Total revenues for the company increased by 6.1% to $439.1 million this quarter. Subscription revenues also saw an increase of 3.9%.
The company credits the surge of subscriptions in the first quarter, in part, to the growth of its digital-only products, which include the news product alongside Crossword and Cooking. Revenue from digital-only products increased by 15.1% to $109.9 million in the first quarter.
Paid digital-only subscriptions increased by 223,000 in Q1 2019, now totally 3,583,000, an increase of 28.7% over Q1 2018. Total subscription equal 4.5 million.
Of that number, 144,000 came from the company’s digital new products, with the rest attributed to the Cooking and Crossword products.
Advertising revenues declined by .4%. However, digital advertising revenue increased by 18.9%, reflecting growth in direct-sold advertising on the company’s digital platforms, including podcasts. Other revenues increased by 55.8%.
The Times announced earlier this year it has a goal of reaching 10 million total subscribers by 2025. The company has been building this number up through the development of its digital products.
Mark Thompson, president-CEO, The New York Times Company, stated: “Subscription revenues made up two-thirds of the Company’s revenues and for the first time, digital-only subscription revenue was more than a quarter of total Company revenue.
We will continue to invest in our journalism, product and marketing at elevated levels to attract and retain large numbers of new subscribers to The Times.”
Today, the company launched a new digital product, Parenting, now in beta. The site, headed by Jessica Gross, is intended for new and expecting parents looking for guidance about having and raising children.
The Times decided to dedicate more attention to parenting when it discovered readers were interested in reading more on the topic. The site will feature expert guidance from doctors specializing in fertility, pregnancy and pediatrics, mental-health experts and leaders from the finance world.
“Like our other new products, Cooking and Crosswords, Parenting is a standalone experience —not a section of the site. Ultimately, our goal is to turn it into an additional subscription service,” stated Alex MacCallum, head of new product and ventures at The Times.