• by Erik Sass , Staff Writer @eriksass1, October 5, 2015

Most reputable news publishers try to avoid talking about themselves too much, on the understanding that when it comes to your own affairs, “no news is good news.” When the most interesting story is about a publication’s own business model or editorial standards, it’s probably because something went wrong.

But not all the time.

In a letter to readers published on The New York Times Web site on Monday, executive editor Dean Baquet thanked subscribers for their support and reminded them what they’re getting for their money.

The NYT’s top editor first noted that the company’s digital-only subscriber base recently passed the 1 million mark, while its combined print-and-digital subscribers now number 1.1 million. That means that the NYT currently has more subscribers than at any point in its history.

Baquet was quick to draw a connection between subscribers and the content they help support, boasting of the NYT’s investments in editorial expertise and the special insights this delivers. For example, a reporter who used to be a former captain in the Marines breaking a story on abandoned chemical weapons in Iraq, or a former Federal Reserve employee writing about income inequality.

The NYT’s success maintaining this level of quality is especially noteworthy, given the general secular decline in legacy news orgs, Baquet noted: “Many news organizations, facing competition from digital outlets, have sharply reduced the size of their newsrooms and their investment in news gathering. But The New York Times has not. We have our subscribers to thank for that. Day after day, the financial support of our readers is making a difference in the depth and breadth of our journalism.”

There’s no question the NYT’s digital subscription strategy has changed the publisher’s business model substantially.

in the second quarter, circulation revenues contributed 55% of total revenues, up from 42% four years ago. But growth has slowed recently.

After increasing 5% in 2013, circulation revenues grew just 1.5% in 2014, and just 0.9% in the first half of this year. This raises the question of whether digital subs will be a sustainable strategy for long-term growth, or just a one-time bump partially offsetting continuing declines in print ad revenues.