The clock is ticking over at CNN.
It could be the biggest story in media this year.
And someone at CNN is going to get fired over this massive meltdown.
As Conservative Revival reports:
On March 29th, CNN launched their new streaming service ‘CNN+’.
But, so far, this venture has attracted a meager 10,000 viewers a day, sources familiar with the matter told CNBC on Tuesday.
“To put that daily user number in perspective, CNN’s cable network suffered a sharp decline in viewership last year but still rang up an average of 773,000 total viewers a day,” CNBC reported.
This is woefully bad news for the network considering they spent roughly $300 million so far on CNN+, according to Axios.
“The news giant was initially planning to invest around $1 billion in the service over the next four years,” Axios reported.
“CNN executives, with help from consulting firm McKinsey, originally expected to bring in around 2 million subscribers in the U.S. in the service’s first year and 15-18 million after four years.”
The report said that “hundreds of millions of dollars are expected to be cut” from the investment.
“They originally planned for the service to break even after four years,” the report added.
“Much of the subscriber opportunity executives see comes from international markets.”
Ex-WarnerMedia CEO Jason Kilar, who left the company last week, had previously given glowing remarks on the new streaming service.
“It’s ahead of my expectations in terms of where the subscribers are, the engagement, the receptiveness that we’re getting in terms of people’s response to the journalists of CNN+. I couldn’t be more proud of that team,” he said.
And former Fox News anchor Chris Wallace who left the network to join CNN+ has reportedly been having daily breakdowns over the service’s “miserable failure” according to reporter Jon Nicosia.
“SOURCE: Chris Wallace is ‘having daily breakdowns’ over the ‘miserable launch’ of [CNN+],” Nicosia announced. “Wants a ‘CNN show or is threatening to walk’ they go on. ‘He is having staffers count how many times a day his promo is playing.’”
The source also reportedly told Nicosia that Wallace is “telling anyone that will listen” that he wants Chris Cuomo’s old time slot.
Wallace told the New York Times that he left Fox News because his colleagues “began to question the truth” pertaining to the January 6 riot on Capitol Hill.
“I’m fine with opinion: conservative opinion, liberal opinion,” Wallace told The Times. “But when people start to question the truth — Who won the 2020 election? Was Jan. 6 an insurrection? — I found that unsustainable.”
Fox News had been averaging 2.37 million viewers a day during its primetime slots when Wallace decided to leave the network for a streaming service that, so far, has brought in only 10,000 viewers a day.
It’s a complete disaster for CNN.