From CNBC:

The Messenger, a struggling news startup, is seeking investors to save the company from financial trouble. The company plans to turn a profit in 2024, despite a net loss of $43 million in 2023. The company has seen positive growth in web traffic, but is planning to eliminate 40 positions and furlough 15 people to save money.

The company hopes to rely on a surge in advertising sales to turn their financial situation around. The Messenger predicts it will bring in more than $18 million and $37 million for direct and programmatic advertising in 2024. However, the company acknowledges it will likely continue to lose money in the coming months unless there is additional investment.

The Messenger has been struggling in the competitive digital media market, facing challenges from tech giants like Google, Facebook, and Amazon. Despite this, the company plans to launch Messenger TV and open three facilities, while continuing to spend large amounts on personnel expenses and other costs. The company is looking for a dramatic turnaround in the advertising market to save the business.



Read more: The Messenger bets survival on huge ad revenue turnaround