BuzzFeed Inc (NASDAQ: BZFD) has announced it will be launching its very own new social media platform called BFisland, aimed at encouraging “self-expression” and “connection”.
Since it began, BuzzFeed has aimed to deliver audiences light-hearted popular culture content through stories, quizzes, videos and more.
The media company’s CEO Jonah Peretti oversees a portfolio that includes BuzzFeed, film and TV production company BuzzFeed Studios, news organization HuffPost, and food media outfit Tasty.
Peretti called out rival social platforms Tiktok and Meta citing that their CEO’s don’t “care very much about the content” instead are “much more interested in technology and AI.”
The company has said AI tools will play a part in the new platform but it will be used to encourage creative use, building on existing LLMs.
Semafor reported that Peretti said in a Slack message that the company wanted to avoid being at the whim of major tech platforms that have long been the distributors of BuzzFeed’s content.
“It’s clear we can’t rely on the platforms to create a positive environment for content creators like us. I’m beginning to think we need to create our own social media platform to give our audience a place on the internet that reflects their values,” he wrote.
“It would be a challenging project but I think there is a huge opening right now that someone needs to fill. Why not us?”
Further details about the nature of the platform are yet to be announced, however, the company has emphasised it will focus on interactive storytelling and new content formats.
It is also unclear if the platform will exist across services such as a website and mobile app etc.
Interested users are now able to join a waitlist to test-run the platform and provide feedback to assist in developing the final product.
At the time of writing this, BuzzFeed Inc (NASDAQ: BZFD) stock was trading at US$2.45, gaining 0.4% from Wednesday’s close at $2.44. Buzzfeed Inc has a market cap of $92.91 million.