Vice Media closes electronic music site Thump

Vice Media closes electronic music site Thump”

Vice Sports-at least as we know it-is no more.

Smith said that the cash would give the company resources to "build up the largest millennial video library in the world - enabling Vice to widen our offering to include news, food, music, fashion, art, travel, gaming, lifestyle, scripted and feature films". The Brooklyn-based company, worth a whopping $5.7 billion dollars, will now be focusing their growth on-you guessed it: VIDEOS! It started creating video content in 2006, and the medium represents a major source of revenue.

The company is expected to continue to hire in the USA and Europe, according to the source.

The trendy news outlet is letting go of roughly 2 percent of its 3,000 employees - approximately 60 workers - impacting editorial, branded content and its sales team. This included positions in Los Angeles.

Jorge Arangure, editor-in-chief of Vice Sports, tweeted on Friday that he was among those let go. I guess they could have held the layoff meetings on the softball field, but thankfully good taste prevailed. Research has shown that online audiences typically prefer to read their news rather than watch it, but video is the morass now in vogue, and companies like Complex, MTV News, Vocativ, Fox Sports and others have all but climbed over one another to see which can submerge itself neck deep the fastest.

The company is now in the last year of a $100 million, three-year deal with Rogers Media that included the launch of specialty channel Viceland in Canada.

Vice will also staff up in other areas to support the push into video.

Last year, the company let go of about 15 digital news employees in NY and Los Angeles citing the need to prioritize video.

Vice is not the only media company to see its future in videos rather than written articles.

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