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6 mentions found


☆ BuzzFeed sells Complex Networks for less than half of what it paid and slashes 16% of staff
  + stars: | 2024-02-21 | by ( Oliver Darcy | ) edition.cnn.com   time to read: +4 min
“This is also an opportunity to unlock greater value for the Complex brand by combining it with NTWRK’s expansive, commerce-driven business.”The uniting of NTWRK and Complex is, indeed, something of a natural marriage. NTWRK serves as a marketplace for many of the items that Complex covers, such as sneakers. BuzzFeed has been something of an avatar for such struggles among digital publishers. In April, BuzzFeed shut down BuzzFeed News, its award-winning news division that once boasted hundreds of employees and bureaus around the world. Reuters reported last week that The Independent is in talks to take control of the company’s UK operations.
Persons: BuzzFeed, Jonah Peretti, ”, Peretti, NTWRK, ” Peretti, Jimmy Iovine, Goldman Sachs, TikTok Organizations: New, New York CNN, Networks, Digital, New York Times, CNN, Reuters, ”, Universal Music Group, Main Street Advisors, Universal Locations: New York
☆ BuzzFeed Sells Complex, a Pop Culture Start-Up, for $108.6 Million
  + stars: | 2024-02-21 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com   time to read: +1 min
BuzzFeed said on Wednesday that it was selling Complex — a media start-up known for its coverage of streetwear and pop culture — at a significant discount from its purchase price. The buyer is Ntwrk, an e-commerce company backed by LiveNation Entertainment and Main Street Advisors, which is paying $108.6 million for the company. It is also paying BuzzFeed $5.7 million to cover severance expenses of Complex employees whom BuzzFeed is laying off, along with other costs. BuzzFeed is not selling First We Feast, the internet brand associated with Complex behind the popular “Hot Ones” interview series about hot wings. Jonah Peretti, BuzzFeed’s co-founder and chief executive, said in a statement that selling Complex was “an important strategic step” for the company.
Persons: BuzzFeed, Jonah Peretti, BuzzFeed’s Organizations: LiveNation Entertainment, Main Street Advisors
☆ These innovative startups are helping to bring social shopping into the mainstream in the US
  + stars: | 2023-11-08 | by ( Marta Biino | Dan Whateley | ) www.businessinsider.com   time to read: +2 min
The race to integrate shopping into social media in the US kicked into high gear this year. Big social platforms including YouTube, TikTok, and Pinterest are adding new commerce features at a fast clip. A slew of startups have also been rushing to introduce products and services that help brands, influencers, and — perhaps most importantly — consumers get used to the idea of buying on social media. Some companies, like Whatnot and Flip, are building separate apps for brands and creators to sell products through livestreams. Insider compiled a list of nine startups that are helping creators, brands, retailers, and consumers break into social shopping in the US.
Persons: Max Benator Organizations: YouTube, Ghost Agency Locations: Asia, China
☆ BuzzFeed in Advanced Talks to Sell Complex, Backtracking on Digital Media Bet
  + stars: | 2023-10-27 | by ( Benjamin Mullin | More About Benjamin Mullin | ) www.nytimes.com   time to read: +1 min
BuzzFeed is in advanced talks to sell Complex Networks, the streetwise digital media company behind the popular ComplexCon cultural festival, at less than half the price it paid for the company two years ago, a sign of the industrywide troubles afflicting digital media. BuzzFeed paid about $300 million for Complex in 2021. Buzzfeed is planning to keep First We Feast, the division of Complex responsible for the popular “Hot Ones” interview franchise, after the transaction, one of the people said. When BuzzFeed went public two years ago, it made Complex a centerpiece of its pitch to investors. Complex was reliably profitable, a milestone that had eluded many in the digital media industry, and its portfolio of brands seemed a natural fit for BuzzFeed’s focus on young audiences.
Persons: BuzzFeed, Buzzfeed Organizations: Networks, LiveNation Entertainment, Main Street Advisors, YouTube
☆ How entrepreneurs can use livestream shopping to make thousands of dollars
  + stars: | 2023-02-22 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com   time to read: +16 min
Live shopping in the US is expected to become a $25 billion market in 2023. Livestream shopping has been popular in China for over a decade, where the industry was estimated to be worth $305 billion in 2021, up from $63 billion in 2019, according to Coresight Research. Virgile Ollivier, a cofounder and the CEO of Livescale, told Insider livestream shopping would soon become just as important for brands as social-media marketing. Livestream-shopping platforms pick up where Instagram falls shortApps focused solely on livestream shopping show a disconnect on traditional social-media platforms. Most sellers livestream at least once a week, at the same time so their followers always know when to expect a show.
☆ Poshmark is the latest company to tap into the $25 billion livestream shopping market. Here's how entrepreneurs are making thousands of dollars per stream.
  + stars: | 2022-10-14 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com   time to read: +15 min
Li did not disclose how applications are vetted, but Popshop Live is accepting more applications as the company's team grows, she said. Virgile Ollivier, a cofounder and the CEO of Livescale, told Insider livestream shopping would soon become just as important for brands as social-media marketing. Livestream-shopping platforms pick up where Instagram falls shortApps focused solely on livestream shopping show a disconnect on traditional social-media platforms. Nguyen designed her own characters for merchandise in addition to the squishy and plushy toys she sells on Popshop Live. Most sellers livestream at least once a week, at the same time so their followers always know when to expect a show.
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