Bloomberg reports that ByteDance, the parent company of TikTok, has closed a deal to acquire Oladance, a Chinese headphone manufacturer, for approximately $50 million. This acquisition expands ByteDance’s portfolio of technology companies.
Founded five years ago, Oladance was established by a team of engineers who previously worked with Bose, offering a range of headphones designed to fit the ear canal.
While ByteDance and Oladance have not officially confirmed this business deal, it signifies ByteDance’s strategic direction. With TikTok and AI as key tools, acquiring a headphone manufacturer can enhance their AI device development, similar to Snap or Meta with smart glasses.
Prior to this, ByteDance ventured into hardware business by acquiring Pico, a VR headset manufacturer.
TLDR: ByteDance acquires Oladance, a headphone manufacturer, reinforcing its presence in the technology industry and expanding its hardware business.
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