LOL. Screw them. Losers.
Nicholas Thompson, the chief executive of The Atlantic, gave a presentation to employees last month in which he disclosed some uncomfortable truths about the state of the magazine.
Subscription growth, which had skyrocketed in 2020 thanks to the Covid-19 pandemic and the presidential election, had come back down to earth. For the first time, the number of subscribers had plateaued and started to slightly decline. And even with last year’s substantial surge, the magazine had lost more than $20 million and was on track to lose another $10 million this year, according to slides of the presentation shared with NBC News.
But Thompson was optimistic, according to four employees who saw the presentation and spoke on the condition of anonymity. The company would lose just a few million dollars in 2022, Thompson projected, and turn a small profit in 2023. When that happened, he said, every staff member would be given $10,000 or a 10 percent salary bonus — whichever was bigger.
“We are on a path to profitability, or sustainability,” Thompson said in an interview. “Our losses have narrowed every year. We’re vastly ahead of where we thought we would be.”