Tencent forms 'extended reality' unit to Tackle the Metaverse Market

Tencent, China's technology and entertainment giant, has announced the formation of its own metaverse-focused branch. The extended reality section will be in charge of all metaverse-related efforts, including hardware and software development.

Jul 1, 2022
by Anvi Saini
Tencent forms 'extended reality' unit to Tackle the Metaverse Market
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According to reports, the corporation intends to employ over 300 people in this unit, with Tencent prioritizing it even among cost-cutting initiatives.

Tencent Announces Metaverse Division

The Tencent metaverse division will incorporate all of the company's projects aimed at joining the metaverse-driven industry.

Li Shen, the current Global Chief Technology Officer, will run the metaverse division. Sources claim that the company will produce software and hardware products for the metaverse. With the potential production of AR and XI hardware, Tencent may be well-positioned to compete with firms like Meta and Microsoft in the east.

The extended reality unit appears to be more than just another segment under Tencent's corporate structure. The unit is said to have been kept under wraps since early this year. The organization intends to employ more than 300 employees to work on various metaverse-related initiatives.

This demonstrates the importance Tencent places on the metaverse and extended reality projects, despite the fact that the company has been implementing cost-cutting measures and slowing hiring efforts due to market and macroeconomic conditions.

The new unit is also considered a passion project of Tencent's founder. Moreover, Tencent owns a 40% stake in Epic Games and has a joint venture with Roblox Corp, both of which are working on their own metaverses.

Other businesses, such as Meta, have been investing in metaverse devices and platforms in order to gain a competitive advantage in metaverse hardware and software, with the goal of being the first to deliver a coherent virtual reality platform.

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