New York Times Now Has More Than 5 Million Subscriptions

New York Times now has more than 5 million total subscriptions, up more than 16% from a year earlier.
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New York Times (NYT) - Get Report reported that in 2019 it added more than 1 million net digital subscriptions and doubled its annual digital revenue a year ahead of schedule.

The parent of the New York Times said that last year digital revenue exceeded $800 million. In 2015, the figure was half that amount and New York Times had determined to double it by year-end 2020, the company said in a statement.

The company launched its digital subscription model in 2011. The 1 million net additions are the most in a single year for the company.

New York Times now has more than 5 million total subscriptions, up more than 16% from 4.3 million a year earlier. 

The latest figure includes 3.4 million core news subscriptions, more than 300,000 to its cooking offering, 600,000 to NYT Crossword, and 900,000 to the print edition.

President and CEO Mark Thompson on Tuesday was scheduled to brief the staff on these figures. 

The company, which was founded in 1851 and now employs 1,600 journalists, is set to report fourth-quarter and full-year 2019 results before the market opens on Feb. 6. 

A survey of analysts by FactSet estimating that in the latest fourth quarter New York Times earned an adjusted 28 cents a share on revenue of $499.5 million.

In the fourth quarter of 2018, New York Times earned 33 cents a share on revenue of $502.7 million. 

In recent years, hundreds of newspapers have closed and many surviving papers have shrunk their newsrooms and emphasized digital publication as print advertising dried up in the internet age.