There are many digital media companies which have a right amount of influence on its audience, but it seems like this year is not bringing any good news for such businesses. So far more than 2100 employees in the digital media industry have lost their jobs which indicate lots of things about this sector. Recently Vice Media has also announced that the company will do a mass layoff of more than 10% which has shocked many techs and business experts. However, this is not the only digital media company which is going to do mass layoff because according to some reports McClatchy company has offered buyouts to more than 450 of its employees. In 2019 more than 2100 employees so far have lost their jobs in the digital media sector. Vice Media’s officials are saying that to maintain their budget and achieve important targets the company has taken this decision of mass lay off.
A few days ago Buzzfeed also announced that the company is going to let more than 200 of its employees go. Currently, many digital media houses are not performing well because of massive competition due to which such firms are trying to save their cash flows by doing a mass layoff. Vice media has said that a company is going to focus on its TV production unit and digital media unit where it needs much more improvement. On the other hand, Verizon company has also recently said they are soon going to cut seven percent of its current staff. Traditional newspaper agencies are also getting hit because of the rise of digital news platforms.
It’s been estimated that between 2014 to 2018 more than 5000 journalists lost their jobs which indicates that news houses are not performing well.