[News Article] The New York Times Passes 10 Million Subscribers
The New York Times
Passes 10 Million Subscribers By Katie Robertson,
The New York Times - The New York Times now has more than 10 million
subscribers, the company said on Wednesday, edging closer to its goal of 15
million by the end of 2027. In its third-quarter
report, The New York Times Company said it had added 210,000 net digital-only
subscribers in the three months through September, giving it 9.41 million along
with 670,000 print subscribers. The Times Company
has focused on getting subscribers to sign up for more than one of its
offerings, which include the core news report, Cooking, Games, the Wirecutter
review site and the sports news site The Athletic. Nearly 3.8 million of the
9.41 million digital-only subscribers are subscribed to at least two products,
the company said. Meredith Kopit
Levien, the company’s president and chief executive officer, said in a
statement that the third-quarter results showed that The Times’s “multiproduct
bundle” was performing well and would “further us down the path to building a
larger, more profitable company.” The Times Company
had an adjusted operating profit of $89.8 million for the quarter, up 30.1
percent from a year earlier. Total revenue was $598.3 million, up 9.3 percent
from a year earlier. The Athletic, which
the Times Company bought for $550 million in early 2022, recorded an adjusted
operating loss of $7.9 million for the quarter, an improvement from a $12.1
million loss a year earlier. The Athletic has lost about $68 million since the
acquisition. Times executives said at the time of the deal that they expected
The Athletic to take three years to turn profitable. Quarterly revenue at
The Athletic grew 45.8 percent year over year, to $34.4 million, because of an
increase in subscribers and the introduction of display advertising, The Times
said. The Times disbanded
its sports desk in September, with reporters and editors moving to other
sections across the organization. Content from The Athletic, which is operated
separately from The Times’s core newsroom, is now used in The Times’s print
paper and its digital report. Despite a
challenging advertising environment across the industry, The Times posted a 6.7
percent year-over-year increase in digital ad revenue, to $75 million, aided in
part by the new ad sales for The Athletic. Total advertising revenue was up 6
percent, to $117.1 million. The Times, like
other newspapers, has seen a steady decline in print subscribers. It has lost
70,000 in the past year. For the final
quarter of this year, the company expects total subscription revenue to
increase 8 to 11 percent from a year ago on an adjusted basis, it said, while
it forecast a single-digit percentage increase in digital advertising revenue. Source: https://www.nytimes.com/2023/11/08/business/media/new-york-times-q3-earnings.html
2023.11.10
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