The New York Times announced it had finished the first quarter generating $594 million in revenue, with 72.2% of that tied directly to its growing subscription business. Across the three lines of revenue that it tracks, it reported that:
- Subscription revenue was up 7.9% year-over-year to $429 million.
- Advertising revenue was down 2.4% year-over-year to $103.7 million.
- Other revenue (licensing, Wirecutter affiliate referrals, commercial printing, leasing of floors in company HQ, retail commerce, live events business, student subscription sponsorship program, and books, TV, and film) was up 7.6% to $61.3 million.
- Looking at just digital Other revenues (digital licensing & Wirecutter affiliate referrals), it generated $35.8 million in Q1 2024, up from $26.1 million in Q1 2023.
These results should come as no real surprise. The New York Times has prioritized its subscription business over everything else, and when it last issued its guidance, it warned that the ad business would likely be down.
