This post opens with a hat-tip to Martin Moore, who pointed out to me the other day what a remarkable document is the message recently sent to the staff of the viral video site Buzzfeed by its founder Jonah Peretti. I’d seen mention of it, but failed to see its importance.

It is fascinating and well worth a read. Peretti’s start-of-term pep talk is both new – digitally aware, thinking ahead and celebrating innovation both editorial and technical – and at the same time old. Improbable, even shocking, innovation to grab an audience and income which can later fund journalism has happened before. In fact it’s happened throughout most of journalism’s history with the exception of the late 20th century.

What Peretti’s memo describes is the compressed history of a site begun to make it easy for bored people at work to swop silly videos and lists is now hiring foreign correspondents and investigative reporters, often the two most important and expensive tribes of journalists found in any newsroom. Peretti did not reach this position by waking up one morning and deciding to help democracy be better informed; he put together a team of alpha geeks who built a site which was unbeatable for sharing video of skateboarding cats on smartphones and social media. With that foundation, he can now go out and compete for high-prestige journalism prizes.

Many experiments fail; Buzzfeed might. It uses its not inconsiderable creative skill to make fluent, clever semi-disguised ads for companies which pay for the service. Critics allege that this will blunt the site’s reportorial edge; we’ll see. (In my book Out of Print just published, I record a senior Buzzfeed person who seems to admit this: page 221). The giggling frivolity might simply overwhelm trying to explain what’s happening in Nairobi or Nablus.

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