![]() ![]() Its Wire product, which aggregates news video content, is still being updated, as are videos on its social feeds across TikTok and Instagram.The company has few monetizable assets other than its Twitter following (359,000) and its newsletter, which has 100,000 subscribers.The bottom line: The Recount is likely to end the year with less than $3 million in revenue, according to a source familiar with its finances. The company made some money on its podcasts and events, as well as some passive ad revenue splits from platforms like Snap. They also told Axios that Google sponsored the Recount' newsletter for $400,000 this year.The Recount's most reliable revenue streams have been its ad revenue partnership with Twitter and its newsletter sponsorships, according to two former employees. Only one of its five podcasts is still active, after most ended last year. It pivoted away from costly live video operations in the spring.It pivoted its focus a few times, burning through cash quickly. The Foundry Group led its $18 million series B round in 2021.īetween the lines: The company has never been profitable, and its revenue has never been high enough to justify its costs. USV led the company's $13 million series A round in 2020.That funding, Axios has learned, came via a bridge loan of over $3 million led by Union Square Ventures (USV) and other investors over the summer.State of play: Staffers were told a few weeks before the most recent cuts that the company had secured enough funding to carry it through the year's end, two sources said. CNN reported last month that the company was planning layoffs and exploring a possible sale.Today, roughly a dozen staffers remain, with around 9 left working on content, the former employees told Axios.Staffers were again given a one-month severance option. Then, last month, another round of cuts again sliced its staff count in half.Some staffers were laid off and others took a one-month severance. At this point, The Recount's founders are just looking for a home for the brand, multiple sources told Axios.ĭetails: The Recount restructured last spring, cutting around half of its staff of 75 at that time.The outlet raised $31 million from venture and strategic investors across two rounds in 20 and raised a bridge loan of more than $3 million over this past summer.The big picture: The Recount raised a lot of cash but never found a profitable business model and faces difficult straits during an economic downturn that's challenging many media companies. It lost $10 million in 2021 on $1 million in revenue, according to two other sources with recent knowledge of the company's finances. You could feel the vibrations,” Barnhart said.Around a dozen staffers are left at The Recount, a video news startup that launched in 2018, after the company's latest round of cuts last month, four former staffers told Axios.ĭriving the news: The outlet, created by veteran journalists John Battelle and John Heilemann, is trying to sell itself for a nominal sum, two sources familiar with the efforts told Axios. He said he heard several explosions beneath the bridge, followed by a slow rumbling. He said the fire had started in an area used to store construction materials, equipment and supplies, and authorities were working to determine how the blaze began.īobby Barnhart, who works for a financial technology company near the road, said he and his colleagues had watched the bridge collapse from about 60 yards away as the fire raged. McMurry said bridge inspectors had determined that the southbound lanes of I-85 had also been damaged by the fire and would need to remain closed for the near future. “This incident, make no bones about it, will have a tremendous impact on travel.” “We will have to continue to evaluate the situation and adjust as we do,” said the state transport department’s commissioner, Russell McMurry. Georgia’s top transport official said there was no way to tell when the highway, which carries 250,000 cars a day, could be safely reopened to traffic in either direction after the collapse in the northbound lanes leading out of the city. “This is about as serious a transportation crisis as we can imagine,” said Atlanta’s mayor, Kasim Reed.Ĭommuters in some of Atlanta’s densely populated northern suburbs face the prospect of needing to find alternative routes or take public transport for weeks or even months. ![]() Photograph: WXIA-TV//ddpUSA/Barcroft Images Emergency services attend the scene of the blaze. ![]()
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