The New York Instances Firm added 300,000 paid digital subscribers within the fourth quarter of 2023, the corporate mentioned on Wednesday, serving to to push annual income for digital subscriptions above $1 billion for the primary time.
The Instances reported complete income of $676.2 million within the final three months of the yr, basically flat in contrast with a yr earlier. Adjusted working revenue elevated 8.5 p.c, to $154 million.
It was “a robust yr for The Instances that showcased the facility of our technique to be the important subscription for each curious particular person in search of to grasp and interact with the world,” Meredith Kopit Levien, the corporate’s president and chief govt, mentioned in a press release.
The corporate has targeted lately on pushing a bundle of merchandise to subscribers: its core information report in addition to video games like Wordle and Spelling Bee; its product evaluate web site, Wirecutter; a recipe app; and The Athletic, its sports activities information web site.
The Athletic, which The Instances purchased two years in the past for $550 million, continued to lose cash within the fourth quarter. However its working loss shrank to $4.4 million, from $9.6 million a yr earlier. Income at The Athletic grew 31.3 p.c, to $38.5 million.
On the finish of the yr, The Instances had 10.36 million subscribers, 9.7 million of them digital-only. The corporate has a said aim of 15 million subscribers by the tip of 2027.
The corporate mentioned it had $709.2 million in money and marketable securities on the finish of 2023.
A lot of the information media trade is in turmoil, with publishers like The Los Angeles Instances, The Washington Put up and Enterprise Insider shedding journalists or providing buyouts in current months. Headwinds embody a decline in readers who attain information websites by way of social media platforms, much less person curiosity in information and a tricky marketplace for promoting.
Promoting was a weak spot for The Instances within the fourth quarter. Whole promoting income decreased 8.4 p.c, to $164.1 million. Digital promoting fell 3.7 p.c and print promoting 16.2 p.c.
The variety of print subscribers has continued to say no. There have been 730,000 on the finish of 2022 and 660,000 by the tip of 2023.
