BZFD stock surged over 100% after on reports of a deal with Meta Platforms Inc (META.O) and plans to use artificial intelligence to personalize and enhance the digital media firm’s online quizzes and content. The stock closed at $2.09 after touching a high of $2.45.
BZFD, also known as BuzzFeed, is a digital media company that specializes in creating and distributing viral content. The company was founded in 2006 by Jonah Peretti and John S. Johnson III, and has since grown to become one of the most popular and influential digital media companies in the world.
One of BuzzFeed’s main sources of revenue is through sponsored content, where brands pay BuzzFeed to create and distribute articles, videos, and other forms of content that feature their products or services. BuzzFeed’s ability to create viral content has made it a popular choice for brands looking to increase their online presence and reach a larger audience.
In addition to sponsored content, BuzzFeed also generates revenue through its e-commerce division, which sells products such as clothing and home goods, as well as through its licensing division, which licenses BuzzFeed content to other media companies.
Over the years, BuzzFeed has expanded its focus beyond just viral content, and has also become a major player in investigative journalism and news coverage. In 2016, the company launched BuzzFeed News, which has since won numerous awards for its in-depth reporting and investigative journalism.
Despite its success, BuzzFeed has faced some challenges in recent years. In 2019, the company laid off 15% of its staff, citing the need to focus on profitable areas of the business. Additionally, the company has faced criticism for its use of sponsored content, with some accusing the company of blurring the line between editorial content and advertising.
However, despite these challenges, BuzzFeed remains one of the most popular and influential digital media companies in the world. With its ability to create viral content, its focus on investigative journalism, and its diversified revenue streams, the company is well positioned for continued success in the future.
