Failure Analysis
Vice died from a lethal combination of financial engineering, strategic delusion, and a business model that never worked at the scale they achieved. The...
Vice Media \Canada
Vice Media promised to capture the voice of a generation—millennials and Gen Z—through edgy, irreverent, and authentic journalism that traditional media couldn't touch. They built a counterculture empire spanning digital video, print, TV networks, and documentaries, positioning themselves as the anti-establishment media company that understood youth culture better than anyone. The 'why' was visceral: young people felt alienated by CNN and The New York Times, and Vice offered raw, unfiltered storytelling from war zones, subcultures, and the streets. They made news feel dangerous, cool, and real.
Discover the reason behind the shutdown and the market before & today
Market Analysis
The media landscape today is defined by three forces: platform dominance, creator independence, and the collapse of the advertising middle class. YouTube, TikTok, Instagram,...
Startup Learnings
Brand value without business model is a death sentence. Vice had one of the strongest media brands of the 2010s, but brand doesn't pay...
Market Potential
The market for youth-oriented, alternative media still exists, but it's fragmented and monetizes differently. Gen Z and younger millennials consume more news and culture...
Difficulty
Rebuilding Vice today is exceptionally hard because the media landscape has fundamentally shifted. The barriers to entry for content creation have collapsed—anyone with a...
Scalability
Vice's model was inherently unscalable, which is why it failed. Quality journalism—especially the gonzo, immersive style Vice pioneered—requires expensive humans: reporters, videographers, editors, fixers,...
Rebuild & monetization strategy: Resurrect the company
Execution Plan
Phase 2
Launch a Substack-powered membership at $10/month. Sell it as 'Netflix for investigative journalism'—unlimited access to all investigations, behind-the-scenes reporting, and direct Q&As with journalists. Target initial audience: Vice's former readers, Patreon supporters of investigative journalists, and subscribers to The Intercept, ProPublica, Bellingcat.
Phase 3
Produce and release the first 5 investigations as multi-format packages: long-form written piece, 30-minute documentary on YouTube, and 3-episode podcast series. Optimize for SEO and social sharing. Goal: 1,000 paying members in 90 days.
Phase 4
Build licensing pipeline: once investigations gain traction, license them to Netflix, HBO, NYT, or international broadcasters. Use licensing revenue to fund bigger investigations and recruit more journalists.
Phase 5
Scale to 50 journalists within 18 months. Add premium tiers: $100/month for 'Producers Circle' with exclusive access and input on story selection. Launch live events and masterclasses taught by investigative journalists.
Monetization Strategy
Three revenue streams: (1) Membership subscriptions ($10/month, target 50K members = $6M ARR), (2) Licensing fees from premium outlets (Netflix, HBO, NYT pay $50K-$500K per investigation for exclusive or non-exclusive rights), (3) Production studio services (help journalists turn investigations into books, courses, speaking tours—take 20% of revenue). Revenue share with journalists: 50% of membership revenue allocated to journalists based on engagement metrics (views, time spent, member surveys). 80% of licensing fees go to the journalist who produced the investigation. The model is capital-efficient because you're not paying salaries—you're funding specific projects and sharing upside. Break-even at 10K members. Path to $20M ARR with 100K members + $5M in licensing revenue.
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