The New York Times concluded 2023 with a record 10.36 million subscribers, leveraging a significant digital presence with 9.7 million digital-only subscribers. This growth is marked by the addition of 300,000 digital-only subscribers in the final months of 2023, the highest quarterly increase seen that year. Digital subscriptions have become the primary revenue source for The Times, generating $1.09 billion in 2023 and exceeding print subscription revenues by more than double.
A key strategy behind this success is the emphasis on “The Bundle,” an all-access digital package that includes not just journalism but also Games, Cooking, Wirecutter, and The Athletic. This approach has resulted in better subscriber retention, with 43% of digital-only subscribers opting for the bundle or multiple products by year-end.
The Times also reported a 10% increase in “other revenues,” driven by higher affiliate referral revenues from Wirecutter and licensing. The average revenue per digital-only user grew by 3.5% compared to 2022, aided by transitioning more subscribers from promotional to standard rates, with non-bundled subscribers most likely to experience price hikes.
Despite these successes, The Athletic, acquired by The Times in 2022 for $550 million, continues to operate at a loss, albeit a reduced one, with its revenue growing by 31% in the last quarter of 2023. Advertising revenue, however, presented a challenge, decreasing by 8.4% in the final quarter, with a particular decline in print ad revenue by 16.2%. The Times anticipates a slight increase in digital ad revenue in the first quarter of 2024, with overall ad revenue expected to decrease.
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