BuzzFeed says people are spending less time on Facebook
Summary
BuzzFeeds earnings call Tuesday morning pointed to a continuing theme in tech: consumers are moving away from Metas Facebook. "At this point in the quarter, we continue to see audiences spending less time on Facebook," BuzzFeed CEO Jonah Peretti said in his remarks. Metas core Facebook app has been pressured to keep up with competitors, including its own Instagram and the fast-growing TikTok, which features short-form video clips. "People have a lot of choices for how they want to spend their time, and apps like TikTok are growing very quickly," Meta chief Mark Zuckerberg said on the companys call with investors last month. "As a result of both competition and the shift to short-form video as well as our focus on serving young adults, over optimizing overall engagement, were going to continue to see some pressure on impression growth in the near-term," Zuckerberg added.