Layoffs 2024: Malaysia-Based Media Chinese To Reduce 44% of Its Workforce and Use AI To Save Costs and Monetise Digital Content
Media Chinese International Ltd, a Malaysia-based popular Chinese-language media platform announced to let go 44% of its workforce. The Media Chinese layoffs would hit 800 employees.
Kuala Lumpur, June 2: Media Chinese International Ltd, a Malaysia-based Chinese-language focused media group, announced it would lay off 44% of its workforce due to ongoing restructuring, cost reductions and the adoption of artificial intelligence. The Media Chinese International Ltd layoffs would affect nearly 800 employees. In 2024, media companies like Media Matters, Vice Media, Bell, and others laid off their employees due to various reasons.
According to a report by Edge Malaysia, Kenanga said that Media Chinese International Ltd would be reducing its workforce as much as 44% due to the restructuring. Following these layoffs, the media group is expected to cut even more jobs - from 1,000 to 1,800. By downsizing the workforce, Media Chinese believes in cutting costs significantly. Not only this, the company would encourage the employees to multi-task. Tata Steel Layoffs: UK-Based Indian Steel-Making Company To Cut 2,500 Jobs Due to Transition in Operation, Workers’ Unions Not Happy.
The report mentioned that publishing costs would rise in the future, leading to Media Chinese shutting down its printing plants in states like Johor. Penang and Selangor. In 2024, Media Chinese witnessed a 3.7% decline in its shares and a sharp drop in the past few years. The media group reported limited earnings and losses. The global media industry has been suffering from rising costs and a decline in revenue, which has also hit Media Chinese. The company reported the highest net loss since 1998 at RM 61 million (around $17 million) in FY2024. Besides, media firms have been trying hard to get their digital content monetised. Google Cloud Layoffs: Google’s Cloud Unit Lays Off Unspecified Employees, Teams Focused on Consulting, Partner Engineering and Sustainability Affected Most.
The report emphasised that Media Chinese International Ltd, in addition to saving costs, considered integrating artificial intelligence (AI) into its business, hoping that it would help the company monetise the content. This media group had been optimistic about reaching an agreement with the new AI players in the market, like Tencent and Baidu, for its Chinese language-related content, according to Kenanga. Recently, OpenAI and News Corp announced their multi-year agreement. News Corp owns The Wall Street Journal, Fox News and other businesses.
(The above story first appeared on LatestLY on Jun 02, 2024 06:51 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).