NYT rakes in more than $1 billion in subscription revenue
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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