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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ByteDance was forced to cut its workforce and sell assets in a significant retreat from the video gaming industry amid economic headwinds and regulatory pressures. Photo: NurPhoto via Getty Images

Ann Caoin Shanghai

Published: 8:31pm, 3 Jun 2024Updated: 8:38pm, 3 Jun 2024

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.

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.

Mobile Legends: Bang Bang is a multiplayer online battle arena title developed and published by Moonton Technology, owned by the Nuverse unit of ByteDance. Photo: Handout

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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