Vice Media Group officially filed for bankruptcy

Vice had faced challenges in generating a steady income and failed to meet its expected revenue for the year 2022 by $100 million.

Vice and Buzzfeed

In the previous month, the corporation declared a significant reorganization plan that involved terminating its program, Vice News Tonight, and cutting jobs. The recent bankruptcy of Vice follows the closure of BuzzFeed’s news division, as digital media companies face challenges in a diminishing advertising industry and economic challenges.

Market and the media

Numerous digital triumphs of the 2010s have struggled due to a harsh market, as evolving media habits have resulted in the emergence of video platforms like TikTok and YouTube.

Simultaneously, as BuzzFeed terminated its news division and reduced its personnel by 15%, Insider, a news website previously called Business Insider and owned by Axel Springer, revealed its plan to reduce its global workforce by 10% to ensure its continued health and competitiveness.

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