TIME Magazine cuts jobs amid 'economic uncertainty'; Publication will shift focus to AI, climate, and health

[Jobhunter]

 

TIME Magazine is reportedly eliminating 22 roles across various departments, according to The Hollywood Reporter. This decision, revealed in a memo by TIME CEO Jessica Sibley, comes in the wake of a challenging business environment and a noticeable slump in advertising.

 

The layoffs will impact several departments, including editorial, technology, sales & marketing, and TIME Studios. The move is seen as a strategic response to the current media landscape, characterized by lower advertising budgets, increased competition, and drastic shifts in consumer behavior.

 

Sibley, in her memo, acknowledged the significant challenges faced by the magazine, including "heightened competition for decreased advertising budgets and drastic shifts in consumer behavior." She also mentioned "changes to search and social algorithms" that have impacted web traffic.

 

In an effort to adapt to these changes and build a sustainable future, TIME is shifting its focus towards higher growth coverage areas, which include Climate, AI, and Health. This strategic shift is expected to help the magazine navigate through this period of transformation and unpredictability in the media industry.

 

The company plans to drive revenue growth with direct-sold advertising sponsorships and strategic partnerships. It also aims to expand its branded content offerings and explore ways to increase advertising on social media.

 

TIME Magazine is not the only prominent news media company struggling in recent months. CNN laid off 100 staffers in July, and Vice.com ceased publishing entirely earlier this year.

 

 

 

 

Read more:

• https://www.hollywoodreporter.com/business/business-news/time-magazine-lays-off-staffers-1235979155/
• https://www.mediapost.com/publications/article/398683/time-lays-off-22-staffers-cites-significant-cha.html
• https://nypost.com/2024/08/20/media/time-cuts-22-staffers-at-magazine-cites-significant-challenges-in-media-industry/

 

Image: Elnur | Dreamstime.com