Search
Close this search box.

ByteDance to Restructure Pico Brand in Response to Market Challenges

ByteDance, the Chinese multinational technology company renowned for its social media platform TikTok, has announced plans to restructure its Pico brand amid challenging market conditions. Rumors have surfaced that Pico, known for its virtual reality (VR) headsets, is poised to reduce its workforce within the software division, signaling a strategic shift in response to intensifying competition and declining demand for VR headsets globally.

The decision to revamp the Pico brand comes as the headset manufacturer faces formidable competition, primarily from Meta (formerly Facebook), a dominant force in the virtual reality and augmented reality space. Meta’s Oculus line of VR headsets has established a significant market presence, posing a considerable challenge to Pico’s market share.

Additionally, the VR market has experienced a downturn in recent times, with a noticeable decrease in the number of headsets being purchased by consumers globally. Factors contributing to this trend include market saturation, pricing challenges, and the slow adoption of VR technology among the general populace.

Responsive Image

As part of its restructuring efforts, ByteDance is reportedly contemplating a reduction in staff within Pico’s software division. While the specific number of job cuts remains undisclosed, this move reflects the company’s strategic response to streamline operations and refocus its efforts to navigate the evolving market landscape effectively.

ByteDance’s decision to realign the Pico brand and trim the software team is indicative of the company’s commitment to adaptability and agility in a fiercely competitive market. The restructuring aims to position Pico for sustained growth by reevaluating its product strategies, refining operational efficiency, and optimizing resources amidst changing consumer preferences.

If you found this article to be informative, you can explore more current Digital Twin news here exclusives, interviews, and podcasts.

The Future of Materials Discovery: Reducing R&D Costs significantly with GenMat’s AI and Machine Learning Tools

When: July 13, 2023 at 11:30am

What: GenMat Webinar

Picture of Jake Vikoren

Jake Vikoren

Company Speaker

Picture of Deep Prasad

Deep Prasad

Company Speaker

Picture of Araceli Venegas

Araceli Venegas

Company Speaker

Jack Boreham

Jack Boreham is the editorial director and account executive at the Digital Twin Insider: the leading digital twin publication globally. Jack has been at the forefront of the platform's growth as a digital twin specialist - writing and advising projects in the Digital Twin space for over two years. [email protected]

Keep track of everything going on in the Digital Twin Market.

In one place.

Related Articles

Join Our Newsletter