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ByteDance says committed to VR business Pico after report of it shutting brand

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HONG KONG : TikTok owner ByteDance said on Tuesday it is not shutting its virtual reality (VR) business Pico and remains committed to the industry for the long term, after reports that the Chinese company plans to gradually wind down the brand.

The statement came after Chinese research firm EqualOcean published a report saying that ByteDance founder Zhang Yiming told Pico's management team ByteDance would gradually give up on the Pico business.

On Tuesday, a separate story published by Chinese online news outlet The Paper said that ByteDance was in the process of rethinking Pico's strategy and that nearly half of the unit's employees had left. It also said multiple senior executives have effectively been shifted out of the Pico business line.

ByteDance has been promoting Pico across international markets. The Wall Street Journal reported earlier this year that Pico has increased its headset shipments last year while Meta's headset shipments declined. Bytedance also started paying software developers to bring more apps to its ecosystem.

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