BuzzFeed reported a decline in advertising revenue and is exploring AI-powered solutions to attract audience members and advertisers. Revenues dropped by 27 percent to $77.9 million, with advertising revenue declining by 33 percent to $35.4 million. The company attributes the decline to increased competition for ad dollars and audience time, while content revenue fell by 22 percent to $31.5 million.
reported revenues of $77.9 million, down 27 percent from the second quarter of 2022, but within the company’s guidance.
This came as advertising revenue declined 33 percent year-over-year to reach $35.4 million, with the company citing increased competition for ad dollars and audience time, while content revenue fell 22 percent to $31.5 million. Commerce and other revenues fell 17 percent to $11 million as the metaverse event ComplexLand took place a year ago and did not repeat this quarter.
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