BuzzFeed and the Death of Social Media News
A completely predictable disassembling of the media business.
1. BuzzFeed News
Yesterday BuzzFeed announced that it was killing its News division. This is bad for readers, because BuzzFeed News was very good. But it’s also instructive. Because the story of BuzzFeed isn’t really about BuzzFeed. It’s not even really about journalism. It’s about aggregation, monopsony, and the power of platforms.
To explain it, we’re going to have to talk about Wal-Mart. And pickles.
So buckle up and take a journey with me.