The New York Times surpassed 8 million paid digital and print subscriptions in Q2 2021. Furthermore, the Company added 142,000 net digital subscriptions in the quarter. The Times disclosed this information in their 2021 Second Quarter financial results.
“Just after the end of the second quarter, The Times crossed another mile marker on our path to scaling direct, paying subscriber relationships: We now have more than 8 million paid subscriptions across our digital and print products — a testament to the success of our strategy, the strength of the market for paid digital journalism, and our unique opportunity to meet that demand. That milestone follows a second quarter with strong revenue and profit growth and progress on advancing our underlying model.”
Meredith Kopit Levien, president and chief executive officer, The New York Times Company
New York Times Company CEO Meredith Kopit Levien cautioned that the news cycle impacts subscription growth. However, she reports that the company is increasing their “control over the levers” of their subscription model. She still sees an “addressable market” of at least 100 million people who will pay for English language journalism. Furthermore, the CEO sees this as a unique moment where “daily habits are up for grabs.”
Revenue Highlights
Total revenues in Q2 2021 increased 23.5% to $498.5 million from $403.8 million a year ago. Specifically, subscription revenues increased 15.7% to $339.2 million. Additionally, advertising revenues increased 66.4% to $112.8 million. Digital ad revenue specifically increased 79.6%, while print increased 48.0%.
Furthermore, digital ad revenue represented 63.0% of total Company ad revenues compared with 58% in Q2 2020. Factors behind the digital ad revenue results including higher direct-sold advertising as well as week Q2 2020 due to COVID-19 weak spending.
The Company saw luxury, media and tech print ad revenue as highlights in Q2 2021. “Other revenues” increased 8.7% in the quarter, primarily due to higher Wirecutter affiliate referral revenues.
