The following is a summary of the BuzzFeed, Inc. (BZFD) Q4 2023 Earnings Call Transcript:

Financial Performance:

• BuzzFeed reported Q4 revenues of $76 million, down 26% year over year and full-year revenues of $253 million, a decrease of 26% YoY.

• The company delivered an adjusted Q4 EBITDA of $15 million and an adjusted EBITDA loss of $5 million for the year.

• Gross margin of revenues from continuing operations across brands was about 44%, a rise of 400 basis points compared to 40% for the business including Complex.

• Cash boost from the sale of Complex reached $114 million.

• The affiliate business generated over $0.5 billion in transactions for their retail partners, creating about $50 million in commerce revenues.

Business Progress:

• Following the Complex sale, primary revenue sources are now programmatic advertising and affiliate commerce.

• The company plans to enhance content initiatives on owned platforms, optimize technology-led revenue lines, and focus on a brand-based market approach.

• Anticipated benefits from AI capabilities include optimization of the existing business and creation of new revenue opportunities.

• BuzzFeed anticipates becoming a defining media company of the AI era, leveraging AI to create interactive content and improve monetization strategies.

• The company is finalizing a licensing agreement with The Independent for BuzzFeed UK, Tasty UK, Seasoned, and HuffPost UK brands.

• Company leadership has been restructured with new roles assigned to key executives.

More details: Buzzfeed IR

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