Buzzfeed pledges to support UK daughter company despite year of losses

Sian Bradley's picture
by Sian Bradley
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.