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WASHINGTON: Vice, a dynamic digital media company known for its millennial-focused content, has announced major changes to its strategy, saying it will cease publishing on its flagship website and commit to significant reductions in its workforce. Ta.
Once hailed as a rising star in the digital media world, Vice’s decision reflects the broader hardship faced by many in the industry as advertising revenues decline. Following BuzzFeed News, which ended its 12-year run last year, Vice is now grappling with the need to adapt to changing market conditions.
In a memo to employees, Vice Media Group CEO Bruce Dixon explained the need to realign resources and streamline operations in response to evolving challenges. As a result, Vice will lay off hundreds of employees as part of this restructuring.
Dixon noted that traditional distribution models for digital content are no longer cost-effective for Vice. Instead, the company plans to pivot to a studio model and work with existing media outlets to distribute content on its platform.
The layoffs, which are expected to be formally announced to affected employees early next week, are a major blow for Vice, which originally launched as a Canadian magazine in 1994 and has since expanded into a multimedia conglomerate that includes a television business and a news website. It will be a big change.
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