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Why Buzzfeed's CEO doesn't worry about sinking so much money and time into Facebook posts

Published by Business Insider on Tue, 08 Dec 2015

Buzzfeeds relationship with Facebook can be summed up as symbiotic. Facebooks billions of users make Buzzfeeds stories go viral. In turn, the media juggernaut has started producing content only for Facebook and launched brands like Tasty and Top Knot that specialize in it.One piece of this is because Facebook is so global and Buzzfeed is so global, were finding that theres opportunities to make visual content that appeals to global audience, said Buzzfeed CEO Jonah Peretti onstage at Ignition 2015. Thats food, fashion, DIY, design are really promising places.To keep the relationship from going parasitic, Buzzfeed has to trust Facebook will one day find a way where publishers can make money off producing all this content designed for the social network. Right now, Facebook doesnt let media companies monetize the platform or generate any revenue to recoup the costs of producing the content.Peretti isnt worried about it, and has faith it will figure out a way to pay. Compared to other platforms, Facebook has its own special power of continuing to work towards a solution rather than skirts away from it, he says.A year ago, it didnt have a video property at all. Now they are million of views for us and many other advertisers , Peretti said. Facebooks super power is continually improving and getting better over time.Peretti acknowledges that putting blind faith in another network sometimes doesnt work out.I think it happens when the strategy of a platform doesnt match the strategy of the publisher, Peretti said.The goals have to align: If a social network wants only personal updates, but publishers want another news outlet, there may be little incentive for that company to work towards satisfying the publisher, he argued.But thats not the case for Facebook.In Facebooks case, the new newsfeed is becoming such a dominant way to consume news, information, text, photos, 3D videos weve made, Peretti said.Facebook knows it needs this content created by Buzzfeed and others, and it will work to find a way to make it a sustainable business for both, Peretti said.Join the conversation about this storyNOW WATCH: Here's how to find out your Uber rating
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