digital media company BuzzFeedannounced that they had significant decreases in their first quarter financial revenues and that they would turn to artificial intelligence in the near future.
The company, which recently announced that it was closing its news section and laying off 180 employees, announced that it was turning to artificial intelligence (AI) technology. According to the official press release from the company, the media outlet’s first quarter revenue compared to 2022 27 percent rate decreased. In addition, both advertising and content revenues are at least 30 percentrate decreased.
Peretti: Artificial Intelligence Can Unlock New Opportunities
BuzzFeed founder and CEO Jonah PerettiHe said that to address the shortcomings, the company will need to adapt to artificial intelligence technology.
Peretti continued in his statement: “I believe we can unlock new opportunities in our portfolio of trusted brands by turning to creators and artificial intelligence.” At the time the company made the layoffs, a spokesperson said that none of the layoffs would be replaced by artificial intelligence, but Peretti stated that AI technology would become a part of their core business.
BuzzFeed Other companies disagree, though he says AI technology isn’t taking over any jobs. technology company in early May IBM‘s CEO said that about 7,800 jobs in the company could be replaced with this technology over the years.
Companies may view AI as increasing cost efficiency by reducing roles. However AccentureA study by ChatGPTworking hours in various sectors as tools such as 40 percentrevealed that .
