The New York Times topped 7 million paid subscribers last week. The Times had relied on digital readers as the driving engine of its business since 2011, when it started charging for online content.
Also, in September, for the first time, the revenue from digital subscribers was greater than that brought in from print subscribers.
“Our strategy of making journalism worth paying for continues to prove itself out,” Meredith Kopit Levien, CEO, said in a statement. She further added that digital subscribers will not only be the central driver of growth, but will eventually become its biggest business.
“The continued demand for quality, original, independent journalism across a range of topics makes us even more optimistic about the size of the total market for digital journalism subscriptions and our position in it,” Levien added.
However, as online subscription revenue rose 34 percent, to $155.3 million, print subscriptions decreased 3.8 percent to $145.7 million. Advertising sales dropped 30 percent, to $79.3 million. The pandemic further added to the disruption.
Online advertising also plummeted despite the gains in digital readers.
On the other hand, The Times has $800 million on the books, with $250 million available through a revolving credit line. This could mean that the publisher can go for more acquisitions.
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