The New York Times banks 180k new subscribers thanks to bundle approach
The New York Times ups its full year forecast as the print and digital bundling strategy appears to be paying off.
The media group added 180,000 online subscribers in the three months to September, bolstering third quarter estimates.
The publication has been bringing together its traditional print and digital offerings, with its newly acquired sports site The Athletic and crossword puzzles.
Revenue dipped below analysts’ expectations at $547.7m, driven by slower advertising spend, but still climbed compared to the previous quarter.
Chief exec Meredith Kopit Levien said it was the company’s best quarter for bundle sign-ups, with more than one million customers getting multiple products.
On an earnings call, Levien said the group planned to raise prices on individual products to “drive more people to take our bundle.”
The news eases the pressure of activist investor ValueAct Capital Management, which has been hot on the media titan’s heels to boost profitability.