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BuzzFeed’s popular cooking vertical Tasty is extending its reach.
The Tasty-branded kitchen products will be available in about 4,000 stores and on Walmart.com, according to a report from Recode, which first reported the news.
The partnership is an effort by BuzzFeed to diversify its revenue streams, after the online publisher laid off roughly 100 employees in the U.S. in November. It's also restructuring its advertising sales organization “amid a tough digital media market.”
T he Wall Street Journal reported at the time that BuzzFeed will likely miss its 2017 revenue targets by 15% to 20%.
BuzzFeed CEO Jonah Peretti said in December the media company has to reorganize its ad sales department, focus on its lifestyle and service-journalism brands and evolve them into multiple revenue stream opportunities.
Ben Kaufman, the head of BuzzFeed’s commerce group, told Recode he predicts the Tasty kitchen products will generate around 25% of his division’s revenue this year (though he noted affiliate links make up the majority of the group’s revenue).
The partnership with Walmart means BuzzFeed can drive customers to Walmart’s brick-and-mortar and online stores with its huge digital and social reach. BuzzFeed gets a cut of the retail sales.
Tasty cooking videos have already started featuring the cooking tools and will soon call out to viewers that the products are available at Walmart, Kaufman told Recode.
The products’ prices range from about $4 to $99, and include colorful spatulas, colanders, baking sheets and mixing bowls.
In December, Peretti said BuzzFeed is “pursuing the Tasty model of success across our business.” The cooking brand expanded beyond its viral videos to a cookbook deal with Penguin Random House and the production of a Bluetooth-enabled induction cooktop, called the Tasty One Top, that went on sale last summer for $149.
The company sold out of the cooktop and is making more.
BuzzFeedwill expand the Tasty business model to its other verticals, such as Nifty for home and Goodful for health and wellness. It is planning to launch a new beauty and style brand soon.
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March 2, 2018 at 01:49PM
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