–COMPANY OVERALL
BuzzFeed is an online platform that started from an experimental media company. It began in New York city in 2006 as BuzzFeed, Inc. and focused on tracking viral content. But now, the company has 18 cities and 1300 employees around the world. Also, starting in 2013, up to 15 foreign reporting staff were hired.
The company provides videos, photos and interesting article on the website. In 2012, BuzzFeed video and BuzzFeed Motion Picture were created by Ze Frank, located in Los Angeles. There are a lot of successful video channels on it, such as Tasty. Tasty is a Facebook-only cooking segment that is made by Buzzfeed. It is the most popular cooking channel in America. It has 30 million followers on Facebook and tens millions of views(Griffith). BuzzFeed is a successful example of people sharing videos on social media websites. Some websites such as Instagram, Facebook and Twitter help the company receive 75% of its views.
Social media is an important resource to browsing BuzzFeed. It has published video, new stories, interesting quizzes all online and mobile site.
| Alvin Zhou | A camera hang for tasty |
| CEO | Jonah Peretti |
| Executive producer | Henry Goldman |
| The editor in chief | Ben Smith |
| Co-founder and chairman | Kenneth Lerer |
ASSETS
BuzzFeed owns Kingfish Lab which it uses to optimize Facebook ads. In 2014, BuzzFeed acquired Torando Lab as its first data engineering team. BuzzFeed owns Buzzfeed motion Picture channel that produced a lot of creative video, such as “The Creep Series” and feature length films. Aside from Tasty, the company also produces a lot of good segments, such as The Dress, exploding watermelons, news investigations, and quizzes.
One of the important people I will mention is Jonah Peretti. He left the Huffington Post, and joined in the competitor, Buzzfeed, in 2006.He helps to find the interesting content around the Internet.
Successful and business model:
The business model for BuzzFeed is very successful. It includes advertisements and focuses on younger people as the target audience. BuzzFeed keeps the content interesting and simple. The most important resource for people to browse the BuzzFeed website is social media. So BuzzFeed apps are one of the successful points for the company. Tasty, which gets 500 million people a month watching their videos on social media, helps to develop the company faster. Most of the videos on Buzzfeed are short and easy to understand.
The competitor for BuzzFeed is Huffpost. However, compared with Huffpost, Buzzfeed’s videos are short and interesting. Also, Buzzfeed is more international and people from different cultures like to browse it from social media. Additionally, Buzzfeed is more diverse than Huffpost. BuzzFeed also hired foreign staff to create different cultural content. On the other hand, the target audience for Buzzfeed is younger than Huffpost’s. Buzzfeed creates different kinds of interesting quizzes to attract young people’s attention and get them to share on social media.
THE REVENUE MODEL
The company has become very international, located in18 cites around the world, including London, San Paulo and Tokyo. In 2015, NBCUniversal gave BuzzFeed a 200 million dollar investment because BuzzFeed is one of the most valuable digital media companies.
Tasty food videos are the main way for BuzzFeed to make money. It attracts advertisers by using ingredients or cookware the advertisers are trying to sell. Since Tasty is very international and show cuisine from different countries, it gets audiences from different cultures allowing for a wide range of advertisers. In 2014, video revenue was just 15% of BuzzFeed’s total revenue. However, it is more than 50% today. Video will attract 75% of BuzzFeed’s advertising revenue in 2017 and 2018.
Creative department for company
BuzzFeed’s creative department their business strategy is to inspiring advertisers. Each creative department crew understands brand goals and initiatives, creating relatable and authentic content for advertisers.
Creative department consists of four parts. First is sponsored content, which is thinking of advertisements for the brand. Second, involves thinking of the big idea with larger integration and initiatives. The third part is relaying to the idea to design with the product team. The creatives meet with the production team to design the final product. The last step is going to add the copyright. Most of the time, creative department is work with advertisers.
BIBLIGRAPHY
Buzzfeed. (n.d.). Retrieved September 13, 2017 from the Wikipedia:
https://en.wikipedia.org/wiki/BuzzFeed#cite_note-24
Ava Seave, 2013 Nov. 26. BuzzFeed’s Director Of Creative: ‘Authentic Content Earns The Right To Go Viral’ .Forbes.
Retrieved from
Scott W. Cowley, 20 Apr 2017, The BuzzFeed Marketing Challenge: An Integrative Social Media Experience, marketing Education Review, 109-114, http://www.tandfonline.com/doi/full/10.1080/10528008.2017.1309981?scroll=top&needAccess=true
Butler Kelley, 07/2015, BuzzFeed goes benefits, Business Insights, p20, Volum 94
Ember Sydney, Sep 6, BuzzFeed Regroups as Media Turns Video-Centric, The New York Time ,Retrieved by Sep 14 2017.
Erin Griffith, Jan 19, 2016, BuzzFeed’s Foodie Channels are Blowing Up on Facebook. Fortune, Retrieved by Sep 13 2017.
http://fortune.com/2016/01/19/buzzfeed-tasty-proper-tasty/
April Glaser, Feb 14, 2017, How BuzzFeed makes money from its Tasty food videos, Recode, Retived By sep 13, 2017
https://www.recode.net/2017/2/14/14594782/buzzfeed-makes-money-from-its-tasty-food-videos-facebook