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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.

Felix Salmon, author of Capital
14 mins ago - Economy & Business

Warren Buffett resigns from Gates Foundation board

Buffett and Bill Gates in 2015. Photo: Dimitrios Kambouris/Getty Images

The Bill and Melinda Gates Foundation — the second-largest philanthropy in the world — is now governed by just two trustees, after Warren Buffett announced on Wednesday that he had resigned his position there.

Why it matters: The two remaining trustees, Bill Gates and Melinda French Gates, are going through a divorce.