Meta in Talks With Tencent to Target Chinese Metaverse Market

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    Facebook’s parent company Meta is reportedly in talks with social media giant Tencent to distribute Meta Quest VR headsets in China after Tencent scrapped its Metaverse plans.

    Meta has resumed talks with Tencent over a distribution deal in recent months, following initial talks in 2022, according to a Reuters report.

    Tencent should Partner Using Meta puts the Quest VR headset in direct competition with Pico, a headset made by Tencent competitor ByteDance. ByteDance is the company behind TikTok, a popular short-form video-sharing social media app that competes directly with Meta’s Instagram and Facebook.

    In Q3 2022, Meta transferred 15% of its VR headset market share to Pico as Meta Quest headset sales declined 48% year-over-year. Facebook’s parent company has made over $1 million from its burgeoning app store and now has at least 400 apps, and Pico is still on its feet with around 200. After being acquired by ByteDance, Pico shifted its focus from business applications similar to Microsoft HoloLens to consumer headsets that have proven popular in Europe.

    Renowned for its gaming prowess, Tencent itself recently abandoned plans to develop its own metaverse-related augmented reality technology. His team of 300 was reportedly advised to find other work because the Metaverse plans no longer fit the company’s long-term vision.

    Meta’s flagship metaverse app, Horizon Worlds, targets users ages 13 to 17 after its January engagement numbers revealed a week-long user retention rate of just 11%. We are doing a major overhaul to keep it up and running.

    The social media giant has now commissioned about 20 other studios to create unique Horizon Worlds metaverse experiences, and hopes one of them will be hugely popular. He also wants to bring the 2-D metaverse experience to mobile and increase monthly metaverse users to his 150,000 by mid-2023. We are looking into integrating Horizon Worlds with WhatsApp as part of the Metaverse expansion. I made an avatar for the metaverse.

    Despite a 17% drop in revenue in Q4 2022 for its Metaverse-focused Reality Labs division and a user exodus from Instagram and Facebook to TokTok, Meta is launching its new Meta Verified subscription service. Deployed to validate user accounts against national registries.

    The new product came after users complained about fake accounts. You can get it for $11.99 if you sign up using your web browser, but you pay $14.99 if you sign up through the Android and Apple app stores. Subscribers also have access to convenient customer service.

    Meta faced scrutiny over a product targeting teens after a study slammed Instagram for contributing to teenage girl suicide rates.

    U.S. regulators have largely remained silent on the issue of Metaverse regulation, but European lawmakers indicated their intention to do so in a prospectus published in September 2022.

    Last year, EU Commission President Ursula von der Leyen Said The block plans to present a “virtual world initiative” in 2023.

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    BeInCrypto has reached out to the companies or individuals involved in the story to obtain an official statement regarding the recent developments, but has yet to hear back.


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