TikTok maker ByteDance will wind down its main gaming brand Nuverse, marking a full retreat from video games, said people familiar with the matter.
Four people familiar with the matter said ByteDance will announce a plan on Monday to wind down Nuverse, the company's main gaming brand.
The people declined to be identified as the information is not public.
They said the move will mark the end of ByteDance' foray into gaming as the company has no plan to return to the $185 billion global video games market.
A plan will be announced internally on Monday where ByteDance will tell its employees to stop working on games that have yet to be released by December, while the company will look for ways to divest from titles that have already been launched. Hundreds of employees are expected to be impacted.
ByteDance did not immediately reply to a request for comment from Reuters.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
