Vocativ Is Laying Off Entire Editorial Team
Technology-driven online news outlet Vocativ has announced that it will be laying off all its editorial journalists as the web site makes a shift from written stories to a new form of news sharing.
The company announced a new business strategy, under which Vocativ will transition to an all-video format. Management has pledged to triple the company’s investment in videos. The company is going to establish a “dedicated unit to create compelling video content, from mini docs to docu-series and feature-length films.”
The company has already produced videos for brands and news outlets including MSNBC and Discovery. Vocativ’s filmmaking unit, “Vocativ Films,” will particularly be focusing on creating mini-series and documentaries by forming partnerships with other media outlets.
Back in 2013, when the web site launched, Vocativ had about 40 employees working for it, including journalists with prior experience at media companies like NBC, ABC, and New York Daily News.
Wave of Layoffs Decimates Media Industry
The online media industry has witnessed hundreds of layoffs in the first half of June. The same day that Vocativ announced its layoffs, The Huffington Post announced numerous layoffs as its parent company, Verizon Communications Inc., acquired Yahoo! and consolidated its business.
Earlier in the same week, media conglomerate Time Inc also announced 300 layoffs as it made a shift away from its print business and toward its digital business.
The digital media industry is extremely fast-paced, as news content and viral stories move quickly and lose their relevance if not put out in a timely manner. With the rise of smartphones and high-speed Internet, advertisers are moving their focus to digital platforms. According to “YouTube,” online video ads now generate higher returns for advertisers than do TV commercials.
Vocativ uses deep Web analytics technology to turn raw content into shareable stories. The web site employs data mining technology to search the Internet and find trending and interesting content on current events around the globe.
“Vocativ Announces Exclusive Focus On Video,” Vocativ, June 14, 2017.
“HuffPost lays off 39 journalists after Yahoo-Verizon deal closes,” Los Angeles Times, June 14, 2017.
“Time Inc. Cuts 300 Jobs as Struggling Publisher Seeks Turnaround,” Bloomberg, June 13, 2017.
“Online video delivers 50% higher ROI than TV ads claims YouTube with econometric findings,” The Drum, April 19, 2016.
“Vocativ Brings Data-Mining Technology to the News Business,” Bloomberg, September 18, 2013.