New Online Video Channel is Created by BuzzFeed in a Partnership with YouTube and CNN
Probably you’ve heard of a popular social news website called BuzzFeed, well-known meme generator. Recently, it announced that it’s about to launch a new online video channel in partnership with YouTube and CNN. John Steinberg, chief operating officer, stated that the company is planning to make a significant investment in the two upcoming years. The sum he was talking about was an eight digit number.
According to the statement, YouTube channel is planned to stream current and archival videos that are going to be shared in modern networking sites. BuzzFeed will create two-three clips a week on average, specializing in some serious news.
BuzzFeed has established partnership with CNN, which has made it a reliable source of the latest news for adolescents and young adults. BuzzFeed implements an effective business model that successfully balances pictures of funny animals with ads from partnering companies. In such a way, the website gets much-needed financing for its long-form options.
BuzzFeed has been managing several YouTube channels by now, but the partnership with world famous news brand has added some credibility to the youth-targeted site. CNN also benefits from this deal because it has access to a younger audience of BuzzFeed. It’s worth noticing that the content of the new channel will be available on CNN website.
The channel launched by BuzzFeed is created without any support of advertising partners. The youth-focused website is taking another approach to advertising by generating and selling attractive sponsored posts created for social media instead of offering conventional ads.
The news about the latest funding was unveiled in the beginning of the year when the website made an announcement stating that it managed to raise $19.3 million. It was not too surprising as such a-list investors as NEA, SoftBank, RRE, Lerer Ventures, etc. supported the company.
Jonah Peretti, Chief executive Office, said that all the money would go to get the channel up and running and turn it into a prosperous business. BuzzFeeds aims to bring its new channel to the highest level of excellence: technology enabled, socially acceptable worldwide.