China’s ByteDance to overhaul VR arm Pico as global demand declines

ByteDance’s virtual reality (VR) arm Pico will cut jobs and undertake the biggest overhaul since it was acquired by the TikTok maker two years ago as global demand for VR headsets hits a trough, three people with direct knowledge of the matter said.

China-based Pico held an internal meeting on Tuesday announcing the unit would keep its hardware team, but much of its software team would be folded back into ByteDance’s own product development team, the people told Reuters on condition of anonymity because they were not authorised to speak publicly.