There’s a very interesting paragraph in the New York Times’ profile of BuzzFeed’s evolving ambitions in online video.
“Already, video represents more than 50 percent of BuzzFeed’s total revenue, compared with 15 percent at the end of 2014. In the next two years, BuzzFeed expects that video will generate up to 75 percent of its advertising revenue, according to a person briefed on the company’s operations.”
The article notes that this is a broader trend across the news industry, with BuzzFeed’s rivals Mashable and Mic also re-orienting around video (and thus video advertising revenues).
“As digital video becomes ubiquitous, every major initiative at BuzzFeed around the world will find an expression as video,” BuzzFeed boss Jonah Peretti told employees in an email quoted in the piece.
This isn’t without its risks: BuzzFeed now has 1,300 staff globally, but reportedly missed its financial projections for 2015.