AI and declining web traffic cause Fortune magazine to cut staff
Fortune magazine became the latest media outlet to cut jobs, with the magazine’s boss pointing to the rise of artificial intelligence and declining web traffic as key drivers behind the decision, reports TheWrap.
Anastasia Nyrkovskaya, CEO of Fortune, said approximately 10% of staffers were being laid off in a memo obtained by TheWrap. The magazine has 360 full-time staffers, according to Pitchbook, which would mean a few dozen employees lost their jobs.
“The business landscape is changing rapidly, between the onset of AI, the resulting decline of website traffic trend and the rise of audio and video as popular formats,” Nyrkovskaya said in her memo. “Sustainable media business models need to change along with it.”
Moving forward, she said the 95-year-old business-focused publication, would be focused on building a “more efficient organization” and “streamlining collaboration across our business units, sales and editorial teams.”
Nyrkovskaya did not specify which teams in particular would be hit by the layoffs.
Meredith Corporation announced on Friday it has agreed to sell Fortune magazine to Thai businessman Chatchaval Jiaravanon for $150 million in cash,
