According to several media reports, the legendary sports magazine Sports Illustrated is facing huge losses.retrenchmentThe future of this 70 year old store is uncertain.
According to widespread media reports, Arena Group, the publisher of “Sports Illustrated”, issued a notice to employees that due to the loss of printing and digital publishing licenses, it is preparing to lay off a large number of employees, which Can increase up to. All employees.
Arena Group sent an email to employees this morning saying it was unable to make a quarterly payment of US$3.75 million (about NT$117.75 million) to Authentic Brands Group, the parent company that owns the Sports Illustrated brand. Authentic Brands Group has revoked Arena Group’s marketing authorization.
Peter Kafka, a senior reporter for the news website “Business Insider”, commented on “Sports Illustrated” with “RIP Sports Illustrated. And RIP, the magazine” and that the magazine industry faces major challenges.
Kafka reported that “Sports Illustrated” was considered the standard for sports journalism with high standards of writing and photography; It was once a symbolic publication of American culture. In addition to the well-known annual Swimsuit Issue, many Americans read Sports Illustrated for its event analysis and sports reports long before the invention of the Internet. For athletes, being on the cover of “Sports Illustrated” means a lot.
The analysis revealed that today’s media environment is very different from the early years. “People can get the latest sports news, analysis and videos (mostly free) from 1 million locations.” “Producing excellent work” is no longer the appetite of most sports fans today.
This article explains that magazines used to be platforms for integrating information, but now this role has becomeGoogle,Facebook(Facebook), TikTok and other digital platforms have been taken over, and advertisers’ funds have also been diverted. Kafka pointed out that many publications as famous as “Sports Illustrated”, not only the media, but the place where many employees work, may face decline.
life (tagstotranslate) layoff