New York Times adds 32,000 digital-only subscribers as profit falls
The New York Times added 32,000 digital subscribers in the second quarter of 2014, the company reported today. The number was driven by its new products — the NYT Now and NYT Opinion apps and the new Times Premier subscription tier.
Paid digital-only subscribers now total 831,000, the company said. Revenue from those subscriptions jumped 13.5 percent, to $41.7 million, from the same period a year ago. Total circulation revenue increased 1.4 percent.
The company's total revenue fell 0.6 percent to $388.7 million. While digital ad revenue increased 3.4 percent, the Times reported, that was again not nearly enough to offset a print ad revenue decrease of 6.6 percent. Overall ad revenue declined 4.1 percent.
The Times' adjusted operating profit dropped 21 percent.
In a statement, Times president and CEO Mark Thompson referenced the leaked innovation report from May:
“We also know that long-term digital revenue growth depends on the reach and depth of engagement of our digital audience. This was one of the key recommendations of our recently completed Innovation Report on the future of Times journalism. We plan to implement the recommendations of the report across the Company and believe that we can significantly grow our digital audience, which in turn will contribute to improved digital subscription and advertising monetization."