BuzzFeed intends to leverage ChatGPT, powered by AI, to produce content.
Buzzfeed announces that it will utilise AI-driven ChatGPT to improve and personalise its online quizzes and content.
On Thursday, news of a collaboration with Meta Platforms Inc. and intentions to employ artificial intelligence to improve and customise the online quizzes and content of the digital media company caused shares of BuzzFeed Inc. to soar.
After more than doubling in value earlier in the day on news that it would employ OpenAI, the company behind ChatGPT, to create its content, the stock was up 19% in extended trading.
“We are not employing ChatGPT – we are using OpenAI’s publicly available API (application programming interface),” Buzzfeed wrote in response to Reuters in an email.
The stock had increased by 50% earlier in the day on a different Journal report that said Meta had paid BuzzFeed millions of dollars to attract more creators to Facebook and Instagram.
According to the article, which cited people familiar with the matter, the arrangement, which was made last year, was valued at close to $10 million. BuzzFeed will assist in creating content for Meta’s platforms and training producers to increase their online visibility.
On December 6, 2021, a BuzzFeed sign may be seen for the company’s premiere in Times Square in New York City, United States. Brendan McDermid for Reuters
In a message to staffers seen by Reuters, BuzzFeed CEO Jonah Peretti wrote: “In 2023, you’ll see AI-inspired content transition from an R&D stage to part of our core business, increasing the quiz experience, informing our brainstorming, and tailoring our content for our audience.”
The stock reached a high of $2.45 before closing at $2.09.
BuzzFeed shares were among the top three orders on Fidelity’s platform on Thursday, indicating interest from retail traders.
Shares of the $132 million firm, which were reverse merged with a special purpose acquisition company in December 2021, had fallen more than 90% as of Wednesday’s close (SPAC).
The corporation announced last month that it would reduce its employment by around 12% in order to save costs. Its third-quarter net loss increased from $3.6 million to $27 million over the same period last year.
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