• by Ray Schultz , May 4, 2023

Lee Enterprises, which describes itself as a “digital-first subscription platform,”  has realized $170.6 million in revenue in its second quarter, down from $190 million in the same period last year.  

There was a net loss of $5.8 million, an improvement on the $6.7 million reported in Q2 2022.

Digital revenue totaled $65 million, a 12% increase YoY. Digital now makes up 38% of the firm’s total operating revenue.

In addition, digital-only subscription revenue increased 39% YoY due to a 21% increase in digital-only subscribers and increases in average rates. 

There were 596,000 digital-only subscribers at the end of quarter.

At the same time, digital advertising and marketing services revenue totaled $46 million, a 7% rise YoY, and represents 60% of total ad sales revenue. 

Digital marketing service at Amplified Digital pulled in $22 million, a 20% YoY.

In contrast, print advertising fell to $31.4 million, from $44.2 million in the same quarter in 2022. Print subscription revenue totaled $77.7 million, compared to $87.6 million last year.

“We are encouraged by the solid pace of digital revenue growth in the second fiscal quarter,” says Kevin Mowbray, president and chief executive officer. “Our Three Pillar Digital Growth Strategy is driving digital revenue growth, transforming the mix of our top line revenue, and positioning us towards a vibrant, sustainable, and profitable digital model.”