Vice Media Downfall Offers Sobering Lessons

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Vice Media Downfall Offers Sobering Lessons
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  • 📰 Variety
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For Variety VIP+ subscribers: How Vice Media went from “freemium” print mag with a measured digital footprint to greedy, stupid and bankrupt

— a fraction of the $5.7 billion valuation it once enjoyed. The deal is expected to close July 7.

But as a media model, it resonated: a “freemium” print mag with a measured digital footprint that birthed a music label, ad agency and production studio. None of it felt inorganic.The history of business already looks unkindly on much of the 2010s.

To resurrect a go-to Michael Wolff article about Vice co-founder Shane Smith from 2014—the same year of Thomas Piketty’s “Capital in the Twenty-First Century” ; the year Adweek anointed Smith a “brand genius,” and a good five years before Business Roundtable issued its revised—Smith’s real trick is not “magical access to young men” but “marketing to … middle-aged media execs.”

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