CNN is cutting about 100 jobs, nearly 3% of its workforce, as CEO Mark Thompson yesterday unveiled a new digital strategy for the company amid declining TV viewership and revenue.
In a memo to staff, Thompson outlined his plan to release a video-heavy subscription product this year through CNN.com as well as paywalled lifestyle content. The announcement comes two years after the abrupt launch—and shuttering—of CNN+, its subscription streaming service. Last year, the company released CNN Max, a live news streaming platform available through parent company Warner Bros.' Max.
For years, CNN's prime-time viewership ratings have declined, trailing Fox News and MSNBC. Profit last year fell below $1B for the first time in years as advertising revenue in early 2023 dropped almost 40% from the year before. CNN's struggles come amid a broader trend in news consumption habits; today, a majority of Americans get at least some of their news through digital products.
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