27th November 2023 – (Hong Kong) ByteDance, the parent company of TikTok, is set to wind down its main gaming brand, Nuverse, according to sources familiar with the matter. The move signifies ByteDance’s complete retreat from the video game industry, with no intention of reentering the $185 billion global gaming market.
The sources, who requested anonymity as the information is not yet public, revealed that ByteDance will unveil a plan on Monday outlining the winding down of Nuverse, the company’s primary gaming brand.
Internally, ByteDance is expected to announce that employees should cease working on games that are yet to be released by December. Simultaneously, the company will explore options for divesting from titles that have already been launched. This strategic shift is anticipated to impact hundreds of employees associated with Nuverse.
ByteDance’s decision to exit the gaming industry reflects a significant change in focus as the company looks to realign its resources and priorities. With no plans for future gaming endeavours, ByteDance is effectively bowing out of a highly lucrative market.
Nuverse, ByteDance’s gaming brand, has been responsible for developing and publishing various mobile games. However, the company has now determined that gaming is not a core area of interest or expertise, leading to the decision to wind down this venture.
ByteDance’s foray into gaming has been a relatively short-lived one. The company’s primary strength and success lie in its social media and content platforms, particularly TikTok, which has garnered immense popularity worldwide. ByteDance’s decision to refocus on its core strengths is a strategic move aimed at maximising its potential in its primary domain.