The changes reflect a broader strategic shift under CEO Barbara Peng, who has emphasized a focus on quality journalism and the use of AI, despite concerns from staff and unions about the impact on journalistic integrity. The company has been scaling back its ambitions since its failed attempt to become a general newsbrand and is now refocusing on business coverage. The layoffs have particularly impacted long-serving staff, with many expressing shock and disappointment at the sudden job losses. The National Union of Journalists has criticized the cuts, highlighting the loss of experienced reporters and the potential negative impact on career progression and journalism quality.
Key takeaways:
- Business Insider is undergoing significant job cuts, reducing its workforce by 21% due to declining traffic and a strategic shift towards focusing on paid subscribers.
- The layoffs have affected various departments, including entertainment, environment, audience growth, personal finance, and technology, with many long-serving and senior staff members being let go.
- The company is shifting its strategy away from high-traffic content to focus on quality journalism and business coverage, which is expected to drive higher advertising rates and subscriptions.
- Business Insider is also emphasizing the use of AI in its operations, despite concerns from staff and unions about the impact on journalism quality and job security.