Bytedance buys VR company Pico for $1B 🔥

Bytedance buys VR company Pico for $1B 🔥

What’s the move — the owner of TikTok and a bazillion other successful apps acquired Pico, a virtual reality headset maker, to build out its own ecosystem of computing hardware.

To gain control of the technology paradigms shaping up on the horizon, like metaverse for example, Bytedance needs more than just a few apps — like a hardware computing platform, and an ecosystem of services linked to it, on top of which third party developers can build apps.

Google has Pixel + Android and a million devs, Apple has iOS + iPhone, Facebook has Oculus… So Bytedance had to buy itself something.

Pico basically makes VR hardware and headsets (just like Oculus) for a Chinese audience. They’ve been around for a while, and this March became the third-largest VR headset maker globally, after shipments rose 44.7% YoY.

Fingers crossed — With an acquisition from within its borders, Bytedance doesn't have to hopefully explain itself to its regulatory overlords too much.

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