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• BuzzFeed has been transforming its business over the past 2 years, focusing on direct audience and owned properties. Direct traffic now accounts for 61% of O&O traffic. - HuffPost's homepage referrals grew 12% year-over-year and account for 3/4 of its total page views. - Daily user engagement is rising, with nearly half of BuzzFeed and HuffPost daily users returning weekly. - BuzzFeed held the top spot in digital media with 69.9 million hours of U.S. time spent in Q2, with buzzfeed.com leading in hours. - Scalable revenue lines expanding: non-Amazon merchant gross sales up 38% year-over-year, programmatic advertising up 11%. - Studio business reducing platform dependence, diversifying, and focusing on IP development; BF Island app in beta testing with plans to expand beta by end of Q3.

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

Total revenue for the quarter was $46.4 million, an increase of 13% year-over-year compared to $41.1 million in Q2 '24. Advertising revenue totaled $22.6 million, down 3% from $23.2 million in Q2 '24, with programmatic advertising growing 11% year-over-year to $17.4 million. Content revenue increased 53% to $10.7 million compared to $7 million in Q2 '24, primarily driven by a nearly fourfold increase in studio revenue. Commerce and other revenues rose to $13.1 million, up 20% from $10.9 million in Q2 '24, with organic affiliate commerce growing 23% year-over-year. 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.

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. BuzzFeed has transformed to focus on homepage traffic, with HuffPost's homepage referrals up 12% year-over-year. Having a stronger 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 media that's fulfilling and not addictive. BuzzFeed, HuffPost, and Tasty are trusted destinations. BF Island is reimagining social media with AI for an escape from addictive parts of the Internet.

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. IP that's differentiated allows cross-platform distribution. Strong audience connection enables better monetization through affiliate and programmatic revenue.