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They say do n’t shoot the messenger , but what if The Messenger shoots itself ?
Media startup The Messenger burst on the prospect last May with $ 50 million in hand , aggressively lease diary keeper to build an “ indifferent ” digital newsroom . alternatively , its staff find out through a New York Times article today that the issue is shutting down . According to employees ’ societal mediaposts , the laid off workers will not receive any severance , and their health care coverage will end .
“ The last affair I interpret in The Messenger ’s slack was a terrified fellow write ‘ wait , what about our insurance coverage , I have a surgery raspberry — ’ and then we all got boot out ! ! ! ” enjoin journalist Jordan Hoffman in a post on X.
The last affair I saw in The Messenger ’s slack water was a panic-stricken workfellow write " look , what about our insurance policy coverage , I have a operating theatre boo — " and then we all got booted out ! ! !
— Jordan Hoffman ( @jhoffman)January 31 , 2024
The journalism industry has n’t had a peachy year , in part due todeclining digital advertizing salesacross the plug-in . But The Messenger ’s implosion is shockingly egregious , even in a time when 3,000 journalists have been laid off in the last class .
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Founded by Jimmy Finkelstein ( the former possessor of The Hollywood newsperson and The Hill ) , The Messenger had mislay about $ 38 million of its startup capital and only mother $ 3 million by late last year , perThe New York Times . At launching , Finkelstein claimed the caller would produce to make$100 million in revenueafter its first twelvemonth , but it only go about nine months .
The Messenger had been seek to upraise additional capital letter in the time of day lead up to its demise . But it failed to secure the funding it needed , which raise the question of why the publication call for to evoke more money so before long , anyway .
This is abject than low . To go on a take spree , wildly misconduct zillion of dollar and then provide hundreds of people with no way to support themselves after working them to the bone is despicable . If any The Messenger newsman are starting a layoff investment firm please share!https://t.co / cN1YB100UN
— Tonya Riley ( @TonyaJoRiley)January 31 , 2024
“ Over the last few week , literally until last Nox , we exhaust every alternative available and have strive to raise sufficient capital to reach profitability , ” Finkelstein wrote . “ Unfortunately , we have been ineffective to do so , which is why we have n’t shared the intelligence with you until now . This is really the last matter I want , and I am profoundly dark . ”
Like pretty much every other companionship that has conducted layoff in the last few year , Finkelstein cited vague “ economical headwinds ” in his banker’s bill to staff about the closure ( which , we can not emphasize enough , cameafterstaff hear that they lost their chore from a New York Times clause ) . Still , Finkelstein has not addressed just how it ’s potential to burn through so much money so quickly .
From the get - go , medium experts wereskepticalof The Messenger ’s game plan , which was to leverage societal media referral traffic to generate ad revenue . This scheme for a media business might have exploit 15 years ago , but this is n’t the earned run average of the BuzzFeed gravy ( just look at that companionship ’s line Mary Leontyne Price ) . At launch , Nieman Labnoted that The Messenger was publishing a Modern story every two transactions , some of which were only one sentence long . Though Finkelstein ’s ambitions to establish a large - musical scale , unbiassed media machine were lofty , they were ultimately destine to fail . Sadly , that failure means financial uncertainty and precarious healthcare coverage for its prole .
“ I can not fathom doing this to anyone,”wroteformer Messenger staff member Madeline Fitzgerald on X. “ I do n’t [ know ] why you would treat employees like this . ”
