The New York Times Company added 44,000 subscribers to its digital-only products in the third quarter of 2014, “an increase of more than 20 percent compared with the end of the third quarter of 2013,” it says in its third-quarter earnings report, released Thursday.
The company says it now has 875,000 subscribers to digital-only products. It added 32,000 subscribers in the second quarter.
Revenue at the company was a little better than flat: up about 1 percent overall, with circulation revenue up 1.6 percent, advertising revenue down .4 percent and other revenue — including events — up about 4 percent.
Print ad revenue was down about 5 percent, and digital ad revenue was up 16.5 percent. Operating costs rose 9 percent, “mainly due to severance expense associated with previously disclosed workforce reductions as well as higher compensation and benefits expenses primarily related to the Company’s strategic initiatives,” the release says.
Times digital honcho Denise Warren left the company this week, part of what Times Co. President and CEO Mark Thompson calls a “reorganization that is intended to accelerate the development of our digital consumer business by creating separate marketing and digital divisions.” He continues: “Our audience development efforts also remain a top priority, with the goal of extending our already broad reach and deepening the engagement of our readers.” Read more