Investing.com -- Business Insider, owned by Axel Springer, is set to lay off approximately 21% of its workforce, according to a recent memo from CEO Barbara Peng. This decision is part of the company’s strategic shift that was initiated a year and a half ago. The layoff will affect every department within the company.
The company aims to transform its focus from a broad approach to a more specific business, tech, and innovation journalism. This transformation is in line with the company’s return to its roots as Business Insider, a shift that has been underway since last year.
The layoffs are part of a broader strategic shift that the company has been implementing over the past year and a half. The company aims to serve a specific audience with best-in-class business, tech, and innovation journalism. Since the return to its original name, Business Insider, the company has been working towards this new focus.
Jamie Heller, who joined as Editor-in-Chief at the end of last year, has led the company towards more authoritative reporting that matters deeply to its readers. The company has doubled its original reporting and seen a significant increase in engagement over the past few months.
The company is also reducing its reliance on traffic-sensitive businesses, like commerce, and is planning to invest more in live journalism events under the brand BI Live. The move comes as the media industry grapples with unstable distribution, intense competition for attention, and business models under pressure.
The company is also fully embracing Artificial Intelligence (AI) in its operations. Over 70% of Business Insider employees are already using Enterprise ChatGPT regularly, with the company aiming for 100% usage. The company has launched multiple AI-driven products to better serve its audience and is exploring how AI can boost operations across shared services.
The company’s strategy is to endure extreme traffic drops outside of its control by reducing its size. This decision is also driven by the company’s need to exit the majority of its Commerce business, which relies heavily on search traffic.
The company’s new live journalism events business, BI Live, is a space where the company can showcase its journalism, connect directly with its audience, and build a strong portfolio of experiences. The company has already seen demand for this new venture, brought on key leaders, and will continue to build the team.
The company is also fully embracing AI as part of its strategic shift. Over 70% of Business Insider employees are already using Enterprise ChatGPT regularly, and the company is building prompt libraries and sharing everyday use cases that help the team work faster, smarter, and better.
In the past year, the company has launched multiple AI-driven products to better serve its audience, and it has new products set to launch in the coming months. The company is also exploring how AI can boost operations across shared services, helping it scale and operate more efficiently.
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