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Data: NYT earnings reports; Chart: Danielle Alberti/Axios

The New York Times said during its earnings report on Wednesday that it saw more than a half-million new subscribers — roughly double the amount of net new subscriptions that it typically sees in any given quarter.

Why it matters: Despite the fact that more people are hungry for news, news companies like The Times are struggling to bring in ad revenue during the coronavirus pandemic.

  • The Times said that it expects its ad revenue to be down roughly 50% next quarter from the same time last year.

What they're saying: “The Times’s business model, with its growing focus on digital subscription growth and diminishing reliance on advertising, is very well positioned to ride out this storm and thrive in a post-pandemic world," CEO Mark Thompson said in a letter to shareholders.

  • "We’ve seen historic audience levels and an unprecedented rate of subscriber growth as well as real pressure on advertising revenue."

The big picture: Top media executives have announced layoffs, furloughs and cuts to salaries and benefits as a result of the advertising market collapse.

Our thought bubble: Like a few other media companies that reported earnings recently, The Times still beat on revenue and earnings, suggesting that the majority of the impact that its business will face as a result of the coronavirus will come next quarter.

Go deeper: Coronavirus presents existential threat for news media

Go deeper

SoftBank posts $12 billion in quarterly profits

Photo illustration: Eniola Odetunde/Axios. Photo: Yoshikazu Tsuno/Getty Images

SoftBank and its Vision Fund made a comeback this past quarter. But chairman and CEO Masayoshi Son has already moved on to a new project: a $550 million vehicle for investing in blue-chip public tech stocks like Facebook, Amazon and Apple.

Why it matters: This is part of Son’s ongoing plan to transform SoftBank Group into an investment company.

Aug 14, 2020 - Technology

Media giants look abroad to build next round of streaming services

Data: Company filings; Chart: Naema Ahmed/Axios

Facing saturation and stiff competition in the U.S., media giants are planning to launch new streaming services internationally to accrue more subscribers.

The big picture: Growth in streaming video is exploding, particularly since the pandemic began, and media companies seem to see a lot of unclaimed territory out there. Streaming made up 25% of TV usage last quarter, up from 19% at the same time last year, according to Nielsen's latest total audience report.

Scoop: Trump tells confidants he plans to pardon Michael Flynn

Photo: Alex Wroblewski/Getty Images

President Trump has told confidants he plans to pardon his former national security adviser Michael Flynn, who pleaded guilty in December 2017 to lying to the FBI about his Russian contacts, two sources with direct knowledge of the discussions tell Axios.

Behind the scenes: Sources with direct knowledge of the discussions said Flynn will be part of a series of pardons that Trump issues between now and when he leaves office.