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Nancy Dubuc, Vice Media's CEO who r eplaced Shane Smith in March, is making cuts at the digital publisher.
According to a report from The Wall Street Journal, the Brooklyn-based Vice Media is lowering its headcount by 10% to 15% of its workforce and is on track to miss its revenue goals for this year.
To make the cuts, the company has been hiring freeze six weeks ago and plans to trim staff through both the freeze and attrition.
Vice Media had 27 million visitors in September, down from 49.1 million in March 2016, according to Comscore. Vice Media's total Comscore numbers each month are comprised of its own properties plus third-party websites like SEO-focused Ranker, Metalinjection.net, and ModernFarmer.com.
Per the report, Vice Media is expected to make $ 600 to $ 650 million this year, which is flat with its 2017 revenue. The company is reported to be more than $ 50 million this year in $ 100 million in 2017.
"At a time of seismic change in the media landscape," Vice has never been in the market "," continues to grow in its growth, "and is one of the most impactful and innovative youth brands worldwide," the company's board of directors said in a statement. "From its deep library of critically-acclaimed programming, to its diversified revenue streams and digital channels, mobile, television, movie and branded content, Vice's audience has never been bigger, more global, more diverse or younger."
Vice's web audience is shrinking
Niche media has been expanded to include a broadcaster, Noisey (which covers music), Broadly (for women), Munchies (for food), and Vice News. Dubuc is reported to be one of several vertical verticals, according to The Wall Street Journal's sources.
Instead of focusing on the web publishing, Vice Media plans to beef up its television and movie business to make third-party programming.
Vice's in-house agency Virtue (formerly Carrot) is also a priority. El Rey to launch an agency catering specifically to the US Hispanic market.
According to a recent interview with The Hollywood Reporter, Vice Media is preparing to launch a live show called "Viceland Live" on Viceland, the channel operated by A + E Networks. Vice's current weekly show on HBO is also in the process of winding down this season.
$ 5.7 billion valuation, including a $ 450 million private equity firm last year TPG took over this year's financial and commercial news.
"Of course, there's pressure," Dubuc told The Hollywood Reporter. "Like any good Hollywood story, people look for the Caped Crusader, the reality is never as simple."
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