Layoffs at Prominent Startups Triggered by COVID-19
As the pandemic reverberates through almost every industry imaginable, tech startups are also feeling the pain.
Since mid-March, countless startups and unicorns have undergone layoffs.
Today’s infographic pulls data from Layoffs.fyi, and navigates the cascading layoffs across 30 of the most recognizable startups in America. Each of the companies have slashed over 250 employees between March 11 and May 26, 2020—capturing a snapshot of the continuing fallout of COVID-19.
Silicon Valley Takes a Hit
Closing 45 offices, Uber has laid off 6,700 employees since mid-March. Uber CEO Dara Khosrowshahi, who was granted a $45M earnings package in 2018, announced he will also waive his $1M base salary for the remainder of the year.
|Company||# Layoffs||% of Employees||Industry|
*Layoffs reported between March 11-May 26, 2020
Meanwhile, as room bookings dropped by over 40% across several countries, Airbnb laid off a quarter of its workforce. The tech darling is anticipating a $2.4B revenue shortfall in 2020.
Like many other big names—including Lyft, Uber, and WeWork—Airbnb is struggling to achieve profitability. In the first nine months of 2019, it lost $322M at the height of the market cycle.
Until 2021, gig-economy revenues are projected to drop by at least 30%.
International Startups Struggling
Startups in the U.S. aren’t the only ones scrambling to conserve cash and cut costs.
Brazil-based unicorn Stone has let go of 20% of its workforce. The rapidly growing digital payments company includes Warren Buffett as a major stakeholder, holding an 8% share as of March 2020.
At the same time, India-based ride-hailing Ola has witnessed revenue declines of 95% since mid-March. It laid off 1,400 employees as bookings drastically declined.
|Company||# Layoffs||% of Employees||Location|
Similarly, Uber India has rivaled Ola in dominance across India’s $10B ride-hailing market since launching three years after Ola, in 2013. Now, almost 25% of the Uber India workforce have been laid off.
Of course, these reports do not fully take into account the growing impact of COVID-19, but help paint a picture as the cracks emerge.
While the job market remains murky, what startups are looking to hire?
Coursera, an online education startup, listed 60 openings in May. By the end of the year, the company plans to hire 250 additional staff. Within the peak of widespread global lockdowns, the platform attracted 10M new users.
Meanwhile, Canva, an Australia-based graphic design unicorn, is seeking to fill 100 positions worldwide. In partnership with Google for Education, Canva offers project-based learning tools designed for classrooms, in addition to free graphic design resources.
At the same time, tech heavyweights Facebook and Amazon reported openings. Booming startups such as Plaid, Zoom, and Pinterest are also listing new positions as shifting consumer demand continues to shape unpredictable and historic hiring markets.
Which U.S. Generation Wields the Most Cultural Power?
Visual Capitalist’s first-ever Generational Power Index looks at which U.S. generation holds the most cultural influence in American society.
Which U.S. Generation Wields the Most Cultural Power?
This year, our team put together Visual Capitalist’s inaugural Generational Power Index (GPI), which looks at power dynamics across generations in America.
We considered three categories in our quest to quantify power: economics, political, and cultural. And while it turns that out Baby Boomers dominate when it comes to economics and political factors—the are of cultural influence is a different story.
Here’s a look at which U.S. generation holds the most cultural power, and how this power dynamic is expected to shift in the coming years.
Generations and Power, Defined
Before we get started, it’s important to clarify which generations we’ve included in our research, along with their age and birth year ranges.
|Generation||Age range (years)||Birth year range|
|The Silent Generation||76 and over||1928-1945|
|Gen Alpha||8 and below||2013-present|
Using these age groups as a framework, we then calculated the Cultural Power category using these distinct equally-weighted variables:
With this methodology in mind, here’s how the Cultural Power category shakes out, using insights from the GPI.
Share of Cultural Power by Generation
Overall, we found that Gen X captures the largest share of cultural power, at 36%.
|Generation||Cultural Power Share|
|The Silent Generation||8.8%|
*Note: figures may not add up to 100% due to rounding.
Gen X is particularly dominant in the film and TV industry, along with news media. For instance, over half of America’s largest news corporations have a Gen Xer as their CEO, and roughly 50% of Oscar winners in 2020 were members of Gen X.
Baby Boomers come in second place, capturing a 25% share of cultural power. They show particular dominance in traditional entertainment like books and art. For example, 42% of the authors on the NYT’s best-selling books list were Baby Boomers.
However, these older generations fall short in one critical category—digital platforms.
The Dominance of Digital
Why is digital so important when it comes to cultural power? Because digital media becoming increasingly more popular than traditional media sources (e.g. TV, radio).
In 2020, Americans spent nearly 8 hours per day consuming digital media, nearly two hours more per day than they spent with traditional media.
This divide is expected to grow even further over the next few years. With younger generations dominating the digital space, Gen X may soon lose its place as the top dog of the culture category.
Celebrity 2.0: The Social Influencer
As audiences flock to online channels, advertisers have followed suit—and they’re willing to spend good money to gain access to their target demographics.
In fact, spend on influencer marketing has steadily increased in the last five years, and it’s expected to reach $13.8 billion by the end of 2021.
This shift to social media advertising is redefining the notion of celebrity, and who reaps the financial benefits of content creation. For instance, six-year-old Vlogger Like Nastya made an estimated $7.7 million per month from her YouTube channel in 2020. And keep in mind, this estimate is purely based on YouTube revenue—it doesn’t even include corporate partnerships and/or merchandise sales.
With all these shifts occurring, culture as we know it is at a crossroads. And as we continue to move towards a digital dominant society, those who hold power in traditional realms will either adapt or pass along the torch.
Download the Generational Power Report (.pdf)
Ranked: The Most Popular Paid Subscription News Websites
Many consumers are reluctant to pay for their news, but those that do turn to trusted sources. Here’s a look at the most subscribed to news websites.
Ranked: The Most Popular Subscription News Websites
While paywalls are becoming increasingly more popular among news websites, most consumers still aren’t willing to pay for their online news.
In fact, a recent survey by the Reuters Institute for the Study of Journalism reveals that only 20% of Americans pay for digital news, and of those that do, the majority subscribe to only one brand.
This begs the question—which news outlets are audiences willing to pay for?
Using data from FIPP and CeleraOne, this graphic looks at the most popular news websites across the globe, based on their total number of paid subscriptions.
*Note: This report relies on publicly available data, and should not be considered an exhaustive list.
The Full Breakdown
With 7.5 million subscriptions, The New York Times (NYT) takes the top spot on the list. 2020 was an exceptionally strong year for the outlet—by Q3 2020, the NYT had generated the same amount of revenue from digital subscriptions as it had for the entire year of 2019.
|1||🇺🇸 The New York Times||7,500,000|
|2||🇺🇸 The Washington Post||3,000,000|
|3||🇺🇸 The Wall Street Journal||2,400,000|
|4||🇺🇸 Game Informer||2,100,000|
|5||🇬🇧 Financial Times||1,100,000|
|6||🇺🇸 The Athletic||1,000,000|
|7||🇬🇧 The Guardian||790,000|
|9||🇬🇧 The Economist||516,000|
|12||🇬🇧 The Sunday Times||337,000|
|13||🇬🇧 The Telegraph||320,000|
|14||🇺🇸 The Atlantic||300,000|
|15||🇮🇹 Corriere Della Sera||300,000|
|16||🇫🇷 Le Monde||300,000|
|17||🇺🇸 The Boston Globe||270,000|
|18||🇦🇷 La Nacion||260,000|
|21||🇺🇸 Los Angeles Times||253,000|
|23||🇺🇸 The New Yorker||240,000|
|25||🇧🇷 Folha de S.Paulo||236,000|
|26||🇸🇪 Dagens Nyheter||208,000|
|27||🇺🇸 Business Insider||200,000|
|31||🇨🇦 The Globe and Mail||139,000|
|34||🇫🇷 Le Figaro||110,000|
|35||🇺🇸 Chicago Tribune||100,000|
|36||🇺🇸 Star Tribune||100,000|
|38||🇫🇮 Helsingin Sanomat||100,000|
The Times is the most popular by a landslide—it has over double the number of subscriptions than the second outlet on the list, The Washington Post. Yet, while WaPo is no match for NYT, it still boasts a strong following, with approximately 3 million paid subscriptions as of Q4 2020.
Japanese outlet Nikkei ranks number one among the non-English news websites. It’s the largest business newspaper in Japan, mainly focusing on markets and finance, but also covering politics, sports, and health.
Legacy Papers: Which Websites Come From Traditional Media?
Most of the websites on this list stem from traditional media. Because of this, they’ve had years to establish themselves as trusted sources, and win over loyal readers.
Interestingly, more than half of the outlets included in this ranking are at least 100 years old.
|Publication||Year Launched||Age (Years)|
|🇬🇧 The Guardian||1821||200|
|🇬🇧 The Sunday Times||1821||200|
|🇫🇷 Le Figaro||1826||195|
|🇬🇧 The Economist||1843||178|
|🇺🇸 Chicago Tribune||1847||173|
|🇬🇧 The Telegraph||1855||166|
|🇺🇸 The Atlantic||1857||164|
|🇸🇪 Dagens Nyheter||1864||157|
|🇺🇸 Star Tribune||1867||154|
|🇦🇷 La Nacion||1870||151|
|🇺🇸 The Boston Globe||1872||149|
|🇮🇹 Corriere Della Sera||1876||145|
|🇺🇸 Washington Post||1877||144|
|🇺🇸 LA Times||1881||140|
|🇬🇧 Financial Times||1888||133|
|🇺🇸 Wall Street Journal||1889||132|
|🇫🇮 Helsingin Sanomat||1889||132|
|🇧🇷 Folha de S.Paulo||1921||100|
|🇺🇸 The New Yorker||1925||96|
|🇨🇦 The Globe and Mail||1936||85|
|🇫🇷 Le Monde||1944||77|
|🇺🇸 Game Informer||1991||30|
|🇺🇸 Business Insider||2007||14|
|🇺🇸 The Athletic||2016||5|
Yet, undeterred by these well-established outlets, a few scrappy websites made the cut despite a shorter history. Four out of the 38 websites are less than 20 years old.
The Athletic is the newest outlet to make the ranking. Established in 2016, the outlet’s target demographic is die-hard sports fans who miss the days of in-depth, quality sports writing.
The Need For Trusted Sources
Amidst the global pandemic, issues involving misinformation and fake news have helped reaffirm the important role that trusted news sources play in the dissemination of public information.
With this in mind, it’ll be interesting to see what the future holds for digital media consumption. With paywalls becoming increasingly more common, will consumers jump on board and eventually be more willing to pay for their news?
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