Big Cabal Media Announces Workforce Cuts, citing Harsh Economic Conditions

0
Big Cabal Media
Source: Big Cabal Media

Big Cabal, the Nigeria-based digital media company behind TechCabal, Zikoko and Citizen publications, has announced it is reducing its workforce by 19% across its business units.

Big Cabal Media was founded in 2014, one year after the online tech news publication TechCabal. Subsequently, the company launched Zikoko, a social content publication targeting Nigerian youth and relatively new Citizen; a publication focusing on governance and politics.

As reported by TechCabal, the Media company has said the cuts are not related to performance but rather due to the harsh market conditions despite significant progress this year.

According to TechCabal, Big Cabal Media grew audiences across its publications. Notably, the company delivered “excellent editorial content and covered the Nigerian elections in real-time”. “In the first half of 2023, Big Cabal saw record numbers across legacy publications and increased resonance and prominence with audiences for its relatively newer publications.” the report adds.

Big Cabal says they had a 180% revenue year-on-year growth by the end of H1 but this progress did not match its budgetary expectations. The company still had to deal with harsh economic realities, both local and global. The report cites funding downturn across the continent and Nigeria’s economic slowdown as a result of the botched currency redesign and the elections. Particularly, June’s currency devaluation affected revenue projects for many VC-backed startups.

Communications to staff and affected employees as per TechCabal’s report

Part of an internal communication to staff said, “This is a challenging decision in a year that has tested us immeasurably, and we empathize with the talented employees affected by this decision. For those leaving, we appreciate the hours and backbreaking work you’ve put in to move our mission forward.”

In addition, Tomiwa Aladekomo, Big Cabal’s CEO, in a note to outgoing employees said, “I’d like to thank you all for your stellar work at Big Cabal. Our work has real impact and value, and I’m proud of the incredible people who make it happen. Today’s decision isn’t pleasant, but those leaving us can take pride in their work and their impact. For those of us who remain, know that we are as committed as ever to building one of the most important media businesses on the continent. That mission continues, and you can be proud to contribute to it.”

To lessen the impacts of the cuts, “some team members will be moved to units with a strategic business focus for H2”. According to the report, outgoing employees will receive their August and September salaries. In addition, the company will assist them during the transition period.