• by Ray Schultz , Columnist, November 8, 2023

The New York Times is in a growth mode judging by its Q3 results.  

For starters, The Times now has over 10 million subscribers. It added 210,000 digital-only from June through September, to total 9.41 million, a gain fueled by bundle and multi-product offerings. There are also 670,000 print subscribers.  

The paper is on track to have 15 million subscribers by the end of 2027, it says. 

What’s more the Times reports average revenue per user (ARPU) of $9.28. This helped drive a 15.7% increase YoY in digital subscription revenue to $282.2 million.  

Total subscription revenues rose by 9.4% to $418.6 million, driven by a $44.1 million increase in bundle and multiproduct subs. Moreover, the Times reports a $2.2 million hike in single-product revenues. But this was partially offset by an $8 million decrease in news-only subscriptions. Print subscription revenues fell by 1.8% to $163.3 million. 

Digital ad revenue rose by 6.7% to $75 million.  

Total revenue for Q3 was $598.3 million, a 9.3% rise an compared to last year; adjusted operating profit was $89.8 million, a 30.1% hike YoY.  

Total operating costs rose by 7.7% to $534.8 million.  

The Athletic, the sports site the Times bought for $550 million last year, showed an adjusted operating loss of $7.9 million. That’s still better than the $12.1 million loss last year, but it adds to the $68 The Athletic has lost since the acquisition.  

But The Athletic posted $34.3 million in revenue, a 45.8% boost over Q3, due to an increase in subscribers and the introduction of display advertising.  

Overall, the Times is “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,” says Meredith Kopit Levien, president and chief executive officer, The New York Times Company. 

Kopit Levien adds, “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.”