• by Ray Schultz , August 7, 2024

The New York Times Company posted a 5.8% increase in revenue YoY in Q2 to $625.1 million, the paper reported on Wednesday. 

This was driven in part by the addition of 300,000 new digital subscribers in the quarter, driving a 13.6% increase in earnings.

The publisher’s adjusted operating profit rose to $104.7 million, up from $92.2 million in the same period in the prior year. 

Subscription revenue grew by 7.3% YoY to $439.3 million during the quarter. 

In addition, total advertising revenue rose by 1.2% to $119.2 million. Digital advertising revenue increased by 7.8% to $79.6 million, but print advertising declined by 10% to $39.6 million.

Nearly half of their digital subscribers use more than one of their products, which include the news report, games, recipes, the Wirecutter review site and The Athletic, a sports news website, the Times reports. 

These products will provide multiple opportunities for growth.  

“Together we believe these make The Times resilient in a changing media landscape and well positioned for continued value creation,” says Meredith Kopit Levien, chief executive of the Times Company.

The goal is to attract 15 million subscribers by the end of 2027, the Times adds.