Subscriptions and revenue are up at The New York Times Company in the first quarter of 2018, offsetting declines in digital and print advertising.
NYTCO revenue grew by 3.8% in the first quarter of 2018, compared to the same quarter in 2017. Total revenue in the quarter was about $414 million.
NYTCO added 139,000 digital-only subscribers in the first quarter of 2018, a 25.5% increase from the same quarter last year. About 40,000 of those new subscribers were from digital membership products, like the Cooking and Crossword apps.
NYTCO now has a total of about 2.8 million digital-only subscribers.
Subscription revenue increased 7.5% to about $260 million, accounting for nearly two-thirds of the company’s total revenue.
Conversely, digital advertising fell 6%, mostly due to declines in display advertising. Digital advertising, which was about $46.7 million in the first quarter, makes up one-third of the company’s total advertising revenue.
This marked the first time since the second quarter of 2016 that digital advertising declined.
Though print advertising revenue fell too, it dipped by only 1.8%.