Resetting our strategic direction to focus on our owned and operated sites and apps allows us to directly benefit from the application of technology to our business, especially GenAI.... BuzzFeed, Inc. is stronger and poised to capitalize on the emergence of GenAI to build the defining media company for the AI era.
AI technology is becoming ingrained in media and marketing workflows and processes at a rapid pace, with 89% of publishers using AI by Q3 2023, showcasing a significant increase over just one quarter.
The "pivot to AI" may parallel the "pivot to video" trend of recent years, which did not yield strong business outcomes for BuzzFeed, highlighting potential risks in strategic shifts.
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