to the long-term prospects of the VR industry.
While demand for VR is declining, Pico is actively expanding its presence in domestic and international markets. In China, Pico has become the leader in VR shipments, and in the world it ranks second after Meta. 🌐