The CEO of Buzzfeed on stage with the founder of The Information talking about the New Social Media
What is Buzzfeed? It is a social content site. Social content is content that is distributed by people who think it is awesome enough to share through social networking sites.
Buzzfeed is a news and entertainment company. Some of what they do is informative, and some is meant to touch people’s hearts. Not unlike many forms of classical media.
They started as an entertainment company but as the social web has evolved they have evolved with it.
Is the vision that everyone is going to come to Buzzfeed for all their news?
The vision is that how people consume their content has changed. The majority is mobile and social together. Most large media companies are still making media for legacy systems. Buzzfeed wants to create content for where their users are now.
Buzzfeed is empathetic rather than authoritative.
CPM’s are falling, what does that mean for Buzzfeed?
Buzzfeed doesn’t sell adjacency. They use their platform for content, including branded content. With branded content there are no space constrictions. Buzzfeed wants to turn branded content up to 11. They can do that and push things to where they need to go.
Buzzfeed hasn’t had an issue with falling prices. They can offer many types of added value including content creation, platform and audience.
Why was Buzzfeed in talks with Disney and why does Jonah think it is worth a billion dollars?
He didn’t and is more interested in building a large company than selling off. They are not in talks with anyone.
The media industry is finally starting to catch up with the tech world.
In some cases companies are overoptimising rather than trusting their gut reaction. The type of business model used will also impact the type of content. If you are making media for Pinterest you think a different way than if you are making something for twitter. That leads to diversity which is a good thing for the industry as well.
How do you think about not getting disrupted?
There was a time when CNN had to actually pay the cable operators to carry them. That has changed. Now there has been a shift here from distribution back to content.
An important question is how the companies that invest in higher quality content are going to be differentiated from those who don’t.