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  1. How ByteDance plans to crack the gaming industry Image Credits: Games published by ByteDance For the last few years, ByteDance, the parent company of short video app TikTok, has been working to diversify its revenue streams beyond advertisement and find more ways to monetize its hundreds of millions of users. One area it is targeting is gaming, which has historically been a lucrative business in China’s internet economy. China is the world’s largest gaming market, generating revenues of $40.85 billion in 2020, according to market research firm Newzoo. The United States trailed behind at $36.92 billion. But competition is also intense. Giants Tencent and NetEase have long dominated and smaller players like Mihoyo and Lilith are making breakthroughs. According to market research firm Analysys, Tencent occupied over half of the Chinese gaming market in 2019, while NetEase and 37 Interactive respectively commanded around 16% and 10%, leaving little breathing room for smaller rivals. Regardless, ByteDance is forging ahead, giving a brand name, Nuversegame, and a website to its gaming business for the first time last month. Its strategy consists of a genre-spanning portfolio, a hiring spree, a proven monetization scheme, and a focus on both the domestic and overseas markets. During his short-lived stint with ByteDance, Kevin Meyer was put in charge of multiple overseas businesses, including gaming. ByteDance, the David when it comes to games, seems undeterred by the Goliaths. As one of the company’s gaming executives Yan Shou wrote in a social media post a year ago: “Gaming is a content business. A monopoly is difficult to maintain [in this industry] as long as there is patience.” Battle for talent In recent years, ByteDance has hired a large number of ex-employees from the BAT, the acronym for three of the most prominent tech firms in China: Baidu, Alibaba, and Tencent. Yan himself worked on strategy at Tencent for over two years before joining ByteDance in 2015. While poaching and job-hopping are common in China’s fast-changing tech industry, ByteDance is known for doling out generous paychecks and many tech workers are lured by the prospects of receiving employee options before the firm goes public someday. Ambitious staff may also feel stagnant after a long period at Alibaba and Tencent, which are both over 20 years old and where room for career advancement is limited. ByteDance, in comparison, is merely nine years old and is still in a fast-growth phase, a Beijing-based headhunter for technology firms tells TechCrunch. “The current stage of ByteDance and the new businesses it is incubating provide the right platform for these people to achieve their ambitions,” the headhunter says. In gaming, too, ByteDance has gone on a recruiting spree. The company’s gaming headcount numbers nearly 3,000 today, up from only 1,000 last year, according to a person with knowledge. These employees are scattered across China’s major tech hubs, from Beijing, Shanghai, Hangzhou to Shenzhen, working in various gaming studios under ByteDance. How big is a 3,000-person team? 37 Interactive, the third-largest gaming firm in China, had around 4,000 gaming staff as of January, according to a company executive. It took the company 10 years to reach this scale. ByteDance began exploring games only around five years ago. ByteDance declined to comment on the story. Factory of games Being late to the game could bring advantages. Having seen how Tencent and other predecessors tackle the gaming market allows ByteDance to learn. For one, ByteDance is working on a diverse range of genres simultaneously, from disposable mobile games to indie titles with unorthodox design or topics. This makes ByteDance different from Tencent, says Daniel Ahmad, a gaming analyst at Niko Partners. Tencent, the world’s largest gaming firm, cut its teeth on board and card games in the 2000s before gradually expanding into other genres. Of course, only a deep-pocketed upstart like ByteDance could strive for a diverse portfolio from day one. With a well-oiled advertising business built upon its short video app Douyin and news aggregator Toutiao, as well as over $7 billion raised from equity funding over the years, ByteDance has been able to fund its horizontal expansions in not just games but also education and SaaS. Aside from hunting down talent from other tech giants, ByteDance also relies on swallowing smaller companies to boost its workforce. Since 2018, ByteDance has invested in at least 11 gaming companies, six of which were full acquisitions, according to public disclosures. The acquired assets and talent were subsequently incorporated into ByteDance’s gaming studios. Acqui-hiring is an old and proven formula at ByteDance. Kelly Zhang, the product manager credited for taking Douyin, the Chinese version of TikTok, off the ground, also joined after her photo-sharing startup was bought by ByteDance. Like many gaming firms, ByteDance’s monetization scheme is two-pronged: distribution of third-party titles and original creation. Quality games don’t come overnight, so the strategy allows its gaming unit to have some revenue as it bets on one of its own works to be a cash cow. Casual games are great for ads, which are normally placed between levels. More complex games rely on user loyalty and the natural way to make money is through in-app purchases. A number of ByteDance’s licensed casual games have so far made it into the Top 10 iOS free games in China, including car racing game Drift Race, music game Yinyue Qiuqiu, and puzzle game Brain Out. While these collaborations don’t make big bucks yet, the initial traction proves the viability of ByteDance’s traffic strategy. ByteDance said in 2019 it had 1.5 billion monthly users across its app family (there can be user overlap between apps). One way ByteDance is marketing games is by inserting native ads into users’ content feeds. Videos, says Niko Partners’ Ahmad, are “interactive, easy to use, easy to click through and can get much higher conversion than traditional ads.” In some cases, the ad may prompt users to download a standalone gaming app. But like WeChat and most of China’s popular apps, Douyin and Toutiao support third-party “mini apps” within their own platforms. Users can, for instance, play a lite game on Douyin just as they can on WeChat. With hundreds of millions of monthly users, ByteDance already has a good grasp of people’s tastes and behavior, so it knows what games to recommend. In theory, the more people see and react, the more accurate its predictions become. “Through targeted ‘recommendations’, our ‘algorithms’ will automatically show users mini games presented in various forms,” explains ByteDance’s gaming developer handbook. “All games have a fair and equal chance of getting initial exposure.” Source: How ByteDance plans to crack the gaming industry
  2. Over 500,000 Leaked Credentials Tied to Top Gaming Companies Up for Grabs on The Darknet Threat intelligence firm Kela Research discovered over 500,000 leaked credentials belonging to employees of leading companies in the gaming sector up for grabs on the darknet. In the past three months, the experts also observed four ransomware incidents impacting gaming developers and publishers. Gaming Industry an Attractive Target With people being stuck at home during the pandemic, the gaming industry is soaring in popularity. Today, it’s one of the most profitable industries in the world. Moreover, the global games market is expected to grow even further in the coming years, from approximately $175 billion in 2020 to $218 billion in 2023. About half of all consumer spending on games comes from the US and China. Looking at these figures, it’s no wonder that gaming companies are an attractive target for cybercriminals. Especially when considering that some up and coming players in the industry don’t take their security half as seriously as their growth and profits. “Though this industry isn’t valued at the trillions of dollars that the financial industry may be valued at, it still checks off boxes for two key factors that many profit-driven cybercriminals tend to seek: increase profits and minimize the complexity of the process in order to do so”, Kela states. Number of Threats Increases In order to assess the threat landscape of the gaming industry, Kela has been monitoring underground markets for years. In the past two months, they’ve also closely observed and interacted with several actors looking to access gaming companies’ networks. One Russian-speaking actor explicitly stated that he wanted to access developers of Xbox, Nintendo, Qualcomm and Apple networks. Another example shows data, including FTP credentials, up for sale belonging to a major Japanese video game developer. The researchers also pointed out that, just recently, there have been a number of high-profile ransomware attacks. Japanese developer Capcom was hit with a cyberattack in December. Game developer Crytec and publisher Ubisoft suffered the same fate just weeks prior. 1 Million Compromised Accounts Over the last 2.5 years Kela also found almost 1 million compromised accounts belonging to clients and employees of leading gaming companies. Compromised accounts originate from infected computers, known as bots. These are usually infected with trojans or other types of malware. “It’s important to note that we detected compromised accounts to internal resources of nearly every company in question”, Kela explained. “These resources are meant to be used by employees for Admin panels, VPNs, Jira instances, FTPs, SSOs, dev-related environments, and the list goes on and on.” Bots are sold on the darknet, with new listings added daily. For a couple of dollars per bot, threat actors have access to victims’ computers. This in turn gives them access to a range of desirable services, like corporate portals, social media accounts, bank accounts and much more. 500,000 Credentials Up for Grabs Kela discovered over 500,000 leaked credentials belonging to employees of top gaming companies. Some of the credentials available for sale included high-profile email addresses belonging to executives and senior employees. These are generally very significant and can be used to carry out business email compromise (BEC) scams or spear-phishing campaigns. “It’s worth highlighting that Kela’s caching capabilities allows visibility into additional context of leaked credentials, such as associated passwords to a certain email address, previous leaks of a specific email address and more. As part of our regular review, we unfortunately still come across a great deal of re-use of passwords.” Organizations in the gaming sector would do well to invest in cybersecurity. “This begins with security training to employees, including raising awareness to employees about the risks presented above, enforcing password changes, and implementing unique password use and MFA policies.” Source: Over 500,000 Leaked Credentials Tied to Top Gaming Companies Up for Grabs on The Darknet
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