JAKARTA - BuzzFeed, a digital media company, revealed a significant decline in revenue and hinted at future changes in its first-quarter financial call.
According to the company's official release, the media revenue fell 27% in the first quarter compared to 2022. In addition, revenue from advertising and content also decreased by at least 30%.
Badminton Peretti, founder and CEO of BuzzFeed, said that to address the decline, companies need to be "adaptation," which would include artificial intelligence integration (AI).
"By relying on Creators and AI, I believe we can open up new opportunities across our trusted brand portfolios..." said Peretti, quoted by Cointelegraph.
The statement came after BuzzFeed closed the news division and terminated 180 staff by the end of April. At the time, BuzzFeed's spokesman said no job was replaced by AI, although Peretti commented that AI would be "part of our core business."
Although BuzzFeed says that AI is not replacing any work, that does not apply to other companies. In early May, the CEO of technology firm IBM said that some 7,800 jobs in the company could be replaced by AI in the coming years.
On May 9, fast food restaurant Wendy's announced it would try the AI chatbot operator for the drive-thru service they call "FretaI." The bot is claimed to reduce costs so that funds can be allocated elsewhere.
The company may see AI as increasing cost efficiency by reducing its human role. However, a study by Accenture revealed that 40% of working hours in various industries are at risk of being replaced by AI in line with technological advances such as ChatGPT.
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