This deal marks Meta’s return to the Chinese consumer market, 14 years after it was barred from operating in the country. Under the agreement, Tencent will exclusively distribute and sell Meta’s VR headsets in China. Meta hopes that this move will regain its foothold in the Chinese market and help it establish a strong presence in the growing VR industry. Meta Platforms, formerly Facebook, is a technology company specializing in social networking services, augmented reality, virtual reality, and artificial intelligence. For Meta, the collaboration with Tencent provides a vital entry point into the Chinese market, giving the company access to millions of potential consumers.

Source: Wall Street Journal November 10, 2023 11:08 UTC