“Meta” is set to make a comeback in the Chinese market with its “Quest” eyewear, marking the end of a 14-year hiatus for Facebook in the region, as reported by “The Wall Street Journal.”
According to the newspaper, the company behind the social media giant, “Facebook,” has inked a preliminary deal with the Chinese company “Tencent” to introduce a cost-effective version of the American eyewear in China under the moniker “Quest 3 Lite.”
As per the agreement, “Meta” will reap the benefits from eyewear sales, while the Chinese company will take the lead in marketing content and applications for the eyewear through its online platform.
The American publication highlighted that “Quest 3 Lite” will offer the same potent processor as “Quest 3,” delivering an exceptional graphic and real-time data processing experience, albeit with a reduced cost through the use of a lower-capacity version of display lenses.
This strategic move positions “Meta” to replace “Quest 2” with “Quest 3 Lite,” with the upcoming version being competitively priced compared to the $500 tag of “Quest 3.”
The report coincides with the restructuring announcement of “Pico,” a smart glasses specialist owned by the Chinese company “ByteDance,” the parent company of “TikTok.” “Pico” has laid off numerous employees, with its team integrating into the parent company to focus on software and operating system development while maintaining its autonomy.
“Pico” abandoned its plans to launch low-cost smart glasses in the U.S. market after the U.S. government restricted “TikTok” on devices used by certain officials in multiple states.
“Pico” holds a significant share of the smart glasses market in China at 50%, with “Sony” trailing at 19%, primarily through PlayStation PSVR glasses.
The report suggests that the partnership with “Meta” serves as a strategic move for “Tencent” to capitalize on the present moment. It notes that the Chinese giant previously attempted to enter the smart glasses market with its own product but retreated following reports that downplayed the performance of “Pico” glasses introduced in 2021.
With “Quest 2” sales hitting 20 million units and the positive reception of “Quest 3,” “Meta” emerges as the ideal choice for the Chinese company “Tencent” to enter the smart glasses market, according to observations by “The Wall Street Journal.”
These developments align with Apple’s foray into the glasses market in June of the previous year with its “Verge Pro” glasses, slated to hit the markets at a record price of $3,499 by March, marking a significant stride for the smart glasses market after a downturn since 2014 attributed to the unsuccessful launch of Google Glass.
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