The New York Times hit a major digital marketing milestone today.
For the first time ever, The New York Times made more money from their digital-only subscriptions ($82.5 million) than from print advertising revenue ($77 million).
The newspaper revealed those stunning stats during their second quarter earnings call to investors Thursday.
Another big milestone for the paper was an increase in advertising growth from the previous year’s quarter — the first time that has occurred in almost three years.
Print advertising revenue which still accounts for a large portion of the company’s overall profits, has been in steady decline but the news about digital growth is amazing.
The second quarter earnings numbers:
- Revenue: UP — $407 million for Q2, up 9% year-over-year (YOY)
- Advertising revenue: UP — $132 million, up .75% YOY
- Digital advertising revenue: UP — $55 million, up 23% YOY
- Print advertising: DOWN — $77 million, down 11% YOY
- Digital-only subscriptions: UP — Added 93,000 bringing total to 2.3 million digital-only subscriptions (includes Crossword)
- Digital-only subscription revenue: UP — $83 million, up 46% YOY
For companies large and small, the steady transition from traditional advertising to digital continues.
These numbers are absolutely incredible.