Internet media company BuzzFeed missed its 2015 financial targets and has consequently cut its 2016 projected revenue by 50%, a report published in the Financial Times revealed.
The report reveals that Buzzfeed has cut its projected revenue from $500m to $250m after it fell short of its 2015 targets by more than $80m.
The disappointing results will still come as blow to BuzzFeed, who are just one of many media firms facing significant cuts to their services.
However, BuzzFeed Chairman Ken Lerer has defended the company and its current financial position.
“Anyone who thinks that this isn’t a terrific time to be in digital content is dead wrong,” Lerer said. “It’s a fantastic time.”
“There’s nothing cratering in the industry. It’s better than ever,” he argued. “It’s just different. And if you want to succeed, you have to open your eyes and realise how it’s different, and take advantage of it.”
Lerer did not discuss BuzzFeed’s performance last year and refused to give any further information concerning the company’s financial performance.
BuzzFeed had an estimated worth of $1.5 billion since it was founded in 2006, including significant investment from NBC Universal. This was due mainly to its generation of unprecedented levels of traffic due to their “clickbait” style stories; however these figures are now understood be falling.