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ByteDance enters ‘second phase’ of video gaming business, as new head of Nuverse unit says focus is on ‘fun games’
- The Beijing-based company on Monday confirmed that Zhang Yunfan is the new head of its video gaming unit Nuverse
- The unit is expected to ‘adhere to long-term [goals] and be more patient in product development and operation’
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Ann Caoin Shanghai
Social media giant ByteDance has appointed a new head for its video gaming unit Nuverse, weeks after the Chinese tech unicorn sold its third developer studio to a Tencent Holdings-backed company.
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The Beijing-based start-up – ranked as the world’s largest unicorn, valued by the Hurun Research Institute at US$220 billion – on Monday confirmed that Zhang Yunfan is the new head of Nuverse just weeks after he took on the role of chief executive at Shanghai-based Moonton Technology, creator of Mobile Legends: Bang Bang.
Zhang will report to Hua Wei, who heads ByteDance’s human resources department.
The latest move at Nuverse reflects how ByteDance’s expansion into video gaming, once considered a potential gold mine for the company, remains a cautionary tale. ByteDance was forced to cut its workforce and sell assets in a significant retreat from the industry amid economic headwinds and regulatory pressures.
In an internal letter sent by Zhang and Hua on Friday, they pointed out that the video gaming business of ByteDance has “entered the second phase”.
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