BuzzFeed shifts away from Google, Facebook as direct traffic hits 63%

BuzzFeed Inc. reported a challenging third quarter on November 6, 2025, with revenues falling 17% year-over-year to $46.3 million, but the results revealed a significant shift in how audiences reach the company's properties. Direct traffic to BuzzFeed.com now surpasses both Facebook and Google referrals, marking a strategic pivot away from platform dependency that has plagued digital publishers throughout 2025.

The New York-based company disclosed that direct visits, internal referrals, and app usage now account for 63% of traffic to BuzzFeed.com, up from 61% in the second quarter. This represents one of the most substantial reductions in platform dependency among major digital publishers at a time when BuzzFeed previously warned about AI search features threatening publisher traffic.

"We're growing direct visits and deepening our relationship with Gen Z and Millennial audiences, which gives us more control and more room to innovate," said Jonah Peretti, BuzzFeed's founder and CEO, in the investor letter. "I'm spending more of my time in the lab as we build new products for this direct audience, and look forward to sharing more next quarter."

Financial performance reveals advertising pressure

Total revenue reached $46.3 million in the quarter ended September 30, 2025, compared to $55.6 million in the same period last year. The decline affected all three revenue segments, with advertising revenue dropping 11% to $22.2 million, content revenue falling 33% to $7.2 million, and commerce and other revenue declining 15% to $17.0 million.

Net loss from continuing operations widened to $7.4 million from net income of $2.5 million in Q3 2024. Adjusted EBITDA collapsed 91% to $753,000 from $8.1 million in the year-ago quarter, though the company maintained profitability on this metric despite revenue pressures.

According to the earnings announcement, CFO Matt Omer attributed the revenue decline to "three factors: continued softness in direct-sold advertising and content, a decline in affiliate bonuses from our commerce partners, and a difficult year-over-year comparison given the elevated engagement and spend during the presidential election cycle in Q3 2024."

The advertising weakness reflects broader market conditions affecting digital publishers. Google's network advertising revenue declined 1% during the second quarter of 2025, while Google's revenue mix shifted to 90% flowing to owned properties rather than publisher partnerships.

For the first nine months of 2025, total revenues reached $128.7 million compared to $133.7 million in the same period of 2024, representing a 4% decline. Adjusted EBITDA losses improved to $3.2 million compared to losses of $5.5 million in the first nine months of 2024, demonstrating 42% improvement despite revenue headwinds.

Audience metrics show strength despite revenue challenges

BuzzFeed maintained leadership among Gen Z and Millennial audiences during the third quarter despite overall traffic declines. The company recorded 10.7 million hours of time spent with this demographic in Q3, up 25% from the second quarter.

According to the investor letter, HuffPost recorded 20.6 million hours of time spent in Q3, significantly outperforming competitors including New York Magazine, The New Yorker, Vanity Fair, Vox, and Bustle. For Gen Z and Millennials specifically, HuffPost saw a 31% increase in time spent quarter-over-quarter and 11% year-over-year growth.

Total U.S. time spent across all BuzzFeed Inc. properties was 68.5 million hours, compared to 80.3 million hours in Q3 2024. According to Omer's remarks during the earnings call, "This decline was largely expected as Q3 2024 benefited significantly from elevated news consumption during the presidential election cycle."

The flagship BuzzFeed brand remained the number one brand in its competitive set in Q3, generating 37.2 million hours of U.S. time spent, growing 4% year-over-year. Among Gen Z and Millennial audiences, BuzzFeed was up 6% from Q2.

Time spent, as defined by BuzzFeed, captures the time audiences spend engaging with content across owned and operated sites, as well as YouTube and Apple News, as measured by Comscore. According to the company's disclosure, this metric excludes time spent with content on platforms including Instagram, TikTok, Facebook, Snapchat, and X (formerly Twitter), "for which we have minimal advertising capabilities that contribute to our advertising revenues."

Platform diversification accelerates across properties

HuffPost achieved notable success reducing platform dependency during the quarter. Homepage pageviews and referrals now account for 75% of total HuffPost.com traffic, up from 70% a year ago, according to the investor letter.

The shift away from external platforms comes as Facebook referral traffic has plummeted 50% for publishers over the past year, while Google dominates 63.41% of all U.S. website referrals but increasingly keeps users within its own ecosystem through AI features.

According to industry data, Google's former executives characterized traffic to publishers as "a necessary evil", with the company's primary focus on keeping users within Google services. This strategic orientation has accelerated with the introduction of AI Overviews in search results.

BuzzFeed's pivot toward direct traffic occurs within this challenging environment. The company disclosed in August 2025 filings that "AI-generated summaries, such as Google's AI Overviews and AI Mode, often provide answers directly on the search results page, which could lead to fewer users clicking through to publisher websites."

Direct-sold advertising declined to $5.1 million during Q3, according to Omer's earnings call remarks, "driven by continued market softness in this category." Content revenue totaled $7.2 million compared to $10.7 million in Q3 2024. Direct-sold content fell by $2.6 million to $5.9 million, "reflecting muted demand for branded content partnerships."

Studio revenue declined modestly to $1.3 million. Omer noted that "in Q3 2024, it included a non-recurring data license deal, which makes the year-over-year comparison particularly difficult." Studio revenue will continue to vary quarter to quarter based on project timing and delivery schedules, though the company expressed confidence in the long-term trajectory of this business.

Commerce revenue faces partner commission challenges

Commerce and other revenues totaled $17 million compared to $20.1 million in Q3 2024, representing a 15% decline. Organic affiliate commerce declined by $2.8 million to $16.8 million, according to the earnings announcement.

"This was primarily driven by a decline in supplemental bonuses from affiliate partners, including Amazon, as they continue to refine their commission methodologies," Omer explained during the earnings call. He emphasized that "year-to-date organic affiliate revenue is essentially flat year over year," suggesting the Q3 decline may represent a temporary adjustment rather than a sustained trend.

The return of Tasty's video series "Tasty 101" resonated strongly with audiences during the quarter. According to the investor letter, new videos saw three times the views compared to preceding content, demonstrating the brand's ability to recapture audience attention through familiar programming.

BuzzFeed Studios continued expanding its film slate, with two films currently in post-production and four additional feature films in various stages of production, according to the company's disclosure.

Revised guidance reflects near-term headwinds

BuzzFeed reduced its full-year 2025 guidance by approximately $10 million to reflect third-quarter softness and a cautious approach to Q4 performance. The company now expects revenue in the range of $185 million to $195 million, down from previous expectations. Adjusted EBITDA is expected in the range of break-even to $10 million.

"Despite these revenue headwinds, we've maintained our focus on cost discipline and operational efficiency," Omer stated. "While this represents a significant decline, it's important to note that we remained adjusted EBITDA positive despite the decline, a testament to the lean operating structure we've built."

According to Peretti's comments during the call, "Q3 was a challenging quarter with near-term headwinds that impacted our results. Revenue declined driven by softer advertising demand, a decrease in affiliate partner bonuses, and tougher comparisons against last year's presidential election cycle."

The company continues to expect positive adjusted EBITDA for the full year with "a step-up in Q4 driven by seasonal strength in commerce and advertising," according to Peretti's statement. "This is a direct result of the transformative work we've done to build a leaner, more resilient business model."

BuzzFeed emphasized its focus on Q4 seasonal strengths, particularly affiliate commerce during Black Friday and Cyber Monday shopping windows. The company maintains operations across three primary business lines: advertising revenues generated from programmatic and direct-sold placements, content revenues from branded partnerships and studio projects, and commerce revenues primarily from affiliate commissions.

Research and development initiatives accelerate

Peretti indicated increased personal involvement in product development during the quarter. "I've been spending more of my time in the lab, and I'm excited to give a larger update on the next earnings call on what we've been building with the team," he stated during the call.

The company did not disclose specific details about these initiatives but suggested they relate to products designed for direct audiences. This aligns with the broader strategic shift toward reducing platform dependency and building direct relationships with younger demographics.

The operating margin improvement occurred despite revenue pressures, with the company maintaining cost discipline throughout the quarter. Restructuring costs totaled $1.6 million during Q3 2025, according to the financial statements.

BuzzFeed's balance sheet showed cash and cash equivalents of $34.3 million as of September 30, 2025, compared to $38.6 million at year-end 2024. The company drew $44.0 million from term loan borrowings during the nine-month period while repaying $30.0 million on convertible notes.

The shift in traffic sources positions BuzzFeed differently from most digital publishers still heavily dependent on platform referrals. As digital advertising patterns continue transforming, with Amazon, Google, and Meta commanding 58.8% of total U.S. ad dollars, publishers face mounting pressure to develop alternative distribution strategies.

BuzzFeed's stock remained stable in after-market trading following the earnings announcement, with a slight increase of 0.61% to $1.64. The company maintains listings for its Class A common stock and warrants on the Nasdaq Stock Market under the ticker symbol BZFD.

Timeline

• August 7, 2025: BuzzFeed warned about AI search impact on digital business model in quarterly SEC filings
• August 7, 2025: Google revenue shift reached 90% as network advertising faced decline
• September 30, 2025: BuzzFeed third quarter ended
• November 6, 2025: BuzzFeed reported Q3 2025 financial results showing 17% revenue decline
• November 6, 2025: Company disclosed direct traffic surpassed Facebook and Google referrals, reaching 63% of BuzzFeed.com traffic

Summary

Who: BuzzFeed Inc., the digital media company operating brands including BuzzFeed, HuffPost, and Tasty, led by founder and CEO Jonah Peretti and CFO Matt Omer, reported financial results affecting stakeholders including investors, employees, content partners, and advertising clients across its platform properties.

What: The company reported Q3 2025 revenues of $46.3 million, representing a 17% year-over-year decline, while achieving a significant milestone with direct traffic, internal referrals, and app usage reaching 63% of BuzzFeed.com traffic, surpassing both Facebook and Google referrals for the first time. Adjusted EBITDA fell 91% to $753,000 despite operational cost discipline, with all three revenue segments declining: advertising down 11% to $22.2 million, content down 33% to $7.2 million, and commerce down 15% to $17 million.

When: BuzzFeed announced third quarter 2025 results on November 6, 2025, covering the period ended September 30, 2025, with management projecting continued challenges through year-end 2025 while revising full-year guidance to $185-195 million in revenue with adjusted EBITDA in the range of break-even to $10 million.

Where: The results affect BuzzFeed's operations across the United States and international markets, with particular impact on digital distribution through owned-and-operated websites, YouTube, Apple News, and mobile applications, while reducing dependency on external platforms including Google Search, Facebook, Instagram, TikTok, and other social media referral sources.

Why: The revenue decline resulted from three primary factors: continued softness in direct-sold advertising reflecting broader market weakness among digital publishers, decreased affiliate partner bonuses from commerce partners including Amazon as they refined commission methodologies, and difficult year-over-year comparisons against elevated news consumption during the 2024 presidential election cycle. The strategic shift toward direct traffic addresses long-term sustainability concerns as AI-powered search features from Google and platform algorithm changes from Facebook continue reducing referral traffic to third-party publishers, forcing media companies to develop alternative audience acquisition and retention strategies less dependent on intermediated platform relationships.