The Business Times
business-time-50

Tencent, ByteDance gut metaverse units in virtual reality check

google-preferred-sourceAdd BT as a preferred source
    • ByteDance is sharpening its focus on its main businesses of e-commerce and platforms such as TikTok and its Chinese sibling Douyin – implying a de-emphasis on VR, gaming, and education.
    • ByteDance is sharpening its focus on its main businesses of e-commerce and platforms such as TikTok and its Chinese sibling Douyin – implying a de-emphasis on VR, gaming, and education. PHOTO: REUTERS

    Ding Yi &

    Guan Cong

    Published Tue, May 2, 2023 · 05:50 AM

    THEY said it was the future of the Internet. Just months ago, China’s big tech firms were talking up the potential of their shiny new “metaverse” units, which were set to cash in on an online revolution.

    This latest attempt to wed virtual reality (VR) with things like shopping and social media was going to make holograms ubiquitous, spell the end of the office and reshape whole industries.

    So why have ByteDance and Tencent Holdings both turned around and gutted their metaverse units in recent months?

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    metaverseTencentByteDanceCaixinChina

    Share with us your feedback on BT's products and services

    Feedback

    TRENDING NOW

    Buntono is accused of possessing properties that, in part, represent his benefits from income tax evasion, including a Lamborghini Aventador similar to the one pictured.

    Lamborghini-driving boss of Eminent Frog Porridge charged with S$3.8 million tax evasion, money laundering

    Hong Kong youth no longer see a stable job and a lifetime of work as the only life goal – instead, they place greater emphasis on freedom and quality of life.

    Not in education, employment or training: Why more Hong Kong youths are opting out of work

    Koh Boon Hwee says humans have accepted that robots can take over the most repetitive, manual tasks, but are nervous about AI, which can also think.

    With AI, it’s not about coding better; workers need to think better: Koh Boon Hwee

    Vincent Tan, founder of Berjaya Group, has reduced his holdings in multiple companies within the group.

    Malaysian tycoon Vincent Tan’s sell-downs point to pruning rather than an exit plan

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More