The New York Post names British tabloid deputy as its new top editor. The company addeddigital subscribers during the three months, bringing the total of paid online readers to more than six million. Of that group, about 4.
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An additionalreaders continued to pay for print subscriptions, a drop from last year, reflecting a steady decline in the broadsheet business. Online sales are now on a pace to exceed print operations for the first time on an annual basis.
But a worrying trend might be this: Digital readers were the only growth business for The Times. Every other unit fell.
The pandemic has cut even deeper into ad sales, which were already falling as fewer people read the paper in print and many companies cut their marketing budgets. Online advertising has fallen, too, despite the gains in digital readers. As a whole, digital advertising fell Altogether, advertising is likely to become a more narrow business for The Times, even as Facebook and Google continue to thrive in that area.
For the last quarter of the year, the company expects both subscriptions and advertising to move at the same year-over-year pace that they did in the third quarter.
Subscription revenue is estimated to rise 14 percent, with digital subscription sales increasing about 35 percent. Total ad revenues are expected to fall 30 percent, with online advertising dropping around 15 percent. The company Internet earnings for a million longer has any debt, having paid off a loan last year that allowed it to buy back its headquarters building in Midtown Manhattan.