The New York Times’ latest earnings report on Tuesday proved that not even the paper of record is immune to the digital advertising crunch affecting everyone in the business: While the paper boasted of 67,000 new, digital-only subscribers, online advertising revenue ominously declined by 1.3 percent. In a conference call, the Times downplayed the first quarter’s total revenue losses of 6.8 percent, or $14 million.
“We believe our timely pivot from traditional advertising to branded content will help us grow,” CEO Mark Thompson told participants on the call, taking an optimistic line on the revenue drop.
“The rate at which we are adding digital subscriptions continues to accelerate,” he said in a statement released earlier on Tuesday.
In the face of universally declining revenues in print advertising, the legacy media brand is trying to forge a way ahead by increasing online advertising revenue and roping in more digital-only subscribers.