Business

BuzzFeed has just announced that it will be shutting down its news division. Following the decision, BuzzFeed saw its shares take a nosedive of 20% to 75 cents. The New York-based media company is said to lay off 15% of its workforce, which includes as many as 180 employees in its business, content, tech and administration divisions. The company, which has gained a renowned reputation for its quirky lists, quizzes, cooking videos and unique way of covering current news, will now rely on its HuffPost unit as its primary news division.According to Reuters, at its peak, "BuzzFeed's news division was once viewed as a serious challenger to legacy media companies and won a Pulitzer Prize in 2021 for coverage of China's mass detention of Muslims." Unfortunately, BuzzFeed has ultimately succumbed ...

Netflix recently revealed its financial report for Q1 of 2023. After being in hot waters last year for declining subscribers, the streaming giant has reported that it has added 1.75 million net new subscribers in the first quarter of the year.The numbers come after Netflix introduced its ad-filled option for a lower cost. The ad-supported tier launch pushed the subscriber increase. Q1 of 2023 marked the first full quarter Netflix made its ad-filled option available to subscribers. In the last quarter of 2022, Netflix gained a whopping 7.66 million subscribers. The uptick shows Netflix is on an upward trajectory, ending with a total global subscriber count of 232.5 million by Q1 2023.Netflix has recently shifted its focus away from subscription growth and more toward revenue. While the newl...