The New York Times Company added 300,000 paid digital subscribers in the fourth quarter of 2023, the company said Wednesday, helping push annual digital subscription revenue above $1 billion for the first time.
The Times reported total revenue of $676.2 million in the final three months of the year, virtually unchanged from a year ago. Adjusted operating profit rose 8.5 percent to $154 million.
It was “a strong year for The Times, demonstrating the power of our strategy to be the essential subscription for every curious person who wants to understand and engage with the world,” said Meredith Kopit Levien, president and CEO of the company, in a statement.
The company has focused in recent years on offering subscribers a bundle of products: its core news report, as well as games like Wordle and Spelling Bee; his product review site Wirecutter; a recipe app; and The Athletic, his sports news website.
The Athletic, which The Times bought two years ago for $550 million, continued to make losses in the fourth quarter. However, operating loss fell to $4.4 million from $9.6 million a year ago. The Athletic’s revenue rose 31.3 percent to $38.5 million.
At year’s end, The Times had 10.36 million subscribers, 9.7 million of which were digital-only. The company has a stated goal of reaching 15 million subscribers by the end of 2027.
The company said it had $709.2 million in cash and marketable securities at the end of 2023.
Much of the news media industry is in turmoil as publishers such as the Los Angeles Times, Washington Post and Business Insider have laid off journalists or offered buyouts in recent months. Headwinds include a decline in readers reaching news sites through social media platforms, lower user interest in news and a difficult market for advertising.
Advertising was a weak point for The Times in the fourth quarter. Total advertising revenue fell 8.4 percent to $164.1 million. Digital advertising fell by 3.7 percent and print advertising fell by 16.2 percent.
The number of print subscribers has continued to decline. At the end of 2022 there were 730,000 and at the end of 2023 there were 660,000.
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2024-02-07 12:18:48
www.nytimes.com
