Buzzfeed missed its $250 million revenue target last year, according to the Financial Times, and generated only $170 million.
Because of this, Buzzfeed has also halved its revenue prediction for next year from $500 million to $250 million.
When contacted a Buzzfeed spokesperson told Business Insider that much of the information published by the Financial Times was “significantly incorrect”, but declined to give their own numbers. The spokesperson went on to say, “we are very please with where BuzzFeed is today and where it will be tomorrow. We are very comfortable where the digital content world is going and think we are well positioned.”
Buzzfeed has generated large investments from the likes of Andreesen Horowitz and NBCUniversal, and has proven it’s capable of creating compelling content that reaches many users. However, its business model of creating custom branded content is not scaling well, according to the FT. And native video content has proven tough to monetize for many publishers.
Buzzfeed may be considering moving deeper into television with a tie-up with NBCUniversal, the FT reported, echoing a move Mashable made just last week, and Vice did in launching Viceland.