Should any of us be surprised that the news industry is being hit by a massive wave of layoffs? Survey after survey has shown that the American people have lost faith in the mainstream media, and millions of us have decided to turn to other sources for news and information. Mainstream news outlets have been bleeding viewers and readers for years, and now many of the biggest names in the news industry are losing staggering amounts of money. It was only a matter of time before we witnessed large scale layoffs, and now they are here.
Of course it isn’t just the mainstream media that is laying off workers. According to Challenger, Gray & Christmas, the number of layoffs in the United States in 2023 was 98 percent higher than it was in 2022…
The pace of job cuts by U.S. employers accelerated in 2023, with the number of layoffs surging 98% compared with the previous year.
That is according to a new report published by Challenger, Gray & Christmas, which found that companies planned 721,677 job cuts last year, a substantial increase from the 363,832 layoffs reported in 2022.
The problem could get worse in 2024 as the labor market continues to soften in the face of high interest rates and stubborn inflation.
But it is true that the news industry is being hit particularly hard. For example, Time Magazine just announced that it will be laying off workers “across several departments including editorial, tech, sales, and TIME Studios”…
Time Magazine laid off an uncertain number of staffers across departments on Tuesday, a move CEO Jessica Sibley called “The necessary step we must take in order to drive our business forward and improve our financial position.”
In an internal memo to staff, obtained by Semafor’s Max Tani, Sibley announced the cuts.
“We have made the difficult decision to eliminate roles today across several departments including editorial, tech, sales, and TIME Studios,” Sibley wrote to staff. “We are immensely grateful for the contributions of these talented team members during their tenure at TIME.”
When I was a kid, Time Magazine was very highly respected and my parents would often have a copy of it on the coffee table.
But now it is dying just like the rest of the mainstream media.