Buzzfeed UK’s 2020 results are out today; the group’s turnover was £18.9 million for the year, a decrease of 16% from £22.4 million in 2019. They blame “continued economic and political uncertainty” for the losses. They claim operating losses were reduced from £7.4 million in 2019 to £2.9 million in 2020 after the divestment of international entities part way through the year. Mean average compensation for the 194 remaining staff fell from £76,673 to £66,238. They also fired more journalists and got out of the serious news business.
Operating losses may have been reported as reduced to £2.9 million, though the stated total comprehensive loss for the year is reported as £4,193,125. By Guido’s calculations Buzzfeed Uk has burnt through some £24 million of investor’s cash in the 8 years it has graced our shores. Guido has said it before and he will say it again, at what point – having never made a profit in the UK – does the parent BuzzHuff US company decide to get out of the vanity publishing business?
See also: Why BuzzFeed Doesn’t Make Money