CCN, one of the top cryptocurrency news sites, has announced that it is shutting down its operations effective immediately. This comes as a recent Google Search update has reportedly dramatically impacted CCN’s search visibility.
A Google Core Update has made CCN unsustainable
This news that CCN shuts down came in a lengthy post on the CCN website. In it, Jonas Borchgrevink – the director and founder of CCN Markets and Hawkfish AS – highlights how CCN has experienced a large drop in online traffic.
This drop corresponds with a Google Core Update which took effect on June 3rd. As a result, CCN’s traffic is said to have fallen with a massive 71% on mobile – just overnight. Although Borchgrevink cedes that CCN has seen these lower traffic levels before, they are now unsustainable for the website.
Specifically, the CCN team has been expanded with new team members to aid with coverage. As such, the CCN team is around 60 people large – and Borchgrevink argued that they cannot sustain their operations based on advertiser revenue any longer.
What’s more, the article announcing CCN’s shutdown also notes that the web traffic for competing crypto news sites Cointelegraph and CoinDesk has also supposedly declined following June 3rd. According to Borchgrevink, the CCN team will now transition to HVY.com, a site “promoting journalists and news stories”.
CCN shuts down after six years of reporting
As such, this represents the end of an era. CCN has been reporting on cryptocurrency news since June 5th, 2013, when it was known as CryptoCoinNews. It has also grown from a one-person team to a team of over 60 today. CCN is one of the most highly cited crypto news outlets, and has been cited by Toshi Times many times.
What’s more, it is unclear exactly what Google has changed in its search rankings. Google regularly updates its algorithms, which can alter search results.
Some have proposed that this Google Core Update is specifically targeted at cryptocurrency news outlets. Although this could certainly be part of it, it seems that the Google Core Update is broader in nature. For example, UK publication The Daily Mail has reportedly also lost a significant part of its online traffic.
Suggestions as to why The Daily Mail has been one of the losers in the Google Core Update range from the website layout to that The Daily Mail uses “clickbait titles”. It is similarly unclear why CCN has been so significantly impacted.
A large number of political op-eds on CCN have been “pro-Trump”, and as such, Borchgrevink notes that he “would certainly hope Google isn’t actively suppressing journalism”. Borchgrevink also made a number of demands to Google in his piece, with a “call to action”.
What’s more, Borchgrevink compared Google’s influence on search engine searches to Standard Oil’s US near-monopoly during the 19th century. Standard Oil was forced to be broken up into 34 different companies, after controlling 91% of production and 85% of final sales. For reference, Google controls 88.5% of the global desktop search market.
Image Source: CCN
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.