TheWrap, a 12-year-old entertainment news site, laid off or furloughed employees earlier during the COVID-19 pandemic. The layoffs occurred as the media industry faced cancellations of videos and photo shoots, a shift to remote work for reporters, and the transition of live events to digital formats. The company, which relies on advertising for about 80% of its business, has been navigating financial challenges, including postponed movie premieres and changes in ad revenue timing due to events like the Oscars being rescheduled. Despite these cuts, TheWrap remains operational, describing itself as "lean and mean," and has recently hired a new chief revenue officer to bolster its advertising efforts amid industry consolidation and ongoing pandemic-related uncertainties.
