Faced by digital disruptions (read ‘destructions’) led by big megalomaniacs like Google and Facebook, who do pay their corporate taxes to the Malaysian government (for the benefit of Malaysians), another big publisher may see dark days ahead with the axe falling on their good-standing Malaysian staff who pay their taxes faithfully.
Compound this with the COVID-19 pandemic which disarms any kind of business continuity planning, businesses are experiencing outflows with no inflow of funds, hence stagnating cashflow.
This is not going to abate anytime soon, and the publishers whose revenues come from events will not be spared till the end of this year.
In an internal memo sighted by us today, it is now clear the avalanche of layoffs has already begun.
The Board of Directors of Blu Inc Media Sdn Bhd has decided to cease operations effective today, 30 April 2020.
BluInc helms the publishing industry in Malaysia with almost four decades of experience, with over 20 titles across three languages, and is the premier magazine publisher in the country.
In Malaysia, Blu Inc Media Sdn Bhd was set up as a joint venture with SPH Magazines. Strategic business partnerships with Conde Nast, American Media Inc, Weider and Hearst and subsequent acquisitions of Magazine World and ACP titles, further cemented its position as the industry leader.
Datin Azliza Tajuddin, CEO of BlueInc, was quoted as saying, “We will now begin the unfortunate and painful process of letting staff go. We thank staff for their amazing service and wish them all the best in future endeavours.”
A sad day for publishers indeed.