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Rumors Swirl Around Nuverse's Future Amidst ByteDance's Alleged Business Realignments

By Xueyang
Nov. 27, 2023 updated 01:28

Rumors Swirl Around Nuverse's Future Amidst ByteDance's Alleged Business RealignmentsRumors Swirl Around Nuverse's Future Amidst ByteDance's Alleged Business Realignments

As of Friday, November 24, the Chinese gaming industry has been abuzz with rumors surrounding Nuverse, a gaming branch under ByteDance. Speculations suggest significant shifts in ByteDance's gaming business, including the potential integration of Nuverse into Douyin (TikTok's Chinese version) gaming division, and, in a more drastic scenario, the possibility of ByteDance dissolving its entire gaming business line.

Sources claim that after work on Friday, ByteDance established a valuation team, led by the development team, to assess the value of various projects. This evaluation includes both released and unreleased projects, with sales or potential disbandment on the horizon if no buyers are found.

According to Reuters, Nuverse had been planning to sell Mudong, a gaming project, in the market for potential buyers. These two rumors have led many industry insiders to link them together, suggesting a significant restructuring within ByteDance's gaming sector.

On Monday, several employees from within the Nuverse system confirmed that business adjustments are expected, with an official announcement likely. Multiple sources also associate this decision directly with ByteDance founder Zhang Yiming.

Speculation is rife that ByteDance may shut down the Nuverse brand. After terminating in-development projects, it is believed that the remaining staff and operations of released projects might be merged into Douyin Games, leading to a gradual dissolution of the gaming business.

MaiMai (a Chinese employee community) community users claim that Nuverse will formally announce layoffs on Monday, completing all termination contract signings and dissolutions on the same day. The layoff package is said to include N+1 compensation, along with a full settlement of year-end bonuses and stock options.

An internal source at Nuverse indicated that the direction of these rumors is essentially accurate. Leaders have already received company notices, and almost all in-development projects have been terminated, including several large-scale, heavily invested projects. This could mean layoffs for over a thousand employees. However, specific details regarding the departure of affected employees, the exact compensation plan, and the reorganization of in-development teams remain unknown.

With the rumors spreading rapidly, more and more employees claiming to be from Nuverse are confirming the news in various communities, expressing shock and confusion. Some mention the abruptness of the announcement, with their teams still in hiring mode and new recruits set to join.

As of now, Nuverse has not issued a formal response, and many are waiting for a conclusive announcement. Tonight, for many, could be a sleepless night filled with uncertainty about their professional future.

Source: Weixin