ByteDance, the parent firm of TikTok, is planning to join the virtual reality (VR) industry. According to a Protocol report, ByteDance plans to invest “hundreds of millions of dollars” in VR-related content, according to a source familiar with the issue.
Tiktok is the leading short video platform in the world and is now even more famous than Youtube. It is common for leading social media platforms to join different industries to stay in the competition.
Over 40 job posts for Pico, the Chinese VR headset maker acquired by ByteDance last year, have appeared, according to the source. Pico Studios’ west coast operations in California and Washington have the majority of employment positions, which range from a head of VR game strategy to a game operation manager.
ByteDance, the parent firm of TikTok, appears to be trying to outdo Facebook in whatever way it can. After TikTok became the most downloaded social media app in the world, ByteDance is pursuing Facebook’s moonshot by purchasing Pico, a virtual reality headset manufacturer.
The purchase, which was initially reported by Bloomberg last week, was confirmed by ByteDance on Monday, though no price was disclosed. Pico has received $62 million in venture capital from Chinese investors, including a $37 million Series B round in March. They, like Oculus, make both hardware and software for their virtual reality headsets. They have a significant foothold in China, unlike Oculus.
Pico has a long way to go, but ByteDance has the resources to help it compete with the handful of popular headsets available in the United States from Meta, HTC, Valve, and PlayStation. Pico’s flagship all-in-one headset, the Pico Neo 3 Link, was released in Europe in May and costs €449 (roughly $472 USD).