ByteDance's virtual reality (VR) arm Pico will cut jobs and undertake the biggest overhaul since it was acquired by the TikTok maker two years ago as global ...
HONG KONG - ByteDance's virtual reality arm Pico will cut jobs and undertake the biggest overhaul since it was acquired by the TikTok maker two years ago as global demand for VR headsets hits a trough, three people with direct knowledge of the matter said.
The meeting did not specify how many jobs would be cut as a result, but the three people said "hundreds" of Pico staff were expected to be affected globally. The reorganisation is a setback for ByteDance as its 2021 acquisition of Pico, which valued the VR company at more than $1 billion, was seen as the Chinese group's attempt to take on Meta Platform's Quest line of VR headsets.
Since the acquisition, Pico has been aggressively expanding its presence both inside and outside China. In China, it has become the leading VR producer by total shipments and globally it trails only Meta.