Papers crow as the buzz goes out of BuzzFeed

UNQUENCHABLE glee across the print media this morning, which reports that much-loved website BuzzFeed — home of both searing news investigations, political gossip, and quizzes on which Harry Potter character you are — is h av i n g to lower its ambitions. According to The Guardian and the F i n a n c i a l T i me s , the s i t e ’s 2015 projections of revenues of $250 million were missed by a long way, coming in at only $170 million. However will they pay the leccy bill?

Enter Alan Rusbridger, who knows a thing or two about the tricky finances of media organisations. The former editor of The Guardian, and new principal of Lady Margaret Hall, Oxford, posted a screengrab of the FT’s news story on the figures last night, with his own comment: “Even BuzzFeed feeling chill winds.”

One could forgive Rusbridger for feeling less than sympathetic. A rivalry emerged between the two not only for internet hits but also staff. BuzzFeed carried out a raid on Kings Place and came away with some of their finest journalists, including Janine Gibson, now editor-in-chief of the UK division, Stuart Millar and James Ball.

Is it all a bit rich from Rusbridger? When he left The Guardian last year he said: “I think for a new editor to come in with a billion pounds in the bank is quite a nice position.” But the postmortem has been less positive and The Guardian is having to make serious savings to steady the ship.

S u d d e n l y B u z z Fe e d ’s income disappointment doesn’t seem so bad, but Rusbridger i s n’t the only one seemingly enjoying others’ difficult patches. This morning’s newsletter from the FT carried the line: “Cat videos aren’t what they used to be”. Surely the FT doesn’t feel a rivalry with BuzzFeed?