LONDON – The scale of BuzzFeed’s investment in the UK has been revealed in the company’s most detailed set of earnings since it launched in London more than four years ago.
BuzzFeed UK just published accounts for the 12 months to 31 December 2016 on Companies House. Here are the headlines from the 33-page document:
- BuzzFeed UK’s revenue doubled to £20.5 million (£26.8 million) last year, up from £9.8 million in 2015. Some £18 million of this income was generated in Britain, while the remaining £2.6 million was from the “rest of the world.” Despite revenue rocketing, BuzzFeed UK made a pre-tax loss of £3.3 million. Its “administrative expenses” more than doubled to £23.8 million. They stood at £9.8 million in 2015. The website paid £255,444 in corporation tax last year.
Perhaps most interesting, however, was the detail BuzzFeed UK’s 2016 earnings provided on its investment in people.
It had 204 staff last year, up nearly 50% on 2015’s workforce of 137. Some 138 of its staff worked in editorial, while the rest were spread across sales and marketing, technology, admin, and “motion pictures.”
BuzzFeed UK’s wage bill nearly doubled to nearly £10 million, rising to £12.2 million when social security and pension costs are included.
Since launching in the UK in March 2013, the website has become one of the country’s highest-profile news brands. Led by editor-in-chief Janine Gibson, BuzzFeed is now the 11th most consumed news website in Britain, according to media regulator Ofcom, and has become known for scoops, such as its 2016 exposé on RBS’s systematic mistreatment of small businesses.