BuzzFeed News Closes Amid Drastic Fall In Value

Also, Netflix cuts password sharing and Twitter makes more strange moves

Apr 21, 2023

NEWS AND NOTES

BUZZFEED NEWS CLOSES: BuzzFeed News is closing. The move is part of a company-wide workforce reduction. Buzzfeed Inc. CEO and co-founder Jonah Peretti tells NBC News the company over-invested in its news division and could no longer sustain its cost.

In 2021, BuzzFeed News won a Pulitzer Prize for exposing China’s mass detention of Muslims. Since then, the company has become publicly traded, but its stock has dropped 85% in the last year. Once valued at $1.7 billion, BuzzFeed’s market cap now stands at $95 million.

Side Article: A history of BuzzFeed News 2017-2023.

NO MORE NETFLIX PASSWORD SHARING: Come June, you won’t be able to share your Netflix password. Despite outcry from longtime subscribers citing that Netflix used to encourage password sharing, the company says it is changing its policy. Netflix is going to offer a paid sharing program for those who want to add members to their account. The company hasn’t announced how much each additional login will cost, but CNet estimates it could be $7.50 a month per person.

TWITTER DROPS “STATE-AFFILIATED” LABELS FROM PUBLIC MEDIA ACCOUNTS: That was fast. In another seemingly spontaneous decision, Twitter has dropped its “state-affiliated” and “government-funded” labels. The specification caused concern among legitimate media outlets such as NPR and its member stations.

PHOTO: NPR’s Twitter feed header with “US state-affiliated media” mark at bottom, now gone.

Many news outlets, including NPR, stopped posting on Twitter altogether, concerned that the label implied that the government influences their content. So far, NPR has not resumed tweeting.

Side Article: “WBUR’S decision to quit Twitter spurred donations.”

IMPERSONATORS RUN AMOK ON TWITTER: Speaking of the Blue Bird … Twitter made good on its threat to remove “legacy” blue checks from previously authorized accounts that wouldn’t pay $8 to keep the mark of “authenticity.” Predictably, Twitter’s new paid program has resulted in a slew of fake accounts. Rolling Stone found users impersonating J.K. Rowling, Ron DeSantis, and even the Pope, among many others. Here’s a Hillary Clinton impersonator announcing a run for president:

We’ve said it before: News has to get off Twitter. The platform is unreliable and chaotic, and decidedly anti-journalism. Your newsroom’s brand and information are appearing right aside impersonators and false “news,” as well as all the hate and bigotry. Reminder: Twitter isn’t even among the top ten social networks.

LINKS AND LIKES

TOP PODCASTS FOR MARCH: Triton Digital is out with its monthly report on the top podcasts (as measured by weekly average downloads).

1. NPR News Now (NPR)

2. Crime Junkie (audiochuck)

3. The Ben Shapiro Show (Cumulus Podcast Network)

4. Dateline NBC (NBCUniversal News Group)

5. Up First (NPR)

Production company Wondery’s podcasts performed very well, with three in the top ten: “Morbid” (6th), My Favorite Murder (9th), and SmartLess (10th).

BEYOND THE REMOTE

I’m happy to announce I’ve started a job as a TV producer for the Worcester Red Sox - Boston’s AAA baseball affiliate.

(PHOTO: Your faithful correspondent at his day job.)

The “WooSox” production team was just nominated for an Emmy for their work last season, and I am really excited to join such a dedicated crew. It’s been a crazy few weeks, but also a lot of fun.

I invite you all to come to Polar Park and root for the WooSox!

REMOTE NOTES

Newsletter #46

Founder/Writer: Steve Safran

Editor: John Cockrell

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