However, the news giant's overall profit was just $54 million, down 11% from a year earlier as new subscription revenue failed to offset higher operating costs and lower advertising revenue.
The New York Times headquarters in Manhattan, New York, USA. Photo: NYT
Over the past decade, the NYT has tried to offset the decline in its print business — a profitable but dying business — with subscription revenue from digital newspapers.
The news agency said it had about 9.7 million subscribers across its print and digital products at the end of the first quarter of this year, up about 8% from a year earlier. About 710,000 of those were print subscribers, down about 10% from the same period last year.
The NYT has not been immune to the industry-wide advertising slump. The company said advertising revenue fell about 8.6% to $106 million in the first quarter compared to the same period last year.
The Athletic, which the company bought last year for $550 million, had 3.3 million subscribers at the end of the quarter, more than double the number from the same period last year. Still, the Athletic’s loss was $7.8 million, up about 14% from 2022, as it still has to make up for previous losses.
Hoang Hai (according to NYT)
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