Why BuzzFeed (BZFD) Shares Are Trading Higher Premarket Today? - Meta Platforms (NASDAQ:META), BuzzFeed (NASDAQ:BZFD)

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.