Read at The New Republic
The downfall of The Messenger, a news site that closed down after losing $50 million in less than a year, was partly blamed on the arrogance and poor decision-making of its founders. The site's assumption that there was a large market of independent news consumers was proven wrong.
The Messenger's founders blew $50 million in less than a year, assuming there was a massive, untapped market of news consumers who just want the cold hard facts.
However, even if the founders had been competent, The Messenger still had little chance of success due to the challenging economics of the media industry in 2024. Profitable outlets like The Washington Post, Vox, and Insider have also experienced job cuts.
The media industry has run out of options in finding sustainable business models, and the fault lies with tech giants rather than the leaders of media organizations.