Exploring the rise and fall of Vice Media, from its punk zine origins to bankruptcy. Discussing leadership changes, challenges in audience appeal, financial struggles, and failed SPAC deals. Touching on controversies, layoffs, and potential comeback of Shane Smith.
43:03
AI Summary
Highlights
AI Chapters
Episode notes
auto_awesome
Podcast summary created with Snipd AI
Quick takeaways
Vice Media's downfall was not just due to digital advertising challenges but also internal mismanagement and unclear business strategies.
Vice's financial troubles were exacerbated by failed acquisitions, reliance on controversial Saudi investment, and chaotic financial management.
Deep dives
Vanta's Trust Management Platform for Security Compliance Automation
Vanta offers automated compliance for SOC 2, ISO 27001, and HIPAA, helping companies like Atlassian and Quora manage risk efficiently. Their trust management platform includes a risk register, AI-powered security questionnaires, and streamlined security reviews. Over 7,000 growing companies trust Vanta to strengthen security practices and demonstrate real-time security compliance. To learn more, visit vanta.com/decoder.
Vice's Rise and Fall in the Media Industry
Vice, a media company founded in the 1990s, aimed to become a media giant for internet natives but faced turbulent times leading to bankruptcy in 2023. Vice's ambitious growth plans never materialized, resulting in downsizing and a shift to a production focus. Issues like unclear business strategies and mismanagement contributed to its decline, highlighting challenges in the digital media landscape.
Evolution of Vice from Punk Zine to Global Media Brand
Beginning as a punk zine in Canada, Vice grew into a major media brand with co-founders like Shane Smith. Despite early success with unique content like 'Do's and Don'ts' columns, Vice later faced internal and external challenges. The departure of key figures like Gavin McInnes and shifts in leadership marked changes in Vice's direction, leading to financial troubles and strategic missteps.
Financial Troubles and Saudi Ties in Vice's Downfall
Vice's financial woes escalated with failed acquisition deals and reliance on Saudi investment tainted by controversies. The company's bankruptcy filing revealed chaotic financial management, high executive salaries, and questionable business decisions. The allure of Saudi funding, coupled with strategic blunders, contributed to Vice's downfall, exposing unsustainable practices and lack of clarity in its operations and revenue sources.
Today we’re talking about Vice, the media company: Where it came from, what it did, and, ultimately, why it collapsed into a much smaller, sadder version of itself.
This is a lousy time for digital media, and it’s hard to make a profit from putting words on the internet right now. So when Verge senior reporter Liz Lopatto went to go report on what happened, she and I both assumed Vice had been done in by the brutal economics of digital advertising on the web. But the Vice story is more than that — in the word of one executive that talked to Liz, it was a “fucking clown show.”
Links:
How Vice became 'a fucking clown show' — The Verge
Vice is abandoning Vice.com and laying off hundreds — The Verge
Vice, decayed digital colossus, files for bankruptcy — NYT