The first step, though, is to make “working with the big platforms financially sustainable,” Peretti wrote. Those include product placements products like Tasty-branded ice cream and cookware a Tasty creators program and original shows.
Tasty has 99 million followers on Facebook, but almost all of its revenue comes from businesses “we’ve needed to create on our own,” he said. In 2018, he said, the company generated over $100 million in revenue “from business lines that didn’t even exist in 2017” and projected a similar run rate for this year.īuzzFeed’s new revenue streams include its own “brand safe” video network its creators program, working with influencers new “product spotlight” commerce units and deals to integrate advertisers into original series and news programming.īuzzFeed’s Tasty food video and recipes franchise has made the biggest strides in making money from multiple avenues, Peretti noted. “The digital media companies are starting to be run like real businesses.”Ī big part of getting to a sustainable future, according to Peretti’s memo, is diversifying BuzzFeed’s sources of revenue to become less reliant on third-party platforms. “I think we’ve seen a shift now towards more austerity because the focus now is not ‘can you outrun everyone,’ it’s ‘can you outlast everyone,'” Peretti said in the interview. Of that, $84 million came from Facebook, Google, Amazon and Netflix (up from $7 million five years ago), Peretti said during a session Friday at SXSW with CNN’s Brian Stelter. Last year, BuzzFeed generated a little over $300 million in total revenue. “The coming year won’t be a cake walk, but I see a clear path to a bright future for BuzzFeed,” Peretti wrote, adding, “I’m hopeful the same is true for many of our peers.”
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