Vice Media is joining the ranks of media companies doubling down on video content. Today it confirmed to Variety that it laid off 2% of its 3,000-person workforce. One of the teams hit hardest was Vice Sports, which cut most of its editorial staff to focus on video content. Beyond Sports, numerous other departments—including non-editorial—were affected.
This happened while Vice—along with nearly every other media company out there—is going after big ad dollars in video. Vice is considered one of the most successful and highly valued new media companies around (just last month it raised $450 million), and yet it is not immune to this type of business insecurity.
I wrote earlier today about how Facebook has been effectively forcing media companies to emphasize video for the last year, while simultaneously trying to prove that video is the future. This latest move shows how media companies are taking the bait, to the detriment of their staff.CGW