The New York Times Company Reports Strong Q4 2024 Results, Driven by Digital Growth

The New York Times Company (NYSE: NYT) today reported its financial results for the fourth quarter and full year ended December 31, 2024, showing continued momentum in its digital transformation strategy. The company's focus on digital subscriptions and advertising revenue has yielded strong results, with digital-only subscriptions reaching 11.4 million, up 11% year-over-year.

The company reported total revenue of $581 million for the fourth quarter, representing a 6% increase compared to the same period in 2023. Digital revenue, which includes digital advertising and digital-only subscriptions, grew 12% to $346 million, now accounting for 60% of total revenue. This marks a significant milestone in the company's strategy to become a digital-first news organization.

"We are pleased with our strong finish to 2024, which reflects the continued resonance of our journalism and products with readers," said Meredith Kopit Levien, President and Chief Executive Officer of The New York Times Company. "Our strategy to make the Times an essential subscription for curious people around the world is working, and we're confident in our ability to continue growing our digital subscriber base while maintaining the high-quality journalism that has defined our brand for over 170 years."

Key financial highlights for Q4 2024:

• Total revenue: $581 million (up 6% year-over-year)
• Operating profit: $98 million (up 9% year-over-year)
• Digital-only subscriptions: 11.4 million (up 11% year-over-year)
• Digital advertising revenue: $104 million (up 16% year-over-year)
• Print advertising revenue: $66 million (down 3% year-over-year)

The company's digital advertising business showed particular strength, growing 16% year-over-year to $104 million. This growth was driven by increased demand for the company's targeted advertising solutions and the expansion of its digital advertising offerings. The Times has invested heavily in its advertising technology platform, which has helped attract new advertisers and increase engagement with existing ones.

For the full year 2024, The New York Times Company reported total revenue of $2.2 billion, up 7% from 2023. Digital revenue for the full year grew 13% to $1.3 billion, while print revenue declined 2% to $900 million. The company's digital transformation continues to accelerate, with digital revenue now representing 59% of total revenue for the full year.

Looking ahead to 2025, the company provided guidance for continued growth. The Times expects total revenue to grow in the low double digits, with digital revenue growing at a faster rate than the overall company. The company also expects to add approximately 1 million net new digital-only subscriptions in 2025, continuing its strong growth trajectory.

The company's success in digital subscriptions is particularly noteworthy given the competitive landscape of digital news and media. The Times has differentiated itself through its commitment to high-quality journalism, innovative digital products, and a focus on building direct relationships with readers. The company's strategy of offering a bundle of products including news, games, cooking, and audio has proven effective in attracting and retaining subscribers.

"Our diversified subscription bundle continues to resonate with consumers, and we're seeing strong engagement across all our products," said Holger Petermann, Chief Financial Officer of The New York Times Company. "We're investing in our journalism and technology to ensure we can continue to deliver value to our subscribers while maintaining our strong financial performance."

The company's print business, while declining, remains profitable and continues to generate significant cash flow. The Times has been strategic in managing its print operations, focusing on maintaining profitability while gradually transitioning readers to digital products. The company expects print revenue to continue its gradual decline as more readers shift to digital consumption.

The New York Times Company's strong financial performance and continued growth in digital subscriptions demonstrate the viability of quality journalism in the digital age. As traditional media companies face challenges from digital disruption, The Times has successfully navigated this transition, building a sustainable business model based on digital subscriptions and advertising.

With its strong financial position and clear strategic direction, The New York Times Company is well-positioned for continued growth in 2025 and beyond. The company's ability to attract and retain digital subscribers while maintaining its commitment to high-quality journalism provides a model for other media organizations navigating the digital transformation of the industry.