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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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(Score: 5, Insightful) by Apparition on Friday January 25 2019, @04:22AM (6 children)
Over 1,000 media job losses in one day is a good start. Now if only the remainder would follow...
(Score: 5, Funny) by The Mighty Buzzard on Friday January 25 2019, @04:43AM (5 children)
We just do pay cuts here rather than firings.
My rights don't end where your fear begins.
(Score: 1, Redundant) by Kalas on Friday January 25 2019, @06:36AM (3 children)
Pay cuts on free volunteer labor? So what, you fine someone if they knock one of the servers offline? Put takyon in his cage for an hour when he forgets a link in the summary?
(Score: 3, Funny) by Gaaark on Friday January 25 2019, @12:27PM (1 child)
Nah; TMB is a fisherman. He constantly needs bait......
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---
(Score: 3, Touché) by The Mighty Buzzard on Friday January 25 2019, @05:27PM
Oddly enough, that's not much of an issue here in TN. Between my cast nets, my minnow trap, and the fact that worms come crawling out on the sidewalk every time it rains (which seems like about nine times a day), I'm pretty well set on bait.
My rights don't end where your fear begins.
(Score: 3, Funny) by The Mighty Buzzard on Friday January 25 2019, @05:24PM
We just did 50% across the board paycuts last week. Mind you it was mostly so we could give NCommander and Deucalion a 250% pay raise.
My rights don't end where your fear begins.
(Score: 4, Funny) by Gaaark on Friday January 25 2019, @12:14PM
Ten percent of nothing is, let me do the math here, nothing into nothing, carry the nothin'...
--- Please remind me if I haven't been civil to you: I'm channeling MDC. ---Gaaark 2.0 ---