Refinery29 Cuts 34 Staffers In 'Belt Tightening'

In another round of disappointing news from digital media publishers, women's destination Refinery29 has announced it will lay off 34 staffers in what it calls a belt tightening. That's about 7.5 percent of Refinery29's 450-person workforce. Going forward the company will devote resources toward programs the company believes will show the most growth. This includes original content/video creation; live entertainment like its 29Rooms experience; and its data and research collection engine, R29 Intelligence. Earlier this year, Refinery stated it had a nine-figure revenue business. Today's announcement was made by the company's co-CEOs, Philippe Von Borries and Justin Stefano, and comes soon after other digital media layoffs at companies including BuzzFeed and ESPN. "This year has been especially challenging for digital media and advertising companies," a Refinery29 spokesperson told Adweek. "Refinery29 has seen tremendous growth, but is not immune to some of the negatives that this growth brings." Von Borries and Stefano did not include in their memo to staff which departments will be affected by this decision, but instead encouraged remaining employees to express "gratitude and support" to those leaving the team. Here is the full memo they sent this morning: This year has been a challenging one, not just politically and socially, but as it relates to the worlds of media and advertising. Yet, even in this difficult span of time, our business has grown, we actively diversified, and the Refinery29 brand and its expansive impact have never been more palpable, something all of you have made possible. We are not immune to the challenges and tough decisions that come with adapting to this turbulent moment in time, despite our growth and momentum. As a leadership team, we must ensure the enduring success and influence of Refinery29 in the years ahead. And, in this particular moment that means tightening our belt in order to invest in the future. The consequence of this decision means we will part ways with 34 members of our team, or approximately 7.5% of our workforce. This was a hard choice that we understand will have impact. Those R29’ers that will be leaving us have poured an incredible amount of heart, skill, and dedication into their roles here. We care about each one of them deeply, and we could not be more grateful and proud of everything they have accomplished and brought to Refinery29 during their time with us. Looking ahead to 2018, we foresee that many of the challenges in our industry will likely continue—which is why we’re moving forward with clarity and resolution. As dozens of content companies have been funded over the past 48 months, we’re seeing a correction in the digital media space. This is a time where the strongest businesses with the most meaningful brands and diversified revenue streams will continue to shine—and thrive. Against the backdrop of these dynamics, we are giving ourselves the flexibility to focus resources on the growth engines for the business. Some of these include: Original Content Creation (everything from long-form scripted and unscripted video to popular editorial franchises that can grow into their own worlds); Live Entertainment (a strong area of growth for us with our 29Rooms franchise); R29 Intelligence (the research and data engine that informs everything we do from creative to commercial); as well as strategic M&A that can help us to further accelerate our goals. Our mission and impact as a company has never been greater and more necessary in the world and in people’s lives. In the coming years, we will continue our evolution from a digital advertising company to a diversified media company that shows up in original video content, TV, films, social, books, products and live entertainment. We know those who are exiting will go on to do great things and will always be R29 alumni. Please join us in expressing gratitude and support for their immense contributions to R29. Thank you, Philippe & Justin