Tik Tok Master enters the world of Metaverse
Tik Tok Master enters the world of Metaverse

ByteDance, the owner of the TikTok platform, has taken its first step into the world of Metaverse by acquiring virtual reality startup Pico Interactive.

“Pico Interactive’s software and hardware combined with their talent and expertise helps us transition to virtual reality and make long-term investments in this emerging field,” the company said.

A ByteDance spokesperson said: “We are optimistic about the future of virtual reality and its alignment with our mission.

In April 2021, ByteDance invested about 100 million yuan in Mycodeview, the company behind Reworld, the emerging competitor to Roblox.

Pico Interactive continues to focus on the Chinese consumer market while retaining most of its employees. However, Bytedance has not made any concrete plans for its VR products.

The deal, which sources estimated at $772 million, was completed after Internet companies such as Facebook, Apple and Huawei entered the market.

Claire Chow, Analystin bei IDC, einem Marktforschungsunternehmen, sagte: „Die Investition und Unterstützung von Internetunternehmen ist für die Virtual-Reality-Branche von Vorteil, da sie neue Inhalte und Technologien der sunternehmen st für die Virtual-Reality-Branche von Vorteil, ability.

Facebook acquired virtual reality gaming company Oculus in 2014 and was one of the first big names to enter the virtual reality field.

Huawei launched VR Glass in 2019. Apple confirmed its acquisition of virtual reality company NextVR in May 2020.

Facebook's entry into virtual reality has recently been expanded to include the Meta-universe. It is a concept that represents the next level of the Internet where our physical world is integrated with the virtual world.

Tik Tok Master enters the world of Metaverse

Mark Zuckerberg, Facebook's founder and CEO, said in June that Facebook was assembling a team for its new vision for the Metaverse.

This is combined with the virtual office space Horizon Workrooms, which is appearing wearing the company's Oculus Quest 2 glasses this month.

Pico Interactive was founded in 2015 by Chu Hongwei and employs 300 people with offices in China, USA, Spain, South Korea and Japan.

The company closed multiple rounds of financing in March and raised $67.23 million.

"The company continues to invest in virtual reality games and other consumer applications," Hongwei said. When exploring institutional products.

The company plans to launch a new VR headset called the Neo 3 later this year.

Bytedance's acquisition of Pico Interactive is the driving force behind the business diversification. The move comes on the heels of the $4 billion acquisition of a major game studio called Moonton in March. Want to extend the field.

IDC said in a report in June that Pico Interactive ranked third after Facebook and China's DPVR with 44.7% revenue growth in the first quarter of 2021 in the VR glasses market, while HTC and Sony topped the list.

According to the same report, global sales of virtual reality glasses are expected to grow to $28.6 million by 2025.

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