(Boursier.com) — BuzzFeed yesterday had a memorable session on Wall Street, ending with a gain of 120% in record volume, after having tripled during the session! The media group, on the sidelines of the announcement relayed by the Wall Street Journal of an agreement of several million dollars with Meta, said he was going to design personalized content using artificial intelligence tools and in particular OpenAI solutions, the origin of the fashionable conversational robot, ChatGPT. According to an internal memo obtained by Yahoo Finance and the Wall Street Journal, the company plans to use OpenAI tools, and therefore potentially ChatGPT, to generate and personalize some of its content, such as quizzes. “To deliver on our mission promise, we need to build a stronger business foundation by executing a forward-looking strategy,” BuzzFeed CEO Jonah Peretti wrote to employees.
“We need to look to the future and steer our business towards longer-term trends in order to seize the opportunities that will arise in the eventual recovery,” Peretti continued, citing “creators” like celebrities, athletes and influencers, as well as artificial intelligence, as the future of digital media for the next few years!
Facebook’s parent company, Meta, according to the WSJ, is planning to pay millions of dollars to BuzzFeed to bring more creators to the social media giant’s platforms, Facebook and Instagram. This partnership marks a new development in the long-standing relationship between digital publisher BuzzFeed and Mark Zuckerberg’s group.
BuzzFeed shares are still down nearly 80% since the company went public via a SPAC suit in late 2021.
Last month, BuzzFeed reaffirmed its outlook for the fourth fiscal quarter following the announcement of a restructuring plan. The group then envisaged for the period revenues ranging from 129 to 134 million dollars, as well as an adjusted Ebitda of 12.5 to 17.5 million. The group had previously announced its intention to reduce its workforce by 12%.
©2023 Boursier.com