The Times has been promoting its bundled offerings of news, entertainment and lifestyle articles as well as podcasts as it looks to attract and retain subscribers, making the publication a lucrative spot for advertisers.
The company reported revenue of $598.3 million for the third quarter, above analysts’ average estimate of $589.4 million, according to LSEG data.
Subscription revenue grew 9.4% to $418.6 million in the three months to September, above estimates, helped by introductory rates rising after discounted promotional periods ended.
Strong results by technology giants Meta (NASDAQ:META) and Alphabet (NASDAQ:GOOGL) have signaled a rebound in the advertising market as firms which were earlier bogged down by high interest rates are gradually increasing enterprise spend.
NYT’s advertising revenue increased 6% year-over-year to $117.1 million, exceeding market expectations as well.
The company reported average revenue per user (ARPU) for bundled subscriptions of $12.81, compared with a total digital-only ARPU of $9.28.
NYT has a goal to reach 15 million subscribers by 2027. It added 210,000 digital-only subscribers in the quarter, compared to an addition of 180,000 in the second quarter.
The Athletic, its games and sports news offering which the company bought in 2022 for $550 million, generated revenue of $34.4 million, up nearly 46%.
NYT reported adjusted earnings of 37 cents per share, beating estimates of 29 cents per share.
Source: Economy - investing.com
