Monday, April 29, 2013

NYT Endures Forgettable First Quarter

Image representing New York Times as depicted ...
Image via CrunchBase
The New York Times last week released gloomy First Quarter results that reflected an 11.2 percent decline in ad revenues and plunging net income.

Net income was $3.1 million, or 2 cents a share in FQ 2013, compared to $42.1 million or 28 cents a share during the comparable period a year ago. Overall ad revenues dropped 11.2 percent, but the Times' print properties, which include the Boston Globe, Worcester Telegram & Gazette and the International Herald Tribune, suffered a 13.3 percent decline in ad revenues. Digital advertising sank 4 percent compared to year-ago FQ results.

In response to the grim figures, Times management plans to unveil reduced cost subscription models, along with a premium subscription rate that would include access to Times-sponsored events.  As previously reported, the Times also is focusing on its own brand and attempting to unload its New England newspapers (see "TUOL" post 4/16/13).

On a bright note, digital subscriptions of the Times and Intl. Trib jumped 49 percent in the First Quarter compared to 2012 figures, reaching 676,000. 
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