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Buzzfeed UK revenue falls as pandemic hits digital advertising
Buzzfeed made significant cuts last year, including shutting its UK and Australian news operations (Getty Images)
Buzzfeed UK’s revenue dropped last year as the online media group battled the impact of the Covid-19 pandemic on the online advertising market.
The website’s UK division, which also covers its international operations outside the US, posted a 16 per cent decline in revenue to £18.9m in 2020.
However, Buzzfeed said an aggressive cost-cutting strategy had helped to trim operating loss to £2.9m, down from £7.4m the previous year.
It comes after the company shut down its news operations in the UK and Australia in May, resulting in layoffs for a number of journalists. This followed a number of staff cuts at Buzzfeed in recent years as it moved to trim down its newsroom.