February 5, 2023

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In step with a Thursday file via Chinese language media outlet LatePost, 3 key folks at ByteDance will quickly be transferred to its digital fact (VR) emblem Pico, together with Ren Lifeng, Head of Product at Xigua Video, Tune Binghua, Head of the Douyin Selection Department, and Wu Zuomin, Director of the Douyin Leisure Department. The strikes point out that ByteDance, which may be the mum or dad corporate of Douyin’s global counterpart TikTok, will begin to build up its funding in VR content material.

In step with a number of resources, about 500,000 Pico merchandise had been bought in 2021, whilst the gross sales goal of the workforce in 2022 is set 1,000,000 gadgets. By contrast, Oculus Quest 2, an all-in-one VR product introduced via Meta (previously Fb) in 2020, has bought greater than 10 million gadgets to this point.

Pico is a all-in-one VR machine developer established in 2015. Founder Zhou Hongwei in the past labored at GoerTek, a number one endeavor in China’s electroacoustic business, for greater than 10 years. In September 2021, Pico used to be bought via ByteDance for a number of billion yuan. At the present, the emblem’s industry head continues to be Zhou, and the overall selection of staff has greater from 200 in September 2021 to greater than 300. It is usually the industry that ByteDance will quickly perform large-scale recruitment growth but even so Lark Suite, an endeavor collaboration platform, and the e-commerce industry.

In step with folks with reference to Pico, ahead of its acquisition, the company thinking about {hardware} and generation building with restricted assets, and there have been glaring deficiencies in its advertising and content material ecosystem. At the present, it has attracted about 500 content material providers, whilst Oculus has greater than 10 occasions that of Pico, together with world-renowned highbrow assets. Pico then were given extra make stronger from ByteDance after the purchase, together with vital marketplace publicity, and sufficient price range to unravel the issues of top content material adaptation prices and subsidies for content material manufacturers. Because the supply unveiled, “now the expansion price of the emblem’s content material has doubled.”

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SEE ALSO: VR Headset Maker Pico Confirms Acquisition via ByteDance

In step with an IDC file at the Chinese language marketplace, Pico’s home marketplace percentage exceeded 50% in 2021, score first, adopted via DPVR, iQiyi VR and HTC VIVE. ByteDance tries to discover the following era of leisure and content material business with VR, however the home VR marketplace and {hardware} nonetheless have an extended method to move mature. This calls for large investments within the early levels. Even Meta can rarely ensure certain money waft on this industry, whilst its Meta Truth Labs department has observed web losses of over $20 billion for 3 consecutive years.