{"id":1765247,"date":"2022-12-06T17:48:10","date_gmt":"2022-12-06T22:48:10","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1765247"},"modified":"2022-12-06T17:48:16","modified_gmt":"2022-12-06T22:48:16","slug":"left-wing-media-company-buzzfeed-to-dismiss-large-share-of-workforce","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/left-wing-media-company-buzzfeed-to-dismiss-large-share-of-workforce\/","title":{"rendered":"Left-Wing Media Company BuzzFeed To Dismiss Large Share Of Workforce"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">20<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fleft-wing-media-company-buzzfeed-to-dismiss-large-share-of-workforce%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1765247&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/buzzfeed\" target=\"_blank\" rel=\"noopener\">BuzzFeed<\/a> plans to dismiss 12% of employees as the left-wing digital <a href=\"https:\/\/www.dailywire.com\/topic\/media\" target=\"_blank\" rel=\"noopener\">media<\/a> company braces for difficult <a href=\"http:\/\/dailywire.com\/topic\/economy\" target=\"_blank\" rel=\"noopener\">macroeconomic <\/a>conditions and adapts to new market trends.<\/p>\n<p>The layoffs, impacting approximately 180 employees, occur as the company pivots toward \u201careas that will drive growth\u201d and away from \u201careas with less audience engagement,\u201d according to a <a href=\"https:\/\/twitter.com\/sarafischer\/status\/1600171001123176453\" target=\"_blank\" rel=\"noopener\">message<\/a> sent to employees on Tuesday by BuzzFeed CEO Jonah Peretti and obtained by Axios media reporter Sara Fischer.<\/p>\n<p>\u201cIn order for BuzzFeed to weather an economic downturn that I believe will extend well into 2023, we must adapt, invest in our strategy to serve our audience best, and readjust our cost structure,\u201d Peretti remarked. \u201cOur revenues are being impacted by a combination of worsening macroeconomic conditions, and the ongoing audience shift to vertical video, which is still developing from a monetization standpoint.\u201d<\/p>\n<p>Shares of BuzzFeed fell more than 6% to reach $1.07 by market close on Tuesday; the company\u2019s stock has plummeted nearly 90% since its <a href=\"https:\/\/www.dailywire.com\/news\/buzzfeed-sees-disappointing-stock-market-debut\" target=\"_blank\" rel=\"noopener\">lackluster debut<\/a> on the NASDAQ last year.<\/p>\n<p><b data-stringify-type=\"bold\"><a class=\"c-link\" tabindex=\"-1\" href=\"https:\/\/get.dailywire.com\/subscribe\/plus?utm_campaign=dwplus&#038;utm_medium=editorial&#038;utm_source=dwsite&#038;cid=dwplus&#038;mid=z&#038;xid=0&#038;_gl=1*cbbarq*_ga*MTE3MDIyNDM4Ni4xNjU4MzQzNjQx*_ga_CZKR9ZYKJP*MTY3MDM1ODM3My40NjIuMS4xNjcwMzU5NDA1LjU5LjAuMA..\" target=\"_blank\" rel=\"noopener noreferrer\" data-stringify-link=\"https:\/\/get.dailywire.com\/subscribe\/plus?utm_campaign=dwplus&#038;utm_medium=editorial&#038;utm_source=dwsite&#038;cid=dwplus&#038;mid=z&#038;xid=0\" data-sk=\"tooltip_parent\" data-remove-tab-index=\"true\" aria-describedby=\"sk-tooltip-26946\">TIRED OF THE LEGACY MEDIA\u2019S BIAS CONTROLLING THE NARRATIVE AND OBSCURING THE TRUTH? JOIN US AND SAVE 30%.<\/a><\/p>\n<p>BuzzFeed earned $104 million in revenue as of the third quarter of 2022, according to the company\u2019s most recent <a href=\"https:\/\/investors.buzzfeed.com\/static-files\/a2f202c9-926e-48f6-8550-a9ce95e39bfe\" target=\"_blank\" rel=\"noopener\">earnings report<\/a>, marking a 15% increase from $90 million in the third quarter of 2021. Net losses, however, increased from $4 million to $27 million over the same period.<\/p>\n<p>Vertical video was recently popularized by social media platform Tiktok, which <a href=\"https:\/\/www.dailywire.com\/news\/tiktok-was-most-visited-site-in-2021\" target=\"_blank\" rel=\"noopener\">emerged<\/a> as the most visited website in the world last year, overcoming Google and other competitors. BuzzFeed has increasingly been packaging celebrity, news, and culture coverage as short-form vertical videos, according to the earnings report. Views on reels, shorts, and TikToks increased more than 60% between the second and third quarters of 2022.<\/p>\n<p>\u201cAs we navigate the dual dynamics of the rapid rise of short-form vertical video and a weakening macroeconomic environment, this also means we are focused on preserving cash and leveraging our strong audience signal to direct resources toward the opportunities with the highest potential for monetization,\u201d Peretti told investors.<\/p>\n<p>The reduction in headcount follows similar moves from other media and entertainment companies. Warner Bros Television <a href=\"https:\/\/www.dailywire.com\/news\/entertainment-giants-and-media-companies-announce-massive-layoffs\" target=\"_blank\" rel=\"noopener\">slashed<\/a> 26% of headcount across scripted, unscripted, and animation divisions last month. Gannett, a media conglomerate which owns more than 250 local news outlets, <a href=\"https:\/\/www.dailywire.com\/news\/local-journalists-laid-off-as-media-conglomerate-suffers-heavy-losses\" target=\"_blank\" rel=\"noopener\">announced<\/a> in August that executives would begin \u201cnecessary but painful reductions to staffing\u201d while eliminating some open positions.<\/p>\n<p>Peretti, who said that salaries were the largest expense at BuzzFeed, added that the reduction in payrolls will also help the firm to \u201cconsolidate and centralize\u201d operations with Complex Networks, an entertainment company acquired by BuzzFeed last year. BuzzFeed plans to build \u201ca more robust creator business, which requires a close conduit between content, business, and tech, and bringing additional skills and tools to the organization.\u201d<\/p>\n<p>Most of the layoffs will occur in sales, technology, and studio production, as well as BuzzFeed.com and Complex Networks, according to Fischer.<\/p>\n<p>Technology companies such as Amazon, Microsoft, and Tesla have likewise announced <a href=\"https:\/\/www.dailywire.com\/news\/recession-fears-lead-big-tech-companies-to-pause-hiring-cut-jobs\" target=\"_blank\" rel=\"noopener\">hiring pauses or layoffs<\/a> for their corporate offices over the past several months, citing recessionary risk and broader economic uncertainty. The layoffs in the entertainment industry occur as some investors <a href=\"https:\/\/www.dailywire.com\/news\/meta-shares-fall-to-lowest-level-since-2016-as-company-burns-billions-on-metaverse-inflates-payrolls\" target=\"_blank\" rel=\"noopener\">criticize<\/a> large corporations, especially in the technology sector, for maintaining bloated payrolls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>BuzzFeed plans to dismiss 12% of employees as the left-wing digital media company braces for difficult macroeconomic conditions and adapts to new market trends. The layoffs, impacting approximately 180 employees, occur as the company pivots toward \u201careas that will drive growth\u201d and away from \u201careas with less audience engagement,\u201d according to a message sent to &#8230;<\/p>\n","protected":false},"author":99,"featured_media":1091211,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1765247","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1765247","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1765247"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1765247\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1091211"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1765247"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1765247"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1765247"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}