Entertainment

Engagement drops, sales pass $100 million – The Hollywood Reporter

BuzzFeed brought in $106.8 million in revenue for the second quarter as total user time dropped to 154 million hours, down 19% year-over-year.

BuzzFeed CEO Jonah Peretti previously said in May during the company’s earnings call that he expected Q2 revenue to surpass $100 million.

Although total revenue – driven by advertising – surpassed that expected mark, BuzzFeed ended the quarter with $23.6 million in net loss. Content accounted for $40.3 million of the company’s revenue, up 66% year-over-year, while commerce revenue fell 22% year-over-year, bringing in about $13.3 million in the quarter. 2.

“We expect recession concerns to continue to weigh on advertising, and we’re prepared for what comes next,” Peretti said when announcing BuzzFeed’s second-quarter results. “We have weathered many economic downturns and seismic industry shifts. I’m confident we’ll do the same again, positioning the company for long-term growth and monetization. “

In May, during its first earnings announcement since going public, BuzzFeed also saw user engagement drop while revenue hit $91.6 million, the majority of which was advertising dollars. The company posted a net loss of $44.6 million for the quarter, with those losses attributable to supply chain delays, BuzzFeed CFO Felicia DellaFortuna said at the time.

The media company, which now includes BuzzFeed, Complex and HuffPost, has struggled to stay afloat since its IPO in December, and BZFD stock has fallen about 50% in price over the past six months.

For its film and television ambitions, BuzzFeed Studios is forging partnerships with Lionsgate and NBCUniversal and has released films like Book of Love, 1Up and My fake boyfriend on Amazon’s Prime Video this year.

BuzzFeed Studios recently hired Paul Ricci, a former MTV and VH1 executive, to oversee the no-minute show; studio has also signed a development contract with Ricci’s BoomTown Content Company for unspecified new projects.

More will come.

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