PEOPLE VISIT A TENCENT BOOTH AT THE 2021 CHINA INTERNATIONAL FAIR FOR TRADE IN SERVICES (CIFTIS) IN BEIJING, CHINA SEPTEMBER 3, 2021. REUTERS/FLORENCE LO/FILES
Tencent Holdings, Asia's biggest internet company, is not venturing into VR hardware making and has to cut costs and workforce at its metaverse unit. Founded in 1998, Tencent was planning to build VR software and hardware at an "extended reality" XR unit with a crew of 300 people.
- The Chinese tech giant reportedly had advised most of the unit's team to pursue other options, as a Chinese tech news portal report proved.
- In a statement to Reuters on Thursday, Tencent said the company was adjusting business teams as development plans for hardware had changed.
- Tencent, which is mostly known for software, including games and social media applications, had reportedly briefly played with VR about seven years ago and rekindled its interest again in 2021.
- In December 2022, at a year-end meeting, CEO Pony Ma showed frustration, criticizing senior managers for not working hard enough.
