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Themessenger

All articles tagged with #themessenger

business2 years ago•4 min saved

"The Messenger's High-Stakes Ad Revenue Turnaround and Layoffs"

The Messenger, a struggling news media startup, is seeking a $20 million investment to fuel a dramatic advertising turnaround and stave off financial jeopardy. Despite initial plans to hire 550 journalists and generate over $100 million in revenue by 2024, the company has faced financial struggles, leading to recent layoffs and a net loss of $43 million in 2023. The company aims to become profitable in 2024, banking on a significant increase in advertising revenue, particularly from political events and the launch of Messenger TV. However, without additional investment, The Messenger predicts negative cash balance by June, despite projecting positive free cash flow by August.

via CNBC|

#advertising #business #digital-media

business-and-finance2 years ago•3 min saved

"Financial Turmoil and Potential Takeover for The Messenger Amidst Layoffs"

The media start-up The Messenger, which aimed to revolutionize journalism, is facing significant financial challenges, having generated only $3 million in revenue last year against a loss of $38 million. Despite initial ambitions to generate over $100 million in revenue in 2024, the company is now laying off employees and seeking additional investment to sustain operations. Founders and executives, including Richard Beckman, are leaving or have left the company amidst these difficulties. The Messenger is attempting to diversify its revenue streams through events and a planned TV division while assuring that its financial situation will improve throughout the year.

via The New York Times|

##business-and-finance #financialstrain