Public Relations & Social Marketing Insight

BuzzFeed CEO Jonah Peretti just sent a memo to his employees about the company's growth and its plans for the coming year, and it was loaded with some pretty impressive numbers. August was apparently a big month for BuzzFeed, with record traffic of 85 million unique visitors. For contrast, Twitter gets about 91 million U.S. users per month and Amazon gets 77 million U.S. users, according to Quantcast.

Based on U.S. users alone, BuzzFeed has ~41 million users, bigger than Craigslist or AOL.The company saw a record profit as well (no numbers disclosed, but Peretti says that the company went from "zero revenue four years ago to a profitable company with over 300 employees")....

What if, in the mad dash two decades ago to repurpose and extend editorial content onto the Web, editors and publishers made a colossal business blunder that wasted hundreds of millions of dollars? What if the industry should have stuck with its strengths—the print editions where the vast majority of their readers still reside and where the overwhelming majority of advertising and subscription revenue come from—instead of chasing the online chimera?

That’s the contrarian conclusion I drew from a new paper written by H. Iris Chyi and Ori Tenenboim of the University of Texas and published this summer in Journalism Practice. Buttressed by copious mounds of data and a rigorous, sustained argument, the paper cracks open the watchworks of the newspaper industry to make a convincing case that the tech-heavy Web strategy pursued by most papers has been a bust. The key to the newspaper future might reside in its past and not in smartphones, iPads and VR. “Digital first,” the authors claim, has been a losing proposition for most newspapers....