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Photo by Brian Ach/Getty Images for TechCrunch

Vox Media is laying off roughly 50 staffers, mostly across the social and video teams of a few brands like Racked, Curbed, SB Nation. In a memo to staffers, Vox Media CEO Jim Bankoff said they would be offering role changes to about a dozen others.

Why it matters: Bankoff says the layoffs are a response to "industry changes," referring to the pressures the digital ad economy is placing on digital-first news brands. Cuts represent about 5% of the company's employees.

Most of the cuts are being made around social and video teams, primarily around native social video, which is experiencing both rapid change and growth across the digital media industry.

  • Facebook said last month that it would cut back on news distribution in its News Feed, impacting many publishers that relied on the platform for social video distribution.

Vox Media will still be creating video for social platforms, but in a scaled back way and will invest in newer initiatives that are doing well, like podcasts.

The cuts come after a year of strong revenue and audience growth for the company. In a memo to staff last month, Bankoff says all of Vox Media’s properties grew audiences by double-digits year over year.

  • SB Nation, +31%; The Verge, +86%; Polygon, +611; Vox, +21%; Eater, +26%; Racked, +42%; Curbed, +42%; Recode, +33%

Go deeper

3 hours ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: FDA advisory panel endorses J&J COVID vaccine for emergency use — About 20% of U.S. adults have received first vaccine dose, White House says — New data reignites the debate over coronavirus vaccine strategy.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.

The week markets went wild

Illustration: Lazaro Gamio

The markets just closed out a manic week.

Why it matters: Outsized — and in some cases historic — moves were evident across the board.