According to local outlets, Tencent told more than 300 employees that they should be searching for new work opportunities and that its metaverse division would be disbanded.
it was making staff adjustments as its plans had changed, but dismissed the idea that the aforementioned group would be disbanded.
Tencent had been working on a dedicated metaverse ring controller, but the initiative was abandoned due to the large investment needed for its construction, and the unfavorable forecast for its profitability. The sources stated:Bytedance’s Pico, the metaverse headset hardware division, is also facing similar difficulties, planning to cut hundreds of jobs.
The company released its latest Pico series recently, hoping to develop a foothold in Asian markets. The launch had been successful, with reports claiming that the company held 15% of the VR headset market, compared to the almost 85% controlled by Meta’s offerings. Henry Zhou, founder and CEO of Pico, stated they expected to sell more than 1 million headset units.
These reports come during a worldwide push for big companies to cut their efforts in making metaverse-based hardware and software, reducing expenses in the field. Microsoft and Meta, two western tech behemoths, have also executed similar actions.
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