ByteDance closed the game development studio it had acquired years ago, shedding more than a hundred jobs in a major setback for its quest to challenge Tencent on the gaming board.
And the Chinese owner of TicTic 101 Studio in Shanghai, and thus to the departure of half of the more than 300 employees, internal transfers to the rest.
Version 101 Studio One of the few major game development houses the company has bet on, expands its processing business into the short video field.
The shutdown marks a major reversal of the previously thriving gaming industry. It is also known for the first time that the company shut down a development unit entirely.
The Beijing-based company, which now operates under strict content and licensing restrictions, has cut back on some gaming projects.
Another game console appears under its wing.
Having disrupted the world's social media landscape with Tech and its Chinese version of Doyen, the company has sought to follow its bigger path Tencent cement its presence in mobile gaming.
And as a communication games
The application was directed to the state Tencent games group. Helps with in-game purchases.
And the gaming division that ByteDance founded in 2019, called Nouvres, gives fashion to major gaming. Creative studios, including 101
Under the ByteDance umbrella, Team Mokun Technology has produced Vs. Games. But that didn't pan out in China's $44 billion gaming market, which is dominated by Tencent.
ByteDance closes game development studio in Shanghai
Some 101 employees of the studio transferred to work on the current. While ByteDance is also considering letting the pico module take over the reality in development at 101 Studio.
In March 2019, ByteDance acquired Mokun Technology from its previous owner 37 Interactive Entertainment for $16.4 million.
This came within a series of information on real estate, baby, baby.
This included the markup on Moonton Technology $4 USD. Its game is popular in regions such as Southeast Asia.
The Chinese crackdown on major internet companies throughout the year and the UAE has eroded ByteDance's gaming ambitions. While the slowdown hampered its core advertising activity.
And over the past year, the company has shut down most of its online education operations. She also dissolved her venture investing team, and sold a stock trading app.
These moves represent the simplification of operations and business of commerce in China.
Her drive to casual games took a hit last year, and she lost a few jobs and lost division captain.