TECH - Mark Zuckerberg Seals Deal With Tencent As Meta Gears Up For Chinese Market Return After 14 Years With Affordable VR Headset: Report | Benzinga
To re-establish its presence in the Chinese market after 14 years, Meta Platforms Inc. (NASDAQ:META) has reportedly signed an initial agreement with Tencent Holdings Ltd. (OTC:TCEHY), a renowned Chinese videogame company.
The collaboration aims to launch a cost-effective model of Meta’s virtual reality headset by the end of 2024.
What Happened: The new VR headset from Meta will be exclusively sold by Tencent in China, reported the Wall Street Journal, citing people familiar with the matter.
This tentative agreement marks Meta’s comeback to the Chinese market after an absence of over a decade. The budget-friendly headset will incorporate less expensive lenses than those used in the Quest 3, Meta’s latest model. However, it will feature a superior graphic processing unit.