ByteDance Axes Next VR Headset, in Pullback From Meta Battle

Chinese tech giant ByteDance might have set Facebook owner Meta Platforms on its heels with its hugely popular TikTok app. But ByteDance is now retreating from its effort to compete with Meta in the virtual reality headset market.

ByteDance is canceling the next version of the virtual reality headset from its Pico subsidiary, the Pico 5, according to people familiar with the situation, after sales of its last headset, the Pico 4, fell far short of ByteDance’s expectations. The pullback comes as the VR market generally struggles with weak demand.