BuzzFeed Reveals Scale of its UK Investment as Revenues Reach £20.5 million

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The scale of the investment of BuzzFeed in the United Kingdom has been reported in the most detailed set of earnings of the company since it started in London more than four years ago.

BuzzFeed UK just reported accounts for the 12 months to 31 December 2016 at Companies House. Listed below are the headlines from the document which consists of 33 pages:

  • BuzzFeed UK ‘s revenue doubled to £20.5 million (£26.8 million) last year, up from £9.8 million in 2015.
  • Some £18 million of this income was generated in Britain, while the remaining £2.6 million was from the “rest of the world.”
  • Despite revenue rocketing, BuzzFeed UK made a pre-tax loss of £3.3 million.
  • Its “administrative expenses” more than doubled to £23.8 million. They stood at £9.8 million in 2015.
  • The website paid £255,444 in corporation tax last year.

Perhaps the most interesting, however, was the detail that the 2016 earnings of BuzzFeed UK provided on its investment in people.

In 2016, it has 204 staff, up by almost 50 percent of the 137-workforce of 2015. Around 138 of its staff worked in editorial, while the rest were distributed across sales and marketing, technology, admin, and “motion pictures.”

It had 204 staff last year, up nearly 50% on 2015’s workforce of 137. Some 138 of its staff worked in editorial, while the rest were spread across technology, sales and marketing, “motion pictures,” and admin.

The wage bill of BuzzFeed UK almost doubled to around £10 million, increasing to £12.2 million when pension costs and social security are included.

Since launching in the United Kingdom in March 2013, the website has become one of the highest-profile news brands of the country. Led by Janine Gibson, its editor-in-chief, BuzzFeed is currently the 11th most consumed news website in Britain, according to Ofcom, the media regulator. It has also become known for scoops, such as its 2016 exposé on the RBS’s systematic mistreatment of small businesses.