A decade ago, BuzzFeed was redefining what news and entertainment on the web meant. The website's mix of hard-hitting news, in-depth features, and viral listicles offered a vision of the future for journalism that many sought to follow.
BuzzFeed was a media company that investors bought into expecting a tech company. And they're just very different businesses. Media is expensive, low margin, and hard to scale up rapidly.
The company has undergone a series of layoffs, and just this month it sold off its golden goose for $82.5 million in order to meet a debt obligation.
That a dude with a couple cameras and a plate of appetizers can make something worth $82.5 million and a media company looks at that and goes 'couldn't we make even more money if we had AI do it?' tells you exactly how stupid these people are.
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