BuzzFeed News, a digital media company founded in 2006, announced yesterday that it will be shutting down its news division, following years of layoffs and cutbacks (Axios). The company’s CEO, Jonah Peretti, cited “missteps” and the need to turn the struggling media group around as reasons for the decision (Axios). As part of the wider effort to do so, the company is cutting 15% of its workforce (USA Today).
BuzzFeed News was more than just a website, according to The Atlantic. The publication defined an era, becoming a quirky upstart that evolved into a Pulitzer Prize-winning operation (The New York Times). However, as The Daily Beast reports, the once-iconic media brand has fallen prey to the punishing economics of digital publishing.
BuzzFeed’s struggle to stay afloat is not unique, as Vox notes. Other digital media companies have also found themselves in trouble. Forbes acknowledges that BuzzFeed News was a pioneer of the digital news landscape over the past decade. It played a significant role in defining the 2010s, but as Poynter points out, the closure of BuzzFeed News is a gut punch for the media industry.
BuzzFeed’s move comes amid a reckoning for the digital publishing industry (Axios). The company is a publisher of the Steele Dossier, whose credibility has been under scrutiny in recent years. While the closure of BuzzFeed News is a significant development, the publication will live on through its other divisions, including its popular quizzes and video content.
Overall, the closure of BuzzFeed News marks the end of an era for the digital publishing industry, reminding us of the fragility of this industry in the digital age.
