Digital Media Company BuzzFeed To Cut Jobs In US, UK
The company has 1,700 employees worldwide.
By Admin on November 29, 2017
BuzzFeed is doing a little winter cleaning as the digital media company announced it’s cutting 100 jobs, or roughly 8 percent, of it’s U.S. employees, per Associated Press.
It’s U.K. counterpart is also seeing cuts, although a specific number hasn’t been announced.
The company has 1,700 employees worldwide.
BuzzFeed CEO Jonah Peretti told his employees the jobs being cut in the U.S. were only on the business side, noting that the company no longer relies on just “native” ads and needs a different kind of sales team.
Native ads are content created for advertisers that looked similar to BuzzFeed’s popular, snarky videos, lists and quizzes. BuzzFeed is shifting to selling traditional digital ads on its website and has other revenue strategies. The U.K. cuts included editorial jobs.
The Wall Street Journal said BuzzFeed missed its revenue target for this year.
