ByteDance raised the sales target of its subsidiary Pico, a VR equipment manufacturer. Pico is still improving its sales with free games, and consumers can get cash rewards by signing in after purchases.
ByteDance raised the annual shipment of its virtual reality (VR) equipment maker Pico from 1 million to 1.8 million, which is 3.6 times more than its 2021 sales, financial news portal sina.com reported.
"VR Industry Communication Minutes 2204" showed that Pico's shipments in the first quarter of this year reached 160,000 to 170,000 units, and the main product Pico Neo 3 shipped about 150,000 units in the first quarter.
In addition, Pico will promote the offline layout this year. It is expected to open more than 2,000 offline experience stores for the expansion of sales channels. Pico also set an assessment target of selling 20 units per month for offline experience stores.
Qualcomm and Byte announced, in March, that they would cooperate in the development of extended reality (XR) equipment and software to jointly promote the development of the global XR ecosystem. Pico's future XR products will be equipped with the Qualcomm Snapdragon Spaces XR developer platform.
Cristiano Amon, the CEO of Qualcomm, described the corporation with ByteDance as an opportunity that could be as huge as the mobile phone market. This is not the first that Pico cooperated with Qualcomm, Pico Neo 3 is equipped with Qualcomm chips.
According to IDC data, Pico's global industry market share in 2021 was 4.5%, and Oculus is the top VR maker that had a global market share of 78% in 2021. Based on the global annual shipment of 10.95 million VR headsets, Pico's shipments were only 493,000 units in the previous year.
Pico’s sales volume is already No. 1 in China and No. 3 in the world. It can improve its bargaining power with upstream companies by its scale of shipments, thereby reducing costs. At the same time, the increasingly mature supply chain of the industry also provides hardware guarantees for Pico’s products, tech news portal LieYunWang.com showed.