In terms of creator-led vertical video, ahead of scale monetization, we are continuing to gain audience momentum around newer platforms and formats, including YouTube Shorts, Instagram Reels and TikTok. In the third quarter, output reached a new quarterly high of more than 10,000 short-form videos and use of this content surpassed 1 billion on each of Instagram, TikTok and YouTube. These trends, together with the audience momentum that Jonah and Marcela discussed around our AI-powered format provides further validation that we are prioritizing the right initiatives for long-term growth and monetization. Before I share our financial outlook for the fourth quarter, let me first provide some context. Starting with revenues. Last year, against the backdrop of macroeconomic uncertainty, we saw needed seasonal lift from Q3 to Q4 in terms of overall revenues.
While we do not expect a full return to the historical trend, our fourth quarter outlook does anticipate a modest improvement in quarter-over-quarter revenue lift as compared to last year. From a year-over-year perspective, entering Q4, we continue to see overall — see softness in overall audience traffic and ongoing price compression. Additionally, we expect the ongoing uncertainty in the macro environment to put pressure on advertiser demand. As a result, we do expect year-on-year revenue trends similar to what we saw in Q3. As you heard earlier, we continue to be laser-focused on driving direct audience traffic and improving sales execution as we work to combat the headwinds facing digital media companies in the current environment. In terms of adjusted EBITDA, we have included the full benefit of the restructuring actions in our cost of revenue and operating expense assumptions for Q4.
Additionally, we consolidated our real estate footprint in Los Angeles, which will contribute to lower quarter-over-quarter operating expenses in Q4 as compared to Q3. These actions together with seasonally higher revenues are expected to yield year-on-year improvement in Q4 adjusted EBITDA and adjusted EBITDA margin. With that, I will turn to our financial outlook. For Q4 2023, we expect overall revenues in the range of $99 million to $110 million or 18% to 27% lower than the year ago quarter. We expect adjusted EBITDA in the range of $20 million to $30 million, approximately $8 million higher year-on-year at the midpoint. Before we move to Q&A, I want to reiterate Jonah and Marcela’s remarks around liquidity. We have taken significant steps this year to reduce our go-forward cash cost structure.
And we are focused on continuing to protect our cash position as we navigate the ongoing shifts in the digital media ecosystem. Thank you. I’ll now hand it over to the operator so we can take your questions.
Operator: Certainly. I would now like to turn the call back to Amita to answer questions that have been submitted via the web. Q –
Amita Tomkoria: Right. We have received several questions already, which I’ve gathered here. So, we’ll go ahead and jump right in. Jonah, maybe starting with you. So, from just a short-form content perspective, can you help us frame the revenue opportunity or trajectory in terms of short-form content? We’ve seen platforms like YouTube and Meta make major strides in monetizing this content, but how does that trickle down to BuzzFeed?
Jonah Peretti: Yes. So, the major platforms are in competition with one another to secure audience share around these newer vertical video formats. TikTok really set off that competitive environment where everyone was working to match them, both in terms of short-form content and AI ability. And the results of this competitive dynamic has been that they’ve been slow to monetize and less willing to share monetization with publishers, in part because it hit their own monetization and shorter videos are harder to monetize than the longer form content that was traditionally more popular on YouTube and — especially YouTube, but also Facebook. We have great relationships with the platforms. And we’re encouraged by platforms like YouTube and TikTok, which has the Shorts program and Pulse Premier.
