The New York Times Company reached its goal of 10 million subscriptions ahead of schedule, the company said Wednesday, aided substantially by the 1.2 million it gained by buying the sports news website The Athletic.
The $550 million deal for The Athletic, which was announced last month, was completed on Tuesday, the company said.
In the final three months of 2021, before the Athletic acquisition, The Times added 375,000 digital subscriptions, the company said in its quarterly earnings report. Those additions included 171,000 to its core news product, meaning the majority were for The Times’s other digital offerings: Games, which includes crosswords; Cooking, its recipes app; Wirecutter, its product-recommendation site; and Audm, which produces audio versions of text-based journalism.
By the last week of December, The Times had almost 8.8 million subscriptions. Nearly 5.9 million were for digital news, more than two million were for the other digital products, and a shade under 800,000 were for the print newspaper.
One subscriber may account for more than one subscription. The subscriber metric, which will be included in The Times’s next earnings report, reflects the company’s desire to market a bundle of several digital subscriptions as a one-stop shop not only for news but for other diversions and needs. At the end of last year, the company said, The Times had about 7.6 million subscribers paying for the 8.8 million subscriptions.
The Times established its earlier goal, 10 million subscriptions by 2025, three years ago, when it had 4.3 million. As subscriptions to The Times’s core digital news app continued to grow, and as Games and Cooking each amassed more than one million subscriptions, it became apparent the company would surpass the goal early.
For the fourth quarter of 2021, the company reported adjusted operating profit of $109.3 million, a 12 percent increase from a year earlier, and revenue of $594.2 million, a 16.7 percent rise. Operating costs rose at virtually the same rate, to $500.1 million. Subscription revenue rose about 11 percent, to $351.2 million.
For the year, revenue grew 16.3 percent, to $2.1 billion — making 2021 The Times’s first $2 billion year since 2012. Operating costs were up 12.2 percent, to $1.8 billion. While subscription revenue grew 13.9 percent, to $1.4 billion, the year also represented a rebound for advertising, where revenue grew to $497.5 million, a 26.8 percent increase from 2020, though still 6.2 percent less than it brought in before the pandemic, in 2019.
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