For the quarter, print advertising revenue fell 19 percent, driving an 8 percent decline in total advertising revenue. The drop followed a 14 percent decline in print advertising revenue in the second quarter.
Digital advertising revenue, however, which now represents 36 percent of the company’s advertising revenue, increased 21 percent in the quarter, to $44 million, a welcome relief for the company after a decline in digital advertising last quarter. The Times also added 116,000 net digital-only subscriptions for its news products during the quarter, bringing its total to 1.3 million. Including crossword product subscriptions, it has about 1.6 million digital-only subscribers.
Circulation revenue increased 3 percent, to $217 million, as digital-only subscription revenue rose 16 percent, to $59 million.
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| Mark Thompson |
“This quarter proved yet again that The New York Times has a very compelling digital revenue story to tell,” Mark Thompson, the company’s chief executive, said in an earnings release.
He added: “The quarter was also marked by real pressure on print advertising both for us and for the rest of the industry. We expect print advertising to remain challenged in the fourth quarter and while we will continue innovating and investing where we think it makes sense, we will remain focused on our cost structure and on rapidly growing our digital business.”
Adjusted operating profit, the company’s preferred method for assessing performance, fell to $39 million, from $48 million in the same quarter a year earlier.
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