EquityZen Report in NY Business Journal

Google, Facebook duopoly will continue to hurt BuzzFeed, Vice and Vox, report says

Vice Media, Vox Media and BuzzFeed Inc. will continue to struggle for the foreseeable future.

That’s according to New York-based EquityZen. In a report published Wednesday, the fintech firm cited the so-called Google and Facebook “Duopoly” as reasons for the digital media downturn.

Google, owned by Alphabet Inc. (NASDAQ: GOOG), and Facebook (NASDAQ: FB) are responsible for roughly 70 percent of all digital advertising in the U.S.

This comes at the expense of newsrooms. Vice, Vox and BuzzFeed — all based in New York — have cumulatively raised more than $2 billion in venture capital since they first launched. Since then, these digital media players “have stagnated if not struggled throughout the last few years,” says Adam Augusiak-Boro, a senior associate at EquityZen who authored the report.

Read more here: https://www.bizjournals.com/newyork/news/2019/02/13/google-facebook-duopoly-will-continue-to-win.html

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