The New York Times grew to over 10 million subscribers in the third quarter, boosted by an increased emphasis on digital-only subscriptions that resulted in an addition of 210,000 net digital-only subscribers in the quarter.
Breaking the subscription number down further, the additional net digital-only subscribers who joined in the last three months brought the total digital subscribers to 9.41 million. The Times boasts 670,000 print subscribers, bringing the number to over 10 million. The company’s goal is to reach 15 million subscriptions by the end of 2027.
In order to bolster its subscription base, the Times has focused on its digital offerings, including the outlet’s reporting, Cooking, Games, Wirecutter and The Athletic. According to the company, approximately 3.8 million digital-only subscribers are subscribed to at least two or more products.
The company reported third quarter revenue of $598.3 million, a 9.3% increase year-over-year, translating to 32 diluted cents per share, on Wednesday, which beat Wall Street estimates for the third quarter of 2023.
Analysts surveyed by Zacks Investment Research were expecting earnings of 29 cents per share on revenue of $589.9 million.
In the third quarter of 2022, the Times reported revenue of $547.7 million or adjusted earnings of 21 cents per share.
Advertising revenues increased 6% year-over-year, which the company attributed to continued strength in digital advertising revenues, even in a challenging advertisement environment for media organizations.
The Times’ president and CEO Meredith Kopit Levien said in a statement, “We are pleased with our third quarter results, which underscore the strength of our strategy to become the essential subscription for every curious, English-speaking person seeking to understand and engage with the world.”
“Our multi-product bundle, which combines a world-class news destination with market-leading products in games, cooking, sports and shopping advice, continues to perform well,” Levien continued. “We expect the bundle to enhance our resiliency and further us down the path to building a larger, more profitable company.”
During Wednesday’s earnings call, Levien noted that “this is a deeply troubling and complex period for the world with last month’s horrific attack on Israel by Hamas, the ensuing war and devastation in Gaza and the reverberating global consequences.”
“In this difficult moment, the Times plays a vital role,” the Times CEO continued.
This comes after the outlet published an editor’s note admitting missteps in the coverage of a Gaza hospital blast, saying the paper “relied too heavily on claims by Hamas” in its initial reporting.