BuzzFeed To Lay Off 15% Of Its Workforce

New York, June 22, 2016: The BuzzFeed sign at the company headquarters.
SHARE
THIS



BuzzFeed, the news site famous for its quizzes, listicles and reporting, will lay off 15 per cent of its staff as a means of cost-cutting following financial turbulence.

The cuts will spread across BuzzFeed’s global offices and will impact roughly 200 people.

The cuts follow a news report from BuzzFeed published last week about President Trump and his former personal lawyer Michael Cohen that has been widely disputed, though the media company insists the two are unrelated.

According to BuzzFeed, the cuts have been in the works for a few months.

Addressing the cuts, BuzzFeed CEO Jonah Peretti sent a staff-wide email, which pinned the redundancies down to a lack of growth.

“Unfortunately, revenue growth by itself isn’t enough to be successful in the long run.

“The restructuring we are undertaking will reduce our costs and improve our operating model so we can thrive and control our destiny, without ever need to raise funding again.”

Meanwhile, some are speculating the cuts are a signifier of the digital media bubble officially bursting.

According to Reuters Institute for the Study of Journalism at Oxford University director Rasmus Kleis Nielsen, “It’s clear that we have a digital content bubble.

Adding: “There’s no question we’re going to see more cuts, both in legacy media and digital-born ones.”

“In some ways, for journalism to succeed as a business it needs patient investors who are content with incremental growth and modest returns on investment.”

In 2017, BuzzFeed had an earlier round of cuts, with the media company letting go of roughly 7 per cent of its staff.

Please login with linkedin to comment

BuzzFeed digital media bubble

Latest News

Retired Marketing Man Andrew Piccoli Speaks About His Children’s Book ‘Dexter The Dahu’
  • Marketing

Retired Marketing Man Andrew Piccoli Speaks About His Children’s Book ‘Dexter The Dahu’

Andrew Piccoli spent his career overseeing some of Australia’s most memorable ad campaigns. Now, he has turned his attention to a particular area of passion: children’s literature. Now retired, Piccoli spent the COVID-19 lockdown writing the story of Dexter the Dahu for children aged between five and nine. He has donated a copy of the charming […]

A Clearer Lens: Restoring Trust In Out Of Home Measurement
  • Opinion

A Clearer Lens: Restoring Trust In Out Of Home Measurement

Outdated and modelled legacy measurement metrics being used by OOH companies have hindered confidence in the channel. Robin Arnold [pictured], Chief Technology Officer for LENS Technology & Analytics explores the few hero systems emerging to bring trust back to the channel. What do marketers really want? It’s a hard, nuanced question that has many answers. […]

Opinion

by B&T Magazine

B&T Magazine
ESPN Secures Landmark Deal With NBL
  • Media

ESPN Secures Landmark Deal With NBL

ESPN and the National Basketball League have extended their broadcast partnership for a further three seasons as part of an expanded television rights package. ESPN and the National Basketball League announce a new expanded agreement that will run for three seasons, until the end of the 2023/24 NBL season. The landmark broadcast deal comes with […]