Meta & BuzzFeed into a multi-million project for content purposes!
The partnership marks the latest iteration of a years-long relationship between a digital publisher and social-media giant
The deal between Meta and BuzzFeed was reached last year and is said to be valued at close to $10 million.
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Meta & BuzzFeed into a multi-million project Generate Content for Facebook and Instagram via @WSJ #meta #Buzz https://t.co/FRCOefeI3T
— The_Journalbiz (@the_journalbiz) January 26, 2023
Meta.inc is paying BuzzFeed Inc. BZFD millions of dollars as part of an effort to bring more creators to the social-media giant’s platforms, according to people familiar with the situation.
The partnership comes as both companies are embracing the creator economy, in which individuals build large social-media audiences by posting videos and other content, and often make money on advertising or brand sponsorships.
As part of a deal reached last year that is valued at close to $10 million, BuzzFeed agreed to help generate creator content for Meta’s platforms and train creators to grow their presence online, the people familiar with the situation said. BuzzFeed, known since its early days for viral content such as listicles and quizzes, is helping creators understand what makes content resonate widely, the people said.
The partnership marks the latest iteration in a years-long relationship between the companies. BuzzFeed largely built its business on content that went viral on Facebook, and the social-media giant has regularly looked to the publisher for help in tapping into trends in internet culture.
Creators in recent years have flocked to TikTok, a video-sharing app from Chinese parent company ByteDance Ltd. that is popular with younger audiences.
Last year Meta announced it would stop paying news publishers to feature their content in its News tab and would reallocate resources to growing a creator business. The company launched Instagram Reels in 2020, in a push to compete with TikTok.
BuzzFeed, which went public in late 2021 through a merger with a special-purpose acquisition company, has lost money in recent quarters, and its stock has recently traded around $1.
