![]() ![]() The UK launch team comprises 18 journalists. March: Vice launches Vice News as a dedicated brand, hosted at. November: Vice News passes the milestone of employing 100 journalists. The company reportedly has global revenue of around $175m. 2013Īugust: 21st Century Fox takes a 5% stake in Vice for a reported $70m, valuing the company at $1.4bn. By 2013 the company was a growing journalistic force known for its unconventional gonzo-style reporting on topics like sex and drugs that were more mutely covered by the media at large. The business relocated from its hometown of Montreal to New York in 1999 and to the Williamsburg neighbourhood, where it is still headquartered, in 2001. ![]() McInnes, now better known as the founder of the far-right Proud Boys, formally left the company in 2008, having already drifted away from it. Vice was founded in 1994 as a countercultural magazine by Shane Smith, Suroosh Alvi and Gavin McInnes. “The most effective way these companies had of making money was pitching investors that well has run dry.” Timeline: The past decade of Vice Media “Finding investors willing to fund an ‘extend and pretend’ strategy is harder now: the capital markets have tightened with higher interest rates and there’s a domino effect, where investors or potential acquirers see the failure of a peer and shut their wallets,” he said. Teasdale said it was “hard to say exactly” why these rivals were all having trouble at the same time. Insider, another digital-native outlet now owned by Axel Springer, announced last month it was laying off 10% of US staff. Vice’s bankruptcy comes weeks after Buzzfeed, another giant of the 2010s digital media scene, shuttered its dedicated news brand Buzzfeed News. A news business like Buzzfeed or Vice could never enjoy the kind of margins a platform business like Facebook can.” But journalism is a lot more of a widgets business than people thought: if you want people to keep coming to your site, you need to keep making content, and so you need to keep spending money. “You invest up front, and if you grow users enough, your revenues will eventually vastly outstrip your costs. ![]() Teasdale added that Vice, in common with Buzzfeed, had believed that their online content businesses would scale in a manner similar to the software and platform successes of the last decade. “Trusted brands, audience-appropriate content, quality independent journalism, tight management and common-sense should/must win in the long-term!” “The bottom line is that the better legacy media organisations are actually much more agile, smarter and multi-dimensional than the ‘one trick pony’ Vice. ![]()
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