Earlier this year La Presse [Marketplace Listing] announced a major change their their business model as the Quebec-baseed news outlet become a non-profit. La Presse parted ways from Power Corporation and aimed to go on it’s on in the every changing landscape of media. Profectio had reached out to a spokesperson for La Presse who had assured no employees would be laid off as a result of the change.
Unfortunately the publisher has confirmed they will be laying of 37 employees as part of its cost cutting plans. La Presse [Marketplace Listing] has a total of 550. employees, with 230 of them in its newsroom. Back in December of 2017 La Press ceased print publication and became 100% digital.
What went wrong with La Presse?
La Presse like many publishers around the world built a business model that relied heavily on advertising revenues, as Facebook and Google grew they created an advertising duopoly which ate away at the revenue of …everyone. While La Press did try to create new revenue opportunities, it simply did not adjust fast enough.
What will happen with La Presse?
Shift or suffer is the only course….
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of action left for the 120+ year old media company. They are currently in fight that they keep losing quarter after quarter and there is no lift boat in sight than can save them. Moving to a digital only outlet was not enough. We do not see La Presse [Marketplace Listing] surviving longer than another 5 years at its current rate. New partnership and new revenue streams will be critical to their future.
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