Media company makes a heap of money because of a surge in games interest (this time a massive surge due to the double whammy of pandemic + new consoles). They invest that money in new staff and product launches.
Then a year or 2 later, interest wanes, they are now spending more but earning the same as a few years previously (this year they’re spending more and earning less). So inevitably the axe comes out.
It happens every time a new console comes out. All of us old guys will know that every time a console comes out, there’s all this interest and suddenly we’ve got half a dozen new magazines on shelves. They usually last 18 months at best.
It’s a cyclical industry. The key to managing that is not to over-spend when things are going well and not to panic when things are going poorly. It’s mad we’ve still not learnt these lessons after more then four decades.
The amount of money the media spent during the pandemic was reckless.
Truly depressing news about lay-off at various companies, Nathan. I wanted to post your link about Future on linkedin just to spread some shame, but I know that senior management at Future are immune to shame (unshamable? shameless?)
History magazine anecdote gave me a chuckle in the darkness...
Same old story.
Media company makes a heap of money because of a surge in games interest (this time a massive surge due to the double whammy of pandemic + new consoles). They invest that money in new staff and product launches.
Then a year or 2 later, interest wanes, they are now spending more but earning the same as a few years previously (this year they’re spending more and earning less). So inevitably the axe comes out.
It happens every time a new console comes out. All of us old guys will know that every time a console comes out, there’s all this interest and suddenly we’ve got half a dozen new magazines on shelves. They usually last 18 months at best.
It’s a cyclical industry. The key to managing that is not to over-spend when things are going well and not to panic when things are going poorly. It’s mad we’ve still not learnt these lessons after more then four decades.
The amount of money the media spent during the pandemic was reckless.
Truly depressing news about lay-off at various companies, Nathan. I wanted to post your link about Future on linkedin just to spread some shame, but I know that senior management at Future are immune to shame (unshamable? shameless?)
History magazine anecdote gave me a chuckle in the darkness...
Stay in the light...
I wonder where art is going to land in all of this
Journalism is just a door to write. But what if that mentality creeps its way to literature?