Parent company TikTok buys VR headset maker Pico

ByteDance, the parent company of video platform TikTok, has bought Pico. Both companies have announced this. With the acquisition, ByteDance aims to generate revenue from more markets. Pico is one of the larger makers of VR headsets.

ByteDance enters the market of VR products for the first time with the step. The companies have confirmed the acquisition, but have not disclosed an amount. According to the South China Morning Post, this is an acquisition worth about 5 billion yuan, currently about 650 million euros.

Pico will continue to focus on the consumer VR market in China after the acquisition, the sources say. The manufacturer already did that and with success. Pico surpassed Sony this spring, according to analyst firm IDC, and HTC is now the world’s number three in the field of VR headsets, behind the also Chinese DPVR and market leader Facebook.

ByteDance is best known in the West for its video platform TikTok, but has more services for the Chinese market, such as Toutiao for news and Lark as a chat platform for companies. The company had a turnover of more than thirty billion euros last year.

Pico Neo 2