On August 4, 2023, Big Cabal Media laid off 19 employees, representing 0.19% of its workforce. This move has raised concerns within the industry.
Headquartered in Lagos, Big Cabal Media operates in the media sector. The layoffs are part of a broader restructuring effort aimed at streamlining operations and improving efficiency.
Big Cabal Media decided to lay off employees due to harsh market conditions despite a significant increase in revenue. The company faced budgetary shortfalls that necessitated these layoffs.
"The company in a statement released on Monday said the layoffs are due to the ‘harsh market conditions the business is facing this year.’"
Big Cabal Media's decision to lay off 19% of its workforce stems from the challenging economic environment. Despite a significant increase in revenue and recent funding, the company could not meet its budgetary expectations. This restructuring effort aims to streamline operations and ensure long-term sustainability.
The layoffs at Big Cabal Media have significantly impacted its workforce, particularly affecting the Zikoko Citizen team. The reduction in employees has led to a scaling down of operations, which may hinder the company's ability to produce content at previous levels.
In the broader media sector, other companies have also announced layoffs recently. For instance, BuzzFeed and Vice Media have both reduced their workforce, reflecting a challenging environment for digital media companies.
The layoffs at Big Cabal Media signal a period of transformation and adaptation for the company. Moving forward, the company aims to focus on strategic initiatives to ensure its sustainability and growth.
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