ByteDance will reportedly restructure their video game business under the Nuverse branding. This was reported by Reuters today and has been confirmed by ByteDance representatives to the media. The restructuring was done after reviewing the business and making adjustments for long-term strategic growth.
The headquarters of ByteDance, the parent company of video sharing app TikTok, is seen in Beijing on September 16, 2020. – Silicon Valley tech giant Oracle is "very close" to sealing a deal to become the US partner to Chinese-owned video app TikTok to avert a ban in the United States, President Donald Trump said on September 15. (Photo by GREG BAKER / AFP)
With this ByteDance is withdrawing from the mainstream video game business and a possible reduction in the number of Nuverse staff will be done in the near future. Previously there were reports that Bytedance wanted to sell Moonton, which publishes Mobile Legends: Bang Bang, even though the company was just bought in 2021.
In addition, Pico's headset business has also undergone a restructuring process this year due to reduced demand for VR devices. Bytedance may have managed to dominate video streaming among younger users but it seems that in the video game arena bananas don't bear fruit twice for them.