Ateone Signs Memorandum of Understanding with China’s No.1 VR Device Company, Pico Interactive

[Asia Economy Reporter Hyunseok Yoo] EightOne announced on the 21st that it has signed a joint marketing memorandum of understanding (MOU) with PICO Interactive Inc (hereinafter PICO), the number one company in the Chinese VR device market share, for the distribution and supply of VR and AR (augmented reality) content in the Asia-Pacific region, including China.

Through the MOU, EightOne will load the abundant VR and AR content secured in Korea, China, Indonesia, Thailand, Vietnam, and other countries onto PICO's HMD (Head Mounted Display) and jointly carry out marketing activities to continuously distribute this content in the future. PICO plans to actively pursue global market entry with EightOne by utilizing its global distribution network, including the Chinese market.

Founded in 2015, PICO is an independent VR headset manufacturer that recorded the number one market share in the entire Chinese VR market last year. Recently, it has expanded beyond VR HMD device business to operate 'PICO Store,' a platform for distributing various VR content in healthcare, entertainment, education, and more.

According to China's IDC (Internet Data Center), PICO's VR market share in the fourth quarter of last year was 37.8%, with a VR headset market share reaching 57.8%. Additionally, as of the first quarter, PICO ranked third globally in VR device market share at 9.8%, following Oculus and others.

Choi Cheolsun, CEO of EightOne, stated, “Even in China, known as the world's largest VR market, the monthly active membership rate of 'PICO Store' reaches 55%, reflecting high market demand. Against the backdrop of the Korean Wave and the activation of non-face-to-face content due to the pandemic, the demand for diverse K-content is rapidly increasing in Southeast Asia, including China. We will actively utilize EightOne's infrastructure to ensure that high-quality VR/AR content is distributed to overseas markets.”

Suker Hu, Director of Asia-Pacific at PICO Interactive, said, “If EightOne's diverse VR content is supplied through PICO's global distribution network, including China, I am confident that a business enabling mutual growth for both companies can be established.”