Popular news outlet Insider has announced that it will be laying off 10 percent of its workforce. This includes staff writers, but Insider denies that this decision was based on the experiment with AI chatbot ChatGPT for writing assignments. It is clear that the decision comes in the face of an economy where media companies are struggling to stay afloat. Those affected by the layoffs will receive 13 weeks of base pay and two weeks for every additional year with the company, up to four. In addition, they will receive medical coverage up to August 2023 and additional career support from resume reviews to one-on-ones with coaches.
This is not an isolated instance of layoffs within the media industry. Publications like BuzzFeed, ABC News, Vox Media, NPR and CNN have all had to reduce their staff due to the pressures of the economy. As if to add insult to injury, Buzzfeed also announced the closure of their news section and a reduction in their workforce by 15 percent. In addition, the Pulitzer Prize-winning news arm of Buzzfeed.com will be shut down, according to CEO Jonah Peretti.
The company at the forefront of this story, Insider, is a well-known digital media company. It produces content ranging from leisure to business and tech, with obvious emphasis on the latter. They trailblaze and bring innovation through their partnerships, to create the best possible content and experiences for the audience.
The individual behind the current situation is the CEO of Insider (as well as Buzzfeed), Jonah Peretti. He has been with Buzzfeed since 2011 and secured the CEO position in 2016. He is renowned for his leadership skills and making use of technology to produce quality media. Peretti is also credited for helping Buzzfeed expand to new markets and secure investments from some of the biggest tech companies in Silicon Valley.
Large-scale layoffs are never a happy event and it seems that news outlets are getting hit the hardest, based on the list of layoffs from the last few months. But those affected by this must know that Insider and Jonah Peretti will do their best to support those who have had their lives uprooted by the layoffs. We hope that the media industry recovers swiftly and allows those laid off to re-enter a thriving job market.
