Buzzfeed missed its $250 million revenue target last year, according to the Financial Times, and generated only $170 million.
Because of this, Buzzfeed has also halved its revenue prediction for next year from $500 million to $250 million.
Buzzfeed disputed the figures but did not give its own figures, telling the Financial Times, “We are very pleased with where BuzzFeed is today and where it will be tomorrow.”
Business Insider reached out for comment and will update this article when we hear back.
Although Buzzfeed has generated large investments from the likes of Andreesen Horowitz and NBCUniversal, and has proven it’s capable of creating compelling content that reaches many users. However, its business model of creating custom branded content is not scaling well, according to the FT.
Buzzfeed may be considering moving deeper into television with a tie-up with NBCUniversal, the FT reported, echoing a move Mashable made just last week, and Vice did in launching Viceland