Saturday, 15 December, 2018


BuzzFeed to cut jobs, refocus advertising

The Wall Street Journal reported Wednesday that BuzzFeed The Wall Street Journal reported Wednesday that Buzz Feed will be missing its revenue target of $350 million by as much as 20 per cent this year
Conrad Doyle | 29 November, 2017, 22:27

Earlier this month, The Wall Street Journal reported that BuzzFeed had put its plans for a 2018 initial public offering on hold and was on pace to miss its revenue target of about $350m this year by some 15% to 20%.

At the same time, BuzzFeed president Greg Coleman will depart his post, but remain on board as a company adviser.

Peretti added that in the U.K., the company will focus on "content for global audiences and our core U.K. News beats", such as investigations, politics, media, and social justice.

BuzzFeed has attracted investments including a Dollars 400 million round from NBCUniversal at a valuation of some USD 1.7 billion. The revenue shortfall is expected to delay BuzzFeed's hotly anticipated IPO, according to the Journal's sources.

"As our strategy evolves, we need to evolve our organization, too - particularly our Business team, which was built to support direct sold advertising but will need to bring in different, more diverse expertise to support these new lines of business", Peretti wrote.

The company announced president Greg Coleman had chose to "take the opportunity to transition into a new role".

Although many media reporters have compared the digital media fallout to that of the dotcom bust of 2001, there are significant differences.

Washington, Nov 29 BuzzFeed said today it was cutting an estimated 100 jobs as the news and entertainment website reorganises its advertising efforts in the face of disappointing revenues.

Buzzfeed had initially eschewed the digital banner ads that had been under intense price pressure in recent years and instead concentrated selling the more expensive native advertising-videos that were made to look very similar to the site's editorial content.

A spokeswoman for New York-based BuzzFeed confirmed the layoffs Wednesday. "We're going to continue to aggressively build out our advertising capabilities, but also accelerate this evolution in 2018". At the same time, BuzzFeed's chief revenue officer Lee Brown has become a part of the company's senior management team, and will report directly to Peretti.

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