Bytedance is now reported to be restructuring their virtual reality focused business, namely PICO. Under this restructuring, hundreds of employees are expected to be shed, and PICO will focus on the hardware and devices business only.
On the other hand, employees involved with the software side are expected to be integrated on other products under Bytedance.
This step is said to be taken due to the declining demand for VR globally. Despite the restructuring, PICO said through a statement that it will focus more on hardware and core technology.
Previously, there were rumors that Bytedance would close Pico's business, but at the time, Bytedance said it was still committed to the VR industry.
Tags
BUSINESS & MONEY