NYT Sub Revenue Hits $1 Billion a Year, 60 Percent of Everything It Makes

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The New York Times headquarters building in Manhattan.
The New York Times headquarters building in Manhattan. Credit: iStock

President Trump is spectacularly wrong about the "failing New York Times," as he likes to call it—but the paper remains too polite to say so.

The New York Times Company today revealed that, as NYT media report Sydney Ember writes,

Total revenue for the year increased 8 percent, to $1.7 billion, and 10 percent in the fourth quarter, to $484 million. Adjusted operating profit rose to $108 million for the quarter, compared with $96 million for the same period a year earlier. Operating profit fell to $23 million for the quarter, from $56 million, in part because of pension-settlement charges and higher operating costs.

A big boost to the bottom line: the addition of 157,000 net digital-only subscriptions in the fourth quarter, which helped drive sub revenue above the $1-billion mark and to 60 percent of the company's total revenue. The Times now has 2.6 million digital-only subs, and digital-only sub revenue increased a remarkable 46 percent in 2017, to $340 million.

Another bright spot: digital advertising revenue, which rose 14 percent in 2017 to $238 million.

It'll come as no surprise to anyone that print-ad revenue continues to shrink; for the year, the total fell 14 percent to $320 million, which contributed to an overall ad-revenue decline of 4 percent for the year, to $559 million.

Though the Times' own coverage of its financial results don't explicitly reference President Trump, there is a coded refence to the effect he's had on the Times three paragraphs into Sydney Ember's story:

"We're pleased with the continued rate of growth and particularly pleased to be seeing strong retention from the large group of new subscribers who came to The Times late last year," Mark Thompson, the company's chief executive, said in a statement, referring to the growth in subscriptions that The New York Times recorded around the 2016 presidential election.

On Twitter this morning, Ember helpfully translates:

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