The New York Instances experiences a rise of 180,000 digital subscribers

The New York Times Company added about 180,000 net digital-only subscribers in the second quarter of the year, but earned less revenue from digital advertising, it said on Wednesday.

The Times now has 9.17 million. paid subscribers. It has to the goal is 15 million until the end of 2027.

The company reported about 76 million USD adjusted operating profit, down 18 percent from the same quarter last year. Total revenue amounted to 555.7 million. USD, ie 11.5 percent. more than a year ago. Digital subscriptions totaled 238.7 million. USD of this income, ie 25.5 percent.

Operating profit was mainly affected by losses at sports news site The Athletic The Times bought it in February for 550 million The Athletic’s adjusted operating loss for the April-June quarter was $12.6 million. USD, compared to approximately 19.4 million USD in the first quarter.

The Times reported that in 2022 at the end of the first quarter was 9.107 million. subscribers. That number was revised up to 9.01 million in this quarter’s results.

A key part of The Times’ strategy is to separate subscribers from subscriptions. A single subscriber may have a subscription to more than one of the Company’s products, including The Athletic, Cooking and Wirecutter. The Times is betting that it will combine digital offerings with its news reporting to reach new audiences with diverse interests.

“News remains the core of our value proposition, but this package helps ensure that The Times is essential to a growing group of people, even as news breaks,” said Meredith Kopit Levien, president and CEO of The Times Company. “, he said during a conversation with analysts.

In the second quarter, the company had its highest number of new all-digital subscribers ever, which includes The Times News Report, Games, Cooking, Wirecutter and The Athletic, Ms. Levien said.

The net gain of 180,000 digital-only subscribers was 70 percent higher than net gain in 2021. in the second quarter. In the first quarter of the year, the company added a lot more, 418,000. In the most recent quarter, Athletic’s individual subscribers increased by 50,000.

The vast majority of subscribers to The Times pay only for digital access. Print subscribers continued to decline in the second quarter, falling nearly 7 percent year-over-year to about 761,000.

The Times Company’s digital advertising revenue in the quarter fell 2.4 percent from a year earlier to $69.3 million. USD as marketers reduce their spending amid economic uncertainty. Print advertising revived by 15.1 percent. up to 48.1 million USD compared to the same quarter last year, as the entertainment and luxury categories began to recover from the pandemic.

Total operating costs increased by 19.6 percent. up to 504 million The company also noted that the sale of the land at The Times printing plant in College Point, Queens, netted the company $34.2 million.

The company said it expects digital subscription revenue to grow 21 to 25 percent in the third quarter from a year ago. It said it expects flat to modest declines in total advertising revenue and a 9 to 13 percent increase in adjusted operating expenses during that period.

The company’s shares were down about 1 percent early Wednesday.

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