For the New York Times Co, the three months to June was the second quarter in a row where print and digital ad revenues fell, offsetting encouraging news on subscriber growth and circulation revenue gains. While digital subscriber growth was up, rising 22% in the June quarter from a year ago (which helped push circulation revenues up 3% to US$219 million, along with higher home delivery prices), ad revenues fell by 12% to US$131.
Digital advertising fell 6.8%, down for a second consecutive quarter, while print advertising revenues dropped 14%, to US$45 million. The NYT added 51,000 net digital-only subscriptions in the quarter. It also added 16,000 new subscribers to its separate crossword puzzle offering for a total of 212,000 at the end of the quarter. Revenue fell 2.7% to US$372.6 million in the quarter, from US$383 million a year ago. Despite that, digital advertising revenue now accounts for more than a third of the company’s total ad revenue, but that’s still not enough.
In April, the paper announced that it would cut 70 jobs and move some editing and production operations from Paris to New York and Hong Kong as part of a restructuring of its international print edition operations. Around 80 union-covered employees in the US took up a voluntary contract buyout round that closed earlier this month.