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ByteDance plans to restructure Nuverse and announces its exit from the Gaming Industry

Shocking!

The company behind TikTok and MOONTON Games, ByteDance, has made the strategic decision to exit the gaming industry and restructure its Nuverse gaming brand. According to Reuters, ByteDance confirmed that its decision was reached following a thorough examination of its gaming company, but no specifics of the restructuring were given.

ByteDance halts game plans with job cuts expected as the company exits Gaming business

According to sources, ByteDance will notify its employees on Monday that work on unreleased games will halt by December, and attempts will be made to investigate options for divesting from already-released products. This decision is expected to affect hundreds of employees, with some learning about it over the weekend.

A ByteDance representative clarified, saying, “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.”

ByteDance Nuverse restructure
Image via Nuverse

ByteDance has no plans to re-enter the global video game market, which is estimated to be worth $185 billion, contrary to previous objectives. The decision comes amid allegations that ByteDance has been actively seeking buyers for MOONTON Technology, its game production company. Furthermore, the corporation has restructured Pico, its virtual reality branch, resulting in severe cutbacks to its content staff.

Notably, ByteDance’s debut into the gaming industry began in 2019 with the development of Nuverse, signifying a substantial push into the global gaming arena and positioning itself against domestic rival and the world’s largest gaming giant Tencent.

Marvel Snap announced, Marvel Snap cards unlock costs
Image via Nuverse

Nuverse’s record, on the other hand, has been mixed, with its most well-known game, Marvel Snap, acquiring a cult following but falling short financially. Other Nuverse titles include action games such as Earth: Revival and One Piece: The Voyage.

Although Marvel Snap has taken it to social media to reassure its fans that the game will continue to run and operate irrespective of the announcements at Nuverse, it is yet to be seen what happens in the future of the game which just recently made its debut on PC and also won the Best Mobile Game award at the Game Awards 2022!

Similarly, Earth: Revival has also confirmed on their Weibo account that despite the recent incidents, the devs are continuously working towards the game’s global release in the near future. The decision to restructure Nuverse demonstrates ByteDance’s dedication to focusing on long-term strategic growth areas. It is worth noting that casual gaming brands Ohayoo and TikTok’s casual games will be unaffected by ByteDance’s gaming strategy adjustment.

What are your thoughts on the news that ByteDance retreats from gaming, and plans Nuverse restructure? Let us know your opinions in the comments below!

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