BuzzFeed’s Q1 revenue was down 27% from the previous year and the company is looking to AI as a part of its future strategy.
In its first quarter financial call, the digital media company BuzzFeed revealed major declines in revenue and hinted at upcoming changes for the near future.from the company, the media outlet was 27% in its Q1 revenue compared to the same quarter last year. Additionally both advertising and content revenue declined by at least 30%.
Buzzfeed founder and CEO, Jonah Peretti said that in order to address these shortfall, the company will need to “adapt,” which will include integrating artificial intelligence . “By leaning into Creators and AI, I believe we can unlock new opportunities across our portfolio of trusted brands…” The statement comes after BuzzFeed shut down its news division and laid off 180 staff towards the end of April. At the time a spokesperson from BuzzFeed said none of the jobs were being replaced by AI, though Peretti commented that AI would become “part of our core business.”
Cointelegraph reached out to BuzzFeed for further comment on integrating AI into its content strategy.
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