Jonah Peretti Talks BuzzFeed and Media

"The attention has moved, but the content-creation resources mostly haven’t."

It’s time for everyone’s year-end memo, and Recode got a look at the one from BuzzFeed CEO and co-founder Jonah Peretti. As usual, the note is extremely long, so here’s a couple highlights.

On the fake news problem:

…Media companies have been much too slow to shift to digital; they’ve clung to print and broadcast, even when it was clear audiences are moving elsewhere. This means the budgets for quality journalism are focused on the wrong places, creating a void that is filled by the cheapest possible content, often from questionable sources. The attention has moved, but the content-creation resources mostly haven’t.

On the future of digital media and BuzzFeed

It will take decades for analog print and broadcast to decline, and TV will continue to be very profitable for many years, but in the long run, the internet will win. In the long run, the internet always wins. This is why we take such a long-term perspective at BuzzFeed: We know we need to be patient for the ‘digital advantages’ to fully prevail, and it’s why we’ve raised so much capital, so we have the luxury to be patient through ups and downs along the way. This is why we’ve expanded internationally to grow our content’s global reach. It explains why we’ve remained independent despite acquisition interest in us and consolidation in our industry. It is why we are partnering with NBCU instead of getting into the traditional media business ourselves.