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BREAKING NEWS & VIEWS
Variety Restructures: Lays Off Full-Time Reviewers According to paidContent.org, the full layoff count for Variety is eight, although an internal memo from editor Tim Gray (posted at Poynter Online) claims new staff are also being hired to help streamline operations. Kirstin Wilder is being promoted to managing editor, and the newsroom will be organized around reporting, the Web, features and production. According to Gray in his memo to staff, “It doesn’t make economic sense to have full-time reviewers,” although Variety produced more than 1,200 film reviews last year. Gray also said that the content for the publication would focus more on b2b reporting and pull back on consumer-facing material. Gray also said that only 10% to 20% of Variety income now comes from subscriptions and ads. The changes in cost structure and in editorial emphasis are aimed at maximizing the core revenue streams. Gray says, “It's a new world in the media, and it's a new world at Variety. Our content will remain basically the same, but the financial structure will change. We've already started making money from the paywall, events and conferences, licensing, etc. While these are new areas, the primary concern is this: What can we give Variety readers that they need, and what can we do better than anyone else? Believe me, these new areas are not done lightly or arbitrarily.” Laid-off Variety critic of 31 years Todd McCarthy tells Variety's online rival TheWrap that he didn't see the move coming. Asked whether he thinks Variety will survive, McCarthy tells TheWrap founder Sharon Waxman, "They wouldn’t have had three rounds of layoffs if things were fine. No one denies there are financial issues. They say they’re still in profit. It’s sad. It’s the end of something...You can say it’s the end of the way it’s always been done. It’s the end of me." After selling off many of its b2b titles in recent months, RBI reaffirmed recently that it wanted to retain the Variety brand. If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com COMMENTS
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