New York Times Company reported that its first-quarter results were better than expected.
The New York Times Company reported on on Wednesday that its first-quarter results were better than expected, as gains in digital advertising and subscriptions outpaced the inexorable decline of its once-mighty print business.
The total number of paid subscriptions, including digital and print, topped 4.5 million, a high, meaning that more than 3.5 million people pay for the publisher’s online products, with the company adding 223,000 customers for its news, crossword and cooking apps during the quarter, a 29% increase when compared to last year.
Revenue generated by online advertising rose 19% to $55 million, helped by the company’s podcast business, notably “The Daily.” Revenue from the paper’s digital subscription and advertising businesses combined rose 16%, to $165.4 million.
The future of the company hinges on digital growth as the print newspaper becomes a specialized product for an ever-shrinking base of readers.
The New York Times has made steady progress as an online publisher, as last year it generated more than $709 million in digital revenue, making it likely the company will meet a stated goal of $800 million by 2020.
Earlier this year, chief executive Mark Thompson set another important goal: To increase the number of subscribers to more than 10 million by 2025.
Can it be done? Click here to consult the full NYT article.