The Internet Archive has long been regarded as one of the leading internet archives, providing a collection of over 500 million articles, but the company has also experienced an exodus of its readers over the past few years.
In 2018, the company announced that it was shutting down its online publication, which previously provided content from around the globe to its millions of subscribers.
The closure came after years of operating at a loss.
After all, the site is already struggling financially, losing $6.3 million in 2017 alone.
The site’s main competitor, Digital Trends, also shut down its publication in 2016.
The company’s latest move to shut down publication was not unexpected, given the company’s history of making significant investments in its online archives, including in content preservation and search.
According to a report by The New York Times, the closure of the archive was triggered by a $15 million investment in 2016 by the Google-owned search engine company in a bid to keep the site online.
The Times reported that the search engine giant paid $150 million to the company, but did not specify the amount of that investment.
The investment, which Google acquired in 2013, came in addition to another $1.5 billion the search giant made through the acquisition of the company earlier that year.
Digital Trends announced in 2017 that it would be shutting down the site in 2020, citing its “inherent difficulty” with maintaining the archive.
In a statement, Digital Future described the move as “the culmination of years of work by the company to secure new funding to continue maintaining the archives.”
The move was widely hailed as a big win for the company.
In 2017, Digital Trend said that it had more than $6 billion in annual revenue, but it was down to $1 million in 2018.
“It’s very important to us that the Internet Archive remains an important part of the world’s history, and our readers can rely on the archive to provide a vital resource for their research and knowledge,” said Steve Loomis, Digital Futures President and CEO, in a statement.
The move has led to speculation about the future of online publications.
Some have suggested that Digital Trends could be a competitor to the Digital Media Group, which runs several online publications, including TechCrunch, the Huffington Post, and Vox.
Others have pointed to the recent sale of the online publication The Verge to Conde Nast for $400 million.
In response, Digital Media said in a tweet that the move would not affect its editorial content.
“We are always focused on the long-term health of the Digital Archive,” the company said.