The New York Times newspaper released this Wednesday (3) a better-than-expected quarterly result, driven by the growth of the digital advertising business.
The company’s adjusted operating profit for the period was $65.1 million, an increase of 15% compared to the same period last year. Revenues, in turn, totaled US$509.1 million, up 19.3% on the same basis of comparison.
Operating costs, on the other hand, grew at about the same pace—18.8% to $460.1 million.
Subscription revenue increased 13.8% to $342.6 million, reflecting the 455,000 new digital subscriptions registered in the quarter, a gain that puts the newspaper on track to reach its goal of 10 million subscribers by 2025.
“This was our best third quarter in terms of both news performance and total net new subscriptions since launching the digital payment model more than a decade ago, and, barring 2020, our best ever quarter for new subscriptions digital signatures,” said in a statement, Meredith Kopit Levien, the company’s chief executive.
Of the total 8.4 million subscriptions to the American publication, 7.6 million are currently digital. The number of subscriptions to the printed version dropped from 831,000 to 795,000 in the July-September quarter, compared to the same period last year.
Online advertising revenue, in turn, jumped 40.2% in the third quarter.
The newspaper also announced that it has surpassed the 1 million subscription mark outside the United States, which is equivalent to 12% of total subscribers.
The 170-year-old company began its digital transformation more than a decade ago, focusing on a subscription-oriented business model that has helped it weather sharp downturns in the print advertising and readership markets.
In the process, NYT strengthened the business with new products that included, in addition to news, crosswords, podcasts — including “The Daily” — and cooking recipes, while highlighting them with multimedia and interactive elements using photos, graphics and videos .
Com The New York Times
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I have over 8 years of experience in the news industry. I have worked for various news websites and have also written for a few news agencies. I mostly cover healthcare news, but I am also interested in other topics such as politics, business, and entertainment. In my free time, I enjoy writing fiction and spending time with my family and friends.
