BuzzFeed lays off 50 after Covid-19 pandemic hurt lucrative ad deals

NEW YORK - BuzzFeed laid off 50 of the 74 employees who were furloughed this spring as the digital media company struggles to replace lost revenue during the pandemic.

BuzzFeed lost some custom advertising deals in areas like hospitality and travel at the start of the pandemic, costing the company tens of millions of dollars in revenue. In addition, Amazon.com paused some affiliate deals. That meant that when BuzzFeed readers bought a beauty product via the site, for instance, the media company was no longer getting a cut of the sale.

BuzzFeed's efforts to reduce costs have also included pay cuts through the end of the year and breaking real estate leases in certain locations. The measures are expected to keep the company's losses for the year under US$20 million . At the start of the year, the company expected to turn a profit of about US$30 million.

Source: News Formal (newsformal.com)

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