BuzzFeed is shutting down its news arm and parting with 2 top executives
Business InsiderMAY 2023
Buzzfeed to Close News Division, Cut 15% of Staff
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The Spin
Narrative A
BuzzFeed News's shutdown is sad but unsurprising. As audiences and advertisers move away from traditional social media platforms such as Facebook towards video services like YouTube and TikTok, even Buzzfeed News's award-winning credentials could not guarantee its survival. While more traditional media outlets with loyal readership — such as the New York Times — continue to thrive, the end of the road was always inevitable for Buzzfeed News, which depended on drive-by clicks.
Narrative B
This decision highlights the failings of the online information economy. Plummeting digital advertising has cut into the profitability of major tech companies; however, it is a shame that an award-winning, newsworthy publication is the first to be grounded. The move also raises questions about Peretti's future intentions with Buzzfeed, as he doubles down on artificial intelligence as a route to transform the company into a premier platform for AI-powered content.