Refinery29 cuts 10 percent of workforce

Refinery29 is letting go of more than 40 full-time employees after predicting it will fall about five percent short of its revenue target for the year.

Of these layoffs, which constitute about 10 percent of Refinery29's workforce, the majority of employees will be cut from the company's product, engineering and video departments.

The news was originally reported to the Wall Street Journal from "a person familiar with the matter," and comes as the company plans to change its video content strategy. Refinery29 will now reportedly shift its focus toward landing television and streaming service deals, in contrast to its typical short form, pop video content for social media.

It has also been reported that Refinery29 plans to restructure its ad-sales department.

These cuts mark the company's second major round of layoffs since it let go of 34 staff members, accounting for seven percent of its workforce, in 2017.

Refinery29 joins other digital media companies like ATTN, Vice Media and Mic in cutting staff as a result of a shifting video strategy.

Founded in 2005 and based in New York CIty, the digital media company focuses on providing lifestyle content to a target audience comprised mainly of millennial women. On its website, Refinery29 reports a global audience footprint of 550 million.

In 2016, Time Warner's Turner company led a $45 million round of funding for the company dedicated to the development of original video content.

Refinery29 cuts 10 percent of workforce

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