There have been reports suggesting that BYTEDANCE might buy the stake from the CMGE. As the latter said that it is in talks to sell a stake to the multinational company Bytedance. Now we cannot confirm this news despite the fact that a spokesperson from CMGE said that the information is false.
The company was founded back in 2012 by Zhang Yiming and is worth over $100 billion in just 8 years. Its primary product is a service named “Toutiao,” which is a platform for content in China. Bytedance is also the parent company of the very famous video app TikTok. The company has expanded a lot in the last few years and made a lot of big acquisitions.
Musical.ly was acquired by the company for an amount of 1 Bn USD. It also has a huge user base of 800 million daily active users and is one of the biggest unicorn startups worldwide.
CMGE is a Chinese game company that focuses specifically on the development of mobile games. It also works in the development of feature phones and has over 450 game titles under its belt. About 1/3rd of these games were developed in-house, while the rest were purchased from developers. The company has done really well and has also won many awards in China, including the Best Mobile Social game title and more.
It was also said to have become the fastest-growing Chinese gaming company and was also listed on NASDAQ. They have 39.4 million active users playing their games and are strongly competing with Shanda and NetDragon.
The acquisition of a stake in CMGE by Bytedance will be really beneficial for the company? What are your thoughts on the same? Do let us know in the comments below. Also, if you found our content very informative and to the point, do like and share it with your friends.