BuzzFeed, an Internet-based media company that is best known for its viral list-based articles, just landed a $50 million investment from venture capital firm Andreessen Horowitz to launch a movie studio.

Chris Dixon, a general partner at the venture capital firm, announced in a blog post that he would be joining BuzzFeed's board, just three months after Jon Steinberg stepped down as president and COO.

"We're presently in the midst of a major technological shift in which, increasingly, news and entertainment are being distributed on social networks and consumed on mobile device," Dixon wrote in his blog. "We believe BuzzFeed will emerge from this period as a preeminent media company."

The move will help BuzzFeed, which already attracts 150 million average monthly viewers, expand its editorial coverage and web presence overseas, the New York Times reported.

Founded in 2006, "BuzzFeed now reaches over 150 million people per month, is consistently profitable, and will generate triple digit millions in revenues this year," Dixon said.

BuzzFeed Motion Pictures will encompass "all moving images," including animated GIFs, short-form videos and full-length movies, reports Variety.

Because of Andreessen Horowitz's investment, BuzzFeed will now have double its funding.

"It previously raised $46 million in venture capital from backers such as Lerer Ventures, Hearst, RRE and Japan's SoftBank Corp.," reports the New York Daily News.

"As we grow, how can we maintain a culture that can still be entrepreneurial?" said Jonah Peretti, the company's co-founder and chief executive. "What if a Hollywood studio or a news organization was run like a start-up?"

VC investor Kenneth Lerer released a statement about the website's big investment, saying:

"The future of content companies is crystal clear: mobile, video, social and tech. Expanding BuzzFeed's business across each of these areas is the key to the future."