The US publishing group Condé Nast announces that it will cut its jobs by around five percent, deviating from plans to build its own video studio for Hollywood film and TV concepts.
Around 270 employees are affected by the decision. The reasons for this are the competitive pressure of online advertising, the declining social media traffic and the changing preferences of viewers, especially for short videos, reports the US daily newspaper New York Times. The video department will now be integrated into the company’s editorial areas.
Condé Nast CEO Roger Lynch emphasized the importance of focusing on existing areas such as memberships and e-commerce. The company will maintain its video production and work with its affiliated magazines, such as The New Yorker and Vogue, to adapt to changing digital content trends.
This article originally appeared on FashionUnited.uk. Translated and edited by Heide Halama.