Chinese Tech Giants Tencent and Bytedance Plan Cuts in Their Metaverse Divisions – Metaverse Bitcoin News

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    Two Chinese tech giants, Tencent and Bytedance, are reportedly planning to cut a significant number of jobs in the metaverse sector. Tencent is aware it is making some staffing adjustments amid rumors of hundreds of job cuts in its augmented reality division, and Bytedance is also cutting jobs at Pico, a subsidiary of Metaverse Headsets. I am planning.

    Tencent and Bytedance are reportedly cutting staff dedicated to Metaverse.

    According to various reports, China’s biggest tech companies Tencent and Bytedance are planning to cut hundreds of jobs in their Metaverse development groups. Tencent, the most famous software business, has now abandoned plans to enter the Metaverse hardware market, affecting hundreds of employees.

    According to local reports, the company Said More than 300 employees have expressed the need to look for new job opportunities and that the augmented reality division dedicated to developing Metaverse products will be Confirmed We were making staff adjustments as plans changed, but we dismissed the idea of ​​the aforementioned group disbanding.

    Tencent had been working on developing a dedicated metaverse ring controller, but the high investment required to build it and the poor prospects for profitability led to the abandonment of the initiative. A source said:

    It no longer fits perfectly under the new strategy of the company as a whole.

    ByteDance in trouble

    Bytedance’s Pico, the metaverse headset hardware division, faces similar problems and plans to cut hundreds of jobs. According to the South China Morning Post, some of the company’s groups Be expected These layoffs could result in the loss of 30% of the workforce to higher-level positions.

    The company recently released its latest Pico series, hoping to gain a foothold in the Asian market. The launch was a success, with the company reportedly holding his 15% of the VR headset market, while Meta’s products control about 85%. Pico founder and CEO Henry Zhou says he expects to sell more than 1 million headsets.

    These reports come at a time of global push for large companies to reduce the effort and cost of creating metaverse-based hardware and software in the field. His two Western tech giants, Microsoft and Meta, have also taken similar actions.

    Microsoft is shutting down several metaverse-focused groups as part of a 10,000-employee layoff round. Meanwhile, Meta, which expected to continue to lose money in the Metaverse in 2023, is reportedly planning fresh job cuts after cutting his 13% of headcount last year.

    What are your thoughts on Tencent and Bytedance’s new metaverse-related layoffs? Let us know in the comments section below.

    Sergio Goshenko

    Sergio is a cryptocurrency journalist based in Venezuela. He explains that he entered the cryptosphere in December 2017 when the price hike happened and fell behind the game. Computers He comes from an engineering background, lives in Venezuela, and has been affected by the cryptocurrency boom on a societal level, he offers a different perspective. About the success of crypto and how it can help the unbanked and underserved people.

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