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CNN: What's the Future of BuzzFeed News?

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By    |   Tuesday, 24 May 2016 06:03 PM

A new report by CNN contemplates how much of a future BuzzFeed News has in the media landscape.

The report examines the news arm of the larger BuzzFeed franchise, which until 2012 was filled with clickbait content. It still contains plenty of lists and short videos that generate traffic, but its entrance in the news world signified the company's desire to create news and make money from it.

BuzzFeed's news platform has certainly made headlines — the website interviewed President Barack Obama this month — but its future may lie in video, not written journalism.

According to CNN, BuzzFeed CEO Jonah Peretti wrote last year, "News is the heart and soul of any great media company. News might not be as big a business as entertainment, but news is the best way to have a big impact on the world."

Now, the BuzzFeed News model might be due for a change as more and more websites shift from written journalism to videos.

In April, the Financial Times reported that BuzzFeed's 2015 revenue was less than $170 million — far short of the projected $250 million. The company was forced to slash its 2016 projection of $500 million in half because of the shortfall.

The switch over to a more video-focused site could spell the end of BuzzFeed employing quality journalists, reports CNN. Video revenue on the website has increased from 15 percent of the company's total revenue at the start of 2015 to near 50 percent now.

"If you're BuzzFeed, why would you spend a lot of money to hire one reporter who creates low-traffic news when you could use that money to hire three kids who churn out high-traffic videos?" a media executive asked CNN.

BuzzFeed News is reportedly working in a New York City studio as it looks into building a video news arm.

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A new report by CNN contemplates how much of a future BuzzFeed News has in the media landscape.
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2016-03-24
Tuesday, 24 May 2016 06:03 PM
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