BuzzFeed: What's all the 'Buzz' about?
Fastcompany.com named BuzzFeed their 18th most innovative company in 2013 for ‘reinventing how news (and advertising) is shared.’
BuzzFeed was founded in 2006 by Jonah Peretti, he said the following in his recent public memo; ‘We have the potential to be a defining company, the same role the traditional media companies played decades ago. These companies were once small and scrappy like us. They faced the skepticism of the incumbents, they pioneered new models, embraced new technologies and succeeded because they served their audience better than what came before’ (LinkedIn, 2013.)
This memo describes the changed media industry, and the products, processes, positioning and paradigms of the whole industry that are hanging in a state of change. BuzzFeed.com has placed itself in the centre of the new social web and is one of the first online ‘social sharing’ sites to show definite progression towards the creation of new dominant designs for the industry. BuzzFeed prides itself on it’s innovative enterprise, however it still understands the evolution of innovation and influence of the past on it’s current position. It is set to rework these traditions in order to create a new combination in the value change of the media industry to suit the the market which continues to become ever more consumer driven.
BuzzFeed recognize innovation as an essential management tool. They are using innovation for the benefit of all their stakeholders; their innovative content with unique viral qualities is beneficial to their readers and sharers, their advertising partnerships have proven the importance of collaboration for innovation, their sharing platform is driving content towards all social media sites and traditional news companies are also reaping benefits from the innovative designs of BuzzFeed’s platform and their understanding of online audiences.
In seven years Jonah Peretti has built an innovative company and with it’s recent investments in the innovation of online advertising the activities of BuzzFeed are hovering over the tipping point of Roger’s diffusion curve (Tidd and Bessant, 2009.) BuzzFeed has the support of innovators, early adopters and the early majority of consumers and with increased support from advertisers BuzzFeed’s innovations will cross the tipping point; they undoubtable have the potential to be the dominant design for the future of online advertising and viral content as the entire media industry looks to change to serve a new, mobile, digital audience.
See Peretti’s Linkedin Memo here:
And explore BuzzFeed’s creative content partnerships here:
Reference:
Tidd, Joe and Bessant, John (2011) Managing innovation: Integrating Technological, Market and Organisational Change, [eBook] [online] Available at: http://books.google.co.uk/books?id=CVuYk25bkfsC&dq=tidd+and+bessant+5th+edition+managing+innovation&source=gbs_navlinks_s [Accessed: 05.11.13]
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