The media industry has been rocked this holiday season by news of newsroom layoffs as outlets downsize to combat volatility in advertising, after an already-brutal year of job cuts.
In the last month alone, Condé Nast, G/O Media, Vice Media and Vox Media have all cut staff, most of whom already had layoffs earlier this year. (Vice filed for bankruptcy in June.)
Broadcast, print and digital outlets collectively saw 2,681 journalism job cuts in 2023, up 48% from 1,808 in 2022 and 77% from 1,511 in 2021, according to a report from employment firm Challenger, Gray & Christmas.
With a collapsing advertising-revenue model and more media companies experimenting with artificial intelligence to create content, the outlook for journalism is dimming, media analysts told TheWrap.
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