 | |
Type of site | News |
|---|---|
| Available in | English |
| Founded | 2011; 14 years ago (2011) (as PolicyMic)[1] |
| Headquarters | , U.S. |
| Owner | Bustle Digital Group |
| Founder(s) | Chris Altchek Jake Horowitz |
| URL | mic |
| Registration | Optional |
| Current status | Active |
Mic is an American internet andmedia company based in New York City that caters tomillennials.[2][3]
Originally known asPolicyMic, it rose to prominence after itson-the-ground coverage of theTunisian Revolution in 2011.[4][5] In April 2014, the company reached 19 million unique monthly visitors.[6]
On November 29, 2018, Mic laid off the majority of their staff—60 to 70 people[7]—after Facebook canceled a deal to publish a news video series.[8]
Mic was co-founded in 2011 as PolicyMic by Chris Altchek and Jake Horowitz, two high school friends from New York.[4] In January 2014, the two were named to the annual list ofForbes 30 Under 30.[9]
In 2014, the company announced it would re-brand their organization to target millennials, renaming themselves as "Mic".[10] The company purchased thedomain name for a reported $500,000 and explained the name change as the company reflecting its "expanded focus and bold vision." Later in 2014, Chris Miles, the managing editor of news, was fired over allegations ofplagiarism.[9]
Mic's news director, Jared Keller, was fired in February 2015 after the blog websiteGawker found various levels ofplagiarism in 20 different passages of his work.[11] In March 2016, Mic acquired curated video app Hyper as well its developer, AntiHero.[12]
Past advisors to the company includeDavid Shipley, executive editor ofBloomberg View and former op-ed page editor atThe New York Times, and Jacob Lewis, the former managing editor ofThe New Yorker.[13] Allison Goldberg, senior vice president of Time Warner Investments, joined Mic's board of directors in April 2017.[14]
Mic senior reporter Jack Smith IV was fired in September 2018 after severalsexual misconduct accusations against him were published onJezebel.[15]
On November 29, 2018, a majority of the staff were laid off after Facebook canceled a video deal with the company.[8] Altchek notified staff during an all-hands meeting, saying that "Facebook caught us by surprise at a really bad time" and that "The majority of the teams including people, finance, HR, productions, video, editorial, marketing, revenue and executive team will be departing, effective today."[16] The same day, Mic was sold to Bustle Media Group for less than $5 million, which was a fraction of the "hundreds of millions" that Altchek said the site was worth in 2017.[7]
Since 2018, Mic has produced video content covering social justice and progressive issues, described as "serious issues important to young people",[17] distributed through the Mic website and through social media. This content is supplemented withadvertorial videos produced for clients.[18]
Writing forForbes in 2014, Abe Brown described PolicyMic's style as hyperbolic, with a mix of serious analysis of issues and attention-seekinglisticles. Brown grouped the site withUpworthy,BuzzFeed, andBusiness Insider as opposed to more conventional news media such asThe New York Times andThe Washington Post.[4] In an effort to improve Mic's editorial quality, the company recruitedCory Haik as publisher, andKerry Lauerman as executive editor, both fromThe Post.[19]
The site sometimes enlists politician and celebrity contributors; these have includedSenator Rand Paul,[20]former Secretary of State Condoleezza Rice,[21]Senator Kirsten Gillibrand[22] and radio hostDaisy Rosario.[23] In December 2013,the White House worked with Mic on what was called an "Open Mic" competition to "make health care work for our generation".[24][25][26]
Mic generates revenue through advertising known as "branded content". Digiday.com reported in November 2014 that "brands like Microsoft, Cole Haan, Cadillac and most recently GE have all tapped Mic in the last few months in the hopes of using its millennial expertise to reach the site's audience of educated 20-somethings".[27]
The New York Observer positively reacted to the company's financial practices in 2014, saying that Mic had not made a profit and "is in the increasingly rare habit of actually paying each one of its contributors".[28]
As of April 2017, the company had raised $52 million[14] in funding from investors, includingLightspeed Venture Partners, Lerer Ventures,Advancit Capital, Red Swan Ventures,The John S. and James L. Knight Foundation,[29] Time Warner Investments, Kyu Collective and You & Mr Jones.[14] The company has not disclosed its valuation,[6] though The Wall Street Journal reported in April 2017 that it was "in the range of the 'mid hundreds of millions' of dollars."[14]
The companylaid off several employees in late 2017, as did other digital media companies.[18] Inconsistencies in tracking viewer numbers, changes inFacebook's algorithms and advertising rates, and an overemphasis on search-friendly text stories were all cited as partial reasons.[18][30] The company shifted business models, with less content being produced overall in favor of longer-form video journalism covering social justice and progressive causes.Business Insider cited the company's strategy as an example of the "pivot to video" idea common among digital media companies during that time.[18]
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