“The media is in crisis,” says BuzzFeed CEO Jonah Peretti. He argues that Facebook and Google have distorted the media ecosystem by hoovering up most of the digital ad revenue and putting “high-quality creators at a financial disadvantage.”
That includes Peretti’s own company, which had previously based its business plan on making money from Facebook and other big platforms.
Last year, BuzzFeed missed its revenue goals and laid off some employees; since then, the head of its news group has floated the idea of spinning out the operation from its parent company.
What’s next? We’ll ask Peretti tonight, at our Code Media conference in Huntington Beach, Calif.
Peretti joins an excellent lineup of tech and media speakers who will be with us over the next two days. Unfortunately, that doesn’t include two guests we’d previously announced: Activist Rose McGowan and the New York Times’ Maggie Haberman won’t be joining us. We hope to talk to them in different circumstances.
This article originally appeared on Recode.net.