HONG KONG/BEIJING (Reuters) – China’s ByteDance, the owner of video-sharing app TikTok, will appoint an executive to exclusively lead its nascent gaming business, sources said, signaling its growth ambitions in the sector and an intensifying rivalry with tech giant Tencent.
FILE PHOTO: Tik Tok logos are seen on smartphones in front of a displayed ByteDance logo in this illustration taken November 27, 2019. REUTERS/Dado Ruvic/Illustration/File Photo
Yan Shou, head of both strategy and gaming businesses, will focus wholly on gaming, as ByteDance sees gaming as the next important source of growth and plans to roll out a game like Honor of Kings, according to one of the people, asking not to be identified because the information isn’t public.
The move comes as the Beijing-based startup, which was valued at $78 billion in late 2018 and is backed by well known investors including SoftBank Group Corp and KKR Inc, is seeking to diversify its business amid a U.S. national security probe…
Source Reuters Tech News
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