NYT continues to grow subscribers as advertising revenue dips

The New York Times added over 190,000 paying subscribers during the first quarter of 2023, but digital advertising revenue fell nearly 9% on a year-over-year basis, the company announced on Wednesday. NYT has amassed over 9 million digital-only subscribers, but growth has slowed over the past year. It added 387,000 net new subscribers in the first quarter of 2022, and 240,000 in Q4 2022, by comparison. Although subscriber growth is becoming more challenging, the publisher’s subscription business continues to prove more resilient than its advertising business as economic instability persists. Its total revenues grew 4.3% during the quarter to reach $560.7 million. Subscription revenues increased 6.9% to $397.5 million, while advertising revenues decreased 8.6% to $106.2 million in t