But his view that the business is heading toward a post-revolutionary period of restoration would not have seemed off-base to anyone who witnessed two very different media parties in Manhattan this week: the Time 100 Gala at One Columbus Circle and a book party hosted by the digital-news maven Ben Smith at a downtown restaurant.
Peretti has been wrong before, as evidenced by the cratering of BuzzFeed’s stock since the company went public in 2021. The algorithm that dictates online searches will favor feel-good entertainment in “a huge reversal from the social media landscape of the 2010s” and its reliance on “content that fosters toxicity,” as Axios reported in its description of Mr. Social media will no longer drive traffic to websites.
Things that sow division will go out of style, he wrote.
On Thursday, a week after BuzzFeed closed its Pulitzer Prize-winning news division and laid off 15 percent of its staff, Jonah Peretti, the company’s chief executive, predicted in a memo to his remaining employees that the future of the media business lay in “huge cultural moments” and “fun.”
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