Buzzfeed UK reported a pre-tax loss of £3.3m last year despite more than doubling its turnover to £20.5m on the previous year, new financial figures show.
The digital media company’s accounts, published in full for the first time at Companies House on Friday, also show figures for 2015 – when it reported a pre-tax profit of £38,395 and turnover of £9.8m.
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Prior to 2016, Buzzfeed UK – the UK arm of US-based Buzzfeed – was small enough that it only needed to publish abbreviated accounts.
Last year Buzzfeed expanded overseas, opening subsidiaries in Brazil, India, Mexico and Spain.
Buzzfeed UK is listed as the owner, or part owner, of subsidiary operations in Germany, France, Spain, Japan, Mexico and India.
Buzzfeed said its financial position at the end of 2016 was “in line with the director’s expectations for the group, considering it is in its early growth phase and continuing to invest in a number of overseas subsidiaries”.
The company said its revenue was primarily generated through “social content advertising sold to leading brands” with advertising revenues representing “a significant percentage of total revenue for the group”.
Buzzfeed publishes a mixture of entertainment and news content – splitting itself in two last year – and has made significant investment in more serious news and investigations in recent years.
The accounts show Buzzfeed UK employs 138 editorial staff.
Picture: Reuters/Brendan McDermid