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The New York Times added 180,000 digital subscribers in Q3 and lost 20,000 print subscribers.
The slide in print subscriptions leaves the paper with 740,000 print customers. While that’s an 8.2 percent drop from the 806,000 print subscribers the paper had in last year's quarter, print remains a significant presence on the company’s balance sheet.
The $138.8M in print subscription revenues that the NYT racked up in Q3 still accounted for 36.2 percent of the $382.7M the paper pulled in from subscriptions to all its products.
Almost 90 percent of the print sales were through home delivery. Print also made up 36.4 percent of the NYT’s overall advertising revenue.
On the digital side of the equation, the biggest headwinds the company faced were from costs related to The Athletic, the sports vertical that it acquired in January.
While the paper reported $24.1M in Q3 revenues for The Athletic, its $33.7M in adjusted operating costs resulted in a $9.6M loss.
Overall, however, operating profit for the NYT was up six percent for the quarter and the Times says it is expecting to reach a total adjusted operating profit of $320M to $330 M for the year.
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