New Delhi, August 21: TIME Magazine has reportedly laid off 22 employees across various departments as part of its restructuring efforts. As per reports the job cuts has affected employees from different departments, which include editorial, technology, sales & marketing and TIME Studios comes amid business challenges. Lower advertising budgets, competition and shifts in customer behaviour have reportedly impacted the publication's business model.

As per a report of Hollywood Reporter, TIME Magazine lays off 22 employees amid advertising pullback and restructuring efforts. In a memo to staff, TIME CEO Jessica Sibley reportedly cited several business challenges, including decreased advertising budgets, increased competition and shifts in customer behaviour. The layoffs can be seen as a strategy to recalibrate the company's organisational structure and shift resources of growth. Sibley reportedly emphasised the need to focus on higher growth areas such as AI, Climate and Health. General Motors Layoffs: US Automobile Manufacturing Company GM Lays Off Around 1,000 Employees To Reduce Costs Amid Industry Downturn.

The magazine reportedly dropped its paywall last year in an attempt to attract more advertising revenue. According to reports, the company plans to keep forming new partnerships to strengthen its position. They have already had successful partnerships with companies like Taboola, Statista and some artificial intelligence (AI) companies. These partnerships would likely help the future of the company. The company is also prioritising revenue growth through direct-sold advertising sponsorships and strategic partnerships.

To improve its financial position, TIME has reportedly implemented several cost-cutting measures. These include reducing operational costs that include discretionary spending, reallocating resources from declining business areas, reducing the use of contractors and shifting to remote work outside the US. The company is also exploring options for a smaller New York headquarters to further reduce costs. ReshaMandi Layoffs: Bengaluru-Based Startup Lays Off Its Entire Employees, Shuts Down Website Amid Financial Problems.

The magazine reportedly plans to gather as a company in September to discuss its strategic plan and address any questions from employees. The goal might be to continue delivering on TIME's mission and maintain its position in the media industry.

(The above story first appeared on LatestLY on Aug 21, 2024 09:37 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).