New York Times Co. will gain 300,000 digital subscribers this quarter

The New York Times Company added 300,000 paying digital subscribers in the fourth quarter of 2023, the company said Wednesday, pushing annual digital subscription revenue above $1 billion for the first time.

The Times reported total revenue of $676.2 million in the last three months of the year, essentially flat from a year earlier. Adjusted operating profit rose 8.5 percent to $154 million.

It was “a strong year for The Times, demonstrating the power of our strategy to be the essential subscription for every curious person who wants to understand and connect with the world,” said Meredith Kopit Levien, president and CEO of the company, in a statement. .

The company has focused in recent years on offering a bundle of products to subscribers: the core news report and games like Wordle and Spelling Bee; her product review site, Wirecutter; a recipe app; and The Athletic, the sports news website.

The Athletic, which bought The Times two years ago for $550 million, continued to lose money in the fourth quarter. But operating losses shrank to $4.4 million from $9.6 million a year earlier. The Athletic's revenue grew 31.3 percent to $38.5 million.

At year's end, The Times had 10.36 million subscribers, 9.7 million of whom were digital-only. The company has a target of 15 million subscribers by the end of 2027.

The company said it had $709.2 million in cash and marketable securities at the end of 2023.

Much of the news media industry is in turmoil, with publishers like The Los Angeles Times, The Washington Post and Business Insider firing or offering buyouts to journalists in recent months. Headwinds include a decline in readers reaching news sites through social media platforms, less user interest in news and a tough market for advertising.

Advertising was a weak spot for The Times in the fourth quarter. Total advertising revenue fell 8.4 percent to $164.1 million. Digital ads fell 3.7 percent and print ads fell 16.2 percent.

The number of print subscribers continues to decline. At the end of 2022 there were 730,000 and at the end of 2023 it was 660,000.