BZFD - Earnings call transcript Q4 2021

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning, and welcome to the BuzzFeed Inc.’s First Earnings Conference Call. At this time, all participants are on a listen-only mode. later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator instructions].

As a reminder, this call will be recorded. to Head like Amita Investor not Tomkoria. would introduce of BuzzFeed’s Relations, I

may You begin.

Amita Tomkoria

to quarter Amita our XXXX welcome of and Hello, fourth conference the Vice My Investor am Relations. financial and call. name I is Tomkoria. Senior President results year full

DellaFortuna. is posted Felicia to at press us our Financial today Peretti, Chief investor and website Founder Joining release Jonah and CEO, and Officer, The are presentation investors.BuzzFeed.com.

reminders. to Jonah, I'd to pass I few the call Before cover like a

today regarding such of business, statements And securities number filings the Please we make the language be actual and Commission. Some financial Exchange refer and forward-looking, of cause cautionary our may with materially. and statements our the performance, to could that operations, a differ risk US results to in uncertainties factors considered that involve described

for establish call, and the financial our the which During adjusted to and GAAP and will of operational our EBITDA adjusted investors, performance margin EBITDA both performance method to measures our and in similar by managing the operational and we non-GAAP to in a because view financial used relevant to information for manner goals allows useful believe management. budgets, measure strength to us develop are business. our results, allow present business, they investors We

pass financial required SEC in I'll results over measures call GAAP to our regulations, now, rules most these and their non-GAAP today. to As comparable by the reconciled financial measures Jonah. are published And

Jonah Peretti

diverse, socially the the ever internet, BuzzFeed Good best on of is the some earnings has as most home the morning, call a publicly everyone, and Inc. world most traded connected company. to welcome seen. first most our brands generations online, engaging to

than three more primary to inspiring owned sites, creativity success engagement, across spent and advertising of culture, million in XXX ever and digit News, internet. YouTube, food, nearly metrics, truth, pop before, our proud entertainment, brands by XXXX. our our using generated our content, in and and and than spread BuzzFeed, team the audience a incredibly of transactions. adjusted XXX million overall and double reach real-world from monetization, consecutive we each on We commerce of hours news operating is revenues second and consuming percentage Audiences and results of in achieved HuffPost, we the an EBITDA. monthly more content adjusted year-over-year, EBITDA content engaged with I'm terms efficiency viewers our time grew and delivered for shopping, the and Apple products, audience mission with XXXX. our Our robust Complex year. revenues Networks, action our Across profitability operated joy, We measure Facebook, and

Rothstein, a the around It first our result stable of Networks Reflecting the brands welcomed thanks into year was success. play category-leading support creators, traded and pop of company. the and to accelerates We milestones visionaries, Our metaverse. the ComplexLand. integrated ability Complex, like core will culture defined on the Greg members Complex and company, became of include world. Avenue This publicly Xth Feast, significant the successfully business the a Ones. the Complex complimentary show, experiences and We with innovative, many meet on new the and board to welcomed ComplexCon to for We experiential further XXXX bring in boost Planes, immediate We internet pure and Amble, tech, Hot us also strengthening Anjula an year, XXX brings media Pigeons digital media, our company, and across Collectively, Partners. IP financial of in past partnership increase audience, & BuzzFeed's world. strong extending be demographic four entertainment Coleman, to Adam journalists, a inspired and our business finance, direct Acharia. driving performance internet the the from award-winning new business, BuzzFeed We talented popular HuffPost to creativity, connected internet hard incredible and years, is performance. our and our model to XXXX, they always First have over demand employees the Networks an work who for passion, and who is BuzzFeed, expertise the shaped Joan in of

digital to will I this XXXX, our are an progress to agile, Turning we record further on how cross-platform building media as track discuss company.

our and life innovation. XX to ago. time the company, public our as media ability more constantly lead began The a years industry team and journey to new again, than demonstrated the While has through is changing, digital landscape forward

been have our ever-changing the is track a set and content digital audience, our navigating record of powerful a makers have pioneer media, online development of agility. successfully with long growing we Tasty enabling in example a We of of and tools. great habits a

a across robust As channels, original video user-generated content multiple Facebook the internet, multiple licensing for and of the format sources to brand and into presence the the the website, has million branded mobile audience media cross-platform with food highly on consumer social Today, from videos started community to monetization, social of BuzzFeed followers, introduction IP long-form engaged premium to and emerge Tasty content, products. a advertising app, on the content over XXX leading leading as on pioneered a platform. content with grown Facebook,

form ahead, video to are of ability evolution. entering content we confident serve that clearly and will content formats young vertical another for the we audiences, Short scale new again Looking period our emerging us preferred well. are across-platforms, format is as

long-term will deliver We are strongest to returns. our prioritizing committed initiatives investments the around that the

to As through creation also spend time, vertical distribution. our compete audience are in on investments young video content formats to the are Facebook we this capitalize positioned continue approach for prioritizing like TikTok, well platforms their proven shift an more on established and own time to and to of increasing differentiated amount people

use engagement platforms. audience. proprietary then data follows strategic approach partnerships monetize insight drive brand through sizeable importantly, formula, with social and engagement advertisers. and tried reliable, first-party build that We Our a a first We We platforms and across platform platform-agnostic. a true and is to

flywheel to proprietary behavior we This inform capture scale machine a audiences. at turn powered in able and and this This are, content rich category-leading and one platform Our enabling platforms, reliable around two-way from we engaged to create other maximize enabled our to us they is and new on with and innovate platforms, low means development. to on analytics, capture use wherever insights deep us properties, format can content preferences. and social cost. insights. signal audience brands, This means reach audiences more deeper, engagement We are our more around we attract audiences, and working stack audience massive technology by larger, learning content quality adapt And to owned operated across content and major platforms. high connection serving can has powerful our across

with Instacart. food large, that developing content are a on just Following already X investment video that with account food will recipes on each announced the our connected across creators video week, select enables quarter. on people last and we in have with same platform The brand content, the Complex engaged to partnership the accelerating a approach, Tasty publisher Tasty viewership we of focus to inaugural engage be And platforms. building in amassing shop and TikTok vertical TikTok. new millions through us make on followers, already massive million our audiences and over established highly we alone are Tens of has

and tools. momentum, we talent committed as our and creator As top creators success. as with supporting technologies, retaining attracting build production on programs, BuzzFeed’s and Through are core monetization such Catalyst view creativity industry-leading we to this initiatives resources, and to Complex we their

to long-term to with newer of it believe formats, trade-offs ramp the We monetization of scale, double our content are the ability growth. and our creator expect position time business we the past network this the to year. to size proven we making takes rapidly right shown that near-term for has Even

years we are investing for we As we where long-term growth for the strategies monetization. highest in audience-driven see in the potential plan ahead,

Let area. in our progress this highlights me share some of

committed diversified original well high continued form commerce shows business display, the to the the secular issues partnerships built always differentiated revenue making margin to our curve of and products, with content content. plans for that Buzzfeed group, custom have planned base, addition with people been young This to on films, mid-roll shift video Thus News attribution News and stronger our impactful, across content IP-based have business a long revenues of most. and force. IP Buzzfeed advertising models stronger our advertising, dedicated award-winning larger around pre-roll, and to including forward, programmatic And contributor organization strengthened behalf profitability brands, leadership Buzzfeed financial business. a covering in affiliate a News, diversify is in feature far, our changes, on lightweight larger announced around we as focus aligned accelerate and and to trends morning, advertising business moving video, audiences offer a an We we has our care including that content, the strongly of e-commerce. are licensing as a ahead reduction is development about that to we building

internet. and celebrity, our of life around the best Tasty, prioritize And teams. of a Complex, investments Complex following announcement will unified culture to organization consolidating create and news we and on business admin day, our BuzzFeed, January We and the in are HuffPost, the entertainment, across coverage biggest the BuzzFeed

teams - and to also Networks, in with growth to audience-driven integration changes trends. an we audience changes We Complex of potential. editorial prioritize order the support also and to the strategies with are made cost combined to establish revenue efficient and align highest and industry base business our These video important steps the make in

see, establishing media of in serves and increasing to As stakeholders market. positions growing an that advertising ecosystem, digital model share capture you company we the business can digital for the all the a are

to to and as reflects most. issues and about trusted source and around their audiences engagement care content. news and us leverage the tools proprietary Creators maximize come they our that a for technology entertainment trends Our journalists

million clear million. over the XXXX, financial adjusted for time. to biggest we to profitability XX% reach growing $XX.X generate positioned business consecutive And This will revenues. engagement for by to trusted solutions. XX% of concerns In on we seeking be for contextual year, are year-over-year advertisers EBITDA a model to platforms. a we to we grew generating brand data through is our All XX% revenues returns the and audience supplier alternative We grow sources rich are internet reach massive looking large and one-stop advertising want data need We safety content social content. at delivered shop regulations, help scale, a premium audiences. and as positioned navigate partner we and platforms address increasing well young platforms of a second privacy to And financial leading BuzzFeed. growing are the returns and by user-generated achieved as the we trusted or new approximately platforms, first-party them $XXX And to

Next, demand in connections, to investments and a are streams, brand and powerful on premium I continue will how form. extending revenue model, our on building starting expansion. how and are form focus ahead, meeting what pay Building our make audience long short want investments new of we focus on for business content, already diversifications the the and revenue both two-way we are we margin And we to see have strength and core these to continued off. with our

predominantly rely from drove customers to content from real that In our signal. launched up discover business click. platforms almost attributable content our tenfold developing move we to $XXX new have to social-first a down in to revenues over XXXX, trusted a a by relationship accelerated commerce our take consistently focus new transactions, people that And strong the and share transactions million that period, this XXXX, million million In the shopping on editorial attribution, that inspiration, to with things. to audience content content Unlike our broader come approximately publishers with inspires search this relevant to secular capitalize and extended BuzzFeed culturally we so, e-commerce by in led informed In single to the XXXX. was create years, we pandemic. young discover the in by on we doing shopping XXXX, have $X inspires as revenues, of products. same on $XX to since path continued approach, in them XXXX, discovery world drive help more than increased growing many we to team our for For audiences shift to shopping we

time, are social both one As tools. on leveraging next we to look same our any the the we cross-platform to build content in to growth, dependence approach a of platforms social heavily platform. At phase commerce existing that new platforms, commerce business differentiated extends are our and reduces and creation, across investing

changing formats keep from shopping content of such pace new We as are to young poised to preferences trusted with making people. the in video by benefit investment their consumption

Complex As to partners, relationships in deepen our audiences see into opportunities partners and metaverse, the our this commit this capture and platform shopping we business as significant unify we HuffPost, the further And drive investments we and share positioned time. BuzzFeed growth new of to to over commerce teams, influence Networks, extend well building opportunity. categories, our to are with our behavior

We to build through in connect offering by demand the enables content diverse rise premium accelerated into success streaming our Studios. content, each The early for are content with and of innovation new ways. are that exciting and slate excited and discover with products the on an the ComplexLand, there’s engage premium Buzzfeed means of other, shift unprecedented on we capitalizing of to a this and our and metaverse communities further platform,

Our approach data, informed innovative marketing our proprietary intellectual first-party by campaigns. by accompanied extension property and is and

industry, Z We rich millennial around vast audience with to platform. TV a that film are leadership taking of platforms we preferences and and creative and a streaming leveraging Gen partnering And resonate viewers. and studios the largest concepts portfolio the insights our broader brand are approach library develop some and as intellectual cost to marketing and our production leveraging by identify position our effectively properties, with in lean while of

to development. predictable more data-driven approach long form creativity, Our produce success content in can

ranked of first in the top the Love, In US on streamed its last week, Our month. most five film first in feature the Amazon Prime. titles Book film, debuted

additional four to and films TV have this and multiple set We series development. in release year, documentary

are changes more creator excited in on BuzzFeed audience progress these as internet. is investing I'm and demand Although are area of and We to strategic and ahead new shape demand content. this trends, generation future Inc. behavior platforms, in the taking we for to deepening our about committed the young adapt marketing curve. calls. the content of see in we our competitive structured This our stages, next content Aligned early audience sharing of for on and formats. are to shift are and making in the by the we and to look seeing demand platforms to stay capabilities, encouraged we turn investments We're future in the forward to to to across the driving helping with premium clear a people unprecedented serve migrate this shape, moats, are preferences,

wrap companies internet Before media I by pass that up digital to stating believe Felicia, the make a let can place. me better we

partner As models create a trusted good for we to working to sustainable together thrive. to are tech content platforms,

creators. benefits made room models have content around attribution see this content in premium progress and platforms we we a significant the While strengthen area, way that good in to

that capabilities our the As industry for brands, shareholders are forward we long-term audiences confident unify new our and and we scale category-leading can we creation across our in strategy emerging content create and go-to and expanded value distribution network market alike. our formats platforms, and of our businesses, extend lead

our and investment and clear have the growth. to look that, next confident updating I our over excited for will you take proven. returns right financial position forward in to We strong outlook. BuzzFeed prioritized we you will future call our through DellaFortuna, and to to is phase our approach quarters the for vision in I'm Our Felicia turn CFO, who strategic on of With is come. our our the progress results

Felicia DellaFortuna

Jonah, and a year by public December our remarks, on percentage call Jonah's for you everyone, great joining year. XXXX adjusted To consecutive digit results EBITDA our in BuzzFeed. for company. was delivered us. profitability a be first non-GAAP earnings outlook, basis you, we achieved and Thank line fantastic as you, to the It's and a for growing thank And both with double GAAP year-over-year. both revenues We with for echo second

against branded long well Facebook, of revenues and payments directly cost across We content, a Complex as for primarily from also clients form initiated programmatically. produced consist included. results Before primarily shopping will editorial products distribute also Advertising form payments content, fourth lines, and content, and Content businesses advertisers across consist projects products advertising, commissions consist and mid-roll are Instagram display, from Studios quizzes, the provide revenues full our custom including I received primary affiliate our structure. revenue third-party Revenues We transactions distributed owned and earned operated platforms, and TV experiential to revenues codes. quarter to primarily brief pre-roll, included three Buzzfeed YouTube, Revenue news year and including Apple sold we affiliate ad short for our and both I primarily review content. brands as takeovers, sites, for Commerce overview and News. ads our XXXX, business report of film the and commerce. assets, here. to video custom of of product Networks, and revenues of these receive from editorial our for and also from are by from licensing our on

quarterly approximately seasonality the generated typically holiday and the quarter. one of third shopping, of the profile reflects Our of fourth revenue spend advertising EBITDA revenue, large in majority with adjusted and generally

as we Facebook as also audience platforms owned and reported engaging revenues. in well significant a is measured by are viewed time metric, content as metric As with to and intended which also advertising across audiences by conjunction our as in YouTube, Instagram our of to Facebook. time us engagement. our be comScore, spend for News, This captures and provide with TikTok revenue spent the a and terms complement Apple reporting, operated our sites,

we custom note platforms, across audience important reflected to branded be engagement these in a that for spent monetize opportunities, are limited these platforms continues engagement these time or However, updating we It consistent on considering our our new on content. Therefore, to offer not progress to all growing share metric. our and engagement is video challenge third-party In primarily the revenue industry. committed are platforms audience absence of measurement advertising of through tracking, you platforms.

is news There costs here, and our the component by Traffic Turning to content reporting our driven freelance primarily is and captured includes staff costs, less revenue in of as paid. network our staff. a as our revenue producers, our creation of acquisition cost cost fixed historically, traffic journalists, full-time creators. of of than although well This also and X% writers, are is of content creation.

and include fluctuate. and research costs managed marketing, centrally costs general portfolio, sales expenses. administrative, relatively operating and Our in development all of revenues remain These and the our as year, and and are the brands course over consistent support

As improves improvements move EBITDA. and in apparent operating result, as sequential in typically a the we is year, our leverage through this adjusted

relates Jonah his to model our and to briefly several with trends secular in our performance expectations. those is and As remarks, as alluded will financial business it I here aligned discuss macroeconomic trends.

audience spend highly as building people investments focus As and content on in new engaged to are TikTok, near-term more formats emerging platforms, on continue behavior Instagram for a accelerating young audience. a with loyal, shifts time such and these platforms we

positioned As premium rise sustainable also models we with around partnerships continue to to this there to we demand. build premium means are our our content. extend attribution The platforms strong, will to streaming serve our for accelerated to is content platforms strategic we and demand well unprecedented platforms, extend of these content, capabilities look these

with as returns, a to secular scale studio aligned over building time. are a we financial offering and generate our are strong shift, We business poised

data BuzzFeed in landscape, need platform platforms. We production coming with effectively is audiences. taking returns because advertisers we while evolving for the lean insights, the tools This our rapidly broader industry. studios our of only the difficult to to of data products, and they reach tech as Through of and the a drive proprietary contextual and our alignment proposition. offer through are reinforces value young approach Amid first-party increasingly reach a to the platform, comprehensive data the ad and advertisers it privacy and proprietary brands, leveraging doing by first-party platform suite strength large massive the efficiently marketing on our leading this and partnerships brand insights,

and policing uncertain and advertisers our business At demand, but to largest in largest become spending. As audience world spent strong on stores, content serve in years also reopened, largest world challenging we to pandemic. accelerated high of people - in platforms providing shortages. user-generated quality, time, with in continue consumers We fiscal the content, platform, US chain in have supply growth the period as lockdowns in for was advertisers see of back many single-year brand-safe navigating to impact of to the from our continue global of has individuals millions returned BuzzFeed same two COVID-XX trusted our locked the struggled our were for more to advertiser and the their struggle time stimulus, by around platform been down. the and XXXX, commerce the pulled and has the the premium saw disruptions world businesses partners. recently a shopping partner retailers past demand labor content slowed The reported a as increase the with The as in and

in to and have cross-currents drive strong shift confident present to some as how proposition audience are value returns. long-term through these and the right beyond, behavior the in place growth near-term, consumer we continue and we see we reopening Although uncertainty

full by properties, to offset X% network to and XXXX driven of revenues advertising of X% in Networks, declines year-over-year, of of by we as delivered up one BuzzFeed the XX expected, grew and in led revenues, $XX revenues growth the months results as period across year $XX.X in revenues. than X% third-party we as million, Advertising respectively. Complex million Networks Time of million to These inclusion Content XXXX. more $XXX.X reoriented the million, Complex Turning million, generate XX% in align BuzzFeed video operated in products HuffPost, hours demand growth time $XXX.X in business $XX.X XX% double-digit of advertiser XX% our by very million owned the XXXX into and pandemic-driven toward grew advertising returns. million year-over-year, lightweight our closely more to the with inclusive driven spent broader advertising Commerce shifts XXXX revenue higher and approximately advertiser BuzzFeed, driven after robust million to to XXX improved e-commerce, by new the affiliate partnerships, HuffPost of strong EBITDA and Complex. strengths. consolidation acquisition. commerce the owned commerce. and Complex. year million, up contributed pandemic-driven in And $X.X platforms equivalents $XXX month driven $XX Complex to against and approximately product and ended one-time gross double-digit and after advertising as spending to grew payments and margins, the from and results. Complex margin as driven Time and was the higher revenues by spent improvement brands. closing of innovation. with Complex HuffPost to growth grew spent on and cash BuzzFeed of HuffPost increased of by $XX.X operated lows of on of revenue. on recovered the X%, related HuffPost We revenues content increased addition million our declines Adjusted well robust revenues, cash year-over-year inclusion in offset EBITDA the properties of the Adjusted XX% approximately and XX.X% results year-over-year, of the as

platforms X% year-over-year Time hours, will and one reflecting and time away from inclusive I as shift in declined Instagram financial HuffPost fourth quarter onto such XXX spent month of Complex move Now Facebook TikTok. of million Networks. and our to to a results, approximately spent

XX% our quarter, revenue spent operated platforms XX% year earlier, owned operated Complex metric. year-over-year. away Content declined in revenues properties XX% were against flat and platforms $XX.X result. driven Time to primarily driven offsetting from by the discussed delivered robust spent on million in quarter ago of revenues. grew and growth to the included of $XX.X million, with while million, owned revenues declined the year Complex in Facebook addition revenues the stimulus. shift and by pandemic-related these Fourth time fiscal outside HuffPost, We lockdowns, commerce Commerce time comparison on lower Amazon driven due inclusion revenues versus advertising period. content grew are $XX.X Complex spent year-over-year year on not limited in $XXX and spent to from the and HuffPost. year's ago platforms this up As Prime benefited third-party of roughly grew ago year-over-year, spent the Day, of BuzzFeed sharing, Time and XX% addition revenues driven the time and Networks that million, by year-over-year, our by XX% to primarily to the XX% quarter advertising

Additionally, commerce mentioned, Jonah as business emerging is for an us.

that other its maturity means comes platforms. to content approach given our relative Facebook, of audience majority traffic social-first Our from shopping social to the

As a result, disproportionately in relative impacted revenues our from businesses. the shift other audience away time to Facebook commerce has

million couple margin in faster distribution driven We shift the by ago our extend in EBITDA commerce We adjusted the are thereby $XX.X million the compared EBITDA our the platforms, achieved XX.X%. $XX.X of network the mix quarter, any years. to Adjusted leveraging primarily our year-over-year. cross-platform next business was growing of to to reducing dependence on year an revenue one over platform

note did associated against of a primarily the financing, are offset including combination that costs the $X.X generally transaction $XX.X in and stock-based Complex, $XX.X with in acquisition by convertible not We also incurred driven adjusted charges million our non-recurring reevaluation business compensation, relating of benefit million stock primarily nature, $XX deferreds, employees to to to which and which the the of was to becoming of related million evaluation company. our impact a million acquisition by the allowance EBITDA, the by public Complex in years These units restricted driven income tax Networks. were charges of release certain prior granted recognition partially in

the I guidance, our will expectations discuss to our for then move to first Turning and quarter. approach upcoming

our the and preferences are Given of online consumers, guidance the for business shifting following audiences seasonal the providing nature quarter. and of we rapidly

in business, also to to goals creating trends aims updates provide long-term expectations, while our and approach quarterly current investors Our stay value. progress inform external our on toward help on shareholder meaningful we for ensuring focused

shift assumptions quarter, a time with business audiences the TikTok to given combined basis, Turning time forma to metric point and those starting Facebook. at for audience this less pro our around in our time spending our the on continue from platforms spent QX the to see of on exclusion Instagram, outlook underlying and spent, we

we continue slower our retail start on business, macroeconomic updates revenues, a advertising Against plan our in categories. the to uncertain on such certain challenging As and discussed, to calls. future demand advertising clients are a across QX. to strong categories off in share all for On newer progress as we on CPG, and backdrop, our see platforms

current advertising built being the That trends major expect a QX, across sales QX year-over-year revenues. we pipeline said, Additionally, strong on we time for in put growth all pressure have spent categories. to with already

time content, Facebook. we revenues, rates we growth saw of modest products. as trends to less continue in results expect drive are Moving XXXX audiences what portfolio to QX that in to ComplexCon. growth note our QX, we outsized the in revenues first scale native we pro from XXXX. half commerce spend continue so lapping our the Please diversified on And forma In far are include similar our as business, to in of to QX, QX

the growing However, shopping among time invest we for monetization spent, as we and the our for platforms, And to shift content continue to rates time. see the audience. in faster improve conversion as capitalize we on over expect strong runway Jonah in discussed,

we through leverage EBITDA, sequential profitability adjusted losses smallest of year. improves as terms our improving quarter, In revenue generated in our the an historically with profile, operating have QX,

that, With further does to M&A guidance financial not I activity. guidance. QX will turn any our Our near-term assume

revenues Networks grow year ago basis, For be by quarter, basis, we including On Networks we Complex first expect year-over-year. ago to the excluding forma the down expect on revenues quarter, a digit Complex pro percentage in by reported approximately in to XX%. single year first a low QX XXXX,

EBITDA million we And $XX company. the range the expect for to stock-based million in million. expenses X.X combined range We the in of of adjusted to losses $XX expect $X.X compensation million

call can we our operator your growing we look are and to for and to and newer, content and strategy we across our extend and platforms, we opportunity evolve As take as to of long-term excited turn Thank faster model distribution go-to-market emerging and I'll our create our you, we value businesses, our rigor, now the cost expanded scale brands, so can audiences by by extend further category-leading capabilities our formats ahead, that are we shareholders over platforms, new network the the operational questions. alike. focus maintaining confident creation unify to and business

Operator

from [Operator first Instructions] comes Jason with question Craig-Hallum. Kreyer Our

Jason Kreyer

ask, guys. video. Hey, for these questions. you making wanted and to your capabilities morning, good short-term obviously Jonah, just taking Thank so incremental investments you're in

if the if wondering side. long a on how much a video the greenfield give is can the cost how the you investment leverage to of form capabilities course this you going of of flavor that investment the year. versus then to over isolate there's the curious a much way kind Just us And existing or can for make you're

Jonah Peretti

Jason. question, for Thanks

the advantages created, we've have to platforms we've ability we So, content that have something we is the is and good one large adapt at. that content of a gotten of library new really to

is or lot for something YouTube love, have that into adapting for videos we doing. of we've that TikTok for shorts, if video a people YouTube for So, reels success example or had them vertical

our platform, and us content. audiences data lets addition, interacting In tech with understand science are how

and When and we're to they any platform. working. that platform people effectively to not a dropping they content we are fix able platform, issues to off adapt it watching and working, What And understand to are new So, end? what's that it the to when allows till with watching? use are a not sharing? what's new take us approach What correct

we've we we means take once to that spend be it, when that can very to quickly the in already because we've of space platform library small that new faster and platforms. it's doing a you share. we it's because when conviction is of a need it winner, and is So, created, fact, able are not plus large is really gives that on invest really technology leverage content a have lot of - as The people move very been that And new a a investment really much what platform team teams. by it we clear player and crack we we've very on wait the to platforms, small nascent that ramp with not start we've in and the major need into don't move us already platform, found a and platform going built, to time a creative or

Jason Kreyer

then one And more thanks. Okay, for me.

can how consumer how getting with you if wondering - partner kind Just advertising. traffic them you're consumers you accessing only data, drive your your access talk how then about the and permission but that content, target of and first-party to to properties, by not own your granted you're access you allows to

Jonah Peretti

Yes, great that's a question.

content Inc., because that nice of making environment that companies alignment other in a have as allows for contextual and and on where are as creating operated really is we're content privacy advantage BuzzFeed a important, content premium more distributing owned this well advertising. properties, think I

- a going if cook in interested if for you're actually through looking seen called And through with So, Tasty's app recipe you're fashion, if partnership watching for people buy Walmart, probably to that on family, interested Sneaker and click buying and and be to Complex, in on and recipes shoppable you're we've sneakers. your you're you're show groceries. Shopping

just and a people for alignment. brands So, contextual alignment has trust content having and that there's advertising, that by commerce nice making for

really So, other data, And good big very a TikTok behavior and And tools operated, a of on these the the machine in better platforms products then behavior, privacy consumers gotten platforms analysis both our using it. harder less advertising serve and when aggregate a about understand are consumers well-targeted large us or we we who owned have particularly Facebook, new data part we YouTube taking of but advertisers or these at help of of like can and an significant from and deliver in because like have APIs consumer then lot so provide very gives want rules. and a to learning worked to us other website, environment for contextual and Lighthouse to where to that valuable audience. on having also and that's apps that's data really have do others

Jason Kreyer

Thank I the will All queue. in you. perfect. hop right, back

Amita Tomkoria

please. we’ll question, Operator, next the take

Operator

Blackledge Cowen. comes with next John from question Our

John Blackledge

Jonah Maybe for and Thanks. two Great. one for Felicia.

the noticed spend on form you. company? XQ in So, this for Jonah, - area there just video then is impact of vertical over Felicia, ‘XX currently? Ukraine And started? or And since a course of curious, you of is potential conflict BuzzFeed or kind And is for growth just monetizing then the of the short the brand any further to kind a have EBITDA Thank pause guidance. color key the drivers

Jonah Peretti

Sure. Thanks, John.

content, ago, Facebook advertising following where in no over a thing placement was playbook advertiser a an five that monetization Tasty. figured when possible. partner was branded that's we of with we Tasty really And little would terms or So, But create a you or form a started content, content we're that there new a what commerce out is product tried-and-true and years video learned could playbook us. branded with so or with partner short

so, then Tasty. advertising they started evolved, to we as to and the added And those commerce support platform and capabilities,

we right And but for so, - form similar scalable for creator we commerce in there Instagram, where expect effective be are the and TikTok now, monetize content solutions. branded us future, that, expect where like something to right and way an with more on now content, be with to short example advertising takeovers, there'll things

are extend to platforms there, and and that, on And so, good - we commerce can evolve. have able as branded then attracting business, then content a from and from to audience we the first, we build usually advertising focus

in if It the conflict And conflict say the economy to global a your going the that was business it Ukrainian we’re I news of affects is second matter, the question really is trends again, exposed our us the macroeconomic really we're economy a to through only familiar the and from would obviously watching larger humanitarian or covering in process Russian exposed say we that I in terrible past. crisis, - as division. we're business So, would which And But broader that not economy. economy. the the Ukraine. to are platforms develop face particularly about would

Felicia DellaFortuna

Hi, John, it's Felicia.

about So, basis. EBITDA two year-over-year to is to about guidance with from are question, on QX now associated pro in a a the third perspective, change your us the change of drivers being thinking main XX% adjusted public. XXXX forma there

to And it costs as in XXXX, the for and other relates was And D&O a XXXX, So, is the mix. revenue we change the with associated structure cost in QX incremental perspective. fees incurred associated XX% have on public. insurance audit comparison, being with just QX private

highest So, third. be commerce and know, to as tends advertising margin, you content is second, our

perspective. in line result QX commerce so, revenue a is total being of And our a XXXX, lower that as our percentage year-over-year impacting a of bottom from

John Blackledge

much. Thanks Great. so

Amita Tomkoria

question, take next please. the we'll Operator,

Operator

question comes Securities. Our of Bank Navon America Brent next from with

Brent Navon

is back the sounds at advertising, you bouncing XQ now your least a Thank softer, in bit taking morning. is initially is at for question. Good of as like it CPG guidance, sounds like Hi. it little least for XQ. retail but On that

So, hopefully that single, think the as as assuming should think cadence down we sort we changes, to regular - else mean, categories XQ about of the the pro get for guide as as think low those of year, better for revenue continue XXXX? about I about a forma trough that these just we nothing that maybe

Felicia DellaFortuna

about on commerce faster in the the the did monetization so similar QX trends color revenue we runway are a as more that invested seeing for for And see we thinking in time. Jonah each in noticed growing QX. XXXX as quarters noted, as say would the I capitalize QX future do to shift of to give lines, bit in noted, expect the guidance, and on just shopping we We have on in content Jonah over and - platforms. we improve

business we have strengthened long For challenged TikTok on QX. to demand moving Facebook Instagram. time well advertising, clients as by seen our have video original lightweight to offer And more our products, the we you as for categories be form strong continue have from in and across do We advertising then mentioned, advertising as content, all content. to

items as drive the half year. note as future. to expect toward so, to And the growth expect important the do we back we the of in QX, is well modest in ease do the other And to comps

Brent Navon

we Just something form these it. new second this mean, sense I of is from that making or any could in when And you. year, a from of up that the videos take investments could that you're platforms, on area? is sounds may Got see it that potentially of the bit see these to like we mean, shifting something Thank potentially even just timing this this making benefit follow little that, - you're the a video in short longer? half and helpful. I some around is a from towards newer of lot That's the benefit this investments

Jonah Peretti

short in And engagements there's Yes. content-based lot of business say component creator business and a form grams that and our that is creator revenue. already engaged with brands. benefits a are is business takeovers lot of with seeing our types that short I we are And think we're business, our a has we opportunity. would of form already which a creator and year-over-year. it's significantly that grown of

And so, I throughout the think year. grow see form we'll short

some kind sort monetization ago that that do But a to short announced that we years we doing very ago. similar content. five predicted already, longer this to for is TikTok, that TikToks see years it's isn't with has of to video as for Facebook are example, And longer think or that we monetized, - pre-roll it's to that note shopping or allowing on they're well form the between or which three to platform, something important that. it, evolution with platforms means an which of was And really article longer videos the saw are I harder engagement think mid-roll have balance I and the for videos post what video, a for on are example, monetization. growth as fact to a see to video, and to expected, form short because there and limitations better longer great reassuring and expect short

to be experience. expecting our past based able well on we’re quite to so, that And navigate

Brent Navon

questions. for Thanks taking it. Got the

Operator

to not over like further turn questions And Jonah at to time. remarks. I'd call back any any this showing for further the I'm

Jonah Peretti

our forward and the and Thank investor you. you a progress are months. for long-term value We're the at joining alike. in industry with excited and call create engage new We shareholders and the about to events We phase upcoming ability quarters audiences lead next value our few thanks, to opportunity and in you for today. on Thank everyone, look and as conferences forward to really your welcome this public you, updating the confident input, come. company, over to

Operator

and today's gentlemen, Ladies concludes that presentation.

may now wonderful and disconnect, day. have You a

BuzzFeed (BZFD) 22 Mar 222021 Q4 Earnings call transcript