The New York Times added 1.08 million digital-only subscribers over the past year, bringing its total to 11.3 million, according to second-quarter results released this week. Including print, the Times has 11.9 million subscribers.
More than 6 million subscribers now fall into the bundle or multi-product category, with another 3.6 million subscribing to a single non-news product such as Games, Cooking, Audio or The Athletic..
The company added 230,000 net digital-only subscribers in the quarter and reported a 15.1% year-on-year rise in digital subscription revenue, now standing at $350.4 million for the quarter. Average revenue per user also grew, up 3.2% to $9.64, driven by subscribers moving off introductory rates and by targeted price increases.
Overall revenue rose 9.7% to $685.9 million, with digital advertising climbing nearly 19% year-on-year to $94.4 million. Operating profit for the quarter was $106.6 million, up 34% on the previous year. Adjusted operating profit rose 28% to $133.8 million.
The Athletic, which returned to profitability earlier this year, continues to be one of the fastest-growing parts of the business. It reported a 33.4% jump in revenue, with advertising almost doubling year-on-year. Subscription revenue was up 18%.
Speaking after the results, CEO Meredith Kopit Levien said the company was generating “significant free cash flow” and was confident in its long-term strategy to grow through investment in both journalism and its product portfolio.
Supercharge Your Content Strategy
Feel free to test this content on your social media sites to see whether it works for your community.
