Meta Splurges On BuzzFeed To Tap Budding Content Creator Market
- Facebook parent Meta Platforms Inc (NASDAQ: META) paid BuzzFeed, Inc (NASDAQ: 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.
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