Pico Ramps Up VR Game Library to Rival Meta, Boosts Shipments
Pico, a pioneer in the virtual reality (VR) industry, has been ramping up its game library at a rapid pace, aiming to match the extensive collection of Meta. This move comes amidst industry-wide content struggles and follows Pico's acquisition by ByteDance.
The VR market has long grappled with a dearth of content, leading to stagnant shipments and hesitant user purchases. Pico, however, has taken a leaf from Meta's book, focusing on gaming content and investing heavily in new titles. Meta's successful strategy of acquiring VR gaming content and offering affordable pricing has significantly boosted VR shipments.
Pico, after being acquired by ByteDance, has mirrored Meta's approach. It has invested hundreds of millions of RMB in gaming operations and marketing, including substantial hardware price subsidies. Pico's marketing expenses for its latest device, Pico 4, rivaled those of major mobile manufacturers. The company leveraged ByteDance's entire ecosystem, including Douyin, for Pico advertisements and influencer endorsements. Pico initially launched its devices at a loss in the RMB 2,000 price segment, sparking a price war in the VR market.
Pico's aggressive strategy to scale its VR business, following its acquisition by ByteDance, is evident in its rapid game library expansion and substantial investments in gaming operations and marketing. This approach aims to bridge the content gap in the VR industry and stimulate user demand. This story is the second part of a four-part series exploring ByteDance's decision to scale back Pico's virtual reality business.
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