Washington: Vice, the dynamic digital media company known for its millennial-focused content, announced a significant shift in strategy, stating it will cease publishing on its flagship website and undertake a substantial reduction in its workforce.
Once hailed as a rising star in the digital media landscape, Vice’s decision reflects the broader struggles faced by many in the industry as advertising revenues dwindle. Following in the footsteps of BuzzFeed News, which shuttered its operations last year after twelve years, Vice is now grappling with the need to adapt to changing market conditions.
Bruce Dixon, Chief Executive of Vice Media Group, explained in a memo to employees that the company must realign its resources and streamline operations in response to evolving challenges. Consequently, Vice will be laying off hundreds of employees as part of this restructuring.
Dixon noted that the traditional distribution model for digital content is no longer cost-effective for Vice. Instead, the company plans to pivot towards a studio model and collaborate with established media outlets to distribute its content on their platforms.
The layoffs will be formally announced to affected employees early next week, marking a significant shift for Vice, which was originally founded as a Canadian magazine in 1994 before expanding into a multimedia conglomerate encompassing television operations and news websites.
