Things are tough all over — but especially in the digital media business of 2018.
Probably the most high-profile flameout this year was at Mic, which laid off most of its staff ahead of an acquisition by Bustle. Mic had raised nearly $60 million in funding, with major media organizations like Time Warner and Bertelsmann writing checks for the company’s vision of delivering news to a millennial audience.
But Mic’s issues were just the capstone to a long year of shutdowns and layoffs. Among the headlines:
It may not be entirely fair to group these stories together — some companies likely failed because of specific management or business issues, while others fell victim to broader shifts and still others may bounce back after figuring things out. But collectively, they paint the picture of an intensely challenging time.