New York Times Reveals 11-Page Memo Detailing Ambitious Plan to Double Digital Revenue in 5 Years

The New York Times revealed its bold plans to reinvent itself on Wednesday, previewing a mobile-first and digital version of the “paper of record.”

“We need to move with much more urgency,” an 11-page memo titled “Our Path Forward” said. It went on to detail the paper’s ambitious plan to build upon its recent record of two million digital subscribers.

“For all that we’ve accomplished, our digital business is not yet close to supporting the scale of our ambitions. This is why we are setting the goal of doubling our digital revenues over the next five years, to reach more than $800 million in digital‐only revenue by 2020. To get there, we must more than double the number of engaged digital readers who are the foundation of both our consumer and advertising revenue models.”

Also Read: New York Times Passes Million Digital Subscriber Mark

The plan to double digital revenue has been hatched in large part to offset the industry-wide trend of sinking print advertising revenue, that’s hit the Times like every other big, national paper. The Times’ all-in digital approach aims to return it to a “position of growth” that outpaces the “inevitable decline in print.”

“Reaching these targets would take us past the point at which digital revenue exceeds print revenue, an important milestone for the long‐term sustainability of our mission,” the memo continued.

Also Read: New York Times Quarterly Earnings Beat Projections, Ad Sales Fall

But the strategy isn’t a one-trick digital pony–eventually, the Times sees itself as a mobile-first publication.

“Our organization was built for the print era and now must be redesigned for the mobile era,” the paper said, outlining plans to reach more younger viewers (40 percent of current mobile audience is under 35) who get their news through mobile.

Also Read: NY Times, NPR, LA Times Nominated for Online Journalism Awards

The paper doesn’t see mobile as just another distribution method but a transformative platform for people to consume their news: “The way we tell our stories, the design of the experience and the speed and functionality of the products will be critical to differentiating The Times from the competition.”

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TheWrap's editor in chief Sharon Waxman kicked off the sixth annual TheGrill Conference Day 1.
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"Empire" co-creator/writer Danny Strong (left) and producer Brian Grazer spoke onstage during the first day of TheWrap's 6th Annual TheGrill.
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Producer Brian Grazer spoke onstage during the first day of TheWrap's 6th Annual TheGrill.
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"Empire" co-creator/writer Danny Strong and producer Brian Grazer spoke onstage with Sharon Waxman during the first day of TheWrap's 6th Annual TheGrill.
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"Empire" co-creator/writer Danny Strong and producer Brian Grazer spoke onstage during the first day of TheWrap's 6th Annual TheGrill.
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"Empire" co-creator/writer Danny Strong and producer Brian Grazer spoke onstage with Sharon Waxman during the first day of TheWrap's 6th Annual TheGrill.
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Maker Studios CEO Ynon Kreiz (left) spoke onstage with AwesomenessTV founder and CEO Brian Robbins (right) during Day 1 of TheGrill 2015.

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Brian Robbins, founder & CEO of AwesomenessTV, spoke onstage during the first day of TheWrap's 6th Annual TheGrill.

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Edelman president of strategic partnerships and global integration Gail Becker presented results of new consumer study on Day 1 of TheGrill 2015.

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Edelman president of strategic partnerships and global integration Gail Becker presented results of new consumer study on Day 1 of TheGrill 2015.

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Robert Kyncl, chief business officer at YouTube, spoke about the platform's growth rate during Day 1 of TheWrap's 6th Annual TheGrill.

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Robert Kyncl, chief business officer at YouTube, spoke about the platform's growth rate during Day 1 of TheWrap's 6th Annual TheGrill.

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Jason Hirschhorn talked to Kyncl about YouTube's growth and challenges at the first day of TheWrap's 6th Annual TheGrill.

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Nancy Dubuc, president & CEO of A+E Networks, spoke about the disruption of cable TV during the first day of TheWrap's 6th Annual TheGrill.

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Dawn Ostroff, president of Conde Nast Entertainment, attended the first day of TheWrap's 6th Annual TheGrill.

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Van Toffler attended the first day of TheWrap's 6th Annual TheGrill.

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CNBC reporter Julia Boorstin attended TheWrap's sixth annual TheGrill conference at The Montage Beverly Hills.
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Golden Globe nominee Maria Bello discusses her life and career during Day 2 of TheGrill
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IMAX's head of international marketing Roger Pollock discussed the moviegoing experience on Day 2 of TheGrill.
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Skydance Media CCO Dana Goldberg discussed the moviegoing experience on Day 2 of TheGrill.
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Movio co-founder and chief executive Will Palmer discussed the moviegoing experience on Day 2 of TheGrill.
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Universal president of worldwide marketing Josh Goldstine discussed the moviegoing experience on Day 2 of TheGrill.
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