Photo: Robert Nickelsberg / Getty Images

The New York Times brought in $1.7 billion in total revenue in 2017 — an 8% increase from 2016 — due to substantial growth in subscriptions, which now account for 60% of its revenue, the company announced.

Why it matters: With a drop in demand for physical newspapers, easy access to free news online, and the high costs of running a large media company, it's difficult for news agencies to be profitable.

  • 157,000 digital-only subscriptions were added in the fourth quarter, with subscription revenue rising 19%.
  • Total revenue increased 10% in the fourth quarter to $484 million.
  • Adjusted operating profit rose to $108 million for the quarter, despite operating profit dropping from $56 million to $23 million.
  • Digital-only subscription revenue increased 46% for the year and digital advertising revenue increased 14%.
“We’re pleased with the continued rate of growth and particularly pleased to be seeing strong retention from the large group of new subscribers who came to The Times late last year."
— Mark Thompson, NYT's chief executive

Go deeper

2 hours ago - World

U.S. policy shift will allow taxpayer funding for projects in West Bank settlements

Friedman (L) with Netanyahu. Photo: Menahem Kahana/AFP via Getty Images

The U.S. and Israel will announce tomorrow that they are expanding three agreements on scientific cooperation to include Israeli settlements in the West Bank, Israeli and U.S. officials tell me.

Why it matters: This is a substantial policy shift for the U.S., which did not previously allow its taxpayers' money to be spent in the Israeli settlements.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Obama: Trump is "jealous of COVID's media coverage" Axios-Ipsos poll: Federal response has only gotten worse.
  2. Health: Hospitals face a crush — 13 states set single-day case records last week.
  3. Business: Winter threat spurs new surge of startup activity.
  4. Media: Pandemic causes TV providers to lose the most subscribers ever.
  5. States: Nearly two dozen Minnesota cases traced to three Trump campaign events.
  6. World: Putin mandates face masks.

McConnell: Confirming Amy Coney Barrett will help GOP retain Senate

Photo: Samuel Corum/Getty Images

Senate Majority Leader Mitch McConnell (R-Ky.) expressed no regrets about Judge Amy Coney Barrett's controversial confirmation, telling Politico in an interview that he believes the decision to place her on the Supreme Court just a week before the election will help Republicans retain the Senate.

Why it matters: With a week to go until Election Day, many Republicans are concerned that President Trump's unpopularity could cost them the Senate. McConnell has long viewed the transformation of the federal judiciary through the confirmation of young conservative judges as his defining legacy.