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Tencent Holdings has created a business structure for the development of “augmented reality” and the development of the concept of the metaverse

According to Reuters, the Chinese company Tencent Holdings has created an "augmented reality" division. This unit will develop the concept of the metaverse. The creation of such a unit has been considered by Tencent since the end of 2020, the agency said, citing unnamed knowledgeable sources.

The tasks of the newly created division will include the development of the company in the direction of "augmented reality", that is, the development of hardware and software to create a metaverse. The unit itself will be part of the interactive entertainment business unit. The unit will be led by Tencent Games Global CTO Li Shen.

According to Reuters, the new division will have about 300 employees. However, adjustments to the number of employees are possible depending on the results of work and the market situation. The new division was formed back in early 2022, but the company kept information about it secret. Official representatives of Tencent refrain from commenting on this issue.

The creation of a new business unit and the expansion of the state came against the backdrop of job cuts in other Tencent business units. Perhaps the company is taking measures to control costs and reduce non-core areas.

As for the company's plans to create a metaverse, little is known about them. In November 2021, a company spokesperson said that Tencent has many technological and functional building blocks to implement the concept of the metaverse, but no details were given.

Michael Zippo
2022/06/21

https://linkedin.com/in/michael-zippo-9136441b1
[email protected]

Sources: Python.Engineering, Reuters

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