Riding on its recent momentum of passing the 3 million paid print and digital subscription mark, New York Times (NYT - Get Report) has struck up a deal with Spotify in an attempt to lure even more readers to pay for news.
The newspaper publisher announced on Wednesday that for $5 a week, subscribers to the one-year All-Access digital subscription to The New York Times also will have access to Spotify's premium music streaming service, which has an annual retail value of $120.
The news and music bundle, however, is available only for a limited time to U.S. residents who are not current subscribers to the paper or Spotify Premium.
"At the Times we are not only dedicated to helping our readers understand the rapidly changing world around them, but also to helping them live better lives," New York Times executive vice president and chief revenue officer Meredith Kopit Levien said in a statement.
Until recently, the company has not fared well in a rapidly changing media landscape. Despite a steady increase in digital subscriptions, a decline in print advertising and print copies sold dragged down overall revenue.
According to the company's fourth-quarter earnings report released on Feb. 2, print advertising revenue dipped 15.8% while digital advertising sales climbed 5.9% in 2016.
Both the Times and Spotify depend on heavy subscription volume for a boost in revenue. While the Times has experienced a recent surge in subscriptions because of President Donald Trump's attacks on the newspaper for "fake news," Spotify has had a hard time turning a profit even with 40 million paying subscribers globally in 2016. The Swedish music streaming company last released a loss of $200 million in 2015.
Founded in 2006, Spotify is now the world's largest music-streaming service. In the U.S., Spotify once dominated the category of music streaming, which accounted for 51% of total music consumption in the U.S. according to Billboard. It faces intensifying competition from the music streaming divisions of Apple (AAPL - Get Report) , Amazon (AMZN - Get Report) and Alphabet (GOOGL - Get Report) , though.
The companies' partnership is likely to help both reach a broader audience while boosting the digital offerings of the Times. The two companies did not disclose how revenue will be split from this deal.
New York Times declined to disclose terms of the deal, and Spotify did not immediately return a request for comment.