New York Times, digital profits exceed paper edition

2020-08-05T21:46:18.840Z

For the first time ever, the profits of the digital edition of the New York Times have beaten those of the paper version: in the quarter that ended in June the "Old Lady in Gray" added 669 thousand new online subscriptions, among 176 thousand of which to other digital products other than news including cooking recipes, crossword puzzles and audio. The New York Times closed the second quarter of the year with a total of 5.7 million digital only subscriptions out of a total of 6.5 million. "We have shown that it is possible to create a virtuous circle in which investments in quality journalism create an involvement of the public which in turn raises profits allowing new investments," said Mark Thompson, the outgoing CEO, stressing that the editorial staff of the The New York Times is growing as many other media outlets see staff twitches. New York Times subscriptions increased 8.4% thanks to 30% more subscriptions to the online edition, which offset a 6.7% drop in traditional newspaper subscriptions. The Times announced in July that Thompson would be replaced by the Chief Operating Officer, Meredith Kopit Levien. The Sulzberger family newspaper set itself the target of 10 million subscribers by 2025. In disclosing the quarterly reports, the Times also reported a 44% drop in advertising revenue due to Coronavirus repercussions. Advertisements in the printed newspaper fell by 55% and online ones by 32% due to the crisis in sectors such as shows, luxury and technology caused by the pandemic.