Media24 loses more money after cutting many jobs in 2024

Media24, one of South Africa's largest news publishers, is in serious financial trouble. Their losses grew by 60% in the last financial year. This is bad news for workers in the media industry.

How did Media24 try to fix its money problems?

In 2024, Media24 made big changes. They cut 400 jobs and closed the print versions of five newspapers. Three of those newspapers became digital-only. They also sold their media logistics business and community newspapers to another company called Novus. These steps were meant to save money and move from print to digital.

Did the changes help?

No. Even with job cuts, revenue fell by 28% – from $141 million to $102 million. Their losses before interest and tax went from $10 million to $16 million. The number of people visiting their websites also dropped from 9.7 million page views per day to 6.5 million.

What about paid subscribers?

News24 and Netwerk24 added more paying subscribers – up 4.4% to 221,872. But the company has not said how many paying customers they need to become sustainable.

What is Media24 doing next?

They are launching new products, like giving subscribers access to The New York Times. They are also updating their technology and using AI to personalise content and sell better ads. However, it is still unclear if these moves will save enough money.

What does this mean for workers?

Media24 now has 1,194 employees – down from more before the cuts. The media industry in South Africa is under huge pressure. More job losses could happen if other companies face similar problems. Workers may need to learn digital skills to stay employed.

This story shows how traditional newspapers are struggling to survive in a digital world. Job seekers in media should look for opportunities in digital publishing and new media companies.

This article was originally published on TimesLIVE.