Losses Mount, Average Pay Rises at Buzzfeed

Buzzfeed’s accounts for last year were filed on Friday. In a listicle-style summary, here are the main points;

  • Buzzfeed sold off the German operation.
  • Buzzfeed shut the Spanish operation having failed to find a buyer.
  • Turnover was up 4% to £22.4 million
  • Losses were £7.93 million which is down some 10%
  • The UK-only part of the business turned over £4.5 million
  • The total compensation costs of £16,638,200 divided by the total number of group employees (217) gives an average compensation package of £76,673 each.

Despite the mounting losses and the widespread redundancies, the latter average pay figure has gone up! All the problems outlined previously (see Why BuzzFeed Doesn’t Make Money) have got worse with the collapse of online consumer advertising rates. The rolled-up losses for Buzzfeed in the UK are now circa £20 million: at what point does the US HQ decide – having never made a profit in the UK – they want out of vanity publishing?

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mdi-timer October 26 2020 @ 10:14 mdi-share-variant mdi-twitter mdi-facebook mdi-whatsapp mdi-telegram mdi-linkedin mdi-email mdi-printer
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