Yesterday, Laura Lang, the CEO of Time Inc. announced that the company is cutting 500 jobs. In the nine months ended in September, Time revenues fell by six percent, and operating profit dropped a stunning 38 percent.
Facebook was in the news yesterday as well as it announced $1.58 billion in revenue for its fourth quarter, beating analyst estimates. The company also saw a serious rise in mobile advertising revenue, which made up 23 percent of its total ad income in the fourth quarter, compared to 14 percent in the third quarter. “Facebook is a mobile company,” CEO Mark Zuckerberg announced yesterday. He also pointed out that the social network added 1,419 employees last year to reach a total staff of 4,619 worldwide. That’s a 44 percent jump, and he said that hiring will continue to grow in 2013.
Mobile and social. That’s the future of the media industry.