[ad_1]
As profits collapse in the digital age, media groups are cutting staff one after another.
Vice Media, the edgy media outlet that appeals to Millennials and Gen Z, has stopped publishing new content on its flagship website and laid off hundreds of staff, in the latest blow to the struggling media industry. announced that he would be fired.
Vice filed for bankruptcy in May and was subsequently sold to New York-based Fortress Investment Group for $350 million.
Several cost-cutting measures, including several rounds of layoffs and the cancellation of the popular show “Vice News Tonight,” have failed to turn around its fortunes, reflecting the broader struggles of news organizations in the digital age. Ta.
Vice Media Group CEO Bruce Dixon said in a memo that was widely shared online that Vice would stop publishing content on Vice.com and move to partnerships with other media companies.
“This strategic shift requires us to realign resources and streamline operations across Vice,” Dixon said in the memo, adding that the company would switch to a “studio model.”
“Unfortunately, this means layoffs, resulting in the elimination of hundreds of positions,” Dixon said.
Details of the cuts are expected to be announced next week.
In January, the youth brand announced that its music website Pitchfork Media would be featured in GQ Magazine, killing off another staple of 2000s alternative culture. .
Vice’s decline comes as traditional and digital media outlets alike have struggled to find viable business models and the industry has shed hundreds of jobs in the past year alone. Ta.
Vice rivals BuzzFeed News and Jezebel shared the company’s strategy of combining irreverent and serious content, but both closed last year, and Vox Media and publishing giant Condé Nast cut jobs.
The bleeding continues into 2024, with digital news startup The Messenger shutting down and layoffs announced at TechCrunch, the Washington Post, the Los Angeles Times, and the Wall Street Journal.
U.S. newsroom employment fell by more than a quarter between 2008 and 2021 as print advertising revenue dried up along with the shift to digital content, according to the Pew Research Center.
Vice was founded in 1994 as the Voice of Montreal, then changed its name when it moved to New York. Vice has grown from a print magazine to a large multimedia company offering original digital and video content, as well as several derivative channels.
At the height of its success in 2017, the media group was valued at $5.7 billion.
[ad_2]
Source link