TikTok’s parent company ByteDance acquires VR headset maker Pico

TikTok’s parent company ByteDance acquires VR headset maker Pico

ByteDance acquires Pico, a major player in the Chinese VR market

TikTok´s parent company ByteDance is acquiring the Chinese virtual reality (VR) headset maker Pico. ByteDance told CNBC in a statement 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,” meaning ByteDance is “optimistic about the future of VR and its alignment with our mission.”

Pico is known for its Neo 3, a lineup of standalone virtual reality headsets. A June IDC report estimates that Pico is the third largest maker of VR headsets, following Oculus and DPVR, another Chinese company. While the Pico Neo 3 launched exclusively in China, Pico is slowly expanding its market towards North America and Europe with the Neo 3 Pro and Neo 3 Pro Eye.

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ByteDance main popularity comes from the social sharing app TikTok and the Mainland China version Douyin (抖音). There is no indication that the Pico acquisition will mix with TikTok´s services in the near future.

The global VR market is still pretty young and unexplored, with Apple reportedly preparing to enter the market, and Sony developing a new PlayStation VR headset, ByteDance also want to compete for market shares. We will keep you updated on any further development in the virtual reality space.

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