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The media industry's current round of cuts and consolidation is accelerating. Sizable layoffs at Buzzfeed, Gannett and Verizon Media (home of AOL, Yahoo, HuffPost and others) were announced Wednesday, totaling over 1,000 jobs cut.
Why it matters: If the headlines signal anything, it's that the news media will continue to struggle to find a sustainable business model in an advertising and attention ecosystem dominated by tech companies like Google, Facebook and Netflix.
By the numbers:
- Verizon Media will cut roughly 800 jobs, or 7% of its global workforce across the organization, as well as certain brands and products. Verizon CEO Hans Vestberg told Axios earlier this month that each of the company's three units, including the media business, needed to be able to stand on their own. (A company spokesperson later clarified to Axios that Verizon Media Group will still have access to Verizon customer data when customers opt in to provide such information.)
- Buzzfeed will cut roughly 250 jobs, or roughly 15% of its workforce, including jobs within its news division.
- Gannett cut over 20 jobs Wednesday, per Poynter, with more expected as the company tries to shed costs amid buyout talks.
[...] Bottom line: Many news companies are struggling to find sustainable business models in the digital era. There's no sign it's getting any easier.
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Over 1,000 Media Jobs Lost in One Day
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Can anyone remember when the times were not hard, and money not scarce?
(Score: 4, Touché) by Anonymous Coward on Friday January 25 2019, @03:50AM (1 child)
As was told to all those coal miners, oil workers, and other dang, dirty, environment-destroying, blue-collar deplorables put out of work by President Obama's jihad on the energy sector. Now you get to fight for peanuts with Won and Pajeet to see who's javascript can shit out more ads for your Silicon Valley betters.
(Score: 3, Funny) by realDonaldTrump on Friday January 25 2019, @04:25AM
If you want tremendous success in life, study Coal Mining. Our Economy is growing FABULOUSLY. Because of me. And thanks to beautiful Clean Coal. We cut the Job Killing Regulations on that one. And now it's exploding!💥 Believe me, we're going to need a lot more Coal Miners. In many places, almost all our beautiful States. We haven't found Coal in Hawaii for some reason. But we're going to look very closely into that one. Because Hawaii needs Coal more than anybody. They're on an Island in the middle of the Ocean. Very hard to connect our Energy Grid to them. I'm a Master Builder so I know this better than anyone. And it's a lot like Puerto Rico. They didn't have Coal. And they didn't have the Coal Plant. So when those hurricanes came, everything went dark. Sad!