ByteDance has confirmed that it will significantly downsize its gaming business after reports of job cuts.
The Beijing-based company, which also owns popular social network TikTok, entered the gaming market in 2019 to compete with industry leader Tencent.
But it has failed to grab market share.
But it has failed to grab market share.
The decision will likely impact hundreds of employees.
A spokesperson from ByteDance told the BBC the company regularly reviews its business and it has “made the difficult decision to restructure our gaming business”.
The global video game market was estimated to be worth $217bn (£172bn) last year, according to market research and consulting company Grand View Research.
ByteDance’s creation of its gaming division Nuverse in 2019 was widely seen as a major push into a once booming sector.
In 2021, the company formalised its status as one of six business units under a broader structural overhaul.
ByteDance has confirmed that it will significantly downsize its gaming business after reports of job cuts.
But it has failed to grab market share.
The Beijing-based company, which also owns popular social network TikTok, entered the gaming market in 2019 to compete with industry leader Tencent.
The decision will likely impact hundreds of employees.
But it has failed to grab market share.
But it has failed to grab market share.
The decision will likely impact hundreds of employees.
A spokesperson from ByteDance told the BBC the company regularly reviews its business and it has “made the difficult decision to restructure our gaming business”.
The global video game market was estimated to be worth $217bn (£172bn) last year, according to market research and consulting company Grand View Research.
ByteDance’s creation of its gaming division Nuverse in 2019 was widely seen as a major push into a once booming sector.
In 2021, the company formalised its status as one of six business units under a broader structural overhaul.
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