![]() ![]() Vox Media raised $100 million from Penske Media earlier this year at a value of roughly $100 million less than its revenues.Instead of pursuing scale, more publishers have begun to lean into products like newsletters and subscriptions. ![]() The big picture: The internet publishing landscape shifted after tech firms changed their algorithms in the late 2010s. After BuzzFeed went public in 2021, keeping the news division alive became a liability with shareholders.Though the news arm leant credibility to BuzzFeed - which had previously best been known for viral, entertaining content - it was never a profit driver, and relied on its parent company's ability to keep it afloat.Launched ahead of the 2012 election, BuzzFeed News quickly became known for fast viral scoops and sweeping investigations, with a slate of well-sourced reporters all over the world.Why it matters: Companies like BuzzFeed, Vox Media and Vice Media that rapidly expanded and raised lots of cash at high valuations in the aughts are struggling in a dramatically different media landscape. ![]() The shuttering of BuzzFeed News after years of painful layoffs and cutbacks represents the end of an era for the digital publishing industry. ![]()
0 Comments
Leave a Reply. |