This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.nytimes.com/2020/05/06/business/media/new-york-times-earnings-subscriptions-coronavirus.html
The article has changed 19 times. There is an RSS feed of changes available.
| Version 14 | Version 15 |
|---|---|
| The New York Times Tops 6 Million Subscribers as Ad Revenue Plummets | The New York Times Tops 6 Million Subscribers as Ad Revenue Plummets |
| (about 5 hours later) | |
| In the first three months of the year, The New York Times Company added more digital subscribers than it had gained during any quarter since it started charging readers for online content in 2011. But that increase was driven by widespread interest in news of the coronavirus pandemic, which has ravaged the U.S. economy and cut deeply into The Times’s advertising revenue. | In the first three months of the year, The New York Times Company added more digital subscribers than it had gained during any quarter since it started charging readers for online content in 2011. But that increase was driven by widespread interest in news of the coronavirus pandemic, which has ravaged the U.S. economy and cut deeply into The Times’s advertising revenue. |
| By the end of a dramatic quarter, Times employees had grown accustomed to working remotely, and readers were flocking to the newspaper’s website, drawn by articles on the coronavirus and its effects that were offered at no charge. | By the end of a dramatic quarter, Times employees had grown accustomed to working remotely, and readers were flocking to the newspaper’s website, drawn by articles on the coronavirus and its effects that were offered at no charge. |
| Many of those readers bought subscriptions. The company reported on Wednesday that it had netted 587,000 new digital subscriptions during the quarter. The majority — 468,000 — were for the core news product, and the remaining 119,000 were for other digital products, including apps like Cooking and Crossword. | Many of those readers bought subscriptions. The company reported on Wednesday that it had netted 587,000 new digital subscriptions during the quarter. The majority — 468,000 — were for the core news product, and the remaining 119,000 were for other digital products, including apps like Cooking and Crossword. |
| At the end of March, The Times had more than five million digital subscribers, a high. Of those, there were 3.9 million subscriptions for news and 1.1 million for apps. The total number of subscriptions, including those to the print newspaper, stood at 5,841,000. Overall subscription revenue rose 5.4 percent during the three-month period, to $285.4 million. Total revenue rose 1 percent, to $443.6 million. | At the end of March, The Times had more than five million digital subscribers, a high. Of those, there were 3.9 million subscriptions for news and 1.1 million for apps. The total number of subscriptions, including those to the print newspaper, stood at 5,841,000. Overall subscription revenue rose 5.4 percent during the three-month period, to $285.4 million. Total revenue rose 1 percent, to $443.6 million. |
| By the end of April, into the second quarter, the company noted in a news release, the number of total digital and print subscriptions had surpassed six million. | By the end of April, into the second quarter, the company noted in a news release, the number of total digital and print subscriptions had surpassed six million. |
| In keeping with a trend that has affected other news organizations during the pandemic, The Times attracted new readers while the money it brought in from advertising plummeted. Overall ad revenue fell more than 15 percent, to $106.1 million, in the quarter. Digital ad revenue declined 7.9 percent, while print ad revenue had a drop of 20.9 percent. | In keeping with a trend that has affected other news organizations during the pandemic, The Times attracted new readers while the money it brought in from advertising plummeted. Overall ad revenue fell more than 15 percent, to $106.1 million, in the quarter. Digital ad revenue declined 7.9 percent, while print ad revenue had a drop of 20.9 percent. |
| Over all, adjusted operating profit for the quarter was $44.3 million, a decline from the $52.4 million the company made during the equivalent period last year. | Over all, adjusted operating profit for the quarter was $44.3 million, a decline from the $52.4 million the company made during the equivalent period last year. |
| Looking ahead, the chief executive, Mark Thompson, said ad revenue would continue to fall by as much as 55 percent in the second quarter. But he predicted that the subscription business would bolster the company. | Looking ahead, the chief executive, Mark Thompson, said ad revenue would continue to fall by as much as 55 percent in the second quarter. But he predicted that the subscription business would bolster the company. |
| “We saw advertising fall rapidly toward the end of the quarter and believe that advertising in the second quarter will fall between 50 percent and 55 percent compared to a year ago with limited visibility beyond that,” Mr. Thompson said in a statement on Wednesday. “Nonetheless, we believe that the company will emerge from this global crisis with a distinctive and valuable advertising revenue stream to complement a digital news subscription business, which is now by far the largest and most successful in the world.” | “We saw advertising fall rapidly toward the end of the quarter and believe that advertising in the second quarter will fall between 50 percent and 55 percent compared to a year ago with limited visibility beyond that,” Mr. Thompson said in a statement on Wednesday. “Nonetheless, we believe that the company will emerge from this global crisis with a distinctive and valuable advertising revenue stream to complement a digital news subscription business, which is now by far the largest and most successful in the world.” |
| Despite the bleak forecast for ad revenue, Mr. Thompson described the company as “financially sound” and said it would “safely invest in our digital growth strategy and continue to hire new talent to help execute it.” | Despite the bleak forecast for ad revenue, Mr. Thompson described the company as “financially sound” and said it would “safely invest in our digital growth strategy and continue to hire new talent to help execute it.” |
| In a call with investors Wednesday, Mr. Thompson promised some cost-cutting that would most likely include job losses. | In a call with investors Wednesday, Mr. Thompson promised some cost-cutting that would most likely include job losses. |
| “We expect no such job reductions in journalism,” he added, “and none that would impact our core growth strategy. We will continue to invest in that strategy, and to hire both in journalism and engineering, data and the other digital product functions. We expect the company’s net head count to increase rather than decrease by year’s end.” | “We expect no such job reductions in journalism,” he added, “and none that would impact our core growth strategy. We will continue to invest in that strategy, and to hire both in journalism and engineering, data and the other digital product functions. We expect the company’s net head count to increase rather than decrease by year’s end.” |
| The Times has grown more reliant on subscriptions than advertising on Mr. Thompson’s watch, which began in 2012, after he had served as the director general of the British Broadcasting Corporation. Wall Street has rewarded that strategy, and the pandemic has accelerated it. | The Times has grown more reliant on subscriptions than advertising on Mr. Thompson’s watch, which began in 2012, after he had served as the director general of the British Broadcasting Corporation. Wall Street has rewarded that strategy, and the pandemic has accelerated it. |
| Updated June 24, 2020 | |
| Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles. | |
| A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. | A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico. |
| The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. | The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth. |
| The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. | The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave. |
| So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. | So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement. |
| Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. | Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks. |
| A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. | A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study. |
| The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. | The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April. |
| Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. | Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days. |
| If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) | If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.) |
| If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. | If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others. |
| “The Times’s business model, with its growing focus on digital subscription growth and diminishing reliance on advertising, is very well positioned to ride out this storm and thrive in a post-pandemic world,” Mr. Thompson said in the statement. “We’ve seen historic audience levels and an unprecedented rate of subscriber growth as well as real pressure on advertising revenue.” | “The Times’s business model, with its growing focus on digital subscription growth and diminishing reliance on advertising, is very well positioned to ride out this storm and thrive in a post-pandemic world,” Mr. Thompson said in the statement. “We’ve seen historic audience levels and an unprecedented rate of subscriber growth as well as real pressure on advertising revenue.” |
| Adjusted operating costs rose 3.3 percent during the quarter, partly because of the production of the television newsmagazine “The Weekly,” a coproduction between The Times and the FX cable network, and the addition of more newsroom employees. | Adjusted operating costs rose 3.3 percent during the quarter, partly because of the production of the television newsmagazine “The Weekly,” a coproduction between The Times and the FX cable network, and the addition of more newsroom employees. |
| While panelists at media conferences have predicted the death of print for decades — indeed, the number of Times print subscriptions fell 7.9 percent, to 840,000, during the quarter — it still accounted for the majority of subscription and ad revenue. For the quarter, the print subscription business brought in $155.4 million for the company, while the digital subscription business accounted for $130 million. On the ad front, print generated $55 million, versus $51 million from digital. | While panelists at media conferences have predicted the death of print for decades — indeed, the number of Times print subscriptions fell 7.9 percent, to 840,000, during the quarter — it still accounted for the majority of subscription and ad revenue. For the quarter, the print subscription business brought in $155.4 million for the company, while the digital subscription business accounted for $130 million. On the ad front, print generated $55 million, versus $51 million from digital. |
| Roland A. Caputo, the chief financial officer, said on Wednesday’s call that declines in home-delivery circulation were in line with recent quarters. He added that Starbucks’s decision in August to cease distributing Times copies at its locations had a greater year-over-year impact on the decline in print circulation in the first quarter than the decline in newsstand sales likely caused by the pandemic. | Roland A. Caputo, the chief financial officer, said on Wednesday’s call that declines in home-delivery circulation were in line with recent quarters. He added that Starbucks’s decision in August to cease distributing Times copies at its locations had a greater year-over-year impact on the decline in print circulation in the first quarter than the decline in newsstand sales likely caused by the pandemic. |
| The Times Company is one of the first publicly owned newspaper businesses to report quarterly earnings since the virus swept the United States. Gannett, the nation’s largest newspaper chain, is scheduled to give its first report of the year on Thursday. | The Times Company is one of the first publicly owned newspaper businesses to report quarterly earnings since the virus swept the United States. Gannett, the nation’s largest newspaper chain, is scheduled to give its first report of the year on Thursday. |
| The Times’s headquarters in Midtown Manhattan have been all but empty since March 13, with employees working remotely. “The earliest day we will ask people who are currently working remotely to return to our offices in New York will be on Sept. 8, the Tuesday after Labor Day,” said a memo to employees on Tuesday from the publisher, A.G. Sulzberger; the chief operating officer, Meredith Kopit Levien; Mr. Caputo; and Mr. Thompson. Employees at the main printing press, in College Point, Queens, have operated under socially distanced rules. | The Times’s headquarters in Midtown Manhattan have been all but empty since March 13, with employees working remotely. “The earliest day we will ask people who are currently working remotely to return to our offices in New York will be on Sept. 8, the Tuesday after Labor Day,” said a memo to employees on Tuesday from the publisher, A.G. Sulzberger; the chief operating officer, Meredith Kopit Levien; Mr. Caputo; and Mr. Thompson. Employees at the main printing press, in College Point, Queens, have operated under socially distanced rules. |
| Subscription revenue in the first quarter was aided by pricing changes. In February, some long-tenured digital subscribers experienced the first increase in the cost of a subscription to the core news product — to $17 from $15 every four weeks — since the establishment of the paywall nine years ago. | Subscription revenue in the first quarter was aided by pricing changes. In February, some long-tenured digital subscribers experienced the first increase in the cost of a subscription to the core news product — to $17 from $15 every four weeks — since the establishment of the paywall nine years ago. |
| The number of Times readers surged in March. Ms. Levien said The Times had 240 million unique visitors internationally and 2.5 billion page views that month. According to Comscore, a measurement company, it had 153 million unique visitors that month in the United States — more than half of all adults. In January, before the World Health Organization had proposed the official name Covid-19 for the disease caused by the coronavirus, that number was 101 million. | The number of Times readers surged in March. Ms. Levien said The Times had 240 million unique visitors internationally and 2.5 billion page views that month. According to Comscore, a measurement company, it had 153 million unique visitors that month in the United States — more than half of all adults. In January, before the World Health Organization had proposed the official name Covid-19 for the disease caused by the coronavirus, that number was 101 million. |
| Edmund Lee contributed reporting. | Edmund Lee contributed reporting. |