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Concern as New York Times suffers revenue setback

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Concern as New York Times suffers revenue setback

The Times' total revenue of $388.7 million for the quarter was down 0.6% on the same period in 2013 – not substantial, says media analyst, Ken Doctor, in his analysis published on NiemanLab, but it points to “a big problem for all dailies — the great decline in print advertising continues to swamp much of the other progress news companies are making in reader revenue and, for some, new digital ad revenue streams.”
Print revenue, down 6.6%, and stronger investment in the digital products contributed to the losses. CEO Mark Thompson acknowledged that the off-shoot news source alternatives NYT Now, NYT Opinion and Times Premier had “left some customers confused” and that they had “underestimated the challenge of presenting the new wide arrange of choices” to their users. The alternatives that the company had anticipated would boost subscription are yet to deliver the results that the company is after.
Columbia Journalism Wall’s Ryan Chittum wrote “The Times added just 32,000 subscribers in the second quarter and increased paywall revenue by $1.4 million, or 4 percent. Its costs, meanwhile, increased by $18 million, driven by investment in its digital products, including the new apps.”

Management said that it was encouraged by the reaction of users to these products, “especially the high consumer satisfaction levels we’re seeing with the NYT Now app… But, while we expected the portfolio to take time to build, we want to accelerate the rate of growth in subscription sales, so over the coming months, we will refine some of the offers and the way we market the portfolio to accomplish this.” 


Krysten Dawes


2014-07-30 18:45

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