New York Times Digital Revenue Beat Print In Q2 For First Time, Adds 669,000 Net New Digital Subscriptions

The New York Times said digital revenue exceeded print for the first time ever for the second quarter ended in June when it added 669,000 net new digital subscriptions.

That included 493,000 net new subscriptions to its core news product and 176,000 to other digital products, like Cooking, Crossword and audio. It ended the quarter with 5.7 million digital only and 6.5 million total subscriptions.

“We’ve proven that it’s possible to create a virtuous circle in which whole-hearted investment in high quality journalism drives deep audience engagement which in turn drives revenue growth and further investment capacity. This is why our newsroom is growing when so many others are being reduced. America and the world need access to great journalism now more than ever and I’m proud that, in these momentous and troubled times, our newsroom has the commitment, the talent and the resources to rise fully to the occasion,” said outgoing CEO Mark Thompson as the company reported earnings.

He’ll be handing the reins to Meredith Kopit Levien on September 8. The company’s chief operating officer was named its next chief executive July 23.

Subscription and advertising revenue for digital, respectively $146 million (up 30%) and $39.5 million (down 32%), totaled $185 million. That compares with $147 million in sales from print subscriptions (down 6.7%) and $28 million in print advertising (down a whopping 55%) – for a total of $175 million.

Combined revenues for the quarter fell 7.5% to just under $404 million with total subscription revenue up 8.4% and total advertising revenue down 43.9%.

Operating profit decreased to $28.8 million from $37.9. Net income dipped to $23.6 million from $25.1 million.

Source: Read Full Article