The Media’s Post-Advertising Future Is Also Its Past
December 31, 2018 / Derek Thompson
It’s my holiday tradition to bring tidings of discomfort and sorrow to my colleagues in the news business. One year ago, I described the media apocalypse coming for both digital upstarts and legacy brands. Vice and BuzzFeed had slashed their revenue projections by hundreds of millions of dollars, while The New York Times had announced a steep decline in advertising. Twelve months later, it’s end times all over again. There have been layoffs across Vox Media, Vice, and BuzzFeed (and dubious talk of an emergency merger). Mic, once valued at $100 million, fired most of its staff and sold for $5 million. Verizon took a nearly $5 billion write-down on its digital media unit, which includes AOL and Yahoo. Reuters announced plans to lay off more than 3,000 people in the next two years. The disease seems widespread, affecting venture-capital darlings and legacy brands, flattening local news while punishing international wires. Almost no one is safe, and almost everyone is for sale.