Media group newest in a string of retailers to shed jobs amid collapsing revenues within the digital age.
Vice Media, the main media outlet that has courted millennials and Gen Z, has introduced it’s going to cease publishing new content material on its flagship web site and lay off a number of hundred workers within the newest blow to the struggling media business .
Vice filed for chapter in Might earlier than being bought to New York's Fortress Funding Group for $350 million.
Value-cutting measures, together with a number of rounds of job cuts and the cancellation of its common Vice Information Tonight program, have did not reverse its fortunes, reflecting the media's wider struggles within the it was digital.
Vice will cease publishing content material on Vice.com and transfer to partnerships with different media firms, Vice Media Group CEO Bruce Dixon stated in a memo that was broadly shared on-line.
“With this strategic shift comes the necessity to realign our sources and streamline our general operations at Vice,” Dixon stated in his memo, including that the corporate would shift to a “studio mannequin.”
“Sadly, this implies we will probably be lowering our workforce, eliminating a number of hundred positions,” Dixon stated.
Additional particulars of the cuts are anticipated to be introduced subsequent week.
In January, the youth-focused model introduced that its music web site Pitchfork Media could be included in GQ Journal – killing off one other mainstay of 2000s different tradition.
The autumn of Vice comes as conventional and digital media are struggling to discover a viable enterprise mannequin, with lots of of jobs being minimize from the business previously yr alone.
Vice rivals BuzzFeed Information and Jezebel, which shared its technique of mixing irreverent and severe content material, each closed final yr, whereas Vox Media and writer Condé Nast minimize jobs.
The bleeding continued in 2024, with digital information start-up The Messenger shutting down, and layoffs introduced in TechCrunch, the Washington Publish, the Los Angeles Occasions and the Wall Avenue Journal.
Newsroom employment in the USA will fall by greater than 1 / 4 between 2008 and 2021, in response to the Pew Analysis Heart, as print promoting income dries up with the shift to digital content material.
Based because the Voice of Montreal in 1994 earlier than altering its title when it later moved to New York, Vice has grown from a print journal right into a sprawling multimedia firm providing authentic digital and video content material and several other offshoot channels.
On the top of its success in 2017, the media group was valued at $5.7bn.
