🚨 BUMMER ALERT: Last week, a friend of mine was laid off from The Recount, a promising news startup that’s about to close. Another friend had a story killed at WaPo magazine, which is also abruptly shutting down. Yet another buddy has learned they’re coming back from leave to a to-be-determined job at [I haven’t gotten consent to share the name of her outlet, but you probably know it] after the company executes a budget-saving re-org.
Media is in a bad place — not necessarily because revenue has fallen so drastically yet, but because everyone’s expecting lower ad buy next year as the economy ~recedes,~ so companies are turning off the spigot now.
It’s sad and alarming, and still, I was tickled to see that the tech outlet Future is also shutting down. Future, you see, was launched last year by the VC fund Andreesen Horowitz, with the goal of taking back the tech narrative from the pesky mainstream outlets that report on the industry with “criticism” and “balance.”
At first read, the closure is a little bit of a relief. Like, wow, is media really so bad that even the money people can’t make it work? No, it turns out — the money people are just bad at running media.
“It doesn’t always end well when you hire people to tell the world how great you are,” wrote tech journalist Brad Stone in Bloomberg. “Future.com, from my periodic glances, is a snooze fest, devoid of even the most justifiable skepticism and tension.”
The general readership agrees and is therefore paltry, and it’s no longer worth it for the firm to employ writers to turn out one-sided stories. Their media arm a16z will continue to air insidery podcasts and videos, but they’ll leave the critical journalism to…….. ah shit, where’d all the newspapers go?