In the first quarter, revenue rose 26% YoY to $91.6m. Losses also jumped to $44.6m.
Now, according to Gawker, the company’s been offering voluntary buyouts across its investigations, science, politics, and inequality desks in an effort to downsize and reorient around “news for Gen Z.”
What is ‘news for Gen Z’?
Gawker’s report found that even people at BuzzFeed aren’t quite sure, and the site noted a shift away from said topics is odd given Gen Z is clearly interested in them.
Big picture: BuzzFeed rode Facebook’s wave to stardom, and it’s likely been challenged as Facebook’s popularity has flamed out. Gen Z is also a logical target for commerce, as they’re more likely to purchase from brands with media presences.
Notably, BuzzFeed’s investor relations site claims it’s “#1 in time spent among Gen Z and Millennials.”
The same stat’s source contains a footnote which reads, “Our definition of Time Spent is not based on any standardized industry methodology,” which is… interesting.