Buzz Feed is an American social media company that showcases the latest happening around the world. The company gives current affairs regarding news, music, and many more. The key role of the social media company is to lure its readers to read daily from its website by showcasing information regarding what they are currently obsessed with. Let us see about the business model of Buzzfeed.
Buzzfeed
The company has its headquarters in New York and it was established in 2006 by Jonah Peretti who is currently the CEO of the company. The company claims to be the best spot for people who love social media entertainment.
Buzzfeed Business Model
The main role of the company is to provide trending information regarding culture or any other topic and showcase them on its website internationally.
Any business model to get success needs to have three most valuable additions to the body of the business model of Buzzfeed.
- Customer sector
- Adding value to the model
- Channels through which the company interacts
- Their relations with clients.
The customer sector
Buzzfeed caters to clients that are young, energetic, and have the passion to read. The clients they target are usually of age between 18 years to 34 years. Their main content is about the trends that are going on across the world. The latest news regarding the economy and what their favorite movie and music stars are currently obsessed with.
Their content is usually in English and is marketed in countries having English as their primary language. Now BuzzFeed is catering to countries that speak a language other than English like India, Spain, Germany, and Canada. The company gets 7 billion views on its website on monthly basis across various parts of the world. Moreover, they solve problems regarding advertising to various advertising companies and brands.
Adding Value to the model
For any business to work there is a need to add value to whatever the company offers to its clients, this can be termed as the USP of the product that the company is marketing.
The company always showcases the news which is currently going on in the world. Which should be known to every society across the world. They update the news regarding the latest sports, music, and economic crisis.
The company offers content that is free to watch and read. The company showcases its content through websites and mobile apps which are free to watch and in different languages, which is quite easy for any reader to read globally.
As the company is catering globally it gives the brands the to cater its products globally and get clients across the world. The company has 200 clients who visit the BuzzFeed website on monthly basis.
Buzzfeed has strong social media existence as the company uses social media to generate viewers on its website giving them a strong existence. And moreover, the content is also being showcased on other different platforms.
Channels through which the company interacts
The company’s website is the main channel through which it interacts with its audience. The viewers have access to monthly content absolutely free. The company also has mobile apps for mobile users. Around 70% of the clients interact through the mobile app.
The company has various platforms for interaction such as the Buzzfeed app, quiz chat Buzzfeed video. The company also interacts with its account on Facebook, LinkedIn, and Instagram. The company has offices across the world including Asia and North America.
Their relations with the client
The content that the company show on its website and which is shared by n number of users on various platforms, the company offers them some amount of their efforts. The company also constructed its online platform where the audience can make their own information and can interact with other people.
The company treats its clients from various organizations like a family. For providing any advertising solution special team is assigned for providing advanced solutions to their advertising problem. These advertising corporations are the main customers of Buzzfeed.
The customers can interact directly with company staff through the information available on the company’s website. The users can also directly address the company on their social media accounts such as Instagram, Facebook, and Linkedin. And can message on the apps such as viper.
Their partners
These partners are backend partners. These partners work backend to provide world-class services and the latest information to the audience.
The partners consist of
The staff is responsible for the tools that help in the creation of the latest news and how to present it on the website.
The staff is responsible for sharing the company’s content on various platforms.
The staff that is responsible for providing the company with the latest news regarding any area will create quite a stir among the readers.
The staff is responsible for showcasing videos on the company’s website and other unique information that will make people talk for weeks.
The company has also partnered with various influencers and other corporations to market its latest information.
Cost Involved
The company spends on the maintenance of its official website and other online platforms. the company also spends on the creators that create and market the latest information on their website, the technology which is used in making videos, and the partnerships the company has formed. The company has various properties leases and 18 offices in the countries such as India, Australia, UK, Brazil and Germany.
How the Revenue is generated?
The company’s revenue is generated from the organizations to that BuzzFeed provides solutions. The company charges organizations for creating customized video content. As it is not a listed company it does not require to show information regarding its revenue generation.
Conclusion
Buzz feed is an excellent organization to start a career with. The company 2006 has built its own niche in the market and survived through thick and thin. It owns various trademarks and copyrights. Through its unique content creation, it has the world’s no. One news site. The company has the subsidiaries such as Buzzfeed Brazil wood Apps LLC, and many more.
