Jeff Bezos-owned WaPo is on track to lose money as digital subscriptions and ad revenue falter

The Washington Post, owned by billionaire Jeff Bezos, has lost millions of dollars in revenue, with the newspaper reportedly discussing the possibility of cutting 100 jobs and buying The Guardian and Associated Press.

Sources familiar with the company’s finances told the New York Times that The Post now has fewer than the three million digital subscribers it welcomed in 2020 and that digital advertising revenue for the first half of 2022 has grown to $70 million declined, a decrease of 15 percent from the previous year.

Fred Ryan, the CEO and publisher, is also said to have had the idea of ​​cutting 100 jobs in the newsroom, which currently employs about 1,000 people.

Other executives also reportedly laid out plans to make The Post the “definitive source of news and information for the English-speaking world,” which included talks of buying The Guardian, AP and The Economist.

The Washington Post saw digital ad revenue fall to $70 million in the first half of 2022, down 15 percent year-on-year. Many are frustrated with the leadership of CEO Fred Ryan (left), who was appointed by billionaire Jeff Bezos (right).

The Washington Post saw digital ad revenue fall to $70 million in the first half of 2022, down 15 percent year-on-year. Many are frustrated with the leadership of CEO Fred Ryan (left), who was appointed by billionaire Jeff Bezos (right).

The Washington Post saw a boom in business after Bezos bought the outlet in 2013. Through its extensive coverage of the Trump administration, the newspaper touted three million subscribers in 2020, but that has since fallen

The Washington Post saw a boom in business after Bezos bought the outlet in 2013. Through its extensive coverage of the Trump administration, the newspaper touted three million subscribers in 2020, but that has since fallen

In the years after Bezos bought The Post in 2013, the company experienced a significant business boom, with its newsroom doubling in size as it attracted hundreds of new journalists.

But while the newspaper saw a surge in subscriptions and readership, it experienced a downturn in early 2021 after Donald Trump left the presidency.

The Post, which saw a surge in activity through its extensive coverage of the Trump administration, has struggled to recover after Trump left office, Times sources said.

They said many are frustrated with Ryan’s leadership, who was appointed by Bezos for failing to expand and diversify the outlet’s coverage at this critical moment.

Sources claim Ryan has been a controversial figure at the office, and many worried about his direction for the company.

They added that the publisher has been monitoring how many people are coming into the office following the lifting of COVID restrictions and is now considering threatening to fire those who continue to work from home.

Adding to the losses would be the allegedly vulnerable 100 new positions.

A Post spokeswoman said the outlet is not considering layoffs and will instead create jobs and “explore positions that should be repurposed to serve a larger, national and global audience.”

The spokeswoman added that the Times report paints an incomplete picture of the Post’s business, but didn’t say how.

The guard

The Associated Press

Washington Post executives have talked about buying The Guardian (left) and The Associated Press (right) to boost their brand globally, but Ryan has reportedly shelved the plans, much to the frustration of his marketing team

Bezos, who ushered in a new era for the paper (pictured in 2016), left the helm of the company to Ryan, who sources say clashes with employees and executives at The Post

Bezos, who ushered in a new era for the paper (pictured in 2016), left the helm of the company to Ryan, who sources say clashes with employees and executives at The Post

Sources said Bezos was a regular present at The Post for the first few years after buying the paper, but his visits have become a rare occurrence following the COVID-19 shutdowns.

The paper’s leadership has fallen to Ryan, 67, a former Reagan administration official and Politico CEO.

Last year, sources said Ryan held an internal strategic review team with The Post’s executive team, during which several executives concluded the newspaper should buy global competitors to expand its brand oversight.

However, Ryan has reportedly put the plan on hold, much to the frustration of The Post’s marketing team, sources told the Times.

The sources added that the newspaper hired a team of marketers for advertising, but several ads never ran.

The alleged anger at The Post comes after several journalists covering the pandemic wrote a letter to Ryan about his recent anti-work-from-home policy.

“Such decisions are extremely personal and momentous,” the letter reads, “and we urge management to allow employees to make these decisions without fear of punishment from their employer.”

https://www.dailymail.co.uk/news/article-11161841/Jeff-Bezos-owned-WaPo-track-lose-money-digital-subscriptions-ad-revenue-stagnates.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 Jeff Bezos-owned WaPo is on track to lose money as digital subscriptions and ad revenue falter

Andrew Kugle

WSTPost is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@wstpost.com. The content will be deleted within 24 hours.

Related Articles

Back to top button