TikTok Parent ByteDance Slashes Hundreds of Jobs in Gaming Division, Signaling a Major Retreat
3 months ago
TikTok owner ByteDance is cutting hundreds of jobs in its gaming division, marking a significant scaling back of the company's ambitions in the gaming sector. Hundreds of jobs are expected to be cut from its gaming unit, Nuverse, as ByteDance aims to significantly scale back on the division. ByteDance has also told employees to stop working on unreleased games and is looking to sell Moonton, a major mobile gaming studio it acquired for $4 billion in 2021. Despite ByteDance's successful releases, it has found it challenging to convert this into robust commercial performance that rivals industry leaders such as Tencent.
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