Publishing giant Condé Nast announced it will reduce its workforce by around 5 percent, deviating from its plans to establish an in-house video studio for Hollywood's film and TV concepts.
The move, affecting about 270 employees, is attributed to digital advertising pressures, declining social media traffic, and changing audience preferences, particularly towards short-form video, reported the New York Times. The video division will now be integrated with the company's editorial brands.
Condé Nast CEO Roger Lynch stressed the importance of focusing on areas within their control, like subscriptions and e-commerce. The company will maintain its video content production, partnering with magazines like The New Yorker and Vogue to adapt to changing digital content trends.