BuzzFeed, Inc. Q2 FY2025 earnings call

• Focused on transforming the business over 2 years, prioritizing direct audience and owned properties. Direct visits, internal referrals, and app usage now account for 61% of BuzzFeed's O&O traffic. - HuffPost's homepage referrals grew 12% YOY and account for 3/4 of its total page views. - Daily users of BuzzFeed and HuffPost with weekly returns exceed half. Log-in users on buzzfeed.com tripled in 2 years. - BuzzFeed held top spot in digital media with 69.9 million hours of U.S. time spent in Q2 (3% QOQ growth). buzzfeed.com had 36.4 million hours, HuffPost had 20.7 million hours. - Non-Amazon merchant gross sales grew 38% YOY across brands, BuzzFeed brand up 55%. Programmatic advertising grew 11% YOY. - Studio business reduced platform dependence, diversified platforms, focused on IP and long form. BF Island app in beta testing, opening to select community members by end of Q3.

Total revenue for Q2 2025 was $46.4 million, up 13% year-over-year. Advertising revenue was $22.6 million (down 3% year-over-year), with programmatic advertising growing 11% year-over-year to $17.4 million. Content revenue increased 53% to $10.7 million, driven by a nearly fourfold increase in studio revenue to $4.7 million. Commerce and other revenues rose to $13.1 million, up 20%, with organic affiliate growing 23% to $12.8 million. Total U.S. time spent across properties was 69.9 million hours, a 3% increase quarter-over-quarter, with direct visits, internal referrals, and app usage making up 61% of BuzzFeed's O&O traffic. For the first half of 2025, total revenue was $82.4 million (up 5% year-over-year), net loss from continuing operations improved to $23.1 million (vs. $32.3 million in H1 2024), and adjusted EBITDA losses improved to $3.9 million (vs. $13.5 million in H1 2024).

• Reaffirmed full-year 2025 guidance: revenue range $195 million to $210 million, adjusted EBITDA $10 million to $20 million. - Expect continued growth in programmatic advertising and affiliate commerce to lead revenue mix, with content varying based on studio project timing and direct sold business stabilization.

Q: How are you thinking about diversifying away from traditional referral sources like Facebook and Google?

A: Today, over 60% of traffic to owned and operated properties comes from direct sources. Transformed to focus on homepage traffic, with HuffPost's homepage referrals up 12% YOY accounting for majority of page views. Strong direct audience relationship is key.

Q: What's your view on the future of platforms? And how do you think about platform dependency now?

A: Platforms like TikTok and Instagram are overoptimized and addictive. There's demand for escaping addictive feeds. BuzzFeed, HuffPost, and Tasty are trusted destinations. BF Island reimagines social media with AI for an escape. Creating pockets of joy and truth is a strong strategy.

Q: As platforms have become less publisher-friendly, which do you feel show the most promise?

A: Apple News is important for HuffPost. Direct and homepage traffic are key. Differentiated IP allows cross-platform distribution. Strong audience connection enables better monetization through affiliate and programmatic revenue growth.