Buzzfeed Inc BUZFD plans to use OpenAI's artificial intelligence to enhance its content after it forged a deal with Facebook parent Meta Platforms Inc META.
What Happened: The internet media and news company said that they are not using ChatGPT, we are using OpenAI's publicly available API application programming interface reported by Reuters.
In a memo seen by Reuters, CEO Jonah Peretti told employees that they are likely to see AI-inspired content move from the R&D stage to the company's core business.
Peretti said that this will enhance Buzzfeed's quiz experience and personalize content for its audience.
How do I invest in tech startups?
Why It Matters: Separately, it was reported that Mark Zuckerberg-led Meta paid millions of dollars to Buzzfeed to lure creators to the former platforms.
The two companies reached a $10 million deal last year, as part of a $10 million deal. Under the agreement, BuzzFeed agreed to help generate creator content for Meta s platforms and train creators to grow their online presence.
In recent years, creators have been making a beeline for rival TikTok, owned by China-based ByteDance.
Price Action: On Thursday, Buzzfeed shares were 120% higher at $2.09 and increased 7.7% to $2.25 in extended trading, according to Benzinga Pro data.
Metaverse Will Be As 'Important As The Smartphone': Meta Platforms Chief Product Officer