After a 29-year run, Vice files for bankruptcy
TechCrunchAUG 2023
VMG, like other digital media outlets, believed it would generate substantial online ad revenues by attracting millions of young readers through social media networks; unfortunately, a bulk of its profits went to tech giants. Vice's bankruptcy is a symptom of both recent and longer-term downward trends in the economy at large and the media industry specifically. It is a reminder that a business tethered to social media for its growth must develop multiple streams of profit beyond just advertising.
Though Vice and the media industry may paint the company's bankruptcy as a consequence of economic pressures, in fact, this is the result of Vice's incompetent and greedy leadership. Vice's downfall was inevitable, as one of its founders, Shane Smith, was a conman who convinced investors that VMG was the future of news and entertainment. Smith made money hand over fist while employees were mistreated. Vice was doomed to fail.