ByteDance’s subsidiary, Pico, is facing a round of layoffs that could impact hundreds of employees. According to sources familiar with the situation, some teams could see cuts of up to 30%. High-level positions are also expected to be affected. The layoffs come just months after Pico launched its flagship VR headset, the Pico 4. Despite high hopes for the device, the VR market is facing challenges, with companies like Meta also making cuts.

The VR market is facing challenges, with companies like Meta also making cuts. Pico, which ByteDance acquired in 2021 for an estimated $772 million, is currently selling its VR headset in China, Japan, South Korea, Malaysia, Singapore, and 13 European countries. However, the company has not revealed sales or shipment numbers. Market intelligence firm IDC suggests that Pico is gaining market share at the expense of Meta, whose share fell to 75% in the third quarter of 2022.

Pico’s Global Reach And Pico Layoffs

Pico is currently selling its VR headset in several countries. It has not mentioned any plans for a launch in North America. Eric Abbruzzese, who leads research efforts in VR, AR, and MR at ABI Research, believes that Pico simply does not have the reach and established brand recognition that Meta has, especially globally.

ByteDance Cuts Jobs

ByteDance is just one of many global tech firms that have been cutting costs through layoffs in recent months. The company also cut hundreds of jobs at Douyin, its Chinese version of TikTok, as well as in its video gaming and real estate operations. CEO Liang Rubo told employees in December that ByteDance needs to streamline operations.

The VR market is facing challenges, and companies like Pico and Meta are making cuts. Despite high hopes for the Pico 4 VR headset, the company’s global reach and established brand recognition are not as strong as Meta’s. ByteDance is just one of many global tech firms that have been cutting costs through layoffs in recent months.