Buzzfeed pledges to support UK daughter company despite year of losses

Sian Bradley's picture
Buzzfeed US has made assurances it will support Buzzfeed UK

Buzzfeed UK have reported a second year of losses - but its parent US company pledges to support it for at least a further 12 months.

Figures revealed on Christmas Eve last year show that the digital-only news website recorded a total loss of £2.3m for the year.

The figures also detail a pre-tax loss of £1.9m on turnover of £33.4m. 

Although losses were made, they were an improvement on 2016, when the company made a total pre-tax loss of £3.3m on revenues of £20.5m.

A Buzzfeed spokesperson said: “The financial results are reflective of a consolidated international organisation, including some but not all of Buzzfeed’s international operations.

“After a period of investment, diversification and managing costs, we continue to focus on driving profitable growth." 

The publisher spent £16.3m on wages and salaries throughout 2017. The figures also detail how its staff were increased from 138 to 181; but they do not include the 23 redundancies made last January.

Being digital only, Buzzfeed UK has a lot to compete with. Buzzfeed are open to potential merging opportunities to increase its footing in the sector, Buzzfeed’s chief executive Jonah Peretti has previously said.