Enterprise Insider is shedding about 21% of its workforce, an inside memo confirmed on Thursday, because the monetary information outlet grapples with shrinking search visitors and the rising use of generative AI instruments similar to ChatGPT.
The New York-based firm joins a number of digital media corporations in restructuring operations as customers more and more depend upon synthetic intelligence for information synopsis, which is consuming into internet visitors.
Within the memo, CEO Barbara Peng advised employees the corporate now generates twice as a lot income for every web site go to because it did two years in the past, however 70% of its enterprise nonetheless has a point of visitors sensitivity.
“We must be structured to endure extreme traffic drops outside of our control, so we’re reducing our overall company to a size where we can absorb that volatility,” Peng mentioned within the memo seen by Reuters.
The New York-based firm is accelerating adoption of AI, with a majority of workers already using Enterprise ChatGPT and a number of other AI-driven merchandise to reinforce operations and reader expertise, Peng mentioned.
The web site is realigning its content material technique to focus on areas that entice excessive reader engagement, and is exiting the vast majority of its commerce enterprise, Peng mentioned.
It is usually launching a brand new occasions enterprise known as BI Stay, Peng mentioned, including that it has already seen some demand and can proceed to construct the group.
Earlier this yr, Washington Put up and Related Press laid off 4% and eight% of their workforce respectively in a bid to chop prices and modernize operations.
