The Times Added 190,000 Subscribers Last Quarter
The New York Times Company on Wednesday said it added 190,000 digital subscribers last quarter, driven partly by subscriptions to a bundle of products that includes The Athletic sports site, bringing the company’s total digital subscriber base to nine million.
Adjusted operating profit was $54 million, a drop of 11 percent from a year earlier, as the new subscription revenue was offset by higher operating costs and lower advertising revenue.
“In the first quarter, we made steady progress on our essential subscription strategy, with clear signs of substantial runway ahead,” Meredith Kopit Levien, chief executive of The Times, said in a statement.
Over the last decade, The Times has tried to offset declines in its print business — which is profitable but fading — with new revenue from digital subscribers. In recent years, the company has honed that strategy by offering readers a bundle of online utilities including a cooking app, the Wirecutter online shopping service, games like Wordle and The Athletic, pitching itself to subscribers as a guide to the wider world.
Source: The New York Times
