Meta Splurges On BuzzFeed To Tap Budding Content Creator Market

Meta Splurges On BuzzFeed To Tap Budding Content Creator Market
  • Facebook parent Meta Platforms Inc META paid BuzzFeed, Inc BZFD millions of dollars to lure more creators to the social-media giant’s platforms.
  • As part of a deal reached last year worth $10 million, BuzzFeed agreed to help generate creator content for Meta’s platforms and train creators to grow their presence online, the Wall Street Journal reports.
  • BuzzFeed helped creators understand what makes content widely popular.
  • Also Read: Facebook Forgoes Another Ambitious Project To Focus Better On TikTok Competition
  • BuzzFeed essentially tapped content that went viral on Facebook, and the social-media giant regularly came to the publisher to help tap into trends in internet culture.  
  • Creators in recent years have flocked to ByteDance Ltd-owned TikTok, a video-sharing app popular with younger audiences.
  • In 2022, Meta shared plans to stop paying news publishers to feature their content in its News tab and reallocate resources to growing a creator business. Meta launched Instagram Reels in 2020 to compete with TikTok.
  • In 2016, Meta agreed to pay $50 million to several publishers, including BuzzFeed, to create live video content for the platform.
  • Price Action: BZFD shares traded higher by 30.5% at $1.24 in the premarket on the last check Thursday.

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