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It’s not simply the technology and healthcare sectors getting hit by layoffs to begin 2024. The media {industry} is constant to see the form of down-sizing that hit the sector exhausting final yr. Information firms specifically are being pared down, as soon as once more elevating concerns about the future of journalism.
The US media sector shed about 840 jobs in January. Whereas that’s not rather a lot within the grand scheme of the American economic system, it’s about 11% increased than the variety of layoffs over the identical interval final yr. The information sub-sector of the media {industry} — which incorporates digital, broadcast and print journalism — has been hit particularly exhausting. Job cuts at information firms in January surged a staggering 1,660% from 2023, and so they made up the vast majority of all layoffs within the media world.
What this implies for the way forward for media
The quick reply: Nobody is aware of.
The media {industry}’s decades-long decline accelerated final yr, when greater than 20,000 jobs have been eradicated — the very best on report apart from 2020 (the pandemic) and 2009 (the Nice Recession).
Outlooks on the way forward for journalism have been grim and grimmer, with no clear resolution as to what is going to “save” journalism and media. And this yr is not any exception.
A timeline of 2024 media layoffs
The cuts began early within the yr when The Messenger, a splashy information startup with a big budget and even bigger aspirations, laid off a slim fraction of its editorial employees. (One of many reporters who wrote this text was impacted by The Messenger layoffs.) NBC Information, Sports activities Illustrated, and the Los Angeles Occasions adopted briefly order with extra drastic cuts.
The Messenger ultimately shut down fully, affecting 300 staff. The $50 million that funded the information website could have supported 1,500 local journalism jobs, The Guardian reported.
Extra just lately in February, Warner Music Group and Paramount International made headlines as they trimmed their employees.
🧊 January
Jan. 2: The Messenger, a digital information start-up based by millionaire Jimmy Finkelstein, laid off about 24 staff as the corporate was reportedly operating out of money.
Jan. 10: Amazon stated it was shedding lots of of staff of Prime Video and Amazon MGM Studios.
Jan.12: NBC News and MSNBC laid off roughly 75 staff.
Jan. 19: Sports Illustrated was hit with a mass layoff after its writer misplaced the license to function the enduring model. Its unclear how a lot of the publication’s roughly 100 employees have been let go.
Jan 23: The Los Angeles Times introduced it was shedding over 115 individuals from its newsroom. Time laid off about 30 staff, or about 15% of its unionized employees. National Geographic lets go of all employees writers, representing 17 individuals. The identical day, 400 Condé Nast held a one-day walkout over deliberate layoffs introduced final yr.
Jan. 25: Business Insider CEO Barbara Peng stated in an inner notice that the that the monetary and enterprise information website is slicing 8% of its workforce. Forbes introduced it was planning to scale back its workforce by 3%.
Jan. 30: TechCrunch laid off about eight staff because the tech-industry publication ended its subscriptions service.
Jan. 31: The Messenger introduced it was shutting down eight months after its launch, affecting 300 staff.
💔 February
Feb. 1: The Wall Street Journal laid off about 20 staffers from its Washington DC bureau.
Feb. 7: Warner Music Group stated it was shedding about 600 staff.
Feb. 12: SiriusXM introduced it was lowering headcount by 475 roles, or 8%.
Feb. 13: Paramount Global introduced it was shedding 800 individuals, about 3% of its workforce. Roughly 20 individuals from CBS News have been let go as a part of the cuts.
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