Tik Tok users will now experience Virtual Reality
The popular Chinese video-sharing platform Tik Tok’s parent company “Byte Dance” acquires Virtual Reality Company, Pico.
TikTok’s owner Byte Dance has entered into the world of Virtual Reality (VR) by acquiring a VR company, Pico as per the report of CNBC. This acquisition can be accounted as a powerful entry into the world of virtual reality. As the company, was accounted as the third-largest maker of virtual reality headsets globally in the first quarter of 2021, with entire shipments growing 44.7% year on year.
The rumors were circulating for the last week regarding this acquisition were confirmed by Chinese publication Nweon today. In a statement issued to the publication, Byte Dance gave a statement “the 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.”
However, the financial details were not exposed in the report. There was also no confirmation in relation to the scope of the company that whether or not Byte Dance will be growing Pico’s business outside the Chinese market. Moreover, currently, the company sells its Pico Neo 3 standalone Virtual Reality (VR) device as a consumer product with games in China. It also sells the upgraded device Pico Neo 3 Eye to businesses too.
This acquisition of Pico by Tik Tok can be said as a push to diversify the business. Tik Tok no doubt is a successful app. As in January this year, there were 62 million downloads reported around the globe.
Earlier this year in March, Byte Dance acquired the large mobile gaming studio called Moonton for a reported 4 billion to expand into the gaming space.
For now, it cannot be determined that how and in what manner the Tik Tok users will be able to experience virtual reality. But TikTok with this acquisition has surely entered the field of Virtual Reality and with this purchase has clasped its position too. Furthermore, this new move can also pit it against Facebook’s Oculus VR division. Last year Apple also bought Next VR a virtual reality company.