BuzzFeed Inc (BZFD) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the BuzzFeed Incorporated's second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 BuzzFeed Incorporated 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would not like to hand the conference over to your first speaker today, Juliana Clifton, Vice President of Communications. Please go ahead.

我不想把會議交給今天的第一位發言人、通訊副總裁朱莉安娜·克利夫頓 (Juliana Clifton)。請繼續。

Hi, everyone. Welcome to BuzzFeed Inc.'s, second-quarter 2025 earnings conference call. I'm Juliana Clifton, VP of Communications for BuzzFeed. Joining me today are CEO, Jonah Peretti; and CFO, Matt Omer.

大家好。歡迎參加 BuzzFeed Inc. 2025 年第二季財報電話會議。我是 BuzzFeed 的通訊副總裁 Juliana Clifton。今天與我一起出席的還有執行長 Jonah Peretti 和財務長 Matt Omer。

Before we begin, please note that our remarks today will include forward-looking statements. Actual results may differ materially from those contemplated by these statements. Risks and factors that could cause actual results to differ materially are described in our Q2 2025 earnings release and in our filings with the SEC, including our most recent annual report on Form 10-K and our Q2 2025 quarterly report on Form 10-Q filed with the SEC.

在我們開始之前，請注意我們今天的評論將包括前瞻性陳述。實際結果可能與這些聲明所預期的結果有重大差異。可能導致實際結果出現重大差異的風險和因素在我們的 2025 年第二季度收益報告和向美國證券交易委員會提交的文件中進行了描述，包括我們向美國證券交易委員會提交的最新 10-K 表年度報告和 2025 年第二季度 10-Q 表季度報告。

Any forward-looking statements that we make on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events. During this call, we present both GAAP and non-GAAP financial measures, including adjusted EBITDA, and adjusted EBITDA margin.

我們在本次電話會議上所做的任何前瞻性陳述均基於今天的假設，我們不承擔因新資訊或未來事件而更新這些陳述的義務。在本次電話會議中，我們將介紹 GAAP 和非 GAAP 財務指標，包括調整後的 EBITDA 和調整後的 EBITDA 利潤率。

The use of non-GAAP financial measures allows us to measure the operational strength and performance of our business to establish budgets, and to develop operational goals for managing our business. We believe adjusted EBITDA and adjusted EBITDA margin are relevant and useful information for investors because they allow investors to view performance in a manner similar to the method used by our management.

使用非公認會計準則財務指標使我們能夠衡量業務的營運實力和績效，以製定預算並制定管理業務的營運目標。我們認為，調整後的 EBITDA 和調整後的 EBITDA 利潤率對於投資者來說是相關且有用的信息，因為它們允許投資者以與我們管理層使用的方法類似的方式查看業績。

A reconciliation of these GAAP to non-GAAP measures is included in today's earnings press release, which is available now on our Investor Relations website.

這些 GAAP 與非 GAAP 指標的對帳已包含在今天的收益新聞稿中，您可在我們的投資者關係網站上查閱。

Now, I'll turn the call over to Jonah.

現在，我將把電話轉給喬納。

Good afternoon, everyone, and thank you for joining us today. I'm proud of what our team was able to accomplish in Q2. We've been focused for the past two years on transforming our business and these efforts are continuing to bear fruit. This transformation hasn't been easy, given the dynamics in our industry. Over the past few years, it's become clear that it's impossible to build a strong digital media business on top of the platforms provided by Google and Meta.

大家下午好，感謝大家今天的參與。我為我們的團隊在第二季所取得的成就感到自豪。過去兩年我們一直致力於業務轉型，這些努力正在不斷取得成果。考慮到我們產業的動態，這種轉變並不容易。過去幾年來，我們已經清楚地認識到，在Google和 Meta 提供的平台上建立強大的數位媒體業務是不可能的。

To respond to this shift, our team went to work prioritizing our direct audience and increasing engagement on our owned property. We invested in our sites and apps, leverage new AI technologies, and diversified our distribution sources. This has enhanced our competitive position in digital media and set us up for the future.

為了因應這種轉變，我們的團隊開始優先考慮我們的直接受眾並增加我們自有財產的參與度。我們投資了我們的網站和應用程序，利用新的人工智慧技術，並使我們的分銷來源多樣化。這增強了我們在數位媒體領域的競爭地位，為我們的未來奠定了基礎。

A few highlights. We've shifted to direct and diversified audience sources. Direct visits, internal referrals, and app usage now make up 61% of BuzzFeed's O&O traffic surpassing Facebook and reducing dependence on external algorithmic platforms.

一些亮點。我們已經轉向直接和多樣化的受眾來源。直接存取、內部推薦和應用程式使用現在佔 BuzzFeed O&O 流量的 61%，超越 Facebook 並減少了對外部演算法平台的依賴。

HuffPost homepage referrals grew 12% year over year and now account for three quarters of its total pay views. Engagement and loyalty are rising. Nearly half of BuzzFeed and HuffPost daily users return more than once a week. Login users on BuzzFeed.com have tripled over the past two years, building deeper relationships with our audience.

《赫芬頓郵報》主頁推薦量年增 12%，目前佔其總付費瀏覽量的四分之三。參與度和忠誠度正在上升。BuzzFeed 和 HuffPost 的近一半日常用戶每週都會回訪一次以上。過去兩年，BuzzFeed.com 的登入用戶數量增加了兩倍，與我們的受眾建立了更深厚的關係。

These changes have helped BuzzFeed hold the top spot in digital media, with 69.9 million hours of US time spent in Q2, which is 3% growth quarter over quarter, making BuzzFeed the only company in our competitive set to grow this period.

這些變化幫助 BuzzFeed 佔據了數位媒體領域的頭把交椅，第二季度美國用戶使用 BuzzFeed 的時間總計為 6,990 萬小時，環比成長 3%，這使得 BuzzFeed 成為我們競爭組中唯一一家在此期間實現成長的公司。

Also in the second quarter, BuzzFeed.com lets all individual competitors with 36.4 million hours ahead of People, Vox, and more, and HuffPost recorded 20.7 million hours, beating major legacy news brands by a wide margin. Put simply, we have focused on the quality of our audience, not just the quantity. This has given us a base we need to build a strong business with defensible revenue.

同樣在第二季度，BuzzFeed.com 以 3,640 萬小時的長度領先於《人物》雜誌、Vox 等所有單一競爭對手，而《赫芬頓郵報》則以 2,070 萬小時的時長，遙遙領先於各大傳統新聞品牌。簡而言之，我們關注的是觀眾的質量，而不僅僅是數量。這為我們建立具有穩定收入的強大業務奠定了基礎。

In particular, we focused on scalable tech-enabled business lines while reducing platform dependencies. When we have control over products in tech, our team is scaled at optimizing and growing revenue. Our scalable revenue lines are expanding. In Q2 2025, gross sales of non-Amazon merchants grew 38% year over year across all our brands, with the BuzzFeed brand alone seeing a 55% increase.

具體來說，我們專注於可擴展的技術支援業務線，同時減少平台依賴。當我們控制技術產品時，我們的團隊就會擴大規模以優化和增加收入。我們的可擴展收入線正在擴大。2025 年第二季度，我們所有品牌的非亞馬遜商家的總銷售額年增 38%，其中 BuzzFeed 品牌的銷售額成長了 55%。

Programmatic advertising grew by 11% year over year, up $1.7 million demonstrating continued improvements in yield and targeting across both owned properties and third-party platforms. Our studio business is also making progress, reducing its platform dependence on Meta and Google, diversify into additional platforms, and focusing on IP development and long form. Owing IP and making longer form content provides protection from algorithmic shifts that impact distribution and monetization.

程序化廣告年增 11%，增幅達 170 萬美元，顯示自有資產和第三方平台的收益和定位持續改善。我們的工作室業務也在取得進展，減少了對 Meta 和 Google 平台的依賴，向其他平台多元化發展，並專注於 IP 開發和長篇形式。擁有知識產權並製作更長形式的內容可以防止影響分發和貨幣化的演算法轉變。

Long form and IP are creating a foundation for future growth. BuzzFeed Studio's premium division has pioneered a model for producing and marketing full-length feature films. Our feature film with Lionsgate, F, Marry, Kill, was the number one movie on Hulu in June. We have recently wrapped productions on production on Girls Like Girls with focused features and have three more film projects set to enter production in the second half of the year.

長篇和​​ IP 正在為未來的發展奠定基礎。BuzzFeed Studio 的高級部門率先推出了製作和行銷完整長度長片的模式。我們與獅門影業合作的劇情片《F, Marry, Kill》是 6 月 Hulu 上排名第一的電影。我們最近完成了《Girls Like Girls》的製作，並計劃在今年下半年啟動另外三個電影項目的製作。

In 2025, we produced nine vertical short drama series boasting a massive viewership of over 400 million, with short-form chapters combining each into a long-form narrative to drive enhanced retention on new platforms.

2025年，我們製作了九部垂直短劇，擁有超過4億的龐大觀眾群，短篇章節組合成長篇敘事，以增強新平台上的留存率。

Even our mid-form video business is showing strong improvement, driven by an increased focus on IP and archive. In Q2 2025, passive revenue rose 40% year over year; animation was up 24%; celeb grew 47%; and Cocoa Butter saw a standout 373% increase, all supported by significantly higher RPMs. Although lower margin than other revenue lines, we see strong potential for our studio business to drive both the top-line and the bottom-line growth. Now that our strategy has addressed the platform dynamics that previously limited performance.

由於更加重視智慧財產權和檔案，我們的中型視訊業務也顯示出強勁的改善。2025 年第二季度，被動收入年增 40%；動畫成長 24%；名人成長 47%；可可脂成長 373%，所有這些都得益於顯著提高的 RPM。儘管利潤率低於其他收入線，但我們認為我們的工作室業務具有強大的潛力，可以推動營收和利潤的成長。現在我們的策略已經解決了先前限制效能的平台動態問題。

We make these change -- as we make these changes, we continue to adjust the structure and size of our organization to reflect a more tech-powered and efficient business model. This includes some cost reductions to our business and studio arc as we completed -- that we completed today, as well as some reallocation of team members to new initiatives such as BF Island, which brings me to my last point.

我們做出這些改變——在做出這些改變的同時，我們繼續調整組織的結構和規模，以反映更具技術驅動力和更有效率的商業模式。這包括我們今天完成的業務和工作室成本削減，以及將一些團隊成員重新分配到新的計劃，例如 BF Island，這讓我想到了最後一點。

The ultimate liberation from platform dependencies would be achieved by building our owned platform. This is exactly what we're doing with BF Island. We are currently testing an early version of the BF Island app and this early prototype has strengthened our confidence that there is a huge opportunity to build the first AI-native social media platform.

透過建立我們自己的平台，我們將最終擺脫對平台的依賴。這正是我們在 BF Island 所做的事情。我們目前正在測試 BF Island 應用程式的早期版本，這個早期原型增強了我們的信心，讓我們相信建立第一個 AI 原生社交媒體平台有著巨大的機會。

We are expanding our beta testing group and we'll open up to select BuzzFeed community members by the end of Q3. The app has loads of fun, and I can't wait to share it with more people as we expand our beta testing and build towards a public launch.

我們正在擴大我們的 beta 測試小組，並將在第三季末向選定的 BuzzFeed 社群成員開放。該應用程式非常有趣，隨著我們擴大 Beta 測試並準備好公開發布，我迫不及待地想與更多人分享它。

It isn't just a business imperative for us to limit the control of big platforms. Consumers also want an escape and our society and culture needs a better Internet. Audiences want special places that serve as a refuge from the endless algorithmic feed. BuzzFeed, HuffPost, and Tasty provide that oasis, and soon, BF Island will provide the ultimate vacation from the big platforms that have sucked the joy out of the Internet.

限制大平台的控制不僅僅是出於商業需要。消費者也想要逃避現實，我們的社會和文化需要更好的網路。觀眾想要一個特殊的地方，可以作為躲避無盡演算法推送的避難所。BuzzFeed、HuffPost 和 Tasty 提供了這樣的綠洲，很快，BF Island 將從那些吸走網路樂趣的大型平台中提供終極假期。

With that, I'll hand it over to Matt to walk you through our Q2 financial performance.

接下來，我將讓馬特向您介紹我們第二季的財務表現。

Thank you, Jonah. As Jonah just touched on, our Q2 '25 results reflect the strength and the resilience of our diversified business model, as well as the benefits of the transformation work we've done over the past two years. We've built a leaner, more efficient organization and prioritize high-margin revenue streams, positioning BuzzFeed for long-term value creation in a changing digital landscape.

謝謝你，喬納。正如喬納剛才所提到的，我們 2025 年第二季的業績反映了我們多元化商業模式的實力和彈性，以及我們在過去兩年中所做的轉型工作所帶來的好處。我們建立了一個更精簡、更有效率的組織，並優先考慮高利潤的收入來源，使 BuzzFeed 在不斷變化的數位環境中實現長期價值創造。

With that, I'll share more on our second-quarter financial results. As a reminder, all financial results are reported on a continuing operations basis. Total revenue for the quarter was $46.4 million compared to $41.1 million in Q2 '24, an increase of 13% year per year. Growth was driven by a four-fold increase in studio revenue, a 23% increase in organic affiliate commerce, and an 11% increase in programmatic advertising. These gains offset softer results in direct sold advertising and direct sold content.

我將分享更多有關我們第二季財務業績的資訊。提醒一下，所有財務結果均以持續經營為基礎報告。本季總營收為 4,640 萬美元，而 24 年第二季為 4,110 萬美元，年增 13%。成長的動力來自於工作室收入成長了四倍、有機聯盟商務成長了 23% 以及程式化廣告成長了 11%。這些收益抵銷了直銷廣告和直銷內容的疲軟表現。

Advertising revenue totaled $22.6 million compared to $23.2 million in Q2 '24, down just 3% despite direct sold headwinds. Within this category, programmatic advertising grew by 11% year over year to $17.4 million demonstrating continuing improvements in yield and targeting across both owned and operated properties and third-party platforms. This is offset by a 31% decline in direct sold advertising, which continues to reflect both market softness in this category, and our deliberate effort to focus on more programmatic advertising.

廣告收入總計 2,260 萬美元，而 24 年第二季為 2,320 萬美元，儘管面臨直銷阻力，但僅下降了 3%。在此類別中，程序化廣告年增 11%，達到 1,740 萬美元，顯示自有和營運資產以及第三方平台的收益和定位持續改善。但這被直銷廣告 31% 的下降所抵消，這繼續反映了該類別的市場疲軟，以及我們刻意專注於更多程式化廣告的努力。

Content revenue increased 53% to $10.7 million compared to $7 million in Q2 '24. The strong growth was primarily driven by a nearly four-fold increase in studio revenue, up $4.7 million a year to year, primarily related to the delivery of a feature film in the quarter. This was partially offset by a 17% decline in direct sold content, reflecting muted demand in this category, and our deliberate move toward higher value partnerships.

內容收入從 2024 年第二季的 700 萬美元成長 53%，達到 1,070 萬美元。強勁成長主要得益於製片廠收入成長近四倍，年增 470 萬美元，這主要與本季發行的一部長片有關。直銷內容下降 17% 部分抵消了這一增長，反映出該類別的需求低迷，以及我們有意向更高價值的合作夥伴關係邁進。

Commerce and other revenues rose 13 -- rose to $13.1 million compared to $10.9 million in Q2 '24, an increase of 20%. Organic affiliate grew to 23% year over year to $12.8 million, supported by strong audience demand and an expanding partner base. Other revenue categories such as product licensing, saw a minor decline of $200,000.

商業和其他收入成長了 13%，從 24 年第二季的 1,090 萬美元增至 1,310 萬美元，增幅為 20%。在強勁的觀眾需求和不斷擴大的合作夥伴基礎的支持下，有機聯盟營收年增 23%，達到 1,280 萬美元。產品授權等其他收入類別則小幅下降了 20 萬美元。

From a profitability perspective, net loss from continued operations worsened to a loss of $10.6 million compared to a loss of $5.4 million in Q2 '24, which is primarily driven by a $5.5 million non-recurring charge related to the extinguishment of our convertible notes.

從獲利能力角度來看，持續經營淨虧損擴大至 1,060 萬美元，而 2024 年第二季的虧損為 540 萬美元，這主要是由於與可轉換票據註銷相關的 550 萬美元非經常性費用。

Adjusted EBITDA came in at $2 million relative to $800,000 in Q2 2024, which includes a one-time $2.4 million reversal that possibly impacted our quarterly results and will not recur in future periods. On the audience engagement side, total US time spent across our properties was 69.9 million hours, compared to 71 million hours in Q224.

調整後的 EBITDA 為 200 萬美元，而 2024 年第二季為 80 萬美元，其中包括一次性 240 萬美元的逆轉，這可能會影響我們的季度業績，並且不會在未來期間再次發生。在觀眾參與度方面，美國觀眾在我們平台上的總觀看時間為 6,990 萬小時，而 2024 年第二季為 7,100 萬小時。

We delivered a 3% increase relative to Q1 '25, marking -- making BuzzFeed Inc., the only company in our competitive set to grow time spent this period. This reflects deeper loyalty in the higher share of traffic coming directly to our owned and operated property sites and apps, which now counts for 61% of BuzzFeed's O&O traffic.

與 2025 年第一季相比，我們的用戶使用時間成長了 3%，這使得 BuzzFeed Inc. 成為我們競爭對手中唯一一家在此期間用戶使用時間增加的公司。這反映了更高的忠誠度，因為直接訪問我們擁有和經營的房地產網站和應用程式的流量份額更高，目前佔 BuzzFeed O&O 流量的 61%。

So for the first half of 2025, total revenue reached $82.4 million compared to $78.1 million in the first half of 2024, an increase of 5%. Net loss from continuing operations was $23.1 million compared to losses of $32.3 million in the first half of '24, an improvement of 28%.

因此，2025 年上半年的總收入達到 8,240 萬美元，而 2024 年上半年的總收入為 7,810 萬美元，成長了 5%。持續經營淨虧損為 2,310 萬美元，而 24 年上半年的虧損為 3,230 萬美元，改善了 28%。

And adjusted EBITDA losses improved significantly to $3.9 million compared to $13.5 million the first half of 2024, a 71% improvement year over year. This demonstrates the impact of our streamlined cost structure and focus on high margin, scalable revenue streams across multiple quarters.

調整後的 EBITDA 虧損大幅改善至 390 萬美元，而 2024 年上半年為 1,350 萬美元，年增 71%。這體現了我們精簡的成本結構以及對跨多個季度的高利潤、可擴展收入流的關注的影響。

Looking ahead, we expect continued growth in programmatic advertising and affiliate commerce to lead our revenue mix, while content will vary based on the timing of studio projects and the stabilization of our direct sold business. Our leaner structure, resilient audience relationships, and investment in new innovative projects like BF Island, give us confidence in our ability to drive long-term value for shareholders.

展望未來，我們預期程序化廣告和聯盟商務的持續成長將引領我們的收入結構，而內容將根據工作室專案的時間和直銷業務的穩定性而有所不同。我們更精簡的結構、更有韌性的觀眾關係以及對 BF Island 等創新項目的投資，讓我們對為股東創造長期價值的能力充滿信心。

We are reaffirming our full-year 2025 guidance as follows: revenue in the range of $195 million to $210 million and adjusted EBITDA between $10 million and $20 million, in line with the outlook we provided in March.

我們重申 2025 年全年預期：營收在 1.95 億美元至 2.1 億美元之間，調整後的 EBITDA 在 1,000 萬美元至 2,000 萬美元之間，與我們 3 月提供的預期一致。

As a reminder, we are a seasonal business, and historically, a significant portion of our revenue comes in Q4. The first half of the year have been very encouraging, with meaningful progress across our core KPIs. And our outlook for the full year reflects confidence in our programmatic and commerce business lines, and expected seasonal lift in the back half of the year, while acknowledging that we remain dependent on the strength of Q4 performance as a typical for our industry.

提醒一下，我們是一家季節性企業，從歷史上看，我們的收入很大一部分來自第四季。今年上半年我們取得了令人鼓舞的成績，核心關鍵績效指標取得了顯著進展。我們對全年的展望反映了我們對程序化和商業業務線的信心，以及下半年預期的季節性增長，同時也承認我們仍然依賴於第四季度的強勁表現，這是我們行業的典型表現。

Thank you for joining us today. I'll hand the call back to Juliana so we can take any questions you may have.

感謝您今天加入我們。我會將電話轉回給朱莉安娜，以便我們解答您的任何問題。

Thanks, Matt. We received a few questions in advance. I'll go through now. The first one we received. How are you thinking about diversifying away from traditional referral sources like Facebook and Google? Jonah, do you want to take this one?

謝謝，馬特。我們提前收到了一些問題。我現在就去看看。我們收到的第一個。您如何考慮擺脫 Facebook 和 Google 等傳統推薦來源的束縛？喬納，你想拿這個嗎？

Sure. So, today, over 60% of our traffic is to our owned and operated properties comes from direct sources, so internal referrals and app usage. So we have really -- we really worked our way through this transformation where, several years ago, we were a business that really focused on getting traffic from these distributed platforms and that was really the earlier BuzzFeed model.

當然。因此，今天，我們擁有和經營的物業的流量有 60% 以上來自直接來源，即內部推薦和應用程式使用。所以我們真的——我們真的努力完成了這個轉型，幾年前，我們是一家真正專注於從這些分散式平台獲取流量的企業，這實際上是早期的 BuzzFeed 模式。

We've really transformed the company over the past few years to be much more about things like homepage traffic, HuffPost home pages is driving and up 12% year over year, counting for the majority of HuffPost page views.

過去幾年來，我們確實對公司進行了重大變革，更加註重主頁流量，《赫芬頓郵報》主頁的流量同比增長 12%，佔《赫芬頓郵報》頁面瀏覽量的絕大部分。

We've seen a similar thing with BuzzFeed, really driving a lot of the traffic is being driven by people spending more time on our site, engaging more on the site, recirculating traffic, people coming direct, people using our apps, and I think having a stronger, more direct audience relationship is really the key to building a strong digital media business.

我們在 BuzzFeed 上也看到了類似的情況，真正推動大量流量的是人們在我們的網站上花費更多時間、在網站上進行更多互動、重新循環流量、人們直接訪問、人們使用我們的應用程序，我認為擁有更強大、更直接的受眾關係是建立強大的數位媒體業務的關鍵。

The platforms are -- have not, as of late, been reliable partners for publishers and publishers have to find their own audience and build really close connections with audiences, and that's what we've done.

這些平台最近不是出版商的可靠合作夥伴，出版商必須找到自己的受眾並與受眾建立真正密切的聯繫，這就是我們所做的。

Okay. All right. The next question we received. What's your view on the future of platforms and how do you think about platform dependency now?

好的。好的。我們收到的下一個問題。您對平台的未來有何看法？您現在如何看待平台依賴性？

I mean, on one level, it's very impressive what TikTok and Instagram and other algorithmic feeds have done. They've made very compelling products that people spend a lot of time with. I think that it's become clear recently that, if anything, these kinds of products are overoptimized and to the point where they've become addictive and the people using these products often regret the time they've spent on them.

我的意思是，從某種程度上來說，TikTok、Instagram 和其他演算法推送所取得的成就令人印象深刻。他們製造的產品非常引人注目，人們會花很多時間使用它們。我認為最近很明顯的是，如果有的話，這些類型的產品被過度優化並且已經變得令人上癮，並且使用這些產品的人常常後悔在這些產品上花費的時間。

And that's in part because powerful machine learning and AI is recommending lots of content and there's an infinite amounts of content in these feeds and people are scrolling and scrolling and scrolling and it's filling every spot in their day.

部分原因是強大的機器學習和人工智慧推薦了大量內容，而這些資訊流中的內容是無限的，人們不斷地滾動瀏覽，這些資訊填滿了他們一天中的每個角落。

It's been a very powerful business for those companies, but we're seeing that, increasingly, there's a demand for people who want to get off their phones, whether that's to do things with friends in the real world, or whether that's to find media that is more filling to consume and doesn't have as much of that kind of addictive properties.

對於這些公司來說，這是一項非常強大的業務，但我們發現，人們越來越希望擺脫手機，無論是為了與現實世界中的朋友一起做事，還是為了尋找更充實、不那麼容易上癮的媒體。

And so BuzzFeed, HuffPost, and Tasty are really benefiting from being trusted destinations with real brands that where consumers can go and consume content that's made for them in a way that isn't designed to try to get them to scroll endlessly, but it's designed to really give them a lot of value.

因此，BuzzFeed、HuffPost 和 Tasty 真正受益於成為擁有真正品牌的值得信賴的目的地，消費者可以訪問這些目的地並消費為他們製作的內容，這種方式的目的不是試圖讓他們無休止地滾動，而是真正為他們帶來很多價值。

And I think BF Island is really reimagining the social media space from the perspective of what would make people feel really happy about their time spent on these kinds of apps, and we're doing something great that's using new AI technologies that we think will be a tremendous escape and oasis from some of the parts of the Internet that people are looking to escape from.

我認為 BF Island 確實從讓人們真正樂於在這些應用上花費時間的角度重新構想了社交媒體空間，我們正在做一些偉大的事情，那就是使用新的人工智能技術，我們認為這將是人們想要逃離的互聯網某些部分的巨大逃避和綠洲。

So I think creating little pockets of joy and truth on the Internet is actually a strong business strategy.

所以我認為在網路上創造快樂和真理實際上是一種強大的商業策略。

And since you brought that up, is there anything else you can share about BuzzFeed Island?

既然您提到了這一點，您還有什麼可以分享的關於 BuzzFeed Island 的資訊嗎？

I mean, it's incredibly fun and can't wait to share it with more people.

我的意思是，它非常有趣，我迫不及待地想與更多的人分享。

Thanks. And the last question we received. As platforms have become less publisher-friendly, which do you feel showed the most promise?

謝謝。這是我們收到的最後一個問題。隨著平台對出版商的友善程度降低，您認為哪個平台最有前景？

I think there's some new entrants that are pretty interesting. Apple News continues to be an important source of high-quality traffic, particularly for HuffPost. I think, as I mentioned earlier, direct and homepage traffic are really key. If you have consumers coming directly to your product, that's a really strong signal. And I think IP that's differentiated allows you to go cross-platform and so we're seeing that with our studio where we've been able to distribute content across multiple platforms, with IP that we own that consumers seek out. So I would say that's the key.

我認為有些新進入者非常有趣。Apple News 繼續成為高品質流量的重要來源，尤其是對於 HuffPost 而言。我認為，正如我之前提到的，直接流量和主頁流量才是關鍵。如果消費者直接購買你的產品，這是一個非常強烈的訊號。我認為差異化的 IP 可以讓你跨平台，因此我們看到，透過我們的工作室，我們能夠透過消費者尋求的 IP 在多個平台上分發內容。所以我認為這是關鍵。

And when you have a strong audience connection, you also can monetize more effectively. So the quick little referral where someone's only spending a short amount of time on your site is a lot less valuable from a monetization standpoint than people who are spending a lot of time and really trust your brand, affiliate and programmatic revenue have grown for us, and they've grown in part because they have quality traffic, not just quantity of traffic, but a large number of really dedicated consumers who come seek us out and spend time with us, and that's a much more valuable form of audience.

當你與觀眾建立強大的連結時，你也可以更有效地獲利。因此，從盈利角度來看，那些只在您的網站上花費很短時間的快速推薦的價值遠低於那些花費大量時間並真正信任您的品牌的人，聯盟和程序化收入已經為我們增長，他們之所以增長，部分是因為他們擁有高質量的流量，而不僅僅是流量的數量，而有大量真正忠誠的消費者來尋找我們並花時間與我們在一起，這是一種受眾更有價值的形式。

Thanks. Now, I'll hand the call back over to our operator, James.

謝謝。現在，我將把電話交還給我們的接線生詹姆斯。

Thank you for participating in today's conference. This does include the program. You may now disconnect.

感謝大家參加今天的會議。這確實包括該程式。您現在可以斷開連線。