The media world is taking big hits thanks to Corona virus.
This morning, VICE Media laid off 155 staffers. The breakdown is 55 in the US and 100 abroad.
“The reality is that some tough decisions had to be made primarily around our digital teams,” CEO Nancy Dubuc said. “Currently, our digital organization accounts for around 50% of our headcount costs, but only brings in about 21% of our revenue. Looking at our business holistically, this imbalance needed to be addressed for the long-term health of our company.”
Yesterday, Conde Nast laid off and furloughed 200 people. Vanity Fair and Vogue are not producing ad revenue or circulation. Plus, with the arts on hold, there’s much less to write about. For Vogue, fashion photo shoots are on hiatus.
Buzz Feed is also in the process of laying off and furloughing whoever they can get away with. All of these media companies are also instituting deep pay cuts for the remaining employees, although Anna Wintour will still have a budget for sunglasses and haughtiness.
The media world was already in financial peril before COVID-19. The new situation, which won’t abate for some time, has only made it worse. If you’re reading this and thinking, Oh, good, I hate the media, you’re not getting it. The media is at the center of the economy. The ripple effect will come for all aspects of jobs and careers. Just count to 10.
For those who do get it, Vice, Buzz Feed, etc do great work. In this time of constant lies from the government, we need more reporting, not less. We need more uncovering of the awful truth Trump and his cronies have created. It’s Byzantine, and the damage will last long past November. Over 80,000 people have died on Trump’s watch (not counting deaths at the borders). Keep that in mind.