1. BuzzFeed is like a digital *People* magazine, focused on viral quizzes, listicles, and trending entertainment.

2. BuzzFeed is the parent company of Tasty, the viral food video brand, akin to a digital *Food Network* but with broader lifestyle and entertainment content.

3. BuzzFeed is an internet-native media company creating snackable entertainment, news, and lifestyle content, similar to a digital-first MTV for today's audience.

• BuzzFeed.com Content: A digital publishing platform offering a wide range of viral content, quizzes, news, entertainment articles, and lifestyle pieces to a global audience.
• Tasty: A prominent food media brand known for producing and distributing short-form, easy-to-follow recipe videos and food-related content across various digital platforms.
• Complex Networks Content: A collection of digital properties focusing on youth culture, including music, fashion, sneakers, and entertainment, delivered through articles, video series, and live events.
• Digital Advertising Services: Services provided to brands and advertisers for creating and distributing branded content, native advertisements, and display ads across BuzzFeed's diverse portfolio of websites and social channels.

BuzzFeed (symbol: BZFD) primarily sells its services to **other companies**, rather than directly to individual consumers.

Its main revenue streams are:

• Advertising: Businesses pay BuzzFeed to display advertisements or create sponsored content that reaches its audience.
• Affiliate Commerce: BuzzFeed earns commissions from retailers when its audience purchases products through links provided on BuzzFeed's platforms.

Due to the nature of its business model, which involves a highly diversified base of advertisers and affiliate partners, BuzzFeed does not have a small number of "major customers" in the traditional sense of companies that individually account for a significant portion of its revenue. According to BuzzFeed's SEC filings (e.g., 2023 10-K), no single customer accounted for more than 10% of its revenue for the years ended December 31, 2023, 2022, and 2021.

Therefore, it is not possible to list specific named major customer companies with their symbols, as no such individually dominant customers exist. Instead, BuzzFeed's customer base consists of a broad array of businesses across various industries that leverage its platforms for marketing and sales. These typically include:

• Consumer Brands: Companies selling products directly to consumers, such as those in consumer packaged goods (CPG), electronics, apparel, and automotive sectors, seeking to promote their products and build brand awareness.
• Retailers and E-commerce Companies: Online and brick-and-mortar retailers that partner with BuzzFeed for affiliate marketing programs or direct advertising campaigns to drive product sales.
• Entertainment and Media Companies: Studios, streaming services, and other media entities promoting films, television shows, games, music, and other content.
• Technology Companies: Software, hardware, and service providers looking to reach a broad audience for user acquisition or product promotion.

• Amazon Web Services (parent company: Amazon.com, Inc., NASDAQ: AMZN)
• Google Ad Manager (parent company: Alphabet Inc., NASDAQ: GOOGL)

Jonah Peretti, CEO & Founder

Jonah Peretti is a co-founder and the CEO of BuzzFeed, which he founded in November 2006. He is also a co-founder of HuffPost (formerly The Huffington Post), which was acquired by AOL for $315 million in 2011, and he departed from the company after its sale. Peretti previously taught computer science classes and holds a master's degree from the MIT Media Lab. He is known for his work with viral media.

Matt Omer, Chief Financial Officer

Matt Omer was appointed Chief Financial Officer of BuzzFeed, effective November 6, 2023. He joined BuzzFeed in 2019 and previously held the positions of Executive Vice President of Finance and Treasurer. Before his tenure at BuzzFeed, Omer served as the Chief Operating Officer and Chief Financial Officer of 123 Home Care. His prior experience also includes financial leadership roles at Viant Technology and various positions at KPMG.

Jess Probus, Publisher; Head of Content and Tech for BuzzFeed

Jess Probus serves as the Publisher and Head of Content and Tech for BuzzFeed.

Ken Blom, Chief Business Officer

Ken Blom holds the title of Chief Business Officer at BuzzFeed.

David Arroyo, Chief Legal & Compliance Officer and Corporate Secretary

David Arroyo has served as BuzzFeed's Chief Legal and Compliance Officer and Corporate Secretary since 2023. He joined BuzzFeed in 2019 and previously held roles as Senior Vice President, Chief Compliance Officer, Head of Litigation, and Vice President and Associate General Counsel for Legacy BuzzFeed. Prior to BuzzFeed, he was the Senior Vice President, Global Head of Compliance at Discovery, Inc., and held various legal and compliance positions at Scripps Networks Interactive, Inc.

The continued dominance and growth of short-form video platforms (e.g., TikTok, Instagram Reels, YouTube Shorts) and the corresponding rise of the individual creator economy represent a clear emerging threat to BuzzFeed. These platforms capture an increasing share of user attention and advertising spend, directly diverting audience engagement and revenue away from traditional digital publishers like BuzzFeed. The creator economy enables individual content creators to build and monetize large audiences directly, intensifying competition for the attention and advertising dollars that BuzzFeed once commanded, much like how YouTube disrupted traditional cable companies by offering direct-to-consumer content and creator monetization.

The rapid advancement and adoption of generative artificial intelligence (AI) tools for creating text, image, and video content also pose a clear emerging threat. BuzzFeed's business model relies on producing high volumes of engaging content. Generative AI can create similar content at significantly lower costs and much faster speeds, threatening to commoditize BuzzFeed's content output and reduce its competitive differentiation, akin to how disruptive technologies can fundamentally alter the cost structure and value proposition of established industries.

The addressable markets for BuzzFeed's main products and services are substantial on a global scale, with significant segments in the U.S.

Digital Advertising

The global digital advertising market was valued at approximately USD 412.40 billion in 2024 and is projected to reach nearly USD 1,201.40 billion by 2032, growing at a compound annual growth rate (CAGR) of 14.3% from 2025 to 2032. North America held a significant share of this market, accounting for over 31% in 2024. In 2024, the United States alone contributed over USD 300 billion to digital content expenditure, which includes digital advertising.

Content Creation

The global digital content creation market size was estimated at USD 32.28 billion in 2024 and is projected to reach USD 69.80 billion by 2030, at a CAGR of 13.9% from 2025 to 2030. Another estimate places the global market at USD 32.26 billion in 2024, expanding to USD 117.51 billion by 2034 with a CAGR of 13.8% from 2025 to 2034. North America leads this market, holding more than a 38.1% share in 2023, representing USD 10.3 billion in revenue.

Commerce

The global e-commerce market was valued at approximately USD 26.8 trillion in 2024 and is expected to reach USD 214.5 trillion by 2033, exhibiting a robust CAGR of 25.83% during the period of 2025-2033. Another report estimated the global e-commerce market size at USD 25.26 trillion in 2024, poised to grow to USD 98.89 trillion by 2032 at a CAGR of 18.6% from 2025 to 2032. For the U.S. specifically, e-commerce revenue is estimated to reach approximately USD 1.45 trillion by 2025. The U.S. e-commerce market was valued at $1.38 trillion and is projected to reach $1.88 trillion by 2029.

Expected Drivers of Future Revenue Growth for BuzzFeed (BZFD)

• Growth in Programmatic Advertising: BuzzFeed is strategically prioritizing its programmatic advertising revenue line, which is described as scalable, high-margin, and tech-enabled. This segment has shown consistent year-over-year growth, with a 9% increase in Q3 2024 and an 11% increase in Q2 2025, and is expected to continue to lead the revenue mix. The company has shifted focus away from direct-sold advertising due to market softness and aims for continued improvements in yield and targeting across its owned properties and third-party platforms.
• Expansion of Affiliate Commerce: Affiliate commerce, where BuzzFeed earns commissions from purchases made through its platform, is a significant growth driver. This business had an impressive Q3 2024, growing 53% year-over-year, including its biggest Prime Day. Organic affiliate commerce also grew by 23% year-over-year in Q2 2025, fueled by strong audience demand and an expanding partner base. This scalable and high-margin revenue stream is expected to continue its positive momentum.
• Growth in Studio Revenue and Content Diversification: BuzzFeed's studio business and content revenue have shown potential for growth, particularly through the delivery of feature films and a focus on higher-value partnerships. In Q2 2025, content revenue jumped 53%, driven by a nearly fourfold increase in studio revenue related to a feature film. The company is also diversifying into additional platforms and focusing on IP development and long-form content.
• AI-Powered Innovations and Enhanced Content Engagement: BuzzFeed is investing in AI-powered innovations to enhance content engagement and drive growth. This includes using AI tools for trend detection and content generation, aiming to boost programmatic and affiliate revenue streams. The company emphasizes the transformative potential of AI to impact the economy and its business.
• Increased Direct Audience Engagement and Reduced Platform Dependency: A key strategic focus for BuzzFeed is growing direct visits and deepening its relationship with Gen Z and Millennial audiences to gain more control and room for innovation, thereby reducing reliance on third-party platforms and their changing algorithms. This shift is evident in the reported increase in direct visits, internal referrals, and app activity, which accounted for 61% of traffic in Q2 2025. The launch of new initiatives like the BF Island social media app further supports this strategy.

Share Repurchases

• BuzzFeed repurchased 1,826,845 shares of its Class A common stock for approximately $3.3 million ($1.824 per share) in a privately negotiated transaction with a single shareholder on May 27, 2025, representing about 4.9% of the outstanding Class A common stock.
• The company paid approximately $1.2 million on April 2, 2025, to extend the earliest date for delivering Option Repurchase Notices to May 31, 2025, related to potential future repurchases or debt management.
• There were no issuer purchases of equity securities for the year ended December 31, 2022.

Share Issuance

• For the nine months ended September 30, 2025, BuzzFeed reported $0.175 million in proceeds from the issuance of common stock in connection with an at-the-market offering, net of issuance costs.
• As of November 4, 2025, there were 35,864,575 Class A common shares outstanding.
• On May 6, 2024, the company enacted a reverse stock split, converting every four shares of Class A common stock into one.

Inbound Investments

• BuzzFeed secured a new $40 million term loan from Sound Point Agency LLC on May 27, 2025, with plans to use a portion of the proceeds to repay outstanding convertible notes. This loan was later amended to $45 million outstanding at quarter-end.

Outbound Investments

• During the third quarter of 2023, BuzzFeed made an investment of $0.8 million in the new capital structure of an unnamed private company, acquiring approximately 500,000 shares of preferred stock in exchange for a receivable.

Capital Expenditures

• For the nine months ended September 30, 2025, capital expenditures totaled approximately $1.7 million, in addition to $9.6 million for the capitalization of internal-use software.
• For the nine months ended September 30, 2024, capital expenditures were approximately $0.5 million, with $9.3 million for the capitalization of internal-use software.
• BuzzFeed aims to continue its investment in AI and tech-enabled businesses to drive future growth.