Masters of Scale Rapid Response: Lessons from the demise of BuzzFeed News, w/CEO Jonah Peretti
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May 4, 2023 Jonah Peretti, Co-founder and CEO of BuzzFeed, shares his insights into navigating the turbulent digital media landscape. He discusses the surprising shutdown of BuzzFeed News and the necessity to pivot toward new opportunities in the creator economy. Peretti emphasizes the importance of optimism in entrepreneurship and the role of generative AI in shaping future content. He reflects on media challenges, the emotional impact of change on staff, and the potential for collaboration between independent creators and traditional outlets.
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BuzzFeed News Shutdown
- BuzzFeed News, a Pulitzer Prize-winning news outlet, was shut down.
- This was due to declining social media interest in news and the shift towards entertainment.
Sustainable Business Models
- Building a sustainable business requires long-term viability, not just brand value or philanthropy.
- BuzzFeed News struggled because its model relied on social media, which is declining.
Content Unbundling
- The internet is shifting from bundled content to unbundled content.
- Users now prefer compartmentalized experiences, seeking news and entertainment separately.