says Squarespace SQSP 2.36%
chief financial officer Marcela Martin would become its new president, joining a digital media company that has lost half its market value since going public last year.
Ms. Martin, who will take up her new role this summer, will report to Chief Executive Jonah Peretti and oversee a team that includes BuzzFeed’s legal, financial and human resources leaders, the company announced Tuesday.
Ms. Martin, who has worked for publicly traded companies like website builder and hosting company Squarespace and online travel giant Booking.com,
will be responsible for supporting BuzzFeed’s M&A strategy and helping shape the company’s strategy in its communication with the investment community, a BuzzFeed spokesperson said.
In recent years, BuzzFeed has grown through its acquisitions of HuffPost and Complex Networks, but the digital media company has struggled to bolster its falling stock price.
BuzzFeed went public in December through a merger with special-purpose acquisition company 890 5th Avenue, in an effort to raise funds for future deals. It raised far less money than expected from its IPO after 890 5th Avenue suffered a wave of investor withdrawals, The Wall Street Journal reported in December.
In its first-ever report as a public company in March, BuzzFeed said it expects revenue to decline in the current quarter as its audience spends less time on meta platforms. Inc.
Facebook. The prospect of lower revenue came after BuzzFeed said last year that it expected sales to increase by around 25% per year through 2024. In 2021, BuzzFeed recorded revenue of 397, $5 million, up 24% from 2020.
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BuzzFeed’s first earnings announcement was also marked by the resignation of key executives in its news division. Mr. Peretti said BuzzFeed was looking to increase the profitability of BuzzFeed News by reducing the number of people and prioritizing “coverage of the biggest news of the day, culture and entertainment, celebrities and life.” on the Internet”.
In recent years, BuzzFeed has worked to become less dependent on ad revenue by expanding into other areas of its business, including commerce and events. The company is also exploring new ways to generate advertising revenue, including helping advertisers promote their brands on platforms such as TikTok and Instagram. Last week, BuzzFeed told advertisers it could connect them with specific influencers on these platforms and help them create promotional content.
Write to Alexandra Bruell at [email protected]
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