Report: IGN Parent Ziff Davis Saw "Organic Revenue" Decline By 10% Since 2021, Now Buying Out And Laying Off Staff
A new report alleges that Ziff Davis, the parent company of IGN, Eurogamer, Rock Paper Shotgun, VG247, Humble, and more, saw its “organic revenue” decline by 10% since 2021 and is now mass laying off staff from its various subsidiaries.
X user Max Tani reported that Ziff Davis sent out an email at the end of October to its employees revealing that “overall organic revenues have declined by 10% since 2021.”
The company then noted that it attempted to offset this decline through “strategic acquisitions” but that it still needed to reduce costs. Given the majority of its costs were with its employees the company was being “faced with the difficult decision to reduce headcount.”
Next, Ziff Davis management offered a “voluntary buyout program to employees who may be ready to move on, explore new opportunities, or just take a break. This program provides a payment equal to 4 to 6 months of your base salary based on tenure, plus for our US employees, continued medical benefits under COBRA.”
Numerous individuals across Ziff Davis’ subsidiaries have announced they have left their respective companies.
IGN News Director Kat Bailey announced on X, “Well this it. Today is my last day at IGN. It’s been an incredible ride and I’ll miss everyone so much, esp the incredible newsies Alex, Wes and Reb. I’ll be focusing on my pod and personal projects but open for work too.”
IGN Senior News Editor Alex Stedman announced her departure on Instagram. She wrote, “Announcement time: next week is my last week at IGN.”
She added, “My last day at IGN is December 13; after that, barring a trip to Chicago for the holidays, I’m open to talk work opportunities (both within journalism and potentially outside of it) and will be SOOOOO much more available for lunches. Like, ridiculously available. Let’s get lunch.”
Head of Games Industry Christopher Dring announced his departure on X at the beginning of December, “A small piece of news. I'm leaving Games Industry at the end of the month. It's been quite the 8-year journey. I love the industry, I love business media and I will be back in 2025, although what that will look like is to be worked out.”
Games Industry Features Editor Marie Dealessandri announced she was leaving on Blue Sky, “Bittersweet announcement time. My time at Games Industry will be coming to a close at the end of the year. It was the best of times, it was the worst of times! I’ve done so many incredible things at GI over the past 5+ years…”
What do you make of these buyouts and layoffs? What do you make of Ziff Davis’ admitting that it’s “organic revenue” declined by 10% since 2021?