ByteDance has stated it would “restructure” its video-gaming enterprise, after failing to realize market share towards rivals Tencent and NetEase.
“We’ve made the troublesome determination to restructure our gaming enterprise,” ByteDance stated on Monday.
The social media big pushed into gaming in 2019, hiring builders to construct self-developed video games and later snapping up unbiased studios, together with Moonton and Pico.
However the TikTok proprietor is now considerably scaling again the gaming unit, affecting a whole bunch of jobs, based on an individual acquainted with the matter.
The corporate struggled to realize market share from Tencent and NetEase, which dominate the 710mn-strong Chinese language gaming market.
“Gaming was a spotlight in 2021, but it surely has develop into much less of a precedence,” the individual stated.