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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.
BuzzFeed reducing UK HuffPost news staff Thomas Moore
BuzzFeed is reducing its HuffPost staff in the United Kingdom, a BuzzFeed spokeswoman confirmed Friday.
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The reductions come after layoffs at HuffPost in the United States were announced this week. BuzzFeed has announced today that it s begun a restructuring of HuffPost in order to break even this year and fast-track its path to profitability, a spokeswoman for BuzzFeed said in an emailed statement.
Staff were notified Tuesday about the plans, the spokeswoman said in an interview, and are currently talking with the company about other potential jobs at the company. The number of eliminated jobs will be under 20, she added, but it will not have a final number until the end of next week.