- Tencent Holding Ltd (OTC:TCEHY) acknowledged setting up a unit focused on exploring the space to tap multiple opportunities in extended reality (XR) technologies in the next 4-5 years, Reuters reports.
- Gaming chief Steven Ma disclosed that Tencent had set up an XR business line to combine hardware and software, betting on most manufacturers exploring the space and taking Apple Inc's approach (NASDAQ:AAPL).
- "We hope to seize the opportunity in the next 4-5 years to actively experiment in software, content, systems, SDK tools, hardware, and other links to create virtual reality experiences which can be industry benchmarks," he said.
- The gaming giant missed its Q1 revenue consensus due to China's domestic regulatory crackdown.
- Multiple technological breakthroughs with VR devices, including better display resolution and lighter headsets, piqued Tencent's interest in the metaverse.
- Tencent explored international opportunities like Alibaba Group Holding Limited (NYSE:BABA) to beat the domestic slowdown and regulatory heat.
- Tencent also collaborated with Bayerische Motoren Werke AG (OTC:BMWYY), SAIC, and NIO Inc (NYSE:NIO) To tap China's burgeoning EV market.
- Due to regulatory uncertainties, investors have started paring stakes in Chinese tech companies like Alibaba and Tencent.
- Meta Platforms Inc (NASDAQ:META), Microsoft Corp (NASDAQ:MSFT), Alibaba, and other metaverse aspirers formed a group to foster the development of industry standards.
- Apple recently confirmed the iPhone maker's foray into the domain.
