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Shares of American Eagle Outfitters Inc. declined significantly by over 13% following the company’s release of weaker-than-expected …
- December 9, 2024 12:13 am
- California
September 01, 2021: -TikTok owner ByteDance has made its first foray into virtual reality (VR) by acquiring a start-up called Pico.
Beijing-headquartered ByteDance could not disclose the size of the deal but said in a statement that Pico’s “comprehensive suite of software and hardware technologies, and the talent and deep expertise of the team, will support our entry to the VR space and long-term investment in this emerging field.”
According to IDC, Pico was the third-largest virtual reality headset maker globally in the first quarter of 2021, with shipments growing 44.7% yearly.
ByteDance found success with the short video app TikTok, the Chinese version of Douyin, and the news aggregation app Toutiao.
In March, ByteDance acquired a huge mobile gaming studio called Moonton for a reported $4 billion, as it is planning to expand into gaming.
ByteDance’s acquisition of Pico could pit it against the Oculus VR division of Facebook. Last year, Apple bought NextVR, a realty company, virtually, sparking speculation it could be working on its own VR headsets.
“We are optimistic about the future of VR and its alignment with our mission,” a ByteDance spokesperson said.
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