September 18, 2021

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BuzzFeed boosted revenue by 51% in Q2 and narrowed losses ahead of the IPO

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Digital media company BuzzFeed, ready to go public by merging with a recently announced Special Purpose Acquisition Company (SPAC), is set to resume sales growth in the second quarter of 2021. Covid-1 due to pandemic epidemic last year Q2.

In the second quarter of 2021, BuzzFeed’s revenue grew 51% year-over-year, accelerating advertising and commercial revenue growth. Advertising revenue rose 79% to $ 47.8 million, driven by higher programmatic revenue and an increase in the total number of impressions sold. Overall revenue rose 5% to $ 24.2 million, reflecting recovery from the effects of COVID-19 in previous years, BuzzFeed said. Trade and other revenue grew 2% to .1 1.1.1 million, driven by an increase in the number of online transactions over the previous year.

BuzzFeed released Q2 results as part of a special purpose acquisition company announced in June to merge with 890 5th Avenue Partners. As part of the transaction, BuzzFeed is buying the নেট 1.5 billion complex network from BuzzFeed Verizon and Hearst for 500 500 million. The Complex Networks deal is expected to close in the fourth quarter of 2021, and BuzzFeed expects additional acquisitions in the future.

Jonah Peretti, chief executive of BuzzFeed, said during the announcement of the results: “Our information-raising approach to content creation and capital allocation helps capitalize on our secular trends in advertising and commerce and helps us grow significantly in the first half of the year.”

In May 2020, BuzzFeed said it was firing unpaid staff for three months after the implementation of pay cuts at the end of the year. Peretti said in a memorandum that the company was taking steps to reduce costs at the time because revenue expectations for the early stages of the epidemic were higher than expected.

BuzzFeed remains unprofitable – it posted a net loss of 78 789 million in the second quarter of 2021 – but it was better than its net loss of 5. 5.8 million in the second quarter of 2020. For the quarter, EBITDA lost $ 1.4 million over the same period a year ago.

“Accelerating growth across our business in the first half of this year, with ongoing changes in our revenue mix of advertising and trade high-margin revenue lines, margins have improved significantly and changed to a positively consistent EBITDA in H1,” BFFID CFO Felicia Della said. .

Meanwhile, revenue on the complex network fell 5% to 31 31.1 million in Q2, largely due to Verizon’s 2018 closure of the Go90 mobile-video business. The quarterly adjusted EBITDA loss for the complex network was $ 1.2 million.

Earlier, BuzzFeed said it was incorporating ১ 521 million in revenue from 2021 (50% from advertising, 2% from content and 1% from trade) into the complex network, which would increase by 244% by 2020.

In March of this year, BuzzFeed Pink had 70 halfpost employees after buying the site from Verizon, resulting in a দ 3.2 million split. In the first half of 2019, BuzzFeed laid off more than 200 employees, bringing the company’s restructuring costs to 9.6 million.

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