New York Times Drops 20 Percent in Print Advertising During Q4

Read on: TheWrapTheWrap

The New York Times announced on Thursday its fourth-quarter revenue decreased 1.1 percent to $439.7 million from $444.7 million in the fourth quarter of 2015, with print advertising revenue dropping 20 percent.

CEO Mark Thompson decided to focus on digital growth in the paper’s quarterly earnings report.

“The continued excellence of our journalism and our consumer-first focus led to incredible strength in our circulation business, both in the fourth quarter and for the full year,” Thompson, said. “As of today, we have passed the 3 million paid subscription mark (print and digital), a significant milestone.”

Thompson continued: “In Q4, we added 276,000 net new digital news subscriptions, the single best quarter since 2011, the year the pay model launched. With the rate of growth accelerating over the past year, we believe that there is further opportunity to significantly extend our subscription reach, both in the U.S. and around the world.”

The Times has recently battled with President Trump, who refers to the paper as “failing” on Twitter whenever he doesn’t like something it reports.

More to come…

Related stories from TheWrap:

New York Times Op-Docs Make Presence Felt at Oscars, Sundance

How New York Times Op-Docs Change the Way Film and News Media Intersect

More Layoffs in Store at The New York Times, $5 Million Earmarked for Trump Coverage