06-07-2019: Maker Media laid off entire staff and halted operations, leading to rebirth as the „Make: Community”.
Maker Media, founded by Dale Dougherty in 2005, was the driving force behind the maker movement
On June 7 2019, Maker Media - the company responsible for the publication of MAKE: magazine and the organization of the Maker Faire science and art festival, announced the suspension of operations and the dismissal of all 22 employees. The reasons were deep financial problems, difficulties in obtaining financing from investors, as well as an increase in the costs of production and organization of events. Additionally, MAKE: magazine suffered from increasing competition offering free online content.
Maker Media, founded by Dale Dougherty in 2005, was the driving force behind the maker movement that began in the early 21st century. Its main venture was publishing MAKE magazine: which inspired both adults and children to create technological and artistic projects on their own.
The magazine offered step-by-step instructions that became a focal point for DIY enthusiasts around the world. Additionally, the company organized popular scientific and artistic events - Maker Fair, with 200 events a year in over 40 countries, which allowed participants to admire impressive artistic and engineering installations.
The company's problems resulted mainly from decreasing advertising revenues and lack of sponsors. Ultimately, in June 2019, it was forced to end its operations. However the Dougherty did not file for bankruptcy, but instead opted for an alternative process of transferring assets to creditors in an attempt to keep its servers operational and continue licensing the Maker Faire name.
Dougherty soon restructured the company to form Make Community LLC. As a result, he was able to retain some of the team and continue publishing the magazine and licensing the Maker Faire name, allowing third-party events to be hosted around the world.
Source: www.techcrunch.com