What is BuzzFeed, Inc. and what is its primary focus?

BuzzFeed, Inc. is an American internet media, news, and entertainment company. Its primary focus is on digital media, and it was founded with the goal of tracking viral content.

When was BuzzFeed founded and by whom?

BuzzFeed was founded on November 1, 2006. Its founders are Jonah Peretti and John S. Johnson III.

Where is BuzzFeed headquartered?

BuzzFeed is headquartered in New York City, New York, in the United States.

What was BuzzFeed's initial focus when it was founded?

Initially, BuzzFeed was founded to focus on tracking viral content. It began by experimenting with viral media and launched an instant messaging client called BuzzBot to send users links to popular content.

How does BuzzFeed generate revenue?

BuzzFeed generates revenue primarily through native advertising, a strategy designed to increase the likelihood that viewers will read advertisements by making them resemble editorial content. They do not rely on traditional banner ads.

What significant change occurred in BuzzFeed's content strategy in late 2011?

In late 2011, BuzzFeed hired Ben Smith from Politico to serve as editor-in-chief. This move aimed to expand the site's focus into long-form journalism and reportage under the new banner of BuzzFeed News.

What major awards did BuzzFeed News achieve by 2021?

By 2021, BuzzFeed News had received significant recognition, winning the National Magazine Award, the George Polk Award, and the Pulitzer Prize. It was also nominated for the Michael Kelly Award.

What happened to BuzzFeed News in April 2023?

On April 20, 2023, BuzzFeed announced the closure of BuzzFeed News. The company stated it would consolidate its news efforts into HuffPost and laid off approximately 180 employees.

How was BuzzFeed perceived by respondents in a 2014 Pew Research Center survey?

A 2014 Pew Research Center survey indicated that a majority of respondents in the United States viewed BuzzFeed as an unreliable source, irrespective of their age or political affiliation.

What is the political leaning of BuzzFeed's audience, according to reports?

BuzzFeed's audience has been described as leaning towards the center-left politically.

What was Jonah Peretti's role prior to founding BuzzFeed?

Before founding BuzzFeed, Jonah Peretti served as the director of research and development and the OpenLab at Eyebeam, a New York City-based art and technology nonprofit organization, where he explored viral media.

How did BuzzFeed initially operate without writers or editors?

In its early days, BuzzFeed operated without traditional writers or editors. Instead, it employed an algorithm to identify and curate stories from across the web that showed signs of virality.

What was the purpose of BuzzBot?

BuzzBot was an instant messaging client launched by BuzzFeed that sent users links to popular content. It operated based on algorithms that analyzed rapidly disseminating links from various blogs.

When did BuzzFeed formally separate its news and entertainment divisions?

In 2016, BuzzFeed formally reorganized by separating its news content into BuzzFeed News and its entertainment content into the BuzzFeed Entertainment Group, which also included BuzzFeed Motion Pictures.

What was BuzzFeed's global presence as of 2016?

As of 2016, BuzzFeed had correspondents in 12 countries and maintained foreign editions in Australia, Brazil, France, Germany, India, Japan, Mexico, Spain, and the United Kingdom.

What financial milestones did BuzzFeed achieve by 2014?

By 2014, BuzzFeed had reportedly surpassed $100 million in revenue. In August of that year, it raised $50 million from Andreessen Horowitz, valuing the company at approximately $850 million.

What significant equity investment did NBCUniversal make in BuzzFeed?

In August 2015, NBCUniversal made a $200 million equity investment in BuzzFeed. This was followed by an additional $200 million investment in 2016, making Comcast (NBCUniversal's parent company) a significant minority shareholder, owning about a third of BuzzFeed.

What was BuzzFeed's strategy during the COVID-19 pandemic in 2020?

In response to the COVID-19 pandemic in March 2020, BuzzFeed implemented a sliding scale salary cut for its employees, ranging from 5% to 25%, with the CEO forgoing his salary. This measure was taken to avoid layoffs.

What was BuzzFeed's valuation and acquisition strategy in 2021?

In June 2021, BuzzFeed announced plans to go public via a SPAC deal, valuing the company at $1.5 billion, and planned to acquire Complex Networks for $300 million.

What challenges did BuzzFeed face regarding its stock listing on Nasdaq?

After listing on Nasdaq at $10 a share, BuzzFeed's stock price declined significantly, falling under $1 by 2023. This led to Nasdaq issuing a delisting notice, requiring the company to raise its share price above $1 to remain listed.

What was BuzzFeed's first acquisition?

BuzzFeed's first acquisition was Kingfish Labs in 2012. This startup was founded by Rob Fishman and initially focused on optimizing Facebook advertisements.

What was BuzzFeed's strategy for advertising revenue?

BuzzFeed's advertising strategy centers on native advertising that closely matches its editorial content, avoiding traditional banner ads. They also leverage their social media expertise to target conventional advertising through platforms like Facebook.

What notable content did BuzzFeed produce related to food?

BuzzFeed produced a popular video series called 'Tasty,' which focused on comfort food and gained a substantial following on Facebook. Tasty also released a cookbook and expanded into international markets and merchandise, including kitchenware and a smart induction cooktop called the 'One Top'.

What was the 'BuzzFeed Unsolved' web series about?

'BuzzFeed Unsolved' was a successful web series that explored historical unsolved mysteries, supernatural phenomena, and paranormal topics in a comedic manner. It featured hosts Ryan Bergara and Shane Madej.

What was the 'The dress' phenomenon and its impact on BuzzFeed?

In February 2015, a BuzzFeed post featuring a dress that sparked a viral debate about its color garnered over 28 million views in a single day. This event set a record for concurrent visitors to a BuzzFeed post and demonstrated the site's ability to create massive international online phenomena.

What was the 'watermelon stunt' and its significance?

In April 2016, two BuzzFeed interns created a live stream on Facebook where they wrapped rubber bands around a watermelon until it exploded. This video, noted for its immediacy and low production cost, was seen as part of Facebook's strategy to promote live video content.

What plagiarism accusations were made against Benny Johnson in 2014?

In July 2014, BuzzFeed writer Benny Johnson was accused of multiple instances of plagiarism, including directly lifting text from other reporters, Wikipedia, and Yahoo! Answers without attribution. BuzzFeed editor Ben Smith initially defended Johnson but later acknowledged 40 instances of plagiarism, leading to Johnson's termination.

How did BuzzFeed handle criticism regarding the deletion of posts critical of advertisers?

In April 2015, BuzzFeed faced scrutiny for deleting posts critical of advertisers like Dove and Hasbro. Editor-in-chief Ben Smith apologized for his impulsive actions, reinstated the posts, and an internal review found three additional deleted posts critical of Microsoft, Pepsi, and Unilever. One author resigned following the incident.

What was the outcome of the Advertising Standards Authority ruling against BuzzFeed in the UK?

In 2016, the UK's Advertising Standards Authority ruled that BuzzFeed had violated advertising rules by failing to clearly label an article promoting Dylon as an advertorial. The ASA found that while homepage links labeled it as 'sponsored content,' direct links to the article did not provide sufficient clarity that it was paid advertising.

What controversy arose from Scaachi Koul's tweet regarding hiring practices?

In February 2016, BuzzFeed Canada writer Scaachi Koul tweeted that the company was 'looking for mostly non-white non-men,' which led to accusations of racism and sexism. While she faced backlash and threats, a colleague defended her call for diversity, though noted concerns about potential tokenism.

What is BuzzFeed's stated editorial stance on certain social issues?

BuzzFeed's editorial guide states a firm belief that for issues like civil rights, women's rights, anti-racism, and LGBT equality, there are not two equal sides. This stance has led to questions about its credibility and neutrality from some commentators.

How did BuzzFeed's coverage of Barack Obama receive criticism?

A 2016 study by Fairness and Accuracy in Reporting found that 65 out of 100 BuzzFeed stories about Barack Obama were positive, 34 were neutral, and only one was critical. The report characterized BuzzFeed's coverage as 'creepy' and 'almost uniformly uncritical and often sycophantic'.

What was the reaction to BuzzFeed publishing the Steele dossier?

In January 2017, BuzzFeed published the unverified Steele dossier, which contained allegations about Donald Trump. This decision drew widespread criticism from journalists and politicians, including then-President-elect Trump, who called BuzzFeed a 'failing pile of garbage'.

What was the Mueller office's response to a BuzzFeed report in January 2019?

In January 2019, the office of Robert Mueller disputed a BuzzFeed report that claimed Trump had instructed Michael Cohen to lie to Congress. A spokesperson for Mueller's office stated that the BuzzFeed report was 'not accurate'.

What was revealed about BuzzFeed's quiz creators in 2019?

In January 2019, a former BuzzFeed director of quizzes revealed that many of the site's popular quizzes were created by unpaid contributors. One such contributor, a college student, was identified as the second-highest traffic driver worldwide for BuzzFeed, generating significant revenue without direct payment beyond small gift certificates and merchandise.

What was the outcome of BuzzFeed's unionization efforts?

In February 2019, BuzzFeed News employees voted to unionize. Later, in July 2019, BuzzFeed announced it would voluntarily recognize the employee union.

What is the 'Viral Rank' algorithm and who developed it?

The 'Viral Rank' is an algorithm developed by Jonah Peretti and Duncan Watts. BuzzFeed uses this formula to help editors, users, and advertisers test various content ideas to maximize distribution and engagement.

How did BuzzFeed's video content perform on YouTube?

As of September 1, 2021, BuzzFeed Video's YouTube channel had accumulated over 17.4 billion views and more than 20.3 million subscribers. The company also produced feature-length series for YouTube through BuzzFeed Motion Pictures.

What led to the shutdown of BuzzFeed's podcast department?

In September 2018, BuzzFeed shut down its podcast department and laid off staff due to a lack of desired advertising revenue. This decision led to the cancellation of most of its podcasts.

What was the purpose of the 'Community' section launched by BuzzFeed?

BuzzFeed launched its 'Community' section in May 2013 to allow users to submit their own content. Users' ability to publish was initially limited but could be increased by raising their 'Cat Power,' a measure of their prominence on the site.

What happened to BuzzFeed's Animation Lab team in January 2024?

In January 2024, a significant portion of the Animation Lab team, including Loryn Brantz, was laid off. This resulted in the cancellation of animated projects like 'Weird Helga' and 'The Good Advice Cupcake'.

What was the nature of the plagiarism accusations against Matt Stopera?

In June 2012, Adrian Chen of Gawker observed that Matt Stopera, a popular BuzzFeed writer, frequently copied and pasted text into lists without proper attribution, constituting plagiarism.

What was the outcome of the lawsuit filed by a photographer against BuzzFeed?

In June 2013, a photographer sued BuzzFeed for $3.6 million, alleging copyright infringement due to the company's viral sharing model and its use of the photographer's work without permission or proper attribution.

What did the Columbia Journalism Review find regarding BuzzFeed's credibility in 2016?

A 2016 study by the Columbia Journalism Review suggested that readers were less likely to trust an article if it appeared to originate from BuzzFeed compared to the same article published on The New Yorker's website, indicating a potential trust deficit.

What was the result of the 2017 survey on US readers' trust in news sources?

In a 2017 survey of US readers, BuzzFeed was ranked as the second least trustworthy news source, with Occupy Democrats being ranked lower.

What did Vivek Ramaswamy's investment in BuzzFeed in May 2024 entail?

In May 2024, Vivek Ramaswamy acquired a significant stake in BuzzFeed, initially 7.7% and later increased to 8.37%. He expressed a desire to shift the company's political leanings, potentially by hiring right-wing media personalities, though his voting power was limited due to share structure.

What was the purpose of BuzzFeed's 4:1 reverse stock split in May 2024?

In May 2024, BuzzFeed implemented a 4:1 reverse stock split. This action was taken to increase the stock price per share to above the $1 threshold required by Nasdaq to avoid delisting.

What divestitures did BuzzFeed announce in February 2024?

In February 2024, BuzzFeed announced the sale of Complex to NTWRK for $108 million, while retaining some popular franchises. The company also reportedly considered selling its food brand Tasty, signaling a strategic retreat after its public listing.

What was the value of BuzzFeed's sale of First We Feast in December 2024?

In December 2024, BuzzFeed sold First We Feast, the producer of the show 'Hot Ones,' for $82.5 million to a consortium of investors.

What was the initial valuation of BuzzFeed when it went public via SPAC?

When BuzzFeed went public via a SPAC deal in June 2021, it was valued at approximately $1.5 billion.

What was the primary reason for the layoffs announced by BuzzFeed in January 2019?

In January 2019, BuzzFeed announced plans to reduce its workforce by 15%, affecting approximately 200 employees. This move was part of an effort to achieve profitability.

Buzzfeed Wiki: BuzzFeed: Architecting the Digital Media Landscape

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Defining BuzzFeed

Digital Media Enterprise

BuzzFeed, Inc. is a prominent American internet media, news, and entertainment company, primarily focused on digital media dissemination.^[2] Headquartered in New York City, its operational model is centered on the creation and distribution of content tailored for the online environment.^[2]

Origins and Viral Focus

Established in November 2006 by Jonah Peretti and John S. Johnson III, BuzzFeed initially aimed to track and analyze viral content.^[2] This foundational objective shaped its early strategy, emphasizing content with high potential for rapid online sharing and engagement.

Strategic Evolution

While initially recognized for viral quizzes and listicles, BuzzFeed has strategically evolved into a comprehensive global media and technology entity.^[3] It now covers a broad spectrum of topics, including politics, DIY projects, animal features, and business analysis, demonstrating a significant expansion beyond its early focus.

Historical Trajectory

Foundational Years and Expansion

Founded by Jonah Peretti, who previously directed research and development at Eyebeam, BuzzFeed began as a side project in 2006.^[14]^[15] Initially operating with an algorithm to identify viral content rather than employing writers, it later incorporated human curation and expanded its scope.^[17]^[18]

Development of BuzzFeed News

In 2011, Ben Smith was appointed editor-in-chief, marking a significant shift towards long-form journalism and investigative reporting under the banner of BuzzFeed News.^[6] This division achieved notable recognition, earning awards such as the National Magazine Award, George Polk Award, and a Pulitzer Prize for its impactful journalism.^[7]^[8]^[9] However, BuzzFeed announced the closure of BuzzFeed News in April 2023.^[11]

Restructuring and Workforce Adjustments

Throughout its history, BuzzFeed has undergone several workforce reductions. Notable layoffs occurred in 2017, 2019, and 2020, impacting various divisions including international operations, web content, and news.^[24]^[25]^[28]^[49]^[50] These measures were often attributed to financial pressures or strategic realignments.

Financial Underpinnings

Investment and Revenue Streams

BuzzFeed has secured substantial funding throughout its existence, commencing with $3.5 million in 2008.^[32] By 2014, the company reported exceeding $100 million in revenue.^[37] Its primary revenue generation strategy relies on native advertising, which integrates promotional content seamlessly with editorial content, eschewing traditional banner advertisements.^[5]

Major Investments and Partnerships

Significant equity investments have been made by entities such as Andreessen Horowitz ($50 million in 2014)^[39] and NBCUniversal ($200 million in 2015, with an additional $200 million in 2016).^[43]^[38] These partnerships have influenced its growth trajectory and operational capacity.

Public Offering and Market Performance

BuzzFeed went public via a SPAC merger in June 2021, initially valued at approximately $1.5 billion.^[52] However, the company subsequently faced significant challenges with its stock price declining substantially, leading to delisting notices from Nasdaq and considerable debt burden.^[62]^[64] A reverse stock split was implemented in May 2024 to address these issues.^[65]

Content Ecosystem

Diverse Content Formats

BuzzFeed's content strategy encompasses a wide array of formats, including listicles, videos, and interactive quizzes.^[3] The company leverages its understanding of social media dynamics to maximize content distribution and engagement across various platforms.^[41]

Video Production and Series

BuzzFeed Video, based in Los Angeles, produces original content, including popular series like "The Try Guys" and "BuzzFeed Unsolved."^[85]^[114] The company also operates the highly successful food brand Tasty, known for its short-form recipe videos on Facebook.^[103]

Podcasts and Animation

BuzzFeed established an in-house podcasting team in 2015, launching series such as Another Round.^[88] While the podcast department was later shut down,^[89] the company also developed Animation Lab, focusing on short-form animation content that gained significant followings on platforms like YouTube and TikTok.^[117]

BuzzFeed News: A Critical Examination

Journalistic Achievements

The BuzzFeed News division garnered significant accolades for its investigative and international reporting, including a Pulitzer Prize in 2021 for its work on the Xinjiang internment camps.^[9] It also received nominations and awards from prestigious bodies like the National Magazine Awards and the George Polk Awards.^[7]^[8]

Reputation and Trust

Despite its journalistic achievements, BuzzFeed has faced scrutiny regarding its reputation as a news source. Surveys indicated that a majority of respondents viewed it as an unreliable source.^[12]^[134]^[141] This perception was influenced by its early focus on viral content and subsequent controversies.

Closure and Strategic Shift

In April 2023, BuzzFeed announced the cessation of its news operations, citing a strategic decision to consolidate news efforts within HuffPost.^[11] This move represented a significant pivot away from its dedicated news division after years of investment.

Recognition and Accolades

Prestigious Awards

BuzzFeed's content and personnel have been recognized with numerous awards. In 2017, it received Webby Awards for Best News App and Best Interview/Talk Show.^[178] The BuzzFeed News team was a finalist for a Pulitzer Prize in 2018 and subsequently won one in 2021.^[180]^[9]

Industry Recognition

Beyond major journalistic awards, BuzzFeed's leadership and content have been acknowledged within the media industry. For instance, Greg Coleman was named Publishing Executive of the Year by Digiday in 2017.^[179] These recognitions underscore the company's influence and innovation in the digital media space.

Critical Perspectives

Plagiarism Allegations

BuzzFeed has faced multiple accusations of plagiarism, with instances involving the unattributed use of content from competitors, Reddit, and Wikipedia.^[123]^[124]^[125] These incidents led to employee dismissals and public apologies from editorial leadership, highlighting the importance of attribution in journalistic integrity.^[127]

Advertiser Influence and Editorial Standards

The company encountered scrutiny over alleged advertiser influence on editorial content, including the deletion of posts critical of advertisers.^[154] These events prompted internal reviews and apologies, emphasizing the challenge of maintaining editorial independence amidst commercial pressures.^[156]

Hiring Practices and Ideological Stance

BuzzFeed's hiring practices have drawn criticism, particularly concerning requests for diverse candidates that were perceived by some as exclusionary.^[162] Furthermore, the company's stated editorial stance on certain social and political issues has led to discussions about its potential impact on journalistic objectivity.^[167]^[168]

Controversial Publications

BuzzFeed's decision to publish the unverified "Steele dossier" in 2017 generated significant controversy and criticism from various media figures and political leaders, who questioned the journalistic merit and potential impact of releasing uncorroborated information.^[142]^[174]^[175]

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References

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BuzzFeed: Architecting the Digital Media Landscape

💡 Dive in with Flashcard Learning! 💡

Defining BuzzFeed ℹ️

🌐 Digital Media Enterprise

🚀 Origins and Viral Focus

📈 Strategic Evolution

Historical Trajectory ⏳

📜 Foundational Years and Expansion

📰 Development of BuzzFeed News

📉 Restructuring and Workforce Adjustments

Financial Underpinnings 💰

💸 Investment and Revenue Streams

🏢 Major Investments and Partnerships

📉 Public Offering and Market Performance

Content Ecosystem 🎬

📝 Diverse Content Formats

📺 Video Production and Series

🎙️ Podcasts and Animation

BuzzFeed News: A Critical Examination 🧐

🏆 Journalistic Achievements

⚠️ Reputation and Trust

❌ Closure and Strategic Shift

Recognition and Accolades ⭐

🏆 Prestigious Awards

🏅 Industry Recognition

Critical Perspectives 🤔

plagiarize Plagiarism Allegations

⚖️ Advertiser Influence and Editorial Standards

🗣️ Hiring Practices and Ideological Stance

📰 Controversial Publications

Teacher's Corner 🧑‍🏫

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📜 References

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📜 Important Notice

Dive in with Flashcard Learning!

Defining BuzzFeed

Digital Media Enterprise

Origins and Viral Focus

Strategic Evolution

Historical Trajectory

Foundational Years and Expansion

Development of BuzzFeed News

Restructuring and Workforce Adjustments

Financial Underpinnings

Investment and Revenue Streams

Major Investments and Partnerships

Public Offering and Market Performance

Content Ecosystem

Diverse Content Formats

Video Production and Series

Podcasts and Animation

BuzzFeed News: A Critical Examination

Journalistic Achievements

Reputation and Trust

Closure and Strategic Shift

Recognition and Accolades

Prestigious Awards

Industry Recognition

Critical Perspectives

Plagiarism Allegations

Advertiser Influence and Editorial Standards

Hiring Practices and Ideological Stance

Controversial Publications

Teacher's Corner

True or False?

Test Your Knowledge!

Gamer's Corner

Discover other topics to study!

References

Feedback & Support

Academic Disclaimer

Important Notice