Q2 2024 BuzzFeed Inc Earnings Call Transcript
Key Points
- BuzzFeed Inc (BZFD) reported a 5% increase in audience time spent with their content in Q2 compared to Q1, highlighting strong engagement.
- The company saw a 3% year-over-year growth in programmatic advertising revenue, marking the first growth in this segment since Q1 2022.
- Affiliate commerce revenue grew by 9% year-over-year, driven by strong retail partnerships and successful initiatives like the AI-powered shopping assistant, Shoppy.
- BuzzFeed Inc (BZFD) achieved $2.7 million in Q2 adjusted EBITDA, a $5 million improvement year-over-year, exceeding their May profit outlook.
- The company has successfully reduced its debt and cost structure, improved its cash position, and returned two of its largest and highest margin revenue lines to growth.
- Overall Q2 revenues declined 24% year-over-year to $46.9 million, reflecting ongoing challenges in the digital media landscape.
- Advertising revenues decreased by 19% year-over-year due to pressure on the direct sales channel and a strategic shift towards high-margin revenue lines.
- Content revenues fell by 40% year-over-year, driven by reduced emphasis on lower-margin branded content business.
- Q2 time spent as reported by Comscore declined 5% year-over-year to 71 million hours, indicating a drop in referral traffic from third-party platforms.
- The company experienced a significant cash burn of $16 million from Q1 to Q2, although this was attributed to one-time expenditures.
Good day, and thank you for standing by and welcome to BuzzFeed Inc. second quarter 2024 earnings conference call. At this time, all participants are in a listen only mode. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Amita Tamkoria, Senior Vice President of Investor Relations. Please go ahead.
Hi everyone. Welcome to BuzzFeed Inc Second Quarter 2024 earnings conference call. I'm Amita Tamkoria, Senior Vice President of Investor Relations. Joining me today are CEO, Jonah Peretti and CFO. Matt Omer. Before we get started, I would like to take this opportunity to remind you that our remarks today will include forward looking statements. Actual results may differ materially from those contemplated by these forward-looking statements.
Factors that could cause these results to differ materially are set forth in today's press release, our 2023 Annual Report on Form 10-K, our Q1 2024 quarterly report on
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