ByteDance to restructure its gaming business, affecting Marvel Snap publisher Nuverse
It has been reported that TikTok creator ByteDance plans to restructure its gaming business as it prepares to step back from the industry, with Marvel Snap publisher Nuverse among those affected.
The details:
As reported by Reuters, ByteDance has confirmed that it will restructure its gaming business following an internal review, with 36Kr claiming that the move will affect 700 employees. "We review our businesses on a regular basis and make adjustments to focus on long-term strategic growth areas," a ByteDance spokesperson said. "We've made the difficult decision to restructure our gaming business following a recent review."
As part of its plan to divest from its existing releases, the company will instruct its employees to stop working on new, unreleased titles by December. The restructuring will have no effect on Ohayoo, the developer behind games for Douyin, the Chinese version of TikTok, and TikTok's casual games will also remain available.
However, the restructuring will have a major effect on Nuverse as Marvel Snap's financial performance failed to impress ByteDance despite reporting $50 million in revenue in March and winning "Best Mobile Game" at The Game Awards. Earlier this month, it was reported that ByteDance was looking to sell Mobile Legends developer Moonton.
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