TikTok owner ByteDance axes hundreds of jobs in gaming unit as it scales back ambition
Publishing timestamp: 2023-11-27 09:56:10
Summary
ByteDance, the parent company of TikTok, is cutting hundreds of jobs in its gaming division. This marks a significant retreat from the gaming segment that ByteDance has invested billions of dollars in to challenge market leader Tencent. The company's main gaming division, Nuverse, will be scaled back but not shut down completely. ByteDance has also instructed employees to stop working on unreleased games. This retreat comes after a tough period in China's gaming market, which has faced regulatory challenges and struggled to reach the heights of the peak of the Covid pandemic. ByteDance has had some popular releases but has struggled to turn them into commercial success.
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Keywords: bytedance, technology, mobile gaming, china, gaming software, tencent holdings ltd, internet, business news, netease inc,
Source: https://www.cnbc.com/2023/11/27/tiktok-owner-bytedance-axes-hundreds-of-jobs-in-gaming-unit.html