Thu 04 November 2021:
The New York Times announced on Wednesday that it has reached one million digital subscribers outside of the United States.
In an industry where print newspapers have been devastated by shrinking ad revenue, the journal was an early adopter of adopting a pay wall for its internet and has bet on digital subscriptions.
Around 320,000 of the subscribers who signed up over the last three months did so for the Times’s news content. The rest subscribed to alternative content platforms like Games, Cooking and Wirecutter, the newspaper reported.
The newspaper reported a net gain of 455,000 digital subscribers between July and September, bringing the total number of paid subscribers to 8.38 million, with 90 percent of them only reading online.
“This was our best third-quarter performance in both News and total net subscription additions since the launch of the digital pay model more than a decade ago, and, outside of 2020, our best quarter ever for digital subscription additions,” the CEO of the New York Times Company, Meredith Kopit Levien, said in a statement.
The New York Times has increased its subscriber base by 21% year over year, and is on track to reach its goal of 10 million by 2025.
The outlet is on track to see online subscription revenue exceed print subscriptions due largely to accelerating digital. Earnings from print editions have remained relatively stable in recent years thanks to price increases.
The New York Times reported revenue of $509 million in the third quarter, up 19 percent and beyond projections, with a net income of $54 million.
(with agencies)
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