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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.

1 hour ago - World

Mapped: The world's most and least corrupt countries

Expand chart
Data: Transparency International; Map: Jared Whalen/Axios

The most corrupt governments in the world are in South Sudan, Syria and Somalia, according to Transparency International's annual index, while the "cleanest" are in Denmark, Finland and New Zealand.

  • Breaking it down: The U.S. is 27th, China 66th, India 85th, Brazil 96th and Russia 136th. Scroll over the map to see each country's ranking.

Crypto leads to massive surge in online scams

Expand chart
Reproduced from FTC; Chart: Axios Visuals

Bogus cryptocurrency investments led to an unprecedented increase in online scams last year, according to new data from the Federal Trade Commission (FTC).

Why it matters: Cryptocurrency is an easy target because while it's surging in popularity, there's still a lot of confusion about how it works.