TikTok maker ByteDance to stepback from Nuverse gaming brand, Reuters reports

ByteDance, the operator and maker of the TikTok app, looking to retreat from the mainstream gaming business, will step back from its Nuverse gaming brand, people familiar with the matter said, according to a story from Reuters’ Josh Ye. “We regularly review our businesses and make adjustments to centre on long-term strategic growth areas. Following a recent review, we’ve made the difficult decision to restructure our gaming business,” said a ByteDance spokesperson, according to Reuters. Publicly traded companies in the space include Activision Blizzard (ATVI), Electronic Arts (EA), GameStop (GME), Nintendo (NTDOY), Take-Two (TTWO), Tencent (TCEHY) and Ubisoft (UBSFY) Meta Platforms (META), Alphabet (GOOG)