The New York Times added 1.08 million digital-only subscribers over the past year, bringing its total to 11.3 million, according to second-quarter results released this week. Including print, the Times has 11.9 million subscribers.
More than 6 million subscribers now fall into the bundle or multi-product category, with another 3.6 million subscribing to a single non-news product such as Games, Cooking, Audio or The Athletic..
The company added 230,000 net digital-only subscribers in the quarter and reported a 15.1% year-on-year rise in digital subscription revenue, now standing at $350.4 million for the quarter. Average revenue per user also grew, up 3.2% to $9.64, driven by subscribers moving off introductory rates and by targeted price increases.
Overall revenue rose 9.7% to $685.9 million, with digital advertising climbing nearly 19% year-on-year to $94.4 million. Operating profit for the quarter was $106.6 million, up 34% on the previous year. Adjusted operating profit rose 28% to $133.8 million.
The Athletic, which returned to profitability earlier this year, continues to be one of the fastest-growing parts of the business. It reported a 33.4% jump in revenue, with advertising almost doubling year-on-year. Subscription revenue was up 18%.
Speaking after the results, CEO Meredith Kopit Levien said the company was generating “significant free cash flow” and was confident in its long-term strategy to grow through investment in both journalism and its product portfolio.
