TikTok Owner Initiates Tiny Stride Towards Virtual Reality Realm
ByteDance, the China-based company behind TikTok, has made a significant move by purchasing virtual reality startup Pico. This acquisition marks a significant step for ByteDance as they venture into the metaverse, aiming to compete with established players and emerging competitors.
According to a spokesperson, Pico's software and hardware technologies, along with the talent and expertise of their team, will support ByteDance's entry into the VR market and its long-term investment in this burgeoning field. The deal echoes Facebook's 2014 purchase of Oculus, which was valued at a combination of $400 million in cash and 23.1 million Facebook shares. Both companies recognized the potential of VR beyond gaming applications and believed in its ability to transform communication, media, education, and various other fields.
Pico, ranked as the third-largest VR headset manufacturer globally in Q1 2021, is no novice in the VR space. Acquiring Pico could set the stage for a potential future clash between ByteDance and Facebook's Oculus VR division, as well as potential competition from tech giant Apple, which bought NextVR last year.
Just days prior to this acquisition announcement, TikTok unveiled plans to test an augmented reality studio for creators, opening doors for new in-app features like lenses and visual effects. ByteDance remains optimistic about the future of VR and its alignment with the company's mission, although they have yet to comment further on the deal's specifics.
In this aggressive tech landscape, ByteDance is making strategic moves to challenge established players like Meta and Apple, and to expand its presence on the West Coast, where hiring efforts have increased significantly. The race to dominance in the metaverse is well underway, and ByteDance is eager to claim its share of the action.
- ByteDance is venturing into the metaverse by entering the VR market, a move that includes using Pico's technology and talent.
- The acquisition of Pico by ByteDance could potentially position them for a future clash with Facebook's Oculus VR division, as well as competition from tech giant Apple.
- In line with Facebook's 2014 purchase of Oculus, both companies saw the potential of technology beyond gaming applications and believed in its ability to transform various fields.
- ByteDance remains optimistic about the future of tech, including VR and AR, and is making strategic moves to expand its presence on the West Coast.
