New York (AFP)

The New York Times on Wednesday reported a sharp increase in its online subscriptions, which for the first time exceeded those of paper in a quarter, and which helped it cope with the large drop in its subscriptions. advertising revenue in the second quarter.

Subscription revenues increased 8.4%, and now represent more than 70% of the newspaper's revenue.

The group chose to make digital subscriptions the New York Times' number one growth and revenue engine, with advertising becoming just a supplement.

And "for the first time in our history, digital revenue has surpassed paper revenue, a key step in the transformation of The New York Times," said CEO Mark Thompson.

Between April and June, 669,000 digital subscriptions were taken out. This brings the number of subscribers to the digital version of the newspaper to 5.7 million, and 6.5 million total subscribers, in line with the target of 10 million.

However, this was not enough to offset the decline in advertising revenue, already at half mast before the pandemic, but which was heavily affected by the economic crisis linked to Covid-19 and plunged 44% over the quarter.

However, this is less than the 50 to 55% drop in advertising revenue that was expected by the group.

As a result, revenue plunged 7.5% to $ 404 million.

And net income fell 6% to $ 23.7 million in the second quarter from the same period last year.

The CEO, however, welcomed the increase in subscriptions.

"We have proven that it is possible to create a virtuous circle in which an investment in high quality journalism leads to deep audience engagement, which in turn stimulates revenue growth and investment capacity," a- he declared.

"This is why our editorial staff grows when so many others are reduced," he added.

The New York Times announced in July that it had found a successor to Mark Thompson, in office since 2012: Meredith Kopit Levien, 49, will become CEO on September 8.

Passed by the magazines The Atantic and Forbes before joining the New York Times in 2013, she has largely contributed to the turn to digital and the development of the paid online model, which is proving to be a success.

"I will hand the reins on September 8 to Meredith Kopit Levien, with confidence that The Times will continue to lead the way for people to pay for fair and verified information, and that there is a sustainable future for a field journalism, ”said Mark Thompson.

© 2020 AFP