The NY Times Company reported first-quarter results for 2017 and said it had over 2.2 million digital subscribers. Total revenues for the first quarter increased 5.1% to $398.8 million from $379.5 million in the first quarter last year. Circulation revenues increased 11.2%, while advertising revenues declined 6.9% and other revenues increased 20.9%.
Mark Thompson, president and chief executive officer, The New York Times Company, said, “These results show the current strength and future potential of our digital strategy not just to reach a large audience, but also to deliver substantial revenue. We added an astonishing 308,000 net digital news subscriptions, making Q1 the single best quarter for subscriber growth in our history.”
Thompson attributes the subscription growth to new President Donald Trump and his constant attacks against the paper.
Paid digital-only subscriptions totaled approximately 2,201,000 at the end of the first quarter of 2017, a net increase of 348,000 subscriptions compared to the end of the fourth quarter of 2016 and a 62.2% increase compared to the end of the first quarter of 2016. Of the 348,000 additions, 308,000 came from the Company’s digital news products, while the remainder came from the Company’s Crossword product.
First-quarter print advertising revenue decreased 17.9% while digital advertising revenue increased 18.9%. Digital advertising revenue was $49.7 million, or 38.2% of total Company advertising revenues, compared with $41.8 million, or 29.9%, in the first quarter of 2016.
The company had net income of $13.1 million in the first quarter.