According to a report by Challenger, Gray & Christmas, since January of this year, the media industry has announced at least 17,436 job cuts. This marks the highest year-to-date level of cuts in the media industry on record, even surpassing the number of layoffs made during the pandemic years. While there’s no one simple reason for all of the layoffs, many outlets are facing financial shortfalls and factors like over-hiring, a decrease in ad spending by advertisers and a trend among Gen-Zers who are getting their news from TikTok and other social platforms instead of traditional news sources.

The media, though, isn’t the only industry being affected by these job cuts this year. 2023 began with announcements by Google, Meta and Microsoft regarding a hefty number of layoffs. While the tech industry made the most headlines for these job-cuts, retailers, manufacturers and the financial sector left many unemployed. Still, the broader labor market is sending mixed signals, with the number of jobs added last month soaring past expectations while the overall unemployment rate climbed from 3.4% in April to 3.7% in May.

It’s unclear what’s ahead for the job market in the second half of 2023 but the question remains whether the media and news industry will ever be able to return to full capacity.

The Inside Scoop on the Insider Strikes

The strike by approximately 250 Insider staff members has ended after 13 days. The deal that ended the strike will “boost the salary minimum for Insider staffers from $60,000 to $65,000 a year, includes a pledge to not lay off any more employees for the rest of the year, and offers an immediate 3.5 percent raise for most staff once the contract is ratified.” While the media industry continues to cut jobs, journalists who banded together at Insider came out on top this week.

À la Netflix Banks on a Pop-Up Restaurant to Distract Angry Customers

This week Netflix announced plans to open a pop-up restaurant in LA, Netflix Bites, which will spotlight chefs from some of the streaming services most popular series. But is this pop-up enough to keep consumers support after the company’s recent moves – canceling tv series after just one season and the crackdown on password sharing? Based on consumer reactions on Twitter, it’s not. Tweets mocking the pop-up announcement such as “Sadly you can’t sharea table there,” are going viral. It’s unclear if Netflix will be able to revert back to being in good graces with streamers, but it seems as though a pop-up restaurant is not the solution.

Uber Opens Up to Video Storytelling

Ok, so most won’t call it storytelling, but Uber will soon be featuring video advertisements on its apps. These ads, which will appear while users wait for their driver or food to arrive as well as during the actual uber rides, are part of Uber’s growth strategy and will debut this week. Other companies including Lyft, Walmart, Marriott, DoorDash, Kroger and CVS Health have also adopted similar advertising strategies, leaving more and more opportunity for companies to reach consumers through digital marketing.

Events

Viva Technology

June 14-17, 2023

WWD Sustainability Forum

June 20, 2023

Bloomberg Technology Summit

June 22, 2023

Bloomberg Sustainable Business Summit

June 28, 2023

Awards

RedDot Brands & Communication Design Award 2023

Submissions close June 16, 2023

Digiday Technology Awards

Submissions close June 23, 2023

San Francisco Business Times – Most Influential Women in Bay Area Business

Submissions close June 23, 2023

Citeline Scrip Awards

Submissions close: July 7, 2023

Media Moves

• Fritz Farrow has joined ABC News as a campaign producer and reporter. He joined from CBS News, where he worked for three years.
• Maria Sherman has joined the Associated Press as a music writer to lead the coverage for the entertainment and lifestyle department.
• Bloomberg Government has hired Karl Evers-Hillstrom as a legislative analyst.
• Bloomberg News has added a managing editor and a credit reporter:
  • Victoria Benning will now oversee U.S. political commentary as a managing editor at Bloomberg Opinion.
  • Rotating reporter Allison Smith has taken on the new role of credit reporter and will cover banks, rating firms and other related topics.
• CNN CEO Chris Licht steps down after leading the news network for a little more than a year. His departure came as he faced rebellion among CNN’s talent and staff.
• CNN Business has recruited Luciana Lopez as managing editor. She joins the network from USA Today, where she was deputy managing editor of politics and elections since early 2022.
• Forbes has appointed Danielle Chemtob as a staff writer and she will handle the Forbes Daily newsletter. She arrives from Axios, where she was an investigative reporter for two years.
• Peter Klein joins NBC News as executive editor of investigations. Since 2015, he held the post of executive director at the Global Reporting Center.
• Rebecca Kaplan has been hired by NBC News as a producer and off-air reporter on the Capitol Hill team. Kaplan joins from CBS News, where she worked for more than 7 years.
• The New York Times has tapped Elena Shao to take on the role of graphics/multimedia editor at the newspaper. Most recently, she was a reporting fellow on the climate desk.
• The New York Times has made the following changes regarding its staff:
  • Claire Moses has joined the Express team in London as a reporter. Moses has been with The Times in London since she joined in June 2017.
  • Krista Mahr has been appointed to deputy international editor for the opinion section. Mahr arrives fromPOLITICO where she was a reporter for over a year.
• Patrick Caldwell has joined the POLITICO team as a senior editor. He previously was the deputy editor of The New Republic.
• The Wall Street Journal has announced that Kimberly Johnson has added election coverage editor to her duties. She will continue to be the deputy chief news editor, a position she has been holding since September 2022.
• Monica Campbell has joined The Washington Post as an editor in Audio and will mostly work with the “Post Reports” team.
• The Washington Post has made three announcements regarding its staff:
  • Patty Stonesifer, former CEO of the Gates Foundation and Martha’s Table will step in as the publications Interim Chief after longtime publisher Fred Ryan announced that he will step down.
  • Rosalind Helderman has been appointed to deputy national investigations editor. Helderman has spent over two decades with the Post and originally joined during the summer of 2001 as an intern.
  • Currently a national editor with The Washington Post, Matea Gold will become a managing editor in September 2023 and oversee several major newsroom departments.

Image of the Week

After being lost for 40 days in the Amazon following a plane crash, four children – ages 13, 9, 4 and 1, were found alive and returned to their family (NBC News).