Pulse News

**BuzzFeed Q4 Revenue Fell 20%, Execs Talk Up New App**

By Sahil Patel

8 hours ago

Source: The Information

BuzzFeed revenue fell 20% to $56.2 million in the fourth quarter, driven by a 19% decline in advertising revenue and a 59% drop in its content revenue segment, which includes videos and other content the media company makes on behalf of advertisers. Commerce and other revenues were up 39%. BuzzFeed posted a net loss of $3.8 million during the quarter, compared to a net profit of $4.4 million during the same quarter in 2023.

BuzzFeed CFO Matt Omer said on the company's earnings call that the ad declines were due to BuzzFeed cutting its ad salesforce and relying more on automated ad sales. Meanwhile, Peretti talked up the company's development of a new social media app that will allow people to use artificial intelligence tools to create, post and share content. Peretti has previously said this social media app is meant to be an antidote to Instagram, TikTok, and other top social apps today which use algorithms to maximize usage over a healthy user experience. He said BuzzFeed is investing about $10 million into the new app, primarily on the engineering side.