Tencent Ready to Capture the Metaverse Market

Tencent is creating its own metaverse-driven division called the extended reality unit. The term ‘extended reality’ refers to a variety of immersive technologies including augmented reality and virtual reality. The unit will look after all metaverse-related tasks including software and hardware developments.

The company has plans to hire more than 300 individuals to fill the unit. The announcement comes as a surprise to some since Tencent was recently in the news for taking major cost-cutting measures. However, according to the company, the hiring plans for the unit remain flexible as the business is still in the initial stage of execution and the headcount may increase or decrease based on performance.

The unit was originally formed earlier this year but the company kept it a secret, according to many sources. The division is expected to be led by Li Shen, the current Global’s Chief Technology Officer. It will be a part of Tencent’s entertainment division.
Tencent is a Chinese entertainment and technology giant with a strong global presence. With the launch of this new unit, it is ready to go even bigger and compete against other players including Microsoft and Meta who are already in the production of XI and AR hardware.

Known best for producing video games, Tencent is the largest company in the gaming industry. Its services include smartphones, social networks, e-commerce, music, mobile games, web portals, internet services, payment systems, and online games.

The company is financially very strong and has been in business for more than two decades.

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