The Truth is Powerful
The media is slashing jobs again as the Trump news cycle fades and the economy struggles
For years, the media industry has been forced to compete with tech platforms for advertising revenue and consumers’ time. Now, in addition to those same pressures, publishers will see increased competition for attention as the economy opens back up.
Last March, media owners reacted to the economic fallout of the pandemic with furloughs, layoffs and other cost-cutting measures. This March, as the world enters the next phase of the pandemic, four notable brands made major announcements that signified more instability in the industry.
First it was HuffPost, a 15-year-old publication that made deep cuts shortly after a major merger with BuzzFeed. Then Medium, a publishing platform known for frequent changes in its business strategy, pivoted once again and offered buyouts to all of its editorial staff. And then a lesser known but beloved men’s lifestyle digital outlet, MEL Magazine, was shut down by its owner, Unilever’s Dollar Shave Club. Vice Media also cut a handful of top jobs this week, positioning it as a restructuring rather than a cost-cutting move.
About 130 million people in the US and nearly 500 million globally have been vaccinated against Covid-19, which means some semblance of normalcy is on the horizon. But this, coupled with the […]