The parent company of TikTok, ByteDance, has announced that it is massively scaling back its gaming ventures, with mass lay-offs coming as a surprise to the company's employees.
ByteDance's gaming wing, Nuverse, was created in 2019 and showed a serious intent to tap into the hugely profitable global gaming industry.
In 2021 they continued to push their gaming agenda when they made it one of their 'six core business units', but since then they have not seen sufficient success in the gaming sector, despite the popularity of games such as popular 'Marvel Snap'.
"We regularly review our businesses and make adjustments to centre on long-term strategic growth areas. Following a recent review, we've made the difficult decision to restructure our gaming business," said a statement given to Reuters.
In a report from RTE, they have stated that employees will stop working on games unreleased by December, but that regular TikTok games will not be affected.
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Loki ALWAYS wins. Even if he's not in my deck...#MarvelSnap pic.twitter.com/cwLdh8njCC
— Alex Graves 🌍💥 (@alexgravesold) November 19, 2023
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