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What’s going on:     Â
Vice Media – a digital media and broadcasting company that was once considered a promising alternative to traditional media – has filed for bankruptcy, according to The Wall Street Journal. The news shows another high-profile digital media company struggling to compete with technology companies like Facebook and Google for advertising dollars. Â
The New York Times reports that Vice was considered to be worth $5.7 billion at one point in time. Â
Why it matters:Â Â Â Â Â Â Â Â Â
The news of the bankruptcy follows several failed attempts to sell the company or go public. Other new media companies like BuzzFeed and Vox Media have faced similar struggles. The bankruptcy filing highlights the harsh realities and competitive nature of the digital publishing industry.
S. Mitra Kalita, founder and publisher of Epicenter-NYC, told The New York Times that a media company that is relying solely on social media for growth and audience is not sustainable, emphasizing the need for media startups to diversify their businesses beyond advertising.
How it’ll impact the future:Â Â Â Â Â Â Â Â Â Â
The media industry is experiencing similar challenges to that of the tech industry in 2023. Many digital-first media companies have laid off hundreds of employees this year. Â
Challenges in diversifying revenue streams and adapting to the ever-changing digital landscape, along with other economic factors like inflation rates have played a role according to some experts. The Vice bankruptcy serves as a reminder for business leaders in the workforce to think more carefully about growth strategies and avoid over-reliance on one strategy – such as social media platforms – for success.
