TikTok’s parent company ByteDance shut down 101 Studios in Shanghai, which it had acquired three years ago.
“TikTok owner ByteDance is closing one of its main game studios due to its disappointing performance,” Nikkei Asia reported.
The gaming studio had around 300 employees and according to reports, some of them have been moved to other verticals within ByteDance.
ByteDance’s 2019 acquisition of the core group behind 101 Studios was seen as “laying the foundation for challenging Tencent Holdings’ dominance in mobile gaming”.
The development comes as TikTok is reportedly planning to make a big push into gaming.
The short-video making platform has reportedly conducted tests that let users in Vietnam play games within its app.
According to TikTok, the only game currently available to users on its platform is Zynga’s “Disco Loco 3D”, a music and dance challenge mini-game.
ByteDance is also preparing to join the virtual reality (VR) space.
ByteDance aims to invest “a lot of money” in VR-related content, reports Protocol.
More than 40 job listings have emerged for Chinese VR headset maker ByteDance Pico it acquired last year.
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