The writer of titles like Vogue and Vainness Honest introduced in a word despatched to workers on Tuesday that it might lay off 5 % of its workforce — round 270 workers, primarily in its video division, Condé Nast Leisure — following a restructuring.
Condé Nast Leisure is finest identified for producing franchises corresponding to Vogue’s 73 Questions and Architectural Digest’s superstar residence excursions. These movies primarily air on YouTube, however the firm has confronted elevated competitors from short-form video websites corresponding to TikTok and YouTube Shorts. Whereas Condé Nast’s short-form video channels have helped drive viewers progress, the writer has struggled to monetise the engagement.
”Whereas we are able to’t management platform algorithms or how AI might change search site visitors, we imagine our long-term success will probably be decided by rising the various areas that we are able to management, together with subscriptions and e-commerce, the place we straight personal the connection with our viewers,” Roger Lynch, Conde Nast’s chief government, mentioned in assertion.
Lynch additionally mentioned that within the coming months, Condé Nast could be introducing extra cost-reduction measures together with in actual property.
Seeing a decline in print promoting income, a lot of publications have sought to diversify their income streams over the previous decade, with titles corresponding to GQ and Vogue investing in video content material and launching membership programmes.
Be taught extra:
Elle UK launched its first reader membership programme on Thursday, a part of a broader initiative at Hearst UK to monetise its manufacturers.
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