Ever since media shifted online, things have been exciting. Back in the days when mail carriers used to deliver newspapers daily, agencies more often needed to compete with each other regarding the quality of their stories. Even if they encountered failures, they could rely on monthly magazines or subscription-based models to retain their audience. However, in today’s fast-paced world, news-based media companies must constantly capture their readers’ attention through short videos, captivating content, and compelling news. The trends in this field keep changing rapidly, and any company that fails to keep up risks going out of business, as was the case with Buzzfeed.
Buzzfeed began its journey in 2006, known for its lists and topical quizzes. However, in 2011, Buzzfeed launched Buzzfeed News, a separate section dedicated to investigative work on critical global issues. They excelled in this domain and quickly became a prominent media outlet. Buzzfeed News gained traction and expanded its workforce, bolstering its reporting capabilities. This self-evolution resulted in the industry taking notice, and Buzzfeed became a household name. People would say, “Did you hear about the news? Wait, let’s check Buzzfeed” – a common sentiment during the 2016s. Their achievements were recognised, and they were awarded the Pulitzer Prize in 2021 for their coverage of the Chinese government’s detention of Muslims in Xinjiang. However, by 2022, their fortune took a turn for the worse. Failing to adapt to the changing industry trends, Buzzfeed News started to crumble. The company announced workforce cuts, with CEO Jonah Peretti, an MIT alumnus, attributing the decision to factors such as the tech market recession.
To understand the downfall, we must examine how Buzzfeed initially catered to its audience. It began as an internet popularity contest, attracting people of different age groups with cat gifs, memes, and celebrity gossip. In the early days, it used an algorithm to curate viral content from various internet sources but later hired curators to improve the process. They gradually built an investigative team by hiring some of the best in the industry. As their fame grew, investors took interest, leading to the company’s expansion. In 2018, Buzzfeed moved to its domain and rebranded itself as a news portal, offering exclusive news coverage. Their reporting addressed significant issues, such as human rights violations in China and the Kevin Spacey controversy. However, the rise of social media platforms changed the audience’s preferences, as people became more drawn to shorter, easily digestible content. Facebook, Twitter, Instagram, and other platforms also provided independent agencies and teams opportunities to cover news, resulting in other portals competing with Buzzfeed by offering the same information in a more accessible format. This shift in content consumption altered the content curation landscape, favouring shorter and more direct content. People no longer wanted to read lengthy news articles; they preferred concise and memorable information about current affairs. Consequently, traffic shifted away from websites, and Buzzfeed News was no longer the exclusive source of free news.
Buzzfeed faced additional challenges. In 2019, they began reducing their workforce due to failing to meet profit margin targets. Advertisements increasingly went to social media platforms or other companies that adapted better to short content tailored to people’s interests, causing a loss of revenue. The pandemic further exacerbated their financial troubles. In 2021, Buzzfeed News merged with a special acquisition company, becoming the first to enter public markets. However, the outcome fell short of their expectations, as their market share declined from $9 to $6, currently sitting at $0.75. Subsequently, Buzzfeed News ceased its operations, but the parent company continues to function as a media organisation through Huffington Post, which it acquired in 2020. Their recent investment in Artificial Intelligence and its influence on content creation has sparked discussions about the implications for authenticity and human creativity in premium news investigation and content curation.
Once a league of its own, Buzzfeed News was the go-to source for exclusive and premium content. However, the recent introduction of AI into Buzzfeed’s operations raises questions about its impact on authenticity and human creativity in the current media landscape. Like other prominent brands that faded over time, Buzzfeed News reminds us how quickly fortunes can change. People who grew up with Buzzfeed News will remember its impact and the strides it made to stand out in the industry.
Author- Malik Araf
