Advertising revenues for the New York Times Company fell
6.7 percent over all in the third quarter of 2019, the company announced.
Digital ad revenue dropped 5.4 percent, while print advertising revenue dropped
7.9 percent.
Meanwhile,
the publisher added 273,000 new online subscribers in the quarter, for a total
of four million digital readers, according to the company.
The drop in
print advertising was not unusual, said a story in the paper on the quarterly
results. The drop in digital ads was more surprising, the Times said.
“Like other
publishers, we’re seeing continued turbulence in the digital advertising
space,” said Mark Thompson, New York Times Co. president and chief executive
officer on the third quarter earnings statement. “While digital advertising performed
slightly better in Q3 than we had originally forecasted, we expect a fairly
challenging fourth quarter, largely due to comparisons to a very successful Q4
of 2018. We remain confident in our strategy, which has a particular focus now
on major advertising relationships like the recently announced multi-year deal
with Verizon, one of the largest commercial agreements in our history, and on
new advertising opportunities like podcasting, where we are seeing spectacular
growth.”
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