Friday, 22 February, 2019


BuzzFeed announces plans to lay off 15 percent of staff

Report Buzz Feed to Cut 15 Percent of Staff		Nicholas Kamm /AFP  Getty Images23 Jan 2019 Report Buzz Feed to Cut 15 Percent of Staff Nicholas Kamm /AFP Getty Images23 Jan 2019
Conrad Doyle | 26 January, 2019, 12:28

At least 250 people could lose their jobs, the Journal said, citing "people familiar with the situation".

Buzzfeed Australia now has approximately 40 staff.

In 2017, BuzzFeed laid off around 100 employees after it missed revenue targets earlier that year.

Peretti wrote in his email that the company's business has grown by "double digits" over the previous year, but said "unfortunately, revenue growth by itself isn't enough to be successful in the long run".

Digital media company BuzzFeed has started laying off several employees after it announced it will be cutting 15 percent of its jobs, or about 200 people, to trim expenses and become profitable. This then led to the idea of coming up with a "distinct" brand called BuzzFeed News and an updated homepage design.

In a memo seen by WSJ, BuzzFeed chief executive Jonah Peretti said to staff that the company will be undergoing a restructure to reduce costs and improve its operating model.

"Over the past few months, we've done extensive work examining the trends in our business and the evolving economics of the digital platforms".

Verizon Media Group, which also owns Tumblr as well as its journalism outlets, separately announced plans to lay off 7% of its staff around the world, in a move likely to affect some employees in the UK.

HuffPost deputy opinion editor Chloe Angyal says her entire section is being eliminated as part of the layoffs.

The BuzzFeed News cuts follow a challenged week for the news industry overall, which also saw layoffs at HuffPost and Gannett.

The news came on a trying day for staff at media companies.

Some established print publications with a built-up pedigree like The New York Times have been able to mitigate these trends with paywalls.

Internationally, BuzzFeed News' offices in Spain were closed and the company is expected to hand down more layoffs on Monday in the UK.

Many digital media companies have cut jobs or sold off in recent years as Facebook and Google gobble up the bulk of digital advertising dollars.

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