The owner of Tik Tok enters the competition with Apple and Facebook through a bold acquisition

ByteDance, the owner of the TikTok app, has made its first virtual reality acquisition of a startup called Pico.

ByteDance did not disclose the size of the deal, but said in a statement that “Beko’s comprehensive suite of software and hardware technologies, combined with the team’s deep talent and experience, will support our entry into the realm of virtual reality with a long-term investment in this emerging field.”

Beko was the third largest VR headset maker globally in the first quarter of 2021, with sales growing 44.7% year-over-year, according to IDC.

ByteDance has also had success with short video app Tik Tok and Chinese version Douyin, as well as news aggregation app Toutiao. Its acquisition of Pico is an impetus to diversify its business.

In March, ByteDance acquired a mobile game studio called Moonton for $4 billion, as it looks to expand into games.

ByteDance’s acquisition of Pico could intensify competition with Facebook’s Oculus VR and NextVR, which was bought by Apple.

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