New York Times has set its sight on achieving 15 million subscribers by 2027 in its new goals revealed on Wednesday. The publisher aims to double its existing customer base by signing more paid subscription readers and purchasing other digital media assets.
In 2019, Times had set a goal of having 10 million paid subscribers by 2025. This goal is revised as the old target was based on total subscriptions, while the new target for 2027 is unique subscribers. Many customers subscribe to more than one product from Times Subscription, such as cooking and games, and times now wants its customers to pay for a package of multiple products bundled together. The New York Times disclosed Wednesday that it had 7.76 million total subscribers at the end of the Fourth Quarter.
As per Bloomberg News, Times reported a rise in its revenue by 17% to $594. 2 million in the final quarter due to increased advertisement sales and increased subscription. The adjusted profit per share was 43 cents. Both profit and revenue exceeded analysts’ estimates which saw its shares rise by 1.1% in New York Wednesday at 9.34 a.m.
The new goal of the New York Times is a reflection of its confidence in the subscription-based model. The growth of Times slowed down after the breakneck speed during the Trump tenure. Executives at Times say that they have become savvier and are attracting paid subscription readers and holding on to them even after the rates were hiked from their introductory prices.
New York times added 375,000 subscriptions in the last quarter, with more than half coming from non-news products. It is now seeking more customers through acquisitions. Last week, Times closed the purchase of a sports news website, Athletic. It also adds to its portfolio of puzzles and games, Wordle, a popular daily word game. With the help of the sports news portal, Times managed to reach its earlier goal of 10 million subscribers.
