What BuzzFeed and Vice's Declines Tells You About Media Businesses

Marketing School - Digital Marketing and Online Marketing Tips

Eric Siu and Neil Patel

Business, Marketing, Careers

4.6 • 1.4K Ratings

🗓️ 14 May 2023

⏱️ 6 minutes

🔗️ Recording | iTunes | RSS

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Summary

In episode #2454, we talk about what BuzzFeed and Vice's declines tell you about media businesses. Once valued at nearly $6 billion, Vice is reportedly preparing to file for bankruptcy, becoming the latest in a string of media empires to collapse with dwindling interest and revenue. The decline of Vice follows shortly after BuzzFeed News announced its closure in April, a move that brings a pioneering era of digital journalism to a close. What happened? And what can you learn from it? Join us as we discuss why this is happening, what we think these companies could have done differently, and more! TIME-STAMPED SHOW NOTES: [00:00] Today’s topic: What BuzzFeed and Vice's Declines Tell You About Media Businesses. [00:55] Reasons that digital media companies are declining. [01:53] Why do we recommend monetizing a product or service, not media? [03:05] How Logan Paul’s PRIME illustrates the value of leveraging your distribution. [04:29] Ways to increase profit margins using equity. [04:57] Why it’s the size of your market, not your audience, that matters. [06:15] That’s it for today! Don’t forget to rate, review, and subscribe! Go to https://www.marketingschool.io to learn more! Links Mentioned in Today’s Episode: Don’t forget to help us grow by subscribing and liking on YouTube! Vice BuzzFeed News Leave Some Feedback: What should we talk about next? Please let us know in the comments below Did you enjoy this episode? If so, please leave a short review. Connect with Us: Single Grain << Eric’s ad agency NP Digital << Neil’s ad agency Twitter @neilpatel Twitter @ericosiu Learn more about your ad choices. Visit megaphone.fm/adchoices See omnystudio.com/listener for privacy information.

Transcript

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0:00.0	All right, so we are going to talk about what Buzzfeed and Vice, that's a network,
0:06.4	so Vices declines tell you about media businesses.
0:09.4	So just to set the stage for this one, Buzzfeed, I believe it's called Buzzfeed news was shut down.
0:15.0	And that doesn't mean Buzzfeed was shut down.
0:18.0	And then Vice, which they, I don't know if you've seen the stuff around Vice,
0:21.0	Neil, where they send like journalists into war areas or war torn countries
0:25.8	and really dangerous situations where they're talking to maybe drug lords or maybe they're
0:31.2	interviewing escorts and things like that.
0:32.8	Just really they're kind of diving,
0:34.5	it's like pretty hardcore journalism
0:36.5	and dangerous journalism I would say,
0:38.2	but also very entertaining.
0:39.8	And Vice, who was once valued at 5.7 billion dollars, they're now potentially on the verge of bankruptcy.
0:47.0	And so we want to talk about how to think about these media companies and why we think this is happening and what we think they could have done instead go for it?
0:55.4	Yeah, so if you're seeing declines in things like Google and Facebook and their ad revenue
1:01.7	Why wouldn't you see declines in vice and BuzzFeed?
1:06.6	The other thing to keep in mind is we have so many options for media and news and entertainment,
1:12.6	whether it's Instagram or Tik-Tok,
1:14.9	possibilities are endless now.
1:16.4	There's always a new social network
1:18.3	that's popping up.
1:20.3	It's gonna take away time and attention from Vice, Buzzfeed, all the other channels.
	...

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