The COVID-19 global pandemic has not only affected numerous industries, but it has also affected the media and communication field. Weekly newspapers have been under suspension, and news sites have had to lay off their staff.
It has been rough in the past few weeks in the United States for the media industry, such as The Stranger of Seattle to the Riverfront Times of St. Louis, which had to cut their staff, suspend publications as well as be in search of new revenue streams. The situation has worsened due to the shutdown of local businesses such as restaurants, bars or festivals and other significant events.
This scenario not only affected the local newspapers but also major media companies in the United States. They have also been facing similar problems. Everybody must do anything at any price just to survive through this global crisis. Just two weeks ago, BuzzFeed had been struggling to find a new Editor-in-Chief after Ben Smith had resigned to join The New York Times. They now will find it even more difficult as they had to announce a monthly salary reduction.
The amount of the pay cuts depends on the hierarchy of employees: those with a salary below USD 64,900 per month will receive a 5% pay cut, while directors and managers with higher income will take a reduction of up to 25%.
According to the CEO and founder of BuzzFeed, predicting the overall situation is not something possible amid such a crisis; however, there is still hope for changes to take place in the future. For business operations, he said pay cuts would help the company ensure it can maintain operations. At the same time, the company would consider upgrading the quality of its content and re-evaluate its past activities.
BuzzFeed, as well as many other media companies, is facing a massive surge of stories and news about COVID-19. As a result, advertising revenue is slipping, and the Board of Directors is being forced to cut the budget. Furthermore, BuzzFeed also said that a big media company had faced a blockage of their advertising content to provide COVID-19 news, which devastated the dreary revenue of BuzzFeed.
Besides, fashion magazines are also dealing with a shortage of advertising content in their magazines. Fashion shows are to be halted and brands cannot launch new collections. Even requesting and receiving clothes for editorial shoots is a challenging task more than ever.
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