Manila, Philippines – Coconuts, a regional alternative media company, has announced that it is shutting its online publishing operations by the end of this year, citing difficulties in keeping the media business being financially stable.
In an update article posted by Byron Perry, founder and chairman of Coconuts Media, he said that while its online component will be shut down, its BK Magazine, Soimilk, and Grove brand studio will continue operating. Moreover, the online publication will still remain up as an archive for online readers.
Perry reflects on the fact that despite all of the numerous journalism and entertainment awards they have won, these editorial and audience achievements have not converted into commercial success for the publication. Nonetheless, they are thankful to their readers, and hoped that their core mission of informing and entertaining its readers had been achieved over the span of 12 years.
“I also personally want to thank all of the staff – past and present – who have put so much time, effort, drive, creativity, and intelligence into making Coconuts great. I am truly grateful for your service and I wish you the best in your careers,” he said.
Coconuts was first launched in 2011, and serves readers in the Southeast Asian cities of Bangkok, Manila, Hong Kong, Singapore, Kuala Lumpur, Jakarta, Bali and Yangon. It previously had a two-year deal with Filipino media company ABS-CBN back in 2015 to allow both media entities to exchange news, features and video content on their respective platforms. In 2021, Coconuts Media had acquired BK Magazine, a Bangkok-based print and online lifestyle magazine.
Coconuts’ closure follows a worrying slew of media closures and layoffs, including VICE, which axed its entire APAC newsroom team back in April following the company’s declaration of bankruptcy.
