Crypto News Media and Entertainment Outlet BreakerMag to Shut Down, Close Shop
Breaker Magazine, a crypto media news outlet launched in 2018, is reportedly shutting down.
The news comes from TheBlock, which cites “sources familiar with the situation.” Breaker Mag is reportedly losing money for Breaker, its corporate owner, and there was no viable business plan in place to make the site profitable.
BreakerMag is led by Editor-in-Chief Ben Schiller, who worked as a staff writer for Fast Company from 2011 to April 2018 before running a European management magazine and taking the helm at BreakerMag.
During its brief tenure in the crypto news media landscape, BreakerMag distinguished itself from the competition with its magazine-style reports and distinctive UI and color scheme. They were one of our favorite to follow inside the bitcoin and blockchain news space.
Unlike the vast majority of crypto news media websites, BreakerMag didn’t have a traditional blog design; instead, the website adopted a more simplified design. Instead of overwhelming users with flashy images, advertisements, and text, BreakerMag emphasized the text of the articles.
TheBlock released a report announcing the shut down on April 29. However, BreakerMag has not acknowledged the news on its own website or on any social media channels at this point. The site is still up and operational, and no BreakerMag editors or writers have publicly announced the shutdown on social media.
BreakerMag was launched in 2018 as an independent unit of SingularDTV, a blockchain startup that aimed to use the new technology to revolutionize the entertainment industry. The site was one of several media sites to launch in 2018 after the surge of attention generated by the industry in 2017.
As noted by TheBlock in its obituary, BreakerMag “stood out for its long-form stories akin to what one might find in New York Times Magazine or the New Yorker – but for bitcoin and crypto news.”
BreakerMag Rose to Fame with In-Depth Report About NewsBTC Accepting $4500 for Paid Articles Not Marked as ‘Sponsored’
BreakerMag rose to fame among the crypto media landscape for revealing the amount of money crypto media websites accepted in exchange for a story.
A detailed investigation by BreakerMag found that crypto media websites charged anywhere from $240 to $4500 in exchange for posting an article about a company. The larger the website, the more money the site charged.
Out of all of the websites approached by BreakerMag during the investigation, more than half agreed to publish an article in exchange for payment.
To be clear, none of the paid posts were going to be marked as sponsored: the sites were caught accepting payment specifically in exchange for listing a paid post as a normal post – not as a sponsored post.
The investigation was led by staff reporter Corin Faife, who found that the pay-for-play crypto media problem extended even to renowned, well-respected websites like NewsBTC and AMB Crypto, both of which charge money in exchange for writing stories.
BreakerMag, meanwhile, would respond to requests for paid articles like this:
“What you’re proposing is completely against journalistic ethics. There is absolutely no way I would accept this kind of offer.”
CryptoNinjas, Cointelligence, Coinspeaker, CryptoPotato, Blokt, BTCManager, Coinidol, AMBCrypto, Globalcoinreport, Cryptovest, Bitcoinist, and NewsBTC were all caught accepting money in exchange for publishing paid articles without a ‘sponsored’ tag.
NewsBTC was at the high-end, charging as much as $4,500 in exchange for a paid post.
In any case, BreakerMag and its detailed investigations may be done – and the crypto media landscape is worse because of it.
The report from TheBlock indicates that the shutdown was tied to the lack of a viable business plan combined with a high burn rate from the perspective of BreakerMag’s owner, Breaker.
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