Tencent is apparently planning on abandoning one of its more recent projects. The company is rumored to be ending its VR (Virtual Reality) hardware project. So here are all the details.
With the unveiling of the Metaverse, brands rushed to launch their own products that would enable users to tap into the new sphere of social networking. However, it seems that it wasn’t quite an easy market to capture. The Chinese tech giant was originally planning on building VR based products through its XR unit last year. But now it has seemingly asking its staff to “seek other opportunities” after the hype behind Metaverse died down.
As per a new report, the company faced “Difficulties in achieving quick profitability”. In simpler terms, the amount of money it would have to spend to compete with other rival brands in the same category wouldn’t have brought in any profit. Furthermore, this decision was also made following a lack of compelling games and non gaming apps, which were the original reason that saw the company focus in virtual reality.
Previously, Tencent had also made a “ring like handheld game controller” concept, but this unit wouldn’t have been profitable until 2027. Thus, the company decided to pull the plug on this project. The brand has worked in VR for sometime now, but it appears that it no longer sees a point in entering the market with its own hardware for the time being. So stick around for more updates regarding this matter.
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