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Vice and BuzzFeed were meant to be the future of news. what happened? | Jane Martinson

aAfter Rupert Murdoch invested tens of millions Vice Media boss Shane Smith, who made £5 profit from his digital publishing company in 2013, laughed at how old media companies would like his sexy young business. he realized that they were left behind, they will provide billions of dollars: “And we keep saying ‘no, no, no.'”

Shortly afterward, Smith’s closest rival, BuzzFeed’s Jonah Peretti, who attracts the attention of both young and wealthy older men, traveled to London to talk about his own plans for world domination. He said he was overly concerned with money. he tried to avoid it. what is it worth”.

But now everyone is thinking about the value of Vice Media and BuzzFeed.vise earlier this week filed for bankruptcy protectionjust a few weeks after BuzzFeed finished reporting It used to try to match the big names in the news world. Both digital media companies, once hailed as the future of news, are now worth a fraction of their high prices. Shortly after Murdoch invested, Vice was valued at nearly $6 billion and is expected to be acquired by the remaining lenders for about $225 million.

The reasons for these sudden declines, occurring around the same time, are relatively simple, but still heartbreaking for all those currently facing unemployment. Vice used up all the money investors poured in, but still had a lot of money outstanding debt – $834 million – Rising interest rates have made the future unsustainable. Even with cash prizes and prizes, BuzzFeed struggled to make enough money.

It wasn’t just the economic downturn, arrogance and mismanagement that went wrong, it was also the payment system set up for the bankruptcy of these two disparate digital media darlings.

Remember how different they are. From its birth as a punk magazine to its global influence on the internet, Vice sent a basketball star to meet North Korean leader Kim Jong-un. Meanwhile, BuzzFeed, founded by liberal Californians, wanted to be the New York Times of the web, with cat videos on the side.

Both are all about reaching an audience, and digital advertising is more than enough to pay for all the content consumed by a generation accustomed to the need for constant updates, or “hot takes,” as Peretti puts it. I was driven by the idea. Born on the web, social media companies mocked old media groups for their dirty printing costs and provided links to young readers who no longer read newspapers or watch TV. The fact that half of Americans aged 18 to he 34 visit Buzzfeed.com every month, according to a Google Analytics study, is a loss-making site, even though those users paid no money at all. pretended to be the future. money there. Advertisers moved elsewhere when they got tired of ads that kept pausing content, including cat videos.

The idea that youth is not just the future but the panacea has been clear since early 2014. when i visit Vice then had a painfully hipster London base in Shoreditch. When comScore statistics suggested Guardian and other legacy media brands were attracting more millennials than Vice.com, the company said its analysis was “inaccurate.” Furthermore, senior advertisers said Vice was primarily visited by millennials, and the fact that many seniors prefer traditional media was more important.

Joseph Teesdale, head of technology at Enders Analysis, said some of the problems faced by digital enthusiasts in their formative years (technically awful teenage years) were that they were “still in business.” Looking for a plan, he says, was to keep up the good pitch. Investors are happy to splurge on cash in hopes of future success, but only for a limited time.

It’s also clear that social media platforms such as Facebook and Google have proven to be unreliable sources of funding. Without real sanctions, Facebook could simply change its algorithm to stop promoting news stories, but Google had to convince them of the distinction and value of editorial and advertising.both buzzfeed and Vice were the first to address this distinction, and have since been criticized for their own handling. Meanwhile, Gen Z has moved on, their attention spans have decreased, and they are now focusing on shorter video content on Snapchat and TikTok.

Investors with money to spare are still willing to back new businesses that will provide information and news to the next generation, including a business Smith started in the United States and a London-based It also includes two businesses, Tortoise and the News Movement. early this month, Messenger Launches in US With $50 million and founder Jimmy Finkelstein wanting an alternative to the overly partisan national news media.

With Vice and BuzzFeed’s unsuccessful attempts to develop their own business plans, and circulation and advertising revenues dwindling, traditional media companies have had to find new ways to make money. Voices were getting louder online, and for some, that meant moving to more partisan media. Or, as Roman Roy puts it in Succession, “News for Angry Old Men,” ATN is still alive after its fictional family crushed two media ventures resembling Vice. It’s a news channel like owned by Fox.

We should all be outraged, young and old, if that’s all that’s left after money and tech companies finish experimenting with online news.

Summarize this content to 100 words aAfter Rupert Murdoch invested tens of millions Vice Media boss Shane Smith, who made £5 profit from his digital publishing company in 2013, laughed at how old media companies would like his sexy young business. he realized that they were left behind, they will provide billions of dollars: “And we keep saying ‘no, no, no.'”Shortly afterward, Smith’s closest rival, BuzzFeed’s Jonah Peretti, who attracts the attention of both young and wealthy older men, traveled to London to talk about his own plans for world domination. He said he was overly concerned with money. he tried to avoid it. what is it worth”.But now everyone is thinking about the value of Vice Media and BuzzFeed.vise earlier this week filed for bankruptcy protectionjust a few weeks after BuzzFeed finished reporting It used to try to match the big names in the news world. Both digital media companies, once hailed as the future of news, are now worth a fraction of their high prices. Shortly after Murdoch invested, Vice was valued at nearly $6 billion and is expected to be acquired by the remaining lenders for about $225 million.The reasons for these sudden declines, occurring around the same time, are relatively simple, but still heartbreaking for all those currently facing unemployment. Vice used up all the money investors poured in, but still had a lot of money outstanding debt – $834 million – Rising interest rates have made the future unsustainable. Even with cash prizes and prizes, BuzzFeed struggled to make enough money.It wasn’t just the economic downturn, arrogance and mismanagement that went wrong, it was also the payment system set up for the bankruptcy of these two disparate digital media darlings.Remember how different they are. From its birth as a punk magazine to its global influence on the internet, Vice sent a basketball star to meet North Korean leader Kim Jong-un. Meanwhile, BuzzFeed, founded by liberal Californians, wanted to be the New York Times of the web, with cat videos on the side.Both are all about reaching an audience, and digital advertising is more than enough to pay for all the content consumed by a generation accustomed to the need for constant updates, or “hot takes,” as Peretti puts it. I was driven by the idea. Born on the web, social media companies mocked old media groups for their dirty printing costs and provided links to young readers who no longer read newspapers or watch TV. The fact that half of Americans aged 18 to he 34 visit Buzzfeed.com every month, according to a Google Analytics study, is a loss-making site, even though those users paid no money at all. pretended to be the future. money there. Advertisers moved elsewhere when they got tired of ads that kept pausing content, including cat videos.The idea that youth is not just the future but the panacea has been clear since early 2014. when i visit Vice then had a painfully hipster London base in Shoreditch. When comScore statistics suggested Guardian and other legacy media brands were attracting more millennials than Vice.com, the company said its analysis was “inaccurate.” Furthermore, senior advertisers said Vice was primarily visited by millennials, and the fact that many seniors prefer traditional media was more important.Joseph Teesdale, head of technology at Enders Analysis, said some of the problems faced by digital enthusiasts in their formative years (technically awful teenage years) were that they were “still in business.” Looking for a plan, he says, was to keep up the good pitch. Investors are happy to splurge on cash in hopes of future success, but only for a limited time.It’s also clear that social media platforms such as Facebook and Google have proven to be unreliable sources of funding. Without real sanctions, Facebook could simply change its algorithm to stop promoting news stories, but Google had to convince them of the distinction and value of editorial and advertising.both buzzfeed and Vice were the first to address this distinction, and have since been criticized for their own handling. Meanwhile, Gen Z has moved on, their attention spans have decreased, and they are now focusing on shorter video content on Snapchat and TikTok.Investors with money to spare are still willing to back new businesses that will provide information and news to the next generation, including a business Smith started in the United States and a London-based It also includes two businesses, Tortoise and the News Movement. early this month, Messenger Launches in US With $50 million and founder Jimmy Finkelstein wanting an alternative to the overly partisan national news media.With Vice and BuzzFeed’s unsuccessful attempts to develop their own business plans, and circulation and advertising revenues dwindling, traditional media companies have had to find new ways to make money. Voices were getting louder online, and for some, that meant moving to more partisan media. Or, as Roman Roy puts it in Succession, “News for Angry Old Men,” ATN is still alive after its fictional family crushed two media ventures resembling Vice. It’s a news channel like owned by Fox.We should all be outraged, young and old, if that’s all that’s left after money and tech companies finish experimenting with online news.
https://www.theguardian.com/commentisfree/2023/may/20/vice-and-buzzfeed-were-meant-to-be-the-future-of-news-what-happened Vice and BuzzFeed were meant to be the future of news. what happened? | Jane Martinson

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