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The Messenger, a US-based news website founded by Jimmy Finkelstein, announced it is shutting down its news site. The startup struggled to stay afloat even if it was only launched on May 15, 2023.
The Messenger said the main reason for the closure of its business was financial funding. The digital news outlet probably ran out of funds for operations because it has hired hundreds of journalists and editors from established news publications, even if its earning capacity is still uncertain since it is just starting.
Collapse of the Startup Media News Publication
As per CNN Business, the folding of The Messenger less than a year after it debuted marks one of the biggest and fastest failures in the recent history of news publishing. The company was inaugurated grandly while boasting of having 300 established journalists in its organization.
The company was confident in gaining 100 million readers per month, an ambitious target for the publication. However, it failed and had to shut down after just eight months.
Depletion of Funds
The New York Times reported that The Messenger spent its funds quickly. To make matters worse, near the end of 2023, it generated only $3 million, and the cash on hand was only $1.8 million. The company lost around $38 million, most of which was from the initial funding round worth $50 million.
The Messenger eventually ran out of money and had to terminate some employees. Its founder, Jimmy Finkelstein, tried to raise some cash to keep the company going, but no funds came in. In the end, he made the agonizing decision to shutter the publication.
“I am personally devastated to share that we have made the painfully hard decision to shut down The Messenger, effective immediately. Over the past few weeks, literally until last night, we exhausted every option available and have endeavored to raise sufficient capital to reach profitability,” The Hollywood Reporter quoted Finkelstein as saying in a memo sent to staff. “Unfortunately, we have been unable to do so, which is why we have not shared the news with you until now. This is truly the last thing I wanted, and I am deeply sorry.”
Photo by: AbsolutVision/Unsplash
