AP Reveals Staff Cuts Due to Customer Base Changes
The Associated Press is planning staff cuts to its U.S. workforce, according to a story from Axios. This is part of a broader restructuring “away from hyper-local print coverage and toward video and national topics,” according to executive editor Julie Pace and global chief revenue officer Kristin Heitmann. It’s not surprising that the AP’s revenue from
U.S. newspapers has shrunk, but right now it accounts for less than 10% of total revenue. In fact, “Revenue from that cohort has declined 25% over the past few years, while revenue from tech companies has grown roughly 200%.” The story goes on to note, “Over the past few years, the AP’s business has evolved to become less reliant on local newspaper revenue and more reliant on a broader set of customers, including digital outlets, broadcasters and non-news companies.” See the Axios piece here.