• by Ray Schultz , November 5, 2024

The New York Times generated $6.40.2 million in revenue in its third quarter, up from $598.3 million in the third quarter of 2023. 

Advertising revenue grew by 1.1% to $118.4 million, while digital ad sales jumped by 8.8% to $81.6 million -- 68.9% of company ad revenue. This was largely driven by higher revenues from open-market programmatic advertising.

Print advertising revenues fell by 12.6% and print subscription revenues declined by 3.8%.

Operating profit totaled $76.7 million, compared to $63.6 million in the same period last year. 

“The third quarter was another strong one for the Times as we made further progress toward becoming the essential subscription for every curious person seeking to understand and engage with the world,” says Meredith Kopit Levien, president and chief executive officer, The New York Times Company.

“We passed 11 million total subscribers in the quarter, more than five million of whom now subscribe to the bundle or multiple products," Levien adds.

The Times added approximately 260,000 net digital-only subscribers compared with the end of the second quarter of this year. Of the 10.47 million digital-only subscribers, 5.12 million were bundle and multiproduct subscribers, the Times says.

The average digital-only revenue per user grew by 1.8 YoY to $9.45.