New York (AFP)
The New York Times broke the 7 million subscriber mark in October, the group said Thursday, which has gained two million digital subscribers in one year.
In line with its strategy, the media group is increasingly relying on its paid content to reduce the importance of advertising in its revenue.
Two years ago, advertising still accounted for nearly 40% of turnover (38%).
In the third quarter of 2020, it only weighed 18% of revenues, against 70% for subscriptions.
Over the three months from July to September, the growth in turnover linked to subscriptions better than offset the new decline in advertising (-30% over one year).
For the first time, revenue from online subscriptions exceeded that from subscriptions to print editions.
Online subscription revenues are significantly lower than those from paper.
The number of subscriptions to printed editions thus represents only 12% of total subscriptions but still accounts for nearly half of the associated revenues.
In total, the turnover is almost stable (-0.4%), at 426 million dollars, better than the forecasts of analysts, who expected 411 million, according to a consensus established by the site Yahoo!
Finance.
The daily and its site continue to benefit from interest in American politics, the presidential campaign and the poll.
The group said that as of Wednesday, some 120 million people had viewed the New York Times site or app.
The group expects growth in subscription revenue to accelerate slightly in the fourth quarter, while advertising revenue will continue to decline at the same pace.
In the third quarter, profit was more than doubled from the same period of 2019, to $ 33 million, from 16 a year earlier.
The market has freshly welcomed these results.
Around 10:00 a.m. (3:00 p.m. GMT), the New York Times title was down 3.44% to $ 40.03, in a market up 1.79%.
© 2020 AFP