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    Aug. 6, 2024, 1:39 p.m.
    Business Models
    Axios has its first-ever layoffs, citing “shifting reader attention and behavior” and AI
    LINK: x.com  ➚   |   Posted by: Neel Dhanesha   |   August 6, 2024

    On Tuesday, Axios CEO Jim VandeHei told staff (in an email that used Axios’ “smart brevity” format) the company is laying off 50 people, or about 10% of its employees. These are the first layoffs in the 7-year history of the company, which until now seemed to have dodged the icebergs that had torn holes into many of its competitors; it was so successful, in fact, that Cox Enterprises bought Axios for $525 million in 2022. Its founders — VandeHei, Mike Allen, and Roy Schwartz — stayed on to continue running the company.

    In his memo, VandeHei mentioned that reader attention is “scattering across social, podcasts, individual creators and influencers, partisan websites and more,” and that this coupled with AI models’ ability to summarize news makes now “the most difficult moment for media in our lifetime.” In April, VandeHei had told The New York Times he was concerned the rise of AI would “eviscerate the weak, the ordinary, the unprepared in media,” and that Axios’ strategy would shift toward live events, membership programs, and premium newsletters.

    Axios’ Detroit and Tampa Bay reporters both posted about being laid off, as did a national news editor. The visuals team was hit particularly hard, according to Axios’ managing editor of data visuals.

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