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Data: NYT earnings reports; Chart: Axios Visuals

For the first time in its nearly 170-year history, the New York Times made more money from digital products than it did from its print newspaper during a three-month quarterly earnings period, the Times announced Wednesday.

Why it matters: It's a huge milestone for The Gray Lady, which six years ago published a digital "Innovation Report" that detailed the paper's shortcomings in adjusting its business to embrace the digital world.

By the numbers: The Times made $185.5 million in revenue from digital products — both digital subscriptions and ads — during the second quarter, compared to $175.4 million in print revenue.

  • It also added 669,000 net new digital subscribers, its largest quarterly subscriber gain ever. The Times now has over 6.5 million subscribers, the vast majority of which are digital-only subscribers.

Be smart: While digital news products have become widely accepted by consumers in the past few years, they've often been harder to monetize because digital advertising margins are much lower than print advertising margins.

  • For example, a typical New York Times digital banner ad costs $19.99 for every 1,000 impressions, or eyeballs that the ad is served to. A typical print ad costs well over $100 for every 1,000 impressions.

The big picture: To offset that imbalance, the Times has pushed aggressively to accrue digital subscribers. Last quarter, the Times reported a record number of new subscriptions and said it finally hit its years-long goal of making $800,000 in annual digital revenue.

Between the lines: The Times has been investing in new digital products and talent that it hopes can help propel the company's digital evolution even further.

Yes, but: The company hasn't been immune to the advertising headwinds that have been exacerbated by the pandemic.

Go deeper: New York Times reports record new subscriptions

Go deeper

Mike Allen, author of AM
Nov 12, 2020 - Politics & Policy

Scoop: Trump eyes digital media empire to take on Fox News

Photo: Cheriss May/NurPhoto via Getty Images

President Trump has told friends he wants to start a digital media company to clobber Fox News and undermine the conservative-friendly network, sources tell Axios.

The state of play: Some Trump advisers think Fox News made a mistake with an early call (seconded by AP) of President-elect Biden's win in Arizona. That enraged Trump, and gave him something tangible to use in his attacks on the network.

51 mins ago - World

One-year anniversary of Beirut blast marked by grief, anger

White roses are seen on portraits of victims of last year's Beirut port blast in the Lebanese capital, as Lebanon marks on August 4, 2021. Photo: Joseph Eid/AFP via Getty Images

Fluctuating between feelings of sadness, grief and anger, Beirut residents on Wednesday marked the one-year anniversary of the port explosion that killed more than 200 people and injured thousands of others.

The big picture: No senior official has been held accountable for the blast, which was caused by a large amount of ammonium nitrate stored unsafely at the port for years, per Reuters.

Kendall Baker, author of Sports
1 hour ago - Sports

The NCAA's summer of change

Illustration: Aïda Amer/Axios

The college sports landscape has changed more this summer than at any other point in history, as the NCAA grapples with new rules and shifting power dynamics.

The state of play: When NCAA competition resumes this fall, everyone involved — from student-athletes and coaches, to universities and fans — will be entering a new world.