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ByteDance says committed to VR business Pico after report of it shutting brand
Economic Times
·
1y ago
Medial
ByteDance, the owner of TikTok, clarified that it is not shutting down its virtual reality (VR) business Pico and remains committed to the industry. This comes after reports emerged that ByteDance planned to gradually wind down the Pico brand. ByteDance stated that Pico is operating normally and the company will continue to invest in extended reality (XR) business in the long term. Pico, which holds the largest market share for VR headsets in China, is considered ByteDance's response to Meta's popular Quest headsets. However, Pico has been facing challenges, including employee departures and rethinking its strategy.
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Related News
China's ByteDance to overhaul VR arm Pico as global demand declines
Economic Times
·
1y ago
Medial
ByteDance's VR arm, Pico, is set to cut jobs and undergo a major overhaul due to decreased global demand for VR headsets. Much of Pico's software team will be integrated into ByteDance's product development team, while the hardware team will remain intact. Although the number of job cuts hasn't been specified, it is expected to impact "hundreds" of Pico staff worldwide. The restructuring is a setback for ByteDance, which acquired Pico in 2021 to compete with Meta's Quest VR headsets.
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Man shuts startup he quit his ₹50 LPA job for, says 'Success didn't make me happy'
Inshorts
·
8m ago
Medial
A Founder's Grapevine post about shutting a startup he built after leaving ₹50+ LPA job has gone viral. "Raised $2 million...Built something profitable...Shutting it down now," he wrote. "The constant weight of making decisions...Never-ending uncertainty...I wasn't built for this," he said. "Success is not equal to happiness...I built something profitable, but it didn't make me happy," he added.
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BYJU'S says 262 tuition centres continue to operate
YourStory
·
1y ago
Medial
Amid reports of BYJU'S shutting down its tuition centres, the edtech company has clarified that 262 of its tuition centres have successfully entered their third year of operations. A report by The Captable said that BYJU's is planning to close 200 offline tuition centres out of its 300 centres nationwide as part of its latest cost-cutting strategy.
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TikTok parent ByteDance is shutting down its short-lived book publisher | TechCrunch
TechCrunch
·
1m ago
Medial
ByteDance's book publisher, 8th Note Press, is shutting down shortly after launching. Despite TikTok's success in boosting book sales through its #BookTok community, ByteDance's attempt to enter the publishing industry didn't last. Authors initially hoped the publisher's TikTok connection would enhance sales, but they'll now regain publication rights. ByteDance hasn't disclosed reasons for this decision and remains unresponsive to media inquiries about the closure, leaving many questions unanswered.
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OpenAI suspends ByteDance’s account over ‘secretly using’ its AI tech
Economic Times
·
1y ago
Medial
OpenAI has suspended ByteDance's account after it was revealed that the Chinese internet giant was using OpenAI's technology to develop its own large language model (LLM). The report suggests that ByteDance had relied on OpenAI's API, codenamed "Project Seed," for training and evaluating the model. OpenAI has stated that all API customers must adhere to usage policies, and if ByteDance's usage is found to be in violation, necessary changes will be asked for, or their account will be terminated. ByteDance has not yet commented on the matter.
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Meta strikes deal with Tencent to sell VR headset in China: WSJ report
Economic Times
·
1y ago
Medial
Meta Platforms has reportedly entered a preliminary deal with Tencent Holdings to sell a low-cost virtual reality (VR) headset in China, aiming to re-enter the market where Facebook and Instagram are blocked. Tencent will be the exclusive seller of Meta's headsets in China, starting late 2024. The deal allows Meta to compete with TikTok-owner Bytedance. Meta's Quest, the bestseller in the VR space, will be adapted for China with cheaper lenses, with Meta taking a larger share of device sales and Tencent focusing on content and service revenue.
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Mojocare board decides to return funds to investors
Economic Times
·
1y ago
Medial
Health and wellness startup Mojocare is shutting down its operations and returning money to investors after it was revealed that the founders had inflated revenue and sales figures. The board has finalized the resolution to return the capital, but pending vendor payments need to be resolved first. A forensic report found Mojocare founders guilty of misleading investors. The company had around $12 million left in the bank as of June. Major shareholders include B Capital, Chiratae Ventures, and Peak XV Partner. Mojocare has raised nearly $24 million since its inception.
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Aman Gupta's boAt withdraws sponsorship from upcoming tour of Canada-based singer Shubh
IndianStartupNews
·
1y ago
Medial
boAt, a consumer electronics brand, has withdrawn its sponsorship from the upcoming tour of Canadian singer Shubneet Singh, also known as Shubh, due to controversy surrounding his support for Khalistan. The singer's shows were scheduled to take place in Mumbai, but boAt decided to withdraw sponsorship after Shubh's controversial remarks earlier this year. boAt stated that it remains committed to fostering a vibrant music culture in India and supporting emerging artists.
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Nissan considers Foxconn EV output to save Oppama from closure, Nikkei says
Economic Times
·
1m ago
Medial
Nissan Motor is discussing a collaboration with Taiwan's Foxconn to produce electric vehicles, potentially saving its Oppama plant in Japan from closure. This move comes amidst Nissan's restructuring plans, which may have targeted the Oppama plant, employing around 3,900 workers, for consolidation. By producing Foxconn-brand EVs, Nissan aims to preserve jobs and supplier networks, according to a report by the Nikkei business daily.
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Bytedance says Zhang Nan resigns as Douyin Group's CEO
Economic Times
·
1y ago
Medial
Zhang Nan has resigned as the CEO of Douyin Group, the sister app of popular short video platform TikTok. Bytedance, the parent company, has confirmed her resignation. Zhang will be joining the team of Jianying, a video editing app owned by ByteDance, but her position at the unit has not been disclosed. Zhang has been with ByteDance for 10 years and played a crucial role in building Douyin into a leading short video platform in China.
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