The New York Times has crossed the threshold of one million digital subscribers abroad, announced Wednesday its CEO Meredith Kopit Levien, who still sees room for growth for the daily outside the United States.
In total, the group gained 455,000 digital subscribers between July and September and now has 8.38 million paying subscribers, 90% of which are online only. Over one year, the New York Times has seen its subscriber portfolio grow by 21% and is approaching its goal of ten million in 2025.
«We still believe that there are at least a hundred million English-speaking, college-educated people in the world who are willing to pay for quality journalism.“, explained Meredith Kopit Levien during the conference call to present the results. She estimated that about half of this population was outside the United States.
18% of new subscribers abroad
The New York Times aims to target readers who are, in general, already subscribed to at least one title from their country or region of residence and who are ready to pay for a second subscription, which represents less of 50 million people, estimated the leader.
Among the flow of new subscribers this quarter, 18% are located abroad, said CFO Roland Caputo during the conference call.
Moreover, for the first time this year, the New York Times is expected to derive less than half of its subscription revenue from the paper.
This evolution is not particularly due to the decline in turnover from print editions, which has remained relatively stable in recent years thanks to price increases, but rather to the acceleration of revenues from digital.
In the third quarter, the New York Times recorded a turnover of 509 million dollars, up 19% and above expectations. Net profit came out at $54 million, up 62%.
Investors sanctioned the title in the first exchanges on Wednesday on Wall Street, the action losing 5.97% around 3:45 p.m. GMT.