BuzzFeed is laying off 100 workers, 8% of its U.S. employees, after missing revenue target
Digital media company BuzzFeed said it is laying off 8% of its U.S. employees, or 100 workers, as it changes its business model in a bid to boost revenue.
It’s also cutting an unspecified number of jobs in Britain. The company has 1,700 employees worldwide.
A spokeswoman for New York-based BuzzFeed confirmed the layoffs Wednesday. They were first reported by the Wall Street Journal.
In a memo to employees, BuzzFeed Chief Executive Jonah Peretti said the jobs being cut in the U.S. were all on the business side of the company. The U.K. cuts include editorial jobs.
Peretti said BuzzFeed no longer relies on just “native” ads and needs a different kind of sales team. Native ads are content created for advertisers that look similar to BuzzFeed’s popular, often snarky videos, lists and quizzes. BuzzFeed is shifting to selling traditional digital ads on its website and has other revenue strategies.
The Journal said BuzzFeed missed its revenue target for this year.
ALSO
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
