TikTok owner ByteDance to lay off hundreds as it winds down its failed gaming division

Layoffs have hit the tech industry hard in 2023, and now another round is hitting even more employees. The latest company to lay off employees is ByteDance, owner of TikTok. The layoffs, which are expected to officially be announced today, will hit employees working for its Nuverse gaming division, Reuters first reported.

According to the report, ByteDance will wind down its Nuverse gaming division after the fledgling unit has failed to compete with other mobile gaming giants like NetEase and Tencent. ByteDance is expected to tell employees to stop working on unreleased games by next month and is also seeking ways to offload games it has already launched.

The layoffs will reportedly affect “hundreds” of employees, but just how many is unknown. A 2021 report from TechCrunch said ByteDance then had around 3,000 employees working in its gaming division. The cessation of its gaming ambitions hits especially hard considering the company bought a mobile gaming studio called Moonton Technology just two years ago for a staggering $4 billion. According to CNBC, ByteDance is now looking to sell Moonton.

Addressing the layoffs, a ByteDance spokesperson said, “We regularly review our businesses and make adjustments to center on long-term strategic growth areas. Following a recent review, we’ve made the difficult decision to restructure our gaming business.”

https://www.fastcompany.com/90988715/tiktok-owner-bitedance-to-lay-off-hundreds-as-it-winds-down-its-failed-gaming-division?partner=rss&utm_source=rss&utm_medium=feed&utm_campaign=rss+fastcompany&utm_content=rss

Erstellt 2y | 27.11.2023, 16:10:04


Melden Sie sich an, um einen Kommentar hinzuzufügen

Andere Beiträge in dieser Gruppe

Linda Yaccarino was supposed to tame X. Elon Musk wouldn’t let her

Some news stories are gobsmackingly obvious in their importance. Others are complete nonstories. So what to make of the

09.07.2025, 19:10:07 | Fast company - tech
Apple’s next CEO: A new look at Tim Cook’s potential successors after latest exec shakeup

Yesterday, Apple unexpectedly announced the most radical shakeup to its C-suite in years. The company revealed that Jeff Williams, its current chief operating officer (COO), will be departing the

09.07.2025, 16:40:09 | Fast company - tech
PBS chief Paula Kerger warns public broadcasting could collapse in small communities if Congress strips federal funding

As Congress moves to make massive cuts to public broadcasting this week, Paula Kerger, president and CEO of the Public Broadcasting Service (PBS), gives an unflinching look at the organization’s f

09.07.2025, 14:30:04 | Fast company - tech
These personality types are most likely to cheat using AI

As recent graduates proudly showcase their use of ChatGPT for final projects, some may wonder: What kind of person turns to

09.07.2025, 14:30:04 | Fast company - tech