Forbes laid off an unknown number of contributing writers last week as part of a “routine process”.
Dozens of writers appear to have had their profiles on Forbes updated in the last week to say that they are “former contributors”.
Forbes has since cited the need for a “financially sound” contributor model in an email to staff, according to The New York Post.
The contributing writers span various subjects, with no specific sections appearing to be targeted.
The email, sent to staff by Jeffrey Marcus, Forbes’ assistant managing editor, said: “The media industry is changing drastically, forcing publishers, including Forbes, to pursue new strategies to provide the journalism our readers depend on.”
Marcus added the site wants to ensure that the “contributor model is financially sound and meets our readers’ evolving needs”, and that to maintain its audience the company must “focus on regular contributions” that “consistently engage a large and loyal audience”.
In January, Forbes revealed it planned to cut up to 5% of its total workforce, an unspecified number of employees, after missing its financial goals for 2024.
‘Zero reason’
Former contributor Jared Ranahan shared on Instagram: “My contributor contract with Forbes was terminated…they just wiped out a bunch of us, a bunch of us got fired… I read the email, truly one of the least personal emails I’ve ever seen in my life as terminations typically are.
“[They] gave really zero reason to any of us, I’m told, about why it happened… At one point the text said we expect contributors to write at least two stories per month, there are a lot of people that don’t hit that threshold. Me personally, I’ve hit ten stories a month for 17 months. I still have not received a response as to why.”
“To my fellow freelancers in general, it’s rough out here, and it’s getting a lot worse,” he added.
Contributors are expected to write at least two articles a month that “make an impact” on a regular basis, Marcus and Forbes executive editor Caroline Howard told staffers in a Monday email, according to The New York Post.
A Forbes spokesperson said: “Forbes regularly reviews its contributor network to ensure the content on our platform aligns with our editorial strategy and meets our audiences’ evolving needs. As part of this routine process, we are ending contracts with some of our contributors.
“We are grateful for the work these contributors have produced on Forbes.com, and their published articles will remain available on our site. The contributor network is vital to Forbes’ future, and this year, we welcomed more than 200 new contributors to the platform.”
A source close to the company told the New York Post that the site has “no plans to use AI” for content creation.
Forbes website traffic fell 59% year on year in October, according to Press Gazette’s ranking of the top-50 English language news websites globally.
Forbes CEO Sherry Phillips told Press Gazette in November the brand is focusing on its core communities, including via events, as Google AI Overviews hit traffic.
Forbes’ cuts come amid widespread layoffs taking place in the news industry this year, including at business titles.
More than 25 job cuts took place in November at business and B2B publications owned by Crain Communications in the US, while in July business publication Fortune revealed it was cutting 10% of its global workforce.
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