TikTok operator ByteDance takes over VR company Pico

Not only Facebook boss Mark Zuckerberg sees VR and AR as a successor to the current mobile Internet. ByteDance, operator of the short video portal TikTok, also seems to take virtual reality as a medium seriously. As reported by CNBC, the group has confirmed the purchase of the Chinese VR glasses manufacturer Pico Interactive.

A takeover amount was not officially disclosed. Rumors put the amount according to Mixed.de at 650 million euros. “We are optimistic about the future of VR and its alignment with our mission,” said a ByteDance spokesman. The great expertise of the talented Pico team as well as its extensive portfolio of software and hardware technologies will support entry into the VR area. You see the move as a long-term investment in the emerging industry.

Mixed adds that the total for Facebook’s Oculus takeover was a whole lot higher – at around three billion US dollars. At the time of the takeover (2014), however, Oculus was just a start-up with prototypes. Pico, on the other hand, is the world’s fourth largest VR glasses manufacturer and already has numerous customers, according to the magazine:

“The VR start-up Pico Interactive, founded in China in 2015, is one of the leading brands for B2B VR. Pico Interactive sells its own hardware worldwide and is a good Facebook alternative, especially in the corporate environment and for VR arcades.”