March 25, 2023
05 10

Flipboard lays off more than 20% of staff due to poor digital advertising business – Hong Kong

The magazine-style news collector platform Flipboard is widely used by netizens, and some mobile phones and tablets are also pre-loaded, but there has been bad news recently. The website Gizmodo reported yesterday that Flipboard laid off more than 20 percent of its staff last week, and CEO Mike McCue admitted that the company had just undergone a restructuring.

In response to media inquiries, McCue pointed out that the economic downturn and the grim outlook for the digital advertising business are the reasons for Flipboard’s large-scale layoffs. This time, 24 employees were affected, equivalent to 21% of the entire team. Layoffs are supported during the transition period. Launched in 2010, Flipboard initially benefited from the booming mobile phone economy in the early days, but in recent years the environment has changed and big tech companies have entered the fray.

Both Apple and Google, which have huge resources, have launched their own news collector services, threatening smaller companies such as Flipboard. In recent years, netizens have become more tired of news than before, according to a study conducted by Reuters. 38% of respondents Resist reading the news, compared with 29% in a 2017 study of the same type. Flipboard relies on digital advertising as a source of revenue, but the market environment has deteriorated, and even Meta has been hit hard.

Data and picture sources:gizmodo Mewe page:

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Ewen Eagle

I am the founder of Urbantechstory, a Technology based blog. where you find all kinds of trending technology, gaming news, and much more.

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