Vox Media has confirmed what CNBC reported earlier this week, that it is indeed about to undergo a round of layoffs that will eliminate 72 positions, which accounts for 6% of its total staff of 1,200. In a letter to staff, CEO Jim Bankoff, broke the difficult news to his employees candidly, opening with: “With deep sadness, and as a consequence of the pandemic and its devastating impact on the economy, I am writing to let you know that today we will be informing some of our colleagues that they will no longer have jobs at Vox Media.” According to CNBC, Vox has struggled to generate enough revenue due to the economic downturn that has been caused by the COVID-19 pandemic. At current pace, it is expected to miss its full-year revenue goal by 25%. The publisher, who’s portfolio includes Vox.com, New York Magazine, The Cut, The Verge, Recode, SB Nation, Eater and Polygon and others, was considered a digital publishing role model by many media pundits for its ability to launch new brands and make smart acquisitions that fit into its core business model. But as we’ve seen recently with companies like Atlantic Media and Quartz, two organizations that were also celebrated for their innovative business models, nobody is immune to the current market conditions. According to Bankoff, the coming cuts will be a majority of staffers who were furloughed in May, but some who stayed on through the pandemic will also be laid off. No specifics as of yet to which departments will be... Continue reading at 'Folio Magazine'
[ Folio Magazine | 2020-07-16 14:53:51 UTC ]
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#deeply affected
#uniquely positioned
#renewed growth
#digital publishing
The digital media company Vice filed for Chapter 11 bankruptcy in May, and new documents disclosed in the proceedings offer a rare glimpse into the financial maneuvering that led the privately held company to insolvency. In particular, they reveal that Vice raised more than $1.3 billion in debt... Continue reading at AdWeek
[ AdWeek | 2023-07-24 11:37:29 UTC ]
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Financial services giant Intuit is launching a small business-focused media network, letting advertisers target customers across the web and tapping into a new revenue line, executives exclusively told Adweek. The venture, called SMB MediaLabs, will let advertisers target the customers of... Continue reading at AdWeek
[ AdWeek | 2023-07-24 10:13:48 UTC ]
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#small businesses
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#including audio
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With the company's marketing and publicity teams unified across adult and children’s book imprints, Abrams aims to create a more efficient way to reach readers. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-24 04:00:00 UTC ]
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#book imprints
#reach readers
#children’s book
“A good home for good projects” is how sales and marketing director Samuel Chung sums up Chang Jiang Printing Media, which he established a decade ago. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-21 04:00:00 UTC ]
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#decade ago
The last decade has witnessed an incredible transformation at Toppan Leefung Printing Limited, with the company evolving from a printing corporation into a multifaceted and diversified conglomerate. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-21 04:00:00 UTC ]
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#move forward
On Jan. 1, the privately owned business publisher Bloomberg Media shut off its open-market programmatic advertising, a move to better control its user experience and drive advertisers to reach its audience by buying directly from the company itself. Six months later, the strategy produced its... Continue reading at AdWeek
[ AdWeek | 2023-07-18 11:31:59 UTC ]
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#user experience
#privately owned
Names of some employees who have accepted the publisher's "voluntary separation offer" are beginning to come out—even as a letter from Penguin Random House CEO Nihar Malaviya confirmed that long-rumored layoffs have become a reality. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-18 04:00:00 UTC ]
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#penguin random house
Two rights meetings are being restored to physical operations in November by Japan's Publishing Industry Foundation. The post Rights Edition: Tokyo and Kansai Rights Meetings Announced appeared first on Publishing Perspectives. Continue reading at Publishing Perspectives
[ Publishing Perspectives | 2023-07-14 19:34:33 UTC ]
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For colleges and libraries seeking a big name for a guest lecturer, few come bigger than Sonia Sotomayor, the Supreme Court justice who rose from poverty in the Bronx to the nation’s highest court Continue reading at ABC News
[ ABC News | 2023-07-11 14:02:45 UTC ]
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#libraries
Read on for news about Curiosity Ink Media and Dynamite Entertainment's Cats Vs Pickles books, Mad Cave's new licenses, new comic book programs for Hasbro's toy brands, 'Love You Forever''s recent collaboration with Drake and Nike, and more. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-07-06 04:00:00 UTC ]
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#licensing hotline
#dynamite entertainment
#mad cave
#comic book
Fans of the publisher World Editions, which has brought translations of work by Maryse Condé, Amin Maalouf, Pilar Quintana, Jaap Robben and Zhang Yueran to English-language audiences, has found a new owner—none other than the US director Christine Swedowsky. A rare fairy-tale finish! World... Continue reading at Literrary Hub
[ Literrary Hub | 2023-06-30 13:57:16 UTC ]
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#world editions
#previously owned
The tech industry is reeling from the combination of a rough economy, the COVID-19 pandemic and some obvious business missteps. And while that led to job cuts in 2022, the headcount reductions have unfortunately ramped up in 2023. It can be tough to keep track of these moves, so we’ve compiled... Continue reading at Engadget
[ Engadget | 2023-06-29 15:28:56 UTC ]
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#simply put
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#second-largest wave
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#big names
#podcast empire
#quickly put
#premium subscribers
#revenue existed
#reach break-
#earnings sooner
#publishing giant
Public figures back strike at Le Journal du Dimanche to protest against appointment of Geoffroy LejeuneActors, novelists and leftwing politicians have joined support for major strike action at France’s flagship Sunday newspaper, Le Journal du Dimanche, to protest against the appointment, ahead... Continue reading at The Guardian
[ The Guardian | 2023-06-27 15:32:49 UTC ]
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Final industry estimates from the AAP show that sales of religious books fell 6% in 2022 from 2021, dropping to $1.27 billion last year from $1.35 billion in 2021. Digital audiobooks and hardcover sales fell 42% and 9.5%, respectively. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-06-27 04:00:00 UTC ]
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#digital audiobooks
After dozens of stories, we’re just about wrapped with our coverage of Summer Game Fest 2023. Following the cancellation of E3 back in March, we had a smaller, stripped-back experience at SGF. It began... before it all began, with Sony holding its own PlayStation Showcase livestream on May 24th.... Continue reading at Engadget
[ Engadget | 2023-06-16 14:00:53 UTC ]
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#closed beta
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A new report from Group Black and Nielsen reveals Black creators have larger and more engaged followings than their non-Black peers. Continue reading at Advertising Age
[ Advertising Age | 2023-06-13 14:00:00 UTC ]
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#study finds
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The Jan. 6 Report could be reprinted or recorded by any publisher. So when Macmillan Audio got the draft, the race unfolded with the precision of a heist film. Continue reading at Los Angeles Times
[ Los Angeles Times | 2023-06-13 13:00:31 UTC ]
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#recorded history
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#macmillan
Now in its 35th year, the Lambda Literary Award is one of the most prestigious LGBTQ+ awards, and this year's winners were just announced! Continue reading at Book Riot
[ Book Riot | 2023-06-12 15:35:39 UTC ]
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In honor of Pride Month, the White House today announced a set of actions designed to protect LGBTQIA+ communities, including the appointment of a new coordinator within the Department of Education to facilitate a response to the rising number of book bans at the state level. Continue reading at Publishers Weekly
[ Publishers Weekly | 2023-06-08 04:00:00 UTC ]
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The Los Angeles Times says it is cutting 74 jobs due to economic challenges as the newspaper strives to transform itself into a digital media organization Continue reading at ABC News
[ ABC News | 2023-06-07 20:06:25 UTC ]
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