MCV today reports that Future, the publisher behind media outlets like Edge, GamesRadar, PC Gamer, Official Xbox, Official PlayStation, Official Nintendo and CVG will be shutting down various websites and laying off a large contingent of staff.
Future has reported pre-tax losses of £30.6 million in the current fiscal year, and as such, will be closing down CVG, Edge Online and the websites for Official Xbox, PlayStation and Nintendo.
The changes will result in 170 staff being laid off.
“The streamlining of our consumer strategy — with an increased focus on the consumer technology market and a clear channel-neutral approach — allows for a simplification and standardisation of our digital advertising platforms and opportunities,” said Future CEO Zillah Byng-Maddick. ”Our revised business model is based on the virtuous circle of engagement in two core content areas: reviews (when consumers are looking to make product purchase decisions and where we can derive ecommerce revenues) and ‘how to’ opportunities (when consumers want to learn more and are prepared to pay us to help them do so, through tutorials, events etc).”
Our thoughts are with those who’ve just lost their jobs.
This article may contain affiliate links, meaning we could earn a small commission if you click-through and make a purchase. Stevivor is an independent outlet and our journalism is in no way influenced by any advertiser or commercial initiative.
