Wednesday, November 29, 2023

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    Media companies announce more layoffs to cut costs, blaming a relentlessly challenging ad market 

    The seemingly endless cycle of media industry layoffs over the past year hit another crescendo this month.

    Since the beginning of November, X – formerly known as Twitter – has been flooded with journalists and other media staffers bidding their farewells from G/O Media, Vice Media and Vox Media, all of which announced cuts to staff. Two media analysts and a former HR exec told Digiday these cycles of staff cuts may be the new normal, as long as the ad market remains under pressure.

    Large digital and legacy publishers alike – including BDG, Disney, Gannett, Vox Media and The Washington Post – have shed staff via multiple rounds of layoffs that began as far back as late 2022. By October 2023, the media industry had announced over 19,000 job cuts year-to-date, compared to 3,000 in the same period in 2022, according to a report from Challenger, Gray & Christmas.

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