After dropping $50 million on the Buzzfeed brand, Chris Dixon issued his declaration that stated he was investing into a technology company. There was a lot of confusion and head-scratching within media circles, because Buzzfeed is known for creating quizzes and lists. Although their line of work would be labeled as journalism for a magazine editor, it is considered to be technology for Buzzfeed editors.
For this reason, Buzzfeed has received the title of being a technomedia company. A better way of putting it is that Buzzfeed is a media company, which has been orchestrated within the latest ways of discovering audiences and offering items to them. In some ways, it could be justified and be labeled technology. Dixon says that majority of the major media companies, today were developed upon emerging technologies. Some great examples include CBS starting as a radio station, Viacom starting as cable television, and Time Inc. starting as color printing. He points out how another technological shift is taking place, where mobile devices and social networks are becoming the platform for world news and entertainment. The tech team for Buzzfeed are way ahead of the game and they take the computer and internet science very serious.
There is a big question for Buzzfeed, which asks how long the mobile/social S-curve will actually run. Dixon is guessing that the social market will be the primary source of information for the next five or ten years. He also went to point out that he truly doesn’t have a clue and no one else does. As much as technology changes, there is no way to truly grasp what is taking place. If you look at CBS, Viacom, and Time Inc., they saw success for decades. With the internet platform in place, the cycles have had a shorter life span. This could only be a transitional period, because the companies mentioned still have a dominant presence.