BuzzFeed, Inc. reported total revenue of $189.9 million for the year ended December 31, 2024, a decrease of 18% compared to $230.4 million in 2023. The company's net loss from continuing operations was $34.0 million in 2024, while its adjusted EBITDA was $5.5 million, a significant improvement from a $11.6 million loss in 2023. Advertising revenue decreased by 17% to $94.4 million, while content revenue fell by 49% to $33.9 million. Conversely, commerce and other revenue increased by 23% to $61.7 million, primarily driven by affiliate commission revenue.
Significant changes compared to the previous year include a decrease in both advertising and content revenue, attributed to a leaner sales team focused on programmatic advertising and affiliate revenue, macroeconomic headwinds, and changes in revenue mix. The company also completed the sale of Complex Networks and First We Feast in 2024, resulting in a net income from discontinued operations of $24.0 million. Restructuring efforts, including workforce reductions in 2024 and 2023, contributed to cost savings but also resulted in restructuring costs. As of March 12, 2025, BuzzFeed had 558 employees, down from 611 at the end of 2024.
Strategic developments included the announcement in February 2025 of a new social media platform focused on interactive storytelling and AI tools. The company also divested itself of Complex Networks and First We Feast, completing a strategic pivot towards programmatic advertising and affiliate commerce. The sale of these assets generated significant cash proceeds, a portion of which was used to repurchase convertible notes. As of March 14, 2025, approximately $29.7 million in convertible notes remained outstanding.
Key operational developments included a 3% decrease in Time Spent, a metric measuring user engagement on owned and operated sites and select third-party platforms. The company's audience consumed over 297 million hours of content in 2024, driving over $500 million in attributable transactions for commerce partners. Approximately 30% of the company's 2024 revenue was derived from Amazon, primarily through affiliate commerce. The company also highlighted its data-driven approach to content creation and its proprietary technology platform powered by AI and machine learning.
The company acknowledged substantial doubt about its ability to continue as a going concern due to its past operating losses and the potential need for additional capital to repay outstanding convertible notes. The company is exploring options to optimize its balance sheet, including potential debt and equity offerings, and is working with external advisors to evaluate its assets. The company's outlook remains uncertain, contingent upon its ability to secure additional funding and successfully execute its strategic initiatives.
About BuzzFeed, Inc.
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