Lefty Millennial Media Companies Are Collapsing, Investors Pull Out
Timcast News
Timcast Media
4.6 • 7.4K Ratings
🗓️ 15 December 2018
⏱️ 13 minutes
🧾️ Download transcript
Summary
Lefty Millennial Media Companies Are Collapsing, Investors Pull Out. Vice and Vox have both missed revenue projections, Disney has written down their investment in Vice by 157 Million dollars, and Buzzfeed resorted to selling cookware at Walmart.
Social justice, the far left, and intersectional feminism were easy ways for companies to generate anger to get clicks but as Facebook and Google derank this type of content these media companies are losing money and slowly collapsing.
Will this mean regressive leftists lose mainstream appeal as the media activists that support them lose their jobs? Or will these companies double down to the extreme in an effort to scrape what little money they can from the bottom of the digital barrel?
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Transcript
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| 0:00.0 | Investors have begun shying away from new media companies for a variety of reasons, |
| 0:05.6 | one of which is their dependence on what's called fang, which typically means like Amazon, |
| 0:10.5 | Facebook, Google. Most of these new media companies, they have exorbitant evaluations, |
| 0:16.1 | but they just chase the algorithm. They don't produce quality content, they're not tracking down |
| 0:21.2 | big stories, they're writing hit pieces on PewDiePie because it's simple clickbait that generates |
| 0:25.8 | money and doesn't really serve anybody. But eventually, that stops working. People get fed up, |
| 0:31.2 | people like PewDiePie. But more importantly, Facebook changed its algorithm and Google |
| 0:35.6 | periodically changes its algorithm too, which means these companies are bad investments. |
| 0:40.5 | The Washington Post has published this story and it actually paints a pretty interesting picture |
| 0:44.9 | of how things are going to change. Mike.com is a really interesting example. At one point, |
| 0:49.2 | they were valued at $100 million. They recently laid off most of their staff and sold for $5 million. |
| 0:55.2 | So I'll say this, if you think the hit pieces were bad a few years ago, if you think they're bad |
| 1:00.4 | today, how do you think these companies are going to react as they slowly start dying off? |
| 1:05.5 | It's going to get a lot worse. So today, let's take a look at what the Washington Post has to say |
| 1:09.7 | about investment in these companies and take a look at one of the best examples of the failures |
| 1:14.0 | of new media and why they're a bad investment, Mike.com. But before we get started, please head over |
| 1:18.7 | to Timcast.com forward slash donate. If you want to support my work, there's an option for PayPal |
| 1:23.7 | subscription, cryptocurrency, a P.O. box, and there's also a shop button where you can buy fancy |
| 1:29.4 | t-shirts that I myself have actually designed. So no more Patreon or subscribe star, unfortunately, |
| 1:34.8 | but there is a direct way to support me if you so choose. From the Washington Post, new media |
| 1:39.2 | hits stumbling block, scaring away some investors, sites reliance on Facebook, Google, seen as a |
| 1:44.7 | contributing factor. As legacy news companies suffered tremors over the past decade, money from venture |
... |
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