The New York Times reported in a Feb. 2 press release that the company had gained approximately 276,000 new digital news subscribers during the last quarter, a period that marked President Donald Trump winning the election.
”In Q4, we added 276,000 net new digital news subscriptions, the single best quarter since 2011, the year the pay model [was] launched,” stated Chief Executive Mark Thompson.
The company in the week following the 2016 presidential election added approximately 41,000 paid subscriptions in both print and digital mediums, according to Business Insider.
The news source finished the final quarter of 2016 with approximately 1.6 million digital news subscribers, making the final leg of 2016 the most lucrative for the company since 2011, according to Recode.
The third quarter of 2016 saw an increase of only 120,000 digital news subscribers, which is relatively few considering the subsequent quarter experienced more than twice that growth.
Digital advertising and subscriptions still only make up a minority portion of the company’s total revenue, according to Fortune.
Revenue from digital advertising accounts for approximately 41.9 percent of the company’s gross profits, though the net revenue is frequently offset by the cost of adding staff.
The New York Times is still supported primarily by its print advertising revenue, which is declining with each progressive year. During 2016, print advertising revenue fell by approximately 16 percent. This trend of declining profit margins has been consistent during every quarter for over a year.
Digital revenue, on the other hand, experienced rose 10.9 percent to a gross profit of $77.6 million. The New York Times’ total net income decreased by 28.1 percent during the final quarter of 2016.
Although digital subscription numbers are on the rise, the company saw a net profit drop of 27 percent during the last quarter, with a 60 percent decline in profits for the entire year of 2016.
Sources: Business Insider, Fortune, Recode / Photo credit: Joe Shlabotnik/Flickr