ByteDance is the parent company of the popular international short-form app TikTok. Especially popular among Gen Z, TikTok has become ubiquitous among teenagers and young adults, while the owner also wanted to grow his business by investing in the development of video games. Now, it seems to be dropping this plan.
A year ago the Beijing-based company was spending millions to get into the gaming business, expanding its operations to diversify its revenue. But now ByteDance is “drastically downsizing” its gaming division, according to the South China Morning Post (SCMP).
The SCMP report says this could affect hundreds of employees, and it means the recent closure of Shanghai-based Wushuang Studio, the closing of 101 Studio in June, and layoffs at Hangzhou Jiangnan Studio, according to the Hong Kong newspaper. citing sources familiar with the situation. However, ByteDance is not completely exiting the gaming business as it will retain some offices in Shanghai for projects that are already underway.
It comes amid macro changes in China’s video game industry as giants such as NetEase and Tencent increasingly look to overseas markets to expand their business, while smaller operations try to navigate a more restrictive regulatory environment. China’s authoritarian government has waged war on a huge and growing industry to keep everything under control. It has imposed a curfew on online games for minors, suspended the approval of new games for months, and censors analyze every detail of a game before allowing it to be sold.
ByteDance is one of the biggest success stories in China, finding the international success of TikTok, and the concern of American rivals like Meta with Instagram and Facebook. ByteDance wanted to invest in games seeing the profits enjoyed by the likes of Tencent, but the new regulatory environment is likely to seek to offset its losses.
But ByteDance isn’t the only social media company downsizing its gaming business. Just yesterday it emerged that Snapchat is laying off 20 percent of its staff and freezing its gaming division. While Snapchat may not have had much success in gaming, ByteDance had some profitable titles though these were mostly small, casual games that generated revenue from advertising. But her passion for video games has now waned considerably.
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Who is TikTok owned by?
TikTok has already been banned in India, which used to be its biggest market. Other countries, including America, are considering their next move. It was ten years ago when Zhang Yiming, a Chinese book entrepreneur who is a year older than Facebook’s Mark Zuckerberg, founded a software company called ByteDance.
Who dominates TikTok in the US? The next big tech wars are happening outside the Bay Area. On the same subject : Environmental engineering firm Twin Cities in right business at the right time. Two years ago, the Trump administration negotiated a deal for Oracle to store all TikTok data in the United States, citing fears that the Chinese app could help Beijing spy on the United States.
Is TikTok owned by China?
TikTok, known in Chinese as Douyin (Chinese: æé³; pinyin: DÇuyÄ«n), is a short-form video hosting service owned by the Chinese company ByteDance.
Is TikTok an American owned company?
TikTok, the Chinese-owned video app, said on Friday that it is transferring all data generated by its US users through servers controlled by Oracle, the Silicon Valley company, in order to convince the US government that will not disclose personal information of Americans to the Chinese government. Read also : Watch Now: A high-tech loom helps artist Mary Burns tell a story about women and water.
Who owns TikTok owner?
It was ten years ago when Zhang Yiming, a Chinese book entrepreneur who is a year older than Facebook’s Mark Zuckerberg, founded a software company called ByteDance. See the article : Royal Mail changes name, may spin off UK’s underperforming business.
What is the risk of TikTok?
In a letter dated June 24, 2022, Carr told Tim Cook and Sundar Pichai that “TikTok poses an unacceptable national security risk due to its massive data harvesting combined with Beijing’s apparently insecure access to that sensitive data.” ah.”
Why should I delete TikTok? “Many adult users of TikTok are requesting nude photos of children. Some of these users have even sent explicit videos to children.” The app is also known to have other security concerns, such as data leaks, India has banned TikTok and several apps from China, citing security concerns.
What are bad things about TikTok?
Addictive: Since the app boasts an “endless stream†of content, students are likely to spend a long time on the app and may even get addicted to watching videos for hours at a time. Bullying: A high school principal in New York told Smart Social founder Josh Ochs that students are being bullied on TikTok.
What are 5 bad things about TikTok?
5 things that are not so good about TikTok
- Critical challenges. This socket was damaged after a child in southern Alberta attempted a pen race. …
- Political censorship. …
- Closed items…
- Security concerns. …
- Stranger danger.
Who is the actual owner of TikTok?
TikTok, known in Chinese as Douyin (Chinese: æé³; pinyin: DÇuyÄ«n), is a short-form video hosting service owned by the Chinese company ByteDance. It hosts a variety of short-form videos, ranging from entertainment, comedy, pranks, jokes, dance, and fun from 15 seconds to ten minutes.
Why did Zhang Yiming retire? When Zhang announced his plans to step down as CEO in May, he said in a memo to employees that he believed someone else could better drive improvements in areas such as improved day-to-day management. The truth is, I he lacks some of the skills that make him a suitable manager,â he said at the time.
Does Zhang Yiming still own TikTok?
| Zhang Yiming | |
|---|---|
| Active years | 2006—now |
| Known as | Founder and leader of ByteDance, creator of Douyin/TikTok |
| Address | Founder, Chairman and former CEO of ByteDance |
Why was TikTok created by Zhang Yiming?
Zhang wanted to create a news platform powered by artificial intelligence, unlike the Chinese search engine Baidu. “We push information, not questions, but news tips,†he said.
How is Zhang Yiming so rich?
Zhang is the founder of ByteDance, the social media group behind the video-sharing app TikTok. The Beijing-based company also owns news aggregator service Toutiao. ByteDance has more than 1 billion users worldwide and reported revenue of $58 billion in 2021. Zhang resigned as CEO in May 2021.
